Dolby Laboratories Inc (DLB) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Dolby Laboratories conference call discussing fourth-quarter fiscal year 2025 results. (Operator Instructions) As a reminder, this call is being recorded, Tuesday, November 18, 2025.

女士們、先生們，感謝你們的耐心等待。歡迎參加杜比實驗室關於 2025 財年第四季業績的電話會議。（操作員指示）提醒您，本次通話正在錄音，2025年11月18日，星期二。

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

現在我將把會議交給投資者關係副總裁彼得‧戈德馬赫先生。彼得，請繼續。

Good afternoon. Welcome to Dolby Laboratories fourth-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年第四季財報電話會議。今天與我一同出席的有杜比實驗室執行長凱文·耶曼和財務長羅伯特·帕克。

As a reminder, today's discussion will include forward-looking statements, including our fiscal 2026 first quarter and full-year outlook, management's expectations for our future performance and other statements regarding our plans, opportunities and expectations. 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, changes in customer demand, changes in law and regulation and the impact of macroeconomic events on our business.

提醒各位，今天的討論將包含前瞻性陳述，包括我們對 2026 財年第一季和全年的展望、管理層對我們未來業績的預期以及其他有關我們計劃、機會和預期的陳述。這些聲明存在風險和不確定性，可能導致實際結果與今天所作的聲明有重大差異，其中包括但不限於客戶需求的變化、法律法規的變化以及宏觀經濟事件對我們業務的影響。

A discussion of these and additional risks and uncertainties can be found in our earnings press release as well as in the Risk Factors section of our Forms 10-K and 10-Q. Dolby assumes no obligation to update any forward-looking statements.

有關這些以及其他風險和不確定性的討論，請參閱我們的獲利新聞稿以及我們的 10-K 表格和 10-Q 表格中的「風險因素」部分。杜比公司不承擔更新任何前瞻性聲明的義務。

During today's call, we will discuss non-GAAP financial measures. These measures should be considered in addition to and not as a substitute for GAAP 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GAAP財務指標。這些措施應作為 GAAP 措施的補充，而不是替代。GAAP 和非 GAAP 財務指標之間的調整表可在我們的獲利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。

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

接下來，我想把電話交給凱文。

Thank you, Peter, and thanks to everyone for joining the call today. I'd like to share a brief overview of our financial results and a few highlights for the quarter, and then I'd like to talk about our unique position in the market and our opportunities heading into FY26 and beyond. After that, I'll turn the call over to Robert to cover the financials before we get to Q&A.

謝謝彼得，也謝謝今天所有參加電話會議的各位。我想簡要概述我們的財務業績和本季度的一些亮點，然後我想談談我們在市場中的獨特地位以及我們在 2026 財年及以後的機會。之後，我會把電話交給羅伯特，讓他介紹財務狀況，然後再進入問答環節。

We wrapped up Q4 and the full year in line with the expectations we provided on the last earnings call. In FY25, we grew revenue by 6%, aided by the acquisition of GE Licensing, and we expanded our operating margins by 1.8 percentage points. Robert will walk through the results in more detail in just a moment.

第四季和全年業績均符合我們在上次財報電話會議上的預期。在 2025 財年，我們透過收購 GE Licensing 實現了 6% 的營收成長，營業利潤率提高了 1.8 個百分點。羅伯特稍後會更詳細地講解結果。

I'll start by walking through some of the Q4 highlights as it relates to Dolby Atmos, Dolby Vision and Imaging Patents. For Dolby Atmos and Dolby Vision, we continue to see strong engagement from our ecosystem of content creators, content distributors and device OEMs as they increasingly embrace the value of content created in Dolby Atmos and Dolby Vision across sports, music, TV and movies.

我將首先介紹第四季度與杜比全景聲、杜比視界和影像專利相關的一些亮點。對於杜比全景聲和杜比視界，我們持續看到內容創作者、內容分銷商和設備 OEM 等生態系統成員的積極參與，他們越來越認可在體育、音樂、電視和電影等領域以杜比全景聲和杜比視界創建的內容的價值。

In September, we announced Dolby Vision 2, which will dramatically improve picture quality and unleash the full capabilities of modern TVs from mainstream sets to the top-of-the-line models. Some of the benefits of Dolby Vision 2 include automatically adjusting contrast via ambient light detection, motion control to optimize sports and gaming content and features that enable creators to take full advantage of the latest advancements in higher-end TV displays.

9 月，我們發布了杜比視界 2，它將大幅提升畫質，並充分發揮從主流電視到頂級機型等現代電視的全部性能。Dolby Vision 2 的一些優點包括透過環境光檢測自動調節對比度、運動控制以優化體育和遊戲內容，以及使創作者能夠充分利用高端電視顯示器最新技術的功能。

By bringing two distinct offerings to market, Dolby Vision 2 will allow TV OEMs to bring Dolby Vision deeper into their lineups by improving their midrange offerings, while Dolby Vision 2 Max will offer important differentiation at the high end. Dolby Vision 2 is receiving a strong reception from the industry. Hisense and TCL, two of the top three global TV OEMs are the first TV makers to announce support with release dates yet to be announced.

透過向市場推出兩種不同的產品，杜比視界 2 將使電視 OEM 能夠透過改進其中端產品，將杜比視界更深入地融入他們的產品線中，而杜比視界 2 Max 將在高端市場提供重要的差異化優勢。杜比視界2獲得了業界的強烈迴響。海信和TCL是全球三大電視OEM廠商中的兩家，它們率先宣布支援該技術，但發布日期尚未公佈。

This quarter, we had several TV launches with Dolby Atmos and/or Dolby Vision with device partners, including TCL, Samsung, Hisense, Xiaomi and Amazon. And Peacock is now streaming at Sunday Night Football games and the season's NBA games in Dolby Atmos.

本季度，我們與 TCL、三星、海信、小米和亞馬遜等設備合作夥伴推出了多款支援杜比全景聲和/或杜比視界的電視產品。Peacock 現在以 Dolby Atmos 直播週日晚間橄欖球賽和本賽季的 NBA 比賽。

Moving on to Automotive. The value proposition for Dolby Atmos and increasingly Dolby Vision continues to resonate in the auto world. This past quarter, we signed agreements with Maruti Suzuki, the top passenger vehicle brand in India with over 40% market share, Deepal in China and VinFast in Vietnam. Also, the first in-car game featuring Dolby Atmos, Loner, officially launched on Li Auto vehicles as more content creators are looking to add value by taking advantage of Dolby Atmos in the car. A number of partners recently announced new models with Dolby Technologies, including Li Auto, Mahindra, Cadillac, Zeekr and Mercedes.

