Sonos at Rosenblatt Summit: Strategic Shifts Amid AI Focus

On Monday, 18 August 2025, Sonos (NASDAQ:SONO) presented at the Rosenblatt 5th Annual Technology Summit: The Age of AI. The company reported a mixed performance with a decline in Q3 revenue but exceeded expectations in other areas. CFO Sayori Casey outlined strategic initiatives, including cost-cutting and a focus on platform-based growth, amid a challenging economic landscape.

Key Takeaways

• Sonos exceeded Q3 top-line guidance and met adjusted EBITDA expectations.
• The company anticipates Q4 revenue growth between 2% to 14%.
• Strategic focus on cost reduction aims to save up to $130 million by FY26.
• Expansion plans target underpenetrated markets in Asia Pacific, including India and Japan.
• New CEO Tom Conrad is steering the company towards a platform and system-based approach.

Financial Results

• Q3 2024 revenue was down 13% year-over-year, impacted by last year’s ACE headphone launch.
• Q4 2024 revenue is projected to be between $260 million to $290 million, indicating growth.
• Full-year FY25 revenue is expected to decline 5% to 7%, while adjusted EBITDA could grow 8% to 30%.
• Cost reduction efforts are set to achieve $90 million to $130 million savings by FY26.

Operational Updates

• Tom Conrad has been appointed as the permanent CEO, focusing on streamlining operations.
• Product team reorganization aims to enhance cost efficiency and functional alignment.
• Software advancements include AI speech enhancements and active noise cancellation.
• Sonos is managing tariff impacts by adjusting pricing strategies and focusing on gross profit dollars.
• The company is expanding its presence on platforms like Amazon and Walmart.

Future Outlook

• Sonos plans to articulate long-term growth and margin goals, considering tariff impacts.
• The company is committed to cost efficiency and structural improvements.
• Priorities include capital return through share repurchases and strategic mergers and acquisitions.
• Geographical revenue diversification is a key focus, with an emphasis on the Asia Pacific region.
• Opportunities in the commercial market are being explored, supported by relevant software features.

Q&A Highlights

• Installer feedback is being integrated into product development roadmaps.
• The housing market cycle is recognized as a factor affecting revenue.
• Sonos is enhancing its storytelling to better communicate its value as a software platform company.
• The partnership with Best Buy remains crucial for showcasing the Sonos product range.

Readers are encouraged to refer to the full transcript for a detailed account of the conference call.

Full transcript - Rosenblatt 5th Annual Technology Summit: The Age of AI:

Steve Frankel, Digital Media Analyst: Good afternoon. Welcome to the fifth annual Rosenblatt Age of AI Conference. I’m Steve Frankel, Digital Media Analyst, and it’s my pleasure today to host a discussion with Sayori Casey of Sonos, the company’s CFO and Jaip Spoganes, who heads up IR. I want this to be interactive. So if you have any questions, please hit the link at the bottom of your screen, and we’ll try to get all your questions answered.

Maybe to set the stage, Sayori, you just reported your Q3 earnings. Why don’t you give us a quick overview of what happened there and the comments you made about the future?

Sayori Casey, CFO, Sonos: Thank you, Steve. Thanks for hosting us. It’s our pleasure to be attending your investor conference. And yeah, let me recap a little bit about other earnings that we just completed. So we reported Q3 earnings, we exceeded our top line from our guidance range that we had given out one quarter prior.

And we came in at the high end of our bottom line adjusted EBITDA guidance range. So really, we’re really pleased with our execution. In fact, this was our fourth consecutive quarter of meeting or exceeding our guidance. So we’re really laser focused delivering to what we said we’re going to do and executing against that. And so with that, what’s implied, year to date, first half of the year with minus 6% and we’re minus 8% right now.

But we did have a difficult compare in our third quarter with last year launching our ACE headphone products, where we had a channel fill during that quarter that exceeds usually the selling exceeds our sell through demand. And so given that, we had a negative 13% quarter for Q3. However, with that behind us, we expect Q4 as we have guided 2% to 14% growth from the low end of the guidance range of $260,000,000 to $290,000,000 on the top that would imply a 14% growth year over year with adjusted EBITDA improving $13,000,000 which takes us to implied full year FY 2025 revenue will be somewhere in the range of 5% to 7% decline. However, our adjusted EBITDA bottom line is expected to grow 8% to 30% year over year based on the bottom line that we also guided for Q4 with the Q3 year to date results. So we’re doing everything we can to execute in our volatile environment over the past year through the app as well as the macro environment we are with tariff and the uncertain environment from a consumer demand wise.

