Dolby Laboratories Inc (DLB) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Dolby Laboratories' Conference Call discussing fiscal third quarter results. (Operator Instructions) As a reminder, this call is being recorded, Thursday, August 3, 2023.

女士們先生們，感謝你們的支持。歡迎參加杜比實驗室電話會議，討論第三財季業績。 （操作員說明）謹此提醒，本次通話將於 2023 年 8 月 3 日星期四進行錄音。

I would now like to turn the conference call over to Liz Krukowski from Dolby Laboratories. Please go ahead, Liz.

我現在想將電話會議轉給杜比實驗室的 Liz Krukowski。請繼續，莉茲。

Good afternoon, and welcome to Dolby Laboratories' Third Quarter 2023 Earnings Conference Call. Joining me today are Kevin Yeaman, Dolby Laboratories' CEO; and Robert Park, the CFO. As a reminder, today's discussion will include forward-looking statements, including our Q4 and fiscal 2023 outlook and our assumptions underlying that outlook. These statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today, including, among other things, the impact of current macroeconomic issues, ongoing supply chain issues, inflation, changes in consumer spending and geopolitical instability on our business and other risks and uncertainties specific to our business.

下午好，歡迎參加杜比實驗室 2023 年第三季度收益電話會議。今天加入我的是杜比實驗室首席執行官 Kevin Yeaman；和首席財務官羅伯特·帕克。提醒一下，今天的討論將包括前瞻性陳述，包括我們對第四季度和 2023 財年的展望以及我們對該前景的假設。這些陳述受到風險和不確定性的影響，可能導致實際結果與今天的陳述存在重大差異，其中包括當前宏觀經濟問題、持續的供應鏈問題、通貨膨脹、消費者支出變化和地緣政治不穩定對我們的影響。業務以及我們業務特有的其他風險和不確定性。

A discussion of these and additional risks and uncertainties can be found in the earnings press release that we issued today under the section captured Forward-looking Statements as well as in the Risk Factors section of our most recent quarterly form 10-Q. Dolby assumes no obligation and does not intend to update any forward-looking statements made during the call as a result of new information or future events.

關於這些以及其他風險和不確定性的討論可以在我們今天發布的收益新聞稿中的“前瞻性陳述”部分以及我們最近的季度表格 10-Q 的“風險因素”部分中找到。杜比不承擔任何義務，也不打算因新信息或未來事件而更新通話期間所做的任何前瞻性聲明。

During today's call, we will discuss non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial measures is available in our earnings press release and in the Interactive Analyst Center on the Investor Relations section of our website.

在今天的電話會議中，我們將討論非公認會計準則財務指標。公認會計原則和非公認會計原則財務指標之間的調節可在我們的收益新聞稿和我們網站投資者關係部分的互動分析師中心中找到。

So with that introduction behind us, Kevin, let's get started. What are you seeing in the business?

凱文，介紹完了之後，我們就開始吧。您在企業中看到了什麼？

Well, Q3 came in about where we expected, and our outlook for the year is in line with what we shared last quarter. What we're focused on every day is driving towards sustainable double-digit growth by bringing more Dolby experiences to more people and more types of content.

嗯，第三季度的表現與我們的預期一致，我們對今年的展望與我們上季度分享的一致。我們每天關注的重點是通過為更多的人和更多類型的內容帶來更多的杜比體驗，推動可持續的兩位數增長。

With our foundational audio technologies, we have a diversified base, and we continue to work to strengthen our position across each of our end markets. Over the long term, having this diversified base of revenues is a very strong position to be in.

憑藉我們的基礎音頻技術，我們擁有多元化的基礎，並且我們將繼續努力加強我們在每個終端市場的地位。從長遠來看，擁有這種多元化的收入基礎是一個非常有利的地位。

As it relates to Dolby Atmos, Dolby Vision and imaging patents, we're focused on the design wins that drive long-term growth. And our 3 areas of focus continue to be movies and TV, music, including automotive and user-generated content. Now if I take a step back, there's just never been a time where we're seeing greater demand for entertainment content, and that's what creates opportunities for Dolby.

由於它涉及杜比全景聲、杜比視界和成像專利，因此我們專注於推動長期增長的設計勝利。我們的 3 個重點領域仍然是電影和電視、音樂，包括汽車和用戶生成的內容。現在，如果我退後一步，我們從未看到過對娛樂內容的更大需求，這也為杜比創造了機會。

On the focus areas you just mentioned, can you talk about progress with movies and TV?

就你剛才提到的重點領域，能否談談影視方面的進展？

Yes. So with movies and TV, we're focused on driving adoption across all your living room devices and beyond PCs, mobile devices and driving that demand starts with being a part of the content that people care most about. We partner with the top creators who are passionate about continuing to push the boundaries on the experience that they're creating. There's been a lot of excitement this quarter around this summer's blockbusters in the cinema. Moviegoers can enjoy both Barbie and Oppenheimer in Dolby Cinema. So we have a strong presence across movies and TV, and that includes sports. And sports is an area where we continue to make progress.

是的。因此，對於電影和電視，我們致力於推動所有客廳設備的採用，超越個人電腦、移動設備，並從成為人們最關心的內容的一部分開始推動這一需求。我們與頂級創作者合作，他們熱衷於繼續突破他們所創造的體驗界限。本季度今年夏天的影院大片令人興奮不已。電影觀眾可以在杜比影院欣賞《芭比娃娃》和《奧本海默》。因此，我們在電影和電視領域擁有強大的影響力，其中包括體育賽事。體育是我們不斷進步的領域。

Sports is, of course, a big demand driver for devices, particularly TVs. Many of you likely love the same sports team today that you did 10 or 25 years ago. And these events are what bring communities together. People are emotionally attached to these experiences and they want to have the best experience however they watch in their game or their match. This quarter, sports fans were able to enjoy the French Open in Dolby Vision and Dolby Atmos, Wimbledon in Dolby Atmos on Sky Germany and the UEFA championship games, including the finals, where Man City took home the win, are available in Dolby Atmos.

