Sonos Announces $150 Million Stock Repurchase Program and Completion of Previous Stock Repurchase Program
November 17 2021 - 4:06PM
Business Wire
Sonos, Inc. (Nasdaq: SONO) today announced that its Board of
Directors has authorized a common stock repurchase program of up to
$150 million.
Since September 2019, the company has completed $100 million in
stock repurchases, including its most recent $50 million stock
repurchase program which it completed in the fourth quarter of
fiscal 2021. Under these prior authorizations, the company
repurchased 5.2 million shares at an average price of $19.30 per
share enabling the company to return capital to shareholders and
offset dilution from compensation plans.
Patrick Spence, Sonos CEO, commented, “We have just completed a
record fiscal 2021 and are confident in the long-term growth,
profit and cash generation of our model. We are committed to
driving long-term shareholder value. 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 a specified number of
shares 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.
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 financial and growth
potential, and 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: the duration and impact of the COVID-19 pandemic and
related mitigation efforts on our industry and our supply chain;
supply chain challenges, including shipping and logistics
challenges and significant limits on component supplies; changes in
general economic or market conditions that could affect consumer
income and overall consumer spending; our ability to successfully
introduce new products and services and maintain or expand the
success of our existing products; the success of our efforts to
expand our direct-to-consumer channel; the success of our
financial, growth and business strategies; our ability to meet and
accurately forecast product demand and manage any product
availability delays; or other risks as set forth under the caption
“Risk Factors” in our Quarterly Report on Form 10-Q for the fiscal
quarter ended July 3, 2021 and in our other filings with the
Securities and Exchange Commission (the “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.
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.
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Investor Contact Cammeron McLaughlin IR@sonos.com
Press Contact Tom Lodge PR@sonos.com
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