Dolby Laboratories, Inc. (DLB) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Dolby Laboratories conference call discussing Q3 fiscal year 2026 financial results. (Operator Instructions) As a reminder, this call is being recorded Thursday, July 30, 2026.

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會計年度第三季（Q3）財務業績的電話會議。(接線員指示) 提醒您，本次電話會議將於2026年7月30日（星期四）錄音。

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

現在我想把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' third-quarter fiscal year 2026 earnings conference call. Joining me today are Kevin Yeaman, Dolby Laboratories' CEO; and Robert Park, CFO.

各位下午好。歡迎參加杜比實驗室2026會計年度第三季財報電話會議。今天與我一同出席的有杜比實驗室執行長 Kevin Yeaman，以及財務長 Robert Park。

As a reminder, today's discussion will include forward-looking statements, including our fiscal 2026 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, 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會計年度第四季及全年展望，以及支撐該展望的假設。這些陳述受風險與不確定性影響，可能導致實際結果與今日陳述有重大差異，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 的「風險因素」章節。杜比不承擔且無意因新資訊或未來事件而更新本次電話會議中所作的任何前瞻性陳述。

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 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，我想把電話會議交給 Kevin。

Thanks, Peter, and thanks to everyone joining us on the call today. Revenue and earnings for the third quarter were within the range of guidance we provided on the last earnings call. We are narrowing the range of guidance for the full year and keeping the midpoint of revenue the same. We expect strong sequential growth in Q4, driven primarily by momentum in a number of our key growth areas.

謝謝你，Peter，也感謝今天加入電話會議的各位。第三季的營收與獲利落在我們上次財報電話會議所提供的指引區間內。我們正在縮小全年指引區間，並維持營收中位數不變。我們預期第四季（Q4）將出現強勁的季對季成長，主要由我們多個關鍵成長領域的動能所帶動。

We have strong visibility into the pipeline of deals for the quarter, and many of them have closed early in Q4. Robert will share more details on this and on the financials overall in a few minutes.

我們對本季交易管線具有高度能見度，其中許多交易已在第四季初提前完成簽約。Robert 將在幾分鐘後分享更多相關細節，以及整體財務表現。

Dolby has maintained its leadership position for over 60 years by innovating and raising the bar on the entertainment experience. We do this by working with creatives, content distributors, and device makers, giving us a unique perspective on the collective needs, challenges, and opportunities of the entertainment ecosystem, which enables us to deliver experiences that come to life in the highest possible quality.

杜比透過創新並不斷提高娛樂體驗的標準，已維持領導地位超過60年。我們透過與創作者、內容發行商與裝置製造商合作來達成這一點，讓我們能以獨特視角理解娛樂生態系的整體需求、挑戰與機會，並使我們得以提供以最高可能品質呈現、栩栩如生的體驗。

This quarter, I would like to start with our focus on expanding our total addressable market beyond device licensing. We are working with a growing number of content partners that are looking to differentiate on experience and drive deeper engagement with their audiences. And we are making good progress on our target for 10% of revenue from these partners by the end of FY28.

本季我想先談我們將整體可服務市場（TAM）擴展至裝置授權以外的重點。我們正與越來越多內容合作夥伴合作，這些夥伴希望以體驗差異化並推動與受眾更深度的互動。我們在達成目標方面進展良好：在 FY28 結束前，來自這些合作夥伴的營收占比達到10%。

Let's start with the video distribution program, the patent pool that licenses Imaging Patents to content streamers. Meta, one of the world's largest streamers of video content, became a licensee of the program covering its Facebook, Instagram, and WhatsApp platforms. Also, Alibaba became a licensee this quarter to cover its video operations including e-commerce, entertainment, and digital media platforms. We are encouraged by the early traction and the quality of the participants joining the pool.

先從影片分發計畫談起：這是一個向內容串流業者授權影像（Imaging）專利的專利池。Meta 作為全球最大的影片內容串流業者之一，已成為該計畫的被授權方，涵蓋其 Facebook、Instagram 與 WhatsApp 平台。此外，阿里巴巴也在本季成為被授權方，涵蓋其影片相關營運，包括電商、娛樂與數位媒體平台。我們對早期的市場反應以及加入專利池的參與者品質感到鼓舞。

In less than one year since inception, 45 licensors have already attracted some of the biggest names in streaming as licensees to the pool, including ByteDance, Kuaishou, Meta, Roku, Tencent, and Alibaba. We remain excited by the early momentum from this pool and we expect it to continue.

自成立以來不到一年，45家授權方已吸引串流領域一些最知名的公司成為專利池的被授權方，包括字節跳動、快手、Meta、Roku、騰訊與阿里巴巴。我們對此專利池的早期動能仍感到振奮，並預期其將持續延續。

Moving on to Dolby OptiView, we closed a number of key deals in the quarter, including a multi-year agreement with Roberts Communications Network, the largest provider of horse racing content in the US, for ultra-low latency video streaming.

接著談 Dolby OptiView，本季我們完成了多項關鍵交易，包括與 Roberts Communications Network 簽訂多年期協議；該公司是美國最大的賽馬內容供應商，合作內容為超低延遲影片串流。

Also in the quarter, Google announced that Dolby OptiView Ads, our ad insertion engine, was the first product certified through their Ad Manager Technology Partner program. This certification recognizes the performance and monetization improvements that Dolby OptiView Ads delivers when integrated with Google Ad Manager. While this partnership is early days, we are looking forward to working with Google to win new customers.

同樣在本季，Google 宣布 Dolby OptiView Ads（我們的廣告插入引擎）成為其 Ad Manager Technology Partner 計畫中第一個通過認證的產品。此項認證肯定了 Dolby OptiView Ads 與 Google Ad Manager 整合後所帶來的效能提升與變現改善。雖然這項合作仍在初期階段，我們期待與 Google 攜手贏得新客戶。

Last quarter, I talked about how at the NAB show in Las Vegas, we showed new solutions for fan engagement in live sports. These solutions use AI to predict viewer behavior and to generate compelling stories for individual fans based on the action and their interests. Fan engagement is a top focus for the sports industry, and we have seen strong interest in these new solutions, which will be shipping in the coming months.