當然，體育運動是設備（尤其是電視）的巨大需求驅動力。你們中的許多人可能仍然喜歡 10 或 25 年前一樣喜歡的運動隊。這些活動將社區聚集在一起。人們對這些體驗有著情感上的依戀，他們希望無論在比賽或比賽中如何觀看，都能獲得最好的體驗。本季度，體育迷們能夠在德國天空電視台上以杜比視界和杜比全景聲觀看法國網球公開賽、以杜比全景聲觀看溫布爾登網球公開賽，並通過杜比全景聲觀看歐足聯冠軍賽，包括曼城奪冠的決賽。

On the service side, Max launched their top-tier service, Max Ultimate with Dolby Atmos and Dolby Vision. So now consumers can enjoy more content in Dolby across services, including HBO, Discovery and Warner Bros.

在服務方面，Max推出了他們的頂級服務Max Ultimate with Dolby Atmos和Dolby Vision。因此，現在消費者可以跨服務享受更多杜比內容，包括 HBO、Discovery 和華納兄弟。

As we've talked about, regional streaming partners and local OEMs are a significant part of the market. And so we continue to focus on increasing our presence. And this quarter, TCL, who earlier this year announced that Dolby Vision and Dolby Atmos will be included in all of their new 4K TV models in the U.S. announced that they are expanding Dolby Vision and Dolby Atmos into all of their regional models in India.

正如我們所討論的，區域流媒體合作夥伴和本地 OEM 是市場的重要組成部分。因此，我們繼續致力於擴大我們的影響力。今年早些時候，TCL 宣布將杜比視界(Dolby Vision) 和杜比全景聲(Dolby Atmos) 納入其在美國的所有新4K 電視型號中，本季度，TCL 宣布將杜比視界(Dolby Vision) 和杜比全景聲(Dolby Atmos) 擴展到其在印度的所有區域型號中。

Acer launched a local line of TVs with Dolby Vision and Dolby Atmos TVs in India, and we added our first pay TV partner in Vietnam. So we continue to make good progress with these regional providers. We're focused on expanding further into the lineups with our global partners, and that's what continues to drive growth in this area.

宏碁在印度推出了配備杜比視界和杜比全景聲電視的本地電視系列，並在越南增加了首個付費電視合作夥伴。因此，我們繼續與這些區域供應商取得良好進展。我們致力於與全球合作夥伴進一步擴大產品陣容，這將繼續推動這一領域的增長。

Can you talk about what you're seeing with music?

您能談談您對音樂的看法嗎？

Yes. Well, once again, it all starts with content. And globally, the library of songs in Dolby Atmos from artists across genres, continues to grow. And just this quarter, we added The Beach Boys, Snoop Dogg and many more. More than 85% of the global Billboard top 100 artists continue to create music in Dolby Atmos, and we're expanding further into regional content. This quarter, WYNK Music, a free streaming service available to India Airtel's 360 million subscribers announced that they are going to support Dolby Atmos Music. We now have 3 of the top 5 streaming services in India, and there are thousands of songs by local artists available in Dolby Atmos from the biggest music labels, including Saregama, T-Series and Yash Raj Films.

是的。好吧，再說一次，一切都從內容開始。在全球範圍內，杜比全景聲 (Dolby Atmos) 中來自不同流派的藝術家的歌曲庫持續增長。就在本季度，我們添加了 The Beach Boys、Snoop Dogg 等樂隊。全球公告牌 100 強藝術家中超過 85% 繼續使用杜比全景聲 (Dolby Atmos) 創作音樂，我們正在進一步擴展到區域內容。本季度，向 India Airtel 3.6 億用戶提供的免費流媒體服務 WYNK Music 宣布將支持杜比全景聲 (Dolby Atmos Music)。我們現在擁有印度排名前5 的流媒體服務中的3 個，並且有來自Saregama、T-Series 和Yash Raj Films 等最大音樂唱片公司的杜比全景聲(Dolby Atmos) 格式的本地藝術家的數千首歌曲。

Expanding local music catalogs in Dolby Atmos Music is important because it brings more consumers into the Dolby Atmos Music experience and it creates more value for our hardware partners, which creates for us the opportunity to gain adoption across a much wider range of devices. That includes sound bars, phones, smart speakers and particularly automotive, anywhere that consumers enjoy music.

擴展杜比全景聲音樂中的本地音樂目錄非常重要，因為它可以讓更多消費者體驗杜比全景聲音樂，並為我們的硬件合作夥伴創造更多價值，從而為我們創造在更廣泛的設備上獲得採用的機會。其中包括條形音箱、手機、智能揚聲器，特別是汽車，以及消費者享受音樂的任何地方。

You just mentioned several device categories where you're driving growth with Dolby Atmos Music. Can you talk more about bringing the Dolby Atmos Music experience to the car?

您剛才提到了您通過杜比全景聲音樂推動增長的幾個設備類別。您能否詳細談談如何將杜比全景聲 (Dolby Atmos) 音樂體驗帶入汽車？

Yes. From the early days when we first started demonstrating Dolby Atmos Music, one of the questions we always got, whether it was artists or music labels is are we going to be able to have this experience in the car? Because people love their music experience in the car, and it's the perfect environment for Dolby Atmos Music. And our partners continue to add more models across more markets, which is increasing the availability of Dolby Atmos to consumers.

