Sonos, Inc. (Nasdaq: SONO) today announced that its Board of Directors has authorized a common stock repurchase program of up to $150 million.

Since September 2019, the company has completed $100 million in stock repurchases, including its most recent $50 million stock repurchase program which it completed in the fourth quarter of fiscal 2021. Under these prior authorizations, the company repurchased 5.2 million shares at an average price of $19.30 per share enabling the company to return capital to shareholders and offset dilution from compensation plans.

Patrick Spence, Sonos CEO, commented, “We have just completed a record fiscal 2021 and are confident in the long-term growth, profit and cash generation of our model. We are committed to driving long-term shareholder value. Our strong balance sheet enables us to implement this new repurchase program while continuing to invest in our long-term roadmap and maintaining our flexibility to pursue new strategic opportunities.”

Under 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.

Repurchases under this program will be funded from the company’s existing cash and cash equivalents or future cash flow.