Yeah, well, we'll have to send you an invite to give you all the details, but it will be early in September. And let me say a bit more while saving the big news for the day. As I said in our prepared remarks, this moment will be the first opportunity for me to publicly introduce some of the work that we've been doing on the product side over the course of the last year. And It's really about conversational computing and predictive intelligence moving into the home. And in this moment, Sonos brings 20 years of solving the hard problems that are uniquely created in the home across four dimensions. The first dimension is what I would call excellence in form. Sonos is every dimension of sound. Big speakers, little speakers, with microphones, without microphones, optimized for music, optimized for home theater. on the go, in your ears, installed in the very architecture of your home. And no one else in the category covered product seamlessly integrated and better together, where really the whole is much more than the sum of the parts. But it also means that all of the products are deeply integrated with all of the outside ecosystems that customers expect. Airplay, Bluetooth, Spotify Connect, even Line In. The third dimension is excellence and sound. We have state-of-the-art audio from the best digital and analog sound engineers in the world, and they tune all of our products to the unique requirements of each individual home through technology like TruePlay. And then finally, the fourth dimension is about excellence in intelligence, which is where conversational computing and predictive intelligence that are built on a deep understanding of the context of the home and how the family lives in it finally come to life. And on intelligence, I really think that the lasting value is going to be in what surrounds AI models in the home. Hardware that can converse with quality across every room, the system that understands the shape of your home and how you live in it. the connectivity to reach the speakers and to combine them together in powerful ways, the services and devices that turn a request into a coordinated action across a broad ecosystem. That's the operating environment for AI in the home, and we've spent 20 years building it. And so it's that combination of where we already excel and where computing is going next that I think really meaningfully expands the opportunity in front of it. So you mix that together with 53 million connected devices, 17 million homes. We have this incredible competitive advantage as intelligence moves into the home, building on the trust and experience that we spent all of these years earning. I think that's exactly what these new experiences are going to require, and I can't wait to tell you more about it in September.

Great. And Saori, congratulations. It's been a great run. I'll jump back in the queue.

Thank you, Steve.

Let somebody else answer some questions.

Your next question comes from the line of Eric Woodring with Morgan Stanley. You may go ahead.

Hey, guys. Thank you very much for taking my questions, and congrats on the nice results and guide here. Tom, you know, in the prepared remarks or in the press release, you attribute some of Sonos' recent success to the system strategy that you have implemented. Just at the surface, it's kind of hard to necessarily see that kind of like on the headline number. So can you maybe just help us understand, for example, how devices per household as of June 30th differ from the end of your last fiscal year? Or, for example, how much incremental revenue growth in 3Q versus the first half of the year came from some of those existing households adding products to versus New Household Acquisition. Just any color that you can share to help us better understand how that system strategy is working.

I don't think I'm going to get into the specifics of those intra-year results on the dimensions that you're highlighting, but I can say that we're really building the business around the full picture of our success. Households growing, lifetime value expanding, seeing our competitive leadership compound, and and we're working all of these dimensions in concert while we keep an eye, of course, on unhealthy gross profit dollars too. And you've heard me talk about the growth levers that were were activating against product innovation. You know, earlier this year, we launched Sonos Play and Arrow 100 SL, both which contributed nicely to not only our results in the quarter, but our intention to grow the footprint of Sonos in new households around the world. We're launching AMP Multi on August 25th, a completely unique product that is a core demonstration of how the system is incredibly powerful in this moment. We've launched improved software that we're really proud of, that our customers love, that's driving a return to advocacy and across every mechanism that we measure. And of course, we have this launch event coming in September that we just couldn't be more excited about. on customer advocacy. You heard us talk about the way that we've been working directly with our customers on Reddit and our customers in our beta program and all of our constituencies to understand how they're using our products and improve them based on their real world feedback. You heard me talk about what Colleen is building around phenomenal new storytelling about the Sonos system and what the brand can be in the world. You'll start to see that land in the fall as well. You heard us talk about double-digit growth around the world in our geo-expansion countries. And of course, we're saying more and more about how we're integrating with emerging trends like conversational computing and predictive intelligence. I'm really, really proud of how the company is executing across all of these levers to drive the results that we saw in the quarter, which I just couldn't be more proud of.

Okay, I appreciate that. I appreciate that added color. And then, you know, Saori, I'm not going to say goodbye yet. You're still on board. So just an early congrats. But maybe just to clarify your comments on fiscal 27. I realize these are all directionally, but two clarifications. Just first, when you say the momentum from 2026 will flow into 2027. Are you implicitly telling us to expect growth to accelerate from the fiscal 26 run rate? I just want to make sure we understand that comment correctly. and then beyond that, I think what you're kind of implying to us is non-GAAP gross margins for fiscal 27 will be around 40% kind of that low end of the 4Q range with like flattish op-ex as you remain disciplined. Just is that how I should interpret your comments? Again, realize it's not a guide, but just want to make sure I'm understanding your comments properly. Thank you so much.

Thank you, Eric. Great questions. Yeah, so when we say momentum, we talk about, you know, how we return to growth and the type of growth that we shared in our Q3 fiscal quarter that we just reported. And, you know, Q4 normalized for the extra week, and we have the multi-week. that we're launching happily at the end of August. So we are certainly getting boost from that. But we're talking not necessarily continued ongoing accelerated growth, but momentum of growth in general. So just a bit of a color as opposed to an explicit number. And I think you're in the ballpark there as far as a non-GAAP gross margin based on what we're saying. That's what we're looking at based on what we can see today in the current memory price dynamics. and then your read on the OpEx being flattish is basically what we're saying as far as the investments that we feel comfortable with from today.

Okay, super helpful. And then maybe just last one for me, Tom, going back to you. I'm sure you're anticipating getting this question, but just obviously some of the, let's call them the AI labs, are maybe looking to get into part of your world, right? Maybe not the focus on sound, but a focus maybe on using similar form factors to what you guys produce to, again, try to do something like conversational AI. We'd love your high-level thoughts. Obviously, I don't want you to spill the beans on anything you'll tell us in September, unless you want to, but just high-level thoughts there, please. Thanks so much.

Yeah, I guess I'll just start by reminding everyone on the call that we've been competing with the biggest of big tech for customers in the home for, you know, nearly a decade. and so on. It has exceptional sound and increasingly will be delivering these intelligence experiences that I think will be really unique to the Sonos platform. So I always tell the team, and every company I've ever been in, frankly. If you're doing something interesting, the biggest players in tech will see the same opportunity. And so our job is to win on the field, and I'm really confident in the products and services and system that we're building for this next chapter in computing.

Awesome. I'd love to hear it. Congrats again, guys. Good luck.

Thank you.

Hi, Dan. If you would like to ask a question, press star 1 on your telephone keypad. There are no more questions at this time. Thank you, ladies and gentlemen. This concludes today's conference call. You may disconnect.