Dolby Laboratories, Inc. (NYSE:DLB) today announced the company's
financial results for the first quarter of fiscal 2023.
"We are bringing an increasing number of Dolby experiences to
more people around the world and demand for immersive experiences
continues to be strong," said Kevin Yeaman, President and CEO,
Dolby Laboratories. "I’m excited about our momentum with Dolby
Vision and Dolby Atmos in movies, television, music, live sports
and more."
First Quarter Fiscal 2023 Financial
Highlights
- Total revenue was $334.9 million, compared to $351.6 million
for the first quarter of fiscal 2022.
- GAAP net income was $79.4 million, or $0.82 per diluted share,
compared to GAAP net income of $80.0 million, or $0.77 per diluted
share, for the first quarter of fiscal 2022. On a non-GAAP basis,
first quarter net income was $107.4 million, or $1.11 per diluted
share, compared to $104.5 million, or $1.01 per diluted share, for
the first quarter of fiscal 2022.
- Cash flows from operations were $56.4 million, compared to
$31.7 million for the first quarter of fiscal 2022.
- We repurchased 0.7 million shares of our common stock and ended
the quarter with about $311 million of stock repurchase
authorization available going forward.
A complete listing of Dolby's non-GAAP measures are described
and reconciled to the corresponding GAAP measures at the end of
this release.
Recent Business Highlights
- Vivo launched its flagship phone with both Dolby Vision capture
and playback.
- OPPO announced their OnePlus 11 phone will include Dolby Atmos
and Dolby Vision playback.
- TCL announced that Dolby Vision and Dolby Atmos will be
included on all new 4K TVs in the US.
Dividend
Today, Dolby announced a cash dividend of $0.27 per share of
Class A and Class B common stock, payable on February 22,
2023, to stockholders of record as of the close of business on
February 14, 2023.
Financial Outlook
Dolby’s financial outlook relies on estimates of royalty-based
revenue that take into consideration the macroeconomic effect of
certain events, including COVID-19, supply chain constraints, and
consumer demand for electronic products. In addition, our actual
results could differ materially from the estimates we are providing
below due in part to the increased uncertainty resulting from these
items as well as the geopolitical instability and continuing
concerns around inflation and rising interest rates. The
uncertainty resulting from these factors has greatly reduced our
visibility into our future outlook. To the extent possible, the
estimates we are providing for future periods reflect certain
assumptions about the potential impact of certain of these items,
based upon a consideration of currently available external and
internal data and information. These assumptions are subject to
risks and uncertainties. For more information, see "Forward-Looking
Statements" in this press release for a description of certain
risks that we face, and the section captioned "Risk Factors" in our
Quarterly Report on Form 10-Q for the first quarter of fiscal 2023,
to be filed on or around the date hereof.
Dolby is providing the following high-level estimates for the
full year of fiscal 2023:
- Total revenue is expected to grow low single digits
year-over-year.
- GAAP operating expenses are expected to decline roughly 2%
year-over-year. Non-GAAP operating expenses are expected to grow
roughly 2% year-over-year.
- We expect operating margins on a GAAP basis to be roughly 19%
and on a non-GAAP basis to be roughly 30%.
Dolby is providing the following estimates for its second
quarter of fiscal 2023:
- Total revenue is estimated to range from $340 million to $370
million.
- Operating expenses are anticipated to range from $227 million
to $237 million on a GAAP basis and from $193 million to $203
million on a non-GAAP basis.
- Effective tax rate is anticipated to range from 22% to 24% on a
GAAP basis and 19% to 21% on a non-GAAP basis.
- Diluted earnings per share is anticipated to range from $0.58
to $0.73 on a GAAP basis and from $0.90 to $1.05 on a non-GAAP
basis.
Conference Call Information
Members of Dolby management will lead a conference call open to
all interested parties to discuss first quarter fiscal 2023
financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m.
ET) on Thursday, February 2, 2023. Access to the
teleconference will be available at
http://investor.dolby.com or by dialing 1-844-200-6205 (or
dialing 1-929-526-1599 for international callers) and entering
confirmation code 719331.
A replay of the call will be available from 5:00 p.m. PT (8:00
p.m. ET) on Thursday, February 2, 2023, until 11:00 p.m. PT on
Thursday, February 9, 2023 (2:00 a.m. ET on Friday, February 10,
2023), by dialing 1-866-813-9403 (international callers can access
the replay by dialing +44-204-525-0658) and entering the
confirmation code 561757. An archived version of the teleconference
will also be available on the Dolby website,
http://investor.dolby.com.