So we’re pleased with executing while navigating through those challenges.

Steve Frankel, Digital Media Analyst: And the other big event on the quarter was the promotion of, Tom Conrad, the acting CEO to the permanent role. Give us some thoughts as to how his approach for the business might differ from what was happening before.

Sayori Casey, CFO, Sonos: Yeah. Yeah, we’re very happy to have Tom announced as our CEO. As, most of you know, he was our interim CEO since, January. And, he’s been very much operating in the last six months before named as a permanent CEO side by side with us. In fact, some of the way he has reorganized the product team early on in February has streamlined it to which we have moved from more of a business unit view by product line to a functionally organized view that allowed us to be a lot more streamlined and be able to take cost structure out.

So we really welcomed the opportunity to partner with Tom. As you know, we’ve been on this transformation journey with cost efficiency play and some of the way he’s reorganized and thought about streamlining both the organization and the roadmap has very much aligned with the being able to invest in our future growth by really changing our cost structure. He’s been also increasingly talking in terms of our business being more platform and system play rather than winning individual hardware product sales, Given the delivery of the software is important to us and given what we’ve gone through over the past year of recovering from the initial app, new app launch and making that even better than where we had originally started. And now being able to deliver additional feature and value to our customer is very important to us. And we believe that’s our key differentiator that allow us to not compete just with price and be commoditized.

And so really the ecosystem of products that connects us and the ARPU, the revenue that we generate through our existing household as well as new customer acquisition that fuels our future growth as well from a long term value perspective is very much part of the platform and the system story that Tom is starting to tell. So we’re very excited about how we’re trending towards that play as opposed to competing solely on price with our competitors.

Steve Frankel, Digital Media Analyst: And should we expect at some point in the near future, this vision to be flushed out to the point where you could set out some long term margin goals and long term growth goals for the business?

Sayori Casey, CFO, Sonos: Yes, we certainly would love to do that. We are still navigating through, while the tariff rates have more or less been clarified, the two countries that were predominantly manufacturing in Vietnam and Malaysia. But the price increase that we announced during the earnings call, how the consumers react from a demand as well as how competitors react is still to be said. We’d like to see that through to see how that will play out. But we would love to articulate our long term strategy and the long term growth story.

Steve Frankel, Digital Media Analyst: Okay. And one of the missions you started on before Tom came in was to really rationalize the cost base. So maybe give us an idea of how much costs you’ve taken out of the business and what does that imply for FY 2026 OpEx and where we are in the inventory cycle and what we should expect there?

Sayori Casey, CFO, Sonos: Yes. Thank you. So, we’ve been working hard at this, because we see this as both an opportunity to expand our bottom line, but also really to be able to invest in the future as mentioned. So last quarter during the earnings call, we disclosed the target sort of the run rate that we’re looking to go into FY 2026 with. So on a non GAAP basis, $580,000,000 to $600,000,000 off of that imply about 90,000,000 to $100,000,000 of reduction from what we’re calling a FY 2024 normalized basis, normalized for we have variable compensation like bonuses, for example.

So if you make that apples to apples, how we’re looking at that, that those savings are even greater on a GAAP basis as we had reorganized our organizations and take streamlined some of the management layers, especially at the senior level, expenses like stock based compensation weighs much more heavily into the GAAP based operating expenses. So the amount of take down is more like 100,000,000 to $130,000,000 on a GAAP basis. And we’re happy with the progress that we’re making, but we’re not finished. As we had said, we are the transformation work. We’re doing this while we’re flying the plane.

And while we were focused on improving our software, we did not want to disrupt it while that was happening. But there are very much the way we are thinking about this is more of a structure of the cost as opposed to the short term cost cuts and we want these to be enduring how we run the business and how we run it more efficiently in many ways where we do our R and D, how we’re thinking about different vendors and how we consolidate those vendors to get better cost volume efficiency and many, many other ways we can reduce cost. And so those are things that we’re looking at an ongoing basis and that will continue on in through FY 2026 as well. So our work is not done. We haven’t provided further guidance to that because we want to evaluate our top line and with the tariff happening, we want to see how the price elasticity will turn out with also how the competitors will show up in this environment.

