Dolby Laboratories Inc (DLB) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Dolby Laboratories conference call discussing third quarter fiscal year 2025 results. (Operator Instructions) As a reminder, this call is being recorded, this Thursday, July 31, 2025.

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 財年第三季業績。（操作員指示）提醒一下，本次通話將於 2025 年 7 月 31 日星期四進行錄音。

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

現在，我想將會議交給投資者關係副總裁 Peter Goldmacher 先生。彼得，請繼續。

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

午安.歡迎參加杜比實驗室 2025 年第三季財報電話會議。今天與我一起出席的還有杜比實驗室執行長 Kevin Yeaman 和財務長 Robert Park。

As a reminder, today's discussion will include forward-looking statements, including our fiscal 2025 fourth 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, tariffs and other trade barriers, 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 財年第四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 Factors 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「前瞻性聲明」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。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提供了 GAAP 和非 GAAP 財務指標之間的對帳。

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 joining us for our third quarter fiscal '25 earnings call. Results for the third quarter were generally in line with our expectations. Both licensing revenue and total revenue came in above the midpoint of the range of guidance we provided on our second quarter earnings call, and non-GAAP earnings came in just above the high end of the range.

謝謝，彼得，也謝謝大家參加我們的 25 財年第三季財報電話會議。第三季的業績大致符合我們的預期。授權收入和總收入均高於我們在第二季財報電話會議上提供的指導範圍的中點，而非 GAAP 收益略高於該範圍的高端。

On our last earnings call, we talked about the macro environment and the related challenges to our visibility as we provided our outlook for the remainder of the year. Robert will go through the details in a moment. At a high level, the macro remains uncertain. Our outlook remains unchanged, and we continue to monitor the environment while staying focused on the things that we can control.

在我們上次的財報電話會議上，我們討論了宏觀環境以及與我們的可見性相關的挑戰，並提供了今年剩餘時間的展望。羅伯特馬上就會詳細介紹。從高層次來看，宏觀情勢仍存在不確定性。我們的展望保持不變，我們將繼續監控環境，同時專注於我們能夠控制的事情。

I'd like to cover some of the highlights from the quarter before I turn the call over to Robert to discuss the financials. We continue to see strong engagement with our ecosystem of content creators, distributors and device OEMs.

在將電話轉給羅伯特討論財務狀況之前，我想先介紹一下本季的一些亮點。我們繼續看到內容創作者、分銷商和設備 OEM 生態系統的密切參與。

Starting with music, over 90% of the billboard 100 artists record in Dolby Atmos. We are also seeing momentum in back catalogs being remixed and rereleased in Dolby Atmos from bands like the Rolling Stones, Phil Collins, the Great ville Dead, Fleetwood Mac, and the Dube Brothers.

從音樂開始，公告牌 100 位藝術家中超過 90% 都採用杜比全景聲 (Dolby Atmos) 錄製。我們還看到，滾石樂隊、菲爾柯林斯、Great ville Dead、弗利特伍德麥克樂隊和杜比兄弟樂隊等樂隊的舊曲目正在以杜比全景聲 (Dolby Atmos) 格式重新混音和重新發行。

In sports, FIFA Club World Cup soccer, the Stanley Cup Finals, the French Open, the Indian Premier League playoffs and finals and the World Test Cricket Championship Final were all available in Dolby. HBO Max, which is streaming most of its sports in Dolby Atmos and Dolby Vision, is launching its streaming service in a dozen new countries this summer as the platform approaches availability in 100 markets.

在體育賽事方面，國際足總俱樂部世界盃足球賽、史丹利盃決賽、法國網球公開賽、印度超級聯賽季後賽和決賽以及世界板球錦標賽決賽均採用杜比播放。HBO Max 的大部分體育節目都採用 Dolby Atmos 和 Dolby Vision 播放，隨著該平台即將在 100 個市場推出，今年夏天它將在十幾個新國家推出串流媒體服務。

In the cinema, Mission Impossible, The Final Reckoning, How To Train Your Dragon, F1, the Movie, Jurassic World, Rebirth Superman and The Fantastic 4, just to name a few, are all in Dolby Atmos and Dolby Vision. Across music, sports and movies, it's clear that the creative community continues to embrace the value of content created with Dolby Atmos and Dolby Vision.