Non-GAAP Financial Information
To supplement Dolby's financial statements presented on a GAAP
basis, Dolby management uses, and Dolby provides to investors,
certain non-GAAP financial measures as an additional tool to
evaluate Dolby's operating results in a manner that focuses on what
Dolby's management believes to be its ongoing business operations
and performance. Specifically, we exclude the following as
adjustments from one or more of our non-GAAP financial
measures:
Stock-based compensation expense: Stock-based compensation,
unlike cash-based compensation, utilizes subjective assumptions in
the methodologies used to value the various stock-based award types
that we grant. These assumptions may differ from those used by
other companies. To facilitate more meaningful comparisons between
our underlying operating results and those of other companies, we
exclude stock-based compensation expense.
Amortization of acquisition-related intangibles: We amortize
intangible assets acquired in connection with acquisitions. These
intangible assets consist of patents and technology, customer
relationships, and other intangibles. We record amortization
charges relating to these intangible assets in our GAAP financial
statements, and we view these charges as items arising from
pre-acquisition activities that are determined by the timing and
valuation of our acquisitions. As these amortization charges do not
directly correlate to our operations during any particular period,
we exclude these charges to facilitate an evaluation of our current
operating performance and comparisons to our past operating
results.
Restructuring charges/(credits): Restructuring
charges/(credits) are costs associated with restructuring plans and
primarily relate to costs associated with exit or disposal
activities, employee severance benefits, and asset impairments. We
exclude restructuring costs, including any adjustments to charges
recorded in prior periods (which may be credits), as we believe
that these costs are not representative of our normal operating
activities and therefore, excluding these amounts enables a more
effective comparison to our past operating performance.
Income tax adjustments: We believe that excluding the income tax
effect of the aforementioned non-GAAP adjustments provides a more
accurate view of our underlying operating results to management and
investors.
Using the aforementioned adjustments, Dolby provides various
non-GAAP financial measures including, but not limited to: non-GAAP
net income, non-GAAP diluted earnings per share, non-GAAP gross
margin, non-GAAP operating expenses, non-GAAP operating margin, and
non-GAAP effective tax rate. Dolby's management believes it is
useful for itself and investors to review both GAAP and non-GAAP
measures to assess the performance of Dolby's business,
including as a means to evaluate period-to-period comparisons.
Dolby's management does not itself, nor does it suggest that
investors should, consider non-GAAP financial measures in isolation
from, superior to, or as a substitute for, financial information
prepared in accordance with GAAP. Whenever Dolby uses non-GAAP
financial measures, it provides a reconciliation of the non-GAAP
financial measures to the most closely applicable GAAP financial
measures. Investors are encouraged to review the related GAAP
financial measures and the reconciliation of these non-GAAP
financial measures to their most directly comparable GAAP financial
measures as detailed above and below. Investors are also encouraged
to review Dolby's GAAP financial statements as reported in its US
Securities and Exchange Commission (SEC) filings. A reconciliation
between GAAP and non-GAAP financial measures is provided at the end
of this press release and on the Dolby investor relations website,
http://investor.dolby.com.