上一季我提到，在拉斯維加斯的 NAB 展會上，我們展示了用於現場體育賽事粉絲互動的新解決方案。這些解決方案運用 AI 預測觀眾行為，並根據賽事進程與個人興趣，為每位粉絲生成引人入勝的故事內容。粉絲互動是體育產業的首要重點之一，我們已看到市場對這些新解決方案的高度興趣，並將在未來幾個月內出貨。

We believe that the Dolby OptiView platform, which brings together these capabilities with ad monetization, low latency streaming, and cross-platform playback is a unique system that will lead the future of the live sports experience. We are excited by the progress we are making in expanding our addressable market to include content platforms where we earn revenue based on usage.

我們相信 Dolby OptiView 平台將上述能力與廣告變現、低延遲串流以及跨平台播放整合在一起，是一套獨特的系統，將引領現場體育體驗的未來。我們對於將可服務市場擴展至內容平台（並依使用量取得營收）所取得的進展感到振奮。

Moving on, Dolby Vision and Dolby Atmos continue to bring the most immersive experiences to life. Starting with the World Cup, viewers in all three World Cup host countries were able to enjoy the World Cup in Dolby through partners including Peacock and Comcast in the US, Bell in Canada, and TV Azteca in Mexico. Fans in some of the most passionate football countries like Brazil, Colombia, Germany, and Spain were also able to enjoy the World Cup in Dolby.

接下來，Dolby Vision 與 Dolby Atmos 持續讓最具沉浸感的體驗栩栩如生。以世界盃為例，三個世界盃主辦國的觀眾都能透過合作夥伴以杜比格式欣賞賽事，包括美國的 Peacock 與 Comcast、加拿大的 Bell，以及墨西哥的 TV Azteca。在巴西、哥倫比亞、德國與西班牙等足球熱情高漲的國家，球迷也能以杜比格式欣賞世界盃。

On TVs, Dolby Vision 2 is now in market with some Hisense TVs. And by the end of this calendar year, TCL and Philips will also be shipping televisions with Dolby Vision 2.

在電視方面，Dolby Vision 2 已隨部分海信（Hisense）電視上市。並且在本曆年年底前，TCL 與飛利浦（Philips）也將推出搭載 Dolby Vision 2 的電視。

Moving on to Auto, we have announced agreements with over 40 Auto OEMs since the program started. A few of our new OEM wins this quarter include Volkswagen in China launching its first Dolby Atmos vehicle and Buick announcing pre-sales for the Electra E7, a plug-in hybrid SUV with Dolby Atmos, also in China.

再來談汽車領域（Auto），自該計畫啟動以來，我們已宣布與超過40家汽車 OEM（原廠）達成協議。本季新增的幾項 OEM 勝出案例包括：福斯（Volkswagen）在中國推出其首款搭載 Dolby Atmos 的車款，以及別克（Buick）同樣在中國宣布 Electra E7（搭載 Dolby Atmos 的插電式混合動力 SUV）開放預售。

Also this quarter, Google announced support for Dolby Atmos through Android Auto with launch partners including BMW, Genesis, Mahindra, Mercedes, Renault, and Skoda. With Dolby Atmos supported across Apple CarPlay and now Android, it has never been easier for users to stream Dolby Atmos to their car. It also makes it easier for dealers to demo and sell the Dolby Atmos experience in the car. We're excited about the continued momentum in in-car entertainment, which continues to be a top focus for the industry.

此外在本季，Google 宣布透過 Android Auto 支援 Dolby Atmos，首發合作夥伴包括 BMW、Genesis、Mahindra、Mercedes、Renault 與 Skoda。隨著 Dolby Atmos 已同時支援 Apple CarPlay 以及現在的 Android，使用者將 Dolby Atmos 串流到車內從未如此容易。這也讓經銷商更容易在車內展示並銷售 Dolby Atmos 體驗。我們對車載娛樂持續增長的動能感到振奮，而這也仍是產業的首要重點之一。

Moving on to user-generated content and social media, high-quality user-generated content is an important factor in driving engagement, and we have strong adoption of Dolby Vision on many of the world's largest social media platforms, like Instagram, Facebook, and Douyin. In addition to driving demand for Dolby on mobile phones, we are starting to make our way into new device categories like smart glasses and video cameras.

接著談到使用者生成內容與社群媒體，高品質的使用者生成內容是帶動互動的重要因素；而在全球許多最大的社群媒體平台（如 Instagram、Facebook 與抖音）上，Dolby Vision 的採用率相當強勁。除了帶動行動電話對 Dolby 的需求之外，我們也開始進入智慧眼鏡與攝影機等新的裝置類別。

RayNeo, the leading provider of augmented reality glasses, launched the RayNeo GT Max, the world's first AR smart glasses equipped with Dolby Vision. And Insta360, the market share leader in action and panoramic cameras, launched the Luna Ultra, which supports Dolby Vision capture. We are pleased by the momentum behind user-generated content in Dolby and expect it to continue to grow as a priority for device OEMs.

擴增實境眼鏡的領先供應商 RayNeo 推出了 RayNeo GT Max，這是全球第一款搭載 Dolby Vision 的 AR 智慧眼鏡。而在運動相機與全景相機市場市占率領先的 Insta360，推出了支援 Dolby Vision 拍攝的 Luna Ultra。我們對 Dolby 在使用者生成內容領域所展現的動能感到振奮，並預期隨著裝置 OEM 將其列為優先事項，這股成長將持續擴大。

Wrapping up, we remain confident in our opportunity to drive growth beyond device licensing with progress on both the video distribution program and Dolby OptiView. And we continue to bring more Dolby experiences to more people around the world with the growing adoption of Dolby Atmos and Dolby Vision across a wide range of devices and use cases. All of this gives us confidence in our ability to drive long-term growth.