是的。從我們第一次開始演示杜比全景聲音樂的早期開始，無論是藝術家還是音樂唱片公司，我們總是遇到的一個問題是我們是否能夠在車內獲得這種體驗？因為人們喜歡車內的音樂體驗，而車內是杜比全景聲 (Dolby Atmos) 音樂的完美環境。我們的合作夥伴繼續在更多市場中添加更多型號，這提高了消費者對杜比全景聲 (Dolby Atmos) 的可用性。

Nearly half of our partners now have multiple car models with Dolby Atmos. This quarter, NIO and Lotus, which started in the domestic Chinese market, have now launched cars in Europe. And Mercedes has over a dozen car models available with Dolby Atmos, and they continue to add and ship more models globally.

我們近一半的合作夥伴現在擁有多種配備杜比全景聲 (Dolby Atmos) 的車型。本季度，蔚來和路特斯在中國國內市場起步，現已在歐洲推出汽車。梅賽德斯有十多種車型配備杜比全景聲 (Dolby Atmos)，並且他們還在繼續在全球範圍內添加和運送更多車型。

So in just over 2 years, we went from our first announcement to having 9 car manufacturers and it's still early days. Our current partners are still ramping up, and we continue to engage with more auto manufacturers.

因此，在短短 2 年多的時間裡，我們從首次宣布發展到擁有 9 家汽車製造商，而且現在還處於早期階段。我們現有的合作夥伴仍在增加，我們將繼續與更多的汽車製造商合作。

Today, you talked about the growing demand for different types of content. What are you seeing with user-generated content?

今天，您談到了對不同類型內容不斷增長的需求。您對用戶生成的內容有何看法？

Well, with user-generated content, more and more people are able to unleash their creativity and their storytelling, and it's increasing the amount and the types of content. And by bringing the power of Dolby Vision, we're enabling people to capture the experience that inspires them and to share those videos in the most realistic and lifelike way. We have great momentum in China, where people can create and share their stories on social media platforms that include WeChat, Bilibili and QQ.

嗯，通過用戶生成的內容，越來越多的人能夠釋放他們的創造力和講故事的能力，並且內容的數量和類型也在增加。通過利用杜比視界的力量，我們使人們能夠捕捉激發他們靈感的體驗，並以最真實、栩栩如生的方式分享這些視頻。我們在中國發展勢頭強勁，人們可以在微信、嗶哩嗶哩和QQ等社交媒體平台上創作和分享他們的故事。

From a device perspective, Dolby Vision capture is a part of iOS globally. And with Android, we have our first device wins with Xiaomi, OPPO and Vivo. This quarter, India's largest short video platform, Moj, became our latest social media platform to adopt Dolby Vision. It has more than 300 million subscribers, and they can now create and share their stories in Dolby Vision with their iOS devices or their Xiaomi phones. We also added a partner in Singapore this quarter. Viddsee is a short film video platform that now supports Dolby Vision and Dolby Atmos. So their global community of storytellers can now create and share films in Dolby. And Motorola became our latest partner to announce and start shipping their first Dolby Vision playback phone. Growing our user-generated content ecosystem is all about continuing to expand further the services, giving access to creators to create in Dolby, and that's what creates more demand for our device partners to expand further into their lineups and of course, to bring on new partners.

從設備角度來看，杜比視界捕捉是全球 iOS 的一部分。在 Android 方面，我們贏得了小米、OPPO 和 Vivo 的第一款設備。本季度，印度最大的短視頻平台Moj成為我們最新採用杜比視界的社交媒體平台。它擁有超過 3 億訂閱者，他們現在可以使用 iOS 設備或小米手機在杜比視界中創作和分享他們的故事。本季度我們還在新加坡增加了一位合作夥伴。 Viddsee 是一個短片視頻平台，現已支持杜比視界和杜比全景聲。因此，他們的全球故事講述者社區現在可以使用杜比製作和分享電影。摩托羅拉成為我們最新的合作夥伴，宣布並開始發貨其首款杜比視界播放手機。發展我們的用戶生成內容生態系統就是繼續進一步擴展服務，為創作者提供使用杜比進行創作的機會，這就是對我們的設備合作夥伴產生更多需求的原因，以進一步擴展他們的產品線，當然，也帶來新的內容夥伴。

As you look beyond movies and TV, music and user-generated content, what else is the team working on?

除了電影和電視、音樂和用戶生成的內容之外，您的團隊還在做什麼？

Well, of course, we're really excited about the areas we just talked about, but we're also always working on a number of new things. We haven't talked about gaming. You may have seen earlier this week that Sony made an announcement about PlayStation 5 in Dolby Atmos. As it relates to Dolby.io, we're seeing a lot of interest in online immersive experiences, personalized experiences that have the promise of increasing audience engagement. In particular, our ability to provide high-quality audio and video streamed in ultra-low latency along with the ability to have natural sounding conversations between participants opens up a possibility of new experiences that our developers and potential customers are really excited about.