在電影院裡，《碟中諜》、《最終清算》、《馴龍高手》、《F1大電影》、《侏羅紀世界》、《重生超人》和《神奇四俠》等都採用了杜比全景聲和杜比視界。在音樂、運動和電影領域，創意社群顯然繼續接受使用杜比全景聲和杜比視界創作的內容的價值。

Moving on to end markets. Let's start with automotive, where we continue to enjoy strong momentum. Last quarter, we talked about strong customer demand for OEMs to raise the bar on the quality of in-car entertainment and big wins with Porsche and the Cadillac EV lineup. This quarter, we were excited to add Audi as a partner. Dolby Atmos is now available in the Q7, the Q8, the A8 and the e-tron GT. In India, the release of Tata's new Harrier EV with Dolby Atmos was well received in the market.

轉向終端市場。讓我們從汽車行業開始，我們在該行業繼續保持強勁發展勢頭。上個季度，我們談到了客戶對原始設備製造商提高車載娛樂品質標準的強烈需求，以及保時捷和凱迪拉克電動車系列的巨大勝利。本季度，我們很高興能與奧迪合作。杜比全景聲 (Dolby Atmos) 現已在 Q7、Q8、A8 和 e-tron GT 中推出。在印度，塔塔推出的搭載杜比全景聲 (Dolby Atmos) 的新款 Harrier EV 獲得了市場一致好評。

Additionally, Mahindra announced that the Thar Rocks will offer Dolby Atmos. We now have partnerships with 2 of the top 3 Indian auto manufacturers, Tata and Mahindra, in the third largest car market in the world behind China and the US. To date, we have announced Dolby Atmos partnerships with almost 30 OEMs. We believe the strong progress we've made over the last three years is a testament to how well our offerings resonate with the direction the auto industry is going.

此外，馬恆達宣布 Thar Rocks 將提供杜比全景聲 (Dolby Atmos)。目前，我們已與印度三大汽車製造商中的兩家——塔塔和馬恆達建立了合作夥伴關係，印度是僅次於中國和美國的世界第三大汽車市場。迄今為止，我們已宣布與近 30 家 OEM 建立杜比全景聲 (Dolby Atmos) 合作夥伴關係。我們相信，過去三年的強勁進步證明了我們的產品與汽車產業的發展方向產生了良好的共鳴。

In mobile, Motorola rolled out its first smartphone with Dolby Vision Capture and Xiaomi added 2 new phones with Dolby Atmos and Dolby Vision. Many of the most popular social media platforms in China support Dolby Vision, including Xiaohongshu, also known as Red Note, Kuaishou and Billy Billy. We are seeing the increased adoption by Chinese phone OEMs so that their customers can create and share high-quality user-generated content.

在行動領域，摩托羅拉推出了首款配備杜比視界捕捉技術的智慧型手機，小米則推出了兩款配備杜比全景聲和杜比視界技術的新手機。中國許多最受歡迎的社群媒體平台都支援杜比視界，包括小紅書（又名Red Note）、快手和Billy Billy。我們看到中國手機原始設備製造商越來越多地採用該技術，以便他們的客戶能夠創建和分享高品質的用戶生成內容。

This quarter, Apo partnered with Red Note to launch its flagship smartphone to X8, featuring Dolby Vision Capture for user-generated content. Our progress in China demonstrates the value Dolby Vision brings to social media, enabling creators to make the best, most engaging content possible, and we are focused on bringing this experience to the rest of the world.

本季度，Apo 與 Red Note 合作推出了其旗艦智慧型手機 X8，該智慧型手機採用杜比視界捕捉技術，用於用戶生成內容。我們在中國的進展證明了杜比視界為社群媒體帶來的價值，使創作者能夠創造出最好、最具吸引力的內容，我們致力於將這種體驗帶到世界其他地區。

Moving on to other devices. Dolby Technologies were a part of several new TV and speaker launches from partners, including Samsung, Haier, TCL, Marshall, JBL and LG. We also worked with long-time partners, Lenovo and Google to launch the world's first Chromebook with Dolby Atmos.

