DOLBY LABORATORIES, INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (type 10-Q)

The following discussion and analysis should be read in conjunction with our
unaudited interim condensed consolidated financial statements and the related
notes that appear elsewhere in this Quarterly Report on Form 10-Q. This
discussion contains forward-looking statements reflecting our current
expectations that are subject to risks and uncertainties, including, but not
limited to statements regarding: operating results and underlying measures;
demand and acceptance for our technologies and products; the effect of COVID-19
on our business; market growth opportunities and trends; our ability to maintain
key partnership relationships; our plans, strategies and expected opportunities;
future competition; our stock repurchase plan; and our dividend policy. Use of
words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “continue” or similar expressions
indicates a forward-looking statement. Actual results may differ materially from
those discussed in these forward-looking statements due to a number of factors,
including but not limited to the risks set forth in Part II, Item 1A, “Risk
Factors.” Such forward-looking statements are based on management’s reasonable
and current assumptions and expectations. Although we believe that the
expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements. We disclaim any duty to update any of the forward-looking
statements after the date of this Quarterly Report on Form 10-Q to conform our
prior statements to actual results.

Investors and others should note that we disseminate information to the public
about our company, our products, services and other matters through various
channels, including our website (www.dolby.com), our investor relations website
(http://investor.dolby.com), SEC filings, press releases, public conference
calls, and webcasts, in order to achieve broad, non-exclusionary distribution of
information to the public. We encourage investors and others to review the
information we make public through these channels, as such information could be
deemed to be material information.

OVERVIEW

Dolby Laboratories creates audio and imaging technologies that transform
entertainment and communications for content playback in movies, TV, music, and
gaming. Founded in 1965, our strengths stem from expertise in analog and digital
signal processing and digital compression technologies that have transformed the
ability of artists to convey entertainment experiences to their audiences
through recorded media. Such technologies led to the development of our
noise-reduction systems for analog tape recordings, and have since evolved into
multiple offerings that enable more immersive sound for cinema, DTV
transmissions and devices, mobile devices, OTT video and music services, and
home entertainment devices. Today, we derive the majority of our revenue from
licensing our audio technologies. We also derive revenue from licensing our
consumer imaging technologies, as well as audio and imaging technologies for
premium cinema offerings in collaboration with exhibitors. In addition, we
provide products and services for a variety of applications in the cinema and
broadcast markets, and offer audio and video APIs through our developer
platform, Dolby.io.

COVID-19

Please refer to the Executive Summary section of Part I, Item 2 “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” for
information concerning the continuing effect of COVID-19 on our business.

OUR STRATEGY

Key elements of our strategy include:

Advancing the Science of Sight and Sound. We apply our understanding of the
human senses, audio, and imaging engineering to develop technologies aimed at
improving how people experience and interact with their entertainment and
communications content.

Providing Creative Solutions. We promote the use of our solutions as creative
tools, and provide our products, services, and technologies to filmmakers,
musical artists, sound mixers, and other content creators and providers. Our
tools help showcase the quality and impact of their efforts and intent, which in
turn may generate market demand.

Delivering Superior Experiences. Our technologies and solutions optimize
playback and communications so that users may enjoy richer, clearer, and more
immersive sound and sight experiences.

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Expanding the Reach of our Technologies. With the launch of our developer
platform, Dolby.io, we are expanding our addressable market to enhance a broader
range of content, by enabling developers to build high quality, interactive, and
media centric applications.

REVENUE GENERATION

We have active licensing arrangements with approximately 500 electronics product
OEMs and software developers. As of April 1, 2022, we had approximately 16,400
issued patents relating to technologies from which we derive 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 which incorporate
our technologies to inform consumers that they have met our quality
specifications.

Licensing

We license our technologies to a range of customers who incorporate them into
their products for enhanced audio and imaging functionality for content playback
in movies, TV, music, and gaming. Our key technologies are summarized in the
table below. As it relates to AAC, HE-AAC, AVC, and HEVC, we jointly participate
in patent licensing programs with other patent owners.
Technology Description
AAC & HE-AAC An advanced digital audio codec solution with

higher bandwidth efficiency

used for a wide range of media applications.
AVC A digital video codec with high bandwidth

efficiency used in a wide range of

media devices.
A next-generation digital audio coding technology that increases transmission
Dolby® AC-4 efficiency while delivering new audio

experiences, including Dolby Atmos, to

a wide range of playback devices.
An object-oriented audio technology for cinema and a wide range of media
devices that allows sound to be precisely placed and moved anywhere in the
Dolby Atmos® listening environment including the overhead

dimension. Dolby Atmos provides

an immersive experience that can be provided via

multiple Dolby audio coding

technologies.
Dolby Digital® A digital audio coding technology that provides multichannel sound to a
variety of media applications.

Dolby Digital Plus™ An advanced digital audio coding technology that offers more efficient audio

transmission for a wide range of media applications and devices.
Dolby® TrueHD A digital audio coding technology providing

lossless encoding for premium

quality media applications.
An imaging technology combining high dynamic range and dynamic metadata to
Dolby Vision® deliver ultra vivid colors, sharper contrasts,

and richer details for cinema

and a wide range of media devices.
An audio communications technology with superior spatial perception, voice
Dolby Voice® clarity, and background noise reduction that

emulates the in-person meeting

experience.
HEVC A digital video codec with high bandwidth

efficiency to support ultra-high

definition experiences for a wide range of media

devices.

The following table presents the composition of our licensing business and
revenue for all periods presented:

Fiscal Quarter Ended Fiscal

Year-To-Date Ended

April 1, March 26, April 1, March 26, Main Offerings Incorporating Our
Market 2022 2021 2022 2021 Technologies
Broadcast 33% 35% 35% 36% Televisions and STBs
Mobile 21% 22% 22% 25% Smartphones and Tablets
DMAs, Blu-ray Disc devices, AVRs,
CE 17% 16% 17% 15% Soundbars, and DVDs
PC 18% 17% 14% 12% Windows and macOS operating systems
Gaming consoles, Auto DVD, and Dolby
Other 11% 10% 12% 12% Cinema
Total 100% 100% 100% 100%

We have various licensing models: a two-tier model, an integrated licensing
model, a patent licensing model, and collaboration arrangements.