Forward-Looking Statements
Certain statements in this press release, including, but not
limited to, statements relating to Dolby's financial results for
the first quarter of fiscal 2023, expected financial results for
the second quarter of fiscal 2023 and full year fiscal 2023, our
ability to expand existing business, navigate challenging periods,
pursue our long-term growth opportunities, and advance our other
long-term objectives, and future dividend payments are
"forward-looking statements" that inherently involve substantial
risks and uncertainties. These forward-looking statements are based
on management's current expectations, and as a result of certain
risks and uncertainties, actual results may differ materially from
those provided. The following important factors, without
limitation, could cause actual results to differ materially from
those in the forward-looking statements: the potential impacts of
COVID-19 and economic conditions on Dolby’s business operations,
financial results, and financial position (including the impact to
Dolby partners and disruption of the supply chain and delays in
shipments of consumer products; consumer demand for products that
incorporate Dolby technologies; delays in the development and
release of new products or services that contain Dolby
technologies; delays in royalty reporting or delinquent payment by
partners or licensees; lengthening sales cycles; the impact to the
overall cinema market, including closures or limitations of cinema
capacity and resulting adverse impact to Dolby’s revenue recognized
on box-office sales and demand for cinema products and services;
temporary Dolby office closures and other actions to protect
Dolby’s workforce; and macroeconomic conditions that affect
discretionary spending and access to products that contain Dolby
technologies); risks associated with geopolitical issues, such as
the conflict between Russia and Ukraine; risks associated with
trends in the markets in which Dolby operates, including the
broadcast, mobile, consumer electronics, PC, and other markets; the
loss of, or reduction in sales by, a key customer, partner, or
licensee; pricing pressures; risks relating to changing trends in
the way that content is distributed and consumed; risks relating to
conducting business internationally, including trade restrictions
and changes in diplomatic or trade relationships; risks relating to
the expiration of patents; the timing of Dolby's receipt of royalty
reports and payments from its licensees, including recoveries;
changes in tax regulations; timing of revenue recognition under
licensing agreements and other contractual arrangements; Dolby's
ability to develop, maintain, and strengthen relationships with
industry participants; Dolby's ability to develop and deliver
innovative products and technologies in response to new and growing
markets; competitive risks; risks associated with conducting
business in China and other countries that have historically
limited recognition and enforcement of intellectual property and
contractual rights; risks associated with the health of the motion
picture industry generally; Dolby's ability to increase its revenue
streams and to expand its business generally, and to continue to
expand its business beyond its current technology offerings; risks
associated with acquiring and successfully integrating businesses
or technologies; and other risks detailed in Dolby's SEC filings
and reports, including the risks identified under the section
captioned "Risk Factors" in our Quarterly Report on Form 10-Q filed
on or around the date hereof. We may not actually achieve the
plans, intentions, or expectations disclosed in our forward-looking
statements. Forward-looking statements are based upon information
available to us as of the date of this press release, and while we
believe such information forms a reasonable basis for such
