Dolby Laboratories, Inc. (DLB) 2026 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 2026 results. (Operator Instructions) As a reminder, this call is being recorded.

各位女士、先生，感謝您稍候。歡迎參加杜比實驗室（Dolby Laboratories）討論 2026 會計年度第二季業績的電話會議。（接線員指示）提醒您，本次通話將被錄音。

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人關係副總裁 Peter Goldmacher 先生。Peter，請開始。

Good afternoon. Welcome to Dolby Laboratories second-quarter fiscal year 2026 earnings conference call. Joining me today are Kevin Yeaman, Dolby Laboratories' CEO; and Robert Park, our CFO.

各位下午好。歡迎參加杜比實驗室 2026 會計年度第二季財報電話會議。今天與我一同出席的有杜比實驗室執行長 Kevin Yeaman，以及我們的財務長 Robert Park。

As a reminder, today's discussion will include forward-looking statements, including our fiscal 2026 third-quarter and full-year outlook and our assumptions underlying that outlook. These statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today, including, among other things, the impact of macroeconomic events, supply chain issues, inflation rates, changes in consumer spending, and geopolitical instability on our business.

提醒各位，今天的討論將包含前瞻性陳述，包括我們對 2026 會計年度第三季與全年展望，以及支撐該展望的假設。這些陳述受到風險與不確定性影響，可能導致實際結果與今日所述有重大差異，其中包括但不限於：總體經濟事件、供應鏈問題、通膨率、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 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 annual 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.

關於上述及其他風險與不確定性的討論，請參閱我們今日發布的財報新聞稿中「前瞻性陳述」章節，以及我們最近一期 Form 10-Q 年度報告中的「風險因素」章節。杜比不承擔、亦無意因新資訊或未來事件而更新本次通話中所作任何前瞻性陳述之義務。

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.

在今天的通話中，我們將討論非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之間的調節表，可在我們的財報新聞稿以及本公司網站投資人關係專區的互動式分析師中心中取得。

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

接下來，我想把電話交給 Kevin。

Thanks, Peter, and thanks to everyone joining us on the call today. Revenue and non-GAAP earnings for the quarter came in consistent with the expectations we provided on the call last quarter, and we are maintaining our full-year guidance. Robert will share more details on the financials in a few minutes.

謝謝你，Peter，也感謝今天加入電話會議的各位。本季營收與非 GAAP 盈利表現符合我們在上季電話會議中提供的預期，我們也維持全年財測不變。Robert 將在幾分鐘後分享更多財務細節。

Dolby occupies a unique position across the creator content platform device ecosystem. We continue to strengthen our position, creating growth opportunities across existing and new business areas.

杜比在創作者—內容—平台—裝置的生態系中占有獨特地位。我們持續強化這一地位，並在既有與新業務領域創造成長機會。

Over the last few quarters, we have made great progress bringing more Dolby content to more content platforms. Top-tier social media companies are increasingly recognizing the value of streaming content in Dolby Vision. Meta has adopted Dolby Vision for content streamed on iOS for both Instagram and Facebook, and Douyin in China has enabled Dolby Vision for content on both iOS and Android.

過去幾個季度，我們在讓更多杜比內容進入更多內容平台方面取得了重大進展。頂級社群媒體公司正日益認可以 Dolby Vision 串流內容的價值。Meta 已在 iOS 上為 Instagram 與 Facebook 的串流內容採用 Dolby Vision；而中國的抖音已在 iOS 與 Android 上為內容啟用 Dolby Vision。

In music, over 90% of the artists featured on Billboard's year-end top 100 artists for the last three years are creating music in Dolby Atmos. At the Grammys, Dolby Atmos was well-represented in all major categories, including all nominees for Best New Artist.

在音樂方面，過去三年 Billboard 年終百大藝人中，超過 90% 的入榜藝人都在以 Dolby Atmos 製作音樂。在葛萊美獎上，Dolby Atmos 在所有主要獎項類別中都有充分呈現，包括「最佳新人」的所有入圍者。

In sports, more and more content is available in Dolby. Just this quarter, the Super Bowl and the Winter Olympics were available in Dolby Vision and Dolby Atmos. The T20 Cricket World Cup India and 2006 Formula One season streaming on Apple are available in Dolby Vision.