Two-Tier Licensing Model. Most of our consumer entertainment licensing
business consists of a two-tier licensing model whereby our decoding
technologies, included in reference software and firmware code, are first
provided under license to semiconductor manufacturers whom we refer to as
“implementation licensees.” Implementation licensees incorporate our
technologies in ICs which they sell to OEMs of consumer entertainment products,
whom we refer to as “system licensees.” System licensees separately obtain
licenses from us that allow them to make and sell end-user products using ICs
that incorporate our technologies.

Implementation licensees incorporate our technologies into their chipsets that,
once approved by Dolby, are available for purchase from implementation licensees
by OEMs for use in end-user products. Implementation
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licensees only pay us a nominal initial fee on contract execution as
consideration for the ongoing services that we provide to assist in their
implementation process. Revenue from these initial fees is recognized ratably
over the contractual term as a component of licensing revenue.

System licensees provide us with prototypes of products, or self-test results of
products that incorporate our technologies. Upon our confirmation that our
technologies are optimally and consistently incorporated, the system licensee
may buy ICs under a license for the same Dolby technology from our network of
implementation licensees, and may further sell approved products to retailers,
distributors, and consumers. For the use of our technologies, our system
licensees pay an initial licensing fee as well as royalties, which represent the
majority of the revenue recognized from these arrangements. The amount of
royalties we collect on a particular product depends on several factors
including the nature of the implementations, the mix of Dolby technologies used,
and the volume of products using our technologies that are shipped by the system
licensee.

Integrated Licensing Model. We also license our technologies to software
operating system vendors and to certain other OEMs that act as combined
implementation and system licensees. These licensees incorporate our
technologies in their software used on PCs, in mobile applications, or in ICs
they manufacture and incorporate into their products. As with the two-tier
licensing model, the combined implementation and system licensee pays us an
initial licensing fee in addition to royalties as determined by the mix of Dolby
technologies used, the nature of the implementations, and the volume of products
using our technologies that are shipped, and is subject to the same quality
control evaluation process.

Patent Licensing Model. We license our patents through patent pools which are
arrangements between multiple patent owners to jointly offer and license pooled
patents to licensees. We also license our patents directly to manufacturers that
use our IP in their products. Finally, we generate service fees for managing
patent pools on behalf of third party patent owners through our wholly-owned
subsidiary, Via. By aggregating and offering pooled IP, patent pools deliver
efficiencies that reduce transactional costs for both IP owners and licensees.
The Via patent pools enable product manufacturers to efficiently and
transparently secure patent licenses for audio coding, interactive television,
digital radio, and wireless technologies. We offer our patents related to AAC,
AVC, HE-AAC, HEVC, and other IP through a combination of patent pools and
licensing directly to OEMs.

Recoveries. Licensing revenue recognized in any given period may include
revenue from licensees and/or settlements with third parties where the use of
our technology occurred in previous periods. Within the Results of Operations
section of Part I, Item 2 “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” revenue attributable to previous periods’
usage including settlements are collectively referred to as “recoveries.” Such
recoveries have become a recurring element of our business and are particularly
subject to fluctuation and unpredictability.

Collaboration Arrangements

Dolby Cinema: We partner with exhibitors to deliver a premium cinema offering
with Dolby Vision and Dolby Atmos at new and pre-existing venues. We receive
revenue at Dolby Cinema sites through a share of box office receipts, which is
recognized as licensing revenue.

Products

We design and manufacture audio and imaging hardware and software products for
the cinema, television, broadcast, and entertainment industries. Distributed in
approximately 90 countries, these products are used in content creation,
distribution, and playback to enhance image and sound quality, and improve
transmission and playback. Additionally, some of our Dolby Cinema arrangements
are classified as sales-type leases, and as a result are included in products
sales.

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Key products from which we generate products revenue are summarized in the table
below:
Product Description
Digital Cinema Servers used to load, store, decrypt, decode,
Cinema Imaging Products watermark, and playback digital film files for presentation on
digital cinema projectors and software used to encrypt, encode, and
Cinema package digital media files for distribution.
Cinema Processors, amplifiers, and loudspeakers used to decode,
Cinema Audio Products render, and optimally playback digital

cinema soundtracks including

those using Dolby Atmos.

3-D glasses and kits, broadcast hardware and software used to encode,
Other Other Products transmit, and decode multiple channels

of high-quality audio for DTV

and HDTV distribution, monitors,

accessibility solutions for hearing

and visually impaired consumers, and Dolby.io.

Services

We offer a developer platform, Dolby.io, that enables developers access to our
technologies through APIs. These offerings currently include audio and video
APIs for building high-quality communications, media, and streaming solutions.
Over time, we intend to significantly expand the amount and types of content
that can be enhanced through our technologies and capabilities.

In addition, we offer various services to support theatrical and television
production for cinema exhibition, broadcast, and home entertainment, including
equipment training and maintenance, mixing room alignment, equalization, as well
as audio, color, and light image calibration. We also provide PCS for products
sold and equipment installed at Dolby Cinema theaters operated by exhibitor
partners and support the implementation of our technologies into products
manufactured by our licensees.
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EXECUTIVE SUMMARY

COVID-19

The COVID-19 pandemic triggered worldwide shutdowns, supply chain constraints,
and other disruptions which in turn have negatively affected the global economy,
including consumer purchasing activity. It is unclear how demand for consumer
products that include our technologies may change in response to the ongoing
pandemic. The issues and circumstances relating to COVID-19 continue to change
and are difficult to predict. We continue to monitor the evolving situation and
the impact on our business.

The outbreak of COVID-19 has also affected many of our partners, resulting in
the disruption of consumer products’ supply chains, shortages of certain
semiconductor components, and delays in shipments, product development, and
product launches. Consumer demand for products that include our technologies may
continue to be negatively impacted due to economic uncertainty resulting from
COVID-19. These factors have impacted revenue pertaining to royalties on
consumer devices and may cause delays in the adoption of our technologies by
partners. Further, we may be negatively impacted by delays in transaction cycles
and our recoveries efforts due to ongoing global restrictions related to the
pandemic.

