Sonos, Inc. (SONO) 2026 Q3 法說會逐字稿

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

您好。感謝您耐心等候。我叫 Lacey。今天我將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Sonos 2026 會計年度第三季財報電話會議。

(Operator Instructions) Thank you.

(接線員指示) 謝謝。

I would now like to turn the call over to James Baglanis. You may go ahead.

現在我想把電話交給 James Baglanis。您可以開始了。

Good afternoon. Welcome to Sonos' third-quarter fiscal 2026 earnings conference call.

各位下午好。歡迎參加 Sonos 2026 會計年度第三季財報電話會議。

I am James Baglanis. With me today are Sonos' CEO, Tom Conrad; CFO, Saori Casey; and Chief Legal Officer, Eddie Lazarus.

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。

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.

在我把電話交給 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。這些陳述僅反映我們截至今日的觀點，不應被視為代表我們在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 the 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.

這些陳述亦受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存在重大差異。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）提交文件中的「風險因素」章節完整揭露。

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 fiscal 2026 results, posted to the Investor Relations portion of our website, investors.sonos.com.

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 會計年度第三季業績新聞稿。

After the call concludes, we will upload our revised supplemental earnings presentation, including our guidance, as well as the conference-call transcript to the Investor Relations website.

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）以及本次電話會議逐字稿，上傳至投資人關係網站。

I will now turn the call over to Tom.

現在我把電話交給 Tom。

Hi, everyone. I'm very pleased to report that Sonos had another strong quarter.

各位好。我很高興向各位報告，Sonos 又交出了一個強勁的季度表現。

We continued our positive growth trajectory, with revenue coming in at $375 million, up 9% year over year and near the high end of our guidance range. We saw strong growth across all of our regions. Our efforts to penetrate new markets are driving excellent results.

我們延續正向成長軌跡，營收達 3.75 億美元，年增 9%，並接近我們財測區間的上緣。我們在所有地區都看到強勁成長。我們拓展新市場的努力正帶來極佳成果。

Non-GAAP gross margin was 45.5%, near the high end of our guidance range. Non-GAAP gross profit dollars grew 11% year over year, 2 points faster than revenue.

非 GAAP 毛利率為 45.5%，接近我們財測區間的上緣。非 GAAP 毛利金額年增 11%，比營收增速快 2 個百分點。

Please note that these non-GAAP numbers do not include the benefit of tariff refunds we received in the quarter. Saori will provide those details in a moment.

請注意，這些非 GAAP 數字未包含我們在本季收到的關稅退稅所帶來的利益。Saori 稍後會提供相關細節。

We also continued to control our expenses effectively in Q3. As a result, we generated $44 million of adjusted EBITDA, an improvement of 24% year over year and, also, near the high end of our guidance.

我們在第三季也持續有效控管費用。因此，我們產生了 4,400 萬美元的調整後 EBITDA，年增 24%，同樣接近我們財測的上緣。

These Q3 numbers bear out the inflection in our business that I named on our last earnings call. As anticipated, revenue growth accelerated this quarter to 9%, up from the 2% growth we achieved in the first half of the year. As Saori will detail shortly, we expect strong growth in the fourth quarter, as well.

第三季的數字印證了我在上次財報電話會議所提到的業務拐點。如預期，本季營收成長加速至 9%，高於上半年達成的 2% 成長。正如 Saori 稍後將詳細說明的，我們也預期第四季將有強勁成長。

Our results through the first three quarters of the year demonstrate that we're maintaining strong fiscal discipline; and working with greater efficiency and effectiveness.

我們在本年度前三季的表現顯示，我們持續維持強健的財務紀律，並以更高效率與更佳成效運作。

We've held operating expenses steady through the year, which has yielded a 6% year-over-year decline in year-to-date non-GAAP operating expenses, all while still investing in future growth.

我們全年將營運費用維持在穩定水準，使得年初至今的非 GAAP 營運費用年減 6%，同時仍持續投資於未來成長。

Putting together these savings with our revenue growth and our strong gross margin, year to date, we have achieved a 41% increase in adjusted EBITDA, year over year.

將這些節省與我們的營收成長及強勁毛利率結合後，年初至今我們的調整後 EBITDA 年增 41%。

To close on Q3, growth accelerated; gross margin held near the top of our range; operating expenses came down; and adjusted EBITDA grew 24%. We did that while returning $30 million to shareholders in the quarter; and continuing to invest in the products and markets that will drive our next chapter.

總結第三季：成長加速；毛利率維持在我們區間的高端附近；營運費用下降；調整後 EBITDA 成長 24%。我們在做到這些的同時，本季也向股東回饋 3,000 萬美元，並持續投資於將推動我們下一篇章的產品與市場。

This is what disciplined, profitable growth looks like at Sonos. It sets us up for a strong finish to the year. These are very encouraging numbers. And yet, we are just beginning to reach for our potential.

這就是 Sonos 有紀律、可獲利成長的樣貌。它讓我們為年度強勁收官做好準備。這些數字非常令人鼓舞。然而，我們才剛開始發揮我們的潛力。

I've talked on recent earning calls about the five dimensions through which we'll drive profitable growth: product innovation, customer advocacy, more intentional marketing, geo expansion, and tapping emerging trends. We're making progress on all of them.

我在近期的財報電話會議中談到，我們將透過五個面向推動可獲利成長：產品創新、客戶倡議、更有目的性的行銷、地理擴張，以及掌握新興趨勢。我們在各方面都在取得進展。

We're driving hardware and software roadmaps that are full of innovative products and experiences that will further reinforce our position as the leader in whole-home audio. Let me update you on some of our progress since the last earnings call:

我們正在推進硬體與軟體路線圖，當中充滿創新產品與體驗，將進一步鞏固我們作為全屋音訊領導者的地位。讓我向各位更新自上次財報電話會議以來的一些進展：

First, Amp Multi: Last week, we announced to our installer partners that Sonos Amp Multi will ship August 25. Built for our installer and integrator partners, Amp Multi combines flexible, best-in-class multi-zone amplification with simpler installation, configuration, and tuning.

第一，Amp Multi：上週，我們向安裝商合作夥伴宣布 Sonos Amp Multi 將於 8 月 25 日出貨。Amp Multi 專為我們的安裝商與系統整合商合作夥伴打造，結合了靈活、同級最佳的多區域擴大功能，以及更簡化的安裝、設定與調校。

It is a clear expression of our system strategy, products that make our platform more compelling, more differentiated, and more deeply integrated into the very fabric of the home.

這清楚展現了我們的系統策略：打造能讓我們的平台更具吸引力、更具差異化，並更深度融入家庭生活核心的產品。

The relationships we've built with professional installers over two decades are a unique Sonos advantage. Amp Multi lets our partners take on larger projects, with Sonos at the center.

我們在過去二十年與專業安裝商建立的關係，是 Sonos 獨特的優勢。Amp Multi 讓我們的合作夥伴能承接更大型的專案，並以 Sonos 為核心。

Second, the Sonos app: We've spent the last months watching real customers use the app in their everyday life, from brand new owners to people who have been with us for years.

第二，Sonos App：過去幾個月，我們觀察真實客戶在日常生活中使用 App 的情況，從全新用戶到已陪伴我們多年的用戶皆包含在內。

We've taken those learnings and rebuilt the basics of how you navigate Sonos: familiar tab navigation; genuinely better core controls, like volume; and smart mechanisms for how players show up, just when you need them.

我們將這些學習轉化為行動，重建了使用者在 Sonos 中的基本導覽方式：熟悉的分頁導覽；真正更好的核心控制（例如音量）；以及更聰明的機制，讓播放器在你需要時才適時出現。

This isn't a new app. But it is a new way of navigating the app our customers already have. Just as important is how we did it. We brought customers into the process through in-home research, beta programs, and public previews. Their feedback shaped every iteration.

