Dolby Laboratories, Inc.

Previous wording

We generated over 90%of our revenue in thesecond quarters of fiscal 2025 and fiscal 2024, and the fiscal year-to-date periods ended March 28, 2025 and March 29, 2024 from agreements to license branded technology and patents that enable approximately 1,000 electronic device manufacturers to enhance the audio and visual capabilities of their products by incorporating our technology. As of March 28, 2025, we had approximately 26,700 issued patents relating to technologies, that are licensed to third parties and comprise a significant portion of our licensing revenue. We have approximately 1,500 trademark registrations throughout the world for a variety of wordmarks, logos, and slogans. These trademarks are an integral part of our technology licensing program as licensees typically place them on their products that incorporate our technologies to inform consumers that they have met our quality specifications.

Current wording

We generated over 90%of our revenue in thethird quarters of fiscal 2025 and fiscal 2024, and the fiscal year-to-date periods ended June 27, 2025 and June 28, 2024, from agreements to license branded technology and patents that enable approximately 1,000 electronic device manufacturers to enhance the audio and visual capabilities of their products by incorporating our technology. As of June 27, 2025, we had approximately 27,600 issued patents relating to technologies, that are licensed to third parties and comprise a significant portion of our licensing revenue. We have approximately 1,500 trademark registrations throughout the world for a variety of wordmarks, logos, and slogans. These trademarks are an integral part of our technology licensing program as licensees typically place them on their products that incorporate our technologies to inform consumers that they have met our quality specifications.

Previous wording

•Dolby AC-4. Dolby AC-4 is an audio codec that uses cutting edge compression to deliver equivalent experiences at half the bitrate of DD+, its predecessor. Dolby AC-4 matches the delivery method with the optimal configuration, enabling encodes tailored for broadcast or streaming and catering for headphone or speaker playback. It is also capable of delivering enhanced, user-configurable, and accessible experiences. The Dolby AC-4 coding system utilizes new aspects of object audio for features like dialogue enhancement or commentator substitution.

Current wording

•Dolby AC-4. Dolby AC-4 is an audio codec that uses cutting edge compression to deliver equivalent experiences at half the bitrate of DD+, its predecessor. Dolby AC-4 matches the delivery method with the optimal configuration, enabling encodes tailored for broadcast or streaming and catering to headphone or speaker playback. It is also capable of delivering enhanced, user-configurable, and accessible experiences. The Dolby AC-4 coding system utilizes new aspects of object audio for features like dialogue enhancement or commentator substitution.

Previous wording

Dolby OptiView (previously named Dolby.io) is powering immersive, interactive, and social experiences with real-time engagement for live events, especially sports. Dolby OptiView leverages Dolby’s six decades of experience in the science of sight and sound to deliver 4K video with clarity, depth and detail via our unique content delivery architecture that ensures a high quality, synchronized viewer experience across the globe. This enables our customers to engage viewers effectively with near real time interaction tools that will strengthen connections and drive participation.

Current wording

Dolby OptiView is powering immersive, interactive, and social experiences with real-time engagement for live events, especially sports. Dolby OptiView leverages Dolby’s six decades of experience in the science of sight and sound to deliver 4K video with clarity, depth and detail via our unique content delivery architecture that ensures a high quality, synchronized viewer experience across the globe. This enables our customers to engage viewers effectively with near real time interaction tools that will strengthen connections and drive participation.