轉到其他設備。杜比技術是三星、海爾、TCL、Marshall、JBL 和 LG 等合作夥伴推出的幾款新電視和揚聲器的一部分。我們也與長期合作夥伴聯想和Google合作推出了全球首款採用 Dolby Atmos 的 Chromebook。

So to wrap up, we had solid results for the quarter, and we continue to see strong engagement with content creators, content distributors and device manufacturers. There continues to be increasing demand for the most compelling and immersive audio visual content and more ways than ever to experience that content. The number of experiences in Dolby Atmos and Dolby Vision continues to grow across music, sports, podcasts, user-generated content, movies and TV. In mobile devices, TVs, PCs, cars and sound bars. All of this gives us confidence in our ability to drive growth by bringing more Dolby experiences to more people around the world.

總而言之，本季度我們取得了穩健的業績，並且我們繼續看到與內容創作者、內容分銷商和設備製造商的密切合作。人們對最引人注目、最身臨其境的視聽內容的需求不斷增加，體驗這些內容的方式也比以往更多。杜比全景聲 (Dolby Atmos) 和杜比視界 (Dolby Vision) 在音樂、體育、播客、用戶生成內容、電影和電視領域的體驗數量持續增長。在行動裝置、電視、個人電腦、汽車和條形音箱中。所有這些都讓我們充滿信心，我們有能力透過為全球更多人帶來更多的杜比體驗來推動成長。

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

說完這些，我想把電話轉給羅伯特。

Thanks, Kevin, and good afternoon to everyone on the call. Before we review the quarter in some detail, I'd like to hit the highlights. First, revenues for Q3 were above the midpoint of the range we laid out in the Q2 earnings call and earnings came in just above the high end of the range. Second, the macro environment remains uncertain and dynamic. That said, our guidance for the full year is generally in line with what we communicated last quarter with revenues expected to be between $1.33 billion and $1.36 billion and earnings to be between $3.88 and $4.03 for the year.

謝謝，凱文，祝大家下午好。在我們詳細回顧本季之前，我想先介紹重點。首先，第三季的收入高於我們在第二季財報電話會議上列出的範圍的中點，而收益則略高於該範圍的高階。二是宏觀環境仍充滿不確定性與動態變化。儘管如此，我們對全年的預期與上個季度傳達的預期基本一致，預計全年收入在 13.3 億美元至 13.6 億美元之間，收益在 3.88 美元至 4.03 美元之間。

Third, we feel good about our long-term growth prospects as we continue to make progress with end market wins and strengthening our ecosystem. Our value proposition remains strong and our financials are solid. Q3 revenue was $316 million, up 9% year over year and licensing revenue of $290 million was also up 9% year over year. Product and services revenue was $26 million, up 18% year over year.

第三，隨著我們在終端市場勝利和生態系統加強方面不斷取得進展，我們對我們的長期成長前景感到樂觀。我們的價值主張依然強勁，我們的財務狀況穩健。第三季營收為 3.16 億美元，年增 9%，授權收入為 2.9 億美元，年增 9%。產品和服務收入為 2,600 萬美元，年增 18%。

Licensing revenue came in at the high end of the guidance range due to activity expected in the fourth quarter coming in early. 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.

由於預計第四季度活動將提前展開，許可收入達到了指導範圍的高端。終端市場的詳細授權表現可在我們的 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。

In Q3, these timing factors contributed to a 17% year-over-year growth in Broadcast, 11% year-over-year decline in Mobile and 22% year-over-year growth in PC. For the full year, we still expect broadcast growth to be flattish in mobile and other end markets to grow mid-teens. PC growth is expected to be up mid-single digits and CE, which we had previously expected to be down mid-single digits, is now expected to be down low teens for the full year, mainly driven by lower device shipments and lower recoveries.

第三季度，這些時間因素導致廣播業務年增17%，行動業務較去年同期下降11%，PC業務較去年同期成長22%。我們仍預期全年行動端廣播業務成長將保持平穩，其他終端市場將實現15%左右的成長速度。預計個人電腦的成長率將達到中等個位數，而我們先前預期消費性電子的成長率將下降中位數個位數，現在預計全年成長率將達到低十幾個百分點，主要原因是設備出貨量下降和復甦速度下降。

Moving on to the bottom line. We earned $0.78 per diluted share on a non-GAAP basis, above the high end of our guidance due to higher revenue and lower operating expenses, partially offset by lower nonoperating income. We generated $68 million in operating cash flow and finished the quarter with $777 million in cash and investments. We repurchased $40 million worth of common stock and have about $312 million remaining on our repurchase plan authorization.

