SAN
FRANCISCO, Feb. 1, 2024 /PRNewswire/ -- Dolby
Laboratories, Inc. (NYSE:DLB) today announced the company's
financial results for the first quarter of fiscal 2024.
"Our first quarter results were in line with our expectations,"
said Kevin Yeaman, President and
CEO, Dolby Laboratories. "We continue to bring new Dolby
experiences to more people around the world across all of their
favorite entertainment content and devices, with particular
momentum this quarter in Dolby Atmos for cars."
First Quarter Fiscal 2024 Financial Highlights
- Total revenue was $315.6 million,
compared to $334.9 million for the
first quarter of fiscal 2023.
- GAAP net income was $67.0
million, or $0.69 per diluted
share, compared to GAAP net income of $79.4
million, or $0.82 per diluted
share, for the first quarter of fiscal 2023. On a non-GAAP basis,
first quarter net income was $98.6
million, or $1.01 per diluted
share, compared to $107.4 million, or
$1.11 per diluted share, for the
first quarter of fiscal 2023.
- Dolby repurchased 968 thousand shares of its common stock and
ended the quarter with approximately $132
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
- Apple announced support for Dolby Atmos for CarPlay.
- A leading Indian online video streaming service announced that
its platform will support Dolby Vision, in addition to currently
supporting Dolby Atmos.
- Zeeker, a premium electric vehicle brand in China, launched the Zeekr 007 that supports
Dolby Atmos.
- Dolby and Ed Sheeran celebrate
the transformative experience of Dolby Atmos Music in new
"Love More" global brand
campaign.
Dividend
Today, Dolby announced a cash dividend of $0.30 per share of Class A and Class B common
stock, payable on February 22, 2024, to stockholders of record
as of the close of business on February 13, 2024.
Financial Outlook
Dolby's financial outlook relies, in part, on estimates of
royalty-based revenue that take into consideration various factors
that are subject to uncertainty, including consumer demand for
electronic products. In addition, actual results could differ
materially from the estimates Dolby is providing below due in part
to uncertainty resulting from the macroeconomic effect of certain
conditions, including supply chain constraints, international
conflicts, geopolitical instability, and fluctuations in inflation
and interest rates. The uncertainty resulting from these factors
has greatly reduced its visibility into Dolby's future outlook. To
the extent possible, the estimates Dolby is 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 Dolby faces, and the
section captioned "Risk Factors" in its Quarterly Report on Form
10-Q for the first quarter of fiscal 2024, to be filed on or around
the date hereof.
Dolby is providing the following estimates for its second
quarter of fiscal 2024:
- Total revenue is estimated to range from $345 million to $375
million.
- Gross margins are anticipated to be approximately 90%.
- Operating expenses are anticipated to range from $215 million to $225
million on a GAAP basis and from $180
million to $190 million on a
non-GAAP basis.
- Effective tax rate is anticipated to be roughly 23% on a GAAP
basis and roughly 20% on a non-GAAP basis.
- Diluted earnings per share is anticipated to range from
$0.82 to $0.97 on a GAAP basis and from $1.14 to $1.29 on a
non-GAAP basis.
Dolby is providing the following estimates for the full
year of fiscal 2024:
- Total revenue is expected to be roughly $1.30 billion.
- Gross margins are anticipated to be roughly 89%.
- Operating expenses are anticipated to range from $885 million to $895
million on a GAAP basis and from $740
million to $750 million on a
non-GAAP basis.
- Dolby expects operating margins on a GAAP basis to be roughly
20% and on a non-GAAP basis to be roughly 32%.
- Diluted earnings per share is anticipated to range from
$2.30 to $2.45 on a GAAP basis and from $3.60 to $3.75 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 2024
financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m.
ET) on Thursday, February 1, 2024. Access to the
teleconference will be available at
http://investor.dolby.com or by dialing 1-888-210-2212
(+1-646-960-0390 for international callers) and entering
confirmation code 5587811.
A replay of the call will be available from 5:00 p.m. PT (8:00 p.m.
ET) on Thursday, February 1, 2024, until 8:59 p.m. PT (11:59 p.m.
ET) on Thursday, February 8,
2024 by dialing 1-800-770-2030 (+1-647-362-9199 for
international callers) and entering the confirmation code 5587811.
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, Dolby excludes the following as
adjustments from one or more of its 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 Dolby grants. These assumptions may
differ from those used by other companies. To facilitate more
meaningful comparisons between its underlying operating results and
those of other companies, Dolby excludes stock-based compensation
expense.
