Sonos, Inc. (SONO) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sonos second-quarter fiscal 2026 conference call.

感謝您耐心等候。我叫 Angela，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Sonos 2026 會計年度第二季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Mr. James Baglanis, Head of Corporate Finance. You may begin.

(接線員指示) 現在我想將電話交給企業財務主管 James Baglanis 先生。您可以開始了。

Good afternoon, and welcome to Sonos second quarter fiscal 2026 earnings conference call. I'm James Baglanis, and with me today are Sonos CEO, Tom Conrad; CFO, Saori Casey; and Chief Legal Officer, 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.

各位下午好，歡迎參加 Sonos 2026 會計年度第二季財報電話會議。我是 James Baglanis，今天與我一同出席的有 Sonos 執行長 Tom Conrad、財務長 Saori Casey，以及法務長 Eddie Lazarus。在我把時間交給 Tom 之前，我想提醒各位，今天的討論將包含有關未來事件及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 the expectations reflected in the forward-looking statements.

這些陳述僅反映我們截至今日的觀點，不應被視為代表任何後續日期的觀點。這些陳述亦受到重大風險與不確定性影響，可能導致實際結果與前瞻性陳述所反映的預期出現重大差異。

A discussion of these risk factors is fully detailed under the caption Risk Factors in our filings with the SEC. 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 fiscal 2026 results posted to the Investor Relations portion of our website, investors.sonos.com. After the call concludes, we will upload our revised supplemental earnings presentation, including our guidance as well as the conference call transcript, to the IR website.

關於這些風險因素的討論，已在我們向美國證券交易委員會（SEC）提交之文件中「風險因素」章節下完整揭露。在本次電話會議中，我們也將提及若干非 GAAP 財務衡量指標。有關我們的非 GAAP 財務資訊，以及 GAAP 與非 GAAP 指標之間的調節表，請參閱我們今日發布、並張貼於投資人關係網站 investors.sonos.com 的 2026 會計年度第二季業績新聞稿。電話會議結束後，我們將把更新後的補充財報簡報（包含我們的財測指引）以及電話會議逐字稿上傳至投資人關係網站。

I will now turn the call over to Tom.

現在我將把電話交給 Tom。

Good afternoon, everyone, and thanks for joining us. At the start of fiscal 2026, we said we expected to return Sonos to growth this year. Through the first half, that's exactly what we've done. We delivered $282 million of revenue in Q2, up about 8% year-over-year and near the top end of our guidance range. Gross profit dollars grew double digits on a GAAP basis, and adjusted EBITDA came in above the midpoint of our range.

各位下午好，感謝各位加入我們。在 2026 會計年度開始時，我們表示預期今年將讓 Sonos 重回成長軌道。截至上半年，我們確實做到了。我們在第二季實現 2.82 億美元營收，年增約 8%，並接近我們財測區間的上緣。GAAP 口徑的毛利金額以雙位數成長，而調整後 EBITDA 也高於我們區間的中點。

Saori will take you through the details in a moment. These are strong quarterly results, but what matters more is the broader picture. Across the first half and now looking into the second, we have changed the trajectory of the business. After a challenging period, Sonos is beginning to grow again, and we are seeing our progress show up across the company. First-half revenue was up 2%, and adjusted EBITDA improved meaningfully year-over-year.

Saori 稍後會帶各位了解細節。這是一份強勁的季度成績，但更重要的是更宏觀的全局。在上半年、並展望下半年之際，我們已改變了業務的發展軌跡。在一段充滿挑戰的時期之後，Sonos 正開始再次成長，我們也看到進展在公司各層面逐步顯現。上半年營收年增 2%，調整後 EBITDA 也較去年同期顯著改善。

At the center of that progress is a simple idea. The Sonos system is the product. Each device we add and each improvement we make increases the value of the whole system, compounding over time as customers expand across rooms and use cases. That system-level value and the way it builds over time are what differentiate us in the category.

這項進展的核心是一個簡單的理念。Sonos 系統本身就是產品。我們新增的每一台裝置、以及做出的每一項改進，都會提升整個系統的價值；隨著客戶在不同房間與使用情境中擴充，這種價值會隨時間累積並產生複利效應。這種系統層級的價值，以及其隨時間建立的方式，正是我們在此類別中與眾不同之處。

On our Q1 call, I outlined five dimensions we're focused on to drive durable growth: product innovation, customer advocacy, more intentional marketing, geo expansion, and tapping emerging demand trends. Together, these form the engine that drives both new household growth and expansion within our installed base.

在我們第一季的電話會議上，我概述了我們為推動可持續成長而聚焦的五個面向：產品創新、客戶倡議、更有策略的行銷、地理擴張，以及掌握新興需求趨勢。這些面向共同構成引擎，推動新家庭用戶的成長，以及在我們既有裝機基礎中的擴張。

We're starting to see the results of that work in the business. The product pipeline is delivering, growth markets are performing well, and the system is more reliable than it has been in years, which is helping restore customer advocacy. Taken together, this has new customers entering and existing customers expanding into the system. I want to spend a moment on our newest product, Sonos Play.

我們開始在業務中看到這些工作的成果。產品管線持續交付成果，成長型市場表現良好，而系統的可靠性也達到多年來最佳水準，這有助於恢復客戶倡議。綜合而言，這促使新客戶加入、既有客戶也在系統內持續擴充。我想花點時間談談我們最新的產品 Sonos Play。

It launched just as the quarter closed, so its contribution to Q2 was de minimis. But the early reviews tell us something important about where we are as a company. Gizmodo called it a comeback. The Wall Street Journal described it as the Goldilocks speaker. The Verge called it a great way into the Sonos world.