Previous wording

We generated 94% and 93% of our revenue in thesecond quarter of fiscal 2025 and the fiscal year-to-date period ended March 28, 2025, respectively, through licensing our technology, brand, and patents, primarily to device manufacturers. The following table presents the end market composition of revenue from our licensing business for all periods presented:

Current wording

We generated 92%of our revenue in each of thethird quarters of fiscal 2025 and fiscal 2024, and 93% in each ofthe fiscal year-to-date periods ended June 27, 2025 and June 28, 2024, through licensing our technology, brand, and patents, primarily to device manufacturers. The following table presents the end market composition of revenue from our licensing business for all periods presented:

Previous wording

Our revenue can be negatively impacted by macroeconomic conditions, including but not limited to, the financial health of our licensees, inflation, heightened interest rates, foreign exchange rates, rising costs of material, increased shipping costs, tariffs and trade barriers, international conflicts, labor disputes, reduced discretionary consumer spending, and reduced new product investment by our customers. In particular, the U.S. has recently implemented tariffs on certain imports and some U.S. trading partners have implemented or announced retaliatory tariffs or other trade barriers. The situation is highly dynamic and the potential impacts are impossible to predict with certainty. For example, any increases in tariffs or other trade barriers may, directly or indirectly, increase the cost of producing or delivering our products, increase the costs to our licensees of licensing our technology for licensees, and may decrease demand for our products and services. If the costs incurred by our licensees in exporting their products, such as consumer electronics products and cars, results in higher prices to end consumers, sales of those products may decrease and thus royalty payments payable to Dolby that are based on unit shipments may decrease. Any of the foregoing impacts could negatively impact our revenue from licensing and product sales.

Current wording

Our revenue can be negatively impacted by macroeconomic conditions, including but not limited to, the financial health of our licensees, inflation, heightened interest rates, foreign exchange rates, rising costs of material, increased shipping costs, tariffs and trade barriers, international conflicts, labor disputes, reduced discretionary consumer spending, and reduced new product investment by our customers. In particular, the U.S. has recently implemented tariffs on certain imports and some U.S. trading partners have implemented or announced retaliatory tariffs or other trade barriers. The situation is highly dynamic and the potential impacts are impossible to predict with certainty. For example, any increases in tariffs or other trade barriers may, directly or indirectly, increase the cost of producing or delivering our products, increase the costs to our licensees of licensing our technology, and may decrease demand for our products and services. If the costs or lead times required for our licensees to manufacture and export their products, such as consumer electronics products and cars, result in higher prices or longer lead times for end consumers, sales of those products may decrease and thus royalty payments payable to Dolby that are based on unit shipments may decrease. Any of the foregoing impacts could negatively impact our revenue from licensing and product sales.

Previous wording

We are focused on expanding our leadership in audio and imaging solutions for premium entertainment content by increasing the number of Dolby experiences that people can enjoy, which will drive revenue growth across the markets we serve. We work across our ecosystem of partners including creators, distributors and device manufacturers to increase the number of Dolby experiences that people can enjoy by enhancing content, including movies and TV, music and live sports, using Dolby branded technologies. Increased content in these areas increases our value proposition across our end markets. In movies and TV, thousands of movie titles and tens of thousands of TV episodes have been created and released in Dolby Atmos and/or Dolby Vision. Major streaming partners and services such as Netflix, Disney+, Apple TV+, Amazon, Max, Paramount+, and other streaming partners and services internationally, continue to enhance content in Dolby Vision and Dolby Atmos. In social media, Xiaohongshu, which goes by the name RedNote in the U.S., and Kuaishou, a Chinese social media platform specializing in short-form video content, both support Dolby Vision. In the video editing, CapCut supports Dolby Vision on both Android and iOS, and Filmora supports Dolby Vision on iOS with plans to support Android by the end of the calendar year. Also during the second quarter of fiscal 2025, the Super Bowl and March Madness were available in Dolby Atmos and Dolby Vision.

Current wording

We are focused on expanding our leadership in audio and imaging solutions for premium entertainment content by increasing the number of Dolby experiences that people can enjoy, which will drive revenue growth across the markets we serve. We work across our ecosystem of partners including creators, distributors and device manufacturers to increase the number of Dolby experiences that people can enjoy by enhancing content, including movies and TV, music and live sports, using Dolby branded technologies. Increased content in these areas increases our value proposition across our end markets. In movies and TV, thousands of movie titles and tens of thousands of

Previous wording

In fiscal 2024, we completed the acquisition of GE Licensing, which will strengthen our position in existing programs, most notably the HEVC video program. The GE Licensing transaction also yielded an increased ownership interest in Access Advance, a patent pool administrator. Income from our ownership interest in Access Advance is reflected as other income, net, in our unaudited interim condensed consolidated statements of operations. In the second quarter of fiscal 2025, we completed the disposition of most of the non-core assets acquired as part of the GE Licensing transaction to Dominion Harbor, an IP investment firm.