總結來說，隨著我們在影片發行計畫與 Dolby OptiView 兩方面都取得進展，我們對於在裝置授權之外推動成長的機會仍然充滿信心。同時，隨著 Dolby Atmos 與 Dolby Vision 在各式各樣的裝置與使用情境中持續被更廣泛採用，我們也持續把更多 Dolby 體驗帶給全球更多人。這一切都讓我們對推動長期成長的能力更具信心。

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

接下來，我想把電話會議交給 Robert，請他說明財務表現。

Thank you, Kevin, and thanks to everyone joining us on the call today. Revenue for the quarter came in at $305 million, which was within the guidance we shared last quarter. We saw better-than-expected revenue in Dolby Atmos, Dolby Vision, and Imaging Patents, offset by deal timing and foundational audio revenue.

謝謝你，Kevin，也感謝今天加入電話會議的各位。本季營收為 3.05 億美元，落在我們上季提供的財測區間內。我們看到 Dolby Atmos、Dolby Vision 與影像專利（Imaging Patents）的營收優於預期，但被交易時點與基礎音訊（foundational audio）營收所抵銷。

Non-GAAP earnings per share was $0.69, just above the middle of the range of guidance as lower-than-expected operating expenses offset lower-than-expected revenue and higher taxes. Licensing revenue was $282 million and Products and Services revenue was $23 million.

非 GAAP 每股盈餘為 0.69 美元，略高於財測區間的中位數；原因是營業費用低於預期，抵銷了營收低於預期以及稅負較高的影響。授權營收為 2.82 億美元，產品與服務營收為 2,300 萬美元。

We generated approximately $167 million in operating cash flow and repurchased 1.2 million shares or $65 million of common stock. We recently received Board approval to increase the existing share repurchase authorization by $350 million, bringing our total authorization to about $427 million. We declared a $0.36 dividend, up 9% from our dividend a year ago, and ended the quarter with cash and investments of $756 million.

我們產生約 1.67 億美元的營運現金流，並回購 120 萬股、約 6,500 萬美元的普通股。我們近期獲得董事會核准，將既有的庫藏股回購授權額度增加 3.5 億美元，使總授權額度約達 4.27 億美元。我們宣告每股 0.36 美元的股利，較一年前的股利提高 9%，並在季末持有現金與投資合計 7.56 億美元。

Q3 GAAP operating expenses include a $4 million restructuring charge for organizational changes made as we align our resources to focus on the most impactful areas. 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. End market performance for the quarter came in mostly as expected with no significant outsized moves.

第三季 GAAP 營業費用包含 400 萬美元的重組費用，係因我們在調整組織以使資源聚焦於最具影響力的領域所致。依終端市場區分的授權表現細節可在我們的 IR 網站上查閱。提醒各位，終端市場的成長率通常以年度來看較為平滑，因為回收（recoveries）、最低量承諾（minimum volume commitments）與結算調整（true-ups）的時點可能造成季度波動。本季終端市場表現大致符合預期，沒有明顯的異常變動。

Turning to guidance, for Q4 fiscal '26, we expect revenue to be between $362 million and $392 million. Within that, we expect Licensing revenue to be between $335 million and $365 million. Gross margins 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 $1.13 to $1.28.

接著談財測，對於 2026 會計年度第四季，我們預期營收介於 3.62 億至 3.92 億美元。其中，我們預期授權營收介於 3.35 億至 3.65 億美元。非 GAAP 毛利率約為 90%，我們預期非 GAAP 營業費用介於 1.95 億至 2.05 億美元。非 GAAP 每股盈餘預期介於 1.13 至 1.28 美元。

Let me provide more context on Q4. Our Q4 revenue guidance at the midpoint represents a 23% year-over-year increase in revenue. This reflects momentum we are seeing in key growth areas we have been prioritizing, namely the Video Distribution Patent program, including a large deal with Meta that signed early in Q4, higher units from Dolby Atmos in the car, and revenue from new device categories like Wearables. In addition, Q4 is also benefiting from timing of deals like minimum volume commitments.

我再補充一些第四季的背景。以中位數來看，我們第四季營收財測代表年增 23%。這反映了我們在優先聚焦的關鍵成長領域所看到的動能，亦即影片發行專利（Video Distribution Patent）計畫（包含第四季初與 Meta 簽署的一筆大型交易）、車用 Dolby Atmos 的更高出貨量，以及穿戴式裝置等新裝置類別帶來的營收。此外，第四季也受惠於最低量承諾等交易時點因素。

For fiscal year '26, we expect total revenue to range from $1.41 billion to $1.44 billion. Within that, Licensing revenue is expected to be between $1.31 billion and $1.34 billion. We are targeting non-GAAP operating expenses to be between $785 million and $795 million.

對於 2026 會計年度全年，我們預期總營收介於 14.1 億至 14.4 億美元。其中，授權營收預期介於 13.1 億至 13.4 億美元。我們的非 GAAP 營業費用目標為 7.85 億至 7.95 億美元。

We expect non-GAAP earnings per share to be between $4.25 and $4.40. This reflects the higher tax expense from discrete items in Q3. We are expecting an annual operating margin improvement of approximately 100 basis points for the year on a non-GAAP basis, up from the range between 50 basis points and 100 basis points we guided to last quarter.

我們預期非 GAAP 每股盈餘介於 4.25 至 4.40 美元。這反映了第三季因一次性項目（discrete items）導致的較高稅負費用。我們預期全年非 GAAP 營業利益率將改善約 100 個基點，高於我們上季所提供的 50 至 100 個基點區間。

For the full year, we are expecting Other revenue to be up high teens, driven by Auto and VDP. Broadcast to be up mid-single-digits due to higher recoveries and Imaging Patents. Mobile, which includes Wearables, is expected to be up mid-single-digits driven by adoption to Dolby Atmos and Dolby Vision. And CE should come in flattish with lower unit volumes offset by higher recoveries and Dolby Atmos adoption.