它在本季結束之際才剛上市，因此對第二季的貢獻微乎其微。但早期評測向我們傳達了一個重要訊息：我們公司目前所處的位置。Gizmodo 稱它是一場回歸。《華爾街日報》形容它是「剛剛好」的喇叭。The Verge 則稱它是進入 Sonos 世界的絕佳方式。

Bloomberg said, We're back on track. Reviewers around the world agree that it has crisp and beautiful sound, unmatched versatility, and beautiful craftsmanship. In short, Sonos is doing what Sonos does best. These glowing reviews were written independently across a host of markets and geographies as the launch embargo lifted. This remarkable consistency reflects both the quality of the product and the clarity of the story around it.

彭博表示：「我們回到正軌了。」全球各地的評測者一致認為，它擁有清晰且優美的音質、無與倫比的多用途性，以及精緻的工藝。簡而言之，Sonos 正在做 Sonos 最擅長的事。隨著上市禁令解除，這些高度讚譽的評測在多個市場與地區獨立撰寫並發布。這種令人驚豔的一致性，反映了產品品質以及其背後敘事的清晰度。

Over the past year, the product team has rebuilt the foundation, and now Colleen and our marketing teams are sharpening how we show up as a system, and you can see that work landing here. If you step back, Play illustrates three of our five growth dimensions working in concert. First, product innovation. This is differentiated hardware and software designed not as a stand-alone object, but as an entry point into the system and a reason to expand it.

過去一年，產品團隊重建了基礎；而現在 Colleen 與我們的行銷團隊正強化我們以「系統」的方式呈現品牌，你可以看到這些努力在此落地。若從更高層次來看，Play 展示了我們五大成長面向中的三項如何協同運作。第一，產品創新。這是具差異化的硬體與軟體，其設計並非作為單一獨立物件，而是作為進入系統的入口，以及擴充系統的理由。

Second, marketing. The consistency of the global press narrative reflects a clearer and more coherent system story. And third, customer advocacy. When reviewers start using words like comeback and back on track, that shift in tone is consistent with improving customer sentiment and the progress we've been making.

第二，行銷。全球媒體敘事的一致性，反映出更清晰且更連貫的系統故事。第三，客戶倡議。當評測者開始使用「回歸」與「回到正軌」等字眼時，這種語氣的轉變與客戶情緒改善、以及我們所取得的進展相一致。

Era 100 SL, which launched alongside Play, nicely complements the work Play is doing for us. With a simplified design and a $189 price point, it lowers the barrier to entry for the Sonos system. We've already seen that pricing changes on Era 100 have driven new customer growth over multiple quarters, and Era 100 SL should build directly on that momentum.

與 Play 同步推出的 Era 100 SL，恰好能補足 Play 為我們帶來的效益。憑藉更簡化的設計與 189 美元的定價，它降低了進入 Sonos 系統的門檻。我們已經看到，Era 100 的價格調整在多個季度推動了新客戶成長，而 Era 100 SL 應能在此動能之上直接延伸。

We have more than 53 million connected devices across more than 17 million homes. As we've described before, the opportunity within that base is substantial, moving from roughly 4.5 devices per multiproduct household to six represents about $5 billion in incremental revenue before even considering new household growth, and converting single-product households adds another $7 billion.

我們在超過 1,700 萬個家庭中擁有超過 5,300 萬台已連網裝置。如同我們先前所述，這個基礎內的機會相當可觀：若多產品家庭的平均裝置數從約 4.5 台提升至 6 台，在尚未考慮新家庭成長之前，就代表約 50 億美元的增量營收；而將單一產品家庭轉化為多產品家庭，還可再增加 70 億美元。

We continue to see behaviors that underpin our model. Customers are entering through accessible products and expanding across rooms and use cases over time. And now we have two new ways to enter the Sonos system and more reasons for existing customers to expand inside and outside their homes. Turning to our operations.

我們持續看到支撐我們商業模式的行為。客戶透過更易入手的產品進入，並隨時間在不同房間與使用情境中擴充。而現在，我們有兩種新的方式可進入 Sonos 系統，也有更多理由讓既有客戶在家中與家外擴展使用。接著談談我們的營運。

I want to take a moment to introduce a meaningful addition to our leadership team. Frank Barbieri is joining Sonos as Chief Operating Officer. Frank brings over 25 years of experience building and scaling consumer businesses, most recently leading Walmart's omnichannel consumer content, media, and gaming operations across both stores and e-commerce, one of the largest entertainment portfolios in US retail.

我想花點時間介紹我們領導團隊的一項重要新加入成員。Frank Barbieri 將加入 Sonos 擔任營運長（COO）。Frank 擁有超過 25 年打造並擴張消費者業務的經驗；最近他領導 Walmart 的全通路消費者內容、媒體與遊戲營運，涵蓋門市與電商，這是美國零售業中規模最大的娛樂產品組合之一。

I've known Frank for nearly 20 years, and his combination of commercial depth, operational discipline, and genuine passion for consumer products makes him exactly the right person to join our team. As COO, Frank will take responsibility for partnerships, direct consumer relationships across DTC, CRM, and customer experience, as well as revenue systems and IT.