這不是一個全新的 App。但它是一種全新的導覽方式，適用於客戶已經擁有的 App。同樣重要的是我們如何做到這一點。我們透過到府研究、Beta 計畫與公開預覽，讓客戶參與整個流程。他們的回饋塑造了每一次迭代。

These acts of co-creation are a core ingredient, driving a return to customer advocacy that continues to show up in our own measurements and across social media.

這些共同創作的作法是核心要素，推動我們回歸以客戶倡議為中心的方向，而這也持續反映在我們自身的衡量指標以及社群媒體上。

There's much more, coming this fall and beyond. We'll be bringing all of it to market, with compelling new marketing that is the clearest expression in a decade of what makes Sonos singular in the world. I can't wait for you to see what Colleen and her team have been cooking.

還有更多內容將在今年秋季及之後推出。我們將以引人入勝的全新行銷把這一切帶到市場，這將是十年來最清晰地呈現 Sonos 在全球獨一無二之處的表達。我迫不及待想讓各位看看 Colleen 和她的團隊一直在醞釀的成果。

Here's what comes next: In September, we'll be hosting a product launch event. This will be the first opportunity for me to publicly introduce some of the work we've been doing on the product side over the last year.

接下來是什麼：9 月我們將舉辦產品發表活動。這將是我首次公開介紹過去一年我們在產品端所做的一些工作。

I'll save the news for the event. But let me say this today: Conversational computing and predictive intelligence are moving into the home. Sonos brings to this moment 20 years of solving the hard problems the home uniquely creates: sound, form, systemness, and intelligence.

我會把消息留到活動當天再公布。但我今天想先說的是：對話式運算與預測式智慧正走入家庭。Sonos 在此刻帶來的是 20 年來解決家庭環境獨有難題的經驗：聲音、外形設計、系統整合性，以及智慧化。

That combination of where we already excel and where computing is going next meaningfully expands the opportunity in front of us.

我們既有的卓越優勢與運算下一步發展方向相結合，將我們面前的機會實質性地擴大。

Much of the industry conversation about AI in the home is about who has the best model. We think that's the wrong question. Access to exceptional models is going to be everywhere. The differences between them will narrow.

業界對於家用 AI 的許多討論，都在於誰擁有最好的模型。我們認為那是問錯了問題。取得卓越模型的能力將無所不在。它們之間的差異將會縮小。

The lasting value is going to be in what surrounds the model in a real home: the hardware that can converse with quality across every room; the system that already knows the shape of a home and the way a family lives in it; the connectivity to reach the speakers, services, and devices that turn a request into coordinated action. That's the operating environment for AI in the home. Sonos has spent 20 years building it.

長期價值將在於：在真實家庭環境中圍繞模型的一切——能在每個房間以高品質對話的硬體；已經了解住宅格局與家庭生活方式的系統；以及可連結到喇叭、服務與裝置的連線能力，將一個請求轉化為協同的行動。那就是家用 AI 的作業環境。Sonos 花了 20 年打造它。

Alongside the Sonos operating environment sits a physical product portfolio unlike anything else in home audio: speakers sized for a kitchen counter and speakers built to fill a living room; soundbars optimized for home theater; subwoofers to make your heart go thump; amplifiers that run dozens of zones in a custom home; small speakers you can throw in a teenager's backpack; portables at home in the den and, also, on the patio; headphones for personal listening and movie-theater theatrics, without waking the baby.

在 Sonos 作業環境旁，是一套在家用音訊領域獨一無二的實體產品組合：適合放在廚房檯面的喇叭，以及能填滿客廳的喇叭；為家庭劇院最佳化的聲霸；讓你心臟怦怦跳的重低音；可在客製化住宅中驅動數十個分區的擴大機；小到可以丟進青少年背包的喇叭；在書房同樣合適、也能帶到露台的可攜式產品；以及用於個人聆聽與電影劇院般效果的耳機，而且不會吵醒嬰兒。

Every form sound takes in a home, made by one company, designed to belong together, and built to work in unison. No one else in this category covers that range.

家中各種聲音形態，由同一家公司打造、設計上彼此相容，並能協同運作。在這個類別中，沒有其他公司能涵蓋如此廣的範圍。

Our installed base is more than $53 million connected devices across more than $17 million homes. It's a competitive advantage. As more intelligence moves into the home, the trust and experience we've spent two decades earning is exactly what these new experiences will require.

我們的裝機基礎超過 5,300 萬台連網裝置，遍及超過 1,700 萬個家庭。這是一項競爭優勢。隨著更多智慧進入家庭，我們花了二十年贏得的信任與經驗，正是這些新體驗所需要的。

All of this makes me extremely optimistic about what lies ahead for Sonos, even as we navigate transitory macro challenges.

即使我們正在因應短期的總體經濟挑戰，這一切仍讓我對 Sonos 的未來極為樂觀。

It will come as no surprise that a significant headwind we face today is the dramatic escalation in computer memory and associated component costs. Despite the strong results I just walked through, the impact of the memory-cost environment is already here in our numbers.

毫不意外，我們目前面臨的一項重大逆風，是電腦記憶體及相關元件成本的大幅飆升。儘管我剛剛回顧了強勁的成果，記憶體成本環境的影響已經反映在我們的數字中。

Memory costs impacted Q3 adjusted EBITDA by approximately $14 million, year over year. Absent that headwind, our profit growth this quarter would have been 64% year over year, rather than 24%. That's the weight our team absorbed, while still delivering results near the top of our guidance range.

記憶體成本使第三季調整後 EBITDA 年增約 1,400 萬美元受到影響。若沒有這項逆風，本季我們的獲利成長本可年增 64%，而非 24%。在仍交出接近指引區間上緣的成果之際，這就是團隊所承受的壓力。

The industry dynamics driving these prices are not yet easing. We do not expect meaningful near-term relief. Let me speak to how we're approaching the memory situation as a business. We're tackling the challenge across four work streams:

推動這些價格的產業動態尚未緩解。我們不預期短期內會有顯著改善。我來談談我們在業務上如何因應記憶體情勢。我們從四條工作主軸著手：

First, supply, ensuring that we have the chip supply we need to build our products and meet the demand we see in the market. Second, cost, securing that supply at the best possible terms.

第一，供應，確保我們擁有生產產品所需的晶片供應，並滿足我們在市場上看到的需求。第二，成本，以盡可能最佳的條件取得該供應。

Third, efficiency, optimizing memory use in our products to reduce our per-device memory footprint. Finally, pricing balance, weighing whether and when to adjust pricing; balancing near-term profitability against our focus on attracting new customers to Sonos; and driving household lifetime value.

第三，效率，最佳化我們產品中的記憶體使用，以降低每台裝置的記憶體占用。最後，定價平衡，評估是否以及何時調整價格；在短期獲利能力與我們吸引新客戶加入 Sonos 的重點之間取得平衡；並提升每戶的終身價值。

Let me say a bit more on the last two: On efficiency, this dramatic rise in memory cost has served as a catalyst to apply our hardware and software engineering expertise to improve the memory efficiency of our products.

我再多談最後兩項：在效率方面，記憶體成本的劇烈上升，成為促使我們運用硬體與軟體工程專長、提升產品記憶體效率的催化劑。

By optimizing the memory requirements of our operating system, without compromising the performance of our products, the customer experience, or future optionality, we can alleviate some of the cost pressure. We're deep in this work. Its impact will continue to grow in fiscal 2027.

透過在不犧牲產品效能、客戶體驗或未來彈性的前提下，最佳化我們作業系統的記憶體需求，我們可以緩解部分成本壓力。我們正深入推進這項工作。其影響將在 2027 財年持續擴大。

On pricing, this remains one of the important levers available to us. We'll be thoughtful and disciplined about how we use it.

