Dolby Laboratories Reports Third Quarter Fiscal 2019 Financial Results
24/08/2021
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
LINK: | https://news.dolby.com/en-WW/181295-dolby-laboratories-reports-third-q... |
See more stories from dolby |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
30/04/2024
Gray Television Using NextGen TV to Roll Out Advanced Features Like HDR
LOUISVILLE, Ky. In another sign that broadcasters are finally using NextGen TV broadcasts to offer viewers new features instead of simply simulcasting existing ...
30/04/2024
Oklahoma Journalism Hall of Fame To Honor Blaise Labbe
OKLAHOMA CITY The Oklahoma Journalism Hall of Fame will induct Blaise Labbe, a group news director for Sinclair Broadcast Group, May 2 at the 54th Anniversary I...
30/04/2024
Cox Media Group, Dish Ink New Multi-Year Agreement
ATLANTA and ENGLEWOOD, Colo. Cox Media Group and Dish have ended a dispute over retransmission fees that lasted nearly a year and a half with a new multi-year ...
30/04/2024
TelevisaUnivision Taps LTN for IP-Based Distribution
Video transport solution provider LTN has announced that it is working with TelevisaUnivision to help the Spanish-language media giant migrate to IP-based video...
30/04/2024
NBC KXAS and Telemundo KXTX Used Clear-Com Solutions for Eclipse Coverage
ALAMEDA, Calif. Clear-Com has released details about how it played a pivotal role in the seamless coverage of the recent solar eclipse on April 8, 2024 by NBC K...
30/04/2024
Scripps Appoints Seth Walters To Steer CTV Sales Strategy
CINCINNATI The E.W. Scripps Company is adding Seth Walters to its sales leadership team as head of CTV sales, effective April 29....
30/04/2024
Durham Bulls Saturday Game, First Sellout of 2024 Season
The force was strong at the Durham Bulls Athletic Park on Saturday night, April 27, 2024, as the night netted the ballpark's first official sellout crowd of...
30/04/2024
NewFront Life Is a Cabaret for LGBTQ+ Network Revry
Revry, a network celebrating queer culture. said its second annual NewFront presentation will be a cabaret-type spectacle showcasing the spirit of the LGBTQ+ co...
30/04/2024
FETV Viewers Say Howdy' as Wyatt Earp' Joins Lineup
Family Entertainment Television (FETV) said that the Western series The Life and Legend of Wyatt Earp will be joining the network's afternoon lineup startin...
30/04/2024
Bob Bakish Departing Paramount, According to Reports
Bob Bakish, president and CEO of Paramount Global, will depart the company as Paramount explores a merger, according to numerous published reports. The reports ...
30/04/2024
Thales reports its order intake and sales for the first quarter of 2024
Facebook Twitter LinkedIn Order intake: 5.0 billion, up 47% ( 46% on an organic basis1 ) Sales: 4.4 billion, up 9.8% ( 7.9% on an organic basis) All f...
29/04/2024
Filming begins and further cast confirmed in Mark Gatiss drama Bookish for Alibi
(L-R) Mark Gatiss and Polly Walker on set Monday 29 April 2024 Further casting is now confirmed for Bookish (6x70), a brand-new drama created by Emmy Award-wi...
29/04/2024
She Speaks Sudan': Thomson launches programme to empower women journalists and civil society actors in exile
A groundbreaking initiative offering training and mentoring to 30 women journali...
29/04/2024
Meet the 2024 Sundance Institute Directors, Screenwriters, and Native Lab Fellows
Even though we've been doing this for over 40 years, a spark of excitement r...
29/04/2024
The AN/PRC-158: A Resilient Communications Bridge Between Air and Ground
L3Harris is delivering manpack radios to U.S. Army CH-47 Chinooks as part of the Air-to-Ground Networking Radio program, providing seamless, resilient communica...
29/04/2024
CS President Sam Mehta: Resilient Communications are Critical to Realizing JADC2
He writes in Defense One: Despite the near-universal acknowledgement throughout the U.S. government and defense industrial base of the criticality of resilient ...
29/04/2024
Clear-Com Enhances The Kennedy Center with Seamless Communication Solutions
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/04/2024
Optimising audio loudness & normalisation across the Media Supply Chain
Codemill aims to revolutionize media workflow efficiency at this years NAB Show by introducing Just-In-Time (JIT) playback technology in Accurate.Video Validate...
29/04/2024
TF1 Chooses Broadpeak to Power Targeted Advertising for New Video Streaming Service
April 29, 2024 -- TF1 Chooses Broadpeak to Power Targeted Advertising for New...
29/04/2024
LG Adds Allen Media Group's Local Now FAST Channel in 223 Markets
LOS ANGELES Allen Media Group (AMG) has partnered with LG Electronics to bring 223 Local Now FAST channels to LG's free streaming service, LG Channels, avai...
29/04/2024
Ross Video Unveils Raiden Weather Graphics System
OTTAWA Ross Video has announced the introduction of Raiden, a data-driven weather graphics software that combines data gathering, processing, and visualization ...
29/04/2024
Melanie Georgieva Joins Panalux as Long Form Sales Direct...
Panalux, a leading rental provider of lighting and power solutions for the motion-picture industry and part of Panavision's end-to-end service offerings for...
29/04/2024
Cobalt Iron Earns Patent on Analytics-Based Dynamic Autho...
Cobalt Iron Inc., a leading provider of SaaS-based enterprise data protection, today announced that it has received a patent on its technology for dynamic autho...
