DLB - Earnings call 2 2023 | Dolby Laboratories, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Dolby Laboratories' Conference Call discussing fiscal second quarter results. [Operator Instructions] As a reminder, this call is being recorded, Thursday, May 4, 2023. I would now like to turn the conference over to Maggie O'Donnell, Head of Investor Relations for Dolby Laboratories. Please go ahead, Maggie.

Maggie O'Donnell

Good afternoon, and welcome to Dolby Laboratories' Second Quarter 2023 Earnings Conference Call.

Kevin Laboratories' are Park, and today CFO. me Yeaman, CEO; Dolby Robert Joining

be of today's forward-looking outlook. differ our will spending ongoing fiscal these report does a to we uncertainties things, discussion in Form As and issues, reminder, supply obligation actual a forward-looking on additional cause update section impact well materially risks any include inflation, and under result subject no risks Factors today, and assumes future not today results the earnings assumptions uncertainties captioned that that may are XXXX or our business. A and can statements, section current underlying release made statements that information of to changes events. other quarterly These to in statements and Statements during outlook call our our as among and made consumer statements geopolitical chain on XX-Q. Dolby of instability macroeconomic found discussion as from in most including, press the the Forward-looking the issues, issued COVID-XX, including this as intend Risk recent new of

website. we financial press the reconciliation measures. non-GAAP discuss GAAP and Center on our between Analyst Interactive section non-GAAP call, financial our release Relations today's measures During of in will available in is A earnings and Investor the

Liz Krukowski, going behind that Kevin. introduction is us, I over will who with to the be So conversation turn leading now to with the call

Liz Beisler-Krukowski

Maggie. Thanks,

let's business about macro the in get context you the Kevin, started. environment? thinking So of are How

Kevin Yeaman

Dolby we to continue focus can and what first Well, to going control. we're at foremost, on

never continue at be and is is macro about demand our There's immersive greater I the been content want more be and partners Dolby. content. say This our environment. areas. been has each There confidence against for passion We consumers engaging, continue to questions for high-quality well entertainment to greater of demand there with experiences. to can never What do that our execute growth

of a stay focus And track the able of being world pursuit focused. change and record to to a we're experiences. have We on going inspiring proven of that's where to adapt those

Liz Beisler-Krukowski

So year. the business through we're How's progressing? Kevin, halfway the

Kevin Yeaman

than little than the we In the has playing to in Well, the a come the see underlying And we TVs range in stronger we bit come quarter, trends, had some PCs, half continue the the expected, earlier you'll second in year. saw we a and come of transactions year little business we we in the audio as lighter foundational to saw bars expected. remember, we within relates than see had of we and expected. But what expected. DMAs, technologies out sound things for overall, stronger closing first first quarter, the year our it

essential to foundational are technologies, be the areas continue these Our delivered. that audio entertainment macro way to more to the content environment. true is importantly, It's sensitive

these We expect to economy continue the return that growth. stabilizes, areas to will when

movies hit continuing automotive our by expanding to this focus XX% XX% to expect and this ecosystems do our user-generated revenues content. signs all and in to give on can And we're confidence the us For we Dolby imaging these patents, Atmos, X Vision years. growth year. and And target we of that the around double on TV, to see and Dolby X next music to we that track

Liz Beisler-Krukowski

seeing? confidence that you goals that just long-term achieve that what Vision. you're talk Can seeing your and Dolby Atmos you're give You you about you can mentioned signs with Dolby

Kevin Yeaman

sure. Yes,

our drives TVs, set-top revenue Dolby or experience case driver all TV of love across opportunity ways whether mobile ecosystem which It the leaves expect that of and a also end ecosystem. imaging Dolby Dolby Dolby being a Vision Dolby part enjoy drives then growth. each included big Atmos for at patents grew one and TV, movies that the XX% And The Atmos, smart and for Vision movies year. TV more we to position Dolby that part of last devices. Growing content significant and and a of people across the of this the on movies our in ecosystems X/X a that becoming that XK content. that and means of continue be Vision growth was experience, growth it's roughly are year. to Dolby TVs, largest and also of In and And is to Atmos that speakers. people consumers markets, So more to significant contributors PCs boxes,

like into addresses focused their lineups partners we're increasing focused announcing partners. this our quarter existing talked TV presence So TCL, on lineup partners last Hisense, which a with with also others CES. We're on streaming driving with OEMs, at market. and adoption and the part our We regional of local about deeper large

this all Premier had and in that Disney available quarter announced example, be Star Atmos, their also Dolby Cricket so will we had wins good number and OEM of XXXX local of And India. JioCinema matches we in for a Indian League some wins.

