Dolby Laboratories

Ladies and gentlemen, thank you for standing by. Welcome to the Adobe Laboratories conference call discussing fiscal first quarter results. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question and answer session. At that time, if you have a question, you will need to press star 1 on your telephone. As a reminder, this call has been recorded Thursday, February 2, 2023. I would now like to turn the conference call over to Maggie O'Donnell, head of investor relations for Dolby Laboratories. Please go ahead, Maggie.

Thank you. Good afternoon, and thank you, everyone, for joining. Welcome to Dolby's first quarter 2023 earnings conference call. Joining me today are Kevin Yehman, our Dolby Laboratories CEO, and Robert Park, our CFO. As a reminder, today's discussion will include forward-looking statements, including our second quarter and fiscal 2023 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 current macroeconomic events, COVID-19, supply chain issues, inflation, changes in consumer spending, and geopolitical instability on our business. 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 quarterly report on Form 10-Q. Dilby 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. During today's call, we will discuss non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial measures is available on our earnings press release and in the new interactive analyst center on the investor relations section of our website. So last quarter, we spent some time covering 2022, what we were seeing as we were going into 2023 with a focus on the long-term growth. Now we're one quarter into the year. So Kevin, let's get started in our conversation. Can you start with giving us a take on your Q1 results?

Yeah, of course. And thanks everybody for joining us today. So I guess I'd start by saying it's nice to start the year with results coming in higher than what we expected when we came into the quarter. That's largely because we see some transactions landing earlier in the year than we originally expected. The underlying trends in our business are pretty consistent with what we thought coming into the year. There are, of course, some end markets that are a little higher, some that are lower. Robert will take us through all those details in just a moment. But like I said, when I net all that out, pretty consistent with what we saw coming into the year. So it's early in the year. We continue to be operating in an uncertain environment. So we're going to keep focusing on what we can control and what drives growth in the long term.