繼續討論底線。以非公認會計準則計算，我們的每股攤薄收益為 0.78 美元，高於我們預期的高端，這是由於收入增加和營運費用降低，但非營運收入的降低部分抵消了這一影響。我們產生了 6,800 萬美元的營運現金流，本季結束時我們的現金和投資總額為 7.77 億美元。我們回購了價值 4,000 萬美元的普通股，回購計畫授權剩餘金額約 3.12 億美元。

We declared a $0.33 dividend, up 10% from our dividend a year ago. Moving on to guidance. Q4 revenue is expected to be between $288 million and $318 million. Within that, licensing revenue ranges from $263 million to $293 million.

我們宣布派發 0.33 美元的股息，比去年同期的股息增加 10%。繼續指導。預計第四季營收在 2.88 億美元至 3.18 億美元之間。其中，授權收入在 2.63 億美元至 2.93 億美元之間。

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. And with our effective tax rate for Q2 at about 21% on a non-GAAP basis, non-GAAP EPS is expected to come in between $0.61 and $0.76 per diluted share. For the full year, we expect revenues to be between $1.33 billion and $1.36 billion and for licensing revenue to be between $1.23 billion and $1.26 billion.

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。由於我們第二季的非 GAAP 有效稅率約為 21%，因此非 GAAP 每股盈餘預計在每股 0.61 美元至 0.76 美元之間。我們預計全年收入將在 13.3 億美元至 13.6 億美元之間，授權收入將在 12.3 億美元至 12.6 億美元之間。

We expect non-GAAP operating expenses to be between $765 million and $775 million and non-GAAP earnings per share to be between $3.88 and $4.03. In closing, the creation and distribution of Dolby-enabled content continues to grow, and our partners are still very engaged as we have a number of new end market wins this year.

我們預計非公認會計準則營運費用將在7.65億美元至7.75億美元之間，非公認會計準則每股收益將介於3.88美元至4.03美元之間。最後，杜比內容的創作和發行持續成長，我們的合作夥伴仍然積極參與，因為我們今年贏得了許多新的終端市場訂單。

Our financials remain solid with high gross margins, healthy cash flows and a strong balance sheet.

我們的財務狀況依然穩健，毛利率高，現金流健康，資產負債表強勁。

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

現在，我想把電話轉回給接線員，以便解答您的問題。操作員？

(Operator Instructions) Patrick Sholl, Barrington Research.

（操作員指示）Patrick Sholl，Barrington Research。

I was just curious on the broadcast side. With the I guess, comment period open on like a transition to ATSC 3.0. I'm just curious how you view that potential transition impacting like the adoption on Atmos and Vision within broadcast in the range of devices?

我只是對廣播方面感到好奇。我想，關於向 ATSC 3.0 過渡的評論期已經開放了。我只是好奇，您如何看待這種潛在的過渡對各種廣播設備中 Atmos 和 Vision 的採用的影響？

We don't anticipate any impact of that. I mean our codecs are supported within the standards. Typically, the technologies like Dolby Atmos sit on top of the Kodak and that's really a value-based sale to the customer, and we continue to build on that ecosystem across music, sports, movies and TV, increasingly other forms of content across all device types, including the TV. So I wouldn't expect that to -- not a top factor in our mind as it relates to continuing to expand the presence of Dolby Atmos.

我們預計這不會產生任何影響。我的意思是我們的編解碼器符合標準。通常，杜比全景聲 (Dolby Atmos) 等技術位於柯達之上，這實際上是一種基於價值的銷售，我們將繼續在音樂、體育、電影和電視等生態系統的基礎上構建該生態系統，並越來越多地在包括電視在內的所有設備類型上構建其他形式的內容。因此，我不會期望這一點——這不是我們考慮的首要因素，因為它與繼續擴大杜比全景聲 (Dolby Atmos) 的影響力有關。

Okay. And then just within the Q4 guidance, you mentioned shipment volume expectations on CE. I was just wondering if you could provide any more color just on like shipment volumes more broadly within the Q4 guidance.