嗯，當然，我們對剛才討論的領域感到非常興奮，但我們也一直致力於許多新事物。我們還沒有討論過遊戲。您可能已經在本週早些時候看到索尼發布了有關採用杜比全景聲 (Dolby Atmos) 技術的 PlayStation 5 的公告。就 Dolby.io 而言，我們看到人們對在線沉浸式體驗和個性化體驗非常感興趣，這些體驗有望提高觀眾的參與度。特別是，我們能夠以超低延遲提供高質量的音頻和視頻流，並且能夠在參與者之間進行自然的對話，這為我們的開發人員和潛在客戶提供了真正令人興奮的新體驗。

Stepping back, what's exciting is there continues to be a tremendous amount of innovation on both content creation and storytelling and those storytellers are always looking to push the boundaries of the stories they can tell. And of course, we see the same thing with our hardware partners who are looking to push the boundaries of what's possible. And that's what creates opportunities for us. We're always hard at work, reinventing what it means to have a Dolby experience and bringing the experiences that are most important to people to life.

退一步來說，令人興奮的是內容創作和故事講述方面不斷出現大量創新，而那些講故事的人總是尋求突破他們所能講述的故事的界限。當然，我們的硬件合作夥伴也看到了同樣的情況，他們希望突破可能的界限。這就是為我們創造機會的原因。我們始終努力工作，重塑杜比體驗的意義，並將對人們最重要的體驗帶入生活。

Kevin, do you want to do a quick wrap-up before Robert comes on to talk about the numbers?

凱文，在羅伯特開始談論這些數字之前，你想快速總結一下嗎？

Yes. Well, this is our passion. It's enabling artists and the creator and all of us to tell better stories and to bring out the full emotion of those experiences. There's been a significant increase in the amount of content available to us as consumers. There are more types of content. There are more ways to enjoy that content. There's more ways to receive and experience that content.

是的。嗯，這就是我們的熱情。它使藝術家、創作者和我們所有人能夠講述更好的故事，並充分展現這些體驗的情感。作為消費者，我們可以獲得的內容數量顯著增加。內容類型更多。有更多方式來享受這些內容。有更多方式接收和體驗該內容。

And across the board, that's what creates opportunities for Dolby to make a difference in each of those experiences and all the ways in which they are delivered. So we're going to continue to focus on raising the bar on the quality of those experiences. We've been doing that for decades, and I'm confident in the growth opportunities ahead.

從整體上看，這為杜比創造了機會，讓每一種體驗及其交付方式都變得與眾不同。因此，我們將繼續致力於提高這些體驗的質量標準。幾十年來我們一直這樣做，我對未來的增長機會充滿信心。

Thanks, Kevin. Robert, can you walk us through the financials for the quarter.

謝謝，凱文。羅伯特，您能給我們介紹一下本季度的財務狀況嗎？

Of course, before we get into the details, I'd like to highlight a couple of things. First, total revenue of $298 million was in line with the guidance we provided last quarter. Second, based on what we're seeing today, revenue outlook for the year is expected to range from $1.285 billion to $1.315 billion. This results in 2% to 5% growth year-over-year, also in line of what we shared last quarter.

當然，在我們討論細節之前，我想強調幾件事。首先，2.98 億美元的總收入符合我們上季度提供的指導。其次，根據我們今天看到的情況，今年的收入前景預計在 12.85 億美元至 13.15 億美元之間。這導致同比增長 2% 至 5%，也與我們上季度分享的情況一致。

With that as context, let's turn to the details for Q3. Q3 revenue of $298 million was up 3% year-over-year. Licensing revenue was $273 million, up 1% year-over-year. Growth in our Dolby Atmos, Dolby Vision and imaging patent category, primarily in other markets, PC and broadcast more than offset lower revenue from foundational audio category, primarily in mobile, CE and PC. Products and services revenue was $25 million, up 24% year-over-year, driven by higher cinema product sales.

以此為背景，讓我們轉向第三季度的詳細信息。第三季度收入為 2.98 億美元，同比增長 3%。授權收入為2.73億美元，同比增長1%。我們的杜比全景聲、杜比視界和成像專利類別（主要在其他市場、個人電腦和廣播市場）的增長遠遠抵消了基礎音頻類別（主要在移動、消費電子和個人電腦）收入的下降。在影院產品銷量增加的推動下，產品和服務收入為 2500 萬美元，同比增長 24%。

Now let's talk about licensing revenue by end market. As a reminder, our licensing business is based on unit shipments. We also have transactions that reflect revenue from units shipped in prior periods, which we call recoveries and minimum volume commitments were all or a portion of the revenue for a given period is recognized upfront. These transactions are all related to unit shipments and the only difference is timing.

現在我們來談談終端市場的許可收入。提醒一下，我們的許可業務是基於單位出貨量的。我們還有反映前期發貨單位收入的交易，我們稱之為回收和最低數量承諾，即預先確認給定期間的全部或部分收入。這些交易都與單位發貨有關，唯一的區別是時間。

Broadcast represented about 38% of total licensing in Q3 2023, up $4 million or 4% year-over-year, with higher revenue from minimum volume commitments and imaging patents. Revenue from foundational technologies were roughly flat and higher recoveries offsetting lower revenue from unit shipments and minimum volume commitments.

2023 年第三季度，廣播許可約佔許可總額的 38%，同比增長 4%，即 400 萬美元，來自最低數量承諾和成像專利的收入有所增加。來自基礎技術的收入大致持平，較高的回收率抵消了單位出貨量和最低數量承諾帶來的收入下降。

Mobile represented about 18% of total licensing in Q3 '23, down $13 million or 20% on a year-over-year basis, driven by lower revenue from minimum volume commitments, primarily impacting foundational technologies. PC represented about 11% of total licensing in Q3 '23, up $3 million or 9% on a year-over-year basis, driven by higher revenue from minimum volume commitments and imaging patents, partially offset by lower unit shipments, primarily impacting foundational technologies.

