Sonos Inc (SONO) 2025 Q3 法說會逐字稿

Good afternoon. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sonos third quarter fiscal 2025 conference call. Today's conference is being recorded. (Operator Instructions)

午安.我叫奧德拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Sonos 2025 財年第三季電話會議。今天的會議正在錄製中。（操作員指示）

At this time, I would like to turn the conference over to James Baglanis, Head of Corporate Finance.

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)。

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

下午好，歡迎參加 Sonos 2025 財年第三季財報電話會議。我是詹姆斯·巴格拉尼斯 (James Baglanis)，今天與我一起的還有 Sonos 首席執行官湯姆·康拉德 (Tom Conrad)、首席財務官薩裡·凱西 (Saori Casey) 以及首席法律和業務發展官埃迪·拉扎勒斯 (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 third 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有關第三季度業績的新聞稿。

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. I will now turn the call over to Tom.

提醒一下，新聞稿、補充財報（包括我們的業績指引）以及電話會議記錄將在我們的投資者關係網站 investors.sonos.com 上發布。現在我將電話會議交給湯姆。

Thank you, James, and thanks to all of you for joining us. I'm speaking to you today, not just as the new CEO of Sonos, but as someone who deeply believes in what this company can be. I've devoted my career to building consumer products that people love, and I took this role because I believe Sonos is one of the few companies with the ingredients to do that at the highest level.

謝謝你，詹姆斯，也謝謝大家加入我們。今天我不僅以 Sonos 新任執行長的身份與大家交談，而且以對這家公司的未來充滿信心的人的身份與大家交談。我的職業生涯致力於打造人們喜愛的消費產品，我擔任這個職位是因為我相信 Sonos 是少數幾家有能力在最高水平上做到這一點的公司之一。

There's a reason I have a Sonos as a tattoo in my forearm. I love this company, its mission and the possibilities ahead. Over the past six months, I've had the chance to work closely with every part of this business, and I've seen just how much our people care about the quality of our products, our customers' experience, the craft of what we build and the operational rigor we bring to the task every day.

我把 Sonos 紋在前臂上是有原因的。我熱愛這家公司、它的使命以及未來的可能性。在過去的六個月裡，我有機會與這個企業的每個部分密切合作，我看到了我們的員工多麼關心我們的產品品質、我們的客戶體驗、我們製造產品的工藝以及我們每天在任務中表現出的嚴謹操作。

Working with this incredible team has only deepened my conviction that Sonos can be among the most consequential hardware platform companies in the world. That's why I'm so honored the Board has asked me to lead Sonos into its next chapter and why I'm so optimistic about what comes next. My appointment is not just a leadership transition. It's a turning point for the company, a return to our founding principles of obsessive craftsmanship, customer-first design and category-defining innovation.

與這個出色的團隊合作只會加深我的信念：Sonos 可以成為世界上最重要的硬體平台公司之一。這就是為什麼董事會邀請我帶領 Sonos 邁入新篇章時我感到非常榮幸，也是為什麼我對接下來的發展如此樂觀。我的任命不僅僅是一次領導階層的過渡。這是公司的一個轉捩點，回歸了我們執著的工藝、客戶至上的設計和定義類別的創新的創始原則。

We have a lot of work ahead of us to translate our convictions into a return to growth with better profitability, and we're approaching the challenge with urgency. Now let me tell you why I'm so excited about the future.

我們還有很多工作要做，才能將我們的信念轉化為恢復成長和提高獲利能力，我們正緊急應對挑戰。現在讓我告訴你為什麼我對未來如此興奮。

First, the Sonos we're building today is not just a product company. We're a platform company, a platform where our expanding portfolio of hardware products compound in value, thanks to powerful software upgrades that deliver unique experiences for the home and beyond.

首先，我們今天打造的Sonos不僅僅是一家產品公司。我們是一家平台公司，在這個平台上，我們不斷擴大的硬體產品組合的價值不斷增加，這得益於強大的軟體升級，為家庭及其他領域提供了獨特的體驗。

This ecosystem connects not just our products, but also our partners, developers and consumers. Every new product, every software feature and every integration ensures that over time, Sonos becomes more powerful, more interconnected and more irreplaceable in our customers' homes.

這個生態系統不僅連結我們的產品，也連結我們的合作夥伴、開發者和消費者。每一款新產品、每項軟體功能和每一次整合都確保隨著時間的推移，Sonos 會變得更加強大、更加互聯、在客戶家中變得更加不可替代。

Second, Sonos has an extraordinary brand. We're the clear leader in wireless home audio, and we have earned that position by delivering consistently great sound, thoughtful industrial design and a system that works across every room in the home. That's not marketing spend. It's why we're the number one home theater brand in the US and why our installer and channel partnerships remain so strong.