29/04/2024
SDVI Rally Access Workstation Earns Two Top Awards at 202...
SDVI, the leading platform provider for cloud-native media supply chains, today announced that Rally Access Workstation, a fully managed solution for editing in...
29/04/2024
Premier Sports selects QuickLink Remote Commentary soluti...
Premier Sports, a premium sports broadcaster, has selected QuickLink's Remote Commentary solution for introducing professional, high-quality remote commenta...
29/04/2024
Glookast picks Jigsaw24 Media as exclusive UK channel par...
Glookast has chosen Jigsaw24 Media as the only UK channel partner to represent their portfolio of ingest and workflow optimisation products. The agreement, sign...
29/04/2024
Clear-Coms Eclipse HX and Agent-IC Technology Illuminate...
Clear-Com played a pivotal role in the seamless coverage of the recent solar eclipse on April 8, 2024. Leveraging its cutting-edge Eclipse HX Digital Matrix i...
29/04/2024
PlayBox Neo to Promote Latest Smart Media Playout Innovat...
PlayBox Neo will promote its complete range of television channel management, graphic branding and playout solutions to EMEA region media content owners and bro...
29/04/2024
RuPaul Game Show Lingo' Returns to CBS May 24
Lingo, RuPaul's word-twisting game show, returns for season two on CBS Friday, May 24. Two episodes air that night, and stream on Paramount Plus, too....
29/04/2024
ESPN, Amazon Prime Video Reportedly Close To New Deals With the NBA
ESPN and Amazon Prime Video are reportedly close to scoring television rights to the National Basketball Association, according to published reports....
29/04/2024
Judge Judy,' Hot Bench' Renewed for 2 More Years
Judge Judy and Hot Bench, CBS Media Ventures' genre-leading court shows, have been renewed through the 2025-26 TV season in more than 95% of the country, Gr...
29/04/2024
Irish Sports Broadcaster Premier Sports Taps QuickLink for Remote Commentary
Premier Sports, an Irish-based premium sports broadcaster, has selected QuickLink's Remote Commentary solution for introducing professional, high-quality re...
29/04/2024
BAFTA Television Craft Awards winners announced
The awards celebrate the craft of behind-the-scenes TV talent and the best programmes of 2023 By Matthew Corrigan Published: April 29, 2024 The awards cel...
29/04/2024
Watch: How Milk VFX helped create 259 shots for Netflix's Scoop
The team at Milk had to create and deliver the VFX and environment work for the royal residences featured in the drama from scratch By Jenny Priestley Publis...
29/04/2024
What's going on at Paramount Global?
CEO Bob Bakish is expected to leave the company as early as today, with a new leadership committee likely to run the company on an interim basis By Jenny Pries...
29/04/2024
Meet the director of media and entertainment and strategic products
Albena Ivanova, director, media and entertainment and strategic products at CHAOS talks to TVBEurope about her route into the industry By TVBEurope Staff Pub...
29/04/2024
Anna Valley brand name acquired by AV company Grand Technix
The acquisition gives Grand Technix the opportunity to expand its footprint in the audio visual and broadcast technology sectors By Jenny Priestley Published...
29/04/2024
Screen Australia announces James J. Robinson's debut feature First Light
29 04 2024 - Media release Screen Australia announces James J. Robinson's debut feature First Light First Light Principal Photography is underway on Firs...
29/04/2024
Capitol Broadcasting Becomes First Company Inducted into NC Media and Journalism Hall of Fame
Capitol Broadcasting recently became the inaugural company honored with inductio...
29/04/2024
Tonight on House of Zwide: Zanele tells a surprised Zola that Faith fully supports her dropping charges against him
Tonight on House of Zwide: Zanele tells a surprised Zola that Faith fully suppor...
29/04/2024
Tonight on Scandal: Nhlamulo's request has Mdala reeling
Tonight on Scandal: A line is crossed and a mother starts to lose focusDon't miss Friday, 26 April's riveting episode of South African soapie Scandal! o...
29/04/2024
Tonight on Skeem Saam: Evelyn puts measures in place to protect her son
Tonight on Skeem Saam: Evelyn puts measures in place to protect her sonDon't miss Monday, 29 April's riveting episode of South African soapie Skeem Saam...
29/04/2024
Uninterrupted and Tribeca Enterprises Partner for Second-Annual Uninterrupted Film Festival Powered by Tribeca Festival July 9-10 in Los Angeles
April 29th, 2024 UNINTERRUPTED AND TRIBECA ENTERPRISES PARTNER FOR SECOND-ANNUA...
29/04/2024
Rebrand and Refresh: SailGP Talks Bringing its Graphics Operations Inhouse for a Bright New Look to Keep Viewers Illuminated
Rebrand and refresh: SailGP talks bringing its graphics operations inhouse for a...
29/04/2024
Reflecting on a Storied Career: Sean McManus Looks Back While Keeping an Eye on the Future
Reflecting on a Storied Career: Sean McManus Looks Back While Keeping an Eye on ...
29/04/2024
Drones Take Flight Inside MSG: How Sky Candy Studios is Upping the Excitement for Knicks, Rangers Playoff Series
Drones Take Flight Inside MSG: How Sky Candy Studios is Upping the Excitement fo...
29/04/2024
Netflix Announces a Diverse Lineup of Polish Titles to Debut in 2024 With Established Creators Returning With New Series and Films
Back to All News Netflix Announces a Diverse Lineup of Polish Titles to Debut i...