Dolby Laboratories Inc (DLB) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Dolby Laboratories conference call discussing first-quarter fiscal year 2025 results. (Operator Instructions)

女士們，先生們，感謝大家的支持，歡迎參加杜比實驗室電話會議，討論 2025 財年第一季業績。（操作員指令）

As a reminder, this call is being recorded Wednesday, January 29, 2025. I would now like to turn the conference over to Mr. Peter Goldmacher, Vice President of Investor Relations. Peter, please go ahead.

提醒一下，本次通話是在 2025 年 1 月 29 日星期三錄製的。現在，我想將會議交給投資者關係副總裁 Peter Goldmacher 先生。彼得，請說。

Thank you, operator, and good afternoon, and welcome to Dolby Laboratories first-quarter 2025 earnings conference call. Joining me today are Kevin Yeaman, Dolby Laboratories CEO; and Robert Park, Dolby Laboratories CFO.

謝謝接線員，下午好，歡迎參加杜比實驗室 2025 年第一季財報電話會議。今天與我一起出席的還有杜比實驗室執行長 Kevin Yeaman；以及杜比實驗室財務長羅伯特·帕克（Robert Park）。

As a reminder, today's discussion will include forward-looking statements, including our fiscal 2025 second quarter and full year outlook and our assumptions underlying that outlook. These statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today, including, among other things, the impact of macroeconomic events, supply chain issues, inflation rates, changes in consumer spending and geopolitical instability on our business.

提醒一下，今天的討論將包括前瞻性陳述，包括我們對 2025 財年第二季和全年的展望以及我們對該展望的假設。這些聲明受到風險和不確定因素的影響，可能導致實際結果與今天的聲明有重大差異，包括但不限於宏觀經濟事件、供應鏈問題、通貨膨脹率、消費者支出變化和地緣政治不穩定對我們業務的影響。

A discussion of these and additional risks and uncertainties can be found in the earnings press release that we issued today under the section captioned forward-looking statements as well as in the Risk Factor section of our most recent quarterly report on Form 10-Q.

有關這些以及其他風險和不確定性的討論，請參閱我們今天發布的收益新聞稿中「前瞻性陳述」部分以及我們最新的 10-Q 表季度報告的「風險因素」部分。

Dolby assumes no obligation and does not intend to update any forward-looking statements made during this call as a result of new information or future events.

杜比不承擔任何義務，也不打算根據新資訊或未來事件更新本次電話會議中所做的任何前瞻性陳述。

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。您可以在我們的收益新聞稿中以及我們網站投資者關係部分的互動分析師中心查看 GAAP 和非 GAAP 財務指標之間的對帳表。

With that, I'd like to turn the call over to Kevin.

說到這裡，我想把電話轉給凱文。

Thanks, Peter. Thanks to everyone for joining us today for the first-quarter FY25 earnings call.

謝謝，彼得。感謝大家今天參加我們的 2025 財年第一季財報電話會議。

Both licensing revenue and total revenue came in towards the high end of the range of the guidance that we provided on our last earnings call. And non-GAAP earnings for the quarter came in above the high end of the range. It's a strong start to the year, which gives us confidence that we are on track to achieve the annual financial guidance we gave on the fourth quarter earnings call.

授權收入和總收入均達到了我們在上次收益電話會議上提供的指導範圍的高端。本季的非公認會計準則收益高於預期範圍的高端。今年開局強勁，讓我們有信心實現我們在第四季度財報電話會議上給予的年度財務指導。

We continue to expect foundational revenues to be roughly flat for the full year, and we have robust engagement from our broad ecosystem of content creators, distributors, and OEM partners. Dolby Atmos, Dolby Vision and imaging patents are well-positioned to grow roughly 15% for the full year, and we continue to expect to grow non-GAAP earnings faster than revenue.

我們繼續預計基礎收入將全年基本持平，並且我們廣泛的內容創作者、分銷商和 OEM 合作夥伴生態系統都積極參與其中。杜比全景聲 (Dolby Atmos)、杜比視界 (Dolby Vision) 和成像專利預計將在全年實現約 15% 的成長，並且我們預計非 GAAP 收益的成長速度將繼續快於收入的成長速度。

I'll cover a few of the highlights for the quarter, and then I'll turn the call over to Robert to review the financials. Our creative community continues to show strong support for Dolby Atmos and Dolby Vision.