在定價方面，這仍是我們可運用的重要槓桿之一。我們會以審慎且有紀律的方式來使用它。

Some prominent consumer-electronics brands have recently announced price increases on existing products. Burt, notably, no company competing directly in audio categories have moved materially on price for existing products and neither have we.

近期一些知名消費電子品牌已宣布調漲既有產品價格。但值得注意的是，在音訊類別中與我們直接競爭的公司，對既有產品的價格並未出現實質調整，我們也沒有。

Our focus, as we head into the holidays, is on welcoming as many new Sonos households as we can. Our thinking is informed by the full picture of our success: households growing; lifetime value expanding; and our competitive leadership compounding. We're driving against all of these dimensions, in concert, with an eye on healthy gross profit dollars, too.

在我們邁入假期旺季之際，我們的重點是盡可能迎接更多新的 Sonos 家庭。我們的思考基於成功的全貌：家庭戶數成長；終身價值擴大；以及我們的競爭領導地位持續累積。我們會協同推進這些面向，同時也關注健康的毛利金額。

As these higher memory prices fully take hold, we will face margin headwinds in Q4 in 2027. I want to underscore that we're entering this moment from a position of underlying strength.

隨著較高的記憶體價格全面反映，我們將在 2027 年第四季面臨毛利率逆風。我想強調，我們是在基本面強勁的狀態下進入這個時刻。

Setting aside these transitory conditions, this business operates at a healthy mid-[40%s] gross margin. That's the base we're managing from. It's what gives us room to prioritize customer growth through this cycle.

撇開這些短期因素不談，這項業務的毛利率可維持在健康的 40% 中段水準。這是我們管理的基礎。也正因如此，我們才有空間在此循環中優先推動客戶成長。

How we get back to these gross margin levels in 2028 and beyond will depend on where memory prices go. Beyond 2027, our expectation is that they ease from today's unnaturally high levels, though the timing and the pace are hard to predict.

我們如何在 2028 年及之後回到這些毛利率水準，將取決於記憶體價格的走勢。在 2027 年之後，我們預期其將從目前不自然的高檔回落，但時點與速度難以預測。

If, instead, they stay elevated, we'd expect the industry to move to higher pricing, over time. We would adapt along with it.

若相反地，價格仍維持在高檔，我們預期產業將隨時間推進而轉向更高的定價。我們也會隨之調整。

We'd prefer the first path since delivering the greatest possible value to our customers is always our goal. Either way, the destination is the same. After working through these pressures in 2027, we expect our profitability to improve in 2028 and beyond.

我們更偏好第一條路徑，因為為客戶提供盡可能高的價值始終是我們的目標。無論如何，終點是一樣的。在 2027 年消化這些壓力之後，我們預期 2028 年及之後的獲利能力將改善。

The structural improvements we've made over the last two years underpin our conviction that Sonos can operate at meaningfully higher adjusted EBITDA margins, over time, which, when combined with consistent revenue growth, creates a strong long-term financial outlook.

我們在過去兩年所做的結構性改善，支撐了我們的信念：長期而言，Sonos 能以顯著更高的調整後 EBITDA 利潤率運作；再結合持續的營收成長，將形成強勁的長期財務展望。

Before turning the call over to Saori, I'm delighted to share one last update: Chris Shackleton, Co-Founder and managing partner of Coliseum Capital Management, Sonos' largest investor, is joining our Board.

在把電話會議交給 Saori 之前，我很高興分享最後一項更新：Coliseum Capital Management 的共同創辦人兼管理合夥人、Sonos 最大投資人 Chris Shackleton，將加入我們的董事會。

Over the last 18 months, I've gotten to know Chris well. We've bonded over a shared enthusiasm for what Sonos can become and the value we can build for shareholders. This is the latest step in the evolution of our Board, adding skills and expertise aligned with Sonos' future.

在過去 18 個月裡，我與 Chris 有了更深入的認識。我們因對 Sonos 能成為什麼、以及我們能為股東創造的價值抱持共同熱情而建立了連結。這是我們董事會演進的最新一步，加入與 Sonos 未來相契合的技能與專業。

In my time as CEO, we've added Hugo, Joe, Carmine, and Mandy, who bring product and AI; hardware and supply chain; consumer and media experience; as well as public-company CEO and CFO governance; alongside operational and financial rigor.

在我擔任 CEO 期間，我們新增了 Hugo、Joe、Carmine 與 Mandy，他們帶來了產品與 AI、硬體與供應鏈、消費者與媒體經驗，以及上市公司 CEO 與 CFO 的治理經驗，同時也具備營運與財務的嚴謹性。

Today, we're adding Chris's deep investment, capital allocation, and Director experience. This is a Board built for the opportunity ahead.

今天，我們再加入 Chris 在投資、資本配置與董事經驗方面的深厚專長。這是一個為前方機會而打造的董事會。

With those thoughts, Saori, I'll turn it over to you.

帶著這些想法，Saori，我把時間交給你。

Thank you, Tom. Hi, everyone.

謝謝你，Tom。各位好。

Q3 was another strong quarter for Sonos, as revenue of $375 million was at the high end of our guidance range, growing 9%, year over year.

第三季對 Sonos 而言是另一個強勁的季度，營收達 3.75 億美元，位於我們指引區間的高端，年增 9%。

This marks our eighth consecutive quarter of disciplined execution against our commitments and structurally improving our business.

這標誌著我們連續第八個季度以紀律性執行兌現承諾，並在結構上持續改善我們的業務。

We saw continued strength in APAC and EMEA, up 27% and 17%, respectively; while the Americas grew 4%, year over year.

我們看到亞太（APAC）與歐洲、中東及非洲（EMEA）持續強勁，分別年增 27% 與 17%；而美洲地區年增 4%。

Our growth markets delivered another quarter of strong double-digit growth, further validating our view that this will be a key driver of our growth in years to come.

我們的成長市場再度交出強勁的雙位數成長季度，進一步驗證我們的看法：這將是未來數年推動成長的關鍵驅動力。

Foreign exchange was about 1 point tailwind to our year-over-year growth. On a constant-currency basis, APAC grew 21%; EMEA grew 14%; and the Americas grew 3.5%.

外匯對我們年增成長約有 1 個百分點的順風。以固定匯率計，亞太成長 21%；EMEA 成長 14%；美洲成長 3.5%。

Total constant-currency revenue growth of 7% year-over-year represents a 3 points acceleration from Q2, consistent with what we had outlined last quarter.

以固定匯率計的總營收年增 7%，較第二季加速 3 個百分點，符合我們上季所概述的情況。

On a product basis, Q3 marked the first full quarter of Sonos Play and Era 100 SL available in the market. Both contributed meaningfully to our results.

以產品來看，第三季是 Sonos Play 與 Era 100 SL 在市場上可供銷售的第一個完整季度。兩者都對我們的業績做出了顯著貢獻。

As we noted last quarter, we filed our refunds for prior duties paid under IEEPA. Of the $41 million in claim we filed, we received $24 million in Q3.

如同我們上季所提到的，我們已就先前依 IEEPA 繳納的關稅提出退稅申請。在我們提出的 4,100 萬美元申請中，我們在第三季收到 2,400 萬美元。

Of that amount, $23 million was principal recovery and recorded as a benefit to GAAP gross profit. The remaining $1 million was recorded as interest income.

其中 2,300 萬美元為本金返還，並作為 GAAP 毛利的利益入帳。其餘 100 萬美元則認列為利息收入。

We expect to collect the remaining $18 million in claims we filed, though the timing of cash receipt is uncertain. Thus, we have not recognized any of the remaining claims as a receivable on our balance sheet.

