Dolby Laboratories

Ladies and gentlemen, thank you for standing by. Welcome to Adobe Laboratories conference call discussing fiscal third 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 need to press star one on your telephone. As a reminder, This call is being recorded Thursday, August 3rd, 2023. I would now like to turn the conference call over to Liz Krakowski from Dolby Laboratories. Please go ahead, Liz.

Good afternoon, and welcome to Dolby Laboratories' third quarter 2023 earnings conference call. Joining me today are Kevin Yeaman, Dolby Laboratories CEO, and Robert Park, the CFO. As a reminder, today's discussion will include forward-looking statements, including our Q4 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 statements made today, including, among other things, the impact of current macroeconomic issues, ongoing supply chain issues, inflation, changes in consumer spending, and geopolitical instability on our business, and other risks and uncertainties specific to 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 captured forward-looking statements, as well as in the risk factor section of our most recent quarterly form, 10Q. Dolby assumes no obligation and does not intend to update any forward-looking statements made during the 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 in our earnings press release and in the interactive analyst center on the investor relations section of our website. So with that introduction behind us, Kevin, let's get started. What are you seeing in the business?

Well, Q3 came in about where we expected, and our outlook for the year is in line with what we shared last quarter. What we're focused on every day is driving towards sustainable double-digit growth by bringing more Dolby experiences to more people and more types of content. With our foundational audio technologies, we have a diversified base, and we continue to work to strengthen our position across each of our end markets. Over the long term, having this diversified base of revenues is a very strong position to be in. As it relates to Dolby Atmos, Dolby Vision, and imaging patents, we're focused on the design wins that drive long-term growth. And our three areas of focus continue to be movies and TV, music, including automotive, and user-generated content. And if I take a step back, there's just never been a time where we're seeing greater demand for entertainment content, and that's what creates opportunities for Dolby.