我將介紹本季度的一些亮點，然後將電話轉給羅伯特來審查財務狀況。我們的創意社群繼續大力支持杜比全景聲和杜比視界。

All eight of the 2025 Grammy nominees for best new artist are available in Dolby Atmos, and seven out of a Grammy nominees for Record of the Year and Album of the Year are available in Dolby Atmos. For calendar year 2024, over 80% of the domestic box office and almost 70% of the global box office came from Hollywood and local titles released and Dolby Atmos and Dolby Vision.

2025 年格萊美最佳新人獎提名的 8 位歌手均採用杜比全景聲技術，格萊美年度唱片獎和年度專輯獎提名的 7 位歌手均採用杜比全景聲技術。就 2024 日曆年而言，超過 80% 的國內票房和近 70% 的全球票房來自好萊塢和本地發行的電影以及杜比全景聲和杜比視界。

In addition to music and movies, the momentum continues to build across music, TV, live sports, and user-generated content. We wrapped up CES a few weeks ago, and the Dolby experience was on display across the show floor, including in cars, TVs, PCs, and sound bars.

除了音樂和電影之外，音樂、電視、體育直播和用戶生成內容等領域的成長動能也持續增強。幾週前我們結束了 CES 展會，杜比體驗在整個展廳中展示，包括汽車、電視、個人電腦和條形音箱。

Starting with auto. We have announced partnerships with over 20 OEMs and those 20-plus OEM brands have over 60 models and market with Dolby Atmos. Many of our partners, after starting with the high-end models, are expanding Dolby Atmos deeper into their lineups. One of our earliest partners, Mercedes, had over 15 models and market by the end of 2024. We are also excited that Li Auto has the first car and market with both Dolby Atmos and Dolby Vision.

從自動開始。我們宣布與 20 多家 OEM 建立合作夥伴關係，這 20 多個 OEM 品牌擁有 60 多種型號，並採用 Dolby Atmos 進行行銷。我們的許多合作夥伴在從高階機型開始後，正在將杜比全景聲 (Dolby Atmos) 進一步擴展到他們的產品線。我們最早的合作夥伴之一梅賽德斯到 2024 年底已經擁有超過 15 種車型和市場。我們也很高興理想汽車擁有第一款同時採用杜比全景聲和杜比視界的汽車和市場。

In-car entertainment is an investment priority for automotive and consumers are spending more time enjoying entertainment in their cars, whether they are waiting to pick someone up or getting a charge. With Dolby Atmos and Dolby Vision, the car is transformed into a high-end entertainment experience. And we are excited about the growth opportunity ahead.

車載娛樂是汽車的投資重點，消費者花更多時間在車內享受娛樂，無論是等車或充電。透過杜比全景聲 (Dolby Atmos) 和杜比視界 (Dolby Vision)，汽車將變成高端娛樂體驗。我們對未來的成長機會感到非常興奮。

The broader ecosystem around in-car entertainment also continues to coalesce around the Dolby experience. At CES, Samsung Display announced that it will include Dolby Vision in automotive displays and Texas Instruments announced that it is now supporting Dolby Atmos in its new family of chips for automakers, all making it easier for OEMs to adopt and implement.

圍繞車載娛樂的更廣泛的生態系統也繼續圍繞著杜比體驗凝聚。在 CES 上，三星顯示器宣布將在汽車顯示器中加入杜比視界 (Dolby Vision)，德州儀器 (TI) 宣布目前在其面向汽車製造商推出的新系列晶片中支援杜比全景聲 (Dolby Atmos)，這一切都讓原始設備製造商 (OEM) 更容易採用和實施。

Also, Pioneer demonstrated Dolby Atmos as an aftermarket solution in a four-channel sound system. We continue to make progress with further adoption on TVs. In November, Amazon announced that the Fire TV, Omni Mini-LED, will support Dolby Atmos and Dolby Vision.

此外，先鋒也示範了 Dolby Atmos 作為四聲道音響系統的售後解決方案。我們在電視領域的進一步應用不斷取得進展。11月，亞馬遜宣布Fire TV、Omni Mini-LED將支援杜比全景聲（Dolby Atmos）和杜比視界（Dolby Vision）。

And there were a lot of new Dolby Atmos and Dolby Vision-enabled TV launches at CES from partners, including Hisense, TCL, Panasonic, Sharp, and RCA. In PCs, OEMs, including Asus, Dell, Lenovo, and Samsung, all announced new computers, laptops or peripherals that support Dolby Atmos and or Dolby Vision.