好的。然後就在第四季指引中，您提到了 CE 的出貨量預期。我只是想知道您是否可以提供更多關於第四季度指引中更廣泛的出貨量的資訊。

Yes. Patrick, it's Robert here. As we said on our last call, we expect some slight headwinds for the year. And then in Q3, we saw some softness in shipments, particularly in set-top boxes and to a lesser extent, consumer electronics, and we had a negative true-up of $4 million for the quarter. And, yes, that's what we anticipate the full year, but our guide for the full year is still within the range we talked about last quarter. .

是的。派崔克，我是羅伯特。正如我們在上次電話會議上所說的那樣，我們預計今年將面臨一些輕微的阻力。然後在第三季度，我們發現出貨量有所疲軟，特別是機上盒和消費性電子產品（程度較輕），本季的虧損為 400 萬美元。是的，這就是我們對全年的預期，但我們對全年的指導仍在我們上個季度討論的範圍內。。

Ralph Schackart, William Blair.

拉爾夫·沙卡特、威廉·布萊爾。

Just on the macro, now that there appears to be some more trade agreement certainty that are being announced. I know it's fluid, but how much does this help with adoption of Atmos or Vision to the extent there may have been any hesitation when there was previous, I guess, more tariff uncertainty?

僅從宏觀角度來看，現在似乎有更多確定性的貿易協定正在宣布中。我知道這是不穩定的，但這對採用 Atmos 或 Vision 有多大幫助，因為之前我猜，關稅存在更多不確定性，可能會出現猶豫？

Yes. I think at the highest level, Ralph, I mean certainly, we've seen some more -- have seen a few more trade deals. And hopefully, that is a path to people having better certainty to plan around. I would say, as we sit here today, it doesn't feel very different than where we were last quarter, there's still uncertainty around some of the trade deals and those are in place around what impact they might have. But at the same time, I would also point out that we continue to see strong engagement for Dolby Atmos and Dolby Vision.

是的。拉爾夫，我認為在最高層面上，我們當然已經看到了更多——看到了更多的貿易協議。希望這是一條讓人們更有把握制定計劃的道路。我想說，今天我們坐在這裡，感覺與上個季度的情況並沒有什麼不同，一些貿易協議仍然存在不確定性，而且這些協議可能產生什麼影響。但同時，我還要指出的是，我們繼續看到杜比全景聲和杜比視界的強勁參與度。

So I haven't seen the uncertainty affecting the desire to have higher quality experiences. And so where the uncertainty is around how many of those devices will ship depending on how all this plays out. And as Robert said, we're maintaining our guidance keeping it the same, which allows for a few slight headwinds. But path for stability would be good. and we still are focused on what we can control, which is bringing more Dolby experiences to more people around the world. That's what will drive growth in the long term.

因此，我還沒有看到不確定性影響人們獲得更高品質體驗的願望。因此，不確定的是，這些設備將出貨多少，取決於這一切的進展。正如羅伯特所說，我們維持指導不變，這可以承受一些輕微的阻力。但穩定的道路是好的。我們仍然專注於我們能夠控制的事情，那就是為全世界更多的人帶來更多的杜比體驗。這才是推動長期成長的動力。

Great. And just as it relates to Dolby Vision, in autos, I know the Chinese OEMs have been sort of early adopters there. But just if you could provide some perspective on how you would frame that opportunity and potentially how that would broaden out outside of what's, I think, currently just the Chinese OEMs?

偉大的。正如杜比視界 (Dolby Vision) 一樣，在汽車領域，我知道中國原始設備製造商 (OEM) 是該技術的早期採用者。但是，您是否可以提供一些觀點，說明您將如何建立這個機會，以及如何將其擴展到目前僅限於中國 OEM 的範圍之外？

Yes. We think it's a significant opportunity as we see the beginnings of expanding from the music experience in the car to the complete in-car entertainment experience. You're right, we have about 4 wins, and it is in China. And in China, there's just a really great availability of the services that people use every day. If you can get it on your mobile device, probably get it in your car.

是的。我們認為這是一個重要的機會，因為我們看到了從汽車音樂體驗擴展到完整的車載娛樂體驗的開始。你說得對，我們大約有 4 場勝利，而且是在中國。在中國，人們日常使用的服務非常豐富。如果您可以在行動裝置上取得它，那麼很可能也可以在汽車上取得它。

And of course, there's more screens, whether that's for rear seat entertainment or whether it's a surprisingly significant amount of time that people spend in their cars when the car isn't moving, that could be waiting to pick up kids from practice, it could be charging the car, it could be looking for a quiet moment before you go into that meeting.