And so we have we build ourselves flexibility to both flow some to the bottom line as well as also offset some of the tariff expenses and be able to reinvest into the business for the future growth.

Steve Frankel, Digital Media Analyst: Great. And you’ve also generated a meaningful amount of free cash flow through this period, despite all the headwinds. What are the priorities for that cash?

Sayori Casey, CFO, Sonos: Yeah, we very much would like to leave flexibility to do both return on capital, the shareholder share repurchases, as well as if we have an opportunity to accelerate some of our initiatives to be able to do as we have done in the past tuck in M and A as necessary, but we’re really looking at this as we improve cash free cash flow by tightening up our inventory and our working capital. We want to be able to use that in a way that’s most meaningful return and fueling growth of the company, both top and the bottom line. So we’ll be looking at this very carefully. As we have done in Q3, we wanted to leave open big flexibility and navigate through tariff and we have paused the share repurchases in Q3 to be able to pull in inventory or buy additional components as needed. But now with enough clarity for the tariff, we intend to go back into the market to do repurchases.

Steve Frankel, Digital Media Analyst: Great. And you’ve got the app significantly improved from a year ago. Where is the team focusing its time today in terms of software and the user experience?

Sayori Casey, CFO, Sonos: Yeah. No, thank you for asking. Tom would tell you that our work in improving the core experience as he calls it is never finished. And so while the metrics will say that our app is in a better place than even the predecessor before we launched this new app. Now that’s not our bar.

We want to continue to raise that bar to not just to have performance or reliability, but to be able to create more value to our customer through the software delivery and features. And so we’ve been doing that over recent, there’s a couple that we’ve released recently that notably changes the way the value is delivered through the customer through the existing hardware that we have. And so we’re continuing to be focused on that core experience given how Sonos has established its reputation as a brand of system and uniqueness is through that. And so that very much is a big pillar for us and to add value to our customer over the lifetime of their with us is very important to us not only to retain those customers, but also to continue to get, return from those customers as they purchase more Sonos products.

Steve Frankel, Digital Media Analyst: Could you give us a couple of examples of these software innovations that you’re

Sayori Casey, CFO, Sonos: doing now? Recently Why it matters? Yeah. No, absolutely. Recently, we delivered AI speech enhancements that was recently rolled out on ARC Ultra and another one being active noise cancellation update to our ACE headphones.

So when you bought Sonos ACE headphone, it came with the features at the time, but we’re able to provide more features to those existing hardware that’s out in the market. So we’re very happy to be able to do that. And we believe that’s our differentiating factor to not have our products being commoditized in the market.

Steve Frankel, Digital Media Analyst: Great. Maybe we should cover this at the beginning, but one of the keys to Sonos is, winning new homes and then growing the number of devices per home. Maybe you could walk us quickly through how that works and kind of where are we in that process?

Sayori Casey, CFO, Sonos: Yeah. Both are important to us. Winning new homes certainly provides us opportunity and winning new homes could be both in our existing markets that we have already, been playing in, like S. Market, for example, where we’re winning shares.

But equally important is markets that we have not been high in market share. That means there’s much more opportunity for us to go into and some are literally we’re scratching the surface on some of those markets. And so new customers through those are important. And then subsequently the repurchase of those customers as they’re satisfied with Sonos experience and the core experience that we continue to deliver as we talked about earlier and to be able to have lifetime value out of those customers with a higher ARPU is very important to us as well. So those are two pillars that play on each other.

But gaining quality new customers is key for us as opposed to one and done type of new customers.

Steve Frankel, Digital Media Analyst: And that differentiation really comes about on what the initial items are or item that the customer purchases, right? We should Yes, think about

Sayori Casey, CFO, Sonos: that’s right. Yes, I know we have enough data now to know which products play the role of getting new customers and which products tend to be more of an attached to existing customers. And so that also very much plays into our pricing strategy and especially with the tariff mitigation the point being, action being price pricing, we’re very much leaning on that historical data to be able to do this in a surgical way as opposed to a peanut butter way.

Steve Frankel, Digital Media Analyst: And maybe give us a couple specific examples. What are the gateway products and what are products that tend to be kind of one offs?