海信、TCL、松下、夏普和 RCA 等合作夥伴在 CES 上推出了許多支援杜比全景聲和杜比視界的新型電視。在個人電腦方面，包括華碩、戴爾、聯想和三星在內的 OEM 都宣布推出支援杜比全景聲和杜比視界的新電腦、筆記型電腦或週邊設備。

Also, this quarter, Amazon launched its first soundbar supporting Dolby Atmos, Harman Kardon introduced the Enchant soundbar line up with Dolby Atmos, and Samsung announced new sound bars with Dolby Atmos to complement their TVs.

此外，本季度，亞馬遜推出了首款支援杜比全景聲的條形音箱，哈曼卡頓推出了帶有杜比全景聲的 Enchant 條形音箱系列，三星也宣布推出帶有杜比全景聲的新型條形音箱來補充其電視。

Looking forward with a solid first quarter behind us, we remain optimistic for the rest of FY25 and beyond. We like what we are seeing and hearing from our partners. Our ecosystem is strong. Our momentum with creatives and distributors continues to build, and that energy continues to propel our opportunities with our OEM partners.

展望未來，由於第一季表現穩健，我們對 25 財年剩餘時間及以後的表現仍持樂觀態度。我們喜歡從我們的合作夥伴那裡看到和聽到的東西。我們的生態系統非常強大。我們與創意人員和經銷商的合作勢頭持續增強，這種能量將繼續推動我們與 OEM 合作夥伴之間的合作機會。

And so with that, I'll turn it over to Robert, who will take you through the financials in a bit more detail.

因此，我將把話題交給羅伯特，他將向您更詳細地介紹財務狀況。

Thanks, Kevin, and thanks for everyone joining us on the call today.

謝謝，凱文，也謝謝大家今天參加我們的電話會議。

Before we review the quarter in some detail, I'd like to hit the highlights. Revenue for Q1 was near the high end of the range we laid out in the Q4 earnings call, primarily driven by a favorable true-up and earnings came in above the high end of the range. We are off to a good start for fiscal '25.

在我們詳細回顧本季之前，我想先介紹一下重點內容。第一季的營收接近我們在第四季財報電話會議上提出的範圍的高端，這主要得益於有利的調整，且收益高於範圍的高端。我們25財年開局良好。

At the same time, it's early in the year, so we're keeping our full-year guidance unchanged. We are making progress in the business front and our partners remain engaged. Our value proposition remains strong. Our financials are solid and we are confident in our long-term growth prospects.

同時，由於現在還處於年初，因此我們維持全年業績指引不變。我們在業務方面正在取得進展，我們的合作夥伴也繼續參與其中。我們的價值主張依然強大。我們的財務狀況穩健，我們對我們的長期成長前景充滿信心。

Q1 revenue was $357 million, up 13% compared to the year-ago quarter. Licensing revenue of $330 million was up 12% year over year. This includes the $70 million favorable true-up for Q4 fiscal '24 shipments reported that were above our original estimate. The true-up was across all end markets but what's most notable in broadcast and auto. Products and services revenue was $27 million, up 22% year over year.

第一季營收為 3.57 億美元，較去年同期成長 13%。授權收入為 3.3 億美元，較去年同期成長 12%。這包括報告的 24 財年第四季出貨量的 7,000 萬美元有利調整，高於我們最初的估計。所有終端市場都出現了這種變化，但最引人注目的是廣播和汽車市場。產品和服務收入為2700萬美元，較去年同期成長22%。

Detailed licensing performance by end market is on our IR website. And as a reminder, timing of recoveries, minimum volume commitments and true ups can drive volatility between quarters.

按終端市場劃分的詳細許可績效可在我們的 IR 網站上查看。需要提醒的是，復甦時機、最低交易量承諾和調整可能會導致季度之間的波動。

A notable movement this quarter was in Mobile, which was up 74% year over year. The two main reasons for this increase, our revenue from GE. licensing and the timing of minimum volume commitments.

本季一個顯著的變化是行動市場，年增 74%。成長的主要原因有兩個，一是來自通用電氣的收入。許可和最低數量承諾的時間。

Moving to the bottom line. In Q1, we earned $1.14 per diluted share on a non-GAAP basis above the high end of our guidance, primarily due to a stronger revenue. And we generated $107 million in operating cash flow.