Current wording

In fiscal 2024, we completed the acquisition of GE Licensing, which strengthens our position in existing programs, most notably the HEVC video program. The GE Licensing transaction also yielded an increased ownership interest in Access Advance, a patent pool administrator. Income from our ownership interest in Access Advance is reflected as other income, net, in our unaudited interim condensed consolidated statements of operations.

Previous wording

The following are highlights from our second quarter of fiscal 2025 and key challenges related to Dolby's licensing businesses, by market.

Current wording

The following are highlights from our third quarter of fiscal 2025 and key challenges related to Dolby's licensing businesses, by market.

Previous wording

Highlights: We have an established global presence and broad adoption of our branded audio and patent licensing technologies in broadcast services and devices, which primarily include TVs and STBs. We work with many TV OEMs and strategic partners to enable and promote Dolby Vision and Dolby Atmos experiences within their TV lineups. We have strong attach rates for Dolby Atmos and Dolby Vision with high end TVs and continue to grow adoption on mid-range TVs. Many partners continue to expand their support of the combined Dolby Vision and Dolby Atmos experience. At CES in January 2025, Hisense, TCL, Panasonic, Sharp, and RCA announced new TVs and TV-related devices that support our technologies. Also in the second quarter of fiscal 2025, in the UK, Sky released the Sky Glass Gen 2 TV that supports Dolby Vision and a Dolby Atmos soundbar built into the TV. Additionally, LG announced the evo C5 and G5 TVs with Dolby Atmos and Dolby Vision, Sharp released 55GR8 TV with Dolby Vision IQ, and Hisense launched its flagship new LED TV product series, the E8Q and E8Q Pro – the first in the industry to be certified by both Dolby Vision and Pantone. Finally, Waipu.tv, a market leader in IPTV/OTT in Germany announced support for Dolby Atmos and Dolby Vision, and TOD, a leading streaming platform for sports and entertainment in the Middle East and Northern Africa, launched a 4K STB supporting Dolby Atmos and Dolby Vision.

Current wording

Highlights: We have an established global presence and broad adoption of our branded audio and patent licensing technologies in broadcast services and devices, which primarily include TVs and STBs. We work with many TV OEMs and strategic partners to enable and promote Dolby Vision and Dolby Atmos experiences within their TV lineups. We have strong attach rates for Dolby Atmos and Dolby Vision with high end TVs and continue to grow adoption on mid-range TVs. Many partners continue to expand their support of the combined Dolby Vision and Dolby Atmos experience. In the third quarter of fiscal 2025, Haier released its S90E series TV which supports Dolby Vision IQ and Dolby Atmos in Indonesia. Dolby Vision IQ offers intelligent features that are designed to enhance Dolby Vision in all ambient light environments. Also in the third quarter of fiscal 2025, TCL announced that Dolby Atmos FlexConnect will be supported in TCL's range of 2025 QD-Mini LED TVs and upcoming Z100 wireless speaker.

Previous wording

Highlights: We continue to promote adoption of our technologies across major mobile ecosystems, including Apple and Android. Our patent licensing technologies are adopted broadly throughout the mobile device ecosystem. Dolby Atmos and Dolby Vision are included throughout the Apple device line-up and in Apple TV+, and Dolby Atmos is included in Apple Music. Dolby Vision Capture has been supported on all iPhones since the iPhone 12 and the release of the iOS 18 unlocked support for higher frame rates. We have strong adoption of Dolby Atmos and our branded audio codecs across high-end Android mobile devices and are focused on growing our presence on low and mid-tier phones. An increasing number of Android device manufacturers have adopted Dolby Vision and Dolby Vision Capture on high end devices and we are focused on the opportunity to significantly increase our adoption. The breadth of mobile devices supporting Dolby technologies continues to increase globally. Recently, OPPO launched the Find X8 Ultra, Find X8s, and Find X8s+, all supporting Dolby Vision capture and playback.