在體育方面，越來越多內容以杜比格式提供。僅在本季度，超級盃與冬季奧運皆以 Dolby Vision 與 Dolby Atmos 提供。在 Apple 上串流的 T20 板球世界盃印度賽事與 2006 年一級方程式賽季也提供 Dolby Vision。

HBO Max is streaming a wide variety of sports content in Dolby Atmos and Dolby Vision. And while not exactly sports, they also streamed NASA's Artemis II mission in Dolby Vision. And Peacock is also streaming sports in Dolby Atmos with plans to begin streaming in Dolby Vision.

HBO Max 正以 Dolby Atmos 與 Dolby Vision 串流多樣化的體育內容。此外，雖然不完全算是體育內容，他們也以 Dolby Vision 串流了 NASA 的 Artemis II 任務。Peacock 也正在以 Dolby Atmos 串流體育內容，並計畫開始以 Dolby Vision 串流。

We also continue to expand further into mass market TV. Amazon recently announced that it has added support for Dolby Vision to its ad-supported tier. And TV Azteca, the second largest mass media company in Mexico, announced that it will bring Dolby Atmos to free-to-air broadcast.

我們也持續進一步擴展至大眾市場電視。Amazon 近日宣布，其已在含廣告的方案中新增對 Dolby Vision 的支援。而墨西哥第二大大眾媒體公司 TV Azteca 也宣布，將把 Dolby Atmos 帶入免費無線電視（free-to-air）廣播。

And finally, in the cinema, all of the top 30 grossing films domestically for calendar 2025 were in Dolby Atmos and Dolby Vision. And all major category winners at the Academy Awards in March and the BAFTAs in February were in Dolby Atmos and Dolby Vision, including F1 The Movie, Sinners, and One Battle After Another.

最後，在影院方面，2025 曆年美國國內票房最高的前 30 部電影皆採用 Dolby Atmos 與 Dolby Vision。而 3 月奧斯卡金像獎與 2 月英國電影學院獎（BAFTA）的所有主要獎項得主也皆採用 Dolby Atmos 與 Dolby Vision，包括《F1 The Movie》、《Sinners》以及《One Battle After Another》。

All of this is simply to say, high-quality content matters. And more content in Dolby means more reasons to adopt Dolby Atmos and Dolby Vision across end markets and devices.

以上種種只是在說：高品質內容很重要。而更多杜比內容，意味著在各終端市場與裝置上採用 Dolby Atmos 與 Dolby Vision 的理由更多。

And it was another big quarter for automotive. At the Beijing Auto Show last week, BMW announced Dolby Atmos support in the 7 Series globally and the iX3 in China. Just two weeks before that at the Paris Auto Show, BYD launched its Denza line with Dolby Atmos, BYD's first car with Dolby Atmos in the European market. Also this quarter, Lexus announced their first Dolby Atmos-enabled cars, and NIO expanded its Dolby Atmos adoption to the Firefly, a compact EV sub-brand for Singapore and Thailand.

汽車領域本季同樣表現亮眼。在上週的北京車展上，BMW 宣布其 7 系列將在全球支援 Dolby Atmos，並在中國的 iX3 上支援 Dolby Atmos。在此之前兩週的巴黎車展上，比亞迪（BYD）推出搭載 Dolby Atmos 的 Denza 車系，這是 BYD 首款在歐洲市場搭載 Dolby Atmos 的車款。本季度，Lexus 也宣布其首批支援 Dolby Atmos 的車款，而蔚來（NIO）則將 Dolby Atmos 的採用擴展至 Firefly——面向新加坡與泰國的緊湊型電動車子品牌。

There is a broader shift across the automotive industry, where the vehicle is now a place for high-quality entertainment, and we continue to benefit from this trend.

汽車產業正出現更廣泛的轉變：車輛如今成為高品質娛樂的場域，而我們持續受惠於此一趨勢。

Turning to mobile, the progress we are making in music and with social media platforms continues to strengthen our value proposition across mobile devices. Dolby Vision Capture and Playback and Dolby Atmos are included across Apple's lineup, including the 17e, their latest iPhone starting at $599, that was launched this quarter.

轉向行動裝置方面，我們在音樂與社群媒體平台上的進展，持續強化我們在各類行動裝置上的價值主張。Dolby Vision 的拍攝與播放（Capture and Playback）以及 Dolby Atmos 已納入 Apple 全產品線，包括本季度推出、起售價 599 美元的最新 iPhone 17e。

Xiaomi and flagship, Redmi Note 15 Pro Series, with Dolby Vision, Dolby Vision Capture, and Dolby Atmos. Vivo released the X300 Ultra with Dolby Vision, as well as their IQUOO 1500 Ultra, a gaming-focused sub-brand that has both Dolby Atmos and Dolby Vision. We continue to perform well in high-end phones, and we're excited that Douyin is now fully supporting Dolby Vision on Android, which should help us continue to work our way further into mid-range Android phones.