Amortization of acquisition-related intangibles: Dolby
amortizes intangible assets acquired in connection with
acquisitions. These intangible assets consist of patents and
technology, customer relationships, and other intangibles. Dolby
records amortization charges relating to these intangible assets in
its GAAP financial statements, and Dolby views these charges as
items arising from pre-acquisition activities that are determined
by the timing and valuation of its acquisitions. As these
amortization charges do not directly correlate to its operations
during any particular period, Dolby excludes these charges to
facilitate an evaluation of its current operating performance and
comparisons to its past operating results.
Restructuring charges or credits: Restructuring
charges are costs associated with restructuring plans and primarily
relate to costs associated with exit or disposal activities,
employee severance benefits, and asset impairments. Dolby excludes
restructuring costs, including any adjustments to charges recorded
in prior periods (which may be credits), as Dolby believes that
these costs are not representative of its normal operating
activities and therefore, excluding these amounts enables a more
effective comparison of its past operating performance and to that
of other companies.
Income tax adjustments: The income tax effects of the
aforementioned non-GAAP adjustments do not directly correlate to
its operating performance so Dolby believes that excluding such
income tax effects provides a more meaningful view of its
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 and in our earnings
calls, including, but not limited to, expected financial results
for the second quarter of fiscal 2024 and full year fiscal 2024,
Dolby's ability to expand existing business, navigate challenging
periods, pursue its long-term growth opportunities, and advance its
other long-term objectives 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 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; the
level at which Dolby technologies are incorporated into products
and the consumer demand for such products; 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 adverse impact to
Dolby's revenue recognized on box-office sales and demand for
cinema products and services; and macroeconomic conditions that
affect discretionary spending and access to products that contain
Dolby technologies); risks associated with geopolitical issues and
international conflicts; 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
maintaining patent coverage; 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 and cinema industries generally, including
the potential impacts of the recent strikes by the WGA and
SAG-AFTRA; 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 its Quarterly Report on Form 10-Q filed on or
around the date hereof. Dolby may not actually achieve the plans,
intentions, or expectations disclosed in its forward-looking
statements. Forward-looking statements are based upon information
available to us as of the date of such statements, and while Dolby
believes 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. Except as required by law,
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. Dolby
partners 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 29,
2023
|
December 30,
2022
|
Revenue:
|
|
|
Licensing
|
$
293,767
|
$
308,011
|
Products and
services
|
21,807
|
26,910
|
Total
revenue
|
315,574
|
334,921
|
|
|
|
Cost of
revenue:
|
|
|
Cost of
licensing
|
15,736
|
13,359
|
Cost of products
and services
|
16,324
|
21,091
|
Total cost of
revenue
|
32,060
|
34,450
|
|
|
|
Gross
profit
|
283,514
|
300,471
|
|
|
|
Operating
expenses:
|
|
|
Research and
development
|
67,033
|
64,450
|
Sales and
marketing
|
79,003
|
82,205
|
General and
administrative
|
65,166
|
59,972
|
Restructuring
charges/(credits)
|
6,091
|
(244)
|
Total operating
expenses
|
217,293
|
206,383
|
|
|
|
Operating
income
|
66,221
|
94,088
|
|
|
|
Other
income/(expense):
|
|
|
Interest
income/(expense), net
|
9,187
|
4,797
|
Other income,
net
|
5,425
|
1,097
|
Total other
income
|
14,612
|
5,894
|
|
|
|
Income before income
taxes
|
80,833
|
99,982
|
Provision for
income taxes
|
(13,252)
|
(20,534)
|
Net income including
noncontrolling interest
|
67,581
|
79,448
|
Less: net
income attributable to noncontrolling interest
|
(600)
|
(73)
|
Net income
attributable to Dolby Laboratories, Inc.
|
$
66,981
|
$
79,375
|
|
|
|
Net income per
share:
|
|
|
Basic
|
$
0.70
|
$
0.83
|
Diluted
|
$
0.69
|
$
0.82
|
Weighted-average shares
outstanding:
|
|
|
Basic
|
95,376
|
95,905
|
Diluted
|
97,439
|
97,047
|
DOLBY LABORATORIES,
INC.