Current wording

Highlights: We continue to promote adoption of our technologies across major mobile ecosystems, including Apple and Android. Our patent licensing technologies are adopted broadly throughout the mobile device ecosystem. Dolby Atmos and Dolby Vision are included throughout the Apple device line-up and in Apple TV+, and Dolby Atmos is included in Apple Music. Dolby Vision Capture has been supported on all iPhones since the iPhone 12 and the release of the iOS 18 unlocked support for higher frame rates. We have strong adoption of Dolby Atmos and our branded audio codecs across high-end Android mobile devices and are focused on growing our presence on low and mid-tier phones. An increasing number of Android device manufacturers have adopted Dolby Vision and Dolby Vision Capture on high end devices and we are focused on the opportunity to significantly increase our adoption. The breadth of mobile devices supporting Dolby technologies continues to increase globally. In the third quarter of fiscal 2025, Motorola launched its first smartphone supporting Dolby Vision Capture. Also in the third quarter of fiscal 2025, the Xiaomi 15S Pro and Xiaomi Civi 5 Pro launched with Dolby Vision and Dolby Atmos.

Previous wording

Highlights: We have an established presence in the home entertainment market across devices such as wireless and smart speakers, soundbars, DMAs (devices that connect a computer to a home media system), and AVRs, through the inclusion of our branded audio codecs, and increasingly through the inclusion of Dolby Atmos and Dolby Vision. Our patent licensing technologies also have broad adoption in the home entertainment market. We continue to focus on expanding the availability of Dolby technologies to new devices. At CES in January 2025, Harman Kardon announced its new Enchant soundbar series that supports Dolby Atmos, and Samsung announced that its soundbars would support Dolby Atmos. Also recently, Sonos, Vizio, and Teufel released soundbars with Dolby Atmos.

Current wording

Highlights: We have an established presence in the home entertainment market across devices such as wireless and smart speakers, soundbars, DMAs (devices that connect a home media system to the internet), and AVRs, through the inclusion of our branded audio codecs, and increasingly through the inclusion of Dolby Atmos and Dolby Vision. Our patent licensing technologies also have broad adoption in the home entertainment market. We continue to focus on expanding the availability of Dolby technologies to new devices. In the third quarter of fiscal 2025, Samsung TV announced that its Q-series soundbars Q990F and QS700F now support Dolby Atmos. Additionally, Boat announced a new range of soundbars that support Dolby Atmos. Also in the third quarter of fiscal 2025, JBL released the Bar 1000 MK2 soundbar and LG released its LG S95AR soundbar, both supporting Dolby Atmos. Also, Marshall, the amplifier brand, launched its first soundbar, Heston 120, supporting Dolby Atmos.

Previous wording

Highlights: DD+ enhances audio playback in Mac computers through the operating system with native support in the Safari browser, and Windows-based PCs through PC OEM implementations and native support in the Microsoft Edge browser. Dolby's presence in these browsers enables us to reach more users through various types of content, including streaming video entertainment. A number of personal computers from partners such as Apple, Lenovo, Dell, Samsung, Microsoft, and ASUS also support Dolby Vision and/or Dolby Atmos, with continued expansion of applications through music, streaming, and gaming. At CES in January 2025, ASUS, Dell, Lenovo, and Samsung announced a variety of new PCs, laptops, and monitors across a range of consumer, gaming, and laptop supports, many of which support Dolby Vision and/or Dolby Atmos.

