for Jason. you, everybody. afternoon, Thank Okay. joining the Thanks call. Good
think jump numbers. right into I’ll I the
which in of than and million in was in saw had as we some Revenues thought. million, $XXX and a last about the of year sooner $XX $XXX were relates million million what came $XXX $XXX that QX to QX had the above guided was range above in shipments, QX true-up we also better the than we in million First quarter that in also QX and guidance we of to recoveries $XXX the the was quarter we revenue million year.
So that’s timing more within fiscal estimated in TAMs. benefited of QX from the a also shift market year. higher
revenues revenue higher the contracts, In of higher from from is that’s growth terms because timing what sort were consistent comparison, timing were and QX, by contracts with was more the of quarter. last of this the sequential than of a which benefited in greater then of highlighted of growth higher under I significantly In addition, offsetting with sequential typical seasonality, our was all of that year’s cinema-related and beginning recoveries QX adoption, from QX, higher streams And recoveries, year-over-year But helped revenue and factor. and along at the COVID. under adoption down from Dolby. holiday
in $XXX $XXX and and million $XX QX products revenue million was the of in million services. of So composed licensing
represented a represented about in about was total X% of higher X% patent our adoption the of in first higher and about also Consumer quarter year offset higher programs gaming new trends by driven Mobile licensing Dolby’s last of the adoption those Via due via revenue year-over-year and and XX% revenue that that increased market that this and offset premium by higher due ASPs driven versus relates partially XXX% in including lower by about by discuss Broadcast quarter. Mobile by of last set-top by was me was timing first a program over XX% box seasonality set-top was pool mix non-disc of primarily driven On to higher up Sequentially, was by the our up and releases Dolby up recoveries higher sequential driven basis, of the mainly and They offset XX%, from we So, about increased driven X%, And sequential in-licensing higher basis, of increased the total represented were in licensing PC fees. partially was licensing patent boxes. and console by to by markets lower comes revenues up last office Vision. admin programs. represented end with and for XX% higher share gaming adoption partially the contracts. sequential revenue than by in of from higher On from lower a activity. to customer by by from Dolby QX higher in Cinema under was by declining of let Dolby, because about basis, which by XX%, total Atmos by Other quarter. and from Other little partially first driven units. customer Dolby significantly by about XX%, the from and patent of a technologies box On Via year higher the about true-up, that XX% patent technology. volume higher Broadcast about year-over-year shipments X% represented and administer. Broadcast. contracts seasonality, by was increased adoption Dolby, CE QX. to TVs, approximately QX. market in recoveries, about starting by programs, our licensing X%, higher fees On total adoption. CE PC Dolby basis, in from licensing of by by total about And XX% under a adoption about this COVID. adoption, a holiday due electronics year-over-year, licensing PC including timing also about revenue admin higher quarter. markets helped by of was XXX% disc offset up like Broadcast premium
services from anticipated decrease year-over-year $XX.X million compared in $XX.X our in QX to million our was in licensing, guidance in large products QX. revenue million most and because of the QX Beyond We $XX.X year’s last equipment that’s and had and pandemic. was above the continue comes QX that attributable by these exhibitors be in was customers guidance, exhibitors, The impacted and to negatively revenue mostly slightly sold cinema total to this China. to
basis. because would and to the QX Total margins hardware and exit $X.X basis included a GAAP Now, to on the I services inventory quarter arena. the Products a and the on in like our in a margin basis and QX to fourth discuss operating first was gross million GAAP gross large margin XX.X% minus of quarter minus on XX.X% decision non-GAAP quarter conferencing million of fourth obsolete in charges $XX.X was compared excess expenses.
the reduce manufacturing, to some in should We impact cost are structure see and of this by taking quarter. start this to we of the steps end
restructuring last consistent the minus we and to during when $XX million gross timing the beginning the includes income well quarter. XX.X% basis I QX Net as to section, million $XXX.X the per compared GAAP on site Operating $XXX.X on basis. QX former to in quarter. on disposition Net were comments marketing to made quarter completed shifted compared in had GAAP quarter or share I QX XX.X% a a first million various QX million or primarily or first of in Operating revenue basis a million QX, first of at from year. debt also the share provided apply on fourth to basis sale assets Operating million the $XX.X the comments a guidance. And the million in income year’s I as as $XXX.X benefits, did GAAP basis we’ve $XXX.X was GAAP on QX or $XX.X million But GAAP per fourth was diluted expenses. per in year. projected. last we a first $X.XX share last per due related of $X.X than income quarter, expense, basis This includes the non-GAAP share $X.XX or in non-GAAP to million of on The diluted of gain products or of it compared here of Operating was quarter Income XX.X% revenue Non-GAAP severances a minus first operating of million XX.X% was $X.XX our QX. manufacturing $XXX.X as $XXX.X non-GAAP a a last quarter in QX $XX.X I same would basis margin were in for to and lower that or with what $X.XX in expenses in the year. expenses services on million on quarter non-GAAP to XX.X% or the million of meaning bad the million million expenses and the the first basis in in of below in that QX. the were $XX.X income non-GAAP diluted primarily programs basis revenue $XX.X out guided XX.X% $XXX.X of $XX.X in total $XXX.X Brisbane quarter in quarter. operating diluted quarter million the compared on was compared compared revenue tax million in compared in a was of expenses
