Dolby Laboratories Inc (DLB) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Dolby Laboratories conference call discussing second quarter fiscal year 2025 results.

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 2025 財年第二季業績。

(Operator Instructions) As a reminder, this call is being recorded, Thursday, May 1, 2025.

（操作員指示）提醒一下，本次通話正在錄音，時間為 2025 年 5 月 1 日，星期四。

I would now like to turn the call over to Mr. Peter Goldmacher, Vice President of Investor Relations. Peter, please go ahead.

現在我想將電話轉給投資者關係副總裁 Peter Goldmacher 先生。彼得，請繼續。

Good afternoon. Welcome to Dolby Laboratories second-quarter 2025 earnings conference call. Joining me today are Kevin Yeaman, Dolby Laboratories' CEO; and Robert Park, our CFO.

午安.歡迎參加杜比實驗室 2025 年第二季財報電話會議。今天與我一起出席的還有杜比實驗室執行長 Kevin Yeaman；以及我們的財務長羅伯特·帕克 (Robert Park)。

As a reminder, today's discussion will include forward-looking statements, including our fiscal 2025 third-quarter and full-year outlook and our assumptions underlying that outlook.

提醒一下，今天的討論將包括前瞻性陳述，包括我們對 2025 財年第三季和全年的展望以及我們對該展望的假設。

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, tariffs and other trade barriers, inflation rates, changes in consumer spending, and geopolitical instability on our business.

這些聲明受到風險和不確定性的影響，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、關稅和其他貿易壁壘、通貨膨脹率、消費者支出變化以及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 our earnings press release that we issued today under the section captioned forward-looking statements as well as in the Risk Factors section of our most recent quarterly report on Form 10-Q. 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.

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。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 and a reconciliation between GAAP and non-GAAP financial measures is available in our earnings press release and in the interactive analyst center on 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，公認會計準則和非公認會計準則財務指標之間的對帳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找到。

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

說完這些，我想把電話轉給凱文。

Thanks, Peter, and thanks to everyone for joining us on our second quarter FY25 earnings call.

謝謝，彼得，也謝謝大家參加我們的 2025 財年第二季財報電話會議。

In the second quarter, both licensing revenue and total revenue came in at the midpoint of the range of guidance we provided on our last earnings call and non-GAAP earnings for the quarter came in at the high end of the range. As we approach the end of the quarter, all indications were that we were on track to be at or above the midpoint of our revenue guidance for the full year.

在第二季度，授權收入和總收入都處於我們上次收益電話會議上提供的指導範圍的中點，而本季度的非公認會計準則收益則處於該範圍的高端。隨著本季末的臨近，所有跡像都表明，我們預計將達到或超過全年收入預期的中點。

As we speak today, there is, of course, a significant amount of uncertainty in the macroeconomic environment. We don't have the degree of visibility that we normally have as we develop our outlook for the remainder of the year.

正如我們今天所說，宏觀經濟環境當然存在著相當大的不確定性。在製定今年剩餘時間的展望時，我們的可預見性不如往常。

Given the variability and potential outcomes, we are revising our revenue range from $1.33 billion to $1.39 billion to a range of $1.31 billion to $1.38 billion for the year. Our current assessment based on limited data points is that we are likely to experience slight headwinds as a result of the macroeconomic environment.

考慮到可變性和潛在結果，我們將今年的收入範圍從 13.3 億美元至 13.9 億美元調整為 13.1 億美元至 13.8 億美元。根據有限的數據點，我們目前的評估是，我們可能會因宏觀經濟環境而遭遇輕微的阻力。

This could change quickly and there are a broad range of scenarios based on how things evolve going forward. On the one hand, if we see progress in trade deals and increasing clarity in the macroenvironment, we could be at the mid to high end of this range.

這種情況可能會迅速改變，並且根據事態未來發展，會出現各種各樣的情況。一方面，如果我們看到貿易協定取得進展且宏觀環境日益明朗，我們可能會處於此範圍的中高端。

On the other hand, lack of certainty drags on or even escalates further, that would point to the mid to low end of our range. We are monitoring the situation closely, and Robert will walk you through the details on these numbers in a few minutes.