The cinema market has been adversely impacted by COVID-19 social distancing
mandates. At various times, our exhibition partners and customers have had to
either partially or fully discontinue operations. This has resulted in a
significant reduction in box office receipts at Dolby Cinema sites and lower
demand for our cinema products and services. It remains uncertain when and where
the cinemas will be able to operate at full capacity, and box office receipts
may fluctuate from period to period from content variability. Most cinema
locations have been permitted to resume operations, but many such locations are
operating under restricted capacity.

At Dolby, we implemented work-from-home options and practices within all our
offices in locations with ongoing outbreaks and put in place additional safety
measures and global travel restrictions to ensure the well-being of our
employees. We have enabled our employees with the tools and infrastructure they
need to carry on our critical operations and progress the business forward in
this remote working environment. Dolby offices in certain locations have resumed
in-office work at less than full capacity, dependent on local progress against
COVID-19 and applicable rules and regulations in those jurisdictions.

We expect COVID-19 will continue to have an impact for the foreseeable future,
with varying degrees of impact depending on geographic location. The degree of
impact on our business will depend on several factors, such as the full duration
and the extent of the pandemic, the spread of variants of SARS-CoV-2, the
actions taken by governments, businesses and consumers in response to the
pandemic, and the rate and extent of vaccine distributions to the general
population, all of which continue to evolve and remain uncertain at this time.

Further discussion of the potential impacts of COVID-19 on our business can be
found in Part II, Item 1A “Risk Factors.”

EXPANDING OUR LEADERSHIP IN AUDIO AND IMAGING EXPERIENCES

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 can increase our value proposition and create opportunities by broadening
Dolby technologies into new types of content, such as music and gaming. We are
also beginning to leverage our audio and imaging expertise to expand the reach
of our technologies to address content beyond premium entertainment that can
create new revenue generating opportunities. Following is a discussion of the
key markets that we address and the various Dolby technologies and solutions
that serve these markets.

LICENSING

The majority of our licensing revenue is derived from the licensing of audio and
imaging technologies for premium entertainment playback. Our audio technologies
are primarily comprised of DD+, Dolby Atmos, AC-4, and our AAC and HE-AAC
technologies. Our imaging technologies are primarily comprised of Dolby Vision
and our AVC and HEVC technologies. Licensing revenue is primarily driven by the
adoption of our technologies on devices and the number of devices shipped by
licensees. DD+, AC-4, and our AAC and HE-AAC audio patents (collectively, our
“foundational audio technologies”) have broad penetration across a diverse set
of devices and end markets. Our revenue from these technologies is primarily
driven by device shipments from licensees, and as such, is impacted by consumer
spending. Other factors, such as global supply constraints or device lifecycles,
may also impact revenue from these
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technologies. In the future, we expect our foundational audio technologies
revenue to generally reflect market trends in device shipments. The remaining
portion of our licensing revenue includes offerings such as Dolby Vision, Dolby
Atmos, our imaging patents, and Dolby Cinema. These offerings have not been in
the market as long as our foundational audio technologies, thus revenue growth
is primarily driven by increased adoption and the addition of new licensees.

The availability of content in Dolby formats is an important part of creating
the ecosystems that drive adoption of our technologies within a wide range of
devices. Our audio and imaging technologies have a strong presence within movie
and episodic content through adoption across content creators and streaming
services. The availability of content on these platforms has driven strong
adoption in devices such as TVs, STBs, speaker devices, and playback devices.
Our audio technologies have also been broadly adopted through many forms of
content, including broadcast TV, streaming, and optical disc playback.

Major streaming partners and services such as Netflix, Disney+, Apple TV+,
Amazon, HBO Max, and Paramount+ continue to enable more content in Dolby Vision
and Dolby Atmos. These streaming services launch local content in Dolby formats
internationally. As we see an increase in new local content, we increase our
value proposition for adoption of Dolby Vision and Dolby Atmos across devices
such as TVs, mobile, PCs, and CE.

We have also enabled a broader range of content, such as music, gaming, and
user-generated content. In the second quarter of fiscal 2022, Disney Star
announced that they will be broadcasting the Indian Premier League cricket live
with Dolby Atmos.

We believe enabling our technologies in these forms of content creates
additional value for the adoption of Dolby within devices like mobile, PC,
gaming consoles, and automotive.

The following are highlights from our second quarter of fiscal 2022 and key
challenges related to audio and imaging licensing, by market.

Broadcast

Highlights: We have an established global presence with respect to our DD+ and
HE-AAC audio technologies in broadcast services and devices. In recent years, we
have expanded our offerings in the broadcast market through the introduction of
newer technologies, including Dolby Atmos and AC-4, Dolby Vision, as well as AVC
and HEVC imaging technologies which we license through patent pools.

We work with many TV OEMs and strategic partners to enable and promote Dolby
Vision and Dolby Atmos experiences within their TV lineups. Many such partners
have continued to expand their support of the combined Dolby Vision and Dolby
Atmos experience. In the second quarter of fiscal 2022, LG and TCL launched new
smart TVs with Dolby Vision, Dolby Vision IQ, and Dolby Atmos. Additionally,
Prism+ launched their new line of OLED TVs with Dolby Vision and Atmos, and
Xiaomi announced that their new Redmi MAX 100″ smart TV will support Dolby
Vision and Dolby Atmos.

Key Challenges: Our pursuit of growth and further adoption of our technologies
may be impacted by a number of factors. We must continue to present compelling
reasons for consumers to demand our audio and imaging technologies, including
ensuring that there is a breadth of available content in our formats and such
content is being widely distributed. To the extent that OEMs do not incorporate
our technologies in current and future products, our revenue could be impacted.
Further, in certain countries, such as China, we face difficulties enforcing our
contractual and IP rights, including instances in which our licensees fail to
accurately report the shipment of products using our technologies.

Additionally, in the broadcast market, as well as other markets, we face
geopolitical challenges including changes in diplomatic and trade relationships,
trade protection measures, and import or export licensing requirements. Further,
COVID-19 continues to cause uncertainty about consumer demand for devices and
services in the broadcast market, the ability of our partners to manufacture
such devices due to supply chain disruption, timing of the adoption of our
technologies into new products by partners and licensees, and the timing of
launches for new products.

