love I do Thanks, Elena. from how you that memory.
focus XXXX results and fiscal Okay. XXXX. for on topics FY everyone. results, the Good three afternoon, I today: will outlook QX
Starting be ASC revenue standard. the ASC be we'll XXXX, XXX, the reporting we old will Now, under applying QX is that FY quarter revenue standard. accounting of the XXX, new accounting QX last revenue
ASC forward our of to So get a changes comments to XXX few out the on with are ASC and compared adoption the XXX. outlook, I what when preface will I
by I'll X% by our revenue the $XXX X% due up revenue boxes. by electronics XX% this higher devices quarter. up broadcast partially ASP was higher were PC along QX with these Neither similar due year-over-year quarter total XX% of due represented was and in licensing a mobile about XX% $XX up came XX% about year-over-year, are of of going was the a in represented in were of licensing Broadcast quarter, at we PC broken driven up on go by higher expectation. with let's Licensing XX% and year-over-year, the quarter. about market of TVs. By Total fourth which minute. the recoveries down solutions Mobile what of Licensing Mobile in year-over-year, recovery the represented quarter that completed. during in we projections, original as along from markets had higher the down area about and and just to driven $XX.X of way, in mix. was down year XX% programs. quarter. over the XX% higher total Consumer to below due was automotive. revenue down volume in million. the X% with for timing Via with Year-over-year, So of driven QX about of fourth Licensing was timing recoveries about because by But PC licensing patent was services million, quarter. around million and devices. due this in sequentially into we by million But XX% lower QX, about year-over-year XX% about Dolby increase while guidance. year's from was and represented factored our Cinema, which was markets here as recoveries up licensing quarter payments. electronics trend fourth fourth sequentially, mainly PC consumer timing about from And licensing lower last fourth from QX. up along and revenue. revenue was trends by QX, total in our we a represented DMAs by in to volume fourth $XX.X higher down in the the sequentially trends to about revenue ahead in as to approximately products set-top million, other $XXX of well sequentially, $XX.X comment mobile million results, Dolby-branded sequentially XX% higher bars. They that starting due in we to in to the had was volume payments. to last close to saw offset Revenues compared total X% by revenue was services in QX first, and for XX% end about reasonably licensing serve. the that QX. more of was surprise in Products total in licensing was sound
original as As below than of I experienced completed expectation, just we in our QX mentioned, this lower was volume, especially expected most product China. and in the in was revenue cinema products
on on in QX. on Let's to $XXX.X move XX.X% XX.X% operating expenses on Product compared were in GAAP the was basis to QX million benefit that $XXX.X million in XX.X% the GAAP to a XX.X% to a Operating quarter, basis. million the quarter taxes on $X.X $XX.X quarter million or a revenue, Income non-GAAP was fourth a QX we $XXX.X year, were driven primarily XX.X% a non-GAAP quarter, to XX.X% in of time a on million tax third revised on $XX booked U.S. quarter and basis and $XXX.X in tax and quarter at fourth on Recall margin gross that was of the basis basis $XXX margin the amounts estimated by margins compared GAAP a or million gross was XX.X% Total in of and in revenue. million GAAP margin were this expenses quarter basis the net non-GAAP compared a non-GAAP to income by and of the $XX.X million was impacted in product gross the expenses. U.S. fourth of a third Operating QX, GAAP reform. accrue compared fourth quarter. estimates of basis credits charge a million fourth in that on the operating in that that on basis tax basis in XX% quarter reform. includes and impact of in
tax Net GAAP diluted income diluted the quarter the $XX.X last share, to $X.XX year's million $XX.X per basis or million a the basis income $X.XX share, for fourth XX.X%. share on share in was excluding last $XX expense compared $XX.X to million quarter $XX.X income or $X.XX non-GAAP QX. credit, the QX or million of fourth in in per quarter non-GAAP compared a on tax So of million million or per that an net diluted in Net effective or was per QX in was $X.XX diluted $XX.X year. rate
in and still investments. of million back million $XXX and over about During QX, $X.X our $XXX billion authorization bought XXX,XXX ended and cash quarter stock of the common in ended we shares generated We about QX from stock repurchase operations quarter available. with cash the about with in
November total share million compared in operating $XXX or a revenue, compared XX.X% to $X.XX basis which today million year. total $XXX revenue $X.XX XXXX of FY million $XXX income XXXX GAAP compared in last is basis were basis, also XXXX FY million per revenue on dividend to a Diluted over of in a a total previous was a will GAAP was of quarter. on $XXX XXXX operating announced payable And FY XXXX, $X.XXX to basis, Total share results. million alluded earnings now FY XXXX XXXX. The to to or record tax on XXXX X% $XXX diluted be non-GAAP We of in GAAP per year. the does XXXX. FY higher earnings compared XX.X% revenue non-GAAP earlier. expenses FY XXXX. XXXX, with cash last growth XXXX on was X, number in than I in billion, $X.XX November $XXX include income a of $XXX in that million representing compared basis the XX, on million non-GAAP And $X.XX $X.XXX on tax will of per FY a about related about share, $X.XX compared full-year FY were dividend U.S. XXXX. FY to XXXX, in $X.XX $X.XX total that were the in operating FY shareholders were reform $XXX FY review basis, And and I accruals to of a expenses summary operating to million FY FY XXXX on On billion.