另一方面，如果缺乏確定性的情況持續存在甚至進一步升級，則將指向我們區間的中低端。我們正在密切關注情況，羅伯特將在幾分鐘內向您介紹這些數字的詳細資訊。

In the meantime, we are staying focused on the things that drive growth in the long term. We continue to have strong engagement across our broad ecosystem of content creators, distributors, and OEM partners.

同時，我們將繼續關注那些能夠推動長期成長的因素。我們繼續與內容創作者、分銷商和 OEM 合作夥伴等廣泛的生態系統保持密切聯繫。

And we are performing well and the partnerships that drive growth by bringing more Dolby experiences to more people around the world.

我們表現良好，合作夥伴關係也推動了成長，為全球更多人帶來更多杜比體驗。

I'd like to spend a few minutes on some highlights in the quarter, starting with Automotive. We continue to see high demand for raising the bar on the quality of the in-car entertainment experience. This quarter, Porsche announce that Dolby Atmos will be available in the 2026 Taycan, Panamera, Cayenne, and 911 models.

我想花幾分鐘時間介紹本季的一些亮點，首先是汽車領域。我們持續看到對提高車載娛樂體驗品質的要求越來越高。本季度，保時捷宣布杜比全景聲 (Dolby Atmos) 將在 2026 年 Taycan、Panamera、Cayenne 和 911 車型中推出。

And Cadillac announced that will include Dolby Atmos throughout its entire 2026 lineup of EVs. Also, Volvo, Xiaomi, and Hyundai all announced new models coming to market. Additionally two more auto manufacturers, NIO and Zeekr, have decided to deploy Dolby Vision for a total of three brands and nine car models offering Dolby Atmos and Dolby Vision.

凱迪拉克宣布將在其 2026 年全系電動車中採用杜比全景聲 (Dolby Atmos)。此外，Volvo、小米和現代都宣布推出新車型。此外，另外兩家汽車製造商蔚來和 Zeekr 已決定在其三個品牌、九款車型中部署杜比視界，並提供杜比全景聲和杜比視界。

Automotive is an increasingly important part of our business and the momentum continues to build.

汽車是我們業務中越來越重要的一部分，而這股勢頭仍在持續增強中。

In Mobile, we are focusing on bringing the Dolby Atmos and Dolby Vision experience to all the ways that consumers enjoy content on their smartphones. User-generated content, primarily on social media and short-form video platforms, represent an important opportunity for us to drive further adoption of Dolby Vision into the mobile phone market.

在行動領域，我們致力於將杜比全景聲 (Dolby Atmos) 和杜比視界 (Dolby Vision) 體驗帶到消費者透過智慧型手機欣賞內容的所有方式中。用戶生成的內容（主要在社群媒體和短影片平台）為我們進一步推動杜比視界在手機市場的普及提供了重要機會。

Apple has supported Dolby Vision and Dolby Vision Capture across its iPhone lineup for a while, and we continue to make progress in expanding Dolby Vision into the Android device ecosystem.

蘋果公司已經在其 iPhone 系列產品中支援杜比視界和杜比視界捕捉功能一段時間了，我們也在繼續將杜比視界擴展到 Android 設備生態系統方面取得進展。

In China, where we already have strong adoption across social media and video sharing services, we added two new partners. Xiaohongshu, also known as RedNote, is a Chinese social media platform and an e-commerce marketplace, primarily focused on lifestyle, beauty, fashion and travel. And Kuaishou is a popular Chinese social media platform specializing in short-form video content similar to TikTok.

在中國，我們的社群媒體和影片分享服務已被廣泛採用，我們又增加了兩個新的合作夥伴。小紅書，也稱為 RedNote，是一個中國社交媒體平台和電子商務市場，主要專注於生活方式、美容、時尚和旅遊。快手是一個流行的中國社群媒體平台，專門提供類似TikTok的短影片內容。

We are also seeing increased support across popular video editing apps, reflecting increased interest in Dolby Vision for user-generated content. Filmora has announced plans to support Dolby Vision and CapCut, which currently supports Dolby Vision for iOS, is expanding its support to include Android. This ecosystem support is an important part of the virtuous cycle that drives OEMs to adopt Dolby Vision deeper into their device lineups.