接下來是汽車產業。杜比全景聲 (Dolby Atmos) 以及日益普及的杜比視界 (Dolby Vision) 的價值主張在汽車領域持續引起共鳴。上個季度，我們與印度市場份額超過 40% 的頂級乘用車品牌 Maruti Suzuki、中國的 Deepal 和越南的 VinFast 簽署了協議。此外，首款搭載杜比全景聲的車載遊戲《Loner》已在理想汽車上正式推出，越來越多的內容創作者希望利用車載杜比全景聲來增加價值。近期，包括理想汽車、馬恆達、凱迪拉克、Zeekr 和梅賽德斯在內的多家合作夥伴宣布推出搭載杜比技術的新車型。

In Mobile, we are very happy to share that Instagram is now distributing content in Dolby Vision with initial support for iOS. In a blog post, Instagram concluded that content in Dolby Vision increased the time spent in app. The blog post also noted that Meta intends to expand Dolby Vision to other Meta apps and corresponding operating systems. Additionally, Douyin, known in many parts of the world as TikTok, has made Dolby Vision available to its users in China, joining other Chinese social media companies, including Xiaohongshu, Kuaishou and BiliBili in offering their users the ability to capture, share and edit content in Dolby Vision.

在行動端，我們非常高興地宣布，Instagram 現在開始以杜比視界格式分發內容，並首先支援 iOS 系統。Instagram 在一篇部落格文章中得出結論：杜比視界內容增加了用戶在應用程式內花費的時間。該部落格文章還指出，Meta 計劃將 Dolby Vision 擴展到其他 Meta 應用程式和相應的作業系統。此外，抖音（在世界許多地方被稱為 TikTok）已在中國向用戶提供杜比視界功能，加入了其他中國社交媒體公司（包括小紅書、快手和嗶哩嗶哩）的行列，為用戶提供以杜比視界拍攝、分享和編輯內容的功能。

We've seen how support on social media platforms and video sharing sites in China drives demand for Dolby Vision on mobile devices. These new partnerships with Instagram and Douyin are another important catalyst to further penetrating the mobile device ecosystem.

我們已經看到，中國社群媒體平台和影片分享網站的支援如何推動了行動裝置上對杜比視界的需求。與 Instagram 和抖音的這些新合作關係是進一步滲透行動裝置生態系統的另一個重要催化劑。

In wearables, Meta announced that the Meta Quest will have Dolby Atmos and Dolby Vision and Samsung announced that its Galaxy XR comes with Dolby Atmos. The wearables market is still early days, and we are working with the ecosystem to ensure that we are able to offer all device makers the technology to help them create the most immersive and connected experience possible.

在穿戴式裝置方面，Meta 宣布 Meta Quest 將支援杜比全景聲和杜比視界，而三星則宣布其 Galaxy XR 將支援杜比全景聲。穿戴式裝置市場仍處於起步階段，我們正在與生態系統合作，以確保我們能夠為所有裝置製造商提供技術，幫助他們創造盡可能沉浸式和互聯的體驗。

Turning to Imaging Patents, where we participate in patent pools, which help device makers license critical imaging technology. The primary growth driver to date has been growth in OEM licensees. In FY25, we helped launch a new patent pool focused on providing critical imaging technology to content streaming providers using a consumption-based pricing model. This Video Distribution Program significantly expands the TAM for Imaging Patents beyond devices. The pool signed its first licensees in the second half of fiscal '25, and we will start recognizing revenue in fiscal '26.

接下來是成像專利領域，我們參與專利池，幫助設備製造商取得關鍵成像技術的授權。迄今為止，主要的成長動力來自OEM授權用戶的成長。在 2025 財年，我們協助推出了一項新的專利池，專注於使用基於消費的定價模式向內容串流媒體提供者提供關鍵成像技術。該視頻分發計劃顯著擴大了成像專利的潛在市場規模，使其不再局限於設備領域。該池在 2025 財年下半年簽署了第一批許可證，我們將在 2026 財年開始確認收入。

The progress we've made in FY25 gives us confidence that we can grow Dolby Atmos, Dolby Vision and Imaging Patents at a growth rate of about 15% to 20% per year over the next three to five years.

我們在 2025 財年的進展使我們有信心在未來三到五年內，杜比全景聲、杜比視界和成像專利能夠以每年約 15% 至 20% 的速度成長。

Now before I wrap up, I'd like to take a few minutes to talk about Dolby and where we're going. Today, we are at the beginning of an opportunity to expand our total addressable market by delivering value to new sets of customers via consumption-based revenue models. We currently have two such offerings. We just discussed the first, which is the Video Distribution Program for content streamers.

在結束之前，我想花幾分鐘時間談談杜比以及我們未來的發展方向。今天，我們正處於一個機會的開端，可以透過基於消費的收入模式為新的客戶群創造價值，從而擴大我們的潛在市場。我們目前提供兩種此類產品。我們剛才討論了第一個，即面向內容串流媒體用戶的視訊分發計劃。

The second is Dolby OptiView. Dolby OptiView is our software-as-a-service solution that is focused on delivering real-time, personalized and interactive streaming experiences in sports, sports betting and iGaming. Dolby OptiView combines very low latency video streaming with the ability to optimize advertising and integrate additional content. For example, highlights of another game that's happening to engage viewers and drive higher revenue through subscriptions and advertising.

第二種是杜比OptiView。Dolby OptiView 是我們專注於為體育、體育博彩和 iGaming 提供即時、個人化和互動式串流體驗的軟體即服務解決方案。Dolby OptiView 將超低延遲視訊串流與優化廣告和整合其他內容的功能結合。例如，播放另一場比賽的精彩片段，以吸引觀眾並透過訂閱和廣告帶來更高的收入。

We see a significant opportunity in reinventing the fan experience for live sports, aligning with content owners to increase the value of their content. The NFL has been delivering RedZone to the NFL+ app using Dolby OptiView streaming since the start of the season, and they've seen significant increases in the quality of the streaming experience while delivering content at half the previous latency. All of these improvements contribute to longer viewing time.

我們看到，透過與內容所有者合作，重塑現場體育賽事的粉絲體驗，可以顯著提升其內容的價值，其中蘊藏著巨大的機會。自賽季開始以來，NFL 一直使用 Dolby OptiView 串流技術向 NFL+ 應用程式提供 RedZone 頻道，他們發現串流媒體體驗的品質顯著提高，同時內容傳輸延遲也降低了一半。所有這些改進都有助於延長觀看時間。

While our focus in the near term is on scaling these two new offerings, Dolby OptiView and the Video Distribution Program for content distributors, we believe that there will be opportunities in the future to deliver new value to trusted partners and new customers, expanding into new verticals with consumption-based revenue models. And this is increasingly an important focus of our innovation pipeline.