小米與其旗艦機型 Redmi Note 15 Pro 系列支援 Dolby Vision、Dolby Vision 拍攝以及 Dolby Atmos。vivo 發布了支援 Dolby Vision 的 X300 Ultra，以及其以遊戲為導向的子品牌 IQUOO 1500 Ultra，該機型同時具備 Dolby Atmos 與 Dolby Vision。我們在高階手機市場持續表現良好；同時我們也很振奮看到抖音現已在 Android 上全面支援 Dolby Vision，這應有助於我們進一步滲透至中階 Android 手機。

Moving on to the living room, as I mentioned earlier, our momentum in sports content is an important driver for new TV sales. In addition, we're excited about the first Dolby Vision 2 TVs coming to market by the end of this fiscal year. Hisense, TCL, and Philips have announced plans to release a wide range of Dolby Vision 2-enabled TVs globally, with Peacock and Canal+ committed to delivering content. We expect Dolby Vision 2 to increase ASPs and drive deeper adoption into TV lineups.

接著談到客廳場景，如我先前提到的，我們在體育內容上的動能是帶動新電視銷售的重要驅動因素。此外，我們也對首批 Dolby Vision 2 電視預計在本會計年度末前上市感到振奮。海信（Hisense）、TCL 與飛利浦（Philips）已宣布計畫在全球推出多款支援 Dolby Vision 2 的電視，Peacock 與 Canal+ 也承諾提供內容。我們預期 Dolby Vision 2 將提升平均銷售單價（ASP），並推動電視產品線更深度的採用。

In addition to driving growth from the adoption of more Dolby technology on more devices, we are beginning to generate revenue from content platforms, as content platforms are increasingly competing on experience, not just access to content. The video distribution program, the patent pool that licenses imaging patents to content streamers, continues to bring on additional licensors, including, this quarter, Sharp and SK Planet, bringing the total to 40. These new licensors bring important patents and validation to the pool, which generates incremental momentum. The licensee pipeline is strong.

除了透過更多裝置採用更多杜比技術來推動成長之外，隨著內容平台之間的競爭日益聚焦於體驗而不僅是內容取得，我們也開始從內容平台端創造營收。影片分發計畫（video distribution program）——向內容串流業者授權影像相關專利的專利池——持續新增授權方，本季度新增包括 Sharp 與 SK Planet，使總數達到 40 家。這些新增授權方帶來重要專利並為專利池提供驗證，進而帶來額外動能。被授權方（licensee）管線強勁。

With Dolby OptiView, we are bringing value to sports content platforms that are seeking to increase fan engagement with real-time personalized experiences. Our wins this quarter include Genius Sports, a leading data technology and broadcast partner that serves the global sports betting and media ecosystem. This win reinforces Dolby OptiView's positioning in the sport's ecosystem where partners prioritize fan engagement and real-time experiences.

透過 Dolby OptiView，我們正為希望以即時、個人化體驗提升球迷互動的體育內容平台創造價值。本季度我們的得標客戶包括 Genius Sports——一家領先的資料技術與轉播合作夥伴，服務全球體育博彩與媒體生態系。此一成果強化了 Dolby OptiView 在體育生態系中的定位：合作夥伴將球迷互動與即時體驗置於優先。

In the UK, William Hill is now using Dolby OptiView to deliver horse racing, providing consistent, low latency content across its online platforms in time-sensitive live workflows.

在英國，William Hill 現在正使用 Dolby OptiView 來傳送賽馬內容，在時間敏感的直播工作流程中，於其線上平台提供一致、低延遲的內容。

At the NAB show in Las Vegas this month, our vision for the future of live sports experiences resonated strongly with many of our key customer prospects. We are excited about the potential for Dolby OptiView.

在本月於拉斯維加斯舉行的 NAB 展會上，我們對未來現場體育體驗的願景，與許多關鍵潛在客戶產生了強烈共鳴。我們對 Dolby OptiView 的潛力感到振奮。

Wrapping up, we continue to strengthen our position across the entertainment ecosystem. We have momentum across our key growth drivers for Dolby Atmos and Dolby Vision. We're excited about our opportunity to drive growth beyond devices with the video distribution program and Dolby OptiView. All of this gives us confidence and our opportunity to drive long-term.

