Sonova Holding Ag · SIX:SOON
Sonova — Investor Day (August 2024)
98 slides from Sonova's investor day presentation, Aug 27, 2024
Slide 1: Sonova Investor & Analyst Day 2024
Sonova Investor & Analyst Day 2024 Stäfa, Switzerland August 27, 2024
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are su
Slide 3: Welcome and market update
Introduction Welcome and market update Birgit Conix, Chief Financial Officer
Slide 4: Agenda and Speakers
Investor & Analyst Day 2024 Agenda and Speakers 11.00 Welcome and market update Birgit Conix, CFO 11.10 Strategy and outlook Arnd Kaldowski, CEO 11.25 Continuously pushing the boundaries of innovation Rob Woolley, GVP Hearing Instruments 11.45 Managing technology breakthroughs Arnd Kaldowski, CEO 12
Slide 5: Sustainable market leader in an attractive industry
Sustainable market leader in an attractive industry Attractive market Leading market position ‒ Attractive secular growth drivers ‒ Leading position in the Hearing Industry ‒ Significant penetration potential in mild and moderate ‒ Advanced vertically integrated business model hearing loss populatio
Slide 6: Market update – Hearing Instruments
Market update – Hearing Instruments North America – Slowdown in Managed Care, double digit growth rate in Canada Apr.-Jul. YoY: +6.2% Apr.-Jul. YoY: +1.5% US – Commercial market Apr.-Jul. 5Y CAGR : +5.4% US – Government Services Apr.-Jul. 5Y CAGR : +1.8% Units Units Aug. Sep. Oct. Nov. Dec. Jan. Feb
Slide 7: Market update – Hearing Instruments
Market update – Hearing Instruments Europe – German market tracking higher, soft French and UK Private markets Apr.-Jul. YoY: +6.4% Apr.-Jun. YoY: -1.4% Germany Apr.-Jul. 5Y CAGR : +2.8% France Q1 5Y CAGR : +9.6% Units Units Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. N
Slide 8: Strategy and outlook
Introduction Strategy and outlook Arnd Kaldowski, Chief Executive Officer
Slide 9: Sonova’s strategy
Sonova’s strategy Strategic pillars Lead innovation in audiological performance & consumer experience Leverage M&A Expand consumer access to accelerate growth through omni-channel strategically audiological care network and consumer device business Continuous process Extend reach through improvement
Slide 10: Our growth ambition
Our growth ambition Ambition to gain market share through customer-focused growth strategy and strong commercial execution Mid-term targets Sonova growth strategy Key focus areas Sales CAGR Executing on our strategic pillars to Targeted growth initiatives in 5 focus areas 6-9% p.a. in LC drive above
Slide 11: Key growth drivers
Key growth drivers Customer centricity and growth initiatives to drive sustainable, above-market growth Lead innovation Broaden Deliver Accelerate consumer access commercial excellence high growth markets Advance Expand audiological performance consumer value Pioneer technology & Deliver consumer- P
Slide 12: Outlook
Outlook FY 2024/25 market and business assumptions FY 2024/25 expected currency impact (based on mid August 2024 FX) − Global hearing care market slightly slower than expected in − Recent FX development leading to negative impact for the year 1Q 2024/25 but still expecting normal growth of 4-6% for
Slide 13: ESG highlights
ESG highlights Overview of tangible achievements highlighting continued progress towards our ESG commitments Environmental Social Governance ► Reduced greenhouse gas emissions by 28% ► Increased employee engagement score to ► Advanced ESG reporting and external (Scope 1-3) vs. 2019 (on a comparable
Slide 14: ESG ratings
ESG ratings Overview of Sonova’s rating results for environmental, social, and governance (ESG) factors Sonova ESG ratings B AAA Low ESG risk DJSI member Status: Prime (C+ or better) MSCI ESG Rating of AAA in Member of indices DJSI Industry position: Top 2% 2023, up from AA in 2022 World & DJSI Euro
Slide 15: Continuously pushing the boundaries of innovation
Lead Innovation Continuously pushing the boundaries of innovation Rob Woolley, GVP Hearing Instruments
Slide 16: How we measure long-term success in the HI BU
How we measure long-term success in the HI BU 1 Market share in units and value Sustainable growth in units and 2 value Number of end-consumers 3 enjoying the delight of hearing 16
Slide 17: The elements needed to achieve market leadership
The 4 elements needed to achieve market leadership Excellence in B2B(2C) Experience Excellence in Excellence in consumer experience customer experience Through a consumer oriented, Enabling our customers to thrive seamless buying journey and in their business through a easy-to-use, high-performance
Slide 18: What is needed to scale for superior innovation?