我認識 Frank 近 20 年，他兼具深厚的商業能力、嚴謹的營運紀律，以及對消費性產品的真誠熱情，使他成為加入我們團隊的最佳人選。作為營運長，Frank 將負責合作夥伴關係、涵蓋 DTC、CRM 與客戶體驗的直面消費者關係，以及營收系統與資訊科技（IT）。

This is a meaningful concentration of operational capability under an experienced leader, and I expect it to show up in how we execute against the growth agenda I've been describing. All in all, we're carrying real momentum into the second half. Play has launched a strong early reception. Era 100 SL looks to be the right product for a moment when many potential customers are focused on value.

這是在一位經驗豐富的領導者帶領下，對營運能力進行有意義的集中整合，我預期這將反映在我們如何落實我一直在描述的成長議程上。總體而言，我們帶著實質動能進入下半年。Play 上市後獲得強勁的早期反響。Era 100 SL 看來是在許多潛在客戶聚焦性價比的時刻，推出的合適產品。

We have AMPMulti coming this fall as a much-anticipated product for our professional installer channel. More broadly, our pipeline remains healthy across not just hardware but also software, with a continued focus on deepening the system experience. In our growth markets, which I noted as a fourth important lever for our business, we've now seen multiple consecutive quarters of strong performance.

我們將在今年秋季推出 AMPMulti，這是一款專業安裝商通路期待已久的產品。更廣泛而言，我們的產品管線依然健康，不僅涵蓋硬體也涵蓋軟體，並持續聚焦於深化系統體驗。在我提到作為我們業務第四個重要槓桿的成長市場中，我們如今已連續多個季度看到強勁表現。

Sonos Play's warm reception by the international press reinforces the vast opportunity in front of us. We continue to see our expansion markets as important contributors to our growth that will pay off more and more for us over time. On our last earnings call, I suggested that we would grow more in the second half of the year than in the first.

Sonos Play 受到國際媒體的熱烈好評，進一步印證我們面前的巨大機會。我們持續將擴張市場視為成長的重要貢獻者，並將隨時間推移為我們帶來愈來愈多回報。在上一次財報電話會議中，我曾表示我們下半年的成長將高於上半年。

I'm pleased to say that we performed somewhat better than expected in the first half, and my view that the second half will be stronger yet remains unchanged. Amid this optimism, I want to highlight one challenge. Looking to the second half and beyond, we're managing the headwind of higher memory costs, which are putting downward pressure on our gross margin. As you know, the semiconductor industry is in the middle of a transition from DDR4 to DDR5 and high-bandwidth memory, driven by AI and data center demand.

我很高興地表示，我們上半年的表現略優於預期，而我對下半年將更為強勁的看法仍維持不變。在這份樂觀之中，我想強調一項挑戰。展望下半年及更長遠，我們正在因應記憶體成本上升的逆風，這正對我們的毛利率造成下行壓力。如各位所知，半導體產業正處於從 DDR4 轉向 DDR5 與高頻寬記憶體的轉型期，這一轉型由 AI 與資料中心需求所驅動。

That is tightening the supply for the DDR4 chips we use and increasing costs across consumer electronics. Our global operations team has been focused since early 2025 on securing sufficient supply to support our manufacturing demands. This means pursuing supply through multiple channels.

這使得我們所使用的 DDR4 晶片供應趨緊，並推升整體消費性電子的成本。自 2025 年初以來，我們的全球營運團隊一直專注於確保充足供應，以支援我們的製造需求。這意味著要透過多個管道尋求供應。

We are also leveraging our engineering expertise to optimize memory requirements across current and future designs, all without compromising product performance or customer experience. With regard to the effect of higher memory prices, we have a variety of levers to mitigate the impact.

我們也運用工程專業來最佳化現有與未來設計的記憶體需求，同時不犧牲產品效能或客戶體驗。就記憶體價格上升的影響而言，我們有多種槓桿可用以緩解衝擊。

Our focus is on managing the headwind thoughtfully without losing sight of the larger opportunity to drive top-line growth alongside increased profitability. On the topic of tariffs, we will be filing for a refund of prior duties paid under IEEPA now that the US Customs and Border Protection has launched Phase 1 of CAPE.

我們的重點是在審慎管理這股逆風的同時，不忽略更大的機會：在提升獲利能力的同時推動營收成長。關於關稅議題，隨著美國海關與邊境保護局（US Customs and Border Protection）已啟動 CAPE 第一階段，我們將就先前依 IEEPA 繳納的關稅申請退還。

While the timing is uncertain, the benefit could be as large as $40 million, which would be another meaningful offset to the higher memory costs. So while memory headwinds are real, we are managing them from a position of preparation and expertise.

雖然時程尚不確定，但其效益可能高達 4,000 萬美元，這將成為抵銷記憶體成本上升的另一項重要因素。因此，儘管記憶體逆風確實存在，我們仍以充分準備與專業能力來加以管理。

Let me close with this. We've moved through a phase of stabilization. What comes next is building durable growth. We're at an important point, and the signals are showing up across products, markets, and customer behavior. The product pipeline is active again. Growth markets are showing strong performance. The system is stronger, more reliable, and easier to understand.

最後我想以這點作結。我們已走過一段穩定期。接下來要做的是建立可持續的成長。我們正處於一個重要節點，而相關訊號已在產品、市場與客戶行為上逐步顯現。產品管線再次活躍起來。成長市場展現強勁表現。系統更強大、更可靠，也更容易理解。

Our progress on the dimensions we discussed today, new products, more effective marketing, geo expansion, and a return to customer advocacy is beginning to deliver growth. But the opportunity to grow into emerging adjacencies is what I find most compelling. AI is already transforming how we operate internally, from the way we build software to how we execute marketing to how I run the company, but the external opportunity is vast, 17 million households and 53 million connected devices, voice-enabled and present room by room.