轉向底線。在第一季度，我們按非公認會計準則計算的每股攤薄收益為 1.14 美元，高於我們預期的最高價值，這主要歸功於收入的增加。我們產生了 1.07 億美元的營運現金流。

We repurchased $15 million worth of common stock have about $387 million remain on our repurchase plan authorization. We declared a $0.33 dividend, up 10% from our dividend a year ago and ended the quarter with cash and investments of approximately $611 million. GAAP operating expenses in the quarter included a restructuring charge of approximately $5 million as we continue to align our resources with our business priorities.

我們回購了價值 1500 萬美元的普通股，我們的回購計畫授權剩餘約 3.87 億美元。我們宣布派發 0.33 美元的股息，比去年同期的股息上漲 10%，本季末的現金和投資總額約為 6.11 億美元。由於我們繼續根據業務重點調整資源，本季的 GAAP 營業費用包括約 500 萬美元的重組費用。

Turning to guidance, our full-year revenue is typically weighted more towards the first half of the year. Last year, the weighting was 53%, 47% first half to second half, and we expect a similar weighting this year.

談到指導，我們的全年收入通常更集中在上半年。去年的權重為 53%，上半年至下半年為 47%，我們預期今年的權重也會類似。

For Q2 fiscal year '25, we expect revenue between $355 million and $385 million. Within that, licensing revenue is estimated to range from $330 million to $360 million. Gross margin should be approximately 91% on a non-GAAP basis. We expect non-GAAP operating expenses to be between $190 million and $200 million. Our effective tax rate for Q2 is projected to be around 18.5% on a non-GAAP basis. So as a result, we estimate non-GAAP EPS should be between $1.19 and $1.34 per diluted share.

對於 25 財年第二季度，我們預計營收在 3.55 億美元至 3.85 億美元之間。其中，授權收入預計在 3.3 億美元至 3.6 億美元之間。以非公認會計準則計算，毛利率應約為 91%。我們預計非公認會計準則下的營業費用將在 1.9 億美元至 2 億美元之間。根據非公認會計準則，我們預計第二季的有效稅率約為 18.5%。因此，我們估計非 GAAP 每股盈餘應在每股 1.19 美元至 1.34 美元之間。

Moving on to the full year, we are maintaining our full-year guidance for revenue and earnings. To repeat and reiterate what we said last quarter, for the full year, we expect non-GAAP earnings to be between $3.99 and $4.14 on revenue between $1.33 billion and $1.39 billion. We expect license revenue to be between $1.22 billion and $1.28 billion and non-GAAP operating expenses to be between $765 million and $775 million dollars.

展望全年，我們維持全年營收和獲利預期。重複並重申我們上個季度的說法，對於全年而言，我們預計非 GAAP 收益在 3.99 美元至 4.14 美元之間，營收在 13.3 億美元至 13.9 億美元之間。我們預計授權收入將在 12.2 億美元至 12.8 億美元之間，非 GAAP 營運費用將在 7.65 億美元至 7.75 億美元之間。

We expect revenue from foundation Audio Technology to be roughly flat and revenue from Dolby Atmos, Dolby Vision, and imaging patents to grow roughly 15%.

我們預計基礎音訊技術的收入將基本持平，杜比全景聲、杜比視界和成像專利的收入將成長約 15%。

From an end-market perspective, there's no change to what we communicated last quarter. We expect growth in Mobile and Other markets. Broadcast and PC are expected to be flattish, and Consumer Electronics is expected to be down mid-single digits for the year.

從終端市場的角度來看，我們在上個季度所傳達的內容沒有改變。我們預計移動和其他市場將會成長。預計廣播和個人電腦將持平，消費性電子產品預計今年將下降中位數個位數。

To wrap things up, the creation and distribution of Dolby-enabled content continues to grow nicely and our partners are still very engaged. Our financials remained strong and we are well positioned for long-term growth.

總而言之，支持杜比技術的內容的創作和分發繼續順利發展，我們的合作夥伴仍然非常參與。我們的財務狀況依然強勁，並且我們已為長期成長做好了準備。

With that, I'd like to turn it back to the operator to open the line for your questions. Operator?

說完這些，我想讓接線員為您開通熱線來回答您的問題。操作員？

(Operator Instructions)

（操作員指令）

Steven Frankel, Rosenblatt Securities.

