Business
Sonos Announces $100 Million Stock Repurchase Program and Completion of Previous Stock Repurchase Program
SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Sonos, Inc. (Nasdaq: SONO) today announced that its Board of Directors has authorized a common stock repurchase
About this update from Sonos, Inc.
[{"type":"text","content":" SANTA BARBARA, Calif.--(BUSINESS WIRE)--\nSonos, Inc. (Nasdaq: SONO) today announced that its Board of Directors has authorized a common stock repurchase program of up to $100 million.\n\nSince September 2019, the company has completed $250 million in stock repurchases, including its most recent $150 million stock repurchase program which it completed in the fourth quarter of fiscal 2022. Under its most recently completed authorization, the company repurchased approximately 6.6 million shares at an average price of $22.80 per share, enabling the company to return capital to shareholders and offset dilution from compensation plans.\n\nUnder 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.\n\nRepurchases under this program will be funded from the company’s existing cash and cash equivalents or future cash flow.\n\nForward-Looking Statements\n\nThis 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: 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, component supply-related 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 continuing conflict between Russia...