就全年而言，我們預期「其他」營收將成長約十幾個百分點（high teens），主要由車用與 VDP 帶動。廣播（Broadcast）預期成長中個位數，原因是回收增加以及影像專利。行動（Mobile，包含穿戴式裝置）預期成長中個位數，主要由 Dolby Atmos 與 Dolby Vision 的採用帶動。消費性電子（CE）預期大致持平，較低的出貨量將被較高的回收與 Dolby Atmos 採用所抵銷。

PC is down low-single-digits primarily due to lower unit shipments and lower recoveries. We expect foundational audio revenue to be down slightly for the year, and Dolby Atmos, Dolby Vision, and Imaging Patents revenue to be up roughly 15% year over year.

PC 預期下滑低個位數，主要因出貨量較低以及回收較少。我們預期基礎音訊（foundational audio）營收全年將小幅下滑，而 Dolby Atmos、Dolby Vision 與影像專利營收預期年增約 15%。

In summary, the team has executed well, and our performance reflects the operational focus on our key growth areas. Despite an environment that has remained dynamic all year, as we have demonstrated over multiple economic cycles, our approach is to control what we can control. We remain focused on our growth strategy, driving innovation, and allocating resources to the areas that will have the greatest impact. Our financials remain solid with organic revenue growth, high gross margins, expanding operating margins, healthy cash flows, and a strong balance sheet.

總結而言，團隊執行表現良好，我們的成果反映了在關鍵成長領域上的營運聚焦。儘管今年整體環境持續多變，但正如我們在多個經濟循環中所展現的，我們的做法是掌控我們能掌控的部分。我們仍專注於成長策略、推動創新，並將資源配置到最能產生影響的領域。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, I'll turn it over to the operator to open the line for any questions. Operator?

接下來，我把時間交給接線員，開放提問。接線員？

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Ralph Schackart, William Blair.

Ralph Schackart，William Blair。

Good afternoon. Thanks for taking the question. Robert, I want to circle back on your Q4 commentary with extra color. I think you talked about 23% year-over-year growth, and you called out some momentum, I think, in Video Distribution program. I think it was Meta that signed early in the quarter, Dolby in the car, and Wearables.

午安。謝謝讓我提問。Robert，我想回到你對第四季的評論，請你再多補充一些細節。我記得你提到年增 23%，並點出我想是在影片發行計畫（Video Distribution program）方面的一些動能。我想是 Meta 在本季初完成簽約、車用 Dolby，以及穿戴式裝置。

Historically, this business has been difficult, at least for analysts to forecast on a quarterly basis. That growth rate is sort of a standout, and I know you could have revenue sort of move in and move out of quarters, a little bit long-winded, basically asks -- can you talk about maybe the sustainability or durability of this growth rate and how much of this could also be impacted by maybe some quarterly revenue shifting out of Q3 into Q4?

從歷史上看，這項業務一直很難做預測，至少對分析師而言，要按季度來預測並不容易。那個成長率算是相當突出，我也知道營收可能會在不同季度之間前後移動；說得有點繞，基本上是想問——你能否談談這個成長率的可持續性或韌性？以及其中有多少也可能受到季度營收從第三季移轉到第四季的影響？

Yeah. Hi, Ralph. Those are the areas driving the growth and the momentum we're seeing, both the VDP, including the large deal that was signed at the beginning of this quarter, higher units from Dolby Atmos in the car and new device categories like Wearables.

是的。嗨，Ralph。推動我們看到的成長與動能的，就是這些領域：VDP（包括本季初簽下的一筆大型交易）、車用 Dolby Atmos 帶來的更高出貨量，以及像穿戴式裝置這類新的裝置類別。

But I also mentioned that there are -- Q4 also benefits from timing of things like minimum volume commitments, particularly in Mobile, that tend to be a little bit more back-end loaded than they were last year. Last year's Q4 was a little softer if you look at the quarterization and just happen to be timing of certain things that come in.

但我也提到，第四季也會受惠於一些時點因素，例如最低量承諾（minimum volume commitments），特別是在行動裝置領域，這些通常比去年更偏向在後段入帳。如果你看季度分布，去年第四季相對偏弱一些，主要只是某些進帳項目的時點剛好如此。

Great. And then you have some large licensees on the VDP part, Meta, and I think you talked about Alibaba. Maybe if you could talk about, after signing these larger companies, what that does in terms of encouraging participation from future licensees. They seem like pretty standout announcements this quarter.

很好。另外，你在 VDP 這部分有一些大型被授權方（licensees），像是 Meta，我想你也提到阿里巴巴。也許你可以談談，在簽下這些較大的公司之後，對於鼓勵未來被授權方參與會有什麼影響。這些看起來是本季相當亮眼的公告。

Yeah. Thanks, Ralph. It is one of the things that's giving us confidence in the program and our long-term growth. It's about a year into the program, and we've seen a lot of these programs come together. And this one is coming together really well, both in terms of the pace of it and the breadth of it.

是的。謝謝你，Ralph。這確實是讓我們對該計畫以及長期成長更有信心的原因之一。這個計畫推行大約一年了，我們看到許多要素逐步到位。而這個計畫整合得非常好，無論是推進速度或覆蓋廣度都是如此。

We're at 45 licensors. We've got a number of high-profile licensees. You mentioned Meta and Alibaba signing this quarter. And the impact that has is yes, it does tend to make it easier to get the next deals. Any given point in time in a program like this, there's a group of customers that are looking for a solution to the problem of operating in a fragmented IP environment for which patent pools are a very helpful solution.

我們目前有 45 家授權方（licensors）。也有多家高知名度的被授權方。你提到 Meta 和阿里巴巴在本季簽約。其影響是——沒錯，這通常會讓我們更容易拿下下一筆交易。在這類計畫的任何時間點，都會有一群客戶正在尋找解決方案，以因應碎片化 IP 環境下的營運問題，而專利池（patent pools）正是非常有幫助的解決方案。

There's a group of companies that are doing their homework. They want to know, is the pool comprehensive enough? Is it the right pool? is it the right price? More people coming along starts to get them to move faster along their process. And then, of course, at any given program, there's always going to be some holdouts, and you keep working each of those phases of the pipeline. But clearly, for one year, this program is coming along very nicely. And great to see some really nice wins this quarter.