羅森布拉特證券 (Rosenblatt Securities) 的史蒂文·弗蘭克爾 (Steven Frankel)。

Good afternoon and appreciate the opportunity to ask some questions. In the comment on the relative flatness of foundational for the year, was that also true in Q1 or are you seeing any different trends in the beginning of the year?

下午好，很高興有機會提問。在關於今年基礎相對平穩的評論中，這在第一季是否也是如此，或者您是否在年初看到了不同的趨勢？

Hey, Steve, it's Robert here. We focus on the full year being our view is still to be flattish, but nothing in Q1 indicated anything other than that.

嘿，史蒂夫，我是羅伯特。我們關注的是全年情況，我們的觀點是全年業績仍將持平，但第一季沒有任何跡象表明情況並非如此。

Okay. And in the outsized growth in Mobile in Q1, was that simply a pull-in of something that maybe you thought would land later in the year or that's just the timing of the ebbs and flows of these deals? Or is there anything kind of level defer about penetration rates or deal sizes that we could read into this number as well?

好的。那麼，第一季行動業務的超額成長，是否僅僅是某種您認為會在今年稍後實現的拉動，還是這些交易的起伏時機？或者，我們能否從這個數字中讀出有關滲透率或交易規模的任何水平延遲資訊？

Two things, Steve, one is just within Mobile, we've talked about the fact that there's more higher prevalence of minimum volume commitments so timing can vary from quarter-to-quarter on Mobile. The other thing is the integration of GE licensing. While that affected all markets, Mobile had the largest impact.

史蒂夫，有兩件事，一是在行動領域，我們已經討論過這樣一個事實，即最低交易量承諾的普及率更高，因此移動領域每個季度的時間安排可能有所不同。另一件事是GE授權的整合。雖然這影響了所有市場，但行動市場的影響最大。

Okay. And then on your CES review, Samsung OLED screens for cars seems pretty exciting. What do you think the timetable is one of the effects of timetable is for that to be beginning to show up in models. Is that something that happens pretty quickly? Or is this your typical OEM auto-design cycle that these vehicles could be a couple of years out?

好的。然後，根據您的 CES 評論，三星汽車 OLED 螢幕看起來相當令人興奮。您認為時間表的其中一個作用是開始在模型中體現。這是很快發生的事嗎？或者這是典型的 OEM 汽車設計週期，這些車輛可能需要幾年時間才能問世？

Yes. So first of all, we're really excited about the opportunity with Dolby Vision. And in addition to the strong momentum we have with Dolby Atmos, I mean, clearly, in-car entertainment is a big investment priority for automotive and we have put ourselves at the center of that. As you know, we were demonstrating the first car to have Dolby Vision in market. That's Li Auto. FCS were demonstrating that.

是的。首先，我們對杜比視界 (Dolby Vision) 帶來的機會感到非常興奮。除了杜比全景聲 (Dolby Atmos) 的強勁發展勢頭之外，車載娛樂顯然是汽車行業的一大投資重點，而我們將自己置於這一領域的中心。如你所知，我們正在展示市場上第一款配備杜比視野 (Dolby Vision) 的車款。這就是理想汽車。FCS 正在證明這一點。

So we think that the ecosystem is ready for it. I think the Samsung partnership, in particular, shows that they also see the opportunity. And so having them natively integrating Dolby Vision into their displays for automotive, I think both validates the opportunity and it makes it easier for implementation cycles.

因此我們認為生態系統已經做好準備了。我認為與三星的合作尤其顯示他們也看到了機會。因此，讓他們將杜比視界 (Dolby Vision) 原生整合到汽車顯示器中，我認為既驗證了機會，又使實施週期變得更加容易。

We've been working on this, Steve. So we would expect more progress throughout the year. And we are excited to to extend what we've done with Dolby Atmos in the car to include Dolby Vision and Dolby Atmos.

我們一直在努力解決這個問題，史蒂夫。因此我們期待全年取得更多進展。我們很高興能夠將我們在汽車上對杜比全景聲的改進擴展到包括杜比視界和杜比全景聲。

Okay. One last quick one for Robert. On the outsized true-up in the quarter, was that one manufacturer in particular, or it was just in general in Q4, you wonder shot or actual volumes ended up?