Mobile

Highlights: We continue to focus on adoption of our technologies across major
mobile ecosystems, including Apple and Android. HE-AAC and HEVC are widely
adopted audio and video technologies across mobile

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devices, and we offer these technologies through our patent licensing programs.
We also continue to focus on expanding adoption of our DD+, AC-4, Dolby Atmos,
and Dolby Vision technologies in the mobile market.

The breadth of mobile devices supporting Dolby technologies continues to
increase globally. In the second quarter of fiscal 2022, Lenovo introduced their
Y90 smartphone and their Y700 tablet that support Dolby Vision and Dolby Atmos.
Also in the second quarter of fiscal 2022, Xiaomi launched their Redmi K50
gaming edition smartphone, and Realme launched their new mid-range flagship 9
Pro+ smartphone, which both support Dolby Atmos. Additionally, it was announced
that Samsung’s recently launched Galaxy Tab S8 series and OPPO’s Find X5
flagship smartphones will support Dolby Atmos. Further, OPPO announced that
their Enco X2 earbuds with binaural recording will enable immersive audio
capture and recording. Subsequent to the second quarter of fiscal 2022, Vivo
launched their first tablet, the Vivo Pad, which is the first Vivo product with
Dolby Atmos and Dolby Vision.

Key Challenges: Growth in this market is dependent on several factors. Due to
short product life cycles, mobile device OEMs can readily add or remove certain
of our technologies from their devices. Our success depends on our ability to
address the rapid pace of change in mobile devices, and we must continuously
collaborate with mobile device OEMs to incorporate our technologies. We rely on
a small number of partnerships with key participants in the mobile market. If we
are unable to maintain these key relationships, we may experience a decline in
mobile devices incorporating our technologies. To the extent that OEMs do not
incorporate our technologies in current and future products, our revenue could
be impacted. Additionally, we must continue to support the development and
distribution of Dolby-enabled content via various ecosystems. Further, COVID-19
continues to cause uncertainty about consumer demand for devices in the mobile
market, the ability of our partners to manufacture such devices due to supply
chain disruption, timing of the adoption of our technologies into new products
by partners and licensees, and the timing of launches for new products.

Consumer Electronics

Highlights: We have an established presence in the home entertainment market
across devices such as AVRs, soundbars, smart speakers, DMAs, and Blu-Ray
players, through the inclusion of our DD+ technology, and increasingly through
the inclusion of Dolby Atmos and Dolby Vision. AAC and HE-AAC technologies also
have broad adoption through our patent licensing programs.

We continue to focus on expanding the availability of Dolby technologies to new
devices. In the second quarter of fiscal 2022, French manufacturer Devialet
announced its first soundbar, the Dione, that will support Dolby Atmos, and
Prism+ launched their latest soundbar that also supports Dolby Atmos.

Key Challenges: We must continue to present compelling reasons for consumers to
demand our technologies wherever they enjoy entertainment content, while
promoting creation and broad availability of content in our formats. To the
extent that OEMs do not incorporate our technologies in current and future
products, our revenue could be impacted. Further, COVID-19 continues to cause
uncertainty about consumer demand for devices in the home entertainment market,
the ability of our partners to manufacture such devices due to supply chain
disruption, timing of the adoption of our technologies into new products by
partners and licensees, and the timing of launches for new products.

Personal Computers

Highlights: DD+ continues to enhance audio playback in both Mac and Windows
operating systems, including native support in their respective Safari and
Microsoft Edge browsers. Dolby’s presence in these browsers enables us to reach
more users through various types of content, including streaming video
entertainment. A number of PCs from partners such as Apple, Lenovo, Dell,
Samsung, and ASUS also support Dolby Vision and/or Dolby Atmos, with continued
expansion of applications through music, streaming, and gaming. In the second
quarter of fiscal 2022, Samsung released their latest Galaxy Book2 Pro
supporting Dolby Atmos.

Key Challenges: PC revenue from audio technologies such as DD+ has been impacted
by a decline in the portion of PCs that have optical disc functionality in
recent years, which has resulted in a decline in our ASPs, and we expect this
decline in ASPs to continue. We must continuously collaborate and maintain our
key partnerships with PC manufacturers to incorporate our technologies, and we
must continue to support the development and distribution of Dolby content via
various ecosystems. Demand in the PC market has been positively impacted in
recent quarters by work-from-remote policies due to COVID-19. It is unclear
whether this heightened demand will be sustained. COVID-19 continues to cause
uncertainty about the ability of our partners to manufacture such
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devices due to supply chain disruption, timing of the adoption of our
technologies into new products by partners and licensees, and the timing of
launches for new products.

Other Markets

Highlights: DD+ is incorporated in the Xbox and PlayStation gaming consoles that
support gaming content and streaming for movie and television content. The most
recently launched Xbox gaming console supports Dolby Vision and Dolby Atmos for
streaming and gaming content. Additionally, our technologies continue to be
incorporated into the latest headphones by various OEMs. For example, in the
second quarter of fiscal 2022, Zebronics launched their latest gaming headset,
the Zeb Blitz, that supports Dolby Atmos.

We also generate revenue from the automotive industry primarily through disc
playback devices as well as other elements of the entertainment system. In the
second quarter of fiscal 2022, NIO, a Chinese electric vehicle company, launched
their new ET7 model that will support Dolby Atmos. We expect to generate more
revenue in the future from enabling the playback of Dolby Atmos music.

Key Challenges: Consumer demand for devices in the gaming industry is impacted
by anticipation of console refresh cycles. In addition, the gaming console
market has competition from mobile devices and gaming PCs, which have faster
refresh cycles and appeal to a broader consumer base. Also, automotive revenue
has been negatively impacted by a decline in the portion of cars that have
optical disc playback in recent years. These factors may impact our future
revenue. If OEMs do not incorporate our technologies in current and future
products, our revenue will face downward pressure. Further, COVID-19 continues
to cause uncertainty about consumer demand for devices in the gaming industry,
the ability of our partners to manufacture such devices due to supply chain
disruption, timing of the adoption of our technologies into new products by
partners and licensees, and the timing of launches for new products.