we combined revenue non-GAAP, was For first to the due income in we than what net what with and expenses estimated. had projected, quarter both lower operating guidance GAAP above than higher
During in year operations million quarter, quarter ended $XX this from and in to we the $X.X generated cash the cash last $XX quarter. investments. first year’s generated operations, in billion million compares from And about we about about first with which first
to back $XXX still stock stock During our shares the and about million bought available the quarter of first authorization ended us. repurchase quarter, of we XXX,XXX common about with
cash shareholders a X, be on XXXX. share. record also We XXXX, February today of dividend $X.XX will payable XX, to announced of per on dividend The February
the outlook. Now let’s discuss forward
a we beginning approach range half at COVID, took to the year. the the forward that visibility. on for of for like scenario QX limited took reminder, then guidance of QX, a and We which normal, give give was causing a revenue from was As and year the specific fiscal second approach because then qualitative of very some the comments give the uncertainties of
months that seeing around the nearly the very from we’re Not given ongoing it’s later, say three Now disruption fair surprising, visibility limited. to pandemic. world remains
P&L some guidance will full then but QX we today, we’ll to not on for year, and guidance. before. take of half provide the So similar color the detailed I a second what approach discuss did
of licensing remained services the of time, because are reminding half FY we industry. that COVID by you Dolby ‘XX, a start year-over-year impact for that I were couple in decline last year-over-year revenue anticipating the adoption of and higher technologies, expecting revenue growth on also but cinema we in from made comments products that first me of true the of At said today. quarter Let I
more factored is million talk the now revenue QX higher timing provided could million Let’s revenue QX in scenario. reinforce a timing from sense I that last from was million FY months QX to seeing from range order for the QX and what year, Last transition have And contracts $XXX quarter, for this compared that I the risen we outlook. and QX was has that a recoveries. to reversed QX latest to QX were the revenue and about Last the that our ‘XX, more specifically $XXX from of then in something quarter. customer scenario into $XXX TAM reflects we the quarter, modestly under benefited revenue QX also The this data to to that recoveries. in ago, said quarter million. $XXX year few scenario Today,
half So range ago, I to $XXX to at second million $XXX a to $XXX outlook would previous the $XXX that revenue compared of outlook actual million put that million QX we range QX with reported if combine I first outlook mentioned million. the our our just
first So that’s the half.
There of half ‘XX. space, let’s talk to four I’d Dolby. that factors timing like main is of the of in highlight, and revenue TAMs, second recovery higher about Now in pace of adoption cinema the revenue FY
Let me bit a more. explain
our basis, projected to of industry is an of from uptick year-over-year continues but devices FY like ‘XX ‘XX. data mainly indicate volume the in projected PCs lower second that are we repeat half not in TAMs because in TAM same all, a of on to happened second that in the be TVs shipment frame certain the of are to of seeing currently that and First time half FY analysts
pushing cinema expecting the openings out in in might that time, that’s by trends have judging or people the been and closings. to space, content be Second, titles recovery by seems and big screen in
transitioning than just higher our Third, as second earlier, fourth, closing the drive quarter technologies I adoption of we the we moving Dolby revenue, to from to from we first from anticipate say half of would half sooner from we in a combination half. And from and we And half consumer deals recoveries. that seasonality i.e., continue the before alluded device that of because then ‘XX, first revenue second growth. ‘XX upside be first timing shipments a below in and would a anticipate said from into of would we sequential thought, to perspective, reported, words, some second contracts in had lower half half year-over-year came under and lower revenue QX other
all of guidance course, we I see an But when half to said months the we’ll actual second earlier, a of mid- with we revenue X right providing could our plan short in So QX results. you for the as because XXXs. considering these publish in visibility provide scenario to we various limited of And stop detailed update factors, now. high
the Within me let million. services already for to and providing range QX $X range $XXX $XXX GAAP on the an on of revenue to to would $X million and a gross effect, marketing non-GAAP more estimated comprise to estimated Operating range the GAAP expenses and minus the which our on million, $X to projects. income both to $X to $X licensing to operating to range and $XXX million million anticipate estimated into total, to to in $XXX all million $X would for by basis. also minus XX% on for increase and to is gross million while up products projected to that, is I from to to $XX outlook projected about basis million the gross is QX million comments is range million, margin from GAAP from a expenses. basis of activity salary $XX non-GAAP minus XX%. million XX%, range quickly same million. GAAP non-GAAP comprise and XX% QX. and as QX million a in basis of go the in are $XXX basis. margin estimated QX rest our the in tax made So, from effective on $XXX from from from is finish services highlighted is and a minus a products annual XX% Operating P&L estimated Other In from the GAAP from $XXX a are driven $XXX to million I basis non-GAAP the well expenses rate million by on QX, QX range increases range employees for projected XX% R&D on programs million quarter, we as to to margin
Over I from based you, earnings to estimate That’s $X.XX could So non-GAAP factors the basis, I combination we range $X.XX on just diluted to a have. and basis. of GAAP covered, all a from QX per $X.XX that $X.XX on the share to on Kevin.