我們在今天討論的各個面向——新產品、更有效的行銷、地理擴張，以及回歸客戶口碑倡議——所取得的進展，正開始帶來成長。但我認為最具吸引力的是，向新興相鄰領域擴張的成長機會。AI 已在改變我們的內部運作方式，從我們建置軟體的方式、到我們執行行銷的方式、再到我管理公司的方式；但外部機會更為龐大——1,700 萬戶家庭與 5,300 萬台已連網裝置，具備語音功能，並且逐房間分布。

This is an installed base with significant value. And as more people look for experiences that don't depend on pulling out their phone, that value only grows. We're building towards something larger here. And while I'm not ready to lay out the full picture today, there is considerably more to this story, and I look forward to sharing it with you in time.

這是一個具有顯著價值的既有裝機基礎。而隨著更多人尋求不必拿出手機也能享受的體驗，這份價值只會持續提升。我們正在朝著更宏大的目標前進。雖然我今天還不準備完整描繪全貌，但這個故事還有更多內容，我期待在適當時機與各位分享。

With that, I'll turn it over to Saori.

接下來我把時間交給 Saori。

Thank you, Tom. Hi, everyone. We closed out the first half of fiscal 2026 on a high note with revenue growth of 2%, thanks to our strong Q2 results. This return to growth was accompanied by disciplined execution with 7% and 6% growth in GAAP and non-GAAP gross profit dollars, respectively. GAAP operating expenses decreased by 16%, and non-GAAP operating expenses decreased by 10%.

謝謝你，Tom。各位好。在強勁的第二季業績帶動下，我們以亮眼表現結束 2026 會計年度上半年，營收成長 2%。這次重回成長，同時伴隨著嚴謹的執行：GAAP 與 non-GAAP 毛利金額分別成長 7% 與 6%。GAAP 營業費用下降 16%，non-GAAP 營業費用下降 10%。

The combination of gross profit dollar growth and operating expense reduction resulted in adjusted EBITDA growing 48%, representing a margin improvement of 510 basis points. Q2 results overall came in strong against our expectations, marking our seventh consecutive quarter of executing against our commitments.

毛利金額成長與營業費用下降的組合，使調整後 EBITDA 成長 48%，相當於利潤率提升 510 個基點。第二季整體結果明顯優於我們的預期，並標誌著我們連續第七個季度兌現承諾、落實執行。

Revenue grew 8% year-over-year to $282 million, near the high end of our guidance range, driven by APAC and EMEA growing 25% and 21%, respectively, while Americas grew 2% year-over-year. Our growth markets delivered double-digit growth, further validating our view that this will be a key driver of our growth in the years to come. Foreign exchange contributed 4 points to our year-over-year growth.

營收年增 8% 至 2.82 億美元，接近我們指引區間的高端；其中 APAC 與 EMEA 分別成長 25% 與 21%，美洲地區則年增 2%。我們的成長市場實現雙位數成長，進一步驗證我們的觀點：這將是未來數年推動成長的關鍵動能。外匯對年增成長貢獻了 4 個百分點。

On a constant currency basis, APAC grew 18%, EMEA grew 9%, and the Americas grew 1%. On a product basis, we saw continued strength in the demand for Era 100 as well as strong performance of Arc Ultra. As a reminder, both Play and Era 100 SL had negligible contributions to Q2 revenue given the timing of their launch.

以固定匯率計，APAC 成長 18%，EMEA 成長 9%，美洲地區成長 1%。以產品別來看，我們持續看到 Era 100 需求強勁，Arc Ultra 也表現亮眼。提醒各位，由於上市時點因素，Play 與 Era 100 SL 對第二季營收的貢獻可忽略不計。

GAAP gross profit of $125 million grew 10% year-over-year, while its non-GAAP gross profit of $130 million grew 6%. The growth was driven by higher revenue and FX favorability, partially offset by higher memory costs. GAAP gross margin was 44.3%, and non-GAAP gross margin was 46%. Higher memory costs were approximately 200 basis points of headwind to gross margin, whereas tariffs like last quarter were offset by our mitigation actions.

GAAP 毛利為 1.25 億美元，年增 10%；non-GAAP 毛利為 1.30 億美元，年增 6%。成長主要由較高營收與有利的外匯因素帶動，但部分被較高的記憶體成本所抵銷。GAAP 毛利率為 44.3%，non-GAAP 毛利率為 46%。較高的記憶體成本對毛利率造成約 200 個基點的逆風；而關稅方面則如同上季，已透過我們的緩解措施予以抵銷。

Q2 GAAP operating expenses of $156 million decreased 11% year-over-year, primarily due to the significant restructuring costs associated with last year's reduction in force, while non-GAAP operating expenses of $137 million were mostly flat to the prior year and a bit below the midpoint of our guidance range.

第二季 GAAP 營業費用為 1.56 億美元，年減 11%，主要因去年裁員所帶來的大額重組成本；non-GAAP 營業費用為 1.37 億美元，與去年大致持平，且略低於我們指引區間的中點。

Stock-based compensation was $14.9 million, down 36% year-over-year. Adjusted EBITDA was positive $2 million, above the midpoint of our guidance range, increasing $3 million from negative $1 million last year. This is an important milestone as this was our first Q2 with positive adjusted EBITDA in the past four years. Non-GAAP earnings per share of negative $0.02 was up from negative $0.18 last year.