我們也看到流行影片編輯應用程式的支持度有所提高，這反映出人們對用戶生成內容的杜比視界 (Dolby Vision) 的興趣日益濃厚。Filmora 已宣布計劃支援杜比視界 (Dolby Vision)，而 CapCut 目前已支援 iOS 版杜比視界，並將擴展其支援範圍至 Android。這種生態系統支援是良性循環的重要組成部分，推動 OEM 在其設備陣容中更深入地採用杜比視界。

Earlier this year, Oppo launched its first Android device with Dolby Vision capture as the default mode and about a month ago, added three more phones and a tablet with Dolby Vision capture and playback. Realme and Xiaomi also launched new models that support Dolby Vision. We are focused on working with these partners to expand Dolby Vision deeper into their lineups and on expanding our presence with global social media and video sharing platforms.

今年早些時候，Oppo 推出了首款以杜比視界捕捉為預設模式的 Android 設備，大約一個月前，又增加了三款具有杜比視界捕捉和播放功能的手機和一款平板電腦。Realme和小米也推出了支援杜比視界的新機型。我們專注於與這些合作夥伴合作，將杜比視界更深入地擴展到他們的產品線中，並擴大我們在全球社交媒體和視訊共享平台上的影響力。

Moving on to the living room and the TV ecosystem. We continue to focus on bringing Dolby to more content and more devices. This past quarter, both the Super Bowl and March Madness were available in Dolby Atmos and Dolby Vision, continuing our momentum in sports.

轉向客廳和電視生態系統。我們將繼續致力於將杜比技術帶入更多內容和更多設備。上個季度，超級盃和瘋狂三月都採用了杜比全景聲和杜比視界，延續了我們在運動領域的發展勢頭。

Waipu.tv, the market leader in IPTV in Germany, announced support for Dolby Atmos and Dolby Vision. And TOD, the leading streaming platform for sports and entertainment in the Middle East and North Africa, launched a 4K set-top box with Dolby Atmos and Dolby Vision.

德國 IPTV 市場領導者 Waipu.tv 宣布支援杜比全景聲 (Dolby Atmos) 和杜比視界 (Dolby Vision)。中東和北非地區領先的體育和娛樂串流平台TOD推出了帶有杜比全景聲和杜比視界的4K機上盒。

More content in Dolby gives consumers a reason to upgrade their TVs and more reasons for OEMs to adopt Dolby further into their lineups. This quarter in the UK, Sky released the popular Sky Glass Gen 2 TV with Dolby Vision and a Dolby Atmos soundbar built into the TV. Also, LG, Sharp and Hisense all announced new TV models with Dolby Vision.

杜比技術的更多內容讓消費者有理由升級他們的電視，也讓原始設備製造商有更多理由將杜比技術進一步融入他們的產品線。本季度，英國天空電視台發布了廣受歡迎的 Sky Glass Gen 2 電視，該電視內建杜比視界和杜比全景聲條形音箱。此外，LG、夏普和海信都發表了採用杜比視界的新型電視機型。

And a quick update on cinema. Filmmakers, studios and moviegoers all value a premium movie experience and exhibitors are focusing their investment dollars on rolling out more high-end theaters, which are garnering a higher share of the box office.

並快速更新電影的最新動態。電影製作人、電影公司和電影觀眾都重視優質的電影體驗，而戲院也集中投資開設更多高端影院，以獲得更高的票房份額。

At CinemaCon, we announced that AMC and Dolby will add an additional 40 Dolby Cinemas at AMC locations in the United States through the end of 2027. We've also announced that we will be adding Dolby Vision and Dolby Atmos to theaters in India this year, beginning with six exhibitors in major cities, and we also added a handful of new Dolby Atmos and Dolby Vision theaters in South Korea.

在 CinemaCon 上，我們宣布 AMC 和杜比將在 2027 年底前在美國 AMC 影院新增 40 家杜比影院。我們也宣布，今年我們將在印度的戲院增加杜比視界 (Dolby Vision) 和杜比全景聲 (Dolby Atmos)，首先在主要城市的 6 家影院推出，我們還在韓國增加了一些新的杜比全景聲 (Dolby Atmos) 和杜比視界 (Dolby Vision) 影院。

Stepping back, while there's uncertainty in the economic environment, we had a strong quarter, and we had great wins across our main focus areas. We are well prepared to operate across a wide range of scenarios, and we are in a solid financial position. We continue to have strong engagement from content creators, distributors and our OEM partners across our ecosystems, and we will remain focused on the things that we can control and that drive long-term growth.