Sayori Casey, CFO, Sonos: Yeah, yeah, we used at the last earnings call, we used the example of how we have decreased the price on ERA 100. That is a gateway product for us that tends to be the entry into Sonos ecosystem. And then the customers add on from there. And so pricing ourselves out of that initial market was not serving as well. So we have reduced the price from $2.49 to 199 and that elasticity from that price decrease has turned out to do what we expected based on historical information and the data that of the behavior of the customers.

And we’re also starting to see the recycle repurchase cycle that culminate from subsequently from that, but that’s early days still, but we’re encouraged by what the initial data shows. And so that’s an example, products like Arc Ultra or Sound Bars are also entry into it as well and probably a little less about the high end, although some customers do go in initially with the home theater setup as well. So both fronts, the Beam is another entry point where customers expand from there. Sometimes they will upgrade from there to the high end sound bars or you may start with high end sound bars and you add additional rooms with other mid sized sound bars as well. But Air 100 is an example where you’re leaning on the price, understanding that that is a gateway product to the rest of our portfolio.

Steve Frankel, Digital Media Analyst: Okay. You’ve gained share for multiple quarters in North American home theater. Why do you think that’s happening? And what does that say about the broader competitive landscape?

Sayori Casey, CFO, Sonos: Yeah, we’re very happy to see that given a home theater product category is a large part of our portfolio, but we believe Arc Ultra helped us win in this category this year, be able to gain market share because of differentiation on the product. As we talked a little bit about tuck in type of acquisition has been important for Sonos, many technologies and delivery were accelerated as a result of that and ArcUltra might that we had purchased that came with a transducer sound motion technology that we were able to now embed in ArcUltra Ultra has been a key differentiating factor for the success of the home theater market share gains this year.

Steve Frankel, Digital Media Analyst: Okay. And we talked a minute ago about international expansions. Maybe give us a couple of specifics of markets where you think you’re underpenetrated and what do you need to do to ramp those markets up and how soon before they might be material contributors to your growth?

Sayori Casey, CFO, Sonos: Yeah. No, we while we’re happy to have market share gains in markets like a larger market like The U. S. The fact that we’re not number one market share in some of the other market is an opportunity for us. If you look at our revenue ratio across the geography, we’re very heavy North America followed by Europe, but very minimal in Asia Pacific as an example of that really is a tremendous opportunity for us.

And those are markets where American brands have done also quite well. But they range from emerging markets like India, where there’s plenty of high income households that are demanding Sonos products. And it’s more recently that we have been certified and compliant to ship our product that will be compliant in the market. And we see revenue tick up as a result of that, but combined with our effort and we have internal initiatives to be able to have a cross functionally organized way of targeting certain markets, so that we can win in a more meaningful way. So that’s an example of emerging markets and there are mature markets like Japan, where there’s certainly not an emerging from an any sense of income of household that we have not had a meaningful penetration and focus in that regard.

And that’s another market where we most recently have become certified and compliant and be able to ship new products like ARC Ultra. So we’re excited for the opportunity given the untapped nature of both of those types of markets that we’re now looking at, we’re calling them Sonos growth markets, because they’re not necessarily emerging from an external sense.

Steve Frankel, Digital Media Analyst: Okay, we’ve touched on tariffs a couple of times, but you’ve talked about it on the call and taking a surgical approach to how you would change prices. Maybe give us a little more detail on what that looks like in real time. Yeah,

Sayori Casey, CFO, Sonos: So now with enough clarity, for the two locations that we do our manufacturing through contract manufacturer that’s U. S. Bound. So that’s Vietnam and Malaysia with 2019% tariff rates respectively. We have we know enough what our expenses are going to be if we don’t do any mitigation of cost related to those.

And with 60% or roughly 60% of the business being U. S. Based for us. Yet that’s another reason why we want to be more diversified from a revenue perspective. But in the meantime, we have to do what we have to do.

So working closely with our partner channel partners on the pricing and promotions and the channel margin type of strategy to the extent there’s different types of elasticity across our products. It behooves all of us both our manufacturers and our channel partners for us to keep the volume up as much as possible, but we want that volume to be a profitable volume that flows to maximize gross profit dollars. That’s sort of the story that we’ve been telling more recent as opposed to a high gross margin percent being most important. We want the gross profit dollars to be maximized even through this process. So we’re using actually the same playbook, in pricing and looking at tariff and how we mitigate some of that, along with promotional strategy and so forth, but specific around pricing, we want to have the least amount of impact to the volume.