Current wording

Highlights: DD+ enhances audio playback in Mac computers through the operating system with native support in the Safari browser, and Windows-based PCs through PC OEM implementations and native support in the Microsoft Edge browser. Dolby's presence in these browsers enables us to reach more users through various types of content, including streaming video entertainment. A number of personal computers from partners such as Apple, Lenovo, Dell, Samsung, Microsoft, and ASUS also support Dolby Vision and/or Dolby Atmos, with continued expansion of applications through music, streaming, and gaming. In the third quarter of fiscal 2025, we partnered with Lenovo and Google to launch the first Chromebook to support Dolby Atmos.

Previous wording

Highlights: We generate revenue from the automotive industry primarily through the adoption of Dolby Atmos in cars. For example, one of our earliest partners, Mercedes, had over 15 Atmos-enabled models in market by the end 2024. At CES in January 2025, Pioneer, the biggest manufacturer of after-market car audio systems, demonstrated how Dolby Atmos could be used in an aftermarket solution using a 4-channel speaker system. We also demonstrated Dolby Vision in the car with Li Auto. Also at CES, Samsung Display announced they will be working with Dolby to pre tune its cutting edge OLED displays for autos to ease manufacturers' adoption of Dolby Vision, and Texas Instruments announced that it would support Dolby Atmos in its new family of chips for automakers. In the second quarter of fiscal 2025, Porsche announced that Dolby Atmos will be supported in the Taycan, the Panamera, the Cayenne and the 911 in the 2026 models, and Cadillac announced that its entire EV lineup in 2026 will support Dolby Atmos. Volvo, Xiaomi, Hyundai, NIO, and Zeekr also recently announced new vehicle models that support our technologies.

Current wording

Highlights: We generate revenue from the automotive industry primarily through the adoption of Dolby Atmos in cars. For example, one of our earliest partners, Mercedes, had over 15 Atmos-enabled models in market by the end of 2024. Recently, Audi announced that it will be supporting Dolby Atmos in their Q7, Q8, A8, and E Tron GT vehicle models. In India, Tata launched their Harrier EV vehicle model, which supports Dolby Atmos. During the third quarter of fiscal 2025, Mahindra's Thar ROXX AX7L SUV will support Dolby Atmos.

Previous wording

Highlights: To help enable the playback of content in Dolby formats, we offer a range of servers, which include the IMS3000 (an integrated imaging and audio server with Dolby Atmos), and audio processors, such as the CP950, to cinema exhibitors globally. Dolby Atmos has been adopted broadly across studios, content creators, post-production facilities, and exhibitors. As of the end of the second quarter of fiscal 2025, there are over 8,300 Dolby Atmos screens installed or committed and over 3,800 Dolby Atmos theatrical titles have been announced or released.

Current wording

Highlights: To help enable the playback of content in Dolby formats, we offer a range of servers, which include the IMS3000 (an integrated imaging and audio server with Dolby Atmos), and audio processors, such as the CP950, to cinema exhibitors globally. Dolby Atmos has been adopted broadly across studios, content creators, post-production facilities, and exhibitors. As of the end of the third quarter of fiscal 2025, there are over 8,400 Dolby Atmos screens installed or committed and over 4,100 Dolby Atmos theatrical titles have been announced or released.

Previous wording

Highlights: Our strategy for Dolby OptiView is to bring Dolby’s audio and video technologies to a broader range of media content and digital experiences. We are expanding our addressable market by offering solutions to companies building real-time digital experiences that increase audience engagement. For instance, our solution can provide the capability to stream high quality audiovisual content with ultra-low latency that reduces the delay between the action and the viewer. In the second quarter of fiscal 2025, Hudl, a leader in sports technology, video and data analysis, and a long-standing customer of the Dolby OptiView Player, expanded their product usage to include Dolby OptiView Ads, our intelligent ad insertion platform. Hudl intends to use Dolby OptiView Ads across all its platforms.