其次，Sonos 擁有非凡的品牌。我們是無線家庭音響領域的當之無愧的領導者，我們透過提供始終如一的出色音質、周到的工業設計和適用於家庭每個房間的系統贏得了這一地位。這不是行銷支出。這就是為什麼我們成為美國第一的家庭劇院品牌，以及為什麼我們的安裝商和通路合作夥伴關係保持如此強大的原因。

Third, we're making significant operational progress. Earlier this year, we reorganized to improve our product cadence while reducing our annual operating expenses by more than $100 million. This is catalyzed focus on the things that matter, the core experience,

第三，我們在營運方面取得了重大進展。今年早些時候，我們進行了重組，以提高我們的產品節奏，同時將年度營運費用減少了 1 億多美元。這是對重要的事情、核心體驗的催化關注，

profitable growth and the kinds of innovations only Sonos can deliver. For example, this quarter, we delivered new AI-powered voice enhancement features on Arc Ultra and state-of-the-art adapted noise cancellation for Sonos Ace. We're keeping this momentum as we build a strong road map that stretches through fiscal 2026 and beyond.

獲利成長以及只有 Sonos 才能提供的創新。例如，本季度，我們在 Arc Ultra 上推出了新的 AI 語音增強功能，並為 Sonos Ace 推出了最先進的自適應噪音消除功能。我們將保持這一勢頭，並制定貫穿 2026 財年及以後的強大路線圖。

Finally, there are many opportunities ahead for growth. Despite our market leadership, we've only captured a small fraction of the global market. We have room to add new households and grow our installed base in both our existing and key growth markets. What's more, our installed base is a powerful asset itself and roughly 40% to 45% of annual product registrations come from existing households.

最後，未來還有很多成長機會。儘管我們佔據市場領先地位，但我們僅佔據全球市場的一小部分。我們有空間在現有市場和關鍵成長市場增加新家庭並擴大安裝基礎。此外，我們的安裝基礎本身就是一項強大的資產，每年約有 40% 至 45% 的產品註冊來自現有家庭。

And we're leaning into this by delivering experiences that get better as your system expands, which is just to say, we know we have more to do. We'll make Sonos more relevant to people's daily lives by expanding the experiences we deliver and making them even easier to enjoy. We'll be more assertive in the products we bring to market and more expressive in how we tell the Sonos story.

我們正致力於實現這一目標，透過提供隨著系統擴展而變得更好的體驗，也就是說，我們知道我們還有很多事情要做。我們將擴展我們提供的體驗並使其更容易享受，從而使 Sonos 與人們的日常生活更加緊密相關。我們將更加自信地向市場推出產品，並以更具表現力的方式講述 Sonos 的故事。

We can reconnect more deeply with artists, with culture and with the spirit of invention that has always been part of this company. This is the Sonos I'm building. It will take some time to bring this reinvention to market, but we will move with conviction and clarity of purpose and the payoff will be clear over the medium to long term.

我們可以與藝術家、文化以及公司一直以來的創新精神建立更深層的連結。這是我正在建造的 Sonos。將這一革新推向市場需要一些時間，但我們將滿懷信心、目標明確地前進，從中長期來看，回報將是顯而易見的。

Now let me share a few comments about our performance in Q3 and the business environment in which we're operating. We had a solid quarter with revenue and adjusted EBITDA at or above the top of our guidance. Our results reflect a tight focus on execution, which yielded dollar share gains in home theater in the US and on efficiency, which drove continued year-over-year declines in our operating expenses.

現在，讓我就我們第三季的業績以及我們所處的商業環境分享一些評論。本季我們的營收和調整後的 EBITDA 均達到或超過了我們的預期。我們的業績體現了對執行力的密切關注，這帶來了美國家庭劇院的美元份額增長，以及效率的提高，這推動了我們的營運費用同比持續下降。

With respect to our operations, like many companies, the most significant near-term challenge has been the uncertain tariff environment. As a reminder, short of a few accessories and our passive speaker partnership with Sonance, we do all of our US-bound manufacturing in Vietnam and Malaysia. We talked last quarter about the contingency planning we underwent to minimize the effects of tariffs on our business while also doing what we can to limit the downstream impact to our customers.

就我們的營運而言，與許多公司一樣，近期最大的挑戰是不確定的關稅環境。提醒一下，除了一些配件和與 Sonance 合作的被動式揚聲器外，我們所有銷往美國的產品都是在越南和馬來西亞生產的。上個季度，我們討論了我們採取的應急計劃，以盡量減少關稅對我們業務的影響，同時盡我們所能限制對客戶的下游影響。

With last week's news, the tariff rates we were subject to going forward appeared to be 20% for Vietnam and 19% for Malaysia. We continue to work closely with our contract manufacturers and our channel partners to share tariff costs, though it has become clear that we'll need to raise prices on certain products later this year.

根據上週的消息，我們未來要繳納的關稅稅率似乎是越南為 20%，馬來西亞為 19%。我們將繼續與我們的合約製造商和通路合作夥伴密切合作，分擔關稅成本，儘管很明顯我們需要在今年稍後提高某些產品的價格。

As these pricing changes land, we'll monitor consumer behavior closely as well as competitive trends across our categories, and we'll make adjustments in collaboration with our channel partners when and if necessary to ensure we're exploring every opportunity to optimize our respective top and bottom lines.

隨著這些價格變化的實施，我們將密切關註消費者行為以及各個類別的競爭趨勢，並在必要時與通路合作夥伴合作進行調整，以確保我們探索每一個機會來優化各自的頂線和底線。

In conclusion, Sonos has the right to lead. We have the brand, the platform, the team and the permission to define what great means for audio and entertainment in the home, on the go and into the future. We lost the momentum in 2024. We're starting to get it back, and we're going to accelerate our pace from here. Now let me turn things over to Saori.