And so understanding price elasticity of each of our product in our portfolio and what role they each play. We will lean in more on the new customer acquisition or the quality new customer acquisition products like Era 100, where we may price lower in terms of lower increase to the price versus the more inelastic products that we have that may be going through installers or high end products that we have. So, yes, generally the mantra of maximizing for gross profit and using our pricing strategy elasticity and new customer acquisition in the ARPU continues to be very much center of even our tariff mitigation action plans.

Steve Frankel, Digital Media Analyst: Okay, consistent story there. One of the secret sauces to the company’s success has been this professional installation channel. And clearly they had their challenges when you had the app issues. What are they telling you today? And what are they asking for that might drive even more business from those partners?

Sayori Casey, CFO, Sonos: Yes. Yes. No, we are very much appreciative of our installer channel. That is a huge opportunity for us, but they stuck with us during our app challenges, which very much plays to our strength that we provide premium quality products that installers can be proud to recommend to their end consumers. But sort of the ease and the systemness and the connectedness, the platform play very much also plays with our installers.

Obviously, they want a lot more software features and we have forums in which we take their feedback and incorporate it into our roadmap, both software and hardware perspective as well. And we very much value that because they’re the eyes and the ears of what our customer segment that we’re really going after, are looking for. So, we’re very much dependent on them to get that information as well as from our ongoing customers as well. But expanding in that channel is hugely important, both the products that we sell and products that we’re not selling yet, there were opportunities that we have. What they’re installing were subset of what they install in the house in their customer homes, and that’s also another opportunity for us.

Steve Frankel, Digital Media Analyst: Okay. And and how material is like commercial today? And can you make that a bigger part of the business?

Sayori Casey, CFO, Sonos: We believe there’s a tremendous opportunity there. We know that, we need to deliver on more software features in order to have the best experience. And not all like commercials are the same. And so we want to make sure that we’re not we don’t get ahead of ourselves to have poor customer experience that will shut down that opportunity for us and go about it in a way that where we can win and provide best experience. But that that’s very much, part of what we’re hoping to expand into once we’re able to really take advantage of the residential, and solar markets in a more meaningful way.

Steve Frankel, Digital Media Analyst: And is this typically a new set of installer partners or do a lot of your existing installer partners also do this business today? So you have the channel pretty well established already.

Sayori Casey, CFO, Sonos: Yes. I think it’s both. I think there’s opportunities to partner with more installers that do larger jobs than just residential. So our go to market team is certainly looking at both.

Steve Frankel, Digital Media Analyst: I have a question from the audience on how important is the housing market cycle for you? And is there an opportunity if the housing market starts to improve?

Sayori Casey, CFO, Sonos: It certainly is, you know, combination of new housing starts, the remodels and how people upgrade and move, and also when they upgrade TV, for example. So any of those opportunities or new opportunities for us to, expand or create upgrade cycles as well. So all of those things are kind of intertwined and, has to feel Sonos revenue.

Steve Frankel, Digital Media Analyst: Okay, great. One of the other new things you did over the past year was establish a direct presence on Amazon. What have you learned from that?

Sayori Casey, CFO, Sonos: Yeah, no, it’s very interesting. We did have our own DTC channel, direct to consumer business as well. But what we’re finding is that we need to be where our consumers play, play as in like play, where how they like to purchase our product. And so channels like online Amazon will bring us new customers as well. And that’s an area in which we’re looking at our promotional strategies so that we get the quality customers that will lead to ongoing repurchases as well.

But expanding channel is important to us to be able to be where we want the customer customers are, and their purchasing behaviors and to the extent we can gain incremental new customers, those opportunities are very key for us.

Steve Frankel, Digital Media Analyst: All right. And, I heard you this morning mentioned that Walmart is a relatively new channel for you as well, right?

Sayori Casey, CFO, Sonos: Yes. So again, realize the channel that the consumers that the large consumers that they serve. And so we believe that will expand our new customer acquisition as well.

Steve Frankel, Digital Media Analyst: Okay. And going back to the management change, do you think that Tom has the complete team today or should we not be surprised to see additions or further swap outs of the core team over the next near term?