我們預期可收回其餘已申請的 1,800 萬美元，但現金入帳時間不確定。因此，我們尚未在資產負債表上將任何剩餘申請金額認列為應收款。

As a reminder: The Q3 guidance we provided last quarter did not include any tariff-refund benefit. As I walk through the rest of our results, I'll give three figures for each applicable profitability metric:

提醒一下：我們上季提供的第三季指引並未包含任何關稅退稅利益。在我說明其餘業績時，我會針對每個適用的獲利指標提供三個數字：

The reported GAAP number, which includes the tariff-refund benefit; then, the GAAP number, excluding the tariff-refund benefit, for the comparability to guidance; and, finally, the non-GAAP number, which, as you may have seen in our press release, also excludes the tariff-refund benefit.

第一是已報告的 GAAP 數字（包含關稅退稅利益）；第二是排除關稅退稅利益後的 GAAP 數字（以便與指引可比）；最後是非 GAAP 數字，如你可能已在我們的新聞稿中看到的，也同樣排除關稅退稅利益。

GAAP gross profit dollars grew 26% year over year to $189 million, representing a GAAP gross margin of 50.4%. Without the benefit of tariff refunds, GAAP gross profit would have been $166 million, up 11% year over year, representing a margin of 44.3%. Both dollars and margin landed at the high end of our guidance range.

GAAP 毛利金額年增 26% 至 1.89 億美元，GAAP 毛利率為 50.4%。若不含關稅退稅利益，GAAP 毛利將為 1.66 億美元，年增 11%，毛利率為 44.3%。毛利金額與毛利率皆落在我們指引區間的高端。

Non-GAAP gross profit of $171 million also grew 11% year over year and landed at the high end of our guidance range, representing a margin of 45.5%. This strong growth was driven by higher revenue, partially offset by the impact of higher memory costs.

非 GAAP 毛利為 1.71 億美元，同樣年增 11%，並落在我們指引區間的高端，毛利率為 45.5%。這項強勁成長主要由較高營收帶動，但部分被記憶體成本上升的影響所抵銷。

Higher memory costs were about $14 million or a 380 basis points impact to gross margin year over year, close to what we had expected.

記憶體成本上升約 1,400 萬美元，或對毛利率造成 380 個基點的年減影響，與我們預期相近。

Despite this impact, GAAP gross margin, without tariff refunds, increased 90 basis points year over year due to last year's tariff-mitigation actions and leverage from sales growth.

儘管有此影響，排除關稅退稅後的 GAAP 毛利率仍年增 90 個基點，主要受惠於去年採取的關稅緩解措施，以及銷售成長帶來的規模效益。

Q3 GAAP operating expenses of $158 million increased 3% year over year, primarily due to employee compensation costs and litigation spend; and $4 million of restructuring charges.

第三季 GAAP 營業費用為 1.58 億美元，年增 3%，主要因員工薪酬成本與訴訟支出增加；以及 400 萬美元的重組費用。

Non-GAAP operating expenses of $135 million also grew 3%, year over year. Were a bit below the level of Q1 and Q2 of this year. Stock-based compensation was $17 million, down 20%, year over year.

非 GAAP 營業費用為 1.35 億美元，也年增 3%。略低於今年第一季與第二季的水準。股票基礎薪酬為 1,700 萬美元，年減 20%。

Q3 adjusted EBITDA grew 24% year over year and came in near the high end of our guidance range at positive $44 million, which, as previously noted, does not include any tariff-refund benefit.

第三季調整後 EBITDA 年增 24%，接近我們指引區間的高端，為正 4,400 萬美元；如先前所述，該數字不包含任何關稅退稅利益。

At a margin of 11.7%, this is the second-highest Q3 adjusted EBITDA we have reported in the past five years, despite higher memory prices reducing it by $14 million, year over year.

以 11.7% 的利潤率計，這是我們過去五年所報告的第三季調整後 EBITDA 中第二高的一次，儘管較高的記憶體價格使其年減 1,400 萬美元。

Without this impact, adjusted EBITDA would have grown 64% year over year to $58 million, representing a margin of 16%.

若不含此影響，調整後 EBITDA 將年增 64% 至 5,800 萬美元，利潤率為 16%。

GAAP earnings per share was $0.25 and includes $0.20 of benefit from tariff refunds, a significant improvement from a loss of $0.03, last year. Non-GAAP earnings per share of $0.27 grew 52% from $0.18, last year.

GAAP 每股盈餘為 0.25 美元，其中包含關稅退稅帶來的 0.20 美元利益，較去年每股虧損 0.03 美元有顯著改善。非 GAAP 每股盈餘為 0.27 美元，較去年的 0.18 美元成長 52%。

Please note: GAAP EPS also includes a $2 million gain on sales of excess components, which has been recorded in other income line and does not benefit non-GAAP EPS nor adjusted EBITDA.

請注意：GAAP 每股盈餘亦包含出售多餘零組件的 200 萬美元收益，該收益已列入其他收入項下，且不會反映在非 GAAP 每股盈餘或調整後 EBITDA 中。

We spent $30 million on share repurchases in Q3 to buy back 2 million shares, reducing our share count by 1.7%, which leaves us with $35 million remaining on our current share-repurchase authorization.

第三季我們用於庫藏股回購支出 3,000 萬美元，回購 200 萬股，使股數減少 1.7%；目前在現行回購授權下尚餘 3,500 萬美元可用。

Our balance sheet remains strong, as our net cash and marketable securities balance increased to $261 million at quarter end, up modestly from Q3 last year, as well as previous quarter. We view our balance sheet strength as a competitive advantage, as we build value over the coming years.

我們的資產負債表仍然強勁，季度末淨現金與有價證券餘額增至 2.61 億美元，較去年第三季及上一季均小幅增加。我們將資產負債表的強健視為競爭優勢，並在未來數年持續創造價值。

Our period-end inventory balance of $158 million was up 37% year over year, driven by higher memory costs, new product launches, and capitalized tariffs. Our inventory consists of $137 million of finished goods and $21 million of components.

期末存貨餘額為 1.58 億美元，年增 37%，主要受記憶體成本上升、新產品上市，以及資本化關稅所驅動。我們的存貨包含 1.37 億美元的成品與 2,100 萬美元的零組件。

Q3 free cash flow was $40 million, an improvement of $8 million, year over year. Two unusual items largely offset each other in the quarter: the $24 million of tariff refunds and interest received; and a $20 million cash outlay related to components, which shows up in the other current assets line on our balance sheet.

第三季自由現金流為 4,000 萬美元，較去年同期改善 800 萬美元。本季兩項不尋常項目大致互相抵銷：收到 2,400 萬美元的關稅退稅與利息；以及與零組件相關的 2,000 萬美元現金支出，該支出在資產負債表上列於其他流動資產項下。

Turning to our guidance, the Q4 outlook we're providing today is our best estimate and reflects the trends we have observed, quarter to date.

接著談指引，我們今天提供的第四季展望是我們的最佳估計，並反映截至目前本季所觀察到的趨勢。

Consistent with last quarter, the guidance does not include any tariff refund benefit so that our outlook reflects the underlying trends in the business, rather than the timing of refund receipts.

與上季一致，該指引不包含任何關稅退稅利益，使我們的展望反映業務的基本趨勢，而非退稅入帳時間點。

We expect Q4 revenue to be in the range of $325 million to $355 million, representing growth of 13% to 23% year over year, up 18% at midpoint.

我們預期第四季營收介於 3.25 億至 3.55 億美元，代表年增 13% 至 23%，以中位數計年增 18%。

Please note that Q4 is a 14-week fiscal period, with one extra week of sales, as noted in our SEC filings. The extra week represents approximately $24 million of sales, contributing 8 points of year-over-year growth.