也有一群公司正在做功課。他們想知道：這個專利池是否足夠完整？是不是正確的專利池？價格是否合理？當更多人加入時，會促使他們在流程上更快推進。當然，在任何計畫中，總會有一些觀望或拒絕者（holdouts），你就持續推進管線中各個階段的工作。但很明顯地，以一年時間來看，這個計畫進展得非常順利。而且很高興本季看到一些非常不錯的勝利。

Steven Frankel, Rosenblatt Securities.

Steven Frankel，Rosenblatt Securities。

Good afternoon. Thank you for the opportunity. Kevin, when you first introduced the concept of VDP, you talked about targeting some of the large domestic streaming networks. And Meta is a great win and hopefully, we'll get more like that. But what's the level of discussion with these targets in the streaming space today? And do you still feel like that's a realistic potential win on the horizon?

下午好。謝謝給我提問的機會。Kevin，當你最初提出 VDP 的概念時，你談到要鎖定一些大型的國內串流網路。Meta 是一個很棒的勝利，希望我們能拿到更多類似的案子。但目前與這些串流領域目標客戶的討論進展到什麼程度？你仍然覺得這在可預見的未來是一個現實可達成的潛在勝利嗎？

Yeah. Thanks, Steve. Well, first of all, yeah, I mean, Meta is one of the largest streamers of video content on the planet. And the pipeline is strong, and it includes streamers of all types of video content. And I'm not going to go into the details of the pool's discussion with any one customer.

是的。謝謝你，Steve。首先，沒錯，Meta 是全球最大的影音內容串流平台之一。而我們的案源管線很強，涵蓋各類型影音內容的串流業者。我不會就專利池與任何單一客戶的討論細節多做說明。

But again, I think for one year, we feel really good about how this program has come along. And every time you get another licensee on board, it makes it that much easier to get the next licensees. So we are -- I mean relative to a year ago, given the way that that execution has gone, I would say we're feeling increasingly confident in that program.

但再說一次，我們認為以一年時間來看，這個計畫的推進情況讓我們感覺非常好。而每增加一位被授權方加入，都會讓我們更容易取得下一位被授權方。所以——相較一年前，考量執行進展，我會說我們對這個計畫的信心正在持續提升。

Great. And given the strength in Other, Auto seems to be continuing its ramp, and you're announcing new customers, and now you've expanded to Android Auto. Are we getting closer to a point where the Auto business might get broken out?

很好。另外，鑑於「Other」表現強勁，車用（Auto）似乎持續爬坡，你也宣布了新客戶，現在又擴展到 Android Auto。我們是否正接近一個時間點，車用業務可能會被單獨拆分揭露？

Yes, we're getting closer. And as you know, we've typically done that when it's 10% of licensing. And I think, certainly, as we go into the next year, that's something we're going to have a close look at because it is the highest-growing end market for us and it's the largest within Other.

是的，我們正接近那個時間點。如你所知，我們通常在它達到授權（licensing）收入的 10% 時才會這麼做。我認為，當我們進入明年時，這會是我們會密切評估的事情，因為它是我們成長最快的終端市場，也是「Other」中規模最大的。

Great. And Robert, a couple of questions on the numbers. What were true-ups, and were any of the buckets affected by large catch-up payments?

很好。Robert，關於數字有幾個問題。本季的 true-ups 是多少？是否有任何類別受到大型追補款（catch-up payments）的影響？

Yeah, the true-up was really negligible this quarter, Steve. It's less than $1 million positive. So really, really small. With the second question regarding any true-ups, we have got recoveries every quarter.

是的，Steve，本季的 true-up 其實微不足道。正向不到 100 萬美元。所以真的非常非常小。至於第二個問題，關於是否有任何 true-ups，我們每一季都會有一些回收（recoveries）。

Recoveries, yeah. Okay. Notably.

回收，是的。好的。沒有特別顯著的。

No. I noted on the call, nothing notable this quarter in terms of outsized movements.

沒有。我在電話會議中提到，就本季而言，沒有任何值得注意的、異常幅度的變動。

Okay. Great. And then from a macro perspective, there's been a lot of fear that the rising memory cost was going to impact how CE customers thought about new product introductions. What can you tell us as you look to what's coming down the pipeline using your technology? Do you feel like the plans they talked about at CES are still going forward? Or have they been impacted in any way?

好的。很好。再從總體環境角度來看，市場一直擔心記憶體成本上升會影響消費性電子（CE）客戶對新產品導入的想法。就你們技術在管線中即將推出的產品來看，你能告訴我們什麼？你覺得他們在 CES 談到的計畫仍在推進嗎？還是有受到任何影響？

So I think at CES, we were largely focusing on -- the big focus areas for us at CES were Automotive, where you noted we continue to see really strong adoption, strong pipeline, things continue apace. We also were highlighting Dolby Vision 2, where we saw there are now Hisense customers that are -- that have Dolby Vision 2 on their TVs. And we are on track for them to have more, and then Philips and TCL by the end of this year.

我認為在 CES 上，我們主要聚焦在——對我們而言，CES 的重點領域是車用（Automotive）。如你所提到的，我們持續看到非常強勁的採用、強勁的管線，一切都按既定步調推進。我們也強調了 Dolby Vision 2；我們看到現在 Hisense 的客戶已經在其電視上導入 Dolby Vision 2。而我們也按計畫推進，讓他們導入更多機型，並在今年底前讓 Philips 與 TCL 也加入。

I think backing up, because memory is obviously a hot topic, Steve, I think as it relates to our end markets, Mobile is by far the market that is impacted the most by memory prices. Our largest device market is TV. That's one of the lesser impacted markets in terms of a percentage of BOM.