Collaborate with external clinical and technology partners Invest in technology and innovation in house What is needed to scale for superior innovation? Build for scale and invest in competence including improving in our proprietary chip and process technology Drive culture of innovation & learning
Slide 19: Areas of innovation which drive true value for consumers
Areas of innovation which drive true value for consumers Enjoy the delight of hearing and live a life without limitations Hearing performance Sound quality Speech in noise Ease of use Connectivity Reliability Personalization 19
Slide 20: Sonova has continuously delivered breakthrough technology
Sonova has continuously delivered breakthrough technology based on true consumer needs Hearing performance Ease of use Better Comfort and Better Better Rechargeability Universal understanding of hearing in any understanding in understanding peace of mind connectivity conversations situation dynamic
Slide 21: Speech in noise
Speech in noise: Enjoying conversations in even the most demanding situations is the most difficult task to solve in the hearing instrument industry. 21
Slide 22: We have taken a huge step in “speech in noise” improvements
We have taken a huge step in “speech in noise” improvements 10dB 22
Slide 23: Challenges and barriers to use DNN in hearing instruments
What are the challenges and barriers to use DNN in hearing instruments today? Consider real life Powerful chip Intense training needed Minimize the delay situations technology needed Need to work in real life Need for intense Need to minimize the Need for a high situations with training data and del
Slide 24: How DNN has been used in Hearing Instruments until now
How DNN has been used in Hearing Instruments until now ► The challenges and barriers haven’t been broken until Feedback Noise reduction BF Cancellation DNN trained filters Amplification now ► DNN has been used to Parameters, settings, «programs» “classify” sound AI/DNN - System Steering 24
Slide 25: How Sonova is using DNN for a significant step change
How Sonova is using DNN for a significant step change ► The challenges and barriers haven’t been broken until Feedback Noise reduction BF Cancellation DNN trained filters Amplification now ► DNN has been used to Parameters, settings, «programs» “classify” sound AI/DNN - System Steering Sound process
Slide 26: Imagine millions of tuning knobs to filter out clean speech
Imagine millions of tuning knobs to filter out clean speech Speech + Clean Noise Speech Frequencies Parts of Noises/Onsets Speech/Noise Bands Noises/Phonemes Speech vs. background “babbling” 26
Slide 27: How did Sonova overcome the barriers and challenges?
How did Sonova overcome the barriers and challenges? True step change in speech in noise Qmetrics situations for our consumers Sophisticated training, performance assessment & optimization DNN Architecture Specific, large DNN architecture optimized for speech enhancement DNN used for sound Speech in
Slide 28: Managing technology breakthroughs
Lead Innovation Managing technology breakthroughs Arnd Kaldowski, Chief Executive Officer
Slide 29: Everything starts with a vision
Everything starts with a vision Our vision is a world where everyone enjoys the delight of hearing and lives a life without limitations. 29
Slide 30: Our aspiration – Where we stood years ago
Our aspiration – Where we stood 6 years ago Leveraging our innovation framework to address unmet needs Innovation framework Where the hearing industry was recently - Hearing performance far better than 10+ years ago - Consumers still don’t hear as well as they aspire to EARING PER H F - Strong progr
Slide 31: Key innovations that changed the industry
Key innovations that changed the industry Where Sonova stands today Beamforming and traditional algorithms Real-time AI-based sound processing Beam steering with multiple microphones Connectivity and rechargeability − Reprogrammable DSP platform (MFA) connectivity Real-time AI sound processing thank
Slide 32: Enabling technological breakthroughs
Enabling technological breakthroughs Key enablers for Sonova to break new technological barriers Innovation with a clear purpose – addressing unmet consumer needs Understand evolving consumer Mindset and financial capacity to needs invest in higher risk projects Leverage Willingness Building on >75
Slide 33: Leveraging “Open Innovation” to accelerate time to market
Leveraging “Open Innovation” to accelerate time to market Building-up DNN capabilities at Sonova 6 years ago: Make, partner or buy? – This time: Acquiring access to new skills and capabilities − Acquisition in 2019 - small, but highly focused team specialized Startup team on DNNs for speech enhancem
Slide 34: The art of integrating a start-up
The art of integrating a start-up Keeping the team motivated while gradually integrating their capabilities and the solution Soft integration of a start-up… − Light integration approach – leave start-up spirit intact − Different compensation models − Different work environments – retain start-up cul
Slide 35: Unlock a world of possibilities
Unlock a world of possibilities Oliver Frank, VP Phonak Marketing 35
Slide 36: Sound quality, Personalization, Connectivity, Reliability
Sound quality Personalization Connectivity Reliability 36
Slide 37: Exceptional sound quality from the first moment. Tested.