23 年第 3 季度，移動許可約佔許可總額的 18%，同比下降 1300 萬美元，即 20%，這是由於最低數量承諾帶來的收入下降所致，這主要影響了基礎技術。 PC 約佔23 年第3 季度授權總量的11%，同比增長300 萬美元，即9%，這是由於最低數量承諾和成像專利帶來的收入增加所推動的，但部分被單位出貨量下降所抵消，主要影響了基礎業務技術。

Consumer electronics represented about 13% of total licensing in Q3 '23, down $4 million or 11% on a year-over-year basis, driven primarily by lower unit shipments of sound bars and DMAs, primarily impacting foundational technologies. Other markets represented about 20% of total licensing in Q3 '23, up $15 million or 36% on a year-over-year basis, driven by higher patent pool admin fees related to imaging patents, a higher true-up in gaming and increased adoption of Dolby Atmos in auto.

2023 年第3 季度，消費電子產品約佔許可總額的13%，同比下降400 萬美元，即11%，這主要是由於條形音箱和DMA 單位出貨量下降所致，這主要影響了基礎技術。其他市場約佔 2023 年第 3 季度許可總額的 20%，同比增長 1500 萬美元，即 36%，這是由於與成像專利相關的專利池管理費較高、遊戲領域的調整率較高以及增長在汽車中採用杜比全景聲(Dolby Atmos)。

Now let's turn to expenses and margins. Total non-GAAP gross margin in the third quarter was 87% of revenue versus 88% in the third quarter of last year due to a higher mix of products and services revenue. Non-GAAP operating expenses in the third quarter were $193 million compared to $179 million in the third quarter of fiscal year '22. The increase was primarily driven by higher labor, timing of patent program sent and higher travel.

現在讓我們轉向費用和利潤。由於產品和服務收入組合的增加，第三季度非 GAAP 總毛利率佔收入的 87%，而去年第三季度為 88%。第三季度非 GAAP 運營費用為 1.93 億美元，而 22 財年第三季度運營費用為 1.79 億美元。這一增長主要是由於勞動力增加、專利計劃發送時間安排以及差旅增加所致。

During the quarter, we recorded a non-GAAP restructuring charge of about $17 million in the quarter, comprised of severance and related benefits along with charges related to the exit of a lease facility as we continue to align resources to our most impactful opportunities and optimize our geo footprint.

本季度，我們記錄了約 1700 萬美元的非 GAAP 重組費用，其中包括遣散費和相關福利，以及與租賃設施退出相關的費用，因為我們繼續將資源調整到最具影響力的機會並優化我們的地理足跡。

Non-GAAP operating income was $65 million or 22% of revenue compared to 26% of revenue in Q3 of last year. The non-GAAP income tax rate was 25.6% compared to 13.9% in Q3 of last year, which included more discrete items in this year. Net income on a non-GAAP basis was $54 million or $0.55 per diluted share compared to $69 million or $0.68 per diluted share in Q3 of last year. During the third quarter, we generated $121 million in cash from operations compared to $173 million generated in last year's fiscal Q3. We ended the third quarter with about $987 million in cash and investments.

非 GAAP 營業收入為 6500 萬美元，佔收入的 22%，而去年第三季度為收入的 26%。非公認會計準則所得稅率為 25.6%，而去年第三季度為 13.9%，其中包括今年更多的離散項目。非 GAAP 淨利潤為 5400 萬美元，或稀釋後每股收益 0.55 美元，而去年第三季度為 6900 萬美元，或稀釋後每股收益 0.68 美元。第三季度，我們從運營中產生了 1.21 億美元的現金，而去年第三季度的現金為 1.73 億美元。截至第三季度末，我們擁有約 9.87 億美元的現金和投資。

During the third quarter, we bought back about 295,000 shares of our common stock and ended the quarter with $237 million of stock repurchase authorization available going forward. We also announced today a cash dividend of $0.27 per share. The dividend will be payable on August 22, 2023, to shareholders of record on August 14, 2023.

在第三季度，我們回購了約 295,000 股普通股，並在本季度末獲得了 2.37 億美元的股票回購授權。今天我們還宣布派發每股 0.27 美元的現金股息。該股息將於2023年8月22日支付給2023年8月14日登記在冊的股東。

Thank you, Robert. With that, let's turn to FY '23 guidance.

謝謝你，羅伯特。接下來，讓我們轉向 23 財年的指導。

We continue to operate in a challenging and uncertain environment. For the full year fiscal 2023, we continue to expect that our revenue from foundational audio technologies will decline low single digits year-over-year, reflecting lower unit shipments in PC, CE, broadcast and mobile, consistent with what we've said previously.

我們繼續在充滿挑戰和不確定的環境中運營。對於 2023 財年全年，我們繼續預計我們來自基礎音頻技術的收入將同比下降低個位數，反映出 PC、CE、廣播和移動設備的單位出貨量下降，這與我們之前所說的一致。

We are on track to hit our target of 15% to 25% growth in Dolby Atmos, Dolby Vision and imaging patents driven by growth in broadcast and other markets. We expect this will more than offset the declines in foundational audio that we are expecting.

在廣播和其他市場增長的推動下，我們有望實現杜比全景聲 (Dolby Atmos)、杜比視界 (Dolby Vision) 和成像專利增長 15% 至 25% 的目標。我們預計這將足以抵消我們預期的基礎音頻的下降。

With these assumptions, our full year 2023 revenue is expected to range from $1.285 billion to $1.315 billion. Within this, we anticipate licensing revenue to range from $1.185 billion to $1.21 billion, with growth in other markets and broadcast, driven by Dolby Atmos, Dolby Vision, and imaging patents outpacing the decline in PC and CE, primarily impacting revenue from foundational technologies.

