Sonos, Inc. (Nasdaq:SONO) today announced that its Board of Directors has authorized a common stock repurchase program of up to $100 million.
Since September 2019, the company has completed $250 million in share buybacks, including its most recent $150 million share buyback program which it completed in the fourth quarter of fiscal 2022. Under its most recent authorization, the company repurchased approximately 6.6 million shares at an average price of $22.80 per share, allowing the company to return capital to shareholders and offset equity dilution. compensation plans.
Under the buyback program, Sonos may purchase common stock on a discretionary basis from time to time through open market buybacks, privately negotiated transactions or other means, including through plans trading under Rule 10b5-1 or through the use of other techniques such as accelerated stock buybacks. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, trading volume and general business and market conditions. The buyback program has no time limit, does not require Sonos to acquire a specified number of shares, and may be modified, suspended or discontinued at any time at the company’s discretion.
Buybacks under this program will be funded from existing cash and cash equivalents or future cash flows of the company.
This press release contains forward-looking statements that involve risks and uncertainties, such as statements regarding repurchases of our common stock under the share buyback 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 various factors, including, but not limited to: the duration and impact of the COVID-19 pandemic and mitigation efforts about our industry and our supply chain; supply chain challenges, including shipping and logistics challenges, component sourcing challenges and inflationary pressures; our ability to effectively manage inventory levels, particularly during periods of fluctuating component availability; the impact of global economic, market and political events, including the ongoing conflict between Russia and Ukraine, currency exchange rate fluctuations and inflation; changes in consumer incomes and overall consumer spending due to economic or political uncertainty; changes in consumer spending habits; 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 sales channel; the success of our financial, growth and business strategies; our ability to meet product demand and manage product availability delays; or other risks as noted under “Risk Factors” in our Quarterly Report on Form 10-Q for the fiscal quarter ended July 2, 2022 and our other filings with the Securities and Exchange Commission (the “SEC “), copies available on the SEC’s website at www.sec.gov or on request from our Investor Relations Department. All forward-looking statements contained herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update any forward-looking statements contained herein in light of new information or future events.
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 please. seems. Known for delivering an unparalleled sound experience, thoughtful home design aesthetics, ease of use, and an open platform, Sonos makes the breadth of audio content accessible to everyone. Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.
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