In addition to licensing revenue derived from the licensing of audio and imaging
technologies into the markets discussed above, we offer our audio and imaging
technologies to create Dolby experiences through Dolby Cinema.

Dolby Cinema

Highlights: As of the end of the second quarter of fiscal 2022, approximately
85% of our Dolby Cinema sites are open, subject to capacity restrictions per
local regulations. We continue to expand our global presence for Dolby Cinema,
with two new sites opened internationally in the second quarter of fiscal 2022.
The breadth of motion pictures for Dolby Cinema continues to grow with over 400
theatrical titles in Dolby Vision and Dolby Atmos having been announced or
released from all of the major studios, as compared to over 375 theatrical
titles as of the end of fiscal 2021.

Key Challenges: Although the premium large format market for the cinema industry
has been growing, Dolby Cinema competes with other existing offerings. Our
success depends on our partners and their success, and our ability to
differentiate our offering, deploy new sites in accordance with plans, and
attract and retain a global viewing audience. In addition, the success of our
Dolby Cinema offering will be tied to global box office performance generally.
COVID-19 has had a significant effect on theatrical exhibition, which could
impact the financial viability of our key partners. The response to COVID-19
including the closure of cinemas and government-imposed social-distancing
restrictions has had a negative impact on our cinema-related revenue and
consumer demand, although consumer demand for the cinema has improved recently.
Further, certain studios have delayed the release of a number of new movie
titles and/or are shifting towards a direct-to-streaming model, which as a
result, has negatively impacted the rate of new Dolby Cinema content. It is
uncertain whether consumer demand for the cinema will return to previous levels.

PRODUCTS AND SERVICES

A majority of our products and services revenue is derived from the sale of
audio and imaging products for the cinema, television, broadcast, communication,
and entertainment industries. Revenue from our developer platform, Dolby.io, is
also included in products and services.

Cinema Products and Services

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 the
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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 2022, there are over 6,500 Dolby
Atmos screens installed or committed and over 2,200 Dolby Atmos theatrical
titles have been announced or released.

We also offer a variety of other cinema products, such as the Dolby Multichannel
Amplifier and our high-power flexible line of speakers. These products allow us
to offer exhibitors a more complete Dolby Atmos solution that is often more cost
effective than what was previously available to them.

Key Challenges: Demand for our cinema products is dependent upon our partners
and their success in the market, industry and economic cycles, box office
performance, and our ability to develop and introduce new technologies, further
our relationships with content creators, and promote new cinematic audio and
imaging experiences. A significant portion of our growth opportunity lies in
international markets, such as China, which are subject to economic risks as
well as geopolitical risks. We may also be faced with pricing pressures or
competing technologies, which would affect our revenue.

Additionally, the effects of COVID-19 such as the closure of cinemas and social
distancing requirements have had a negative impact on demand for cinema products
and services. As demand begins to recover, supply chain constraints may impact
our ability to provide products to our customers. COVID-19 has also negatively
impacted the financial health of our cinema customers and partners. We continue
to closely monitor the ongoing impact of these conditions.

Developer Platform Services

Highlights: We are focused on bringing our expertise in media and communications
to a broader range of content and digital experiences. For example, we are
increasing our engagement with new customers across different industries through
our developer platform, Dolby.io, that enables developers to access our
technologies through APIs. The current offerings include audio and video APIs
for building high-quality communications, media, and streaming solutions.
Following the initial launch of Dolby.io in fiscal 2020, we have seen an
expansion of the use cases for the platform, such as for virtual live
performances, online and hybrid events, social audio, premium education, gaming,
and content creation and production. Dolby.io provides tools to help developers
create immersive experiences through apps and services with high quality audio
and video, spatialized sound, and deliver live-streamed content with low
latency.

Key Challenges: Dolby.io is an early stage business, and it is uncertain when
and if it will be a material revenue driver. Our success in this market will
depend on the number of developers we are able to attract and retain, the volume
of usage of the service, and our ability to monetize our services. In addition,
the development and maintenance needed to provide a reliable and scalable
platform may require us to internally develop new skills for our current
employees or hire external specialized talent. Although the market for online
experiences has been growing, Dolby’s API technologies compete with other
offerings.
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES

There have been no material changes to the critical accounting policies from
those included in our fiscal 2021 Annual Report on Form 10-K filed with the SEC,
as per Management’s Discussion and Analysis of Financial Condition and Results
of Operations-Critical Accounting Policies and Estimates included therein.

RESULTS OF OPERATIONS

For each line item included on our 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 condensed consolidated financial statements for the quarters
ended April 1, 2022 and March 26, 2021. Note that adjustments related to
previously under-reported sales-based royalties as well as unlicensed settlement
activity, are collectively referred to as “recoveries.” Amounts displayed,
except percentages, are in thousands.

Revenue and Gross Margin

Licensing

Licensing revenue consists of fees earned from licensing our technologies to
customers who incorporate them into their products and services to enable and
enhance audio and imaging capabilities. The technologies that we license are
either internally developed, acquired, or licensed from third parties. A
significant portion of our licensing revenue pertains to customer-shipment
royalties that we recognize based on estimates of our licensees’ shipments. To
the extent that shipment data reported by licensees differs from estimates we
made and recorded, we recognize an adjustment to revenue for such difference in
the period we receive the reported shipment data.

Our cost of licensing consists mainly of amortization of certain purchased
intangible assets and intangible assets acquired in business combinations,
depreciation, third party royalty obligations, and patent pool fees.