and Going within really we're excited we're the about our progress user-generated ecosystems. content music making TV, beyond and movies

going early While they're both to forward. up they're be at significant shaping contributors stages, growth

now has And social joining launching our great Asia, Weibo because Xiaomi partner to India, phones Vision one their media and Bilibili China. likes this Dolby of Dolby East. Vision the the some Vision they want Dolby Southeast content and in phone. started Capture in shipping WeChat, phones a platforms, newest Dolby China's QQ. phone Dolby start wins Weibo, this So Middle Capture, I to quarter, shipping quarter. OPPO became China. we Vision Atmos, models And supports began Europe half Capture now flagship dozen with had and of largest user-generated for

Liz Beisler-Krukowski

ecosystem? what's demand So the content the user-generated driving in

Kevin Yeaman

And the their a phones. about, Dolby reason we've are consumers that's And is care about engaging. as our people with passionate about experiences to content share upgrade more create can before, they the and people the major make Well, that focus talked that Vision. most camera

And and the with throughout progress year, we ability with Capture share phones to more the capture, to services we available expect be more so and that content. Dolby Vision as playback

Liz Beisler-Krukowski

really I Dolby phone two my memories having kids. especially and pictures sharing my little things, and enjoy Vision on Capture personally and

So there? you What Kevin, move are music. let's seeing on to

Kevin Yeaman

across to content, services see speakers tremendous particularly continue We devices, and momentum automotive. streaming in wireless and

coming studios, And quarter, speaker, their are with Sonos to Atmos. the This launched premium service artists Sonos at Dolby the a product smart Dolby music and time streaming Era Atmos all comes embrace XXX, experience. together this when

relates multiple announcing As Volvo in this automotive, early year. having next Mercedes, partner releasing from to years, gone first we've additional be models including and to cars our it will who's cars today under just whose year, market from manufacturers, X available in

in auto largest Atmos few Just a weeks Group, Guangzhou launching Dolby which China, is they're the their that announced Automobile in new sports ago, fourth manufacturer sedan.

and bring we year. So of more during board partners working market, strong this to continue automotive on the to the we're demand across see rest

the Apple began began to and Dolby services content. including to to Music automobile. It's quarter more On Music streaming and one of in Atmos. content great PC more launched which a sound devices, there's are Classical, more continuing genres day, recordings Dolby more add available. Atmos. and new more Music and artists Every classical they creating including music of mobile, set enjoy can across in Apple app Top speakers, thousands generations and where listeners is more Dolby and are And in side, services artists ever favorite moment NetEase Atmos. see services the your from this Amazon these DMAs. streaming devices, is wider special largest songs your wireless to bars a find favorite in are whether more song top than China, the a streaming Billboard life, of that's music XXX to a or you in likely

India, is streaming popular Dolby podcasts audio in a number Middle audio East. books joined Beyond Korea South the Wondery and and Dolby Audible and can Atmos. music, books now most of Atmos. you services enjoy regional They podcasts and in their in

and Dolby, immersive more to very make more go. to more continue So the on experiential. in to car relevant more stories the and experience ways we're excited and And enjoy

continue to each imaging beyond on Dolby relates of it cases we and automotive wider with Dolby.io. to as of growth Vision and and movies to focused content. across remain far progress range focused these Dolby make TV, user-generated bringing use Atmos, And So Dolby music, a areas, patents, in we that, continued

continue who number using the see developers quality creating unparalleled is for bring ultra-low next we interest and Dolby.io. What see that experiences. strong the large-scale are to are customers We audio we latency from increase immersive continue generation to of developers in and of at online environments, an

Liz Beisler-Krukowski

on Kevin, to I thoughts? move before Robert, final So any

Kevin Yeaman

about with opportunity our profitability responding changes and business strong Well, making apps We're their on coming to agile and want the and with at model, focus continue flow. for in Vision as cash ways to to this in from Dolby that people social a progress opportunities people be to difference. of listen the We're to a our other and each bring strength, confident a a areas. growth market, there and Atmos be the continues strong Dolby going of we're gaming, to music, focused to TV, and ecosystems as make content. watch We're to big and experience strong position across media through connected all opportunities, long movies each Dolby we're or to

Liz Beisler-Krukowski

for Kevin. that context, Thanks

Okay.

the So off Robert. start you for highlights Robert, let's can it us to over some turn with quarter?