Sayori Casey, CFO, Sonos: Yeah. You know, he’s since he’s been a CEO, coming up on a month, he’s already made some changes to the leadership team. He was as he was the interim CEO, he was also playing in somewhat of an interim, chief product officer as well, but he’s organized the product team further so that he can scale as a CEO to be able to have day to day operations of the product being done by his key leader leaders and elevated some leaders into the, executive staff level, as his direct reports and also, you know, colleague colleagues to my level as well. I believe, he has mentioned externally that, you know, he is taking on the CMO, the the leader of the marketing team search. And so I think that’s as far as I know, the the most recent opening that he is looking at, we have a great interim CMO right now, but she has a couple other responsibilities, big responsibilities as direct reporting to Tom, customer service and DTC business.

And so that’s too many things for one person to physically handle. And so Tom is very much now venturing into the search of the CMO. Okay.

Steve Frankel, Digital Media Analyst: I’m sorry, have a couple of questions from the audience. So let me take a look So at broadly speaking, this investor is saying, how does Sonos go about telling its story to consumers better than it has in the past? How do you get everybody excited and really get your name recognition up in markets where maybe you aren’t as recognized as you are here in The US?

Sayori Casey, CFO, Sonos: Yeah. No, that’s a very good question. Past year, certainly, we needed to get our software in order. But more recent with most recent earnings call, Tom is starting to talk about our business in terms of platform and system play. And so we do have more work to do to be able to articulate that better to our consumer, so that we are not competing just on price and raise to the bottom and win in a different way than just pricing and promotional strategy alone.

And so that is something we’re very much working on with also our marketing leaders as well to make sure that we’re able to articulate our long term strategy both as we do on these financial type calls as well as our marketing strategy and our product roadmap all combined telling the same story in a way that will resonate with our customers that we’re not a commoditized hardware only customer, but we’re a software platform based company that we continue to provide value to our customers well beyond the initial purchase of the hardware products. So that is something that we need to do in a better way. And we’re excited to be able to provide that more updates to that in quarters to come. And so that is something, I’ve also been saying as well as Tom with now, he’s been on board as permanent CEO for one month. So we’re actively working on that, but more to come on that.

Steve Frankel, Digital Media Analyst: Great. And it is a product that really needs to be experienced and that’s either in a friend’s home, which is really the best way to experience it or at retail. Where are you today in your relationship with Best Buy in terms of making sure that a consumer that walks into a Best Buy gets a really good taste of what Sonos has to offer.

Sayori Casey, CFO, Sonos: Yeah. Yeah, no, I mean, to the extent we don’t have our own stores, our partnership with Best Buy, those that deliver that full experience is very, that partnership is very important to us. So we continue to work closely with them to make sure that we can both articulate our story. Our go to market leader is very much focused on investing in training both our own go to market team, but as well as our partner as well to be able to tell that full story in a way that they can also experience it and hear the story at the same time. So we’re very happy about that investment that we’re making on that.

Steve Frankel, Digital Media Analyst: Okay. Maybe just to to bring it all together, other than the recent rally in the stock, which is long overdue, What do you think investors are missing or under appreciating about the Sonos story today?

Sayori Casey, CFO, Sonos: Yeah, no, I think, we were touching on this, right? We probably have more work to do in articulating the value proposition that Sonos brings as opposed to one and done hardware sale company. How we’re navigating through these uncertain times, tariffs and pricing and some of the category trends in the best way we can delivering more to the bottom line. For example, again, rebuilding the plane while we’re flying one hasn’t been trivial, but we’re very confident that we can come out of this really strong and streamlined and very nimble and efficient as a company. And so we’re really committed to some of these structural profit improvements that we’ve been making.

And so that we can also reinvest in not only core experiences, but in our future growth opportunities, both products and geography acquiring new customers and expanding into more diversified geographic footprints. And so all those things, we’re working on that we haven’t articulated all that well, especially the platform and the system play aspect of things as mentioned earlier, we’re also actively working with the marketing team to be able to tell that story better. But, yes, so that’s, you know, we are, navigating through some choppy uncertain times, but we’re really confident that we’re coming out of this in a strong way.

Steve Frankel, Digital Media Analyst: Well, that’s great. I really appreciate your time today and look forward to watching how this all plays out in the coming quarters.

Sayori Casey, CFO, Sonos: Great. Thanks for having us, Steve. Really, really appreciate it.

Steve Frankel, Digital Media Analyst: Thank you so much.

Sayori Casey, CFO, Sonos: Thank you, Steve. And thank you, Rosenblatt. Take care. Thank you. Take care, everybody.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.