回顧一下，儘管經濟環境存在不確定性，但我們本季表現強勁，並且在主要關注領域取得了巨大勝利。我們已做好在各種情況下開展業務的充分準備，並且財務狀況穩健。我們繼續與整個生態系統中的內容創作者、分銷商和 OEM 合作夥伴保持密切聯繫，我們將繼續專注於我們能夠控制並推動長期成長的事情。

With that, I'd like to turn the call over to Robert to discuss the financials in more detail.

說到這裡，我想把電話轉給羅伯特，讓他更詳細地討論財務問題。

Thanks, Kevin, and good afternoon to everyone on the call.

謝謝，凱文，祝大家下午好。

Before we get into the details, I'd like to point out three important takeaways. First, Q2 revenue came in at the midpoint of the range and earnings came in at the high end of the range we communicated last quarter. Second, we are adjusting the full year revenue range to reflect the current environment, and I'll give you some color on that. And third, Dolby is a durable business. We have strong financial fundamentals, and we've successfully navigated difficult times before.

在我們討論細節之前，我想指出三個重要的要點。首先，第二季的營收處於該範圍的中間點，而收益則處於我們上個季度傳達的範圍的高端。其次，我們正在調整全年收入範圍以反映當前的環境，我會給你一些相關資訊。第三，杜比是一家持久的企業。我們擁有強大的財務基礎，並且我們之前已經成功度過了困難時期。

With that as a backdrop, let's get into the details. Q2 revenue was $370 million, in line with the midpoint of guidance and up 1% year over year, and licensing revenue of $346 million was up 2% year over year. Products and services revenue was $24 million, slightly below the midpoint of guidance and down 10% year-over-year. 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.

以此為背景，讓我們深入了解細節。第二季營收為 3.7 億美元，符合預期中位數，年增 1%，授權收入為 3.46 億美元，年增 2%。產品和服務收入為 2,400 萬美元，略低於預期中位數，年減 10%。終端市場的詳細許可表現請參閱我們的 IR 網站。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。

In Q2, these timing factors contributed to an 11% decline in Broadcast and a 17% increase in PC revenue on a year-over-year basis. For the full year, we still expect strong growth in mobile and other markets, Broadcast and PC to be flattish and CE to be down mid-single digits.

在第二季度，這些時間因素導致廣播收入年減 11%，而 PC 營收年增 17%。就全年而言，我們仍然預期行動和其他市場將強勁成長，廣播和個人電腦將持平，而消費性電子將下降中等個位數。

Moving on to the bottom line. In Q2, we earned $1.34 per diluted share on a non-GAAP basis, up 5% year over year and at the high end of our guidance, largely due to some OpEx spend that was pushed out to the second half.

繼續討論底線。在第二季度，我們按非公認會計準則計算的每股攤薄收益為 1.34 美元，年增 5%，處於預期的高位，這主要是由於部分營運支出被推遲到下半年。

We generated $175 million in operating cash flow and finished the quarter with $701 million in cash and investments. We repurchased $35 million worth of common stock and have about $352 million remaining on our repurchase plan authorization. We declared a $0.33 dividend, up 10% from our dividend a year ago.

我們產生了 1.75 億美元的營運現金流，本季結束時我們的現金和投資為 7.01 億美元。我們回購了價值 3,500 萬美元的普通股，回購計畫授權剩餘金額約 3.52 億美元。我們宣布派發 0.33 美元的股息，比一年前增加 10%。

Now I'd like to turn my comments to how we're thinking about Q3 and the full year. To reiterate some of the important context Kevin shared with you in his opening comments, the lack of visibility brought about by the current economic situation has limited our ability to forecast the business with the degree of precision we are used to. There are a wider range of scenarios in front of us than there usually are at this point in the year. So we have adjusted our revenue outlook to reflect this. Let me walk you through this in a little more detail.

現在我想談談我們對第三季和全年的看法。為了重申凱文在開場白中與大家分享的一些重要背景，當前經濟狀況帶來的可見性缺乏限制了我們以習慣的精確度預測業務的能力。與每年這個時候相比，我們面臨的情況更加多元。因此，我們調整了收入預期以反映這一點。讓我更詳細地向您介紹這一點。

The outlook for consumer spending on devices is a key factor in our forecast. It is difficult to make general statements about the impact of any broad-based weakness in the economy on our overall business or how the uncertainty will affect consumer spending on devices for the remainder of the year.