請注意，如我們在 SEC 申報文件中所述，第四季為 14 週的會計期間，因而多出一週的銷售。額外一週約代表 2,400 萬美元的銷售額，對年增成長貢獻 8 個百分點。

Excluding this, our Q4 guidance represents year-over-year growth of 4% to 15%, up 10% at the midpoint, an improvement from our 7% Q3 growth on a constant-currency basis.

若排除此因素，我們的第四季指引代表年增 4% 至 15%，以中位數計年增 10%，較我們以固定匯率計的第三季 7% 成長有所改善。

FX is expected to have a slightly unfavorable impact to our Q4 revenue growth. We expect Q4 GAAP gross margin to be in the range of 39% to 41%, with non-GAAP gross margin approximately 120 basis points higher than GAAP.

預期外匯對第四季營收成長將有些微不利影響。我們預期第四季 GAAP 毛利率介於 39% 至 41%，非 GAAP 毛利率約比 GAAP 高 120 個基點。

As previously mentioned, please note that our Q4 GAAP gross margin guidance does not include benefit of any tariff refunds. Our Q4 guidance embeds the latest announced tariff rates of 10% and 12.5% for goods imported from Malaysia and Vietnam, respectively.

如先前所提及，請注意，我們對第四季 GAAP 毛利率的指引不包含任何關稅退稅的利益。我們的第四季指引已納入最新公布的關稅稅率：自馬來西亞進口商品為 10%，自越南進口商品為 12.5%。

Higher memory prices are expected to be a $35 million headwind to Q4 gross profit year over year, representing a headwind of approximately 1,000 basis points, which is approximately 600 basis points greater year-over-year impact than Q3.

預期記憶體價格上漲將使第四季毛利較去年同期減少 3,500 萬美元，約為 1,000 個基點的逆風，較第三季的年對年影響再多約 600 個基點。

As Tom mentioned, we are actively working to mitigate some of this industry-wide cost pressure. However, the Q4 gross margin guidance I just provided only reflects a small portion of the mitigation benefit, as our action will take effect progressively through fiscal 2027.

如 Tom 所提到的，我們正積極採取行動以緩解這項全產業的成本壓力。不過，我剛提供的第四季毛利率指引僅反映了其中一小部分的緩解效益，因為我們的行動將在 2027 會計年度期間逐步生效。

We're focused on managing this challenge thoughtfully without losing sight of larger opportunity to drive top-line growth and maximizing long-term value.

我們專注於審慎管理這項挑戰，同時不忽略推動營收成長的更大機會，並最大化長期價值。

We expect Q4 GAAP operating expenses to be in the range of $160 million to $170 million. We expect non-GAAP operating expenses to be lower than GAAP by approximately $20 million.

我們預期第四季 GAAP 營業費用將介於 1.60 億至 1.70 億美元。我們預期非 GAAP 營業費用將較 GAAP 低約 2,000 萬美元。

Please note that the extra week in Q4 contributes approximately $5 million of additional non-GAAP operating expenses in the quarter.

請注意，第四季多出的一週將使本季非 GAAP 營業費用增加約 500 萬美元。

Excluding this, the midpoint of our guidance implies that non-GAAP operating expenses grow by 4% year over year, mainly attributable to program expenses related to new product introductions.

若排除此因素，我們指引中點所隱含的非 GAAP 營業費用年增 4%，主要歸因於新產品導入相關的專案費用。

Bringing it all together, we expect Q4 adjusted EBITDA to be in the range of negative $11 million to positive $18 million or positive $3 million at the midpoint.

綜合以上，我們預期第四季調整後 EBITDA 將介於負 1,100 萬至正 1,800 萬美元之間，中點為正 300 萬美元。

As previously noted, we expect higher memory prices to reduce our Q4 adjusted EBITDA by $35 million. Excluding higher memory prices, the midpoint of our guidance range implies adjusted EBITDA would have increased from $6 million last year to $38 million or nearly 6 times, last year.

如先前所述，我們預期記憶體價格上漲將使第四季調整後 EBITDA 減少 3,500 萬美元。若排除記憶體價格上漲，我們指引區間的中點意味著調整後 EBITDA 將由去年 600 萬美元增加至 3,800 萬美元，約為去年的近 6 倍。

Taking our year-to-date results and the Q4 guidance I just outlined, I'll now walk through what we expect for fiscal 2026, as well as some directional color for fiscal 2027:

結合我們年初至今的結果以及我剛概述的第四季指引，接下來我將說明我們對 2026 會計年度的預期，以及對 2027 會計年度的一些方向性補充：

We expect fiscal 2026 revenue to grow 6% to 8% or 4% to 6%, excluding the 53rd week. After three years of declining top line, this return to growth represents a pivotal moment for Sonos.

我們預期 2026 會計年度營收將成長 6% 至 8%；若排除第 53 週，則成長 4% 至 6%。在連續三年營收下滑之後，重返成長對 Sonos 而言是一個關鍵轉折點。

We expect the momentum we've built in fiscal 2026 to carry into fiscal 2027 and beyond, as we continue to execute on the five growth dimensions Tom has spoken about. Tariff refunds and higher memory costs distort the gross-margin improvement we've achieved in fiscal 2026.

我們預期在 2026 會計年度建立的動能將延續至 2027 會計年度及之後，因為我們持續執行 Tom 所談到的五大成長面向。關稅退稅與記憶體成本上升扭曲了我們在 2026 會計年度所達成的毛利率改善。

For the full year, GAAP gross margin, excluding tariff refunds, is expected to be 44.1%, up 40 basis points, year over year. We expect to get there while absorbing $58 million or 370 basis points headwind from higher memory cost, year over year.

就全年而言，GAAP 毛利率（不含關稅退稅）預期為 44.1%，年增 40 個基點。我們預期在吸收記憶體成本年對年增加所帶來的 5,800 萬美元（或 370 個基點）逆風的同時達成該目標。

Looking ahead to fiscal 2027, we expect higher memory prices to further weigh on our gross margin. On an annualized basis, we expect our mitigation actions to drive around 500 basis points of improvements. Though, because this work will take effect progressively through the year, we will not see the full benefit in fiscal 2027.

展望 2027 會計年度，我們預期記憶體價格上漲將進一步壓抑毛利率。以年化基礎計算，我們預期緩解措施可帶來約 500 個基點的改善。不過，由於這些工作將在年度中逐步生效，我們在 2027 會計年度不會看到全部效益。

As a result, we expect the lower end of our Q4 gross margin guidance range is a reasonable way to think about the year ahead, as a flow-through of higher priced memory is partially offset by our mitigation efforts, with first half running lower and some improvements in the second half, as our mitigation actions begin to phase in.

因此，我們認為以第四季毛利率指引區間的下緣作為對未來一年思考的合理方式：較高價格的記憶體成本傳導將部分被我們的緩解努力所抵消，上半年較低、下半年隨著緩解措施開始逐步到位而有所改善。

The combination of growing top line, expanding gross margin, and disciplined management of our cost base has a compounding effect on our adjusted EBITDA in fiscal 2026.

營收成長、毛利率擴張，以及對成本基礎的紀律性管理三者結合，對我們 2026 會計年度的調整後 EBITDA 產生複利效應。

We expect adjusted EBITDA to be $181 million, up 37% year over year, representing an 11.7% margin. Excluding the $58 million of memory-cost pressure we expect to face year over year, fiscal 2026 adjusted EBITDA would have been up 80% year over year to $239 million, a 15.5% margin, up from 9% in fiscal 2025.

