
1 August 2019, 13:36 (PDT) Dolby Laboratories Reports Third Quarter Fiscal 2019 Financial Results
San Francisco, August 1, 2019--Dolby Laboratories, Inc. (NYSE:DLB) today announced the Companys financial results for the third quarter (Q3) of fiscal 2019. For the third quarter, Dolby reported total revenue of $302.2 million, compared to $214.8 million for the third quarter of fiscal 2018.
We continue to see Dolby experiences become increasingly available to more people around the world, said Kevin Yeaman, President and CEO, Dolby Laboratories. This quarter, Apple announced broader support for Dolby Vision and Dolby Atmos, and a number of our other partners expanded their adoption across TVs, sound bars, and PCs.
Third quarter GAAP net income was $39.6 million, or $0.38 per diluted share, compared to GAAP net income of $3.1 million, or $0.03 per diluted share, for the third quarter of fiscal 2018. On a non-GAAP basis, third quarter net income was $79.3 million, or $0.76per diluted share, compared to non-GAAP net income of $18.8 million, or $0.18 per diluted share, for the third quarter of fiscal 2018. A complete listing of Dolbys non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.
As previously indicated, Dolby adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers(ASC 606) in the first quarter of fiscal 2019, and today's announced results and the financial outlook are presented in accordance with that new revenue standard. Dolby adopted ASC 606 using the full retrospective transition method, therefore all prior periods are also presented in accordance with the new revenue standard. Included at the end of this press release are financial results for fiscal 2017, fiscal 2018, and the four quarters of fiscal 2018, as adjusted in accordance with ASC 606.
Dividend
Today, Dolby announced a cash dividend of $0.19 per share of Class A and Class B common stock, payable on August 20, 2019, to stockholders of record as of the close of business on August 12, 2019.
Stock Repurchase Program
Today, Dolby also announced that its Board of Directors has approved increasing the size of its stock repurchase program by $350 million, bringing the amount available for future repurchases of the Companys Class A Common Stock to approximately $415 million. Stock repurchases under this program may be made through open market transactions, negotiated purchases, or otherwise, at time and in such amounts as the Company considers appropriate.
Financial Outlook
Q4 Fiscal 2019
Dolby is providing the following estimates for its fourth quarter (Q4) of fiscal 2019:
Total revenue will range from $288 million to $308 million
Gross margin percentages will be approximately 86 percent on a GAAP basis and approximately 87 percent on a non-GAAP basis
Operating expenses will be between $199 million and $203 million on a GAAP basis and between $178 million and $182 million on a non-GAAP basis
Diluted earnings per share will be between $0.45 and $0.51 on a GAAP basis and between $0.62 and $0.68 on a non-GAAP basis
Effective tax rate will be between 18 percent and 20 percent on both a GAAP and non-GAAP basis
Fiscal Year 2019
Dolby is providing the following estimates for its fiscal year 2019:
Total revenue will range from $1.23 billion to $1.25 billion
Gross margin percentages will be approximately 87 percent on a GAAP basis and approximately 88 percent on a non-GAAP basis
Operating expenses will range from $821 million to $825 million on a GAAP basis and from $708 million to $712 million on a non-GAAP basis
Effective tax rate for the year will be between 9 percent and 10 percent on a GAAP basis and between 17 and 18 percent on a non-GAAP basis
Conference Call Information
Members of Dolby management will lead a conference call open to all interested parties to discuss Q3 fiscal 2019 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, August 1, 2019. Access to the teleconference will be available over the Internet from http://investor.dolby.com/event-calendaror by dialing 1-800-263-0877. International callers can access the conference call at 1-646-828-8143.
A replay of the call will be available from 5:00 p.m. PT on Thursday, August 1, 2019, until 9:00 p.m. PT on Thursday, August 8, 2019, by dialing 1-844-512-2921 (international callers can access the replay by dialing 1-412-317-6671) and entering the confirmation code 3638302. An archived version of the teleconference will also be available on the Dolby website, http://investor.dolby.com/event-calendar.