我想先退一步說，因為記憶體顯然是熱門話題，Steve，就我們的終端市場而言，行動裝置（Mobile）是受記憶體價格影響最大的市場。我們最大的裝置市場是電視（TV）。就 BOM（物料成本）占比而言，這是受影響相對較小的市場之一。

Second most impacted market would be PC in terms of the memory impact on them. So for this year, all that's factored into our guidance, as I've said before, as it relates to Mobile because of the prevalence of minimum volume commitments that has a kind of a mitigating, or I guess you might even say sort of a delaying effect. And so all that's factored into our guidance. It kind of falls into the category. We've got some ups and we've got some downs.

就記憶體對它們的影響而言，受影響第二大的市場會是 PC。因此就今年來看，正如我先前所說，所有已納入我們指引的因素，主要與行動裝置相關，因為最低採購量承諾相當普遍，這在某種程度上具有緩衝效果，或者你甚至可以說有點延後的效果。因此這些都已納入我們的指引。它大致落在那一類。我們有一些上行，也有一些下行。

As we look into next year, the longer this goes on, the longer it starts to -- the more it starts to flow through. Now, we do expect to grow with strength in Video Distribution program, Automotive, the new categories like Wearables. We've got some exciting new products coming in Dolby OptiView. But how much that is in part offset is -- memory chip is something we're watching closely.

當我們展望明年，這件事拖得越久，它開始—就越會逐步反映出來。目前，我們確實預期在影音發行計畫（Video Distribution program）、車用，以及像穿戴式裝置這類新類別上，會有強勁成長。我們在 Dolby OptiView 也有一些令人振奮的新產品即將推出。但其中有多少會被抵銷—記憶體晶片是我們正在密切關注的項目。

So again, TV is not affected as much, Mobile and PC the most. There's no uniform answer as to how that impacts Dolby. Each customer approaches this quite differently. So on the one hand, you might get customers that have room to absorb this into their gross margins, and that may not have any impact on unit volumes and so minimal impact to Dolby.

所以再說一次，電視受影響沒那麼大，行動裝置與 PC 受影響最大。至於這如何影響 Dolby，沒有一致的答案。每位客戶的因應方式都很不一樣。一方面，你可能會遇到有能力把這些成本吸收到其毛利率中的客戶，這可能不會影響出貨量，因此對 Dolby 的影響也很小。

Others are raising prices, some are doing a combination, and we are raising prices, and it really is a matter of how much pricing power do they have, what's the price sensitivity. But it's not necessarily a one-for-one impact on Dolby.

其他客戶則在調漲價格，有些採取混合做法，而我們也在調漲價格；這真的取決於他們有多少定價能力、價格敏感度如何。但這不一定會對 Dolby 造成一比一的影響。

And then in other cases, particularly in Mobile, where at the low end, memory cost has gone from -- my understanding is it's gone from plus or minus 15% to even over 50% of BOM. It's really significant. We're seeing some customers that are just eliminating one of their lower lines because they just can't solve that equation. Then what they're doing is trying to get people to move up a level, and they're also investing in trying to maintain those higher-end lines.

另外在其他情況下，特別是在行動裝置領域的低階機種，記憶體成本已從—據我了解，已從正負 15% 上升到甚至超過 BOM（物料清單成本）的 50%。這真的非常顯著。我們看到有些客戶乾脆取消其中一條較低階的產品線，因為他們就是解不開那個方程式。接著他們所做的是試圖讓消費者往上升級，同時也投入資源以維持那些高階產品線。

And so again, that does impact -- of course, that lowers device shipments, but on the other hand, for Dolby, it's not proportionate in the sense that we have a higher attach and we have higher technology content the further you go up those lines. So there's -- very dynamic. We're watching it really closely. And again, we expect to grow with the strength we have in our focus areas. But we're definitely watching memory prices and how much of an offset that might be.

因此再說一次，這確實會影響—當然會降低裝置出貨量；但另一方面，對 Dolby 而言並非等比例，因為產品線越往上，我們的搭載率越高、技術內容也越高。所以—這是非常動態的。我們正在非常密切地觀察。而且再說一次，我們預期會憑藉我們在聚焦領域的優勢而成長。但我們確實在關注記憶體價格，以及它可能造成多少抵銷。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Hi, thanks for taking the question. Within Dolby Vision 2, I was wondering if there was any sort of differentiation in terms of the pace of adoption between the various tiers on that new technology?

嗨，謝謝讓我提問。關於 Dolby Vision 2，我想請教在這項新技術的不同等級之間，採用速度是否有任何差異化？

I would say there's no change in pace from what we've talked about. We've got those three customers that are -- Hisense has some of its in-market TVs updated. We expect TCL and Philips to be shipping by end of year.

我會說採用速度沒有改變，與我們先前談到的一樣。我們有那三家客戶—海信（Hisense）已有部分在市售的電視完成更新。我們預期 TCL 與飛利浦（Philips）會在年底前開始出貨。

We're kind of at that point in the year where I think that CES will become the focal point for most of our customers that will be adopting it going forward. And on the content side, CANAL+, and Peacock are both on track to -- they're integrating now and getting ready to be able to provide content in Dolby Vision 2.

我們差不多來到一年中的這個時間點，我認為 CES 將成為我們多數客戶在後續採用上的焦點。而在內容端，CANAL+ 與 Peacock 都按計畫進行—他們目前正在整合，並準備提供 Dolby Vision 2 的內容。

Okay. And then on the VDP, is there a content-type focus within that and how you expect the pace of getting licensees to be a part of that program? Or is it kind of, as you said, more -- I certainly understand it's more broad, but is how you're seeking to generate growth on that focusing on a specific type of content initially first?