總的來說，Sonos 擁有領先的優勢。我們擁有品牌、平台、團隊和權限，可以定義家庭、旅程和未來的音訊和娛樂的卓越意義。我們在 2024 年失去了動力。我們正在開始恢復，並且將從現在開始加快步伐。現在讓我把事情交給 Saori。

Thank you, Tom. Hi, everyone. We're pleased to deliver Q3 financial results that exceeded our expectations. Revenue of $345 million was above the high end of our guidance range, driven by better-than-expected portables and component products.

謝謝你，湯姆。大家好。我們很高興看到第三季的財務表現超出了我們的預期。3.45 億美元的收入高於我們預期範圍的高端，這得益於便攜式產品和組件產品好於預期。

Q3 revenue declined 13% year-over-year versus our guidance of down 22% to 14%. Excluding the impact of the launch of Ace last year, when we recognize the revenue of the channel fill, our revenue was down mid-single digits in Q3, slightly better than the first half of the year and better than the overall category trends.

第三季營收年減 13%，而我們預期下降 22% 至 14%。排除去年推出的Ace的影響，當我們確認通路填充的收入時，我們的收入在第三季下降了中等個位數，略好於上半年，也好於整體類別趨勢。

This was driven by Arc and Arc Ultra, which grew on a year-over-year basis. Gross margin was 43.4%, near the midpoint of our guidance range. Non-GAAP gross margin was 44.7%. We incurred $2.1 million of tariff expenses in Q3, which was a 60 basis point impact to our reported gross margin. This is consistent with our guidance for under $3 million in Q3.

這是由 Arc 和 Arc Ultra 推動的，這兩款產品的銷量較去年同期成長。毛利率為 43.4%，接近我們預期範圍的中點。非公認會計準則毛利率為44.7%。我們在第三季產生了 210 萬美元的關稅費用，這對我們報告的毛利率產生了 60 個基點的影響。這與我們對第三季低於 300 萬美元的預期一致。

Q3 GAAP operating expenses were $153 million, down 15% year-over-year. Non-GAAP operating expenses of $131 million were down 15% year-over-year and came in about $9 million below the low end of our guidance. On a normalized basis, primarily for variable compensation, non-GAAP operating expenses declined by 23% as we saw a full quarter benefit of savings from the reduction in force announced last quarter as well as from many other cost optimization efforts we had set out last summer.

第三季 GAAP 營運費用為 1.53 億美元，年減 15%。非公認會計準則營運費用為 1.31 億美元，年減 15%，比我們的預期低約 900 萬美元。在正常化基礎上，主要對於可變薪酬而言，非 GAAP 營運費用下降了 23%，因為我們看到上個季度宣布的裁員以及去年夏天我們制定的許多其他成本優化措施帶來了整個季度的節省效益。

As for the year-over-year trends of each non-GAAP operating expense category, research and development expense decreased by 17% due to cost optimization efforts from the prior quarter. G&A expenses decreased by 16%, driven by headcount and various cost optimization efforts initiated last year. Sales and marketing expenses decreased by 13%, driven by higher marketing investments last year from the launch of Ace. Adjusted EBITDA was positive at $36 million, at the high end of our guidance range of $12 million to $37 million due to higher revenue and lower operating expenses.

至於每個非 GAAP 營運費用類別的年比趨勢，由於上一季的成本優化努力，研發費用下降了 17%。由於去年員工人數增加和各種成本優化措施的推動，一般及行政費用下降了 16%。銷售和行銷費用下降了 13%，這得益於去年推出 Ace 後行銷投資的增加。調整後的 EBITDA 為正 3,600 萬美元，由於收入增加和營運費用降低，處於我們 1,200 萬美元至 3,700 萬美元指引範圍的高端。

Year-to-date, revenue declined by 8%, while GAAP gross margin came in at 43.7% and non-GAAP at 45.2%. Our GAAP and non- GAAP operating expenses declined by 8% and 11%, respectively, on a reported basis and by 16% on a normalized basis. Adjusted EBITDA declined 4% year-over-year, better than our revenue performance due to our expense discipline.

年初至今，收入下降了 8%，而 GAAP 毛利率為 43.7%，非 GAAP 毛利率為 45.2%。我們的 GAAP 和非 GAAP 營運費用分別按報告基礎下降了 8% 和 11%，以正常化基礎下降了 16%。調整後的 EBITDA 年比下降 4%，但由於我們的費用控制，其表現優於我們的收入表現。

Our balance sheet remains strong as our net cash balance increased by $30 million sequentially to end the quarter at $254 million, which includes $53 million of marketable securities as we hold excess cash in short duration treasury bills.

我們的資產負債表依然強勁，因為我們的淨現金餘額環比增加了 3,000 萬美元，至本季末的 2.54 億美元，其中包括 5,300 萬美元的有價證券，因為我們在短期國庫券中持有過剩現金。

We also have $100 million undrawn revolving credit facility at our disposal. Q3 free cash flow was $33 million, an increase from negative $65 million last quarter. CapEx was $5 million, down from $6 million last quarter. We paid $3.5 million of cash tariffs in Q3, a bit below the low end of our $5 million to $10 million guidance due to lower-than-planned inventory purchase pull forward.

