Sonos, Inc. (NASDAQ:SONO) Q1 2024 Earnings Call Transcript

Patrick Spence: Thanks, Briana. I just want to hit two things in closing. First, we delivered a successful Q1 in a challenging and highly promotional environment. Our performance in Q1 puts us on track to meet our first half and fiscal 2024 expectations in terms of revenue, gross margin and adjusted EBITDA. Second, we are laser focused on what we can control. We are taking share without compromising on gross margin. We are at the onset of a multiyear product cycle as we harvest the benefits of our investments to enter new categories and launch new products, starting with the one we will be announcing and shipping in Q3. We are expanding our distribution to ensure we meet the customer where they want to shop. We are reinventing our brand marketing and activation to tap into culture and address new audiences.

Our commitment to operational excellence means improving our gross margins tightly, managing our expenses to deliver adjusted EBITDA, margin expansion and working down our inventory position to improve our free cash flow conversion. We made great progress this quarter and will look to build upon our success in the quarters and years to come. Thanks for your time today and we look forward to speaking with you again next quarter.

Operator: This concludes today’s conference call. You may now disconnect.