了解。那再問 VDP，在內容類型上是否有特別的聚焦？以及你們預期讓被授權方加入該計畫的速度會如何？或者如你所說，這更—我當然理解它更廣泛，但你們在初期要如何透過特定內容類型來帶動成長嗎？

Well, really at the center of it is companies that are, at scale, taking advantage of the best in video codec technologies in order to achieve their business objectives. And that is a broad range of content. You can tell from some of our first licensees, from Meta to Roku, ByteDance to Alibaba, has coverage including e-commerce. So it really is a function of anybody who is relying on the IP covered by this patent pool, which is growing with more licensors joining with the success it's had over the last year, to deliver video at scale.

嗯，核心其實是那些能以規模化方式，運用最先進的視訊編解碼技術來達成其商業目標的公司。而這涵蓋非常廣泛的內容。從我們一些最早的被授權方就看得出來，從 Meta 到 Roku、從字節跳動（ByteDance）到阿里巴巴（Alibaba），涵蓋範圍也包括電商。所以這其實取決於任何仰賴此專利池所涵蓋 IP 的業者；而這個專利池也在擴大，隨著過去一年取得的成功，有更多授權方加入，以便能夠大規模地傳遞視訊。

John Rigatti, Baird.

John Rigatti，Baird。

Hi. Thanks for the question. This is John on for Vikram Kesavabhotla. A couple from me. I wanted to start with Auto. I'd be interested to hear if you could unpack what's driven -- what you think has driven some of the faster adoption with your technology in some of the international autos. And then what needs to change in the US market for you to be able to unlock more of that segment there? And I have a couple of follow-ups.

嗨。謝謝讓我提問。我是 John，代替 Vikram Kesavabhotla 提問。我這邊有幾個問題。我想先從車用開始。我想請你拆解一下，是什麼驅動了—你認為是什麼驅動了你們技術在一些國際車廠中更快的採用速度。另外，在美國市場需要改變什麼，才能讓你們在那邊解鎖更多這個區塊的機會？我後面還有幾個追問。

Yeah. I mean -- I think, if I go back to the beginning of the program, a lot of our initial momentum was in China, where they were becoming the leading innovators in EVs, and they were putting a really high focus on the in-car entertainment experience. And China also happens to be the largest vehicle market in the world, and so that got the attention of auto manufacturers around the world to be able to compete in China, at which point then you're just a step away from then shipping those cars throughout the world.

好的。我的意思是—我想如果回到這個計畫一開始，我們最初的動能很大一部分來自中國，當時他們正成為電動車（EV）的領先創新者，並且非常重視車內娛樂體驗。而中國也剛好是全球最大的汽車市場，因此這引起了全球車廠的關注：為了能在中國競爭，接著你就只差一步—就會把這些車款銷往全球各地。

And so that's what -- and so in Europe, we've got Mercedes-Benz and BMW. In India, we now have Mahindra and Tata. The US, we do have Cadillac. So I think -- I mean, we're pleased with how -- the pace and how it's grown. Like I said, 40 OEMs since the program began.

所以這就是—因此在歐洲，我們有 Mercedes-Benz 與 BMW。在印度，我們現在有 Mahindra 與 Tata。在美國，我們也有 Cadillac。所以我想—我的意思是，我們對這個—成長速度以及它如何擴大感到滿意。如我所說，自計畫開始以來已經有 40 家 OEM。

And I think the next big milestone for us is looking to get further penetration into mainstream. And we've got -- we've talked about some cars in the past, like the Hyundai in China and some of the cars in India, but people always start with the high end, now it's a matter of really focusing on getting that into the mainstream higher volume models. And that'll benefit us in the US and around the world.

我認為我們下一個重要里程碑，是進一步提升在主流市場的滲透率。我們也—過去談過一些車款，例如在中國的 Hyundai，以及印度的一些車款，但大家通常都是先從高階開始；現在的重點是，真正把它導入主流、出貨量更高的車型。這將讓我們在美國以及全球都受益。

Yeah. Great. And then maybe on OptiView, if you could talk a little bit more just about the vision there. Obviously, it's still very early days, but just a couple examples on maybe what's resonating most as you've taken that out to partners.

好的。很棒。那再談談 OptiView，如果你能多說一點你們的願景。顯然現在還在非常早期的階段，但能否舉幾個例子，說說你們在向合作夥伴推廣時，最引起共鳴的是哪些部分？

Yeah. Thank you. So, look, at the highest level, the vision is this, which is that we're no longer in a world of one-to-many, where we all have to experience the exact same sports experience at the exact same time. We're in a world of streaming, where we ought to be able to understand what engages you and be able to personalize that experience and to do that in real time in a way where you can interact with your friends around the experience.

是的。謝謝。所以，你看，從最高層次來說，願景是這樣：我們不再處於一個一對多的世界，在那裡我們都必須在完全相同的時間，體驗完全相同的體育賽事體驗。我們處於一個串流的世界，我們應該能夠理解什麼會吸引你，並能夠個人化那個體驗，而且要以你能與朋友圍繞該體驗互動的方式即時做到。

So the vision for Dolby OptiView is to provide a solution that allows these sports organizations and streamers to be able to do that. And so we started, of course, with the ability to stream in ultra-low latency. That's important so that you're not seeing the touchdown 15 seconds before I am, which is no fun for either of us. Maybe it's fun for you. It's not fun for me.

因此，Dolby OptiView 的願景是提供一套解決方案，讓這些體育組織與串流平台能夠做到這一點。所以我們當然先從超低延遲串流的能力開始。這很重要，這樣你就不會比我早 15 秒看到達陣，這對我們任何一方都不好玩。也許對你很好玩。對我不好玩。

We've got the player that's integrated with that, and we have some -- now you're beginning to see some new -- some additions to the portfolio, which get closer to that more personalized experience. So one of the things I talked about today was Dolby OptiView Ads, which is something we mentioned a couple of quarters ago.

我們有與之整合的播放器，而且我們也有一些——現在你開始看到一些新的——一些產品組合的新增項目，讓體驗更接近那種更個人化的體驗。所以我今天談到的一件事是 Dolby OptiView Ads，我們在幾個季度前提過。

But we've now been in market with the first couple of customers. They're in the process of testing what is the third generation of the product. And once that testing is complete, we're planning to really begin to scale this to our customer base in the fall.