Fiscal Quarter Ended Change Fiscal Year-To-Date Ended Change
April 1, March 26, April 1, March 26,
Licensing 2022 2021 $ % 2022 2021 $ %
Revenue $313,833 $303,585 $10,248 3% $646,117 $676,590 $(30,473) (5)%
Percentage of total revenue 94% 95% 94% 95%
Cost of licensing 16,672 16,060 612 4% 31,607 29,006 2,601 9%
Gross margin 297,161 287,525 9,636 3% 614,510 647,584 (33,074) (5)%
Gross margin percentage 95% 95% 95% 96%

Fiscal Quarter Ended Fiscal Year-To-Date Ended
Licensing Revenue By
Market April 1, 2022 March 26, 2021 April 1, 2022 March 26, 2021
Broadcast $ 104,481 33 % $ 104,813 35 % $ 226,114 35 % $ 244,113 36 %
Mobile 66,055 21 % 65,673 22 % 140,975 22 % 171,296 25 %
CE 53,956 17 % 48,284 16 % 111,529 17 % 100,205 15 %
PC 57,466 18 % 51,104 17 % 92,243 14 % 83,839 12 %
Other 31,875 11 % 33,711 10 % 75,256 12 % 77,137 12 %
Total licensing revenue $ 313,833 100 % $ 303,585 100 % $ 646,117 100 % $ 676,590 100 %

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Current Quarter: Q2 2022 vs. Q2 2021
Factor Licensing Revenue Gross Margin
PC á Higher revenue due to higher adoption of our Dolby Atmos
and Dolby Vision technologies and higher unit shipments
Higher foundational audio revenue for DMAs and soundbars,
CE á higher adoption of Dolby Atmos and Dolby Vision in DMAs
and soundbars, along with higher recoveries, partially
offset by the large true-up in the prior year
Lower gaming and automotive revenue from ongoing supply
Other â chain constraints, partially offset by higher revenue
from Dolby Cinema due to increased movie theater
attendance ßà No significant fluctuations
Lower foundational audio revenue due to the negative
true-up in the current quarter, resulting from TV
shipments for the first quarter of fiscal 2022 reported
Broadcast ßà below the original estimate, and a lower estimate for TV
shipments for the second quarter of fiscal 2022, offset
by higher adoption of Dolby Vision and Dolby Atmos in TVs
and new licensees in our imaging patent programs
Higher revenue due to new licensees in our imaging patent
Mobile ßà programs and timing of revenue under contract, offset by
lower recoveries and a negative revenue true-up

Year-To-Date: Q2 2022 vs. Q2 2021
Factor Licensing Revenue Gross Margin
Lower revenue from our audio patent licensing technologies
Mobile â and lower recoveries, partially offset by higher revenue
due to new licensees in our imaging patent programs
Lower foundational audio revenue for TVs, the large
Broadcast â true-up in the prior year, and lower revenue from our
audio patent licensing technologies due to timing
Higher revenue due to new imaging patent licensees, higher
CE á recoveries, and higher revenue from Dolby Atmos and Dolby
Vision across devices, partially offset by lower revenue ßà No significant fluctuations
from our audio patent licensing technologies due to timing
Higher revenue from recoveries, higher adoption of Dolby
PC á Vision and Dolby Atmos technologies, partially offset by
lower revenue due to timing

Higher Dolby Cinema revenue due to more screens being open
Other á and higher attendance in fiscal 2022, partially offset by
lower gaming and automotive revenue due to ongoing supply
constraints.

Products and Services

Products revenue is generated from the sale of audio and voice products for the
cinema and television broadcast markets. Also included in products revenue are
amounts relating to certain Dolby Cinema arrangements that are considered
sales-type leases that involve fixed or minimum fees. Cost of products includes
materials, labor, manufacturing overhead, amortization of certain intangible
assets, and certain third party royalty obligations.

Services revenue consists of fees charged to support theatrical and television
production for cinema exhibition, broadcast, and home entertainment, including
equipment training and maintenance, mixing room alignment, equalization, as well
as audio, color, and light image calibration. Services revenue also includes PCS
for products sold and equipment installed at Dolby Cinema theaters operated by
exhibitor partners and support for the implementation of our technologies into
products manufactured by our licensees. Also included in services revenue are
amounts generated through our Dolby.io developer platform. Cost of services
consists of personnel and personnel-related costs for providing our professional
services, software maintenance and support, external consultants, and other
direct expenses incurred on behalf of customers.
Fiscal Quarter Ended Change Fiscal Year-To-Date Ended Change
April 1, March 26, April 1, March 26,
Products and Services 2022 2021 $ % 2022 2021 $ %
Revenue $20,538 $15,973 $4,565 29% $39,887 $32,842 $7,045 21%
Percentage of total revenue 6% 5% 6% 5%
Cost of products and services 18,843 16,318 2,525 15% 36,617 38,676 (2,059) (5)%
Gross margin 1,695 (345) 2,040 (591)% 3,270 (5,834) 9,104 (156)%
Gross margin percentage 8% (2)% 8% (18)%

Current Quarter: Q2 2022 vs. Q2 2021

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Factor Products and Services Revenue Gross Margin
Higher sales of cinema equipment
Products á attributable to increased demand as

á Higher gross margin due to higher

the exhibitor market continues to

cinema products revenue

recover
Services ßà No significant fluctuations ßà No significant fluctuations

Year-To-Date: Q2 2022 vs. Q2 2021
Factor Products and Services Revenue Gross Margin
Higher sales of cinema equipment
Higher sales of cinema equipment attributable to increased demand and
Products á attributable to increased demand as the á lower scrap in the current year, offset
exhibitor market continues to recover by higher COGS due to increased
production
Higher services revenue from our developer
Services á platform, offset by lower sales of Dolby ßà No significant fluctuations
Voice as a result of winding down that
business

Operating Expenses

Research and Development

R&D expenses consist primarily of employee compensation and benefits expenses,
stock-based compensation, consulting and contract labor costs, depreciation and
amortization, facilities costs, costs for outside materials, and information
technology expenses.
Fiscal Quarter Ended Change Fiscal Year-To-Date Ended Change
April 1, March 26, April 1, March 26,
2022 2021 $ % 2022 2021 $ %
Research and development $67,421 $65,808 $1,613 2% $136,245 $129,580 $6,665 5%
Percentage of total revenue 20% 21% 20% 18%