以股票為基礎的薪酬為 1,490 萬美元，年減 36%。調整後 EBITDA 為正 200 萬美元，高於我們指引區間的中點，較去年負 100 萬美元增加 300 萬美元。這是一個重要里程碑，因為這是過去四年來我們首次在第二季實現正的調整後 EBITDA。non-GAAP 每股盈餘為負 0.02 美元，較去年負 0.18 美元改善。

We spent $40 million on share repurchases in Q2 to buy back 2.5 million shares, reducing our share count by 2.1%, which leaves us with $65 million remaining on our current share repurchase authorization. Our balance sheet remains strong as our net cash balance ended the quarter at $249 million, which includes $49 million of marketable securities.

我們在第二季投入 4,000 萬美元進行庫藏股買回，回購 250 萬股，使流通股數減少 2.1%；在目前的庫藏股買回授權下，尚餘 6,500 萬美元可用。我們的資產負債表依然穩健，本季末淨現金餘額為 2.49 億美元，其中包含 4,900 萬美元的有價證券。

Our period-end inventory balance of $161 million was up 16% year-over-year, driven by new product launches and tariff costs, partially offset by the workdown of component inventory. Our inventory consists of $144 million of finished goods and $17 million of components. Q2 free cash flow was negative $70 million, consistent with typical Q2 seasonality. CapEx was $5 million, down from $6 million last year.

我們期末存貨餘額為1.61億美元，年增16%，主要受新產品上市與關稅成本推動，部分被元件存貨去化所抵銷。我們的存貨包含1.44億美元的成品與1,700萬美元的元件。第二季自由現金流為負7,000萬美元，符合第二季典型的季節性。資本支出（CapEx）為500萬美元，低於去年同期的600萬美元。

Turning to our guidance. The Q3 outlook we're providing today reflects the trends we have observed quarter-to-date and is our best estimate. We expect Q3 revenue to be in the range of $355 million to $375 million, representing growth of 3% to 9% year-over-year, up 6% at the midpoint.

接著談我們的財測指引。我們今天提供的第三季展望反映了我們截至目前為止在本季所觀察到的趨勢，並且是我們的最佳估計。我們預期第三季營收將落在3.55億至3.75億美元區間，代表年增3%至9%，以中位數計為年增6%。

Our guidance represents modest year-over-year acceleration from Q2 on a constant currency basis as we expect FX to have a negligible contribution to growth in Q3. Please note that there will be no revenue contribution from App Multi in Q3, which is slated to launch in the fall.

在固定匯率基礎上，我們的指引代表相較第二季有溫和的年增加速，因為我們預期第三季匯率（FX）對成長的貢獻可忽略不計。請注意，第三季不會有來自App Multi的營收貢獻，該產品預計於秋季推出。

We see continued momentum into Q4, driving a stronger second-half performance and delivering full-year growth consistent with what we have communicated over the past two quarters. We expect Q3 GAAP gross margin to be in the range of 42% to 44.5%, with non-GAAP gross margin approximately 150 basis points higher than GAAP, both roughly flat year-over-year at the midpoint.

我們看到動能將持續延伸至第四季，帶動下半年表現更強，並實現與我們過去兩季所溝通一致的全年成長。我們預期第三季GAAP毛利率將落在42%至44.5%區間；非GAAP毛利率約比GAAP高150個基點，兩者以中位數計皆約與去年同期持平。

Our guidance implies mid-single-digit growth in gross profit dollars at the midpoint, in line with the revenue growth. Please note that our gross margin guidance range embeds an approximately 400 basis point year-over-year headwind from higher memory costs in Q3, roughly 200 basis points more than Q2. We also do not expect to receive any tariff refunds during Q3.

我們的指引意味著以中位數計，毛利金額將呈現中個位數成長，與營收成長一致。請注意，我們的毛利率指引區間已反映第三季因記憶體成本上升所帶來約400個基點的年比逆風，約比第二季多200個基點。我們也不預期在第三季收到任何關稅退稅。

We're not guiding beyond Q3 at this time, but to provide some color, we currently expect memory cost inflation to rise from Q3, which is likely to pressure gross margin in Q4. As a result, we currently expect both GAAP and non-GAAP gross margin for the second half of fiscal 2026 to be somewhat lower than the second half of fiscal 2025, which was 43.5% on a GAAP basis and 44.9% on a non-GAAP basis.

目前我們不提供第三季以後的指引，但為了補充一些背景，我們目前預期記憶體成本通膨將自第三季起進一步上升，這可能會在第四季對毛利率造成壓力。因此，我們目前預期2026會計年度下半年的GAAP與非GAAP毛利率將略低於2025會計年度下半年；後者在GAAP基礎為43.5%，在非GAAP基礎為44.9%。

As Tom mentioned, we're actively working on a variety of mitigation actions to navigate this industry headwind. We are focused on managing this challenge thoughtfully and without losing sight of the larger opportunity to drive top-line growth and increase profitability. While any tariff refunds received in the future would likely be a benefit to gross margin, the second-half commentary I just outlined does not incorporate any such benefit, given the uncertainty around timing.

如Tom所提，我們正積極推動多項緩解措施，以因應這項產業逆風。我們專注於審慎管理這項挑戰，同時不忽略推動營收成長並提升獲利能力的更大機會。雖然未來若收到任何關稅退稅，可能會對毛利率有利，但鑑於時點不確定性，我剛才所概述的下半年評論並未納入任何此類利益。

We expect Q3 GAAP operating expenses to be in the range of $150 million to $160 million. We expect non-GAAP operating expenses to be lower than GAAP by approximately $18 million, implying non-GAAP operating expenses stay roughly flat to Q2 at the midpoint. Looking beyond Q3, please note that our OpEx will vary quarter-to-quarter in part due to the timing of our product launches.