我們還擁有 1 億美元未提取的循環信貸額度可供使用。第三季自由現金流為 3,300 萬美元，高於上一季的負 6,500 萬美元。資本支出為 500 萬美元，低於上一季的 600 萬美元。由於庫存採購提前量低於計劃，我們在第三季支付了 350 萬美元的現金關稅，略低於我們 500 萬至 1000 萬美元指導價的低端。

Our period-end inventory balance decreased 17% sequentially to $115 million, primarily due to lower finished goods. On a year-over- year basis, this was a 25% decrease, primarily due to lower component balances. Our inventory consists of $93 million of finished goods and $22 million of components. As we noted last quarter, our near-term priority is navigating this dynamic and uncertain environment with ample liquidity to preserve operational flexibility.

我們的期末庫存餘額較上季下降 17% 至 1.15 億美元，主因是成品數量減少。與去年同期相比，這一數字下降了 25%，主要原因是零件餘額較低。我們的庫存包括價值 9,300 萬美元的成品和價值 2,200 萬美元的零件。正如我們上個季度所指出的，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。

As a result, we paused our repurchase activities in Q3 returning capital to shareholders remains a key pillar of our capital allocation framework, and we have $150 million remaining on our current share repurchase authorization available at our disposal.

因此，我們在第三季暫停了回購活動，向股東返還資本仍然是我們資本配置框架的重要支柱，目前的股票回購授權中還有 1.5 億美元可供使用。

Turning to our guidance. The Q4 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。我們今天提供的第四季度展望反映了我們本季迄今為止觀察到的需求趨勢，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 Q4 revenue to be in the range of $260 million to $290 million, up 2% to 14% year-over-year. We're not guiding Q1 at this time, but I would note that due to the launch timing of Arc Ultra and Sub 4 in Q1 of fiscal 2025, we have a difficult year-over-year comparison.

我們預計第四季度營收將在 2.6 億美元至 2.9 億美元之間，年增 2% 至 14%。我們目前還沒有對第一季做出預測，但我要指出的是，由於 Arc Ultra 和 Sub 4 將於 2025 財年第一季推出，因此我們很難進行同比比較。

Also, as Tom mentioned earlier, we will be raising prices on certain products later this year. We have carefully formulated our pricing plan in support of our goal to optimize for gross profit dollars. However, it is difficult to accurately predict how our pricing and overall market demand may impact unit sales volume in this dynamic environment. If not for the uncertainty introduced by our contemplated pricing changes, we have been expecting our year-over-year comparison would improve from Q1 through the balance of fiscal 2026.

此外，正如湯姆之前提到的，我們將在今年稍後提高某些產品的價格。我們精心製定了定價計劃，以支持我們優化毛利的目標。然而，在這種動態環境下，很難準確預測我們的定價和整體市場需求將如何影響單位銷售量。如果不是因為我們預期的價格變動所帶來的不確定性，我們一直預期從第一季到 2026 財年末，我們的年比表現將會有所改善。

We expect our Q4 GAAP gross margin to be in the range of 42% to 44%, with non-GAAP gross margin in the range of 43.7% to 45.5%. Our gross margin guidance embeds our expectation that tariff expenses will be approximately $5 million in Q4, which is around 180 basis point headwind to gross margin, mostly representing the previous 10% tariff as well as inventory on hand.

我們預計第四季度 GAAP 毛利率在 42% 至 44% 之間，非 GAAP 毛利率在 43.7% 至 45.5% 之間。我們的毛利率指引體現了我們的預期，即第四季度關稅費用約為 500 萬美元，這對毛利率造成約 180 個基點的阻力，主要代表先前的 10% 關稅以及現有庫存。

On a cash basis, we expect to pay $8 million to $10 million in Q4 as we build inventory ahead of our holiday quarter. This estimate is lower than our previous $20 million to $30 million estimate based on new tariff rates and the timing of the effective dates. And while we're not guiding Q1 at this time, we expect our GAAP and non-GAAP gross margin will be above 40% for the quarter, even with the newly announced tariff rates due to our mitigation actions.

以現金計算，我們預計在第四季支付 800 萬至 1000 萬美元，因為我們要在假期季節之前建立庫存。這項估計低於我們先前根據新關稅稅率和生效日期估計的 2,000 萬至 3,000 萬美元。雖然我們目前還沒有預測第一季的業績，但我們預計，即使由於我們的緩解措施而宣布了新關稅稅率，本季度我們的 GAAP 和非 GAAP 毛利率仍將超過 40%。

We expect Q4 GAAP operating expenses to be in the range of $150 million to $155 million, down 13% to 10% from $172 million in Q4 last year. We expect non-GAAP operating expenses to be in the range of $130 million to $135 million, down 9% to 6% from $143 million in Q4 last year and roughly flat sequentially.