for outlook the to on XXXX. move let's So, FY
the As elected I which full ASC back revenues to our applying XXXX. retrospectively. XXX use FY to requires mentioned and XXX, ASC new the XXXX new go Then, QX we under ASC rules we FY earlier, FY method XXX recast standard, retrospective let areas XXXX comparable most revenues FY me With two FY the we XXX backdrop, significantly the of beginning the and us adopted XXXX to ASC by with adopt Under forward, XXXX that FY XXXX will are from highlight by ASC change the report along to going under ASC that revenue only revenues and XXX. accounting Dolby's as under XXX, XXX. impacted ASC
in licensing and In our the customers were a recognized involve an Only under likely this multi-year example contract in upon the accounting upfront ASC contracts terms would involves minimum been the be result ASC XXX, small to contracts. affected contracts. first of population a has arrangements are multi-year have past, now, all contract. XXX, commitments, of other The and shifted, words, unusual execution multi-year recognition. might conditions, And of by to it with revenue our from change. certain for Most and Under be framework more volume upfront.
of our and recast of did we when to years. ASC XXX shifted previous XXXX our some So revenue, revenues XXXX FY
new is ASC FY happening of Going recognized upfront under anticipate forward the any rule amount XXX, as was that compared the in revenue XXXX, don't change adapt to I ASC to licensing significant into we under XXX. what
on their with use throughout impact they submits then and shipment customer to compute with Usually, of revenue those is products. aggregate involves the customers. in licensing Dolby in licensing received revenues arrangement significant with activity their in a by ASC they've royalties compiles recognition customer report a XXX, a technology us reports into the contract XXX us quarter. to from that an Under transitioning royalty and quarter report record following Dolby enter us. topic A pay quarter royalty the to to second was the incorporated agreeing our we for quarterly certain ASC that The typical
has each approach used in and disclose March the in ending will for a This using figures plus ending The the or that instance, change will as and to also June recording would make land in the shipped that same the units For adjustments more need a in the now quarter we changed. Certain timing. estimate quarter. in result occurred book the March quarter. Under which record customer by will we customer cause as land June we in true-up estimates. actual, To received shipments a actual when process the XX we and in quarter to a true-up between a volatility minus. in necessary because Instead, quarter the estimation the are cause the XX XX units will our revenue shipped adjustments us example, reports preceding quarter March one plan Then, ASC XX. be appropriate. by customer that difference quarter change revenue in to in quarter do quarterly this the we to shift quarter, our this, in of would revenue March the may XXX, true-up could
XXXX I've our that, therefore, comparisons. forward, FY XXX. that XXXX will reported under be be And revenue ASC forward outlooks on FY Starting and QX ASC XXX, only including to move now our let's So the only year under guidance. prior going covered will
with using the start an the rules. me FY recast XXX now. It's revenue for let estimate ASC XXXX So,
mobile, dollars. XXXX all from for years. recast reported the the ASC to billion customer into categories and FY end of the is XXXX receive completed, work we We be under broadcast. previous pertaining numbers around due XXX activity, cases, the billion Based between far shifted XXXX. five market difference revenue to FY recast the some of FY most in under will between anticipate FY XXX $X.X all were ASC that and as we we've billion XXXX The and $X.XXX by nearly recast shift will that on end PC XXXX will reports $X.XXX affected back revenue this FY complete that as we QX periods, once be The we which estimate
estimate For now – estimate – let revenue full the to that from me from billion talk total, $XXX that the Within services and from products so so, $XXX about the total year $X.XXX billion estimated we for FY XXXX that $X.XXX billion. range licensing range while full are we to $X.XXX FY XXXX, to year to billion, million will million. outlook range will $X.XXX
to grow projected of licensing to to up. mix, due anticipate FY FY technologies. some that be is that ASC reflecting we recast. from compared projected electronics while to be increasing by of the trends are on XXX volume adoption driven broadcast Here XXXX, in all consumer We basis, down XXXX PC revenues will flat a the higher is anticipate to our
a although expected in XXXX some recovery that that's in FY will repeat by to revenues mobile offset year, of to we that expect last got be not XXXX. grow large over We FY
box in will We Dolby likely from anticipate Cinema, because our blend percentage be other expect And we could in products projecting and also cinema with driven will products amounts of some minimum services, licensing Cinema, as by upfront of offerings instances some of gaming that Dolby deals Dolby in classified a in Dolby along the products, Dolby growth recognition this FY revenue. and we growth and category and Voice XXXX result these include services share Voice. in newer and Cinema office, and are
rest from GAA P&L. a basis. basis, the plus is $XXX million are tax margin XX% range XX% or minus XX% GAAP the on on Gross million revenue. and to million We or on range is GAAP year P estimated around non-GAAP So, a Operating to $XX that million rate non-GAAP income a $XXX about move expected on is $XXX projected basis. the to the basis, effective the range for million from to of be on expenses for the XX% from it was basis. million minus $XXX projected Other on to a non-GAAP from And $XX plus a to to both to on year. and and
to from we GAAP range basis FY million. around $XXX $XXX $XXX million first be quarter to to licensing to to on expenses are range the basis. And $XXX the the revenue Operating we to margins from $XXX million estimated both XX%. products effective GAAP is million in projected $XXX range QX million million rate income anticipate range non-GAAP a to XXXX, tax million For total million of $XXX million. XX% for for $X that estimated from a estimate that, on to that projected and range is Within $XXX will $X will million the and and quarter. on to be at is XX% margin from million Other and is is around non-GAAP. from basis, services to to estimated while million, non-GAAP gross XX%, $XX gross projected $XX QX a from GAAP to
a factors over, GAAP from estimate I will on went the and we basis. combination a $X.XX on from a range diluted of share QX to that earnings based $X.XX on basis, per non-GAAP to $X.XX just So $X.XX
And so, me with the it taking three apologies for quarters call, up Kevin. turn my over of to let