消費者在設備上的支出前景是我們預測的關鍵因素。很難對經濟普遍疲軟對我們整體業務的影響做出一般性陳述，或者不確定性將如何影響今年剩餘時間的消費者設備支出。

Even if we make high-level assumptions about potential impacts of the macro environment on device shipments, the details matter. For example, which types of devices are most impacted, which Dolby technologies are on these devices and are high-end or low-end devices being disproportionately affected. These are just some of the many factors that could impact our revenue.

即使我們對宏觀環境對設備出貨量的潛在影響做出高層假設，細節仍然很重要。例如，哪些類型的設備受到的影響最大，這些設備上採用了哪些杜比技術，以及高階或低端設備受到的影響最大。這些只是可能影響我們收入的眾多因素中的一部分。

With that in mind, and to help you think about potential scenarios for the second half of the year, we estimate that if there were a 5% change in overall device shipments for the remainder of the year, it could have an approximate impact on our revenue of roughly 2% to 4% or $15 million to $25 million for the remainder of this year.

考慮到這一點，為了幫助您思考下半年的潛在情況，我們估計，如果今年剩餘時間的整體設備出貨量發生 5% 的變化，則可能會對我們今年剩餘時間的收入產生大約 2% 到 4% 或 1500 萬到 2500 萬美元的影響。

As a reminder, most of our licensing revenue is based on unit shipments. In general, we estimate revenues from unit shipments each quarter and true it up the following quarter based on actual reported shipments from our partners. Our royalty reporting is generally about 1 quarter in arrears because device shipment data is not real time.

提醒一下，我們的大部分授權收入都是基於單位出貨量。一般來說，我們每季都會根據單位出貨量估算收入，並根據合作夥伴報告的實際出貨量在下一季進行調整。我們的版稅報告通常會拖欠約 1 個季度，因為設備出貨資料不是即時的。

I would also like to share a few more endpoint-specific factors to keep in mind as the macroeconomic situation evolves. Mobile tends to have a higher concentration of minimum volume commitments, so it is less sensitive to near-term changes in device shipments relative to, say, Broadcast, PC or CEN markets. We are still in early days in the opportunity for Auto. And currently, the majority of our Auto revenue is from non-US OEMs shipping to non-US markets.

我還想分享一些宏觀經濟情勢變化時需要牢記的與終點相關的特定因素。行動市場往往具有更高的最低出貨量承諾集中度，因此與廣播、PC 或 CEN 市場相比，它對設備出貨量的近期變化不太敏感。我們仍處於汽車領域機會的早期階段。目前，我們的汽車收入大部分來自非美國原始設備製造商向非美國市場出貨。

The last point I'd like to make is that as you think about the impact of US trade deals, we estimate that approximately 25% of our licensing revenues from consumer device shipments are from those sold into the US. These are some of the things to keep in mind as the environment continues to evolve.

我要說的最後一點是，當你考慮到美國貿易協定的影響時，我們估計，我們從消費設備出貨量中獲得的授權收入中約有 25% 來自於銷往美國的產品。隨著環境的不斷演變，這些都是需要牢記的一些事情。

Now moving on to our outlook for Q3 and the full year. Our outlook for Q3 is for revenue to be between $290 million and $320 million. Within that, licensing revenue ranges from $265 million to $295 million. Gross margins are expected to be approximately 88% on a non-GAAP basis. Our outlook for non-GAAP operating expenses is between $190 million and $200 million.

現在讓我們來談談對第三季和全年的展望。我們對第三季的營收預測是2.9億美元至3.2億美元之間。其中，授權收入在 2.65 億美元至 2.95 億美元之間。以非公認會計準則計算，預計毛利率約為 88%。我們預計非公認會計準則營運費用在 1.9 億美元至 2 億美元之間。

And with our effective tax rate for Q2 at about 20.5% on a non-GAAP basis, non-GAAP EPS is expected to come in between $0.62 and $0.77 per diluted share. For the full year, we have widened and lowered the range of revenue to be between $1.31 billion and $1.38 billion. Our outlook for licensing revenue is to be between $1.21 billion and $1.28 billion. We see non-GAAP operating expenses between $760 million and $775 million and non-GAAP earnings per share to be between $3.88 and $4.03.