Non-GAAP Financial Information
To supplement Dolbys financial statements presented on a GAAP basis, Dolby provides certain non-GAAP financial measures to provide investors with an additional tool to evaluate Dolbys operating results in a manner that focuses on what Dolbys management believes to be its ongoing business operations. 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 and complex 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
More from Dolby
23/03/2023
23 March 2023, 08:00 (PDT) Audible Launches Collection of Immersive, Cinematic ...
20/03/2023
20 March 2023, 09:00 (PDT) Dolby Atmos Arrives in PUBG MOBILE To Bring Immersive Audio to the Battleground
Dolby Atmos puts the grit in each hit in Arena Mo...
16/03/2023
16 March 2023, 05:30 (PDT) Macklemore to Perform Surprise One-Night Only Perfor...
16/03/2023
16 March 2023, 05:30 (PDT) Dolby Launches New Dolby Atmos Renderer Application
The Dolby Atmos Renderer application is a new all-in-one tool for Dolby Atmos...
10/03/2023
10 March 2023, 05:30 (PST) Dolby Invites the Public and SXSW Guests to Dolby H...
06/01/2023
6 January 2023, 12:15 (PST) Dolby Kicks Off an Incredible CES Week Starting wit...
28/12/2022
28 December 2022, 13:30 (PST) Imagine Dragons and Dolby to Kick Off CES with a ...
13/12/2022
13 December 2022, 08:05 (PST) Opening of Smithsonians Latest Exhibit Entertainment Nation
Dolby and the Dolby Family celebrated the ribbon cutting of the S...
16/10/2022
16 October 2022, 11:00 (PDT) Driving sound forward: Mercedes-Benz partners with...
19/09/2022
19 September 2022, 05:00 (PDT) Winners of the Dolby Institute x Ghetto Film Sch...
19/09/2022
19 September 2022, 05:00 (PDT) Winners of the Dolby Institute x Ghetto Film Sch...
15/09/2022
15 September 2022, 06:56 (PDT) Aerosmith Makes Triumphant Return To The Las Veg...
15/09/2022
15 September 2022, 06:56 (PDT) Aerosmith Makes Triumphant Return To The Las Veg...
20/07/2022
20 July 2022, 05:30 (PDT) Dolby Introduces Dolby Atmos Album Assembler for Music Mixed in Atmos
Mastering engineers and music creators can access the master...
05/07/2022
5 July 2022, 19:00 (PDT) Tencent Music Entertainment's QQ Music Becomes Chi...
05/07/2022
5 July 2022, 19:00 (PDT) Tencent Music Entertainment's QQ Music Becomes Chi...
09/05/2022
9 May 2022, 05:30 (PDT) WONDERY ANNOUNCES COLLABORATION WITH DOLBY TO BRING IMM...
03/05/2022
3 May 2022, 09:05 (PDT) Dolby Laboratories Announces Dr. Shriram Revankar as SV...
13/04/2022
13 April 2022, 19:28 (PDT) Naver launches world's first Dolby Vision-capabl...
13/04/2022
13 April 2022, 19:28 (PDT) Naver launches world's first Dolby Vision-capabl...
03/02/2022
3 February 2022, 13:15 (PST) Dolby acquires Millicast, the real-time, ultra-low...
08/12/2021
8 December 2021, 05:30 (PST) Dolby Appoints Tony Prophet to its Board of Directors
SAN FRANCISCO, December 8, 2021 - Dolby Laboratories, Inc. (NYSE:DLB) an...
01/12/2021
1 December 2021, 05:30 (PST) New Survey from Dolby Reveals Shifts in Music List...
16/11/2021
15 November 2021, 16:27 (PST) NIO ET7 Comes Standard with Dolby Atmos
JPG
NIO X Dolby Atmos.JPG
Shanghai - On Nov. 16, NIO announced that Dolby Atmos wi...
11/11/2021
10 November 2021, 15:15 (PST) Dolby introduces new and improved Dolby.io Spatial Audio feature for developers
New Spatial Placement capability will enable ...