Current Quarter: Q2 2022 vs. Q2 2021
Category Key

Drivers

Lower costs of $4.1 million primarily due to lower incentive
Compensation & Benefits â compensation, partially

offset by higher salaries expense of $2.3

million
Stock-based Compensation á Higher costs of $2.0 million

primarily due to increased fair value of

RSUs

Year-To-Date: Q2 2022 vs. Q2 2021
Category Key

Drivers

Lower costs of $6.3 million primarily due to lower incentive
Compensation & Benefits â compensation, partially

offset by higher salaries expense of $6.4

million due to increased

headcount and the extra week in the first

quarter of fiscal 2022
Stock-based Compensation á Higher costs of $4.1 million

primarily due to increased fair value of

RSUs

Sales and Marketing

S&M expenses consist primarily of employee compensation and benefits expenses,
stock-based compensation, marketing and promotional expenses for events such as
trade shows and conferences, marketing campaigns, travel-related expenses,
consulting fees, facilities costs, depreciation and amortization, information
technology expenses, and legal costs associated with the protection of our IP.
Fiscal Quarter Ended Change Fiscal Year-To-Date Ended Change
April 1, March 26, April 1, March 26,
2022 2021 $ % 2022 2021 $ %
Sales and marketing $84,230 $78,046 $6,184 8% $181,400 $153,491 $27,909 18%
Percentage of total revenue 25% 24% 26% 22%

Current Quarter: Q2 2022 vs. Q2 2021
Category Key Drivers

Legal, Professional, & á Higher costs of $4.3 million for legal support for licensee audits and
Consulting increased development of digital marketing programs
Compensation & Benefits â Lower costs of $3.9 million due to lower incentive compensation

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Year-To-Date: Q2 2022 vs. Q2 2021
Category Key Drivers

Marketing Programs á Higher costs of $12.0 million

primarily due to marketing efforts for

growth initiatives and branding

activities

Legal, Professional, & Higher costs of $7.0 million primarily due to legal support for
Consulting á licensee audits and increased

development of digital marketing

programs
Higher costs of $5.6 million for

higher salaries expense primarily due
Compensation & Benefits á to increased headcount and the extra week in the current fiscal year,

partially offset by lower costs of

$5.5 million due to lower incentive

compensation

Stock-based Compensation á Higher costs of $3.1 million primarily due to increased fair value of

RSUs

General and Administrative

G&A expenses consist primarily of employee compensation and benefits expenses,
stock-based compensation, depreciation, facilities and information technology
costs, as well as professional fees and other costs associated with external
consulting and contract labor.
Fiscal Quarter Ended Change Fiscal Year-To-Date Ended Change
April 1, March 26, April 1, March 26,
2022 2021 $ % 2022 2021 $ %
General and administrative $98,693 $59,398 $39,295 66% $161,137 $113,852 $47,285 42%
Percentage of total revenue 30% 19% 23% 16%

On August 7, 2019, Intertrust filed complaints against each of our customers AMC
Entertainment Holdings, Inc., Cinemark Holdings, Inc., and Regal Entertainment
Group in the U.S. District Court for the Eastern District of Texas, alleging
that the use of systems including certain cinema products, which were supplied
under commercial agreements that we acquired in an acquisition in 2014,
infringed various Intertrust patents, and seeking damages based on the revenues
of the defendants. We recorded $34.4 million in the second quarter of fiscal
2022 within G&A expenses in our condensed consolidated statements of operations,
reflecting a settlement payment and an immaterial accrual. With the exception of
this settlement, we have not made any payments to date in connection with any of
our contractual indemnification obligations, and we believe the risk of material
financial exposure in future periods from these indemnification obligations is
remote. For additional information on this litigation matter, see Note 15
“Commitments and Contingencies” to our unaudited interim condensed consolidated
financial statements.

Current Quarter: Q2 2022 vs. Q2 2021
Category Key

Drivers

Higher costs of $34.4 million

related to the resolution of a legal
Other Miscellaneous Expenses á matter discussed in Note 15 to the condensed consolidated financial

statements

Year-To-Date: Q2 2022 vs. Q2 2021
Category Key

Drivers

Higher costs of $34.4 million

related to the resolution of a legal
Other Miscellaneous Expenses á matter discussed in Note 15 to the condensed consolidated financial

statements
Higher costs of $4.1 million for higher salaries expense primarily due
Compensation & Benefits á to increased headcount and the

extra week in the current fiscal year,

offset by lower costs of $4.0

million due to lower incentive

compensation

Gain on Sale of Assets
Fiscal Year-To-Date Ended Change
April 1, March 26,
2022 2021 $ %
Gain on sale of assets $- $(13,871) $13,871 (100)%
Percentage of total revenue -% (2)%

Year-To-Date: Q2 2022 vs. Q2 2021

In fiscal year 2019, management committed to a plan to sell a property, which
included land and a building, after the lease on the property expired and we
re-assessed the real estate needs of our business. This property had a carrying
value of $2.2 million as of September 25, 2020. In the first quarter of fiscal
2021, we finalized the sale of this property, and as a result, we realized a
gain of $13.9 million, which was recorded to gain on sale of assets on the
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condensed consolidated statements of operations. Refer to “Net (Income)/Loss
Attributable to Controlling Interest” section below for more information.

Restructuring Charges

Restructuring charges recorded as operating expenses in our condensed
consolidated statements of operations represent costs associated with separate
individual restructuring plans implemented in various fiscal periods. The extent
of our costs arising as a result of these actions, including fluctuations in
related balances between fiscal periods, is based on the nature of activities
under the various plans.
Fiscal Quarter Ended Change Fiscal Year-To-Date Ended Change
April 1, March 26, April 1, March 26,
2022 2021 $ % 2022 2021 $ %
Restructuring charges $5,162 $741 $4,421 597% $5,067 $10,764 $(5,697) (53)%
Percentage of total revenue 2% -% 1% 2%

Current Quarter and Year-To-Date: Q2 2022 vs. Q2 2021

Restructuring charges of $4.5 million were incurred during the second quarter of
fiscal 2022 in relation to our fiscal 2022 restructuring plan within our
entertainment organization to create capacity to support our higher priority
focus areas. For additional information on our Restructuring programs, see Note
13 “Restructuring” to our unaudited interim condensed consolidated financial
statements.