statements, such information may be limited or incomplete. These
statements are inherently uncertain and investors are cautioned not
to unduly rely upon these statements. Dolby disclaims any
obligation to update information contained in these forward-looking
statements whether as a result of new information, future events,
or otherwise.
About Dolby Laboratories
Dolby Laboratories (NYSE: DLB) is based in San
Francisco, California with offices around the globe. From movies
and TV shows, to apps, music, sports and gaming, Dolby transforms
the science of sight and sound into spectacular experiences for
billions of people worldwide. We partner with artists,
storytellers, developers, and businesses to revolutionize
entertainment and communications with Dolby Atmos,
Dolby Vision, Dolby Cinema, and Dolby.io.
Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby.io, and
the double-D symbol are among the registered and unregistered
trademarks of Dolby Laboratories in the United States and/or other
countries. Other trademarks remain the property of their
respective owners.
DOLBY LABORATORIES,
INC.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share amounts;
unaudited)
|
Fiscal Quarter Ended |
|
December 30,2022 |
December 31,2021 |
Revenue: |
|
|
Licensing |
$ |
308,011 |
|
$ |
332,284 |
|
Products and services |
|
26,910 |
|
|
19,349 |
|
Total revenue |
|
334,921 |
|
|
351,633 |
|
|
|
|
Cost of
revenue: |
|
|
Cost of licensing |
|
13,359 |
|
|
14,935 |
|
Cost of products and services |
|
21,091 |
|
|
17,774 |
|
Total cost of revenue |
|
34,450 |
|
|
32,709 |
|
|
|
|
Gross
margin |
|
300,471 |
|
|
318,924 |
|
|
|
|
Operating
expenses: |
|
|
Research and development |
|
64,450 |
|
|
68,824 |
|
Sales and marketing |
|
82,205 |
|
|
97,170 |
|
General and administrative |
|
59,972 |
|
|
62,444 |
|
Restructuring credits |
|
(244 |
) |
|
(95 |
) |
Total operating expenses |
|
206,383 |
|
|
228,343 |
|
|
|
|
Operating
income |
|
94,088 |
|
|
90,581 |
|
|
|
|
Other
income/(expense): |
|
|
Interest income |
|
4,878 |
|
|
716 |
|
Interest expense |
|
(81 |
) |
|
(84 |
) |
Other income, net |
|
1,097 |
|
|
229 |
|
Total other income |
|
5,894 |
|
|
861 |
|
|
|
|
Income before income
taxes |
|
99,982 |
|
|
91,442 |
|
Provision for income taxes |
|
(20,534 |
) |
|
(11,432 |
) |
Net income including
controlling interest |
|
79,448 |
|
|
80,010 |
|
Less: net (income)/loss attributable to controlling interest |
|
(73 |
) |
|
4 |
|
Net income
attributable to Dolby Laboratories, Inc. |
$ |
79,375 |
|
$ |
80,014 |
|
|
|
|
Net income per share: |
|
|
Basic |
$ |
0.83 |
|
$ |
0.79 |
|
Diluted |
$ |
0.82 |
|
$ |
0.77 |
|
Weighted-average shares
outstanding: |
|
|
Basic |
|
95,905 |
|
|
101,230 |
|
Diluted |
|
97,047 |
|
|
103,801 |
|
|
|
|
|
|
|
|
DOLBY LABORATORIES,
INC.INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands; unaudited)
|
December 30,2022 |
September 30,2022 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ |
626,158 |
|
$ |
620,127 |
|
Restricted cash |
|
5,319 |
|
|
8,244 |
|
Short-term investments |
|
132,875 |
|
|
189,213 |
|
Accounts receivable, net |
|
289,597 |
|
|
243,593 |
|
Contract assets, net |
|
215,923 |
|
|
176,093 |
|
Inventories, net |
|
26,111 |
|
|
23,549 |
|
Prepaid expenses and other current assets |
|
53,432 |
|
|
50,075 |
|
Total current assets |
|
1,349,415 |
|
|
1,310,894 |
|
Long-term investments |
|
124,024 |
|
|
102,514 |
|
Property, plant, and equipment, net |
|
512,168 |
|
|
513,481 |
|
Operating lease right-of-use assets |
|
43,355 |
|
|
46,530 |
|
Goodwill and intangible assets, net |
|
475,297 |
|
|
477,412 |
|
Deferred taxes |
|
192,184 |
|
|
183,568 |
|
Other non-current assets |
|
52,080 |
|
|
55,149 |
|
Total
assets |
$ |
2,748,523 |
|
$ |
2,689,548 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ |
17,361 |
|
$ |
14,171 |
|
Accrued liabilities |
|
230,346 |
|
|
230,237 |
|
Income taxes payable |
|
7,183 |