好的。最後再給羅伯特提一個簡短的問題。關於本季的超額成長，是某個製造商特有的，還是只是第四季度的整體情況，您想知道最終的銷量或實際銷量是多少？

Yes, there's not one particular vendor, excuse me, OEM partner that stands out. It was really up across all markets, but particularly in TVs and auto.

是的，沒有哪個特定的供應商，對不起，OEM合作夥伴能夠脫穎而出。所有市場都出現了上漲，尤其是電視和汽車市場。

Okay, great. Thank you. I'll jump back in queue.

好的，太好了。謝謝。我將重新回到隊列。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl

Hi, thank you. On the expected growth for Atmos Vision and image patent licensing. Can you maybe talk about sort of like the key variables that would take it to the higher end of your target growth range for that versus what might be kind of a drag in 2025?

你好，謝謝。關於 Atmos Vision 和圖像專利授權的預期成長。您能否談談哪些關鍵變數會使其達到目標成長範圍的高端，以及哪些因素可能會在 2025 年產生拖累作用？

Yes. So the biggest factors there from an end-market point of view are automotive where we feel great about the momentum we have, it is just a matter of the pace of adoption and especially the pace of rollout. So that's the biggest variable there. So we'll keep you up to speed on all of our wins each quarter as far as that is going.

是的。因此，從終端市場的角度來看，最大的因素是汽車產業，我們對所擁有的發展動能感到非常滿意，這只是一個採用速度，特別是推出速度的問題。所以這是最大的變數。因此，我們會隨時向您通報我們每季所取得的所有勝利。

TV in the living room, we have -- last year, our adoption rate grew to about 30% of 4K TVs with Dolby Atmos and Dolby Vision, an increased from 25%. A couple of years before that was the work that we've been saying that we're doing paying off, and that's working with TV manufacturers to extend the Dolby experience deeper into their lineups where we have particular traction with the likes of Hisense, TCL. They're also doing well, market share wise.

去年，客廳裡的電視採用率增長到了約 30%，其中配備杜比全景聲 (Dolby Atmos) 和杜比視界 (Dolby Vision) 的 4K 電視的比例從 25% 增長到了 30%。幾年前，我們一直在說我們所做的工作正在獲得回報，那就是與電視製造商合作，將杜比體驗深入到他們的產品線中，我們與海信、TCL 等公司有著特別的合作。從市佔率來看，他們的表現也不錯。

And then Mobile, where one of our highest-focus areas is getting more Dolby Vision and Dolby Vision Capture in Mobile. And on the content side, of bringing up to speed the ecosystem for user capture content, able to share and edit that content up.

然後是行動領域，我們最關注的領域之一是在行動領域獲得更多杜比視界和杜比視界捕捉。在內容方面，我們加快了用戶捕獲內容的生態系統，以便用戶能夠分享和編輯這些內容。

So those are the three areas. And so what's going to drive it -- what would -- earnings upside is as if there are, obviously, if it's more of those things are shipping and, obviously, the pace of wins and getting them into the market and how popular those models are.

這就是三個領域。那麼，推動它成長的因素——什麼會——是獲利成長的因素，顯然，如果有更多的東西在運輸，顯然，獲勝的速度和將它們推向市場的速度，以及這些車型的受歡迎程度。

Okay, thank you. Just on Dolby Cinema, I guess, could you provide any sort of update on the screen base for that?

好的，謝謝。我想，就杜比影院而言，您能提供有關螢幕基礎的任何更新資訊嗎？

Yes. We we did add screens this quarter. It wasn't a significant increase, but it's getting going again, certainly after the last four years where it's been a tough environment for exhibitors to invest, we've seen a significant pickup in the outlook for being able to add scale going forward.

是的。本季我們確實增加了螢幕。雖然增幅並不顯著，但這種趨勢正在再次復甦。

We did see year-over-year improvement in both Dolby Cinema and cinema products and so we're working with our partners there. And as, I think, as we said before, over these last four years, the percentage of box office that accrues to the premium screens, the premium large format screens like Dolby Cinema, has increased significantly.

我們確實看到杜比影院和影院產品都在逐年進步，因此我們正在與合作夥伴一起努力。而且我認為，正如我們之前所說的，在過去四年中，優質影院（例如杜比影院）的票房收入佔比大幅提升。

And so as exhibitors are beginning to look forward, there have greater confidence in the '25 and '26 box office, and they look to invest. Where they want to investors is in premium screens.