Other Income/Expense

Other income/expense primarily consists of interest income earned on cash and
investments and the net gains or losses from foreign currency transactions,
derivative instruments, and sales of marketable securities from our investment
portfolio.
Fiscal Quarter Ended Change Fiscal Year-To-Date Ended Change
April 1, March 26, April 1, March 26,
2022 2021 $ % 2022 2021 $ %
Other income $101 $2,180 $(2,079) (95)% $962 $4,395 $(3,433) (78)%
Percentage of total revenue -% 1% -% 1%

Current Quarter: Q2 2022 vs. Q2 2021
Category Key Drivers
Lower yields primarily due to $0.4 million losses in mutual fund
Other Income â investments held in our SERP in the

current year, and $1.3 million

income attributable to our equity

method investment in the prior year

Year-To-Date: Q2 2022 vs. Q2 2021
Category Key Drivers
Other Income â Lower yields primarily due to a $1.9

million income attributable on

our equity method investment in the prior year

Income Taxes

Our effective tax rate is based on our annual fiscal year results and is
affected each period-end by several factors. These factors include changes in
our projected fiscal year results, recurring items such as tax rates and
relative income earned in our foreign jurisdictions, as well as discrete items
such as changes to our unrecognized tax benefits that may occur in, but are not
necessarily consistent between, periods. For additional information related to
effective tax rates, see Note 12 “Income Taxes” to our unaudited interim
condensed consolidated financial statements.
Fiscal Quarter Ended Fiscal Year-To-Date Ended
April 1, March 26, April 1, March 26,
2022 2021 2022 2021
Provision for income taxes $(6,932) $(9,022) $(18,364) $(33,294)
Effective tax rate 16.0% 10.6% 13.6% 13.2%

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Current Quarter: Q2 2022 vs. Q2 2021
Factor Impact On

Effective Tax Rate

Stock-based Compensation á Lower benefit related to the settlement of stock-based awards.
Foreign Operations á Lower benefit from

earned income in lower tax jurisdictions.

Year-To-Date: Q2 2022 vs. Q2 2021
Factor Impact On

Effective Tax Rate

Stock-based Compensation á Lower benefit

related to the settlement of stock-based awards

Net (Income)/Loss Attributable to Controlling Interest

Fiscal Quarter Ended Change Fiscal Year-To-Date Ended Change
April 1, March 26, April 1, March 26,
2022 2021 $ % 2022 2021 $ %
Net (income)/loss attributable to
controlling interest $201 $(128) $329 (257)% $205 $(7,620) $7,825

(103)%

Percentage of total revenue -% -% -% (1)%

Year-To-Date: Q2 2022 vs. Q2 2021

In the first quarter of fiscal 2021, we finalized the sale of a property, which
included land and building, and as a result, we recognized a gain of
$13.9 million from this transaction, which was recorded to gain on sale of
assets on the unaudited interim condensed consolidated statements of operations.
The property was 51% owned by the controlling interest, and therefore 51% of the
gain on sale of assets has been attributed to the controlling interest.
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LIQUIDITY, CAPITAL RESOURCES, AND FINANCIAL CONDITION

Our principal sources of liquidity are cash, cash equivalents, and investments,
as well as cash flows from operations. We believe that these sources will be
sufficient to satisfy our currently anticipated cash requirements through at
least the next twelve months.

As of April 1, 2022, we had cash and cash equivalents of $900.4 million, which
mainly consisted of cash and highly-liquid money market funds. In addition, we
had short and long-term investments of $265.8 million, which consisted primarily
of corporate bonds, municipal debt securities, government bonds, commercial
paper, U.S. agency securities, and certificates of deposit.

The following table presents selected financial information as of April 1, 2022
and September 24, 2021 (in thousands):

April 1, September 24,
2022 2021
Cash and cash equivalents $ 900,393 $ 1,225,380
Short-term investments 141,688 38,839
Long-term investments 124,142 62,819
Accounts receivable, net 227,263 232,609
Accounts payable and accrued liabilities 239,918 280,507
Working capital 1,340,611 1,444,781

Capital Expenditures and Uses of Capital

Our capital expenditures consist of purchases of land, building, building
fixtures, laboratory equipment, office equipment, computer hardware and
software, leasehold improvements, and production and test equipment. Included in
capital expenditures are amounts associated with Dolby Cinema locations. We
continue to invest in S&M and R&D to promote the overall growth of our business
and technological innovation.

We retain sufficient cash holdings to support our operations and we also
purchase investment grade securities diversified among security types,
industries, and issuers. We have used cash generated from our operations to fund
a variety of activities related to our business in addition to our ongoing
operations, including business expansion and growth, acquisitions, and
repurchases of our Class A common stock. We have historically generated
significant cash from operations. However, these cash flows and the value of our
investment portfolio could be affected by various risks and uncertainties, as
described in Part II, Item 1A “Risk Factors.”

Shareholder Return

We have returned cash to stockholders through both repurchases of Class A common
stock under our repurchase program initiated in fiscal 2010 and our quarterly
dividend program initiated in fiscal 2015. Refer to Note 9 “Stockholders’ Equity
and Stock-Based Compensation” to our unaudited interim condensed consolidated
financial statements for a summary of dividend payments made under the program
during fiscal 2022 and additional information regarding our stock repurchase
program.

Stock Repurchase Program. Our stock repurchase program was approved in fiscal
2010, and since then we have completed approximately $2.2 billion of stock
repurchases under the program.

Quarterly Dividend Program. During fiscal 2015, we initiated a recurring
quarterly cash dividend program for our stockholders. For fiscal 2022, quarterly
dividends of $0.25 per share were paid on our Class A and Class B common stock
to eligible stockholders of record.

Cash Flows Analysis

For the following comparative analysis performed for each of the sections of the
condensed consolidated statement of cash flows, the significant factors
identified as the leading drivers contributing to the fluctuation are presented
in descending order of their impact relative to the overall change (in
thousands).
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Operating Activities
Fiscal Year-to-Date Ended
April 1, March 26,
2022 2021
Net cash provided by operating activities $ 94,659 $

165,628

Net cash provided by operating activities decreased $71.0 million in the fiscal
year-to-date period ended April 1, 2022 as compared to the fiscal year-to-date
period ended March 26, 2021, primarily due to the following:

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