|
|
1,265 |
|
Contract liabilities |
|
22,356 |
|
|
18,588 |
|
Operating lease liabilities |
|
13,201 |
|
|
13,257 |
|
Total current liabilities |
|
290,447 |
|
|
277,518 |
|
Non-current contract liabilities |
|
22,734 |
|
|
23,203 |
|
Non-current operating lease liabilities |
|
34,221 |
|
|
37,685 |
|
Other non-current liabilities |
|
108,596 |
|
|
100,122 |
|
Total liabilities |
|
455,998 |
|
|
438,528 |
|
|
|
|
Stockholders’ equity: |
|
|
Class A common stock |
|
54 |
|
|
53 |
|
Class B common stock |
|
41 |
|
|
41 |
|
Retained earnings |
|
2,319,358 |
|
|
2,297,730 |
|
Accumulated other comprehensive loss |
|
(31,875 |
) |
|
(51,641 |
) |
Total stockholders’ equity –
Dolby Laboratories, Inc. |
|
2,287,578 |
|
|
2,246,183 |
|
Controlling interest |
|
4,947 |
|
|
4,837 |
|
Total stockholders’
equity |
|
2,292,525 |
|
|
2,251,020 |
|
Total liabilities and
stockholders’ equity |
$ |
2,748,523 |
|
$ |
2,689,548 |
|
|
|
|
|
|
|
|
DOLBY LABORATORIES,
INC.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands; unaudited)
|
Fiscal Quarter Ended |
|
December 30,2022 |
December 31,2021 |
Operating
activities: |
|
|
Net income including controlling interest |
$ |
79,448 |
|
$ |
80,010 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
Depreciation and amortization |
|
19,155 |
|
|
23,477 |
|
Stock-based compensation |
|
31,240 |
|
|
32,656 |
|
Amortization of operating lease right-of-use assets |
|
3,207 |
|
|
3,944 |
|
Amortization of premium on investments |
|
81 |
|
|
311 |
|
Provision for/(benefit from) credit losses |
|
(1,030 |
) |
|
1,559 |
|
Deferred income taxes |
|
(8,255 |
) |
|
(9,004 |
) |
Other non-cash items affecting net income |
|
(3,467 |
) |
|
(358 |
) |
Changes in operating assets and liabilities: |
|
|
Accounts receivable, net |
|
(45,153 |
) |
|
(9,965 |
) |
Contract assets, net |
|
(39,843 |
) |
|
(44,428 |
) |
Inventories |
|
(501 |
) |
|
(1,819 |
) |
Operating lease right-of-use assets |
|
1,690 |
|
|
(77 |
) |
Prepaid expenses and other assets |
|
2,168 |
|
|
(7,082 |
) |
Accounts payable and accrued liabilities |
|
5,765 |
|
|
(34,034 |
) |
Income taxes, net |
|
15,292 |
|
|
1,439 |
|
Contract liabilities |
|
3,277 |
|
|
3,350 |
|
Operating lease liabilities |
|
(5,430 |
) |
|
(4,038 |
) |
Other non-current liabilities |
|
(1,249 |
) |
|
(4,281 |
) |
Net cash provided by operating
activities |
|
56,395 |
|
|
31,660 |
|
|
|
|
Investing
activities: |
|
|
Purchases of marketable securities |
|
(72,790 |
) |
|
(108,147 |
) |
Proceeds from sales of marketable securities |
|
51,782 |
|
|
2,001 |
|
Proceeds from maturities of marketable securities |
|
56,525 |
|
|
10,913 |
|
Purchases of property, plant, and equipment |
|
(7,217 |
) |
|
(14,452 |
) |
Purchases of intangible assets |
|
— |
|
|
(11,426 |
) |
Purchases of other investments |
|
— |
|
|
(5,000 |
) |
Net cash provided by/(used in)
investing activities |
|
28,300 |
|
|
(126,111 |
) |
|
|
|
Financing
activities: |
|
|
Proceeds from issuance of common stock |
|
10,954 |
|
|
21,372 |
|
Repurchase of common stock |
|
(49,412 |
) |
|
(35,573 |
) |
Payment of cash dividend |
|
(25,869 |
) |
|
(25,283 |
) |
Distribution to controlling interest |
|
(266 |
) |
|
(1,435 |
) |
Shares repurchased for tax withholdings on vesting of restricted
stock |
|
(25,000 |
) |
|
(31,920 |
) |
Payment of deferred consideration for prior business
combinations |
|
(500 |
) |
|
— |
|
Net cash used in financing
activities |
|
(90,093 |
) |
|
(72,839 |
) |
|
|
|
Effect of foreign exchange rate changes on cash, cash equivalents,
and restricted cash |
|
8,504 |
|
|
(1,310 |
) |
Net increase/(decrease) in
cash, cash equivalents, and restricted cash |
|
3,106 |
|
|
(168,600 |
) |
Cash, cash equivalents, and
restricted cash at beginning of period |
|
628,371 |
|
|
1,233,032 |
|
Cash, cash equivalents, and
restricted cash at end of period |
$ |
631,477 |
|
$ |
1,064,432 |
|
|
|
|
|
|
|
|
GAAP to