雖然我們近期的重點是擴大杜比OptiView和麵向內容分銷商的視訊分發計劃這兩項新產品的規模，但我們相信，未來將有機會為值得信賴的合作夥伴和新客戶提供新的價值，並透過基於消費的收入模式擴展到新的垂直領域。這正日益成為我們創新發展的重要重點。

Dolby has maintained its leadership position for 60 years by innovating and raising the bar on the quality and efficiency of entertainment. We do this by working with each part of the ecosystem; creatives, content distributors, device makers and earning their trust. This gives us a unique connection to their needs, challenges and opportunities, enabling us to deliver experiences that come to life in the highest possible quality.

杜比公司透過不斷創新和提高娛樂品質與效率的標準，在過去 60 年裡一直保持領先地位。我們透過與生態系統中的每個環節（創意人員、內容分銷商、設備製造商）合作，贏得他們的信任來實現這一目標。這使我們能夠與他們的需求、挑戰和機會建立獨特的聯繫，從而提供最高品質的體驗。

As we look to the next chapter of the Dolby story, our expansion into consumption-based models is a natural extension of our work to date. We have always delivered value to the distributors in our ecosystem and the opportunity to bring new experiences to life through the power of streaming is an opportunity to create new revenue streams.

展望杜比的下一個篇章，我們向基於消費的模式的擴展是我們迄今為止工作的自然延伸。我們一直致力於為生態系統中的經銷商創造價值，而透過串流媒體的力量將全新體驗帶入現實，則為我們創造了新的收入來源。

The world is changing fast, and we are, too. In the last three years, we have transformed our research and innovation capabilities in our advanced technology group, bringing in new capabilities aligned with the future, particularly as it relates to AI. This team is focused on AI-powered innovations to enhance our current and future offerings. So what does this mean for Dolby going forward? We are very excited about where we are, where the world is going and our ability to work with our customers and partners to grow our ecosystems.

世界變化很快，我們也在不斷變化。在過去的三年裡，我們改變了先進技術團隊的研究和創新能力，引進了與未來相符的新能力，尤其是在人工智慧方面。該團隊專注於利用人工智慧進行創新，以增強我們當前和未來的產品和服務。那麼，這對杜比未來的發展意味著什麼？我們對目前所處的位置、世界的發展方向以及我們與客戶和合作夥伴共同發展生態系統的能力感到非常興奮。

I'm proud of the progress and confident in our strategy to grow Dolby Atmos, Dolby Vision and Imaging Patents at 15% to 20% per year over the next several years. And now that Dolby Atmos, Dolby Vision and Imaging Patents is approaching 50% of our Licensing revenue, its impact on our overall growth rate is more meaningful. And while it's still early days, there is a significant opportunity to expand our total addressable market with consumption-based revenue models by serving the providers of audio/video content that are looking to deliver more engaging and interactive entertainment experiences.

我為所取得的進展感到自豪，並且對我們未來幾年以每年 15% 至 20% 的速度成長杜比全景聲、杜比視界和影像專利的策略充滿信心。現在，杜比全景聲、杜比視界和影像專利已接近我們授權收入的 50%，其對我們整體成長率的影響更加顯著。雖然現在還處於早期階段，但透過服務那些希望提供更具吸引力和互動性的娛樂體驗的音訊/視訊內容提供商，我們有機會透過基於消費的收入模式來擴大我們的潛在市場。

With that, I'd like to turn the call over to Robert to review our Q4 and FY25 results and our guidance for FY26.

接下來，我想把電話交給羅伯特，讓他回顧我們第四季和 2025 財年的業績以及我們對 2026 財年的展望。

Thank you, Kevin. Revenue for the quarter came in at $307 million, above the midpoint of guidance we shared last quarter, and non-GAAP earnings per share of $0.99 was above the high-end guidance due to a $0.28 discrete tax benefit this quarter. Excluding this discrete tax item, non-GAAP earnings per share came in at $0.71, which was above the midpoint of guidance, primarily due to higher revenue and better gross margins, partially offset by higher operating expenses. Licensing revenue was $282 million and Products and Services revenue was $25 million.

謝謝你，凱文。本季營收為 3.07 億美元，高於我們上季公佈的預期中位數；非 GAAP 每股收益為 0.99 美元，高於預期上限，這主要得益於本季 0.28 美元的一次性稅收優惠。剔除這項單獨的稅務項目後，非GAAP每股收益為0.71美元，高於預期中位數，主要原因是收入增加和毛利率提高，但部分被更高的營運費用所抵消。授權收入為 2.82 億美元，產品和服務收入為 2,500 萬美元。

We generated approximately $123 million in operating cash flow, repurchased $35 million of common stock and have approximately $277 million remaining on our share repurchase authorization. We declared a $0.36 dividend, up 9% from a dividend a year ago and ended the quarter with cash and investments of approximately $783 million. We recorded a $6 million restructuring charge in the quarter as we continue to streamline operations and adjust resources towards the most impactful areas.

我們產生了約 1.23 億美元的營運現金流，回購了 3,500 萬美元的普通股，我們的股票回購授權還剩下約 2.77 億美元。我們宣布派發每股 0.36 美元的股息，比一年前的股息增加了 9%，本季末現金和投資約為 7.83 億美元。本季我們提列了 600 萬美元的重組費用，因為我們將繼續精簡營運並將資源調整到最具影響力的領域。

For the full fiscal '25, we reported revenues of $1.35 billion, which was above the midpoint of guidance and up 6% year-over-year and non-GAAP earnings per share of $4.24 or $3.97, excluding the previously mentioned discrete tax benefit, within the range of our annual earnings guidance. As Kevin mentioned, we expanded our full-year non-GAAP operating margins by 180 basis points. For the year, Dolby Atmos, Dolby Vision and Imaging Patents grew just over 14%, in line with our expectations of roughly 15% growth and represented 45% of Licensing revenue. Foundational Audio Technology revenue came in just under negative 1%, again, close to our expectations of roughly flat growth.