由於我們第二季的非 GAAP 有效稅率約為 20.5%，因此非 GAAP 每股收益預計將在每股 0.62 美元至 0.77 美元之間。對於全年，我們已將營收範圍擴大並下調至 13.1 億美元至 13.8 億美元之間。我們預計授權收入將在 12.1 億美元至 12.8 億美元之間。我們預計非公認會計準則營運費用在 7.6 億美元至 7.75 億美元之間，非公認會計準則每股收益在 3.88 美元至 4.03 美元之間。

In closing, I'd like to remind you that Dolby has successfully navigated many technological and economic cycles. We have a resilient business model with a diversified global revenue base, deep partner relationships, high gross margins and a healthy balance sheet. We are well positioned to manage the business, and we will continue to focus on things that put us on a path of long-term growth.

最後，我想提醒大家，杜比已經成功度過了許多科技和經濟週期。我們擁有富有彈性的商業模式、多元化的全球收入基礎、深厚的合作夥伴關係、高毛利率和健康的資產負債表。我們已做好充分準備來管理業務，並將繼續專注於那些能讓我們走上長期成長道路的事情。

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

說完這些，我想把電話轉回給接線生，以便解答您的問題。操作員？

Ralph Schackart, William Blair.

拉爾夫·沙卡特、威廉·布萊爾。

Good afternoon and thanks for the extra color on the call today as it relates to the outlook. Just maybe first, as you're talking to your OEM partners, just curious, those that may be in less, I guess, lower tariff regions, I guess, what's sort of the ability for them to increase capacity if that should play out? That's the first question. Then I'll have a second.

下午好，感謝您在今天的電話會議上提供有關前景的額外資訊。首先，當您與 OEM 合作夥伴交談時，我有點好奇，那些位於關稅較低地區的合作夥伴，如果可以實現這一目標，他們增加產能的能力如何？這是第一個問題。那我再說一次。

Yeah. So thanks, Ralph. Of course, it varies by end market. One data point I would share on that note is the location of manufacture for TVs, Mexico is the largest location to manufacture, generally exempt under the exempt from tariff status. It's about 10% in China.

是的。所以謝謝你，拉爾夫。當然，它因終端市場而異。我想分享的一個數據點是電視製造地點，墨西哥是最大的製造地點，通常根據免稅規定免稅。在中國大約是10%。

Across the rest of our portfolio, it really varies by OEM. So I think ultimately, as Robert said, when we model our forecast is about how many devices we are going to ship, and it's happening in real time, people deciding whether to increase prices because of those -- because of any tariffs, whether it's going to affect consumer spending, whether they're adjusting supply chains.

在我們產品組合的其餘部分，它確實因 OEM 而異。所以我認為最終，正如羅伯特所說，當我們建模時，我們的預測是關於我們將要運送多少台設備，而且它是實時發生的，人們決定是否因為這些而提高價格 - 因為任何關稅，是否會影響消費者支出，是否他們正在調整供應鏈。

But at this point, especially given that Mobile is less sensitive to unit shipments, as Robert said, in the short term, TVs are mostly in Mexico. From where we sit today, we think it's likely that we'll experience some slight headwinds, but that could change quickly depending on how it evolves from here.

但就目前情況而言，特別是考慮到行動對單位出貨量較不敏感，正如羅伯特所說，短期內，電視主要在墨西哥。從目前的情況來看，我們認為我們可能會遇到一些輕微的阻力，但這種情況可能會很快改變，這取決於事態如何發展。

Great. And Robert, I missed this in the prepared remarks. Maybe you could just clarify, you talked about 25% of the units sold in the US. Was that in reference to the total volume of products that Dolby reports as revenue? Maybe can you just clarify that, please? Thanks.

偉大的。羅伯特，我在準備好的發言中遺漏了這一點。也許您可以澄清一下，您說的是在美國銷售的 25% 的單位。這是指杜比報告的收入產品總量嗎？您能解釋一下嗎？謝謝。

Yeah. Ralph, so while our ship to and ship from data is limited, we estimate that approximately 25% of our licensing revenue from consumer device shipments are from those sold into the US and a large portion of that is yes.