我們預期調整後 EBITDA 為 1.81 億美元，年增 37%，相當於 11.7% 的利潤率。若排除我們預期年對年將面臨的 5,800 萬美元記憶體成本壓力，2026 會計年度調整後 EBITDA 將年增 80% 至 2.39 億美元，利潤率為 15.5%，高於 2025 會計年度的 9%。

While this math is illustrative, it reinforces that the earning power of this business has structurally improved. Looking ahead to fiscal 2027, we're comfortable with our level of investments and expect to stay very disciplined on our operating expenses.

雖然這樣的計算僅供說明，但它強化了這項業務的獲利能力已在結構上改善。展望 2027 會計年度，我們對目前的投資水準感到安心，並預期將在營業費用上維持高度紀律。

To summarize, although the spike in memory costs weigh on our profitability in the near term, the significant improvements we made in our top line and profitability in fiscal 2026, along with the meaningful mitigation actions that are currently underway, position this company to emerge from this cycle stronger.

總結來說，儘管記憶體成本飆升在短期內壓抑我們的獲利能力，但我們在 2026 會計年度於營收與獲利能力所做的顯著改善，加上目前正在推進的具體緩解措施，使公司有望在本輪循環後以更強的姿態走出來。

This is an important lens through which to view the company's potential over the next few years. We've built real momentum and returned this business to growth.

這是觀察公司未來幾年潛力的一個重要視角。我們已建立實質動能，並讓這項業務重返成長。

Our cash position is strong. We're generating healthy cash flow. We remain committed to returning capital to shareholders, over time, balancing buybacks against ongoing investment needs of the business.

我們的現金部位強勁。我們正在產生健康的現金流。我們仍致力於隨時間推進回饋股東資本，在股票回購與業務持續投資需求之間取得平衡。

After the call, we'll update our earnings slides to reflect our Q4 guidance, as well as the fiscal 2026 math I just walked through.

電話會議結束後，我們將更新財報簡報，以反映第四季指引，以及我剛剛說明的 2026 會計年度相關計算。

Before I close, I would like to take this opportunity to share that I have decided to retire after a rewarding 35-year career in finance. I will remain in my role as CFO at Sonos until a successor is identified. I am very committed to ensuring a seamless transition over the coming quarters.

在我結束之前，我想藉此機會分享：在 35 年充實的財務職涯之後，我已決定退休。在找到接任者之前，我將繼續擔任 Sonos 的 CFO。我非常致力於確保未來幾季能順利交接。

Having helped lead the transformation and stabilization of Sonos these past three years, I am incredibly proud of the work, confident in the company's future, and excited about the momentum we have built. The company's in very capable hands with Tom and our executive leadership team.

在過去三年協助帶領 Sonos 轉型並穩定下來之後，我對這些成果感到無比自豪，對公司的未來充滿信心，也對我們建立的動能感到振奮。在 Tom 與我們的高階領導團隊帶領下，公司掌握在非常能幹的手中。

I'm going to hand things back to Tom, who has a few more remarks before we go to questions.

接下來我把時間交還給 Tom，他在進入提問前還有幾點補充。

Thank you, Saori.

謝謝你，Saori。

To pause a moment on Saori's personal news: This is a bittersweet moment for Sonos. I'm so pleased that this is not yet a goodbye and that Saori will be staying through our CFO search and transition.

稍微停一下談 Saori 的個人消息：對 Sonos 來說，這是一個苦樂參半的時刻。我很高興這還不是道別，Saori 會在我們尋找 CFO 並完成交接期間繼續留任。

But it's not too soon to say what a vital contribution she's made to Sonos and, to my own thinking, about what excellence looks like.

但現在就可以說，她對 Sonos 做出了至關重要的貢獻，也影響了我對「卓越」應該是什麼樣子的思考。

Saori has baked into the bones of Sonos true financial rigor through both her leadership and through the processes she's established.

Saori 透過她的領導以及她所建立的流程，將真正的財務嚴謹性深植於 Sonos 的核心。

We will miss her tremendously, when her tenure ends. But the discipline she's modeled and built here will certainly endure.

當她的任期結束時，我們將非常想念她。但她所示範並在此建立的紀律，必將延續下去。

Okay. Before we open the line, I want to close with one final thought: The memory situation Saori walked through is real. We have the operating structure and talent to manage through it.

好。在我們開放提問之前，我想以最後一個想法作結：Saori 剛剛說明的記憶體情勢是真實存在的。我們具備營運架構與人才來妥善應對。

But it is a transitory condition and a much larger story about this company. More than 17 million homes and 53 million devices already operate inside the Sonos system. Our product portfolio spans every shape sound takes in a home.

但這只是暫時性的狀況，而公司更大的故事在於：已有超過 1,700 萬個家庭與 5,300 萬台裝置在 Sonos 系統內運作。我們的產品組合涵蓋了家庭中各種形式的聲音體驗。

Behind all of it is 20 years of engineering the parts of the home that are actually hard: sound; form; systemness; and, soon, intelligence. Those are precisely the capabilities the next era of the home will require. No other company has the IP, expertise, and track record we have in the category that we invented.

這一切背後，是我們 20 年來在真正困難的居家領域持續投入工程化：聲音；外形；系統性；以及即將到來的智慧。而這些正是下一個居家時代所需要的能力。在我們所開創的這個品類中，沒有任何其他公司擁有我們這樣的智慧財產、專業能力與實績紀錄。

The next few months, we'll begin to make more of this visible. Amp Multi ships in August. Our fall launch event follows in September.

接下來幾個月，我們會開始讓更多成果變得可見。Amp Multi 將於 8 月出貨。我們的秋季發表活動將於 9 月接續登場。

There is much more beyond that, which I look forward to sharing in the quarters ahead. I've never been more convinced of the opportunity in front of Sonos or of this company's ability to reach for it.

除此之外還有更多內容，我期待在接下來幾個季度與各位分享。我從未像現在這樣確信 Sonos 面前的機會，以及這家公司把握機會的能力。

With that, operator, please open the line for questions

那麼，接線員，請開放提問線路。

(Operator Instructions)

(接線員指示)

Steven Frankel.

Steven Frankel。

Good afternoon. Let's revisit the RAM situation, again, for a moment. You spoke to making engineering changes to, perhaps, reduce the load per product.

下午好。我們再回到 RAM 的情況，稍微談一下。你提到會進行工程變更，或許能降低每個產品的負載。

Is that something that takes a product refresh to accomplish? Or is this something, as next year rolls out, where you might be doing this midstream?

這是否需要透過產品改款才能做到？還是說，隨著明年展開，你們可能會在產品週期中途就導入？

Hi, Steven. Thanks for taking time to be with us today.

嗨，Steven。謝謝你今天撥空參與。

As it relates to the efficiency work that our hardware and software teams are doing to optimize our operating system to more efficiently use memory, those are changes that we can introduce as running changes to the product lines, over time, without any impact to the capability of the products; or their future optionality or customer experience.

就我們硬體與軟體團隊正在進行的效率工作而言，目標是最佳化我們的作業系統，使其更有效率地使用記憶體；這些變更可以隨時間以「持續性變更」的方式導入各產品線，不會影響產品能力、未來的可選擇性，或客戶體驗。

You can expect to see us make those changes through the year, as more and more of those technology investments land through the supply chain.

你可以預期我們會在今年內逐步完成這些變更，因為越來越多相關技術投資會透過供應鏈落地。

Great. I appreciate the timing update on Amp Multi. How should we think of the margin profile of that product?

很好。我很感謝你更新 Amp Multi 的時程。我們應該如何看待該產品的毛利率輪廓？

Well, as with all of our professional products, the margins are excellent on Amp Multi. We're really excited about the early response we're seeing from installers and can't wait to get it into customers' hands.