總結來說，我們持續在整個娛樂生態系中強化我們的地位。在 Dolby Atmos 與 Dolby Vision 的關鍵成長驅動因素上，我們正持續累積動能。我們對透過影片分發計畫與 Dolby OptiView，在裝置之外推動成長的機會感到興奮。這一切都讓我們更有信心，並把握推動長期成長的機會。

And with that, I'll turn it over to Robert to cover the financials.

接下來，我把時間交給 Robert 來說明財務表現。

Thank you, Kevin. And thanks to everyone joining us on the call today. Revenue for the quarter came it at $396 million, which was within the guidance we shared last quarter. Non-GAAP earnings per share was $1.37, also within the range of guidance. Licensing revenue was $372 million and products and services revenue was $23 million.

謝謝你，Kevin。也感謝今天加入電話會議的各位。本季營收為 3.96 億美元，落在我們上季提供的財測區間內。非 GAAP 每股盈餘為 1.37 美元，也在財測範圍內。授權收入為 3.72 億美元，產品與服務收入為 2,300 萬美元。

We generated approximately $93 million in operating cash flow, repurchase $65 million of common stock and of approximately $142 million remaining for repurchase authorization. We declared a $0.36 dividend, up 9% from a year ago and ended the quarter of the cash and investments of approximately $675 million.

我們產生約 9,300 萬美元的營運現金流，回購 6,500 萬美元普通股，且回購授權尚餘約 1.42 億美元。我們宣告每股 0.36 美元股利，較去年同期增加 9%，並在本季結束時持有約 6.75 億美元的現金與投資。

GAAP operating expenses in Q2 include a $2 million restructuring charge related to actions initiated last year. Detailed licensing performance by end market can be found on our IR website. As a reminder, end-market growth rates are typically smoother on an annual basis as the timing of recoveries, minimum volume commitments, and true-ups can drive quarterly volatility.

第二季的 GAAP 營業費用包含 200 萬美元的重整費用，與去年啟動的行動相關。依終端市場劃分的授權表現細節可在我們的投資人關係網站查閱。提醒一下，終端市場的成長率通常以年度來看較為平滑，因為回收款項、最低量承諾與結算調整（true-ups）的時點，可能造成季度波動。

In terms of end-market performance for the quarter, it's worth noting that broadcast was up 26% year over year due to the large recovery we mentioned on the last call. And mobile was down 6% year over year due to timing of deals. We still expect both broadcast and mobile to be up mid-single digits for the full year.

就本季終端市場表現而言，值得注意的是，因為我們在上次電話會議提到的大額回收款項，廣播業務年增 26%。而行動業務因交易時點影響，年減 6%。我們仍預期廣播與行動業務在全年都將呈現中個位數成長。

Turning to guidance We are maintaining our full-year guidance. Overall, we are pleased with our performance to date, and things are generally tracking as expected. We expect fiscal '26 total revenue to range from $1.4 billion to $1.45 billion. Within that, licensing revenue is expected to be between $1.295 billion and $1.345 billion.

接著談財測：我們維持全年財測不變。整體而言，我們對目前為止的表現感到滿意，整體進展大致符合預期。我們預期 2026 會計年度總營收將介於 14 億至 14.5 億美元。其中，授權收入預期介於 12.95 億至 13.45 億美元。

We are targeting non-GAAP operating expenses between $780 million and 800 million. This guidance implies operating margin improvement of between 50 and 100 basis points on a non-GAAP basis. We continue to expect non-GAAP earnings per share to be between $4.30 and $4.45.

我們目標非 GAAP 營業費用介於 7.8 億至 8.0 億美元。此財測意味著在非 GAAP 基礎上，營業利益率將改善 50 至 100 個基點。我們仍預期非 GAAP 每股盈餘介於 4.30 至 4.45 美元。

Our expectations for foundational and Dolby Atmos, Dolby Vision and imaging patterns full-year growth rates are unchanged from what we communicated last quarter. With Dolby Atmos, Dolby Vision, and imaging patents growing roughly 15% and comprising nearly half of our licensing revenue. We continue to expect foundational revenue to be down slightly.