Current wording

Highlights: Our strategy for Dolby OptiView is to bring Dolby’s audio and video technologies to a broader range of media content and digital experiences. We are expanding our addressable market by offering solutions to companies building real-time digital experiences that increase audience engagement. For instance, our solution can provide the capability to stream high quality audiovisual content with ultra-low latency that reduces the delay between the action and the viewer.

Previous wording

For each line item included on our unaudited interim condensed consolidated statements of operations described and analyzed below, the significant factors identified as the leading drivers contributing to the overall fluctuation are presented in descending order of their impact on the overall change (from an absolute value perspective). This discussion and analysis highlights comparisons of material changes in the unaudited interim condensed consolidated financial statements for the quarters ended March 28, 2025 and March 29, 2024. Note that adjustments related to sales-based royalties that were misreported by licensees as well as unlicensed settlement activity, are collectively referred to as "recoveries." Amounts displayed, except percentages, are in thousands.

Current wording

For each line item included on our unaudited interim condensed consolidated statements of operations described and analyzed below, the significant factors identified as the leading drivers contributing to the overall fluctuation are presented in descending order of their impact on the overall change (from an absolute value perspective). This discussion and analysis highlights comparisons of material changes in the unaudited interim condensed consolidated financial statements for the quarters and fiscal year-to-date periods ended June 27, 2025 and June 28, 2024. Note that adjustments related to sales-based royalties that were misreported by licensees as well as unlicensed settlement activity, are collectively referred to as "recoveries." Amounts displayed, except percentages, are in thousands.

Previous wording

Fiscal 2025 Restructuring Events. In November 2024, we initiated restructuring actions with the purpose of aligning our R&D resources, and to a lesser extent our S&M resources, with our highest strategic priorities. In connection with this plan, we recorded expenses in the second quarter of fiscal 2025 of $3.9 million and in the fiscal year-to-date period ended March 28, 2025 of $9.7 million in severance and other related benefits. The remaining components of this plan are expected to be completed by June 2025, resulting in an additional charge of approximately $1.1 million in severance and other termination benefits. Cash payment of the severance and other termination benefits are expected to be substantially completed by the end of the fourth quarter of fiscal 2025. These activities are expected to result in estimated gross pre-tax operating income savings of approximately $20 million in fiscal 2025. The impact of these estimated savings on our operating expenses will be mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

Current wording

Fiscal 2025 Restructuring Events. In November 2024, we initiated restructuring actions with the purpose of aligning our R&D resources, and to a lesser extent our S&M resources, with our highest strategic priorities. In connection with this plan, we recorded expense in the fiscal year-to-date period ended June 27, 2025 of $9.2 million in severance and other related benefits. The remaining components of this plan were substantially completed by the end of the third quarter of fiscal 2025. Cash payment of the severance and other termination benefits are expected to be substantially completed by the end of the fourth quarter of fiscal 2025. These activities are expected to result in estimated gross pre-tax operating income savings of approximately $20 million in fiscal 2025, due to estimated savings in compensation and benefits of impacted employees. The impact of these estimated savings on our operating expenses will be mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

Previous wording

Fiscal 2024 Restructuring Events. In April 2024, we initiated restructuring actions with the purpose of focusing our resources with our highest strategic priorities. Cash payment of the severance and other termination benefits were substantially completed by the end of fiscal 2024. These activities resulted in gross pre-tax operating income savings of approximately $3 million in fiscal 2024 and are expected to result in savings of approximately $11 million within fiscal 2025. The impact of these estimated savings on our operating expenses have been and will be mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

Current wording

Fiscal 2024 Restructuring Events. In April 2024, we initiated restructuring actions with the purpose of focusing our resources with our highest strategic priorities. In connection with this plan, we recorded an expense in the third quarter of fiscal 2024 of $4.6 million in severance and other related benefits. Cash payment of the severance and other termination benefits were substantially completed by the end of fiscal 2024. These activities resulted in gross pre-tax operating income savings of approximately $3 million in fiscal 2024 and are expected to result in savings of approximately $11 million within fiscal 2025. The impact of these estimated savings on our operating expenses have been and will be mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

Previous wording

As of March 28, 2025, we had cash and cash equivalents of $626.6 million, which consisted of cash and highly liquid money market funds. In addition, we had long-term investments of $73.8 million, which primarily consisted of an equity method investment.