但我們現在已經與前幾位客戶在市場上運行。他們正在測試第三代產品。一旦測試完成，我們計畫在秋季真正開始把這項方案擴大推廣到我們的客戶群。

And the big difference there from the customer perspective is the revenue-generation potential. One of our customers is seeing increases of 75%. It's because we have a server-guided technology which requires far less lead time than competing solutions to kind of pick the ad and deliver the ad. Which means that by filling that ad slot just before it's needed, we can do a better job of targeting that ad to the viewer. It's more likely that the viewer is still there, and ultimately, it just increases the fill rate.

而從客戶角度來看，最大的差異在於創收潛力。我們的一位客戶看到提升達到 75%。這是因為我們有一種伺服器引導式技術，相較於競爭方案，在選擇廣告並投放廣告方面所需的前置時間要少得多。這意味著，透過在需要之前才填入該廣告版位，我們可以更好地將該廣告鎖定到觀眾。觀眾更有可能仍在觀看，最終也就提高了填充率。

And then the solution is also integrated with the player, and that prevents the ads from being blocked. So we're pretty excited about that. As I said, it became one of the first -- at the time, it was the first technology to be certified by Google Ad Manager as a partner technology. And that's because it's designed to slot right into their workflows, work seamlessly with Google Ad Manager. So as we get to the fall and are looking to scale this, we're also looking forward to working with them to highlight the benefits to their customers.

此外，該解決方案也與播放器整合，並可防止廣告被封鎖。所以我們對此相當興奮。如我所說，它成為最早——在當時是第一個——獲得 Google Ad Manager 認證、作為合作夥伴技術的技術。這是因為它的設計就是能直接嵌入他們的工作流程，並與 Google Ad Manager 無縫運作。因此，當我們進入秋季並希望擴大規模時，我們也期待與他們合作，向他們的客戶強調其效益。

And then I talked about last quarter about how at NAB we were previewing our Sports Intelligence platform. And so we continue to get really good engagement from customers on what we're doing with that. We look forward to having some specific solutions in market next year. And this is really focused on now moving toward really being able to understand how engaged a fan is or when their interest is waning. But importantly, being able to do something about that with the audiovisual experience that keeps them engaged.

另外，我上個季度也談到，在 NAB 上我們預覽了我們的 Sports Intelligence 平台。因此，我們持續從客戶那裡獲得對我們在這方面工作的非常良好互動。我們期待明年能有一些具體解決方案在市場上推出。而這主要聚焦於朝向真正能理解球迷的投入程度，或何時他們的興趣正在減弱。但更重要的是，能夠透過視聽體驗對此採取行動，讓他們保持投入。

So again, the vision is simply to provide our customers with the ability to better engage their fans and audiences with real-time personalized experiences. And we are really excited about how the portfolio of solutions is coming together to make that happen.

所以再次強調，這個願景很簡單：提供我們的客戶以即時個人化體驗，更好地吸引他們的球迷與受眾。而我們對這一系列解決方案的產品組合正逐步整合到位、使其成真，感到非常興奮。

Yeah. That's great. Thank you. I guess the last one for me is just you touched a little bit on the Dolby Vision 2 and that's obviously in market now, some of the demand you're seeing there. I'd be interested if you could talk a little bit as well about the impact that the Dolby Vision 2 being in the market is having on adoption of Dolby Vision 1, and possibly kind of the segmentation or the tiering that OEMs are able to do across both of those.

是的。這很棒。謝謝。我想我最後一個問題是，你稍微提到 Dolby Vision 2，而它顯然現在已經在市場上了，以及你在那裡看到的一些需求。我也想請你談談 Dolby Vision 2 上市對 Dolby Vision 1 採用的影響，以及 OEM 在這兩者之間可能能做的某種區隔或分層。

And then also maybe just for Robert on capital allocation, if I look at kind of the repurchase activity on a quarterly basis, it looks like so far in '26 you're going at about twice the rate of 2025. Just any kind of color you could give on how you're thinking about capital allocation for the balance of this year and then going forward would be great. Thank you.

另外也許給 Robert 一個關於資本配置的問題：如果我看按季度的回購活動，看起來到目前為止在 26 年，你們的速度大約是 2025 年的兩倍。能否分享一些你們對今年剩餘時間以及未來資本配置的思考脈絡。謝謝。

Yeah, I think -- so as it relates to Dolby Vision 2, I would say it's early days. I mean, again, we're focused on getting these first three customers in market, and these are all examples where they're moving from Dolby Vision to Dolby Vision 2. As you would expect, starting with some of their higher end, we do have strong engagement. And like I said, I think CES is probably about the time we'd expect for our customers to say more about their go-forward plans with Dolby Vision 2. And Robert do you --

是的，我想——就 Dolby Vision 2 而言，我會說現在還是早期階段。我的意思是，再次強調，我們專注於讓這前三位客戶在市場上落地，而這些都是他們從 Dolby Vision 升級到 Dolby Vision 2 的案例。如你所預期，會先從他們的一些高階產品開始，我們確實看到很強的互動。而且如我所說，我認為 CES 大概會是我們預期客戶會更進一步談他們未來 Dolby Vision 2 推進計畫的時間點。Robert 你--

Yeah. Hi, John. Yeah, thanks for noticing that we have increased the velocity and volume of our buyback activity. And we'll continue to do -- execute on our policy of at least offsetting dilution of stock-based comp. But we do look at this quarterly, make our decisions quarterly based on facts and circumstances and needs of the business. But yes, we have been stepping up year-to-date every quarter.

是的。嗨，John。是的，謝謝你注意到我們已提高回購活動的速度與規模。我們也會持續執行我們的政策，至少抵銷以股票為基礎的薪酬所造成的稀釋。但我們確實會按季度檢視，並根據事實、情況以及業務需求按季度做決策。不過是的，今年以來我們每一季都在加大力度。

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

目前沒有進一步的問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。