根據這些假設，我們 2023 年全年收入預計在 12.85 億美元至 13.15 億美元之間。其中，我們預計授權收入將在11.85 億美元至12.1 億美元之間，在杜比全景聲(Dolby Atmos)、杜比視界(Dolby Vision) 和成像專利的推動下，其他市場和廣播市場的增長將超過PC 和CE 的下降，這主要影響基礎技術的收入。

Products and services revenue is expected to range from $100 million to $105 million. Non-GAAP gross margin is estimated to be roughly 88%. Non-GAAP operating expenses are expected to range from $760 million to $770 million. We continue to be disciplined with our spend and review our resource envelope and allocation on a regular basis. We expect operating margins to be roughly 30% on a non-GAAP basis for the year. We anticipate non-GAAP diluted earnings per share of $3.30 to $3.50.

產品和服務收入預計在 1 億美元至 1.05 億美元之間。非 GAAP 毛利率預計約為 88%。非 GAAP 運營費用預計在 7.6 億美元至 7.7 億美元之間。我們繼續嚴格控制支出，並定期審查我們的資源範圍和分配。我們預計，按照非 GAAP 計算，今年的營業利潤率約為 30%。我們預計非 GAAP 稀釋後每股收益為 3.30 美元至 3.50 美元。

Thanks, Robert. Any closing thoughts before we open it up for questions?

謝謝，羅伯特。在我們開始提問之前，有什麼結束的想法嗎？

Of course. We continue to make progress, are confident in our long-term growth opportunities and believe the fundamentals of Dolby's durable operating model, balance sheet and cash flows remain strong.

當然。我們不斷取得進展，對長期增長機會充滿信心，並相信杜比持久運營模式、資產負債表和現金流的基本面依然強勁。

All right. With that, we are ready for questions, operator.

好的。至此，我們準備好回答問題了，接線員。

(Operator Instructions) Our first question comes from Ralph Schackart from William Blair.

（操作員說明）我們的第一個問題來自威廉·布萊爾的拉爾夫·沙卡特。

Kevin, just maybe on the macro, if you just kind of take a step back, where you're sitting today, maybe relative to, let's say, last quarter? And perhaps if you could sort of go back to when you provided the initial outlook for this fiscal year, how would you sort of characterize the macro now versus when you provide your -- that outlook as well?

凱文，也許就宏觀而言，如果您退後一步，您今天所處的位置，也許是相對於上個季度而言？也許，如果您可以回顧一下您提供本財年的初步前景時，與您提供該前景時相比，您會如何描述現在的宏觀經濟？

Yes. Well, I think when we entered the year, we expected that we would see lower unit shipments across the number of our end markets, which are really PC and mobile, and that's what we've seen play out. So I guess I would say some of the things we were expecting at the beginning of the year have transpired. And as I look to where we are on macro now, we're -- it's encouraging to see economists and pundits increasingly giving chances for a soft landing in the U.S.

是的。嗯，我認為，當我們進入這一年時，我們預計我們的終端市場（實際上是個人電腦和移動設備）的單位出貨量將會下降，這就是我們所看到的結果。所以我想我會說我們年初所期待的一些事情已經發生了。當我審視我們目前的宏觀狀況時，令人鼓舞的是，經濟學家和專家越來越多地為美國軟著陸提供了機會。

At the same time, when we're talking to our partners, particularly in areas like mobile or PC, I would say they're still understandably cautious. It's been a dynamic period of time and they're still working through some of those issues. And of course, we're a global company. So the real feel of the economic environment differs depending on where you are.

與此同時，當我們與合作夥伴交談時，特別是在移動或 PC 等領域，我想說他們仍然持謹慎態度，這是可以理解的。這是一個充滿活力的時期，他們仍在解決其中一些問題。當然，我們是一家全球性公司。因此，對經濟環境的真實感受取決於你所在的地方。

Okay. Great. And then just looking at products and services gross margin, it looks like there's a little break in trend there. Just curious what's driving that?

好的。偉大的。然後，只要看看產品和服務的毛利率，趨勢似乎出現了一些突破。只是好奇是什麼推動了這一點？

Ralph, this is Robert here. In terms of product service gross margin, in the third quarter, the lower gross margin is attributable to higher excess and obsolete reserves in the quarter. But if you look at in terms of the full year, it should be closer to the mid-teens. We're not quite back to what I'd say the prepandemic levels. That's what we'd like to get back to. But in the current period, that the volumes are lower than they were the prepandemic levels. They are slightly depressed.

拉爾夫，這是羅伯特。從產品服務毛利率來看，第三季度毛利率較低是由於本季度超額準備金和廢棄準備金較高。但如果從全年來看，應該更接近十幾歲左右。我們還沒有完全回到我所說的大流行前的水平。這就是我們想要回到的。但在當前時期，數量低於大流行前的水平。他們有些鬱悶。

Our next question comes from Steven Frankel from Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的史蒂文·弗蘭克爾。

Last quarter, I think one of the dynamics was some of the deals kind of got pulled in and signed earlier than expected. What's the environment like now if you go to do annual negotiations with some of these larger customers? Are you seeing them wanting to push back and take their time or do you think the decision-making patterns are going to return to normal?

上個季度，我認為其中一個動態是一些交易比預期更早地被拉動和簽署。如果您去與其中一些大客戶進行年度談判，現在的環境是什麼樣的？您是否看到他們想要推遲並慢慢來，或者您認為決策模式會恢復正常？

That's a tough one to generalize, Steve. I think even last quarter, we observed in the latter part of last year, we had some deals that took longer. And then the first half of this year, we had some deals that came in earlier in the year. It really is facts and circumstances based. What's the partner, what's the -- what are they prioritizing, what's their dynamic. But of course, all of that is considered into our guidance for the quarter and the year, which is coming in about in line with what we expected when we last spoke.