Current wording

As of June 27, 2025, we had cash and cash equivalents of $698.6 million, which consisted of cash and highly liquid money market funds. In addition, we had short and long-term investments of $78.8 million, which primarily consisted of an equity method investment and equity securities without a readily determinable fair value.

Previous wording

During fiscal 2024, we acquired 100% of the issued and outstanding equity interests of GE Intellectual Property Licensing, LLC and GE Technology Development, Inc., which, collectively with each of their subsidiaries, comprised General Electric’s intellectual property licensing business that primarily targeted the consumer digital media and electronics sectors. Our cash and cash equivalents, short-term and long-term investments declined significantly as result of this acquisition, but we increased our cash and cash equivalent balances in fiscal 2025 through normal operations.

Current wording

During fiscal 2024, we acquired 100% of the issued and outstanding equity interests of GE Intellectual Property Licensing, LLC and GE Technology Development, Inc., which, collectively with each of their subsidiaries, comprised General Electric’s intellectual property licensing business that primarily targeted the consumer digital media and electronics sectors. Our cash and cash equivalents, short-term and long-term investments declined significantly as result of this acquisition, but we have increased our cash and cash equivalent balances in fiscal 2025 through normal operations.

Previous wording

Stock Repurchase Program. Our stock repurchase program was approved in fiscal 2010, and since then we have completed approximately $2.9 billion of stock repurchases under the program.

Current wording

Stock Repurchase Program. Our stock repurchase program was approved in fiscal 2010, and since then we have completed approximately $3.0 billion of stock repurchases under the program.

Previous wording

Quarterly Dividend Program. During fiscal 2015, we initiated a recurring quarterly cash dividend program for our stockholders. In the second quarter of fiscal 2025, a quarterly dividend of $0.33 per share was paid on our Class A and Class B common stock to eligible stockholders of record.

Current wording

Quarterly Dividend Program. During fiscal 2015, we initiated a recurring quarterly cash dividend program for our stockholders. In the third quarter of fiscal 2025, a quarterly dividend of $0.33 per share was paid on our Class A and Class B common stock to eligible stockholders of record.

Previous wording

Net cash provided by operating activities increased $91.9 million in the fiscal year-to-date period ended March 28, 2025 as compared to the fiscal year-to-date period ended March 29, 2024, primarily due to the following:

Current wording

Net cash provided by operating activities increased $138.3 million in the fiscal year-to-date period ended June 27, 2025 as compared to the fiscal year-to-date period ended June 28, 2024, primarily due to the following:

Previous wording

Net cash provided by (used in) investing activities was $35.0 million higher in the fiscal year-to-date period ended March 28, 2025 as compared to the fiscal year-to-date period ended March 29, 2024, primarily due to the following:

Current wording

Net cash provided by/(used in) investing activities was $36.3 million higher in the fiscal year-to-date period ended June 27, 2025 as compared to the fiscal year-to-date period ended June 28, 2024, primarily due to the following:

Previous wording

Net cash used in financing activities was $46.9 million lower in the fiscal year-to-date period ended March 28, 2025 as compared to the fiscal year-to-date period ended March 29, 2024, primarily due to the following:

Current wording

Net cash used in financing activities was $44.5 million lower in the fiscal year-to-date period ended June 27, 2025 as compared to the fiscal year-to-date period ended June 28, 2024, primarily due to the following:

Previous wording

In the second quarter of fiscal 2025, we did not enter into any off-balance sheet arrangements that are expected to have a material effect on Dolby's liquidity or the availability of capital resources.

Current wording

In the third quarter of fiscal 2025, we did not enter into any off-balance sheet arrangements that are expected to have a material effect on Dolby's liquidity or the availability of capital resources.