嗯，和我們所有專業產品一樣，Amp Multi 的毛利率非常出色。我們對安裝商目前的早期回饋感到非常振奮，也迫不及待想把它交到客戶手上。

Okay. Great. Would you shed any more light on this fall launch event? Where? When? Is it you and a host of partners? Is it Sonos alone?

好的。很好。你能否再多透露一些今年秋季發表活動的資訊？在哪裡？什麼時候？是你們和一群合作夥伴一起？還是只有 Sonos？

Yeah. Well, we'll have to send you an invite to give you all the details. But it will be early in September.

是的。嗯，我們得寄邀請函給你，才能把所有細節都告訴你。但會在 9 月上旬。

Let me say a bit more, while saving the big news for the day: As I said in our prepared remarks, this moment will be the first opportunity for me to publicly introduce some of the work that we've been doing on the product side over the course of the last year.

在把重大消息留到當天的同時，我再多說一點：如同我在事先準備的談話中提到的，這個時刻將是我首次有機會公開介紹我們過去一年在產品端所做的一些工作。

It's really about conversational computing and predictive intelligence moving into the home. In this moment, Sonos brings 20 years of solving the hard problems that are uniquely created in the home across four dimensions.

這主要關乎對話式運算與預測式智慧進入家庭。在這個時刻，Sonos 帶來 20 年來在家庭環境中、跨四個面向解決獨特難題的經驗。

The first dimension is what I would call excellence in form. Sonos is every dimension of sound: big speakers, little speakers, with microphones, without microphones, optimized for music, optimized for home theater, on the go, in your ears, installed in the very architecture of your home. No one else in the category covers this range.

第一個面向，我稱之為外形的卓越。Sonos 涵蓋聲音的每一個面向：大型喇叭、小型喇叭；有麥克風、無麥克風；為音樂最佳化、為家庭劇院最佳化；可攜帶外出、戴在耳中、甚至安裝在你家建築結構之中。在這個品類裡，沒有其他人能覆蓋如此廣的範圍。

It's also about excellence in systemness, which means, every product seamlessly integrated and better together, where, really, the whole is much more than the sum of the parts.

這也關乎系統性的卓越，也就是每一項產品都能無縫整合、合在一起更好用；整體確實遠大於各部分之和。

But it also means that all of the products are deeply integrated with all of the outside ecosystems that customers expect: AirPlay, Bluetooth, Spotify Connect, even line-in.

但這也意味著，所有產品都與客戶所期待的外部生態系深度整合：AirPlay、Bluetooth、Spotify Connect，甚至 line-in。

The third dimension is excellence in sound. We have state-of-the-art audio from the best digital and analog sound engineers in the world. They tune all of our products to the unique requirements of each individual home through technology like Trueplay.

第三個面向是聲音的卓越。我們擁有最先進的音訊技術，來自全球最頂尖的數位與類比音訊工程師。他們透過 Trueplay 等技術，依每個家庭的獨特需求為我們所有產品進行調音。

And then, finally, the fourth dimension is about excellence in intelligence, which is where conversational computing and predictive intelligence that are built on a deep understanding of the context of the home and how the family lives in it finally come to life.

最後，第四個面向是智慧的卓越；也就是建立在對家庭情境以及家人如何在其中生活的深刻理解之上，讓對話式運算與預測式智慧終於得以真正落地。

On intelligence, I really think that the lasting value is going to be in what surrounds AI models in the home: hardware that can converse with quality across every room; the system that understands the shape of your home and how you live in it; the connectivity to reach the speakers and to combine them together in powerful ways; the services and devices that turn a request into a coordinated action across a broad ecosystem.

談到智慧，我真的認為長期價值會在「家庭中的 AI 模型周邊」：能在每個房間以高品質進行對話的硬體；理解你家格局與生活方式的系統；能觸達喇叭並以強大方式將其組合的連線能力；以及能把一個請求轉化為跨廣泛生態系協同行動的服務與裝置。

That's the operating environment for AI in the home. We've spent 20 years building it. And so it's that combination of where we already excel and where computing is going next that I think really meaningfully expands the opportunity in front of it.

那就是家庭中 AI 的作業環境。我們花了 20 年打造它。因此，我認為把我們既有的卓越之處與運算下一步的走向結合起來，將會非常有意義地擴大我們面前的機會。

You mix that together with 53 million connected devices, 17 million homes, we have this incredible competitive advantage, as intelligence moves into the home, building on the trust and experience that we spent all of these years earning.

再把 5,300 萬台已連網裝置、1,700 萬個家庭結合起來，隨著智慧進入家庭，我們建立在多年來所累積的信任與經驗之上，將擁有令人難以置信的競爭優勢。

I think that's exactly what these new experiences are going to require. I can't wait to tell you more about it in September.

我認為這正是這些新體驗所需要的。我迫不及待想在 9 月告訴你更多。

Great. Saori, congratulations. It's been a great run. I'll jump back in the queue.

很好。Saori，恭喜。表現一直很出色。我回到隊列後面。

Thank you, Steve.

謝謝你，Steve。

Let somebody else ask some questions.

讓其他人也問一些問題。

Erik Woodring, Morgan Stanley.

Morgan Stanley 的 Erik Woodring。

Hey, guys. Thank you very much for taking my questions. Congrats on the nice results and guide here.

嗨，各位。非常感謝讓我提問。恭喜你們交出不錯的成績與指引。

Tom, in the prepared remarks or in the press release, you attribute some of Sonos' recent success to the system strategy that you have implemented.

Tom，在事先準備的談話或新聞稿中，你把 Sonos 近期的一些成功歸因於你們所推行的系統策略。

Just, at the surface, it's hard to necessarily see that on the headline number. Can you maybe just help us understand, for example, how devices per household, as of June 30, differ from the end of your last fiscal year?

但就表面來看，從 headline number 上不一定看得出來。你能否協助我們理解，例如截至 6 月 30 日，每戶裝置數相較於上一個會計年度結束時有何不同？

Or, for example, how much incremental revenue growth in 3Q versus the first half of the year came from some of those existing households adding products versus new household acquisition?

或者，例如第三季相較於上半年，增量營收成長中有多少來自既有家庭加購產品、又有多少來自新增家庭的取得？

Just, any color that you can share to help us better understand how that system strategy is working.

任何你能分享的補充資訊，都能幫助我們更好理解這個系統策略的運作情況。

Yeah. I don't think I'm going to get into the specifics of those intra-year results on the dimensions that you're highlighting.

是的。我想我不會就你所指出的那些面向，深入到年度內部結果的具體細節。

But I can say that we're really building the business around the full picture of our success: households growing, lifetime value expanding, seeing our competitive leadership compound.

但我可以說，我們確實是以成功的全貌來打造這門生意：家庭數成長、終身價值擴大、並看到我們的競爭領導地位持續累積。

We're working all of these dimensions, in concert, while we keep an eye, of course, on healthy gross profit dollars, too.

我們會協同推進所有這些面向，同時當然也會關注健康的毛利美元。

You've heard me talk about the growth levers that we're activating against product innovation. Earlier this year, we launched Sonos Play and Era 100 SL, both which contributed nicely to not only our results in the quarter but our intention to grow the footprint of Sonos in new households around the world.

你們聽我談過，我們正在啟動、用以推動產品創新的成長槓桿。今年稍早，我們推出了 Sonos Play 和 Era 100 SL，兩者不僅對本季業績有不錯的貢獻，也有助於我們實現讓 Sonos 進入全球更多新家庭的成長意圖。

We're launching Amp Multi on August 25, a completely unique product that is a core demonstration of how the system is incredibly powerful in this moment.

我們將於 8 月 25 日推出 Amp Multi，這是一款完全獨特的產品，核心展現了在此刻我們的系統有多麼強大。

We've launched improved software that we're really proud of; that our customers love, that's driving a return to advocacy across every mechanism that we measure. Of course, we have this launch event coming in September that we just couldn't be more excited about.