這很難一概而論，史蒂夫。我認為，即使在上個季度，我們在去年下半年觀察到，我們也有一些交易需要更長時間。今年上半年，我們在今年早些時候達成了一些交易。這確實是基於事實和情況的。合作夥伴是什麼，他們優先考慮什麼，他們的動力是什麼。但當然，所有這些都被考慮到我們對本季度和年度的指導中，這與我們上次談話時的預期基本一致。

So I think stepping back a level, what we're really focused on is the demand signals are around our key focus areas. And on that front, we've been able to add the partners we're seeking to add for Dolby Vision capture and Mobile with this year, including OPPO, Vivo and Xiaomi. We've continued to add auto partners, and we've continued to make progress in TV, particularly with some of the regional partners. India was a highlight again this quarter. So the demand is there, and I don't think I can generalize on deal timing, except that it can always vary and the climate is about what we expected it would be.

因此，我認為退一步講，我們真正關注的是圍繞我們關鍵重點領域的需求信號。在這方面，我們已經能夠添加我們今年尋求添加的杜比視界捕捉和移動合作夥伴，包括 OPPO、Vivo 和小米。我們繼續增加汽車合作夥伴，並且我們在電視領域繼續取得進展，特別是與一些區域合作夥伴的合作。印度再次成為本季度的亮點。因此，需求是存在的，我認為我不能概括交易時間，除非它總是會發生變化，而且氣候與我們的預期一致。

Okay. And -- so there was a big step-up in goodwill and intangibles for the quarter. Was that related to managing IP pools? Or is there something else that you acquired in the quarter?

好的。而且，本季度的商譽和無形資產大幅增加。這與管理 IP 池有關嗎？或者您在本季度還獲得了其他東西嗎？

Steve, yes, the step-up in intangibles and goodwill is related to the acquisition we talked about last quarter, which was MPEG LA, to strengthen and diversify our imaging patent portfolio.

史蒂夫，是的，無形資產和商譽的提升與我們上季度討論的收購 MPEG LA 有關，該收購旨在加強我們的成像專利組合併使其多樣化。

I just wanted to make sure. And then what were true-ups in the quarter? And were there any material recoveries in the quarter that you would call out?

我只是想確定一下。那麼本季度的真實情況是什麼？您認為本季度是否有任何材料回收？

Steve, yes, the true-ups are really a nonfactor for this quarter, positive about $1 million. So nothing really to note in terms of our true-ups from last quarter's volume. Of course, they vary by end device, but overall, it was about $1 million.

史蒂夫，是的，本季度的真實情況確實是一個無關緊要的因素，大約為 100 萬美元。因此，就我們上季度銷量的調整而言，沒有什麼真正值得注意的。當然，它們因終端設備而異，但總體而言約為 100 萬美元。

Okay. And then there's a noticeable decrease in the pace of the buyback versus last year. So -- what does that say about your capital allocation strategy going forward?

好的。與去年相比，回購速度明顯放緩。那麼，這對你們未來的資本配置策略有何影響？

Yes, Steve, with respect to the buyback, what we've said is our policy is really to at least offset dilution from stock-based compensation. And that's what you're seeing we're doing right now is executing on that plan. Last year was a little accelerated or a heightened level of buyback. But for this year, we're kind of going with the policy of offsetting our dilution.

是的，史蒂夫，關於回購，我們所說的是我們的政策實際上是至少抵消股票薪酬的稀釋。這就是你所看到的我們現在正在執行的計劃。去年的回購速度有所加快或提高。但今年，我們將採取抵消股權稀釋的政策。

Okay. And then on the restructuring, can you give us any details on kind of what particular areas you were deemphasizing or projects you might be pulling people off of versus areas where you're investing?

好的。然後，關於重組，您能否向我們提供一些詳細信息，說明您不重視哪些特定領域或您可能會將人員從您正在投資的領域中撤出的項目？

Most of it, Steve, it was across a range of areas, and there were areas that we identified for efficiency across a broad range of areas. I wouldn't attribute to any one project or initiative. Some of it was facilities related. And so nothing that is directly -- certainly nothing as it relates to a change in any of the business focus areas we've been talking about.

史蒂夫，其中大部分涉及一系列領域，並且我們在廣泛的領域中確定了一些提高效率的領域。我不會歸因於任何一個項目或倡議。其中一些與設施有關。因此，沒有什麼是直接的——當然也沒有什麼，因為它與我們一直在談論的任何業務重點領域的變化有關。

Our next question comes from Jim Goss from Dolby (sic) [Barrington Research Associates].

我們的下一個問題來自杜比（原文如此）[Barrington Research Associates] 的 Jim Goss。

I don't -- again, I'm a couple of moments late, so maybe I missed this, but I didn't hear a lot of comments about music. I'm wondering if there were any further developments in that particular application.

我沒有——再說一次，我遲到了幾分鐘，所以也許我錯過了這一點，但我沒有聽到很多關於音樂的評論。我想知道該特定應用程序是否有任何進一步的發展。

Yes. We talked about the fact that we continue to add artists and songs, great momentum on the artist side. We did add a new service in India, WYNK, which we now have 3 of the top music services in India and a large catalog of local music with 3 major labels. So on the content and services side, a lot of progress. That's what creates the demand for the device side and all the ways that people experience music. And then on that front, we noted that NIO and Lotus, who had initially launched in China, have now launched in Europe. Mercedes launched more models. So -- and we continue to have strong engagement, strong pipeline for bringing more auto manufacturers on board.