我們預計第四季度 GAAP 營運費用將在 1.5 億美元至 1.55 億美元之間，較去年第四季的 1.72 億美元下降 13% 至 10%。我們預計非 GAAP 營運費用將在 1.3 億美元至 1.35 億美元之間，較去年第四季的 1.43 億美元下降 9% 至 6%，與上一季基本持平。

This decline is less than 15% decline we saw in Q3, primarily due to lower variable compensation expenses in Q4 of last year. On a normalized basis, our guidance implies non-GAAP operating expenses will decline by 23% to 20% from Q4 of last year.

這一降幅低於第三季的 15%，主要原因是去年第四季的可變薪酬費用較低。在正常化基礎上，我們的指導意味著非 GAAP 營運費用將比去年第四季下降 23% 至 20%。

Bringing it all together, we expect Q4 adjusted EBITDA to be in the range of minus $10 million to positive $14 million, representing a margin of approximately minus 4% to plus 5% and an improvement from negative $22.6 million in Q4 of last year.

綜合考慮所有因素，我們預計第四季度調整後的 EBITDA 將在負 1,000 萬美元至正 1,400 萬美元之間，利潤率約為負 4% 至正 5%，較去年第四季的負 2,260 萬美元有所改善。

Please note that the adjusted EBITDA figures I just quoted include the $5 million tariff impact I outlined while discussing gross margin. Our Q4 guidance implies that our full year adjusted EBITDA will be between $116 million to $140 million, an increase of 8% to 30% year-over-year from $108 million in fiscal 2024. Growing adjusted EBITDA, while top line declines between 7% to 5% is a direct result of our transformation efforts.

請注意，我剛剛引用的調整後 EBITDA 數據包括我在討論毛利率時概述的 500 萬美元關稅影響。我們的第四季指引意味著，我們全年調整後的 EBITDA 將在 1.16 億美元至 1.4 億美元之間，較 2024 財年的 1.08 億美元年增 8% 至 30%。調整後的 EBITDA 成長，而營業收入下降 7% 至 5%，這是我們轉型努力的直接結果。

This marks our fourth consecutive quarter of delivering on our top and bottom line guidance while navigating through a volatile and uncertain macro environment, thanks to the dedication and hard work of our employees. We continue to work hard on our transformation efforts to improve operational efficiency to drive profitability and enable investments for our future growth. We will provide more updates in future quarters.

由於員工的奉獻和辛勤工作，這標誌著我們連續第四個季度在動盪和不確定的宏觀環境中實現了頂線和底線預期。我們將繼續努力進行轉型，以提高營運效率，推動獲利能力並為未來的成長提供投資。我們將在未來幾季提供更多更新。

Speaking of future growth, although our growth markets represent a small share of our revenue today, we remain encouraged by their growth performance that will be our key contributor to our growth in the years to come.

談到未來的成長，儘管目前成長市場只占我們收入的一小部分，但我們仍然對其成長表現感到鼓舞，這將成為我們未來幾年成長的主要貢獻者。

We also continue to see tremendous opportunities to grow within our developed markets. We have been navigating a cyclical dancing in our category for some time, and we are confident that we are well positioned when the cycle rebounds as we continue to invest in the core experience and build out the Sonos platform.

我們也繼續看到已開發市場中存在巨大的成長機會。一段時間以來，我們一直在我們的類別中經歷週期性波動，我們相信，隨著我們繼續投資於核心體驗並建立 Sonos 平台，當週期反彈時，我們將處於有利地位。

We're excited to have Tom officially as our CEO as his appointment marks the beginning of a new chapter to capitalize on our brand and leadership in wireless audio. With only a small fraction of the global market captured so far, there is a vast opportunity to introduce the compounding value of the Sonos platform to new customers.

我們很高興湯姆正式成為我們的首席執行官，他的任命標誌著我們的品牌和在無線音訊領域的領導開啟了新篇章。由於目前僅佔據全球市場的一小部分，因此有很大機會向新客戶介紹 Sonos 平台的複合價值。

After the call, we will update our earnings slides to reflect our Q4 guidance and our revised tariff exposure expectations. With that, I'd like to turn the call over for questions.

電話會議結束後，我們將更新我們的獲利幻燈片，以反映我們的第四季度指引和修訂後的關稅風險預期。好了，現在我想把電話轉交給大家提問。

(Operator Instructions)

（操作員指示）

We'll go first to Steve Frankel at Rosenblatt.

我們首先去羅森布拉特 (Rosenblatt) 拜訪史蒂夫·弗蘭克爾 (Steve Frankel)。

Hi, good afternoon and thank you. Congratulations, Tom. Maybe just start with some high-level insights on how you think about new product introductions. Prior to your appointment, the company was pretty set on introducing a couple of new pieces of hardware per year. You seem to be emphasizing software. So should we think about software innovation being as important in terms of new products to drive growth as new hardware products?

嗨，下午好，謝謝。恭喜你，湯姆。也許只是從一些關於您如何看待新產品推出的高層次見解開始。在您上任之前，該公司已經確定每年推出幾款新硬體。您似乎在強調軟體。那麼，我們是否應該認為軟體創新在推動新產品成長方面與新硬體產品同樣重要？

Sure. Thanks, and it's great to be on the call as the CEO for the first time. I continue to think that a cadence of two new products a year is an excellent outcome for Sonos and its customers. And so there's really no change in our ambition in that regard. I will say, though, that we are, as you know, in the process of navigating tremendous reinvention here at Sonos and it takes time to drive change.

