Dolby Laboratories, Inc. (NYSE:DLB) will look for M&A. Robert Park, Chief Financial Officer said, "We look at our capital allocation quarterly between investing in the business and return to shareholders through buyback and dividends. And our policy and our intent has been on buyback is to at least offset the impact of stock-based compensation, and we have been doing that. This year, we also increased the dividend.

We've been doing the dividend, an increasing dividend, I think, for the past 10 years. And if you look in the last decade, I think we've returned almost $4 billion back to shareholders in terms of either buyback and dividends, and we'll continue to do that. In terms of -- we continue to look at that quarterly.

M&A, we don't do a lot of M&A. We'll do some M&A. Typically, they're around -- for our foundational businesses, accretive businesses that help diversify and strengthen our technology portfolio. And we may do smaller deals to help our growth business is more product-oriented or ways to accelerate growth in some of our growth areas. But we have an active pipeline, which [indiscernible] are very discerning about what we do".