Tested. Exceptional sound Market leading Reliable. Personalized quality from the first connectivity takes a Proven. Swiss for you and moment. giant leap forward engineering at your clients. its best. 37
Slide 38: Exceptional sound quality from the first moment
Adaptive Phonak Digital 3.0 (APD 3.0) Exceptional sound quality AI Dome Proposer from the first moment. AutoSense OS 6.0 38
Slide 39: First impressions count
PHONAK life is on > First impressions count 39
Slide 40: Sound Quality from the first fit - in clinic and at home
Sound Quality from the first fit - in clinic and at home In clinic At home consumer satisfaction 21% 45% 93% from the very first fit compared to a leading competitor1 less less fatigue2 effort3 1. Stewart, E., Adler, M., Seitz-Paquette, K., "Adaptive Phonak Digital (APD) 3.0 is the preferred first f
Slide 41: Market leading connectivity takes a giant leap
Universal connectivity Market leading connectivity Stable, smart, effective takes a giant leap forward Ultra-responsive 41
Slide 42: Ultra-responsive, instant connectivity, 6x transmission power
Ultra-responsive Instant connectivity 6x transmission to phone after booting the hearing aids power More stable connections Universal Connectivity Future ready for instant compatibility with all ready for future compatibility with Auracast Bluetooth® -enabled devices 42
Slide 43: A true multitalent
A true multitalent Auracast ready New Bluetooth Low Energy Roger Technology Bluetooth Classic Binaural Voice AirStream stream Technology Technology 43
Slide 44: Connection stability – Receiving distance from phone call
Connection stability – Receiving distance from phone call to hearing aids 127 m 150 m 206 m 38 m 41 m 108 m Competitor A&B Distance until unidirectional connection dropped out when transmitting a phone call signal to the hearing aids Please contact claims@sonova.com if you are interested in further
Slide 45: Tested. Reliable. Proven. Swiss engineering at its best
Ecosystem Tested. Reliable. Proven. Swiss Design engineering at its best Testing 45
Slide 46: Infinio RICs are our 3rd generation of RIC products
Importance of reliability for hearing Care professionals Infinio RICs are our 3rd generation of RIC products that incorporate our 'Life' technology Now offered as standard in Infinio 46
Slide 47: Tested beyond IP68 for peace of mind
Tested beyond IP68 for peace of mind 10,000 hours and 135* individual tests ensure durability * Sonova applies the 135 individual stringent tests to all our products 47
Slide 48: Personalized for you and your clients
AI Dome Proposer Personalized for you and Acoustic Optimized Vent your clients Biometric Calibration 48
Slide 49: PHONAK life is on
PHONAK life is on 49
Slide 50: Exceptional sound quality from the first moment. Tested.
