Sonos Announces $50 Million Stock Repurchase Program
September 03 2019 - 9:00AM
Business Wire
Sonos, Inc. (Nasdaq: SONO)
today announced that its Board of Directors has authorized a common
stock repurchase program of up to $50 million.
Patrick Spence, Sonos CEO, commented, “This share repurchase
program reflects our confidence in Sonos' long-term growth
potential. We see tremendous value in our stock, and our strong
balance sheet enables us to implement this new repurchase program
while continuing to invest in our long-term roadmap and maintaining
our flexibility to pursue new strategic opportunities."
Under the repurchase program, Sonos may purchase shares of
common stock on a discretionary basis from time to time through
open market repurchases, privately negotiated transactions or other
means, including through Rule 10b5-1 trading plans or through the
use of other techniques such as accelerated share repurchases. The
timing and number of shares repurchased will depend on a variety of
factors, including stock price, trading volume, and general
business and market conditions. The repurchase program has no time
limit, does not obligate Sonos to acquire any particular amount of
common stock and may be modified, suspended or discontinued at any
time at the company’s discretion.
Repurchases under this program will be funded from the company’s
existing cash and cash equivalents or future cash flow. As of June
29, 2019, Sonos had net cash (total cash and cash equivalents less
debt) of $298.5 million. Sonos had approximately 106.3 million
shares of common stock outstanding as of July 27, 2019.
About Sonos
Sonos (Nasdaq: SONO) is one of the world’s leading sound
experience brands. As the inventor of multi-room wireless home
audio, Sonos innovation helps the world listen better by giving
people access to the content they love and allowing them to control
it however they choose. Known for delivering an unparalleled sound
experience, thoughtful home design aesthetic, simplicity of use and
an open platform, Sonos makes the breadth of audio content
available to anyone. Sonos is headquartered in Santa Barbara,
California. Learn more at www.sonos.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, such as statements regarding our
expectations regarding repurchases of our common stock under the
stock repurchase program, our long-term growth potential, the value
of our common stock and our ability to invest in our long-term
product roadmap and maintain flexibility to pursue strategic
opportunities, among others. These forward-looking statements are
only predictions and may differ materially from actual results due
to a variety of factors, including, but not limited to:
fluctuations in our stock price, the fluctuations in the trading
volume of our stock, the nature of other investments or strategic
opportunities presented to us from time to time, our cash flows
from operations; changes in market conditions; or other risks as
set forth under the caption “Risk Factors” in our Quarterly Report
on Form 10-Q for the fiscal quarter ended June 29, 2019 and in our
other filings with the Securities and Exchange Commission (SEC),
copies of which are available at the SEC’s website located at
www.sec.gov or upon request from our investor relations department.
All forward-looking statements herein reflect our opinions only as
of the date of this news release, and we undertake no obligation,
and expressly disclaim any obligation, to update forward-looking
statements herein in light of new information or future events.
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version on businesswire.com: https://www.businesswire.com/news/home/20190903005527/en/
Investor Contact Cammeron McLaughlin
cammeron.mclaughlin@sonos.com
Media Contact Tom Lodge PR@sonos.com
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