當然。謝謝，很高興第一次以執行長的身份參加電話會議。我仍然認為，每年推出兩款新產品對於 Sonos 及其客戶來說是一個很好的結果。因此，我們在這方面的雄心壯志實際上沒有改變。不過，我想說的是，正如你們所知，Sonos 正處於一次巨大的革新之中，推動變革需要時間。

And the beauty of software is that you have shorter lead times and the benefits of upgrades to the software platform can appear more quickly. Hardware, of course, has much longer cycles.

軟體的優點在於您可以擁有更短的交付週期，並且軟體平台升級的好處可以更快地顯現出來。當然，硬體的周期要長得多。

And so while it's true that today, I think we have the strongest product portfolio in our history across every room of the home and beyond. Our attention to software reliability and core experience over the last 15 months has created a kind of lull in new hardware releases coming over the next couple of quarters.

因此，儘管今天確實如此，但我認為我們擁有歷史上最強大的產品組合，涵蓋家庭內外的每個房間。過去 15 個月來，我們一直專注於軟體可靠性和核心體驗，這使得未來幾季的新硬體發佈出現了一種平靜期。

So in the short term, you will see us work hard to drive differentiation and experience improvements to support the current portfolio through software upgrades.

因此，在短期內，您將看到我們努力推動差異化並體驗改進，透過軟體升級來支援當前的產品組合。

Having said all of that, we all here at Sonos remain incredibly excited about our product road map with great new product introductions that will pick up in the second half of 2026.

話雖如此，Sonos 全體員工仍然對我們的產品路線圖感到無比興奮，我們將在 2026 年下半年推出出色的新產品。

So expect in terms of near-term execution, continuing to deliver excellence in core experience, driving new customer acquisition and repurchase, look to us to sharpen our ability to tell the Sonos story, as Saori described, expanding and promising new geographies, maturing our relationship with installer channels and driving success in the new categories we've entered recently like headphones.

因此，就短期執行而言，我們將繼續提供卓越的核心體驗，推動新客戶的獲取和回購，期待我們提高講述 Sonos 故事的能力，正如 Saori 所描述的那樣，擴大和承諾新的地域，完善我們與安裝渠道的關係，並推動我們最近進入的新類別（如耳機）的成功。

Right. And Saori, the last couple of quarters, there's been a lot of discussion about reducing costs, and you've done a great job. Are we towards the end of that journey? Or do you think excluding tariffs, there's more costs you can take out of the business to drive margin improvement as volumes return?

正確的。Saori，過去幾個季度，關於降低成本的討論很多，你做得很好。我們是否已經接近旅程的終點了？或者您認為，除了關稅之外，隨著銷量回升，您可以從業務中削減更多成本，從而提高利潤率？

Thank you, Steve. We are still on our journey of our -- as we've been calling it transformation, but really driving cost structure and cost efficiency to be able to invest for the future. So our work continues, and we'll be -- we hope to be able to share more in the future quarters.

謝謝你，史蒂夫。我們仍在前進的道路上——我們稱之為轉型，但真正推動的是成本結構和成本效率，以便能夠為未來進行投資。因此，我們的工作仍在繼續，我們希望能夠在未來幾季分享更多資訊。

Great, thank you. I'll jump back into the queue.

太好了，謝謝。我會重新回到隊列中。

We'll move next to Erik Woodring at Morgan Stanley.

接下來我們來談談摩根士丹利的艾瑞克‧伍德林。

Great, thank you guys for taking my questions and same, Tom, you are clearly deserving of the role, and so congrats on becoming the permanent CEO. I would love to maybe, Tom, I realize that it's early and this is maybe a tough question to answer, but you guys last quarter communicated a strategy of kind of

太好了，謝謝你們回答我的問題，同樣，湯姆，你顯然值得擔任這個職位，所以祝賀你成為永久首席執行官。湯姆，我很樂意，我知道現在回答這個問題還為時過早，而且可能比較難，但你們上個季度溝通過一種策略，

trying to widen your aperture from a pricing and promotion perspective to kind of get new households in the door. Obviously, once they come in, there's a very powerful flywheel. Now obviously, tariffs are kind of forcing your hand a bit from a pricing perspective.

試著從定價和促銷的角度拓寬你的視野，以吸引新的家庭。顯然，一旦他們進來，就會形成一個非常強大的飛輪。顯然，從定價角度來看，關稅在某種程度上對你施加了壓力。

Can you maybe just give us a little bit more detail or direction on exactly how you think about what products should be higher priced because of tariff, what products maybe you don't want to adjust pricing because of some of this pricing strategy? Just love to get a little bit more flavor of how you're thinking about pricing increases versus tariffs. And then I have a follow-up, please.

您能否向我們提供更多細節或指導，具體說明您認為哪些產品應該因為關稅而提高價格，哪些產品您可能不想因為某些定價策略而調整價格？只是想進一步了解您對價格上漲與關稅的看法。然後我還有一個後續問題。

I'm not sure that on this call, we're going to go into more detail about the specifics of the pricing changes that we're making beyond just saying that, of course, we're evaluating each of the products in the line, contemplating our sense of elasticity and effect on demand as we make pricing changes.