Tested. Exceptional sound Market leading Reliable. Personalized quality from the connectivity takes a Proven. Swiss for you and first moment. giant leap forward engineering at your clients. its best. “ 93% 3 R E 2 4% 1% .5 .6 xceptional ated dBreduced improved satisfaction high effortfitthe higher u
Slide 51: The most important consumer need
The most important consumer need “Speech clarity in background noise, hearing in challenging environments, like Hearing performance restaurants - this is where people still Speech in noise struggle most.” US customer Ease of use 51
Slide 52: Areas of innovation which drive true value for consumers
Areas of innovation which drive true value for consumers Enjoy the delight of hearing and live a life without limitations Hearing performance Sound quality Speech in noise Ease of use Connectivity Reliability Personalization 52
Slide 53: The role of AI and DNN in our pursuit of the most important user need
The role of AI and DNN in our pursuit of the most important user need Automatic Sound Acoustic Scene Processing Classification 53
Slide 54: Step change on our pursuit of the #1 consumer need
Step change on our pursuit of the #1 consumer need 2024 10dB 2010 Stereo Zoom 4 Microphones Network 1994 Audio Zoom Signal to Noise (dB) With first dual 6dB microphone directionality 3dB Conventional technology DNN applied to Sound Processing Time 54
Slide 55: 10x neural connections, 21x memory, 4x power efficiency
10x Neural Connections 21x Memory Capacity 4x Power Efficiency 53x Processing Power 55
Slide 56: Introducing DEEPSONIC chip
Introducing DEEPSONIC chip Exclusively available in Audéo Sphere. A dedicated real-time AI/Deep Neural Spheric Speech Clarity – expands the Network (AI/DNN) DEEPSONIC chip access to speech to any direction. 4.5 M Neural connections Significantly reduced listening effort in a challenging environment
Slide 57: Speech Clarity
Speech Clarity 10dB SNR! 2-3 more likely to understand 57
Slide 58: Progression of technology advancements
Progression of technology advancements SII-weighted SNR improvement (dB) 10.2 9 6.4 5.1 Up to 10.2 dB SNR 2.9 improvement Omni Fixed directional Fixed dir. + classic noise StrereoZoom + classic Fixed dir. + Spheric Fixed dir. + Spheric microphone cancelling noise cancelling Speech Clarity Speech Cla
Slide 59: Audéo Sphere Infinio is a step change in speech intelligibility
Audéo Sphere Infinio is a step change in speech intelligibility Speech understanding vs leading competitors Competitor C Up to 50% Audéo Sphere Infinio provides more access to access to speech cues from speech cues than any direction competitors* Competitor B 0 Competitor A 60 90 Audéo Sphere Infin
Slide 60: Sphere Infinio rated higher on subjective ratings
Sphere Infinio rated higher on subjective ratings Subjects listened to simulated Subjective Ratings (n=27) 2-person conversation Scale 1 – 5 As much as can be Rated for Sphere Infinio and two competitors: Speech clarity Speech Naturalness Speech and noise separation Overall satisfaction Not at al
Slide 61: Clinical study benefits with Spheric Speech Clarity
Clinical study benefits with Spheric Speech Clarity 2-3x 2x More likely to understanding More likely to understand speech every word, from any direction, from any direction with Spheric compared to two leading Speech Clarity* competitors. Compared to without * Wright, A., et al “Spheric Speech Clari
Slide 62: Infinio benefits summary
93% consumers Unprecedented 10dB preferred APD 3.0 SNR improvement with compared to leading Audéo Sphere competitor device 2x more likely to 45% reduced Personalization understand every word Uninterrupted listening effort and for your clients from any direction handsfree calls and Tested. Reliable.
Slide 63: Exceptional sound quality from the first moment
Exceptional Tested. Clear speech from Connectivity Reliable. Personalized sound quality any direction with you can Proven. Swiss for you and from the first engineering at Spheric Speech count on. your clients. moment. its best. Clarity. 63
Slide 64: Spectacular launch of our new Infinio portfolio
Spectacular launch of our new Infinio portfolio and continue to raise awareness about hearing health ▪ Introduction of the new Infinio portfolio to 1’000 customers during our event in Las Vegas, USA ▪ Exclusive introduction of the portfolio to 20+ industry journalists and a current reach of 100+ Mil
Slide 65: Customer Feedback from Launch Event at the Sphere in Las Vegas
Customer Feedback from Launch Event at the Sphere in Las Vegas 98% 97% 100% of HCPs think Phonak Infinio is of the HCPs think Phonak of HCPs view Phonak Infinio going to change the lives of Audéo Sphere has a strong represents a significant leap their patients. competitive advantage over all forward
Slide 66: Broadest offering of products at launch
Audéo Sphere Audéo R CROS Virto R Virto Titanium Virto 10 Broadest offering of products at launch to address variety of consumer needs 66