Robert Park

of details, to things. we point Yes. I a Thanks, get Liz. the before out couple into Yes, want

mobile First, $XXX anticipated, was electronic our from than we in close and million lower of last benefited unit we royalty patent markets. quarter. transactions earlier broadcast revenue provided shipments and revenue total saw offset than and imaging guidance the We by than expected higher PC our in consumer partially markets, higher

growth. That to what in to continue we we operate expect revenue on Second, environment. we're based seeing today, said, uncertain continue an

QX higher PC was This revenue is services outlook lower of With was revenue unit revenue. comprised $X.XX XX% Dolby by imaging and box and and from positively $XX Dolby licensing products of in broadcast, X% in from revenue. as $XXX million X% or up Our and markets, in growth. CE backdrop, year-over-year, patents, primarily million that and the with let's lower for and get revenue QX partially offset impacting primarily range into billion in mobile services details. QX Dolby higher and Vision our products revenue shipments. billion year-over-year office the Cinema million was growth year to $XXX Atmos, to a $X.XX revenue

end licensing revenue about by talk let's market. Now

As a on business licensing based is unit shipments. reminder, our

down We up up QX recoveries, minimum about $XX shipped which volume portion a unit million related also all $XX revenue commitments of XX% transactions to given units or volume Vision in where about patents all a These minimum shipments. Broadcast of represented driven represented and in primarily for or primarily XX% a lower unit audio minimum QX XX% on basis, revenue PC volume licensing by for total period unit Auto, a the half, Dolby from lower licensing represented or basis, Dolby million and $XX in Atmos, up 'XX, imaging of recognized $XX licensing Cinema 'XX, year-over-year are or primarily in and of on million on in XX% box adoption to higher upfront. by basis, patents. Consumer 'XX, prior unit represented licensing total 'XX, basis, or a commitments, in a of technologies. by Dolby driven Mobile imaging driven commitments total Atmos. we periods, shipments bars the about Electronics driven first transactions markets $XX have XX% that of QX reflect about gaming. million primarily XX% QX and 'XX, year-over-year on to of basis, year-over-year call is a first office year-over-year DMAs by Dolby Atmos XX% or XX% in total foundational million XX% in and primarily licensing higher sound QX down driven related on of and shipments audio in XX% represented in about Dolby total of year-over-year and related shipments the by foundational half, in technologies. Other

were year-over-year Beyond in higher and licensing, increase revenue was year-over-year up The 'XX, by million driven product products primarily a sales. QX services basis. our $XX cinema on XX%

saw Dolby.io. We also growth in

year were timing diluted 'XX. quarter of XX% quarter in compared a non-GAAP QX fiscal was year income compared million million quarter income QX. of for on margin was $X.XX diluted or last XX% the second of of expenses in in compared QX income share the compared $XXX turn to quarter increase year Total expenses or $XXX in million 'XX. by was QX million $XXX in compared per million share spend. Non-GAAP the driven primarily revenue operating the or second per to basis in second fiscal was to Non-GAAP QX in in and $X.XX XX% to XX% to fiscal second marketing operating The program margins. of second was the $XX $XXX XX% revenue of gross quarter to Let's last 'XX. tax XX% Non-GAAP year. year's of in Net non-GAAP

quarter, ended the in operations cash from million the $XXX $XXX $XX We second second with in generated compared million and During approximately investments. quarter. in million last generated cash we to year's quarter

back our stock million quarter repurchase going the second common bought $XXX and XXX,XXX During available with quarter, shares we of ended the authorization forward. of about stock

company not We small also and of quarter. The the completed of payable guidance. XX, are be material after today XX, our The results be our XXXX. a announced to included financial close a cash May per are record administrator, May Via, share. will of in on acquired $X.XX patent dividend expected of shareholders Also, XXXX, the pool on to acquisition the dividend

Liz Beisler-Krukowski

Robert, get let's into that, With guidance.