是的。拉爾夫，雖然我們的發貨地和發貨地數據有限，但我們估計，我們從消費設備發貨中獲得的許可收入中約有 25% 來自於銷往美國的設備，其中很大一部分是肯定的。

So for all of our licensing revenue, about 25% is related to purchases in the US, consumer devices in the US

因此，在我們所有的授權收入中，約有 25% 與美國的購買、美國的消費設備有關

Okay. That's helpful. And just maybe last one, maybe a little bit bigger picture. Obviously, we've been getting good traction with Vision and Atmos. As it relates to some of the economic noise that's going on right now, has that stalled any conversations there?

好的。這很有幫助。也許這只是最後一個，也許是更大一點的畫面。顯然，Vision 和 Atmos 為我們帶來了良好的發展勢頭。就目前發生的一些經濟噪音而言，這是否阻礙了一些對話？

I guess, maybe lost momentum? Just curious the momentum you're seeing on those 2 growth products?

我想，也許失去了動力？只是好奇您看到這兩種成長產品的動能如何？

No, we continue to have really strong engagement with partners across the ecosystem. I talked about some of those today, Automotive, in particular, where we continue to see people leaning into really investing in the in-car entertainment experience. Dolby Atmos Music is leading the way. You saw us announce Porsche has announced plans to launch 4 of its models with Dolby Atmos. Cadillac announced its plans to expand into the entirety of its EV lineup for 2026.

不，我們繼續與整個生態系統的合作夥伴保持密切的合作。我今天談到了其中的一些，特別是汽車領域，我們繼續看到人們傾向於真正投資車載娛樂體驗。杜比全景聲音樂 (Dolby Atmos Music) 引領潮流。您看到我們宣布保時捷已宣布計劃推出配備杜比全景聲 (Dolby Atmos) 的 4 款車型。凱迪拉克宣布計劃在 2026 年擴大整個電動車產品線。

And we also are now up to 3 Dolby Vision customers. So we're excited to move from Dolby Atmos Music in the car and expanding that into the entire audiovisual experience.

我們現在也有 3 個杜比視界客戶。因此，我們很高興能夠將杜比全景聲音樂從汽車轉移到整個視聽體驗中。

That's helpful. Thanks, Kevin.

這很有幫助。謝謝，凱文。

Thanks, Ralph.

謝謝，拉爾夫。

Steven Frankel, Rosenblatt.

史蒂文·弗蘭克爾，羅森布拉特。

Good afternoon. Thank you for the extra insight. In terms of the overall environment, to what extent if you see the environment continuing to deteriorate, might you adjust OpEx for the back half of the year? Or is that expense level pretty much locked in at this point?

午安.感謝您的額外見解。就整體環境而言，如果您發現環境持續惡化，您會在多大程度上調整下半年的營運支出？或者說，目前這個費用水準已經基本確定了？

Well, the first thing I would say, Steve, is given the uncertainty, we're going to stay focused on what we know to drive long-term value. So we're not making any quick -- we're not making any fast changes to our operating plans.

好吧，史蒂夫，我想說的第一件事是，鑑於不確定性，我們將繼續專注於我們所知道的能夠推動長期價值的事情。因此，我們不會對我們的營運計劃做出任何快速的改變。

On the other hand, through periods of uncertainty, we've learned to make sure and be very attuned to whether there are any changes in the environment, which has any impact on any one of our individual growth opportunities to the upside or the downside. So we would make adjust -- we'll look to be quick to adjust to that if and when that happens. Right now, we're staying the course.

另一方面，在經歷不確定時期後，我們學會了確保並密切關注環境是否發生任何變化，這些變化是否會對我們個人的成長機會產生任何影響，無論是好是壞。所以我們會做出調整——如果發生這種情況，我們會迅速做出調整。現在，我們仍堅持原有的路線。

And we're always -- and I think you've seen us over the last couple of years looking for opportunities to be as efficient as we can everywhere we can.

而且我們始終——我想你們已經看到，過去幾年來，我們一直在尋找機會，盡可能地提高效率。

And you continue to make great progress in the car with Atmos Music. What do you think it takes to get to the tipping point? Is it hitting a particular car brand at a mainstream price point? Is it just getting a couple more wins? What do you think the catalyst will be that will really tick this market?