2025 財年全年，我們公佈的收入為 13.5 億美元，高於預期中位數，年增 6%；非 GAAP 每股收益為 4.24 美元，若不計入之前提到的特殊稅收優惠，則為 3.97 美元，均在我們年度盈利預期範圍內。正如凱文所提到的，我們的全年非GAAP營業利潤率提高了180個基點。今年，杜比全景聲、杜比視界和影像專利成長了略高於 14%，與我們預期的約 15% 的成長相符，佔授權收入的 45%。基礎音訊技術收入略低於負 1%，再次接近我們預期的大致持平成長。

Detailed Licensing performance by end market and other components are on the IR portion of our website. And as we share with you every quarter, while trends are typically smoother on an annual basis, the timing of recoveries, minimum volume commitments and true-ups can drive quarterly volatility. In terms of end market performance for the full year, we saw strong growth in Mobile, driven by the GE Licensing acquisition and Other revenue due to Auto and Dolby Cinema. PC and Broadcast grew mid-single digits and CE was down, in line with expectations coming into the year.

詳細的按終端市場和其他組成部分劃分的許可業績，請參閱我們網站的投資者關係部分。正如我們每個季度都會與您分享的那樣，雖然從年度來看，趨勢通常比較平穩，但復甦的時機、最低交易量承諾和調整可能會造成季度波動。就全年終端市場表現而言，行動業務實現了強勁成長，這主要得益於對 GE Licensing 的收購；其他收入則來自汽車和杜比影院。PC 和廣播業務實現了中等個位數的成長，而消費性電子業務則出現下滑，這與年初的預期相符。

Moving on to guidance. For the full year, we expect revenue between $1.39 billion and $1.44 billion or up about 3% to 7% year-over-year. We expect Licensing revenue to be between $1.285 billion and $1.335 billion, with revenue from Foundational Audio Technologies expected to be down low single digits due to timing of deals in Mobile and lower expected unit shipments in PC and CE. We expect Dolby Atmos, Dolby Vision and Imaging Patents' revenue to grow approximately 15%.

接下來是指導部分。我們預計全年營收將在 13.9 億美元至 14.4 億美元之間，年增約 3% 至 7%。我們預計授權收入將在 12.85 億美元至 13.35 億美元之間，由於行動領域的交易時間表以及 PC 和 CE 領域預計出貨量較低，基礎音訊技術的收入預計將下降個位數百分比。我們預計杜比全景聲、杜比視界和影像專利的營收將成長約 15%。

We are targeting non-GAAP operating expenses to be between $780 million and $800 million. This guidance implies operating margin improvement of between 50 and 100 basis points. We expect non-GAAP earnings per share to be between $4.19 and $4.34. As a reminder, fiscal '25 non-GAAP EPS was $3.97, excluding the discrete tax benefit in Q4. From an end market perspective, for the full year, we expect Other revenue to be up high teens, Broadcast and Mobile to be up mid-single digits and Consumer Electronics and PCs to be down high single digits.

我們的目標是將非GAAP營運費用控制在7.8億美元至8億美元之間。該預期意味著營業利潤率將提高 50 至 100 個基點。我們預計非GAAP每股盈餘將在4.19美元至4.34美元之間。作為參考，2025財年非GAAP每股收益為3.97美元，不包括第四季的一次性稅收優惠。從終端市場角度來看，我們預計全年其他收入將成長接近兩位數，廣播和行動業務將成長個位數中段，而消費性電子產品和個人電腦業務將下降個位數高段。

Imaging Patents revenue from content distributors, which we call the Video Distribution Program, or VDP, for short, will be reported in the Other category given that these patents aren't licensed to a specific device. For Q1 fiscal '26, we expect revenue to be between $315 million and $345 million. Within that, we expect licensing revenue to be between $290 million and $320 million. Gross margin should be approximately 90% on a non-GAAP basis, and we expect non-GAAP operating expenses to be between $195 million and $205 million. Non-GAAP earnings per share is expected to be between $0.79 and $0.94.

內容分銷商的影像專利收入（我們稱之為視訊分發計劃，簡稱 VDP）將歸入「其他」類別，因為這些專利沒有授權給特定設備。我們預計 2026 財年第一季的營收將在 3.15 億美元至 3.45 億美元之間。其中，我們預計授權收入將在 2.9 億美元至 3.2 億美元之間。以非GAAP準則計算，毛利率應約為90%，我們預期非GAAP營運費用將在1.95億美元至2.05億美元之間。預計非GAAP每股收益在0.79美元至0.94美元之間。

Q1 revenue is expected to be down approximately 8% year-over-year at the midpoint due to two main factors. The first is a tough comparison against Q1 of fiscal '25 when we had a large favorable true-up and the second is the timing of recoveries and minimum volume commitments. The composition of revenue between the first half and the second half of the year will be likely more evenly distributed this year than it was last year.

受兩個主要因素影響，預計第一季營收將年減約 8%（取中間值）。首先，與 2025 財年第一季相比，這是一個艱難的比較，當時我們進行了大幅的有利調整；其次，是復甦的時間和最低銷售承諾。今年上半年和下半年的收入組成可能會比去年更均衡。

In closing, the creation and distribution of Dolby-enabled content continues to grow, and we are on the cusp of a significant opportunity to expand our offering and to expand our future market opportunities and grow our customer base. Our financials remain solid with high gross margins, healthy cash flows and a strong balance sheet.

最後，杜比內容的創作和分發持續成長，我們正處於一個重要的機會期，可以擴展我們的產品和服務，拓展未來的市場機會，並擴大我們的客戶群。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 Peter, and we'll open the line for your questions. Peter?

接下來，我想把時間交還給彼得，我們接下來將開放提問環節。彼得？

Thanks, Robert. Before I turn the call back to the operator to open up the lines for Q&A, I'd like to announce that we're going to have a casual event for investors at CES on Wednesday, January 7, from 8:00 AM to 9:00 AM at the Dolby Live Theater in the Park MGM. We will be in quiet period, so there won't be any formal remarks or commentary on the business, but we always appreciate the opportunity to show off our technology.

謝謝你，羅伯特。在我將電話轉回給接線員以開放問答環節之前，我想宣布，我們將於 1 月 7 日星期三上午 8:00 至 9:00 在 Park MGM 的 Dolby Live Theater 為 CES 的投資者舉辦一場非正式活動。我們將處於靜默期，因此不會就業務發表任何正式聲明或評論，但我們始終珍惜展示我們技術的機會。

If you'd like to join us, please reach out to me for details or send a note to ir@dolby.com.

如果您想加入我們，請聯絡我了解詳情，或發送電子郵件至ir@dolby.com。

With that, operator, can we please open up the call for Q&A?

操作員，那我們可以開始問答環節了嗎？

(Operator Instructions) Ralph Schackart, William Blair.

（操作說明）拉爾夫·沙卡特，威廉·布萊爾。

Kevin, maybe if you could provide a little bit more color on what seems like a pretty interesting opportunity to expand the TAM on the new consumption models you talked about? I think you talked about Video Distribution for streamers. I think that came primarily from the GE patents. If you could sort of confirm that and sort of provide an update there? And then OptiView?