我不確定在這次電話會議上，我們是否會更詳細地討論我們正在進行的價格調整的具體細節，當然，我們正在評估生產線上的每一種產品，考慮我們在進行價格調整時的彈性和對需求的影響。

I think the best way to think about what we're trying to do here strategically is to craft a pricing plan that supports our goal of optimizing gross profit dollars. We certainly will be paying close attention to how our customers respond to these pricing changes as well as the competitive trends across the portfolio in our categories.

我認為，從策略角度考慮我們在此嘗試做的事情的最佳方法是製定一個支持我們優化毛利目標的定價計劃。我們當然會密切關注客戶對這些價格變化的反應以及我們產品類別的整個產品組合的競爭趨勢。

And then I'll just say, we really believe that our portfolio of hardware products deliver truly exceptional value that compounds over time, thanks to the kinds of software updates that deliver new experiences. Just this quarter, we shipped AI speech enhancement for Arc Ultra, multi-user swap for Ace in home theater, new room tuning capabilities for Ace.

然後我只想說，我們真的相信，我們的硬體產品組合能夠提供真正卓越的價值，並且隨著時間的推移，這種價值會不斷增加，這要歸功於提供新體驗的各種軟體更新。就在本季度，我們為 Arc Ultra 推出了 AI 語音增強功能，為家庭劇院中的 Ace 推出了多用戶交換功能，為 Ace 推出了新的房間調節功能。

So our customers benefit from products that improve over time after their purchase. And we think that, that puts us in a good position as we have to modulate pricing relative to our competitors who are so often are delivering commodity experiences.

因此，我們的客戶可以從購買後隨著時間的推移而改進的產品中受益。我們認為，這使我們處於有利地位，因為我們必須調整相對於經常提供商品體驗的競爭對手的定價。

Okay. Okay. Totally fair. Understood. And then I'd love as a follow-up, maybe just if you could kind of touch on the high-level kind of market backdrop as you see it today and maybe where you see it going, again, I realize there's a lot of variables that go into the forward look. But do you see the environment getting better? Is it deteriorating? Anything by geography that you would call out? Would just love to know kind of what's going on behind the scenes kind of outside of what you guys can actually control.

好的。好的。完全公平。明白了。然後，作為後續問題，如果您能談談目前所看到的高層市場背景，以及您認為市場將走向何方，我再次意識到，展望未來有很多變數。但你看到環境變好了嗎？是不是正在惡化？您想根據地理位置指出什麼嗎？我只是想知道你們無法控制的幕後到底發生了什麼事。

Sure. It is -- continues to be the case that the category remains cyclically challenged coming off of COVID pull-in and weak housing data as just two headwinds. On the other hand, more people are consuming content at home than ever before. More people are subscribing to digital music and video streaming services than ever before. More people are interacting with technology through voice and conversational AI than ever before.

當然。事實是，該類別仍然面臨週期性挑戰，因為 COVID 的拉動和疲軟的住房數據只是兩大不利因素。另一方面，在家消費內容的人數比以往任何時候都多。訂閱數位音樂和影片串流服務的人數比以往任何時候都多。越來越多的人透過語音和對話式人工智慧與科技進行互動。

And I really think that in time, all of these trends are going to drive a return to growth for the category, and I think we're uniquely positioned to capture that growth when it returns. So we're working hard in this sort of cyclical downturn to drive share through strong execution in innovation. You see that with Arc Ultra driving year-over-year gains in home theater in the US this quarter on the backs of the SoundMotion technology that we brought to market. And you'll continue to see us work hard in that lane while we wait for what we think is the inevitable return of category demand.

我真的認為，隨著時間的推移，所有這些趨勢都將推動該類別的恢復成長，我認為我們處於獨特的位置，可以在成長恢復時抓住這個機會。因此，在這種週期性衰退中，我們正努力透過強而有力的創新來提高市場份額。您可以看到，憑藉我們推向市場的 SoundMotion 技術，Arc Ultra 本季度推動了美國家庭劇院的同比增長。您將繼續看到我們在該領域努力工作，同時等待我們認為不可避免的類別需求的回歸。

Super thanks. And maybe just last question, and then I'll get back in the queue for you, Saori, and kind of a similar question to my predecessor, which is last quarter, you guys talked about $580 million to $600 million of non-GAAP OpEx as kind of your target annualized run rate. I think you are actually already below that right now if we kind of take fiscal '25 in totality.

非常感謝。也許這只是最後一個問題，然後我會回到你的隊列中，Saori，這個問題與我的前任類似，也就是上個季度，你們談到了 5.8 億至 6 億美元的非 GAAP 運營支出作為目標年化運行率。我認為，如果我們把 25 財年的總收入算下來，那麼現在這個數字其實已經低於這個數字了。

And so I know you're not going to necessarily guide for fiscal '26, but is $580 million to $600 million still the target run rate? Is it below that? I'd love if you could just share a bit more context about kind of what that target is, if it has changed at all?