Slide 67: Achieving AC excellence in Germany – A blueprint for global success
Broaden consumer access Achieving AC excellence in Germany –A blueprint for global success Oliver Lux, GVP Audiological Care
Slide 68: Oliver Lux
Oliver Lux Global Vice President Audiological Care 2001 2005 2010 2015 2020 2024 Corporate Strategy Principal Various Leadership Roles Executive MD AC Germany / GVP Audiological in Audiological Care Board VP New Markets Care (AP & LatAm) / VP Strategy ► Long track record with Sonova – Deep commercia
Slide 69: Audiological Care business
Audiological Care business Over 3,700 points of sales with ~10,500 highly skilled employees and >6,000 HCPs Global presence in 20 markets Growing platform with strong local brands Sonova Audiological Care presence − Global coverage through one of the largest store networks − Targeted expansion of ne
Slide 70: Hearing care trends
Hearing care trends What are the big trends in the hearing care industry? Customers HCP’s Demographics Wellbeing and active Engaged Need to train new and growing number of lifestyle gaining audiologists crucial retain existing people with hearing importance to drive growth audiologists loss Hearing
Slide 71: Audiological Care strategy
Audiological Care strategy 3 pillars to unlock value and create a global, most-trusted brand Pinnacle audiology Provide the best personalized audiology solutions for our customers SonovaX – Create efficiencies Engaged Provide easy and convenient access Satisfied Continuous process and structural Aud
Slide 72: Germany – A must-win market for Sonova
Germany –A must-win market for Sonova Market share distribution and competitive environment Market share in HI units* Competitive environment Sonova AC Germany 14% Highly regulated and reimbursed market 10% Comparatively low average selling price (ASP) 1.6m units Market outlook of 2-5% unit growth p
Slide 73: GEERS - The power of branding
GEERS - The power of branding Rising to market leader Brand consolidation Impact − Multiple acquisitions led to AC Germany − Economies of scope and scale operating under 17 different brands (ability to invest, i.e. ambassador, TV) − Merged to leverage one Brand − Customer reach − GEERS Brand chosen
Slide 74: Digital lead generation
Digital lead generation Dedicated in-house digital lead generation, qualification & conversion capability as part of the global omnichannel proposition − In-house digital platform for online lead generation, qualification and conversion Lead Generation Factory – Digital Center of Excellence in Berli
Slide 75: In-store excellence - Standardized store concept and design
In-store excellence - Standardized store concept and design Enabling the best hearing experience − In-store sales process completely redesigned − Unique selling proposition − Customers gaining direct access and enjoy pinnacle Audiology New customer journey success: Customer Hearing Care Professional
Slide 76: GEERS Academy
GEERS Academy Gaining the skills and professional qualification in Audiology Career Development Talent Management − 120 Trainees & 70 Meister HCP per year − Frequent feedback culture (# growing steadily YOY) − Early talent identification − 50 Hearing care advisors − Targeted development plans intern
Slide 77: Employee engagement
Employee engagement Driven by knowledge and passion ► High employee satisfaction and engagement key factor to gain customer loyalty and HCP availability 77
Slide 78: Priorities we set to attain market leadership
Priorities we set to attain market leadership Key priorities that helped us generate value in Germany Excellence in governance and leadership ✓ Sonova X (i.e. Standard work and Daily management) ✓ Focus on big impact initiatives Customer engagement ✓ Brand and customer reach ✓ In-store excellence (s
Slide 79: Key Takeaways
Key Takeaways Continued improvement across the entire Audiological Care business − Build a global business and harmonize brands and positioning − Engage our employees and attract, train and retain the best audiologists − Provide pinnacle audiology in innovative store concepts with a superior custome
Slide 80: Unlocking hidden value through Sonova X
Sonova eXcellence Unlocking hidden value through Sonova X Arnd Kaldowski, Chief Executive Officer Ludger Althoff, GVP Operations Lilika Beck, GVP Consumer Hearing
Slide 81: Introduction
Introduction Unlocking hidden value through Sonova X − Process improvements offer a broad range of opportunities for value creation, like − Customer satisfaction (e.g. through reliability) − Sales growth (e.g. through lead conversion) − Efficiency (e.g. labor productivity) − Our excellence system in
Slide 82: The Sonova eXcellence system