凱文，你能否再詳細闡述你提到的那個似乎很有意思的新消費模式，也就是擴大潛在市場規模的機會？我想你之前談的是針對串流媒體用戶的影片分發。我認為這主要源自於通用電氣的專利。如果您能確認一下並提供最新進展就太好了？那麼OptiView呢？

And maybe just kind of taking a step back, give us a sense of the contribution in the 2026 guidance. And will this be something that will build throughout the year? Or just sort of if you can sort of frame that opportunity? And then I have a follow-up.

或許我們可以退後一步，讓我們了解 2026 年指導方針的貢獻。這種情況會持續一整年嗎？或者，你能不能把握住這個機會？然後我還有一個後續問題。

Yes. Thanks, Ralph. So if you put this in the context of Dolby's journey for 60 years, we've been leading the way in the quality and efficiency of experience, and we've been doing that by providing the services, the technologies, the know-how to not just our paying customers, the device licensees, but also to content creators and to distributors of content.

是的。謝謝你，拉爾夫。因此，如果將此置於杜比 60 年的發展歷程中來看，我們一直引領著體驗的品質和效率，我們透過提供服務、技術和專業知識來實現這一目標，這些服務、技術和專業知識不僅面向我們的付費客戶、設備授權商，也面向內容創作者和內容分銷商。

And so as we look to where that future is going, we believe that we have significant opportunities to begin to add new value to the content streamers to bring that future to life. It's a future where streaming services are more aware of what engages audiences. They're able to respond to that in the form of not just which content they show them, but actually having the content itself be personalized to that audience and to introduce interactive features. That's, of course, what we are doing with Dolby OptiView for sports, sports betting and iGaming.

因此，展望未來，我們相信我們有很大的機會為內容串流服務商創造新的價值，從而將未來變為現實。未來，串流媒體服務將更加了解如何吸引觀眾。他們不僅能夠根據受眾的需求來調整展示的內容，還能讓內容本身個人化，並引入互動功能。當然，這就是我們利用 Dolby OptiView 技術為體育賽事、體育博彩和 iGaming 所做的。

I talked about on the call just a moment ago about how the NFL is now utilizing Dolby OptiView for its RedZone service. And I think we've been in market for about two years with Dolby OptiView. And over that time, we brought on a fantastic roster of customers. And many of them are still in the early stages of scaling. For some of them, these are new offerings. For others, they're testing the offerings on a percentage of the user base before they go bigger.

我剛剛在電話會議上談到了 NFL 現在如何使用 Dolby OptiView 來提供 RedZone 服務。我認為我們推出杜比OptiView技術已經有大約兩年了。在那段時間裡，我們吸引了一群非常棒的客戶。其中許多企業仍處於規模化發展的早期階段。對他們中的一些人來說，這些都是新推出的產品。對於其他公司來說，他們會在擴大規模之前，先在一部分用戶群中測試這些產品和服務。

So we think that as we look forward, scaling the customers we've won is a big opportunity to increase revenue. And also Dolby OptiView is becoming known in these circles compared to a year ago. So that is healthy for our pipeline.

因此，我們認為展望未來，擴大我們已贏得的客戶群是增加收入的巨大機會。而且與一年前相比，杜比OptiView在這些圈子裡也越來越為人所知。這對我們的產品線來說是件好事。

And then more recently, you asked about the video patent distribution program. So I mean, as you know, Imaging Patent Licensing has always been driven by licensing per device. And what's new is that the pool has now established a pool for content streamers. That's a combination, Ralph, of the patents that we've always had in the imaging patent pools and the GE licensing patents. The significance is that it significantly expands the addressable market by opening up the world of these content streamers.

最近，您也詢問了視訊專利分發計畫的相關事宜。所以我的意思是，正如你所知，圖像專利授權一直以來都是以設備授權的方式進行的。而新的變化是，該資金池現在已經為內容串流媒體用戶建立了一個資金池。拉爾夫，這是我們一直擁有的成像專利池中的專利和通用電氣許可專利的組合。其意義在於，它透過打開這些內容串流媒體的世界，大大擴大了潛在市場。

And that's one of the things that gives us confidence in sustaining growth in our Dolby Atmos, Dolby Vision and Imaging Patents because that's still part of Patent Licensing revenue. Dolby OptiView is a part of Product and Services.

這也是我們有信心在杜比全景聲、杜比視界和影像專利領域保持成長的原因之一，因為這仍然是專利授權收入的一部分。Dolby OptiView 是產品和服務的一部分。

Yes, we're continuing to look to drive growth faster, but we're optimistic about the midterm. And we think that between those two programs in three years, we could have probably 10% of our revenue coming from service provider customers as opposed to device customers, and we'll be looking for opportunities to introduce new offerings and do everything we can to accelerate that.

是的，我們仍在尋求加快成長，但我們對中期前景持樂觀態度。我們認為，透過這兩個項目，三年內我們可能會有 10% 的收入來自服務提供者客戶而不是設備客戶，我們將尋找機會推出新產品，並盡一切努力加快這一進程。

Great. And maybe just to double-click on the Imaging Patents. I think you had mentioned there's four new content streamers, if I heard that correctly. Is that you sort of approaching the market with the patents in combination with GE and looking for opportunities to work with the streamers? Or are you bringing sort of, I guess, revenue-enhancing opportunities to them versus, I guess, IP in terms of monetization? Thanks.

偉大的。或許只要雙擊「成像專利」即可。我記得你好像有提到有四位新的內容主播，沒聽錯的話。你是打算結合GE的專利進入市場，尋找與串流媒體公司合作的機會嗎？或者說，你是在為他們帶來某種能增加收入的機會，而不是在智慧財產權變現方面？謝謝。

Yes. Thank you. So most of our Patent Licensing revenue, we license through patent pools. So the patent pools are a structure where many licensors contribute their patents for a particular purpose. In this case, the content streaming industry has obviously grown, and there's also a growing recognition of the critical nature of this imaging patent technology to what they do.

是的。謝謝。因此，我們的大部分專利授權收入都是透過專利池進行授權的。因此，專利池是一種結構，其中許多授權方為特定目的貢獻其專利。在這種情況下，內容串流媒體產業顯然已經發展壯大，而且人們也越來越認識到這項成像專利技術對他們的業務至關重要。

And so we participate in those pools. It's via the pool that the decisions are made to establish new programs, and that's what led to the opening of this pool. Five licensees have signed up. We didn't have any -- that was all in the second half of '25. So it will first start generating revenues in FY26.