所以我知道您不一定會對 26 財年做出預測，但 5.8 億至 6 億美元仍然是目標運行率嗎？低於這個數嗎？如果您能分享一些有關該目標的背景信息，以及該目標是否有所改變，我將非常高興。

Thanks, Erik. Yes, we're still -- we continue to still work on our efforts to optimize our cost structure. Part of it, we obviously want to reinvest into the business for the future growth. And so we're not guiding to an FY '26 OpEx today. However, I do want to call out

謝謝，埃里克。是的，我們仍在努力優化我們的成本結構。其中一部分，我們顯然希望對業務進行再投資，以實現未來的成長。因此，我們今天不會對 26 財年的營運支出做出指導。然而，我確實想呼籲

part of what I mentioned on the prepared remarks that the resulting impact to even FY '25 adjusted EBITDA, we expect to grow 8% to 30% year over year on our bottom line for this year and as you will recall, we had our reduction in force both last August as well as even a larger on in February. So we are not seeing a full year impact of those activities that we've taken place to improve our cost structure this year in FY '25 and we expect that to fully materialize into FY '26 as well.

我在準備好的發言中提到的部分內容是，由此產生的對 25 財年調整後 EBITDA 的影響，我們預計今年的底線利潤將同比增長 8% 至 30%，而且您會記得，我們​​在去年 8 月進行了裁員，2 月份的裁員幅度更大。因此，我們並沒有看到我們為改善 25 財年的成本結構而採取的措施對全年產生影響，我們預計這些措施也將在 26 財年完全實現。

But again, we're balancing with where we want to invest for our future as well as flowing it through to the bottom line, but we expect to continue to improve our profitability. And we believe this business can expand both top and the bottom line.

但是，我們正在平衡我們想要為未來投資的地方以及將其轉化為利潤，但我們預計將繼續提高我們的獲利能力。我們相信這項業務可以擴大營收和利潤。

Thank you.

謝謝。

Awesome thank you guys for all the color. Good luck.

太棒了，謝謝你們提供的所有顏色。祝你好運。

(Operator Instructions)

（操作員指示）

We'll go next to Brent Thill at Jefferies.

接下來我們將前往傑富瑞 (Jefferies) 拜訪布倫特蒂爾 (Brent Thill)。

Hi, this is Rayyana Matraji on for Brent Thill. Congrats, Tom. Can you speak to how Sonos is leveraging AI to enhance the product or app experience? And do you think this could be a meaningful differentiator or monetization driver over time? Thank you.

大家好，我是布倫特希爾 (Brent Thill) 的 Rayyana Matraji。恭喜你，湯姆。您能談談 Sonos 如何利用人工智慧來增強產品或應用體驗嗎？您是否認為隨著時間的推移，這會成為一個有意義的差異化因素或貨幣化驅動力？謝謝。

Let me start by talking just a little bit about what I think of as the sort of the fundamental strengths of the Sonos' capability. We have best-in-class sound quality and industrial design. We invented the multi-room architecture that's defined the standard for customers everywhere.

首先，我簡單談談我認為的 Sonos 功能的基本優勢。我們擁有一流的音質和工業設計。我們發明了多房間架構，為世界各地的客戶定義了標準。

We have this incredibly broad portfolio of premium form factors for every room and beyond. And the power of this ecosystem is really the software platform that connects all of those products with our partners and developers and our customers in truly unique and differentiated ways.

我們擁有極為廣泛的高端外型產品組合，適用於各種房間及其他場所。這個生態系統的力量實際上在於軟體平台，它以真正獨特和差異化的方式將所有這些產品與我們的合作夥伴、開發人員和客戶連接起來。

And I think what you're touching on is why I'm so excited about where this platform can go from here. I think our hardware and software is incredibly well positioned to deliver the next generation of conversational AI experiences in the home.

我認為您所談到的正是我為何對這個平台的未來發展感到如此興奮的原因。我認為我們的硬體和軟體非常適合在家庭中提供下一代對話式人工智慧體驗。

So I think the way to think about it is that Sonos isn't and has never been a company that sells a loose collection of speakers. Today, we're building a next-generation platform that we think will define how people experience sound and interaction in the home for the next decade and beyond.

所以我認為，Sonos 不是、也從來不是一家銷售散裝揚聲器的公司。今天，我們正在建立下一代平台，我們認為它將定義未來十年及以後人們在家中體驗聲音和互動的方式。

And of course, as a footnote, I should say that the company operationally is being transformed by the use of AI technology across all of our departments from engineering, certainly through marketing and legal and customer experience.

當然，作為補充，我應該說，公司的營運正在透過在所有部門（從工程部門到行銷部門、法律部門和客戶體驗部門）使用人工智慧技術而轉變。

So, we have a really big vision for AI, both in terms of increasing our operation agility as well as delivering incredible one-of-a-kind experiences in our customers' homes.

因此，我們對人工智慧有一個非常宏偉的願景，既可以提高我們的營運靈活性，也可以在客戶家中提供令人難以置信的獨特的體驗。

Great, thank you.

太好了，謝謝。

And that will complete our question-and-answer session. This concludes today's conference call. We thank you for your participation. You may now disconnect.

我們的問答環節到此結束。今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。