因此，隨著戲院放映商開始展望未來，他們對 2025 年和 2026 年的票房更有信心，並且希望進行投資。他們想要投資者關注的是優質螢幕。

All right. Thank you.

好的。謝謝。

Ralph Schackart, William Blair.

拉爾夫·沙卡特、威廉·布萊爾。

Can compare contrast as you look out into 2025 now versus maybe a year ago as you're looking out in 2024. Maybe speak about some of the product momentum you see now versus maybe saw then and, obviously, the macro environment picks up foundational is better But just, may be if you could just start from there then I would follow-up for either you or Robert. Thanks.

您可以比較一下現在展望 2025 年與一年前展望 2024 年之間的對比。也許可以談談您現在看到的一些產品勢頭，與當時看到的相比，顯然宏觀環境的基礎性回升更好，但是，如果您可以從那裡開始，那麼我會跟進您或羅伯特。謝謝。

Yes. Thanks, Ralph. Also first of all, we came into the year a quarter ago saying that our customers and partners who are increasingly optimistic that the environment and stabilize, which is what gave us the -- which is why we guided to roughly flat for a foundational and they continue to be highly engaged on Dolby Atmos, Dolby Vision and we continue to be excited about that.

是的。謝謝，拉爾夫。首先，我們在上個季度進入新一年時表示，我們的客戶和合作夥伴對環境越來越樂觀並趨於穩定，這給了我們 - 這就是為什麼我們引導其基本持平，並且他們繼續高度參與杜比全景聲 (Dolby Atmos) 和杜比視界 (Dolby Vision)，我們對此繼續感到興奮。

I think it also as it relates to automotive, where we more than doubled the number of OEM partners over the course of FY24. Each of those -- most of those partners are looking to expand deeper into their lineups.

我認為它也與汽車有關，在 24 財年，我們的 OEM 合作夥伴數量增加了一倍以上。大多數合作夥伴都希望進一步擴大其產品線。

We've now added -- we have Dolby Vision with Li Auto. We have a pipeline that we're looking to grow there. So I think we're just -- one of our higher growth areas is coming off a larger base and we continue to have strong momentum. In TV in the living room, getting that ball rolling again, where we were at 25% of 4K TVs for about two years. Having risen that the 30% and continuing to have a lot of initiatives in the pipeline to keep that growing.

現在，我們為理想汽車添加了杜比視界 (Dolby Vision)。我們有一條管道正在尋求在那裡發展。所以我認為，我們一個較高的成長領域正在從更大的基礎中崛起，而且我們繼續保持強勁勢頭。在客廳電視方面，我們再次讓這一領域蓬勃發展，大約兩年來，我們的 4K 電視佔有率達到 25％。我們已經將這一數字提高了 30%，我們還將繼續推出多項措施來保持這一成長勢頭。

And you know, is, as I said earlier, we're optimistic about the the further potential for Dolby Vision, Dolby Vision Capture and the mobile ecosystem.

正如我之前所說，我們對杜比視界、杜比視界捕捉和移動生態系統的進一步潛力持樂觀態度。

Great. And then just maybe follow-up and I owe you a lot of investor questions. Just kind of give a sense of how you define the opportunity. I know you did a while ago and then the model sort of pivoted since then. So maybe if you can take a step back and sort of frame the opportunity for us.

偉大的。然後也許只是後續問題，我欠你很多關於投資人的問題。只是讓您了解您如何定義機會。我知道你不久前就這樣做了，從那時起模型就發生了轉變。所以也許你可以退一步並為我們建立機會。

And then just maybe kind of bolt onto that. As we think about IO, it's I guess the benefits and the in-app environment are pretty clear. But maybe if you could speak to the opportunity beyond apps, you know, is there an enterprise play here, or sort of give us a sense of how that product could evolve over time? Thank you.

然後也許就可以把它固定住。當我們考慮 IO 時，我猜它的好處和應用程式內環境非常清楚。但也許您可以談談應用程式以外的機會，這裡是否存在企業機會，或者讓我們了解該產品隨著時間的推移將如何發展？謝謝。

Yes, of course. So yes, you talked about the pivot, which was coming into FY24 when we went from kind of a self-service developer model to recognizing a very strong demand signal for companies in and around sports that are looking to offer more real -- to continue with evolve and improve their real-time interactive digital experiences, which are such an important part of how their audiences are engaging these days.