我們對基礎（foundational）以及 Dolby Atmos、Dolby Vision 與影像專利（imaging patents）全年成長率的預期，與上季所溝通的內容一致，沒有改變。其中，Dolby Atmos、Dolby Vision 與影像專利約成長 15%，並占我們授權收入近一半。我們仍預期基礎收入將小幅下滑。

We also expect end-market growth rates for the full year to be similar to what we communicated last quarter, with growth in other primarily driven by Dolby Atmos adoption and auto, the video distribution program and Dolby Cinema partially offset lower gaming.

我們也預期全年終端市場成長率將與上季溝通的內容相近；其中「其他」的成長主要由 Dolby Atmos 的採用與車用、影片分發計畫以及 Dolby Cinema 所帶動，但部分會被遊戲業務較弱所抵銷。

Growth in mobile and broadcast is driven by adoption of Dolby Atmos and Dolby Vision, growth in imaging patent programs, and higher recoveries. We expect CE to be roughly flat and declines in PC primarily due to lower units.

行動與廣播的成長，主要由 Dolby Atmos 與 Dolby Vision 的採用、影像專利計畫的成長，以及較高的回收款項所驅動。我們預期消費性電子（CE）大致持平，而 PC 的下滑主要是因出貨量較低。

Now turning to Q3. For Q3 fiscal '26, we expect revenue to be between $295 million and 325 million. Within that, we expect licensing revenue to be between $270 million and $300 million Gross margins should be approximately 88% on a non-GAAP basis, and we expect non-gaping expenses to be between $200 million and $210 million. Non-GAAP earnings per share is expected to be between $0.56 and $0.71.

接著談第三季。對於 2026 會計年度第三季，我們預期營收介於 2.95 億至 3.25 億美元。其中，我們預期授權收入介於 2.70 億至 3.00 億美元；非 GAAP 毛利率約為 88%，且我們預期非 GAAP 費用介於 2.00 億至 2.10 億美元。非 GAAP 每股盈餘預期介於 0.56 至 0.71 美元。

In summary, the business remains healthy, and we are encouraged by the progress we're making across our key growth initiatives. Our financials remain solid with organic revenue growth, high gross margins, expanding porting margins, healthy cash flows, and a strong balance sheet.

總結來說，業務仍維持健康，我們也對在關鍵成長計畫上的進展感到鼓舞。我們的財務狀況依然穩健，具備有機營收成長、高毛利率、擴張中的營業利益率、健康的現金流，以及強健的資產負債表。

With that, we'll open the line for your questions.

接下來，我們開放提問。

(Operator Instructions) Vikram Kesavabhotla, Baird.

（接線員指示）Vikram Kesavabhotla，Baird。

Hi, this is John Rigatti on for Vikram Kesavabhotla. I guess first, if you could just talk about your consumption-based revenue streams that you've referenced over the last couple of quarters. I think those should get to about 10% of revenue in the next three years.

你好，我是代替 Vikram Kesavabhotla 的 John Rigatti。我想先請你談談你們在過去幾季提到的、以使用量為基礎（consumption-based）的營收來源。我認為這些在未來三年應該會達到約占營收 10%。

What should the shape of that ramp look like? Should we think about that kind of equal parts over the next three years? Or is that more back-end weighted? And then I have a follow-up.

那麼這個爬坡的型態會是什麼樣子？我們應該把它視為未來三年平均分布的成長嗎？還是會比較偏向後段加速？另外我還有一個追問。

Yeah, thank you. We're really pleased with the progress with both Dolby OptiView and the video distribution program. As you know, Dolby OptiView, we're focused on creating live sports experiences that are tailored to the fan, where unlike broadcast where everyone sees the same thing. Streaming technology enables us to customize what HV receives, and that's the promise of streaming. And we're yet to -- the world is yet to get there in sports.

好的，謝謝。我們對 Dolby OptiView 與影片分發計畫的進展感到非常滿意。如你所知，對於 Dolby OptiView，我們專注於打造為球迷量身打造的現場體育體驗；不同於廣播是每個人看到的都一樣。串流技術讓我們能夠客製化 HV 所接收的內容，這就是串流的承諾。而在體育領域，世界仍尚未真正達到這一步。

And at NAB, we were previewing our sports intelligence platform. And that platform uses AI to analyze your preferences, match them to what's happening in the action. It enables you to create a story that really resonates for each viewer. And so we were demonstrating this across motor racing, football, and other sports.