Robert Park

Great.

and operate continue in We environment. to a uncertain challenging

we low shipments, For CE audio 'XX, consistent in from decline reflecting with foundational year-over-year, we've single TV, will revenue PC, expect fiscal particularly our said lower digits previously. that and what technologies year unit mobile,

still patents, other driven this mobile We growth the imaging are will by Dolby than broadcast, targeting foundational markets. in growth Atmos that offset to in more assume audio XX% XX% are declines Dolby and We we expecting. Vision, and in

from full and revenue services Within expected basis assumptions, $XXX roughly year. increase still range to to $X.XX in of and expenses with and other revenue that non-GAAP expect PC the to is be the and revenue to million. Non-GAAP expected CE. range decline growth anticipate year roughly our compared margin prior operating estimated for $X.XX billion XX%. $XXX XX% operating Products to broadcast expect from is from to markets billion, $X.XX on to million margins these billion. year $X.XX gross With We mobile, this, to outpacing range non-GAAP is in XXXX we license a roughly will billion X%

envelope disciplined our and regular earnings review spend, basis. We of resource our to with will non-GAAP We a $X.XX continue on anticipate be share to per $X.XX. allocation

split, a last expect saw first to revenue year. full we be of second than year half will that half in similar terms we the in split the In still what the revenue lower at

quarter. to is broadcast, estimated services QX more Let's is range Dolby transactions from range Operating mobile shipment in products million. to and third estimated $XXX non-GAAP to by driven unit lower expected XX% margin imaging QX in offset and million. at revenue be mobile. Non-GAAP timing move on $XXX to million guidance committed million million, to licensing Compared range of patents, $XXX and PC while XX%. range in to last other lower estimated from gross expect basis Dolby expenses to technologies Within than estimates from $XX volume of is revenue on QX to million. $XX audio a particularly are $XXX Atmos, to is for million $XXX the that, from million $XXX from Vision to year, to and to we revenue in projected growth markets, foundational to

QX rate that from diluted basis. to non-GAAP could is XX% to a non-GAAP tax $X.XX. range QX We projected to range for estimate effective XX% $X.XX from per earnings Our on share

We are start pleased year. the the to with

the we are progress environment our macro opportunities. While uncertain, on long-term remains making growth

believe cash operating remain model, Dolby's We and flows strong. continue durable the balance to fundamentals of sheet

let's it Now up open questions. for

Liz Beisler-Krukowski

the up queue Robert. Operator, to I for Thanks, think ready open right. we're All questions.

Operator

first with Your question Rosenblatt. of the from Frankel comes line Instructions] [Operator Steven

Steven Frankel

what that environment, years. maybe opposite over notion the to? closing could you you Kevin, color last have the with on we couple some which in of this is than What contribute even faster anticipated, experienced that could start you deals this of

Kevin Yeaman

we last a an than in true what this, things for longer, our broad that And said we've would all we some that throughout on. year, think seeing the closing said strong to it's of that, deals partners when that with have see I've as any engagement pipeline like question. focusing And favor have do to would say our case-by-case focus we started from environment they in strong be Steve, basis. the what first, to a of I draw other macro is deals. that, on take of and conclusions were our forecasted. before, each continues deals turn I don't Yes, this earlier attempt and ecosystems yes, Well, thanks we had each is I to than year,

And so we're lot half year. we've get that business pleased been in, of in first a the able to of that the

Steven Frankel

of do from insulated that you well like mobile? exposure Is market. And having a disastrous to commitments the minimum seem you Okay. function in business fairly in that PC as

Kevin Yeaman

categories do. across being than year. it's that Robert lot better PC clear, that coming a doing device weaker be and shipment function -- we said, think thought we I estimated. a we as of to we having everything into some But see business had a diversified than do of things we've the that do We had a estimates are little

doing are that worse. a things Some little

So far playing out the on our that continue we And playing growth focused focus is in we we out or Atmos, on Vision as course, see expected. all especially less which and three patents, they're underlying imaging more driving of as foundational, Dolby trends, business as about to areas. what Dolby then,

Steven Frankel

were ups what then the for And in quarter? Robert, true

Robert Park

net which units is once represented were patents quarter imaging which $X by revised for patents was a million which true-up quarter the offset and positive, shipped true-up that in for to estimates also Steve, CEs, was a in true-up. reported last related higher the negative arrears, PCs

Operator

Paul question next We'll JPMorgan. take Chung with from our

Paul Chung

kind of step-up the kind And Atmos strong can much provide incremental And across very is? Vision more and runway broadcast, performance there on just you on update So penetration an drove What of there? there. how large TVs?