因此，我們也參與了這些博彩活動。正是透過這個平台來決定設立新項目，這也是這個平台開放的原因。已有五家持牌機構簽約。我們沒有──那都是 2025 年下半年的事了。因此，它將在 2026 財年開始產生收入。

And going forward, one of the natures of these pools is that it incents licensors to innovate into those pools. And so we would expect to see opportunities to innovate into those pools to meet the future needs of content streamers and any markets that those pools decide to focus on in the future.

展望未來，這些授權池的特性之一是激勵授權人在這些授權池中進行創新。因此，我們預計會有機會在這些資金池中進行創新，以滿足內容串流媒體用戶的未來需求，以及這些資金池未來決定關注的任何市場。

Great. Just one last one, if I could, Kevin. I think you had mentioned that in the second half of 2025 fiscal year that the licensees signed that you'll generate revenue in 2026. Can you just sort of bridge the gap from signing to monetization in that time period and sort of what's taking place in between?

偉大的。凱文，如果可以的話，就最後一個問題吧。我想你曾經提到過，在 2025 財年下半年，被授權人簽署協議，你們將在 2026 年產生收入。您能否簡要介紹一下從簽約到盈利這段時間內發生的事情，以及這段期間都發生了什麼？

Well, the patent pool side of the business still operates somewhat like what you're used to in the early Dolby days, where we recognize that revenue when we get the reports from the pools. And so that's probably the most important thing to understand as it relates to patent licensing is when we sign someone up, we are then waiting for that first royalty report.

嗯，專利池業務的運作方式仍然有點像杜比早期那樣，我們會在收到專利池的報告時確認收入。因此，就專利許可而言，最需要理解的一點是，當我們與某人簽約後，我們就需要等待第一份專利許可費報告。

Okay, understood.

好的，明白了。

Steven Frankel, Rosenblatt.

Steven Frankel，Rosenblatt。

I want to follow up on Ralph's questions around this new model. And I'm just trying to fundamentally understand whether the pool is selling new capabilities to the streamers? Or are we enforcing patents from the pool on activities and technologies that they're already deploying?

我想就拉爾夫提出的關於這個新模型的問題做進一步的探討。我只是想從根本上了解該平台是否在向主播們出售新功能？或者，我們是否在對他們已經在使用的活動和技術進行專利強制執行？

So on day one, Steve, it's essentially the same patents that were in the pool that was established for device licensees. That is the pool for content streamers. As I said, going forward, the purpose of these pools is to establish a mechanism to incent licensors to continue to collaborate and innovate into the future needs of the licensees. So the second part of your question was, why now? It really is just that the industry has grown significantly, and there is a recognition that these imaging patent technologies are essential to the way they generate value.

所以，史蒂夫，從第一天起，基本上就是和先前為設備被授權者設立的專利池中的專利一樣。這是內容串流媒體用戶的資金池。正如我所說，展望未來，這些資金池的目的是建立一種機制，激勵授權人繼續合作和創新，以滿足被授權者未來的需求。所以你的問題的第二部分是，為什麼是現在？實際上，只是因為該行業發展迅猛，人們認識到這些成像專利技術對於其創造價值的方式至關重要。

Let me ask it a different way. So were they using these patents with the understanding that at some point, they would have to pay for what they're using? Or are you approaching them saying you should be using this now going forward? That's what I'm -- basically trying to understand what your go-to-market motion is, enforcement or upselling?

我換個方式問。所以他們在使用這些專利時是否明白，在某個時候，他們必須為使用這些專利付費？或者你是跟他們說，從現在開始你應該使用這個嗎？我其實是想了解你們的市場推廣策略是什麼，是加強現有產品的銷售還是追加銷售？

Yes. Got you. So again, it's the pool that we participate in, which is approaching the customers. We sometimes approach bilaterally or participate in that. Generally speaking, these are technologies that have been -- being used.

是的。抓到你了。所以，我們參與的還是接觸客戶的這個圈子。我們有時會採取雙邊方式或參與其中。總的來說，這些技術已經被使用。

And I would say it's a combination. I mean, first and foremost, the pool looks to bring licensees on board. And it also, like I said, provides value going forward. You have the certainty of having the ability to operate against this growing number of patents from innovation across a growing number of licensors. And sometimes there is enforcement. That's the last resort, but it's always -- when it's used, it's to ensure a level playing field across all licensees.

我認為這是兩者的結合。我的意思是，首先，該基金的目標是吸引持牌機構加入。而且，就像我說的，它在未來也具有價值。您可以確信自己有能力應對來自越來越多的授權者的、不斷增長的創新專利數量。有時候也會有執法行動。這是最後的手段，但總是——當它被使用時，是為了確保所有被授權人都有公平的競爭環境。

Okay. Thank you. And we've had some past discussion on Atmos Music in Automobiles kind of approaching a level where it might have to be broken out as a subsegment like you break out these other markets. Kind of where did you exit the year? And do you think that's something that could happen in fiscal '26?

好的。謝謝。我們之前討論過汽車中的 Atmos 音樂，它已經發展到可能需要像其他市場一樣作為子細分市場的程度。你這一年是如何結束的？你認為這種情況在 2026 財政年度有可能發生嗎？

I don't anticipate doing it in fiscal '26, but I do anticipate that Automotive will become a separate end market. We're still in the early days. It's still one of the fastest growers. And we continue to make great progress bringing Dolby Atmos Music to cars. And we're even earlier days, bringing Dolby Vision to cars.

我預計在 2026 財年不會實現，但我預期汽車產業將成為一個獨立的終端市場。我們還處於早期階段。它仍然是生長速度最快的作物之一。我們在將杜比全景聲音樂引入汽車領域方面持續取得巨大進展。我們甚至更早的時候，就已經把杜比視界引入汽車領域了。

So Automotive continues to be one of the areas that gives us confidence in our ability to continue to grow Dolby Atmos, Dolby Vision and Imaging Patents.

因此，汽車領域仍然是讓我們有信心繼續發展杜比全景聲、杜比視界和影像專利的領域之一。

Okay. We don't want to leave Robert out. So what were true-ups in the quarter?

好的。我們不想把羅伯特排除在外。那麼本季有哪些調整呢？

Thanks, Steve, for not leaving me out. I appreciate that. True-ups for the quarter was really not a factor. It's minus $1 million for the quarter.

謝謝你，史蒂夫，沒有把我排除在外。我很感激。本季的調整其實並不是影響因素。本季虧損100萬美元。

Okay. Great. And then maybe one more time back on Auto. Kevin, how do you feel in your progress of going deeper into some of the brands that you've already been with? And what's your visibility into maybe going in the North American brands getting into some lower price points and more aggressively priced cars in a lot of the high-end vehicles so far?

