Sonos Announces $200 Million Stock Repurchase Program and Completion of Previous Stock Repurchase Program
November 15 2023 - 4:05PM
Business Wire
Sonos, Inc. (Nasdaq: SONO) today announced that its Board of
Directors has authorized a common stock repurchase program of up to
$200 million.
Since September 2019, the company has completed $350 million in
stock repurchases, including its most recent $100 million stock
repurchase program which it completed in the fourth quarter of
fiscal 2023. Under its most recently completed authorization, the
company repurchased approximately 6.6 million shares at an average
price of $15.25 per share, enabling the company to return capital
to shareholders and offset dilution from compensation plans.
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
repurchases of our common stock under the stock repurchase program
and our long-term financial and growth potential, 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: our ability to accurately forecast
product demand and effectively forecast and manage owned and
channel inventory levels; the possibility that the repurchase
program may be suspended or discontinued; the impact of global
economic, market and political events, including the potential for
an extended global recession, continued inflationary pressures,
rising interest rates and, in certain markets, foreign currency
exchange rate fluctuations; changes in consumer income and overall
consumer spending as a result of economic or political uncertainty
or conditions; changes in consumer spending patterns; 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
product demand and manage any product availability delays; supply
chain challenges, including shipping and logistics challenges and
component supply-related challenges; the resurgence of the COVID-19
pandemic; 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 1, 2023 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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version on businesswire.com: https://www.businesswire.com/news/home/20231115372973/en/
Investor Contact James Baglanis IR@sonos.com
Press Contact Erin Pategas PR@sonos.com
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