我們預期第三季GAAP營業費用將落在1.50億至1.60億美元區間。我們預期非GAAP營業費用將比GAAP低約1,800萬美元，意味著以中位數計，非GAAP營業費用相較第二季大致持平。展望第三季之後，請注意我們的營業費用（OpEx）將因產品上市時點等因素而在各季之間有所波動。

Bringing it all together, we expect Q3 adjusted EBITDA to be in the range of $20 million to $48 million, representing a margin of 5.6% to 12.7%. Our performance in the first half proves that we have built momentum. This was our third consecutive semiannual period of revenue growth improvement, and we expect to sustain this momentum into the second half of this year, making fiscal 2026 the year that Sonos returns to top-line growth.

綜合以上，我們預期第三季調整後EBITDA將落在2,000萬至4,800萬美元區間，對應利潤率為5.6%至12.7%。我們上半年的表現證明我們已建立動能。這是我們連續第三個半年度期間營收成長改善，我們預期將把這股動能延續到今年下半年，使2026會計年度成為Sonos重返營收成長的一年。

Looking beyond fiscal 2026, our focus remains on delivering durable top-line growth while balancing continued profitability improvements and disciplined reinvestment. To that end, through the adoption of AI, we're starting to see significant improvements in our team's productivity across a variety of functions, including software engineering, IT, accounting, customer support, and many more.

展望2026會計年度之後，我們的重點仍是實現可持續的營收成長，同時兼顧持續的獲利改善與有紀律的再投資。為此，透過導入AI，我們開始看到團隊在多項職能上的生產力顯著提升，包括軟體工程、IT、會計、客戶支援等許多領域。

We believe we're just beginning to scratch the surface of harnessing the potential of AI to continue to improve our efficiency and accelerate our business. After the call, we will update our earnings slides to reflect our Q3 guidance and the second-half commentary.

我們相信，我們才剛開始觸及運用AI潛力的表面，未來可持續提升效率並加速業務發展。電話會議結束後，我們將更新財報簡報投影片，以反映我們的第三季指引與下半年評論。

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

接下來，我想把電話會議交給問答環節。

(Operator Instructions)

（接線員指示）

Steve Frankel, Rosenblatt.

Steve Frankel，Rosenblatt。

Good afternoon, and thank you. Tom, I know you're reticent to talk about this AI modernization strategy. But maybe just at a high level, give us some thoughts on, is this a plot to try to create a recurring revenue business? Or is this a bounty-driven business like Roku started with? How should we think about the monetization of AI services from third parties?

午安，謝謝。Tom，我知道你不太願意談這個AI現代化策略。但或許在高層次上，能否分享一些想法：這是否是一個試圖打造經常性收入（recurring revenue）業務的布局？或者這會像Roku一開始那樣，是一種以分潤（bounty）驅動的商業模式？我們應該如何看待第三方AI服務的變現？

Hi, Steve, thanks for joining the call. Just to frame this out at the highest level, as I said on the call, there are two different pieces of how AI is intersecting the business, of course. It's just profoundly transforming how we operate inside the company, how we build software, how we market, and how I personally run the business.

嗨，Steve，謝謝你加入電話會議。先用最高層次來框架一下，如我在會議中所說，AI與我們業務的交會大致有兩個不同面向。它正在深刻地改變我們公司內部的運作方式、我們如何開發軟體、如何行銷，以及我個人如何經營這家公司。

But Sonos is really, I think, uniquely positioned with respect to how we can integrate AI technology into consumer-wise. A lot of other companies are asking, how do we move AI off of phones and computers and bring these experiences into people's lives in new and seamless ways.

但我認為，就我們如何把AI技術整合到消費者端而言，Sonos確實具備相當獨特的定位。許多其他公司都在思考：如何把AI從手機與電腦移開，並以新的、無縫的方式把這些體驗帶進人們的生活。

At Sonos, we already have that path, 17 million households, 53 million connected devices that are voice-enabled and present as you navigate through your life, room by room. That's really a head start that nobody else can buy. And as much as I would like to get into the specifics of the product road map and the business models that will underpin our expansion into those adjacencies, I think it's premature to get into those details today.

在Sonos，我們已經有這條路徑：1,700萬個家庭、5,300萬台已連網且支援語音的裝置，當你在生活中穿梭、逐房間移動時，它們就存在於你身邊。這真的是一個任何人都買不到的先發優勢。儘管我很想深入談產品路線圖以及支撐我們向這些相鄰領域擴張的商業模式細節，但我認為今天談這些細節仍為時過早。

I can't blame myself for trying. So, on the memory issue, I clearly understand the rising cost pressure. Where are you in ensuring that you have adequate supply given the new product ramp in the back half of the year? Are you comfortable that you have enough product at your disposal?

我也不能怪自己想試試看。那麼，關於記憶體議題，我清楚理解成本上升的壓力。在確保下半年新產品放量所需的充足供應方面，你們目前進展到哪裡？你們是否有信心手上有足夠的產品可供調度？

Yes. We're feeling really good about supply. Our global operations team started doing the hard work of securing sufficient supply through multiple suppliers, going back as early as the beginning of 2025. And so, as you see us guiding to 6% growth at the midpoint for Q3, we're obviously confident that we're going to have sufficient supply to meet the growing demand for Sonos products. So all these macro headwinds that get thrown at you are always an interesting challenge. I really do feel like we're operating from a place of both preparation and strength.