好的。偉大的。然後或許可以再試一次自動模式。凱文，對於你目前與一些你已經合作過的品牌進行更深入的合作，你感覺如何？那麼，您認為未來進軍北美品牌市場，推出一些價格更低、更具競爭力的車型，尤其是在目前許多高階車型領域，前景如何？

Yes. We continue to make progress getting deeper into lineups. You're aware of what we've done with Mercedes, obviously, a higher-end brand, but getting deeper in lineups; Cadillac throughout an entire EV lineup. Across our portfolio, we see a number of our partners bringing Dolby Atmos to additional models. We also feel very good about the pipeline activity around bringing it even deeper.

是的。我們在深入研究陣容方面持續取得進展。您很清楚我們對梅賽德斯-奔馳（一個高端品牌）所做的工作，但我們正在不斷深化產品線；對凱迪拉克也進行了全面升級，推出了全系電動車產品。在我們的產品組合中，我們看到許多合作夥伴將杜比全景聲引入更多型號的機型中。我們對進一步鑽探的管道建設活動也感到非常樂觀。

And so we still believe that Dolby Atmos is an experience that should be the standard way to listen to music in the car, just as stereo has been for a very, very long time.

因此，我們仍然認為杜比全景聲應該成為在車內聽音樂的標準方式，就像立體聲長期以來一直是標準方式一樣。

Patrick Shol, Barrington Research.

Patrick Shol，巴林頓研究公司。

Just another follow-up on the new model that you're rolling out with the content distributors. I was just wondering just in terms of the Imaging Patent Licensing, is there any like overlap between like the technologies that you're licensing there and the services being able to distribute content like in Dolby Vision and Dolby Atmos?

這是關於您正在與內容分發商合作推出的新模式的另一個後續問題。我只是想問一下，就圖像專利授權而言，你們授權的技術與能夠以杜比視界和杜比全景聲等形式分發內容的服務之間是否存在任何重疊？

Separate things. Dolby Vision actually is not dependent on video codec. We implement Dolby Vision across a range of video codecs. And Dolby Atmos is implemented with the branded Dolby Audio codec.

分開看待事物。杜比視界其實並不依賴視訊編解碼器。我們在多種視訊編解碼器中實作了杜比視界。而杜比全景聲則是透過杜比音訊編解碼器實現的。

Okay. And then with Dolby Vision 2, I guess, when you produce an update to Dolby Vision, is there any sort of process to updating the content pipeline or the service distribution pipeline in order to get adoption from device manufacturers? Is that more accelerated from other technology rollouts? Or is it similar in that area?

好的。那麼對於 Dolby Vision 2，我想，當您推出 Dolby Vision 的更新版本時，是否有任何流程來更新內容管道或服務分發管道，以便獲得設備製造商的採用？與其他技術推廣相比，這種推廣速度是否更快？還是說那片地區的情況也類似？

Yes. So yes, good question. I mean, first of all, we're always introducing new features and functionality as it relates to our core offerings. But what's significant about Dolby Vision 2 is this is a significant upgrade. So it really -- I hope you can join us. And yes, it's a noticeable difference across the entire TV range. And that's why we think we've gotten such good engagement.

是的。是的，問得好。我的意思是，首先，我們一直在推出與核心產品相關的新功能。但杜比視界 2 的意義在於，這是一場重大升級。所以真的——我希望你能加入我們。是的，這在整個電視產品系列中都是一個明顯的差異。這就是我們認為用戶參與度如此之高的原因。

And Hisense and TCL announced right along with us announcing Dolby Vision 2 that they plan to adopt it. And yes, this does include providing new tools to creators to take advantage of the full range of capabilities. And we expect that the first TVs will be in market by the end of '26. We're working the content pipeline at the same time.

海信和 TCL 與我們同時宣布推出杜比視界 2，並表示他們計劃採用該技術。是的，這確實包括為創作者提供新的工具，以便他們能夠充分利用各種功能。我們預計首批電視機將於 2026 年底上市。我們同時也在完善內容製作流程。

And I would say, if your question is compared to when we first brought Dolby Vision to life, I would say it can go -- it's faster than that because of the general -- the broad adoption of Dolby Vision and because, like I said, this makes a significant difference. So we have good engagement across the ecosystem.

如果你的問題是與我們最初推出杜比視界時相比，我會說它的速度更快，因為杜比視界得到了廣泛的普及，而且正如我所說，這帶來了顯著的差異。因此，我們在整個生態系統中都保持著良好的互動。

Okay. And then just on the three-year growth outlook for Atmos and Vision and the Image Patenting. I think if I heard you correctly, like the top end of that kind of three-year CAGR has brought down a little bit from what it had been. Is that just sort of a law of large numbers or just the -- kind of just the a macro kind of view of just how things have been trending more recently and like the potential macro impacts from trade issues and things like that?

好的。然後，我們來看看 Atmos、Vision 和圖像專利的三年成長前景。如果我沒理解錯的話，你的意思好像是說，那種三年複合年增長率的上限已經比以前有所下降。這只是大數定律，還是只是──僅僅是從宏觀角度看待最近的發展趨勢，以及貿易問題等可能產生的宏觀影響？

Yes, I would say law of numbers. When we first started providing this construct, we were at about -- just over 20% of our revenue was Atmos Vision Imaging Patents. Today, it's approaching 50%. And I would say today, on the Q&A, we've talked about auto. We just talked about Dolby Vision 2.

是的，我會說是數字規律。當我們最初開始提供這種結構時，我們的收入大約有 20% 多一點來自 Atmos Vision 成像專利。如今，這一比例已接近 50%。我想說，今天在問答環節，我們談到了汽車。我們剛才討論的是杜比視界2。

We talked about the Video Distribution Program. All of those are things that are in the early stages of growth and can contribute to this growth rate going forward. And we haven't yet talked about the fact that Instagram is now including support for Dolby Vision for iOS, which is a partnership we're also very excited about.

我們討論了視訊分發計劃。所有這些都處於發展初期，並可能在未來促進這種成長速度。我們還沒談到 Instagram 現在也開始支援 iOS 版杜比視界，我們也對這項合作感到非常興奮。

We're on the Quest with Dolby Atmos and Dolby Vision. Now we're on Instagram. And that's important because the social media is the most prominent use case on mobile devices. And so we've seen in China how when we get included on social media and video distribution sites, I mentioned on the call that Douyin has now adopted us. That drives demand for Dolby Vision Capture and Dolby Vision Playback on mobile devices.