28/10/2021
28 October 2021, 01:00 (PDT) Mercedes-Benz AG gears up to bring Dolby Atmos Music experience to its cars
jpg
Stuttgart/Munich - Mercedes-Benz today announc...
16/10/2021
15 October 2021, 09:07 (PDT) Robert Park Joins Dolby Laboratories as Chief Financial Officer
Seasoned Executive Brings Decades of Financial and Business Le...
14/10/2021
14 October 2021, 05:30 (PDT) Dolby and MGM Resorts International Launch Dolby L...
14/10/2021
14 October 2021, 05:30 (PDT) Dolby and MGM Resorts International Launch Dolby L...
05/10/2021
5 October 2021, 06:00 (PDT) Dolby upgrades Dolby.io, introduces Transcoding, Mu...
13/09/2021
12 September 2021, 16:00 (PDT) Dolby Teams up with The Weeknd to Explore How He Creates Worlds with Music
Fans can enjoy The Weeknd's Latest Single Tak...
13/09/2021
12 September 2021, 16:45 (PDT) Dolby and Justin Bieber Team Up to Go Inside the...
13/09/2021
12 September 2021, 17:30 (PDT)
Dolby and Multi-Platinum Singer-Songwriter Oliv...
12/09/2021
12 September 2021, 17:30 (PDT)
Dolby and Multi-Platinum Singer-Songwriter Oliv...
10/09/2021
10 September 2021, 08:30 (PDT) Dolby and J Balvin Team Up to Explore How Music Can Elevate Joy
J Balvin's recently released album JOSE is now streaming ...
08/09/2021
8 September 2021, 02:31 (PDT) Dolby Collaborates With Cinemo To Accelerate Dolb...
08/09/2021
8 September 2021, 05:30 (PDT) Winners of the Dolby Institute x Ghetto Film Scho...
08/09/2021
8 September 2021, 05:30 (PDT) Winners of the Dolby Institute x Ghetto Film Scho...
03/09/2021
3 September 2021, 00:00 (PDT) Billie Eilish's Happier Than Ever: A Love Let...
24/08/2021
1 August 2019, 13:36 (PDT) Dolby Laboratories Reports Third Quarter Fiscal 2019 Financial Results
San Francisco, August 1, 2019--Dolby Laboratories, Inc. (N...
24/08/2021
24 January 2020, 20:20 (PST)
jpeg
On Thursday, January 23, 2020, Dolby host...
24/08/2021
3 May 2021, 05:40 (PDT) Box and Dolby Transform Media in the Cloud
New Integration Provides Box Users Worldwide Access to Automated Audio Enhancement Tools...
21/06/2021
21 June 2021, 08:35 (PDT) Dolby Laboratories Names Marie Huwe to Lead Dolby.io
Seasoned Executive Brings Decades of API and Developer Experience to Acceler...
20/05/2021
20 May 2021, 01:00 (PDT) Iconic BAFTA HQ to Recognize Ray Dolby's Legacy Wi...
20/05/2021
20 May 2021, 01:00 (PDT) Iconic BAFTA HQ to Recognize Ray Dolby's Legacy Wi...
12/05/2021
25 January 2021, 09:36 (PST) The National Academy of Television Arts & Sciences to Honor Dolby with Technical & Engineering Emmy for Advancements in HDR
The...
12/05/2021
9 March 2021, 04:02 (PST) Dolby Named to Fast Company's Annual List of the ...
12/05/2021
17 March 2021, 09:00 (PDT) Lucid Air is the World's First Vehicle to Integrate Dolby Atmos
Dolby Atmos will be part of Lucid Air's new 21-speaker S...
12/05/2021
May 03, 2021
Box and Dolby Transform Media in the Cloud
New Integration Provides Box Users Worldwide Access to Automated Audio Enhancement Tools Powered by...
12/05/2021
4 May 2021, 13:20 (PDT) Dolby Laboratories Announces Executive Retirement
Executive Vice President and Chief Financial Officer, Lewis Chew to retire later t...