The Sonova eXcellence system Sonova’s structured approach to generate value through process improvements Continuous performance Systematic approach & tool box Alignment and optimization improvement Common language, standardization Excellence = Creating defendable and continuous improvement of compet
Slide 83: Sonova’s continuous improvement journey
Sonova’s continuous improvement journey Unlocking hidden value since 2019 Continuous improvement team − Sonova X is how we run our − Championed by COO and CEO Sonova X in all areas business. Every day. Every week. Every Quarter − 40 dedicated experts on Commercial and Operational Excellence in Lean
Slide 84: The Sonova eXcellence system – recent achievements
The Sonova eXcellence system Excerpt of recent Sonova X achievements Growth – accelerating market share gains Talent – key ingredient for sustainable success − Time for effective customer care in pilot stores improved by more than 10% over two years − Internal job fill rate at 67% − Predictability i
Slide 85: Continuous improvement in operations
Sonova eXcellence Continuous improvement in operations Ludger Althoff, GVP Operations
Slide 86: Ludger Althoff
Ludger Althoff Global Vice President Operations 2001 2005 2010 2016 2019 2024 Various key operation VP Quality and Operations at GVP Operations leadership positions ABB Power Grids ► Operations DNA – 23 years in operations leadership positions 86
Slide 87: On time to customer request date (OTTR)
On time to customer request date (OTTR) The importance of on time delivery OTTR : On Time To CUSTOMER Request is a delivery metric measuring the operations team ability to meet OTTR any customer requested delivery in any quantity at any point of time according to their requested date Relevance of ti
Slide 88: Productivity improvement
Productivity improvement Structured approach to continuously improve productivity Typical value-added structures within operations Non-value add tasks: Key enablers for improvement Identify waste type, understand reason Time spent by task category 1 for performance of task “Go to Gemba”: Find so
Slide 89: Productivity gains at Sonova since 2019
Productivity gains at Sonova since 2019 GENERATE STABILITY 2023/24: +14% productivity WHILE DRIVING − Wave 2A complete in factories & repair centers, PRODUCTIVITY − First deployment of Sonova X in HR, Finance and IT, 100+ Continue direct labor Kaizens completed, focus on supply chain optimization pr
Slide 90: Unlocking value through effective customer care
Sonova eXcellence Unlocking value through effective customer care Lilika Beck, GVP Consumer Hearing
Slide 91: Lilika Beck
Lilika Beck Global Vice President Consumer Hearing 2000 2005 2010 2015 2020 2024 Various Marketing & Sales functions Country Director Vice President Sonova Audiological Care GVP Consumer Australia Global Marketing Managing Director Canada Hearing A brand licensed by Sonova ► Over fifteen years cross
Slide 92: Connect Hearing in Canada
Connect Hearing in Canada Sonova presence and current market challenges Market background − Around 650k hearing instruments fitted annually − Hearing aid penetration rate of around 25% − About a 50/50 split between the private and public market − Highly regulated industry, by region and profession −
Slide 93: Applying Sonova X to address capacity constraints
Applying Sonova X to address capacity constraints Developing a more effective clinic calendar model using Sonova X Key initiatives deployed 1. Company standardized calendar 2. Daily management 3. Targeted lead generation − Kaizen completed to create new clinic − Introduce real time data management −
Slide 94: Targeted capacity expansion through M&A
Targeted capacity expansion through M&A Organic growth complemented with acquired capacity in growing, high value regions 2021 2024 − Historically we have a more prominent footprint in BC / West Coast which has a lagging market growth rate (~3%) − Toronto, Ontario benefits from a higher market growt
Slide 95: Key achievements
Key achievements − Outpaced market growth growing share to 10% − Best in class capacity management leading to shorter appointment wait times for clients − Improvements in Average Selling Price vs. industry average − Low regrettable voluntary turnover of staff − High employee engagement scores – cert
Slide 96: Summary and final Q&A
sonova HEAR THE WORLD Summary and final Q&A
Slide 97: Sonova X summary
Sonova X summary − Sonova X established at Sonova across all four businesses and all major functions − The build-up of the system requires the right talent, the right mind-set/culture and participation of all levels throughout the company − Significant progress made on process improvements in all bu
Slide 98: Key Takeaways
Key Takeaways − Continuing to implement our proven strategy to drive profitable growth − Consistently delivering breakthrough innovation based on true consumer needs − Taking the next technology leap with real-time AI sound processing, opening a new chapter in speech enhancement − Executing our broa