當然，還有更多的螢幕，無論是用於後座娛樂，還是人們在汽車不動時在車裡花費的大量時間，可能是在等著接孩子放學，可能是在給汽車充電，可能是在參加會議之前尋找一個安靜的時刻。

And we do think that that will extend into the rest of the world where we have engagements within and outside of China. And so we're optimistic that, that will be a good opportunity for us.

我們確實認為，這將延伸到我們在中國境內外都有業務往來的世界其他地區。因此我們樂觀地認為，這對我們來說是一個很好的機會。

(Operator Instructions) Steve Frankel, Rosenblatt Securities.

（操作員指示）史蒂夫·弗蘭克爾，羅森布拉特證券。

Kevin, maybe I want to revisit the statement you guys have made in the past about being able to return to double-digit growth, let's even recast it in the current environment of high single-digit growth. I mean, is that still something achievable with your current product set?

凱文，也許我想重新審視一下你們過去關於能夠恢復兩位數成長的聲明，讓我們甚至在當前高個位數成長的環境下重新表達它。我的意思是，使用您目前的產品組合還能實現這一目標嗎？

Yes. We believe it is. And leading up to the pandemic, we were in that high single digit. And as you know, we believe that Dolby Atmos, Dolby Vision imaging patents has a great expansion opportunity. That category as a whole grew at a compounded annual growth rate of about 20% over the last 4 years. Our target going forward is 15% to 25%, and we're excited about the opportunities that we're pursuing right now. We're excited about our pipeline of innovation and our ability to continue to build on those experiences and extend into new ones.

是的。我們相信是的。在疫情爆發之前，我們的感染率一直處於較高的個位數。如您所知，我們相信杜比全景聲 (Dolby Atmos) 和杜比視界 (Dolby Vision) 成像專利具有巨大的擴展機會。過去 4 年，該類別整體的複合年增長率約為 20%。我們未來的目標是 15% 到 25%，我們對目前正在追求的機會感到非常興奮。我們對我們的創新管道以及繼續鞏固現有經驗並拓展新經驗的能力感到興奮。

And then, of course, on the foundational side, that's where we've been far more sensitive to the -- what we've been seeing in the economic environment. But we do believe that once that stabilizes, and we see that settle into low single-digit growth, that's the formula for double-digit growth. And in the meantime, the part of the business that -- the part of the categories that are growing, Dolby Atmos, Dolby Vision and imaging patents has grown to 40% of the total. So we're getting a lot more contribution from those categories. And then, of course, we continue to look to create new growth drivers as well.

當然，在基礎方面，我們對經濟環境中所看到的情況更加敏感。但我們確實相信，一旦經濟穩定下來，並進入低個位數成長階段，那麼就會達到兩位數成長。同時，業務成長的部分，杜比全景聲、杜比視界和成像專利已成長到總量的 40%。因此，我們從這些類別中獲得了更多的貢獻。當然，我們也將繼續尋求創造新的成長動力。

And just to confirm that the trends you laid out in the beginning of the year in terms of the relative share of imaging patents Vision and Atmos relative to foundational. Has that played out pretty much how you predicted year to date or given the weakness in foundation -- the foundational business, has this other piece done a little better than you thought year to date?

只是為了確認您在年初提出的趨勢，即 Vision 和 Atmos 相對於基礎的成像專利的相對份額。年初至今，情況是否和您預測的差不多？或者考慮到基礎業務的薄弱，今年迄今為止，這部分業務的表現是否比您預想的要好一些？

We're seeing it playing out more or less as we expected for the year so far.

我們看到今年迄今的進展基本上符合我們的預期。

Okay. And then on that negative true-up, could you tell us what piece of the business accounted for most of that?

好的。那麼，關於這個負面事實，您能告訴我們哪個業務部分佔了其中的大部分嗎？

Yes. Steve, the negative $4 million true-up for the quarter was primarily a set-top box in broadcast.

是的。史蒂夫，本季的負 400 萬美元主要是由於廣播機上盒。

With no further questions, this concludes today's conference call. We thank you for participating and look forward to speaking with you on the next quarter. You may now disconnect.

如果沒有其他問題，今天的電話會議就結束了。我們感謝您的參與並期待下個季度與您交談。您現在可以斷開連線。