是的。我們對供應狀況感覺非常良好。我們的全球營運團隊早在2025年初就開始投入艱鉅的工作，透過多家供應商確保充足供應。因此，當你看到我們對第三季給出以中位數計年增6%的指引時，我們顯然有信心能有足夠供應來滿足對Sonos產品日益成長的需求。這些被丟到你面前的總體逆風，總是很有意思的挑戰。我確實覺得我們是在充分準備與實力兼具的狀態下運作。

And then lastly, congratulations on the 100 SL. Do you see this as an attempt to get an even lower price point to grow the installed base? Or does a device without a voice agent is that something that either appeals to a different class of customers, or make sense in a multiunit house where you don't need every response you have to have a voice agent inside of it? And what's the theory there?

最後，恭喜推出100 SL。你們是否把它視為一種嘗試，以更低的價格帶來擴大裝機基礎（installed base）的成長？或者，沒有語音代理（voice agent）的裝置，是否會吸引不同類型的客戶；或是在多單元住宅中，你不需要每一個回應都內建語音代理，這樣的產品是否更合理？背後的邏輯是什麼？

Yes. I mean, Era 100 SL is a really exciting product, I think, because it is so well matched to the moment when consumers are really shopping for value, while at the same time, Sonos is looking to accelerate the acquisition of new households. And so having a product that at its MSRP can sell for only $189, I think, is just a really great addition to the line.

是的。我的意思是，我認為 Era 100 SL 是一款非常令人振奮的產品，因為它非常契合當下消費者真正在追求高性價比的時刻；同時，Sonos 也希望加速獲取新的家庭用戶。因此，擁有一款以其建議零售價（MSRP）僅售 189 美元的產品，我認為對產品線來說是非常棒的補充。

I think the thing to understand about what we've done with Era 100 SL is that this is a no-compromises cost-optimized product from top to bottom. So not just removing the microphones and the speech capabilities, we've done all kinds of interesting work to bring our cost down on this product.

我認為需要理解我們在 Era 100 SL 上所做的事情是：這是一款自上而下、在成本上做了最佳化且不妥協的產品。因此，不只是移除麥克風與語音功能，我們也做了各種有趣的工作來降低這款產品的成本。

Just to give you an example, most of our products are painted, and Era 100 SL, we've been able to use color injection molding, so we don't have the extra expense of paint with no noticeable change to the product's fit and finish. And so just the global operations team at Sonos continues to do an incredible job of finding ways to deliver the same premium experience we have at lower and lower price points.

舉個例子，我們大多數產品是噴漆的，而在 Era 100 SL 上，我們能夠使用彩色射出成型，因此不需要額外的噴漆成本，且在產品的貼合度與表面質感上沒有明顯變化。因此，Sonos 的全球營運團隊持續做出令人難以置信的工作，找出方法在越來越低的價格帶上，交付我們一貫的高端體驗。

And you certainly touched on all of the dimensions that are at play when you think about a product without microphones. So, of course, there are consumers who prefer not to have microphones as part of the offering. Of course, there are customers who are highly price sensitive who prefer to save money.

而你確實觸及了當你思考一款沒有麥克風的產品時，所涉及的所有面向。所以，當然，有些消費者偏好產品不包含麥克風。當然，也有一些對價格非常敏感、希望省錢的客戶。

And there are rooms and use cases from surround satellites to secondary rooms in the home where you might not want to have a microphone. So really exciting product for us. It's the quiet sibling to Sonos Play, which has received such glowing reviews from the press, but we're really excited about what it will do in terms of our strategy to bring Sonos to more and more households.

而且也有一些房間與使用情境，從環繞聲道的後置衛星喇叭到家中的次要房間，你可能不想要麥克風。所以這對我們來說是一款非常令人興奮的產品。它是 Sonos Play 的安靜兄弟款；Sonos Play 獲得媒體極高的評價，但我們也非常期待它在我們把 Sonos 帶進越來越多家庭的策略上所能帶來的效果。

Great. Thank you. I'll jump back into the queue.

很好。謝謝。我回到排隊序列。

Erik Woodring, Morgan Stanley.

摩根士丹利的 Erik Woodring。

Hi, this is [Ralph] on behalf of Erik. I was wondering if you could just walk us through, maybe some of the scenarios or the moving parts that get you to the high end and the low end of your 3Q gross margin guidance range? And then I'll just have one follow-up after that.

你好，我是 [Ralph]，代表 Erik 提問。我想請你帶我們梳理一下，可能有哪些情境或變動因素，會讓你們第三季（3Q）毛利率指引區間落在高端或低端？之後我還有一個追問。

Thank you for your question. Yes, we can walk through the Q3 guidance. So we guided to 42% to 44. And the range comprised of certainly the memory cost headwind, being sequential, let me just start sequentially. Sequentially, we have memory headwind that we talked about, an additional 200 basis points, and on top of the 200 basis points that we experienced in Q2.

謝謝你的問題。是的，我們可以說明第三季指引。我們給出的指引是 42% 到 44%。這個區間的構成，當然包含記憶體成本的逆風；以季比季來看，我先從季比季開始說。季比季來看，我們有先前提到的記憶體逆風，額外 200 個基點，並且是在我們第二季已經承受的 200 個基點之上。

And then offsetting that is that we do grow our revenue sequentially. So we have leverage that is going in our favor. And then on a sequential basis, we'll have now tariff at the new lower rate at 10%. So tariff will also be a tailwind for us, helping offset some of the memory mitigation. And then there are other moving parts, as you say, of a mix of our products.