Kevin Yeaman

Dolby caught the want up Dolby year, has TVs the in XX% content which a with also because us leaves it's from we that which more our we be to to position growth. great as perspective, a creators, We're way. Atmos. and the from Well, think, room notable, of experience, is, think, it Vision, Dolby it is consumers we broadcast, of coming on Atmos to Dolby that for of able more And now experience. this I It's are a perspective development roughly combined and good also relates lot enjoy Vision Yes. and really that one XK to

of existing further continuing before, our lot And to to our partner I've key combined lot also that about a about CES. the lineups. also, big-box into I talked TV their regional experience partners, as retailers And talked then and services. the So or pretty large lineups of say, we to from forward talked further continuing white-label regional with to should their drive the market is work drive a often is, about at partners served by part brands streaming is a

a this of focus market And big was so win where had ours. And and as progress that's in Brazil. quarter, we had we earlier, said area a some an OEM also I India

what's So as other little value and TV and on as that's to bars to of also markets well. ecosystem, the bit to we're movies And But to continue strength going it you. the see good a sound progress on -- driving drive thought relates that. switching across we continue areas

Paul Chung

of contribution rate in kind you're of car, this the run we should about rebound that some on and very you. And is kind Got the there. from growth these be a Atmos then new other quarterly of thinking levels? the nice about And nice here driving seeing revenues, what's across there? rebound Cinema, Talk

Kevin Yeaman

will to of But generally Volvo experiencing from year at been now. So yes, with that market other have second of course, think to And are, as the year. think experience say, to Neo a began to gaming, Mercedes guiding look opportunity spectacular half having a more I automotive that challenges speak other for for year speaking, year. that It's we the we're Had begin their shipping drivers out over of Two had category, chain absolutely side an they've what a of kind on and I of shipping year. models I'll I will in some been to then, see were let supply of yesterday. the area. even the of we last on we year They've next started last growth the beginning the come where growth the cars We Robert the announced way. automotive. And revenue before. one experience. of course,

standouts quarter, of product. this we in areas In see terms driving those That's So music. -- absolutely Era that's talked those of are focused kind particular, Sonos driver. the been and its automotive one growth automotive. what's limited of and We as is not about today key with XXX to the our

that the JBL yesterday announced Boom Dolby has also Box We Atmos. X

So music for of reaches focus but automotive a lot categories, big a us. is

Robert Park

and Electronics as the of Yes, we're the would we really to where year, other, more this full gaming and seeing said, primarily we Paul, where broadcast, auto said and the offset year growth in terms around in PC than Kevin is see declines Consumer in mobile space.

So expecting that's kind here. we're what that's seeing, of sort and of we're what

Paul Chung

think Okay. cash last should the year? half your the back for about full targets are and then on nice we Great. of where flow, year. And the start kind How to very very, fiscal

Robert Park

cash Yes, question on $XXX nice. Good flow. Yes, was million Paul. the

customers, recoveries minimum differences and volume revenue, commitments if there a step like collect transactions Just these take from recognize our timing between bill large for over when we when particularly we are you and time. back,

we in depending fluctuations. recognized we So the see given a could agreements on quarter,

expect quarters. quarterly Paul, to So net And given can basis, be an cash see over on few it's you you closely annual if on income on the business our that going lumpy. correlate our basis, last But you that to operating very can model, a to back average always look flows.

Operator

We'll next William Schackart from take our question Ralph with Blair.

Ralph Schackart

or follow-up. in the earlier you Can give change? saw perspective prepared that Any on between That's I of kind macro environment line that have of quarter? trend this us question. you versus macro last of just you on the remarks. quarter some a first question had what back maybe sort Kevin, of the draw circle the sort you rate

Kevin Yeaman

Okay.

continues lighter. is about we've as So uncertainty better little a as But foundational relates to audio the of things to But a technologies, well, macroeconomic way a the in some to think category on whole, I throughout a say, that it's said, about at out the there lot saw where quarter come the a beginning for it's weaker foundational be we little it of is come for consistent the laid points our environment pointed PC some things we the it would out notable environment. -- in I data the PCs. what's playing and year.

course, Dolby -- about as then, So Dolby our and Vision, it relates drive of it's key to growth to Atmos areas. and each imaging across of continuing patents, wins

Ralph Schackart

won't Great. without And question in be this AI. on the earnings complete call, a

So just Dolby, thoughts of curious on ways implement at Gen sort your it. potential AI to general and on that just