是的。我們談到了我們繼續添加藝術家和歌曲的事實，藝術家方面的勢頭強勁。我們確實在印度添加了一項新服務 WYNK，我們現在擁有印度 3 個頂級音樂服務以及包含 3 個主要唱片公司的大量本地音樂目錄。所以在內容和服務方面，取得了很多進步。這就是對設備端以及人們體驗音樂的所有方式產生需求的原因。在這方面，我們注意到蔚來和蓮花最初在中國推出，現在已經在歐洲推出。梅賽德斯推出了更多車型。因此，我們將繼續保持強有力的參與和強大的渠道，以吸引更多汽車製造商加入。

Okay. And are you seeing these applications as having any significant impact in terms of any of the licensing revenues or in any other way?

好的。您是否認為這些應用程序對任何許可收入或任何其他方式產生重大影響？

Yes. Well, if we look at it on -- it's always best for us to look at this on an annual basis. And automotive has consistently been one of the categories Robert highlights as a driver of increases in other markets. And that really is a result of Dolby Atmos in cars. Other areas for music, of course, or sound bar, speakers, et cetera, that falls in our CE category, which on the foundational side has lower unit volumes this year, but then that's being partially offset by being -- yes, that's being offset to some extent by increased adoption of Atmos and Vision and some of that would be driven by Music.

是的。好吧，如果我們逐年審視這個問題，那麼我們最好每年審視一下這個問題。汽車一直是羅伯特強調的其他市場增長驅動力的類別之一。這確實是汽車中杜比全景聲 (Dolby Atmos) 的結果。當然，音樂的其他領域，或者條形音箱、揚聲器等，屬於我們的 CE 類別，今年基本面的單位銷量較低，但隨後被部分抵消——是的，那就是Atmos 和Vision 的採用增加在一定程度上抵消了這一影響，其中一些將由音樂推動。

Okay. Is that gaming and other 20% roughly equally split then between gaming and automotive?

好的。那麼遊戲和其他 20% 的份額在遊戲和汽車領域是否大致平分呢？

We haven't broken the categories out yet, but it is -- as you point out, it's gaming, it's automotive, it's Dolby Cinema that -- to contribute to that category, also our patent administrator fees for our licensing pools. So those are the categories. And when they rise to individually large enough, then that's when we would make it a category of its own.

我們還沒有分解這些類別，但正如您所指出的，它是遊戲、汽車、杜比影院，為該類別做出貢獻，還有我們的許可池的專利管理費。這些就是類別。當它們單獨增長到足夠大時，我們就會將其作為一個單獨的類別。

You're very focused on Atmos and Vision which you should be obviously and that's increased penetration is driving the company right now. We always look for the next big thing. Are there any things more that can be done in terms of sound quality and placement that their models are probably not considering right now? It always seems that something might come along. I'm just wondering if your engineers are developing things that might not be obvious on the surface that could create that extra category or even a nuance that can command some higher royalty rates in the future, say, with the top level of products?

您非常關注 Atmos 和 Vision，這顯然是您應該關注的，而滲透率的提高正在推動公司發展。我們總是尋找下一件大事。在音質和佈局方面還有哪些可以做的事情是他們的模型目前可能沒有考慮到的？似乎總有什麼事情可能會發生。我只是想知道你們的工程師是否正在開發一些表面上不明顯的東西，這些東西可能會創造出額外的類別，甚至是一個細微差別，可以在未來獲得更高的版稅率，比如頂級產品？

They're always focused on the next thing. We just had our Tech Summit a couple of weeks ago, and it's a combination of tech talks, kind of a hackathon, if you will, of top ideas. And what they're doing in that week and hopefully, what they're doing here -- and I believe what they're doing year-round is, yes, they're looking at the current state of technology, the future state of technology, what types of experience is that going to make possible? Obviously, we engage across the ecosystem, whether it's creators, content owners and distributors and where hardware manufacturers are pushing the boundaries and looking to solve the problems that are going to pave the way for that next set of experiences.

他們總是專注於下一件事。幾週前我們剛剛舉行了技術峰會，它是技術演講的結合體，如果你願意的話，可以說是一場黑客馬拉松，是頂級創意的結合。他們在那一周所做的事情，希望他們在這裡所做的事情 - 我相信他們全年所做的事情是，是的，他們正在研究當前的技術狀態，未來的狀態技術，它將帶來什麼類型的體驗？顯然，我們參與整個生態系統，無論是創作者、內容所有者和分銷商，還是硬件製造商正在突破界限並尋求解決問題，從而為下一組體驗鋪平道路。

And in that respect, there's a lot of things that go into that equation of the types of things you're thinking about, whether it's where AR and VR take us, what the implications of AI are but that's what they are always thinking about. And yes, we have a lot of things we're excited about.

在這方面，有很多事情都涉及到你正在思考的事物類型的等式，無論是 AR 和 VR 將我們帶向何方，人工智能的影響是什麼，但這就是他們一直在思考的問題。是的，我們有很多令人興奮的事情。

I will now turn the call over to Kevin for closing remarks.

現在我將把電話轉給凱文做總結髮言。

Okay. Great. Well, thank you, everybody, for joining us today, and we look forward to updating you again soon.

好的。偉大的。好的，謝謝大家今天加入我們，我們期待很快再次為您帶來最新消息。

Ladies and gentlemen, that concludes today's call. Thank you for all joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連接。