而抵銷這些影響的是，我們的營收會季比季成長。因此我們有槓桿效益，對我們有利。另外，以季比季來看，關稅將以新的較低稅率 10% 計算。因此關稅也會成為順風，幫助抵銷部分記憶體成本緩解措施的影響。此外，正如你所說，還有其他變動因素，例如產品組合。

And when we sell our products at what promotion during the course of the quarter, and those are some moving parts that will get us to a different part of the range in our guidance range that we just gave out. On a year-over-year basis, we talked about memory being a 400 basis point headwind versus last year.

以及我們在季度期間以何種促銷力度銷售產品；這些都是變動因素，會讓我們在剛剛給出的指引區間內落在不同位置。以年比年來看，我們提到記憶體相較去年是 400 個基點的逆風。

And then we have the tariff that we were experiencing, but with the mitigation actions that we have taken, we will end up being net slightly positive, given the reduction in the tariff rate. And then the ongoing cost-saving efforts that we're making, as well as the leverage that will be a partial offset to this 400 basis points of memory headwind that we're experiencing.

另外，我們也承受了關稅影響，但透過我們採取的緩解行動，考量到關稅稅率下調，我們最終在淨額上會略為正向。再加上我們持續推動的成本節省努力，以及槓桿效益，將部分抵銷我們所面臨的這 400 個基點記憶體逆風。

And just my second question here would be, I know you target consumers interested in your premium experiences among other categories. So I was just wondering if you could share with us whether you're seeing any changes in demand, particularly just considering the ongoing geopolitical conflicts we're seeing today that might have impacts on how consumers are thinking about where they're putting their dollars.

我的第二個問題是，我知道你們鎖定的是對高端體驗感興趣的消費者等不同族群。因此我想請問，你們是否看到需求有任何變化？特別是考量到我們今天看到的持續地緣政治衝突，可能會影響消費者如何思考把錢花在哪裡。

I would just say that we're really excited about the demand picture for Sonos in the market. It's certainly what's driving our growth as we go into the second half. We're also really proud of the way that we've expanded the portfolio to take advantage of the value-conscious customer with launches like 100 SL and even Sonos Play, which has such a flexible set of use cases that it can solve for, you just get a tremendous amount of value in that single product. So obviously, we continue to keep an eye on the macro, but I'm feeling good about where demand is for Sonos.

我只能說，我們對 Sonos 在市場上的需求態勢感到非常振奮。這確實是推動我們在進入下半年時成長的因素。我們也非常自豪於我們擴充了產品組合，以把握重視性價比的客戶，例如推出 100 SL，甚至是 Sonos Play；它的使用情境非常彈性、能解決很多需求，你在單一產品上就能獲得非常高的價值。所以，顯然我們會持續關注總體環境，但我對 Sonos 的需求狀況感覺良好。

Great. Thank you so much. Really helpful.

很好。非常感謝。很有幫助。

Brent Thill, Jefferies.

Jefferies 的 Brent Thill。

Tom, just on the second half gets a stronger thesis, maybe if you can underscore what you're most excited about? What are the stepping stones for that continued improvement?

Tom，關於下半年走強的論點，也許你可以強調一下你最興奮的是什麼？持續改善的關鍵里程碑是哪些？

Well, we're certainly excited to have Sonos Play and Era 100 SL in the market. And I think we're really starting to see the growth dimensions that I've been talking about on the call starting to stack together. So, product innovation through our new product offerings, more intentional marketing, telling the system story of Sonos, thanks to the great work that our new CMO, Colleen DeCoursey, is doing.

嗯，我們當然很興奮 Sonos Play 和 Era 100 SL 已經在市場上。而且我認為，我們開始看到我在這通電話中談到的成長面向正在逐步疊加。也就是透過新產品帶來的產品創新、更有目的性的行銷，以及在我們新任 CMO Colleen DeCoursey 的出色工作下，講好 Sonos 的系統故事。

We're many quarters into strong performance for our geo expansion investments. And then finally, we are, I think, starting to see the tailwind of a return of customer advocacy after a period of repair and stabilization. And I think the best way to see that externally is the way the press is talking about our new generation of products, really talking about it being a comeback moment for Sonos.

我們在地理擴張投資方面的強勁表現已經持續了好幾個季度。最後，我認為在經歷一段修復與穩定期之後，我們開始看到客戶口碑回升所帶來的順風。我認為從外部最好的觀察方式，就是媒體如何談論我們新一代產品，確實把它描述為 Sonos 的回歸時刻。

And I know you've made some changes in the marketing group. I'm curious, maybe it's too early to see so far from our side, but what steps in terms of improving awareness building are you starting to take? Or are you hearing that's starting to resonate even stronger now?

我知道你們在行銷團隊做了一些調整。我很好奇，也許從我們這邊看還太早，但你們在提升知名度建設方面開始採取哪些步驟？或者你們是否聽到這些作法現在開始引起更強的共鳴？

Yes. So Colleen has been with us for about 6 months now, and she's putting together a marketing organization that is really aligned with our system strategy and building the muscle of being able to tell a full funnel brand story from base awareness through consideration and purchase. And it's just really exciting to see her both build that team and the early work that's coming from that momentum.

是的。Colleen 加入我們大約 6 個月了，她正在建立一個與我們的系統策略高度一致的行銷組織，並打造能夠講述完整漏斗品牌故事的能力，從基礎認知、到考慮、再到購買。看到她一方面建立團隊、另一方面也看到這股動能帶來的早期成果，真的非常令人振奮。

Great. Thanks.

很好。謝謝。

(Operator Instructions) There are no further questions. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

（接線員指示）目前沒有其他問題。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。