Non-GAAP Reconciliations |
(in millions, except
per share data; unaudited) |
|
|
|
|
|
|
The following tables present Dolby's GAAP
financial measures reconciled to the non-GAAP financial measures
included in this release for the first quarter of fiscal 2023 and
fiscal 2022: |
|
|
|
|
|
|
Net income: |
|
|
Fiscal Quarter Ended |
|
|
|
|
December 30,2022 |
December 31,2021 |
GAAP net
income |
|
|
|
$ |
79.4 |
|
$ |
80.0 |
|
Stock-based compensation (1) |
|
|
|
|
31.2 |
|
|
32.7 |
|
Amortization of acquisition-related intangibles (2) |
|
|
|
|
1.3 |
|
|
2.8 |
|
Restructuring credits |
|
|
|
|
(0.2 |
) |
|
(0.1 |
) |
Income tax adjustments |
|
|
|
|
(4.3 |
) |
|
(10.9 |
) |
Non-GAAP net income |
|
|
|
$ |
107.4 |
|
$ |
104.5 |
|
|
|
|
|
|
|
(1) Stock-based compensation included in above line items: |
|
|
|
|
|
Cost of products and services |
|
|
|
$ |
0.5 |
|
$ |
0.6 |
|
Research and development |
|
|
|
|
10.7 |
|
|
10.1 |
|
Sales and marketing |
|
|
|
|
10.7 |
|
|
12.3 |
|
General and administrative |
|
|
|
|
9.3 |
|
|
9.7 |
|
|
|
|
|
|
|
(2) Amortization of
acquisition-related intangibles included in above line items: |
|
|
|
|
|
Cost of licensing |
|
|
|
$ |
— |
|
$ |
0.7 |
|
Cost of products and services |
|
|
|
|
0.9 |
|
|
0.9 |
|
Research and development |
|
|
|
|
0.1 |
|
|
0.1 |
|
Sales and marketing |
|
|
|
|
0.8 |
|
|
1.1 |
|
General and administrative |
|
|
|
|
(0.5 |
) |
|
— |
|
|
|
|
|
|
|
Diluted earnings per
share: |
|
|
Fiscal Quarter Ended |
|
|
|
|
December 30,2022 |
December 31,2021 |
GAAP diluted earnings per
share |
|
|
|
$ |
0.82 |
|
$ |
0.77 |
|
Stock-based compensation |
|
|
|
|
0.32 |
|
|
0.31 |
|
Amortization of
acquisition-related intangibles |
|
|
|
|
0.01 |
|
|
0.03 |
|
Income tax adjustments |
|
|
|
|
(0.04 |
) |
|
(0.10 |
) |
Non-GAAP diluted earnings per
share |
|
|
|
$ |
1.11 |
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding - diluted |
|
|
|
|
97 |
|
|
104 |
|
|
|
|
|
|
|
The following
tables present a reconciliation between GAAP and non-GAAP versions
of the estimated financial amounts for the second quarter of fiscal
2023 and full year fiscal 2023 included in this release: |
|
|
|
|
|
|
Operating
expenses: |
|
Q2 2023 |
|
Fiscal 2023 |
GAAP operating expenses (low -
high end of range) |
|
$227 - $237 |
|
(2%) +/- year-over-year |
Stock-based compensation |
|
(33) |
|
|
(124 |
) |
Amortization of
acquisition-related intangibles |
|
(1) |
|
|
(4 |
) |
Non-GAAP operating expenses
(low - high end of range) |
|
$193 - $203 |
|
+2% +/- year-over-year |
|
|
|
|
|
|
Operating
margin: |
|
|
Fiscal 2023 |
GAAP operating margin |
|
|
|
19% +/- |
Stock-based compensation |
|
|
|
|
10 |
% |
Amortization of
acquisition-related intangibles |
|
|
|
|
1 |
% |
Non-GAAP operating margin |
|
|
|
30% +/- |
|
|
|
|
|
|
Effective tax
rate: |
|
|
|
|
Q2 2023 |
GAAP effective tax rate (low -
high end of range) |
|
|
|
|
22% - 24% |
Stock-based compensation (low
- high end of range) |
|
|
|
|
(2%) - (1%) |
Amortization of
acquisition-related intangibles (low - high end of range) |
|
|
|
|
(1%) - 0% |
Other (low - high end of
range) |
|
|
|
|
(1%) - 0% |
Non-GAAP effective tax rate
(low - high end of range) |
|
|
|
|
19% - 21% |
|
|
|
|
|
|
Diluted earnings per
share: |
|
|
Q2 2023 |
|
|
|
|
Low |
High |
GAAP diluted earnings per
share |
|
|
|
$ |
0.58 |
|
$ |
0.73 |
|
Stock-based compensation |
|
|
|
|
0.35 |
|
|
0.35 |
|
Amortization of
acquisition-related intangibles |
|
|
|
|
0.02 |
|
|
0.02 |
|
Income tax adjustments |
|
|
|
|
(0.05 |
) |
|
(0.05 |
) |
Non-GAAP diluted earnings per
share |
|
|
|
$ |
0.90 |
|
$ |
1.05 |
|
|
|
|
|
|
|
Weighted-average shares
outstanding - diluted |
|
|
|
|
97 |
|
|
97 |
|
Investor Contact:Maggie O’DonnellDolby
Laboratories914-267-7390investor@dolby.com
Media Contact:Karen HartquistDolby
Laboratories, Inc.415-505-8357karen.hartquist@dolby.com
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