Kevin Yeaman

get on a Yes, might I thought we AI. question

So as and new thanks particularly models to language the mean, space, topic is of be I change the for energy But AI I -- want lot that generative like saying, true question. us at start clear by that's and I'd Ralph, course, that Dolby. ChatGPT. relates it a in there's not It's for a to of

content AI In generative some it we're shape strategies, and all, especially models. So we or come seeing impact is to in most, this those I one and to think partners we how it's serve that serve does safe if together form say area relates ecosystem, that our we the companies the activity. ecosystems most at not form ecosystems? focus where to the And on looking their adopting are is closely creation as

creation AI-generated we're to do what we their meet AI that bring sure of improve want content now. so process, unique perspectives of continue we've use creators and how experiences position for around more immersive their the to content and limiting content. application playback. people at at look, working to the many purely And to distribution it's help Dolby. types and of the to content more the needs. And our world. AI that applies not whether for our knowledge working AI we is we're to experience a And or in evolving if to content of whether point end on means Dolby to focused years I AI, continuing anything, that would to the been say, decades more And to day, then, and more and And make roads all AI more to discussion from generative models, that the across with bring more comes us, of we of And course,

we the integrating expect many increasingly in aspects that future. so to So into our and been AI be of processes, we've innovation

So innovation about we're process accelerate Dolby that the bring for excited create experiences life. opportunities the to to potential and to new

Operator

We'll next Barrington from James Goss question with take our Research.

James Goss

of of Is quarter, become big gaming It least PC, of breaking even market QX you Maybe appears those -- little has at And the pull the weaker, forward and I'm sort about of broadcasting wondering view? still of sort talk go? from look shift to to your because has a ought future, enough is a automotive about the other will this that, is somewhat in and trends from what has reshaping categories. of been themselves are X/X mobile things. of QX to any from out separating one with television and CE has QX as with at business that especially we this the any bigger? the could a of a that consider how just these continue reported QX in

Kevin Yeaman

we've Well, last if than the transactions earlier we Jim, back some I growth of what range with forecasted. years. we're second first kind a what half seen prior of year. the for we're is half, in composition of initially coming first the look your we in And think say full that we'd of yes, question, part step the to you half, and pretty to rate the at seeing within expecting of consistent saw did revenue kind which But is

back our step to been on relates for you would the I'd end important revenue look key what what consistent our not drivers. it to year. any quarter, mean trends over remind is given that but saying the to it's we and As always we've the growth results about be And market, at I over-index to with by expect going

and the points -- that expect do that the primarily markets, ecosystem and -- devices. imaging growth have movies in and CE patents, those that's to and of are course, on are we growth to car. revenues TV and we're our set-top Vision Dolby that the driving map double added from so expect some we And Again, wins and the would -- one to to other also drive and we talk with those end the then of also sound areas efforts. course, That's That's of I other that from the Dolby talk in continued about -- talked expecting be markets. in boxes future. And in this to that's bars driver adoption Atmos, can in where do we of mobile market. in what's PCs content, the that's of user-generated areas, focus a one other those focused to would about markets, But efforts when big focus about quarter. it see mobile but to I benefits growth continue our growth devices. Music, So focus about TV our we and the even ability which is broadcast movies end televisions to a on

James Goss

do that obviously, impact require about of JBL is share And a vehicle create speaker. increasing talk the have to you the since, you car also Okay. of And can on experience with Does factor? electronic the Or really about number -- X can any with not speaker, Atmos one area vehicles you electric a music. speakers the in penetration?

you there So any to within? are work frameworks have

Kevin Yeaman

Yes.

them board. adopt in given say starting the in question, ecosystem, then and getting X today, usually with your to And or getting -- that partners would getting models of the it's stage I part about at our additional we're to models. really the X first they're on So

we is wins music which all a high lot I -- to EV that look most which cars. And do we it But of goal that's think leads way all the models. our -- consumers end. Well, be something question, their is I percentage think of second part to As that your far so I would of have the happens, to at the EV tend a significant. don't experience as that our in of are of

our number team you'd experience. want for is have an ecosystems, in speakers. course, most have at into that the of partners to that And the our the our part, to that amazing the such looking know market at end has start You each further high as across cars lineups. these means go very of the because of lot of we do this been with that expect how from beginning, in But to speakers a quite

to we've done always experience speaker, from to bar, device, sound mobile to mainstream. as the we continue bring television, the thinking smart to this Just to ahead cinema to to the we're Dolby taking the the the with how Atmos

Operator

And the that over would turn the for back remarks. O'Donnell call I question-and-answer like session. Maggie concludes to to closing

Maggie O'Donnell

Thank a joining for Have you, great afternoon. us everybody, today.

Kevin Yeaman

you. Thank

Operator

Thank conclude does today's presentation. and for participation, may you your disconnect. And that you now

Dolby Laboratories (DLB) 4 May 232023 Q2 Earnings call transcript