在 NAB 上，我們預覽了我們的體育智慧平台。該平台使用 AI 分析你的偏好，並將其與賽事進行中的動態相匹配。它讓你能為每位觀眾打造真正能引起共鳴的敘事。因此我們在賽車、足球及其他運動項目上進行了展示。

We also showed how we can use AI to generate highlights, reformat content to fit any screen size, shape, and deliver it to whatever device a viewer happens to be on. And of course it's still the OptiView, so all this is done -- it's essential that this is done at very low delay and synchronized at the same time for the users. So these were resonating really strongly. We've got a growing roster of customers: NFL, NASCAR, sports information solutions -- or services rather. In this quarter we're excited to add Genius Sports.

我們也展示了如何使用 AI 生成精華片段、重新格式化內容以適配任何螢幕尺寸與外形，並將其傳送到觀眾當下所使用的任何裝置。當然，這仍是 OptiView，因此所有這些都在進行——關鍵在於必須以極低延遲完成，並同時為使用者保持同步。因此這些展示引起了非常強烈的共鳴。我們的客戶名單持續擴大：NFL、NASCAR、體育資訊解決方案——或更準確地說是服務。本季我們也很高興新增 Genius Sports。

So each of them are really in the early stages of rolling out what we have for Dolby OptiView today. But they're also really engaged in where we're going with the future, and they're looking for a company like Dolby who has decades of experience that they can trust to really move into this future.

因此，他們每一家目前都還處於推出我們現階段 Dolby OptiView 方案的早期階段。但他們也非常投入我們未來的發展方向，並且正在尋找像 Dolby 這樣擁有數十年經驗、值得信賴的公司，來真正邁向這個未來。

And the video distribution program, we've seen a lot of these pools come together and we're really pleased with the way this one is coming together. We announced it at the beginning of this year. We brought on 40 licensors. That's what brings together the value proposition. We brought on half a dozen licensees and we expect that to continue to grow through the year.

至於影片分發計畫，我們看到許多這類聯盟（pools）正在成形，我們也對這個計畫的整合進展感到非常滿意。我們在今年年初宣布了該計畫。我們已引入 40 家授權方（licensors）。這正是價值主張得以整合的關鍵。我們也引入了約半打的被授權方（licensees），並預期在今年內將持續成長。

Great. And I guess just the second one on memory price, those dynamics have been pretty well documented. I think the last quarter you said kind of PC and mobile were the two end markets that were maybe most exposed to some of those dynamics.

很好。我想關於記憶體價格的第二個問題，這些動態其實已經有相當多的紀錄與討論。我記得上個季度你提到，PC 和行動裝置可能是兩個最容易受到這些動態影響的終端市場。

I guess just an update on what you're seeing on the memory pricing front, if you're seeing -- kind of what you're seeing as far as any impact on demand there, how that's factored into the guidance? And then outside of maybe mobile and PC, are there any other end markets where that's a particularly notable driver?

想請你更新一下你們目前在記憶體定價方面看到的情況——也就是你們看到的狀況，以及它對需求是否有任何影響，這些又是如何納入你們的財測指引？另外，除了可能的行動與 PC 之外，還有沒有其他終端市場，記憶體價格是特別顯著的驅動因素？

Yeah, of course, we're watching that very closely, as we are all the macros, memory pricing, volatility and oil prices and how that might affect supply chain, consumer sentiment readings, all of which we're watching very closely. And yes, memory pricing where we see a permanent market point of view where customers are seeing the most impact on that is in mobile and PC, less so in areas like TV where memory isn't as much as a bomb.

是的，當然，我們非常密切地關注這件事，就像我們關注所有總體因素一樣：記憶體定價、波動性、油價，以及這些可能如何影響供應鏈、消費者信心指標——我們都在非常密切地觀察。而是的，從我們看到的較偏「永久性」的市場觀點來看，客戶感受到記憶體定價影響最大的領域是在行動與 PC；在像電視這類領域則相對較少，因為記憶體在那裡的占比沒那麼像一顆「炸彈」。

And like a lot of companies, like many of the banks that their earnings were CLD's macro factors on the one hand, but on the other hand, we've not seen a significant impact to our business to date. We, of course, update all of our guidance to reflect what we're learning from our customers, what we're seeing from industry analysts.

而且就像很多公司一樣——也像許多銀行在財報中提到的那樣——一方面有這些總體因素，但另一方面，截至目前我們並沒有看到對我們業務造成顯著影響。當然，我們會更新所有的財測指引，以反映我們從客戶那裡學到的資訊，以及我們從產業分析師那裡看到的情況。

We do have a diverse set of end markets, and we're diversifying our revenue stream. So where we saw minor adjustments in some areas, we had other areas that were doing well to offset that and so we feel good about our guidance for the year.