我們推出了改良後的軟體，對此我們非常自豪；客戶也很喜歡，並正推動我們在所衡量的各項機制上重回口碑推薦。當然，我們在 9 月還有一場發表活動，我們對此感到無比興奮。

On customer advocacy, you heard us talk about the way that we've, like, been working directly with our customers on Reddit and our customers in our beta program; and all of our constituencies to understand how they're using our products and improve them, based on their real-world feedback.

在客戶口碑推薦方面，你們也聽到我們談到：我們一直直接在 Reddit 上與客戶互動，也與參與 beta 計畫的客戶互動；並與我們所有利害關係人一起，了解他們如何使用我們的產品，並根據他們在真實世界的回饋來改進產品。

You heard me talk about what Colleen is building around phenomenal new storytelling about the Sonos system and what the brand can be in the world. You'll start to see that land in the fall, as well.

你們也聽我談到 Colleen 正在打造的、關於 Sonos 系統以及品牌在世界上可以成為什麼的精彩全新敘事。你們也會在秋季開始看到這些內容落地。

You heard us talk about double-digit growth around the world in our geo expansion countries. Of course, we're saying more and more about how we're integrating with emerging trends, like conversational computing and predictive intelligence.

你們也聽到我們談到，在我們的地理擴張國家中，全球各地都實現了兩位數成長。當然，我們也越來越多地談到我們如何與新興趨勢整合，例如對話式運算與預測式智慧。

I'm really, really proud of how the company is executing across all of these levers to drive the results that we saw in the quarter, which I just couldn't be more proud of.

我真的、真的為公司在所有這些槓桿上的執行感到非常自豪，這也推動了我們本季看到的成果；我對此感到無比自豪。

Okay. I appreciate that added color.

好的。謝謝你補充這些細節。

And then, Saori -- I'm not going to say goodbye yet; you're still on board so just an early congrats -- but, maybe, just to clarify your comments on fiscal 2027 -- I realize these are all directionally -- but two clarifications:

接著，Saori——我還不會跟你道別；你仍然在場，所以先提前恭喜——不過，想請你釐清一下你對 2027 財年的評論——我知道這些都只是方向性的——但有兩點想確認：

Just, first, when you say, the momentum from 2026 will flow into 2027, are you implicitly telling us you expect growth to accelerate from the fiscal 2026 run rate? I just want to make sure we understand that comment correctly.

第一，當你說 2026 年的動能會延續到 2027 年時，你是否是在暗示你預期成長會從 2026 財年的運行水準加速？我只是想確認我們對這段話的理解是正確的。

And then, beyond that, I think what you're implying to us is, non-GAAP gross margins for fiscal 2027 will be around 40%, that low end of the 4Q range, with flattish OpEx, as you remain disciplined. Just -- is that how I should interpret your comments?

第二，除此之外，我理解你是在暗示我們：2027 財年的 non-GAAP 毛利率大約會在 40% 左右，也就是第 4 季區間的低端，同時在你們維持紀律的情況下，營業費用（OpEx）大致持平。我應該這樣解讀你的評論嗎？

Again, I realize it's not a guide. Just want to make sure I'm understanding your comments properly. Thank you so much.

再次強調，我知道這不是指引。只是想確認我是否正確理解你的評論。非常感謝。

Thank you, Erik. Great questions. Yeah.

謝謝你，Erik。問題問得很好。是的。

When we say momentum, we talk about how we return to growth and the type of growth that we shared in our Q3 fiscal quarter that we just reported and Q4, normalized, for the extra week. We have the Amp Multi that we're launching happily at the end of August. We are certainly getting boosts from that.

當我們說「動能」時，我們指的是我們如何重回成長，以及我們在剛剛公布的 2023 財年第三季與第四季（針對多出的一週做常態化調整後）所分享的那種成長型態。我們很高興會在 8 月底推出 Amp Multi。我們確實會從中獲得一些提振。

But we're talking not necessarily continued ongoing accelerated growth but momentum of growth, in general so just a bit of a color, as opposed to an explicit number.

但我們談的未必是持續、長期的加速成長，而是整體成長的動能；所以這更多是補充一些背景，而不是給出明確數字。

I think you're in the ballpark there, as far as the non-GAAP gross margin, based on what we're saying. That's what we're looking at, based on what we can see today in the current memory-price dynamics.

就 non-GAAP 毛利率而言，依照我們所說的內容，你的理解大致在合理範圍內。以我們目前在記憶體價格動態所能看到的情況來看，這就是我們正在評估的水準。

And then, your read on the OpEx being flattish is basically what we're saying, as far as the investments that we feel comfortable with from today.

至於你對 OpEx 大致持平的解讀，基本上就是我們所說的：就我們從今天起覺得可承擔、也感到安心的投資規模而言。

Okay. Super helpful. Maybe, just last one for me. Tom, going back to you. I'm sure you're anticipating getting this question. But just -- obviously, some of the -- let's call them the -- AI labs are maybe looking to get into part of your world, right?

好的。非常有幫助。我最後再問一個。Tom，回到你這邊。我相信你也預期會被問到這個問題。不過——顯然，有些——我們就稱它們為——AI 實驗室，可能正想切入你們的部分領域，對吧？

Maybe not the focus on sound but a focus, maybe, on using similar form factors to what you guys produce to, again, try to do something like conversational AI.

也許不是以聲音為重點，而是可能聚焦於使用與你們產品相似的外形規格，來嘗試做一些像是對話式 AI 的事情。

Just, would love your high-level thoughts. Obviously, I don't want you to spill the beans on anything you'll tell us in September, unless you want to. But, just, high-level thoughts there, please. Thanks so much.

想請你分享一些高層次的看法。當然，我不希望你把 9 月要告訴我們的內容先爆料，除非你願意。但請就此分享一些高層次的想法。非常感謝。

Yeah. I'll just start by reminding everyone on the call that we've been competing with the biggest of big tech for customers in the home for nearly a decade. Customers continue to choose Sonos, again and again.

是的。我先提醒各位與會者：我們在家庭場景中與最頂尖的大型科技公司競爭客戶，已經將近十年了。客戶仍然一次又一次地選擇 Sonos。

Why do they choose Sonos? Well, when they ask their installer; or they ask a retail associate; or they ask a friend, they hear that Sonos is the best solution for whole-home audio.

他們為什麼選擇 Sonos？當他們詢問安裝人員、或詢問零售門市的銷售人員、或詢問朋友時，他們會聽到 Sonos 是全屋音訊的最佳解決方案。

It's comprehensive. It has exceptional sound. Increasingly, we'll be delivering these intelligence experiences that I think will be really unique to the Sonos platform.

它很全面。音質卓越。而且我們也將越來越多地提供我認為對 Sonos 平台而言非常獨特的智慧體驗。

I always tell the team, in every company I've ever been in, frankly, if you're doing something interesting, the biggest players in tech will see the same opportunity.

我總是跟團隊說，坦白講，在我待過的每一家公司，只要你在做一些有趣的事，科技領域最大的玩家也會看到同樣的機會。

And so our job is to win on the field. I'm really confident in the products; and services; and system that we're building for this next chapter in computing.

因此，我們的工作就是在賽場上取勝。我對我們為下一個運算篇章所打造的產品、服務與系統非常有信心。

Awesome. I love to hear it. Congrats, again, guys. Good luck.

太棒了。很高興聽到這些。再次恭喜各位。祝你們好運。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

There are no more questions at this time. Thank you, ladies and gentlemen.

目前沒有更多問題。謝謝各位女士、先生。

This concludes today's conference call. You may disconnect.

今天的電話會議到此結束。您可以掛線。