Dolby Laboratories

press star one again. As a reminder, this call is being recorded this Thursday, July 31st, 2025. I would now like to turn the conference over to Mr. Peter Goldmacher, Vice President of Investor Relations. Peter, please go ahead.

Good afternoon. Welcome to Dolby Laboratory's third quarter 2025 earnings conference call. Joining me today are Kevin Yehman, Dolby Laboratory CEO, and Robert Park, CFO. As a reminder, today's discussion will include forward-looking statements including our fiscal 2025 fourth quarter and full-year 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 macroeconomic events, supply chain issues, tariffs and other trade barriers, inflation rates, 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. Dolby 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 in our earnings press release and in the Interactive Analyst Center on the investor relations section of our website. With that, I'd like to turn the call over to Kevin.

Thanks, Peter, and thanks to everyone joining us for our third quarter fiscal 25 earnings call. Results for the third quarter were generally in line with our expectations. Both licensing revenue and total revenue came in above the midpoint of the range of guidance we provided on our second quarter earnings call, and non-GAAP earnings came in just above the high end of the range. On our last earnings call, we talked about the macro environment and the related challenges to our visibility as we provided our outlook for the remainder of the year. Robert will go through the details in a moment. At a high level, the macro remains uncertain, our outlook remains unchanged, and we continue to monitor the environment while staying focused on the things that we can control. I'd like to cover some of the highlights from the quarter before I turn the call over to Robert to discuss the financials. We continue to see strong engagement with our ecosystem of content creators, distributors, and device OEMs. Starting with music, over 90% of the Billboard 100 artists record in Dolby Atmos. We are also seeing momentum in back catalogs being remixed and re-released in Dolby Atmos from bands like the Rolling Stones, Phil Collins, The Grateful Dead, Fleetwood Mac, and the Doobie Brothers. In sports, FIFA Club World Cup Soccer, the Stanley Cup Finals, the French Open, the Indian Premier League Playoffs and Finals, and the World Test Cricket Championship Final were all available in Dolby. HBO Max, which is streaming most of its sports in Dolby Atmos and Dolby Vision, is launching its streaming service in a dozen new countries this summer as the platform approaches availability in 100 markets. In the cinema, Mission Impossible, The Final Reckoning, How to Train Your Dragon, F1 The Movie, Jurassic World Rebirth, Superman, and The Fantastic Four, just to name a few, are all in Dolby Atmos and Dolby Vision. Across music, sports, and movies, it's clear that the creative community continues to embrace the value of content created with Dolby Atmos and Dolby Vision. Moving on to end markets, let's start with automotive, where we continue to enjoy strong momentum. Last quarter, We talked about strong customer demand for OEMs to raise the bar on the quality of in-car entertainment and big wins with Porsche and the Cadillac EV lineup. This quarter, we were excited to add Audi as a partner. Dolby Atmos is now available in the Q7, the Q8, the A8, and the e-tron GT. In India, the release of Tata's new Harrier EV with Dolby Atmos was well received in the market. Additionally, Mahindra announced that the Thar Rocks will offer Dolby Atmos. We now have partnerships with two of the top three Indian auto manufacturers, Tata and Mahindra, in the third largest car market in the world behind China and the U.S. To date, we have announced Dolby Atmos partnerships with almost 30 OEMs. We believe the strong progress we've made over the last three years is a testament to how well our offerings resonate with the direction the auto industry is going. In mobile, Motorola rolled out its first smartphone with Dolby Vision Capture, and Xiaomi added two new phones with Dolby Atmos and Dolby Vision. Many of the most popular social media platforms in China support Dolby Vision, including Xiao Hongshu, also known as RedNote, Kuaishou, and Bilibili. We are seeing the increased adoption by Chinese phone OEMs so that their customers can create and share high-quality user-generated content. This quarter, Oppo partnered with RedNote to launch its flagship smartphone, the X8, featuring Dolby Vision Capture for user-generated content. Our progress in China demonstrates the value Dolby Vision brings to social media, enabling creators to make the best, most engaging content possible, and we are focused on bringing this experience to the rest of the world. Moving on to other devices, Dolby technologies were a part of several new TV and speaker launches from partners including Samsung, Haier, TCL, Marshall, JBL, and LG. We also worked with longtime partners Lenovo and Google to launch the world's first Chromebook with Dolby Atmos. So to wrap up, we had solid results for the quarter, and we continue to see strong engagement with content creators, content distributors, and device manufacturers. There continues to be increasing demand for the most compelling and immersive audiovisual content and more ways than ever to experience that content. The number of experiences in Dolby Atmos and Dolby Vision continues to grow across music, sports, podcasts, user-generated content, movies and TV, in mobile devices, TVs, PCs, cars, and soundbars. All of this gives us confidence in our ability to drive growth by bringing more Dolby experiences to more people around the world. With that, I'd like to turn the call over to Robert.