我們確實擁有多元的終端市場組合，也正在讓營收來源更加多元化。因此，即便我們在某些領域看到些微調整，其他表現良好的領域也能抵消影響，所以我們對今年的指引感到有信心。

Patrick Scholl, Barrington Research.

Patrick Scholl，Barrington Research。

Maybe just following up on that last question like in your discussions with customers and then has there been any indication in terms of like SKUs that they're prioritizing within some of their devices on those that might be impacted on the memory chip -- on the memory prices?

我想延續上一題，在你們與客戶的討論中，是否有任何跡象顯示，他們在某些裝置內部會優先配置哪些 SKU——特別是那些可能會受到記憶體晶片——也就是記憶體價格影響的 SKU？

Yeah. So, yeah, thank you. If we focus on mobile, again, we do see a trend toward them wanting to, first and foremost, take care of the high end and that benefits us as relates to Dolby Atmos and Dolby Vision. But this really varies by cost in terms of how they're approaching this, whether they are planning to raise prices, how that affects device volumes.

是的。所以，是的，謝謝。如果我們聚焦在行動端，我們確實看到一個趨勢：他們首先、最優先想要照顧高階機種，而這對我們在 Dolby Atmos 與 Dolby Vision 方面是有利的。但這其實會因成本而有很大差異，取決於他們如何因應——例如是否計畫調漲價格，以及這會如何影響裝置出貨量。

But again, we haven't seen a significant impact date. And remember that most of our mobile business is through a minimum volume commitments and you know we're just over halfway through the year, so we have pretty good visibility. And so that moderates the impact of kind of where they're going. And so to date, no adjustments worth noting to the extent we have minor changes. It's offset by strength in other areas.

但再次強調，截至目前我們尚未看到顯著影響。而且請記得，我們大部分的行動業務是透過最低出貨量承諾（minimum volume commitments）來進行；你也知道我們今年已經過了一半多，所以我們的能見度相當不錯。因此，這也緩和了他們策略走向可能帶來的影響。所以截至目前，沒有任何值得特別一提的調整；即便有些微變動，也會被其他領域的強勁表現所抵消。

And then on Auto, do you find any like greater detail like, I guess, market penetration and some of the early adoption markets like I guess maybe [like] China and I guess like maybe percentage of like the new car market in there that you're a part of and how you expect that to maybe roll out across other markets.

另外在汽車方面，你們是否能提供更細的資訊？例如市場滲透率，以及一些早期採用市場——像是中國——你們大概參與了當地新車市場的多少比例？以及你們預期這會如何推進到其他市場？

Yeah. It was a big quarter for automotive, as I said in my remarks. We are getting pretty high penetration of having brought on board a lot of the premium lines. We still have a long way to go in the market and the revenue growth that's going to come from that.

是的。如同我在發言中提到的，這一季對汽車業務來說是很大的一季。我們在導入許多高階車系之後，已經取得相當高的滲透率。但我們在市場上仍有很長的路要走，以及未來將由此帶來的營收成長。

We also have begun to see good progress, kind of moving deeper into lineups. One that I didn't mention on in my remarks is that in China, the Hyundai Iconic (sic - Hyundai IONIQ) was launched with Dolby Atmos and that's significant because that's a four channel eight speaker implementation. So that's a hardware footprint that would be quite normal for a mass market car. So we're really pleased to see that.

我們也開始看到不錯的進展，也就是更深入地進入產品線陣容。我在發言中沒有提到的一點是：在中國，Hyundai Iconic（原文誤植，應為 Hyundai IONIQ）已推出搭載 Dolby Atmos，這很重要，因為那是一個四聲道、八支喇叭的實作。因此，這樣的硬體配置對於大眾市場車款而言會相當常見。所以我們對此非常高興。

So we're continuing to bring on new customers, BMW, Lexus. We have very high -- a lot of penetration in China and we're increasing progress outside of China with the wins we announced this quarter. And we're also seeing progress with the Chinese companies expanding outside of China.

所以我們持續導入新客戶，像是 BMW、Lexus。我們在中國有非常高——也就是很高的滲透率；同時，隨著我們本季宣布的幾項得標案，我們在中國以外的市場也在加速推進。此外，我們也看到中國車廠正在向中國以外擴張的進展。

So one of the things I mentioned is that the Paris Auto Show, BYD launched its Denza line with Dolby Atmos. And so BYD has been a customer of ours, but that's the first car of theirs for outside of China with Doby Amos.