是的當然。是的，您談到了轉型，即進入 24 財年，我們從一種自助服務開發模式轉變為認識到體育界及週邊公司非常強烈的需求信號，這些公司希望提供更真實的服務——不斷發展和改善他們的實時交互式數位體驗，這是當今觀眾參與方式的重要組成部分。

In particular, our ability to stream high-quality audio video content in ultra low latency. So we can do it seconds. We can do it and sub-seconds, whereas the average today could be seven seconds, but you could have 15 seconds, you could have 25 seconds, and that makes it hard to have an experience where you're watching the game. I'm watching the game, you're in Chicago, I'm in San Francisco. I see that touchdown 15 seconds before you. Right.

特別是我們以超低延遲傳輸高品質音訊視訊內容的能力。所以我們可以在幾秒鐘內完成。我們可以做到亞秒級，而今天的平均時間可能是 7 秒，但你可能會有 15 秒，你可能會有 25 秒，這會讓你在觀看比賽時很難獲得良好的體驗。我正在看比賽，你在芝加哥，我在舊金山。我比你早 15 秒看到了那個觸地得分。正確的。

So and on top of that, we've built other functionality. And of course, with DL, we bought it on a great list of customers that are in our target areas and we have a more complete solution. So I would say relative to that, it continues to be -- those digital experiences we think are -- we see as a significant investment priority for these organizations. And so that continues to be the first thing we're going to talk about.

因此在此基礎上，我們也建構了其他功能。當然，透過 DL，我們從目標區域的大量客戶那裡購買了它，並且我們擁有更完整的解決方案。因此我想說，相對於這一點，我們認為這些數位體驗仍然是這些組織的重要投資重點。所以這仍然是我們要討論的第一件事。

But yes, it does extend into experiences that might not be a digital one customer that we added earlier this earlier this year, which has now gotten up to speed and is using the solution is Paddy Power, which Paddy Power is sports betting shop in Ireland.

但是的，它確實延伸到了可能不是數位化的體驗，我們今年早些時候增加了一個客戶，現在已經加快了速度並正在使用解決方案，那就是 Paddy Power，Paddy Power 是愛爾蘭的體育博彩商店。

It's the first of the Flutter -- it was the original Flutter company, which Flutter now has over 15 entities and Paddy Power's using us for their in-shop experience. And so if you go into the shop and you're watching the horse race for them, low latency has always been important, but they were doing it early.

這是 Flutter 的第一家公司——它是最初的 Flutter 公司，Flutter 現在擁有超過 15 個實體，Paddy Power 正在使用我們來提供店內體驗。因此，如果你走進商店並觀看他們的賽馬，低延遲一直很重要，但他們很早就這樣做了。

So they were using sort of a startup and some of their own stuff and the reliability was a real problem. It would cut out even it was going you might not be able to discern the number of the horse. And so they went forward with us, more now live in 600 betting shops. Each of those shops has, you know, 2 -- it can have up to two dozen or more streams going on of different events in any given time.

因此，他們使用了一種新創公司和一些自己的產品，可靠性是一個真正的問題。它會切斷，即使它正在運行，你也可能無法辨別馬的數量。因此他們與我們一起前進，目前已有 600 多家投注站投入運營。您知道，每家商店都有 2 個商店——在任意給定時間內，它可以同時舉辦多達二十多個不同的活動。

And the reliability has just gone up dramatically. So they've had a dramatic reduction in service calls because they're now getting the high-quality audio video stream in low latency. And of course, and we're excited about the fact that they're part of a larger group and that we look forward to that creating more opportunities to go forward.

且可靠性大幅提高。由於他們現在可以以低延遲獲得高品質的音訊視訊串流，因此他們的服務呼叫量大幅減少。當然，我們很高興他們成為一個更大集團的一部分，我們期待這能創造更多的前進機會。

Great. Thanks then.

偉大的。那就謝謝了。

Everyone, at this time, there are no further questions. Does Management have a closing remarks?

各位，現在，沒有其他問題了。管理階層有沒有什麼結束語？

No, thank you for joining us and we look forward to keeping you up-to-speedon our progress. Thank you.

不，感謝您加入我們，我們期待讓您了解我們的進展。謝謝。

Thank you. And once again, ladies and gentlemen, that does conclude the conference over to you all for your participation. You may now disconnect.

謝謝。女士們、先生們，再次感謝各位的參與，本次會議到此結束。您現在可以斷開連線。