並且您在使用 Atmos Music 的汽車上繼續取得巨大進步。您認為要達到臨界點需要什麼？它是否以主流價格衝擊某個特定的汽車品牌？只是再贏幾場嗎？您認為真正推動這個市場發展的催化劑是什麼？

Well, look, I think we're doing -- we're really pleased with the momentum we have now. And we continue every quarter to bring on new manufacturers. We see new and existing customers of ours expanding deeper into their lineups.

嗯，看，我認為我們正在做——我們對現在的勢頭感到非常滿意。我們每季都會繼續引進新的製造商。我們看到新舊客戶都在進一步拓展他們的產品線。

They are, as you would expect, from us usually starting -- they're starting at the higher end of their lineups. And so we're also working with them and looking forward to when we start to get into high-volume mainstream models. So that would be another big milestone. But in the meantime, we're very happy with the momentum.

正如您所期望的，他們通常從陣容的高端開始。因此，我們也在與他們合作，並期待開始進入大批量主流車型。這將是另一個重要的里程碑。但同時，我們對這一發展勢頭感到非常高興。

Great. And for Robert, what were true-ups in the quarter?

偉大的。對羅伯特來說，本季取得了哪些實際進展？

True ups for Q2 is about $1 million.

第二季的實際收益約為 100 萬美元。

Okay, pretty large. I'll get back in the queue. Thank you.

好的，相當大。我會回到隊列中。謝謝。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

Yeah. Good afternoon. Just another question on Auto. Just curious in terms of like the type of vehicles that you're getting adoption from Vision as well as Atmos, if that's more focused on EV or like a specific dash screen size or anything like that? And then on products and services, I was wondering if you could detail any like tariff exposure on that side?

是的。午安.關於汽車的另一個問題。我只是好奇，就 Vision 和 Atmos 所採用的車輛類型而言，它們是否更專注於電動車，還是像特定的儀錶板螢幕尺寸或類似的東西？然後關於產品和服務，我想知道您是否可以詳細說明這方面的關稅風險？

So on Automotive, our first three customers are Chinese EV manufacturers. We also in the onset of Atmos saw China move fast. And I think it's just a function of their -- they move fast. And I think that we also are seeing concentration in EVs because those models are designed in a way which allows for faster implementations and people are being aggressive about investing in the in-car entertainment experience.

在汽車方面，我們的前三個客戶都是中國電動車製造商。在 Atmos 成立之初，我們也看到中國的發展非常迅速。我認為這只是他們的一個功能——他們行動迅速。我認為我們也看到了電動車的集中度，因為這些車型的設計方式允許更快地實施，人們正在積極投資於車載娛樂體驗。

They also tend to have more screens. But this is really -- there are some interesting stats about how much time people spend in their cars when the car isn't moving at all. And so for some parts of the world or really anywhere in the world, whether you're -- you're waiting to pick up somebody from somewhere or you have time in that car, then people are using their cars as moving entertainment centers and communication centers. So I think overall, that's what's driving it, and it will start with the ability to stream movies and shows and other types of content.

它們也往往擁有更多的螢幕。但這確實是——有一些有趣的統計數據，關於當汽車根本不移動時人們在車上花費了多少時間。因此，對於世界某些地區或世界上的任何地方來說，無論您是在等待從某個地方接某人還是在車裡有時間，人們都會將汽車用作移動娛樂中心和通訊中心。所以我認為總的來說，這就是推動它發展的因素，它將從串流電影、節目和其他類型內容的能力開始。

On the second part of the question, do you want to take the impact, Robert?

關於問題的第二部分，羅伯特，你想承受影響嗎？

Yeah. Hi. The question on impact on our products business, fairly small, the impact of the tariffs. Yeah, there are -- we do manufacture our products overseas, but a large portion of those products are shipped to non-US markets and the impact on the tariff rates for those are pretty marginal.

是的。你好。關於關稅對我們的產品業務的影響相當小的問題。是的，我們的產品確實在海外生產，但其中很大一部分產品運往美國以外的市場，這些產品的關稅稅率受到的影響非常小。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. I will hand things back over to Peter for closing remarks.

目前沒有其他問題。我將把發言權交還給彼得，請他做最後發言。

Thanks, operator. Thanks, everyone, for joining the call. We'll talk to you next quarter.

謝謝，接線生。感謝大家參加電話會議。我們將在下個季度與您交談。

Thank you for joining us. You may now disconnect.

感謝您加入我們。您現在可以斷開連線。