我提到的一件事是，在巴黎車展上，BYD 發表其 Denza 車系並搭載 Dolby Atmos。BYD 一直是我們的客戶，但那是他們第一款在中國以外市場推出、並搭載 Dolby Atmos 的車款。

(Operator Instructions) Ralph Schackart, William Blair.

(接線員指示) Ralph Schackart，William Blair。

Kevin, I think you just mentioned that Hyundai had a four channel Atmos implementation in China. Can you just remind us when that product was launched? And then maybe kind of building on that, what are the implications for Hyundai or other kind of mass market vehicles to expand outside of China with a similar implementation of Atmos?

Kevin，我想你剛剛提到 Hyundai 在中國有一個四聲道的 Atmos 實作。可以提醒我們那個產品是什麼時候上市的嗎？另外延伸來看，對於 Hyundai 或其他大眾市場車款，要在中國以外市場以類似的 Atmos 實作擴張，這代表什麼意涵？

Yeah. So that was announced very recently. I don't have the exact date, Ralph. I can get back to you on that, but that was very recent.

是的。所以那是非常近期才宣布的。Ralph，我手上沒有確切日期。我可以之後再回覆你，但那確實是非常近期的消息。

I think it was announced at the Beijing Auto Show. It was just a couple of weeks ago. So you know we were at CES demoing the four channel implementation, which was really looking to show manufacturers the difference we could make at the at the mass market level. So we're excited to see this first launch. Obviously we will work with each of our partners then to expand into different lines and different geographies, and we feel good about the pipeline and that and that we can continue to drive Dolby Atmos further into these lineups.

我想那是在北京車展上宣布的。大概就是幾週前。所以你知道，我們在 CES 上展示過四聲道的實作，主要是想向車廠展示我們在大眾市場等級能帶來的差異。因此我們很興奮看到這第一次的量產上市。很顯然地，我們會與每一位合作夥伴一起，把它擴展到不同車系與不同地區；我們對相關的案源（pipeline）感到樂觀，也相信我們能持續推動 Dolby Atmos 更深入地進入這些產品線陣容。

Great. And then I think on the call you had mentioned on your prepared remarks, Douyin was adopting Dolby Vision. And then maybe kind of more broadly, with that announcement, and then your previous announcement with Meta also adopting Vision with all its properties or across some of its properties, maybe sort of an update how that might be steering some of the conversations with perspective mobile OEMs.

很好。另外我想你在事先準備的發言中提到，抖音正在採用 Dolby Vision。更廣泛地說，隨著這項宣布，以及你們先前宣布 Meta 也在其所有或部分產品中採用 Vision，能否更新一下這如何影響你們與潛在行動 OEM 的對話走向？

Yeah, thank you. So China is where -- as you know, we have is really where we began with Dolby Vision and -- well started with Apple. And then on social media platforms, we've had enormous success in China. And the significance of what I said about Douyin is they started a couple of quarters ago with iOS and they've now completed rolling out Dolby Vision content across all of Android.

是的，謝謝。所以中國是——如你所知——我們真正開始推動 Dolby Vision 的地方——嗯，最早是從 Apple 開始。接著在社群媒體平台方面，我們在中國取得了巨大的成功。而我提到抖音的意義在於：他們在幾個季度前先從 iOS 開始，現在已經完成在所有 Android 平台全面推出 Dolby Vision 內容。

And I also talked about a few of the wins we had in China with Xiaomi, with Vivo. So we continue to bring on new partners.

我也談到我們在中國拿下的幾個案子，包括小米、vivo。所以我們持續導入新的合作夥伴。

And with Instagram and Facebook adopting here in the US, we do see that increasing the pipeline for Dolby Vision and Dolby Vision Capture across mobile devices, and it also gives us an opportunity, as we form these relationships, to really earn their trust that we can help them achieve what they're priorities are as it relates to audio-video experiences and that feeds our innovation pipeline and creates new opportunities to -- new growth opportunities in the future.

而隨著 Instagram 與 Facebook 在美國這邊採用，我們確實看到這正在增加 Dolby Vision 以及 Dolby Vision Capture 在行動裝置上的案源。這也讓我們有機會——在建立這些合作關係的同時——真正贏得他們的信任，讓他們相信我們能協助他們達成其在影音體驗方面的優先事項；這也會回饋到我們的創新案源，並在未來創造新的機會——新的成長機會。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。