我們正在探索杜比全景聲和杜比視界。現在我們也開通了Instagram帳號。這一點很重要，因為社群媒體是行動裝置上最突出的應用程式場景。因此，我們已經看到，在中國，當我們被納入社交媒體和視訊分發網站時，就像我在電話會議上提到的抖音現在已經接納了我們一樣。這推動了行動裝置上對杜比視界拍攝和杜比視界播放的需求。

And so we think this is also a good driver. So what we're seeing is quite a few important wins that are early growth drivers for us to keep driving that forward. And now that it's approaching 50%, it has a much greater impact on the overall top-line growth.

所以我們認為這也是一款不錯的驅動裝置。所以我們看到的是一些重要的勝利，這些勝利是推動我們繼續向前發展的早期成長動力。現在這一比例已接近 50%，對整體營收成長產生了更大的影響。

(Operator Instructions) Vikram Kesavabhotla, Baird.

（操作員說明）Vikram Kesavabhotla，Baird。

Maybe just a follow-up to some of the comments you made on the last response. Could you talk more about your observations around the macro environment right now? What is your latest thinking in terms of the potential impacts from the tariffs as well as just the state of the consumer? And how have you gone about incorporating that into the outlook for '26?

也許只是想對您上次回覆中的一些評論做個補充。能否再詳細談談您對當前宏觀環境的觀察？您最新的想法是，關稅可能對消費者造成哪些影響？那麼，您是如何將這些因素融入 2026 年的展望中的呢？

Yes. Thanks for the question, Vikram. So first, I would say that over this last year, we haven't seen any specific identifiable impact of the tariffs. If anything, I think what we're seeing is that our device partners have been dealing with supply chain issues for quite some time beginning with the pandemic, and they've invested a lot in resiliency, and I think they've proven to be quite resilient.

是的。謝謝你的提問，維克拉姆。首先，我想說的是，在過去一年裡，我們沒有看到關稅產生任何具體可辨識的影響。我認為我們看到的是，我們的設備合作夥伴從疫情開始就一直在應對供應鏈問題，他們投入了大量資源來增強韌性，而且我認為他們已經證明自己具有很強的韌性。

At the same time, I would say the overall device market is flattish, sluggish. And so as it relates to foundational, Robert said, we're planning for low single digits. But we are seeing a big improvement from '22 to '24 when one of the biggest reasons for our larger declines was because we were coming off those really strong purchasing years in 2021, where everybody went out to buy a TV and a PC.

同時，我認為整體設備市場呈現平淡、低迷的狀態。羅伯特說，就基礎建設而言，我們計劃實現個位數低水準的成長率。但我們看到，從 2022 年到 2024 年，情況有了很大的改善。先前，我們大幅下滑的主要原因之一是，我們剛剛經歷了 2021 年強勁的消費年，當時每個人都去買了一台電視和一台電腦。

So in that respect, we see it stabilizing relative to that period of time. We don't think it will be sluggish forever. We think our partners are hard at work doing exciting things. And I guess I would also add that we have been able to grow Dolby Atmos, Dolby Vision and Imaging Patents at about 20% a year through all of that. So we're really focusing on what we can control, and that is all the things we just talked about that we think will drive continued growth in Dolby Atmos, Dolby Vision, Imaging Patents.

所以從這個角度來看，我們看到它相對於那段時間而言趨於穩定。我們認為這種情況不會永遠持續下去。我們認為我們的合作夥伴正在努力做著令人興奮的事情。我還要補充一點，透過所有這些努力，我們得以使杜比全景聲、杜比視界和成像專利每年增長約 20%。因此，我們真正關注的是我們能夠控制的事情，也就是我們剛才討論的那些我們認為將推動杜比全景聲、杜比視界和影像專利持續成長的事情。

And we are, of course, excited that we see new paths to expanding our addressable market by adding value to new customers, some of whom are already partners.

當然，我們很高興看到透過為新客戶（其中一些已經是我們的合作夥伴）增加價值來擴大目標市場的新途徑。

Okay. Great. And then maybe a follow-up on the '26 outlook. I think you called out a couple of drivers that are affecting the first quarter year-over-year trend here. But curious if there's anything else to call out as we think about the cadence throughout the rest of the year?

好的。偉大的。然後或許可以對 2026 年的前景進行後續展望。我認為你指出了影響第一季同比趨勢的幾個因素。但我想知道，在考慮今年剩餘時間的節奏時，是否還有其他需要指出的地方？

Yes. Vikram, this is Robert. Our quarterly results can fluctuate widely due to timing of true-ups, minimum volume commitments and recoveries. And Q1 is no -- not any different than the previous past where we've had -- Q1 is depressed due to a Q1 true-up of last year and then timing of some minimum volume commitments. And I think this year, we expect our revenue to be more evenly distributed between the first half and second half versus what it was last year.

是的。維克拉姆，這位是羅伯特。由於結算時間、最低銷售承諾和回收等因素，我們的季度業績可能會大幅波動。第一季的情況與以往並無不同，第一季業績下滑的原因是去年第一季的業績調整以及一些最低銷量承諾的達成時間。而且我認為，與去年相比，我們預計今年上半年和下半年的收入分配會更加均衡。

Okay. Great. And then maybe just the last one for me. It'd be great to get your latest thoughts around capital allocation here. It looks like you saw some share repurchase authorization left. Balance sheet looks like it's in good shape. What is your latest thinking on how you plan to approach repurchase activity going forward?

好的。偉大的。也許最後那一個就是我的了。非常希望聽到您關於資本配置的最新想法。看起來你還看到了剩餘的股票回購授權。資產負債表看起來狀況良好。您目前對未來回購活動的計畫有何想法？

Yes. We do have just over $270 million of repurchase authorization remaining. Our policy, of course, is to -- as I'm sure you know, is we do offset dilution on a regular basis from equity comp. We have a regular dividend that we announced an increase today. We've increased that every year, except for one during the pandemic. And then we do look closely at this with our Board each quarter. And over time, we have sometimes done more buybacks that is necessary to offset dilution. So we continue to look at it closely.

是的。我們目前還有略高於 2.7 億美元的回購授權額度。當然，我們的政策是——我相信您也知道——我們會定期透過股權補償來抵消股權稀釋。我們今天宣布提高定期股利。除了疫情期間有一年例外，我們每年都在增加這個數字。然後，我們每季都會與董事會仔細審查此事。隨著時間的推移，我們有時會進行比必要次數更多的股票回購，以抵消股權稀釋。所以我們會繼續密切關注此事。

And with no further questions in queue, this will conclude our conference call today. You may now disconnect.

由於沒有其他問題需要提問，今天的電話會議到此結束。您現在可以斷開連線了。