INTERIM CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands;
unaudited)
|
|
|
December 29,
2023
|
September
29,
2023
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
656,816
|
$
745,364
|
Restricted
cash
|
51,842
|
72,602
|
Short-term
investments
|
140,823
|
139,148
|
Accounts receivable,
net
|
293,228
|
262,245
|
Contract assets,
net
|
217,559
|
182,130
|
Inventories,
net
|
37,568
|
35,623
|
Prepaid expenses and
other current assets
|
53,519
|
50,692
|
Total current
assets
|
1,451,355
|
1,487,804
|
Long-term
investments
|
92,876
|
97,812
|
Property, plant, and
equipment, net
|
479,321
|
481,581
|
Operating lease
right-of-use assets
|
38,001
|
40,199
|
Goodwill and
intangible assets, net
|
570,329
|
575,836
|
Deferred
taxes
|
206,667
|
201,860
|
Other non-current
assets
|
96,980
|
94,674
|
Total
assets
|
$
2,935,529
|
$
2,979,766
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
14,395
|
$
20,925
|
Accrued
liabilities
|
327,186
|
351,399
|
Income taxes
payable
|
6,189
|
4,769
|
Contract
liabilities
|
33,404
|
31,505
|
Operating lease
liabilities
|
12,922
|
13,628
|
Total current
liabilities
|
394,096
|
422,226
|
Non-current contract
liabilities
|
36,994
|
39,997
|
Non-current operating
lease liabilities
|
34,319
|
37,020
|
Other non-current
liabilities
|
107,810
|
108,339
|
Total
liabilities
|
573,219
|
607,582
|
|
|
|
Stockholders'
equity:
|
|
|
Class A common
stock
|
53
|
53
|
Class B common
stock
|
41
|
41
|
Retained
earnings
|
2,367,182
|
2,391,990
|
Accumulated other
comprehensive loss
|
(21,428)
|
(36,984)
|
Total stockholders'
equity – Dolby Laboratories, Inc.
|
2,345,848
|
2,355,100
|
Noncontrolling
interest
|
16,462
|
17,084
|
Total stockholders'
equity
|
2,362,310
|
2,372,184
|
Total liabilities
and stockholders' equity
|
$
2,935,529
|
$
2,979,766
|
DOLBY LABORATORIES,
INC.
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands;
unaudited)
|
|
|
Fiscal Quarter
Ended
|
|
December 29,
2023
|
December 30,
2022
|
Operating
activities:
|
|
|
Net income including
noncontrolling interest
|
$
67,581
|
$
79,448
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
Depreciation
and amortization
|
17,872
|
19,155
|
Stock-based
compensation
|
31,894
|
31,240
|
Amortization of
operating lease right-of-use assets
|
3,088
|
3,207
|
Amortization of
premium on investments
|
(895)
|
81
|
Benefit from
credit losses
|
(2,101)
|
(1,030)
|
Deferred income
taxes
|
(5,397)
|
(8,255)
|
Other non-cash
items affecting net income
|
(1,745)
|
(3,467)
|
Changes in
operating assets and liabilities:
|
|
|
Accounts
receivable, net
|
(28,935)
|
(45,153)
|
Contract
assets, net
|
(35,400)
|
(39,843)
|
Inventories
|
(9,297)
|
(501)
|
Operating lease
right-of-use assets
|
570
|
1,690
|
Prepaid
expenses and other assets
|
5,866
|
2,168
|
Accounts
payable and accrued liabilities
|
(31,993)
|
5,765
|
Income taxes,
net
|
6,184
|
15,292
|
Contract
liabilities
|
(1,116)
|
3,277
|
Operating lease
liabilities
|
(4,264)
|
(5,430)
|
Other
non-current liabilities
|
(3,503)
|
(1,249)
|
Net cash provided by
operating activities
|
8,409
|
56,395
|
|
|
|
Investing
activities:
|
|
|
Purchases of
marketable securities
|
(35,753)
|
(72,790)
|
Proceeds from sales of
marketable securities
|
1,226
|
51,782
|
Proceeds from
maturities of marketable securities
|
41,259
|
56,525
|
Purchases of property,
plant, and equipment
|
(6,099)
|
(7,217)
|
Net cash provided by
investing activities
|
633
|
28,300
|
|
|
|
Financing
activities:
|
|
|
Proceeds from issuance
of common stock
|
18,301
|
10,954
|
Repurchase of common
stock
|
(80,002)
|
(49,412)
|
Payment of cash
dividend
|
(28,552)
|
(25,869)
|
Distribution to
noncontrolling interest
|
(1,047)
|
(266)
|
Shares repurchased for
tax withholdings on vesting of restricted stock
|
(34,562)
|
(25,000)
|
Equity issued in
connection with business combination
|
722
|
—
|
Payment of deferred
consideration for prior business combinations
|
—
|
(500)
|
Net cash used in
financing activities
|
(125,140)
|
(90,093)
|
|
|
|
Effect of foreign
exchange rate changes on cash, cash equivalents, and restricted
cash
|
6,790
|
8,504
|
Net increase/(decrease)
in cash, cash equivalents, and restricted cash
|
(109,308)
|
3,106
|
Cash, cash equivalents,
and restricted cash at beginning of period
|
817,966
|
628,371
|
Cash, cash equivalents,
and restricted cash at end of period
|
$
708,658
|
$
631,477
|
GAAP to Non-GAAP
Reconciliations
|
(unaudited)
|
|
|
|
|
|
|
|
The following tables
present Dolby's GAAP financial measures reconciled to the non-GAAP
financial measures included in this release for the
first quarters of
fiscal 2024 and fiscal 2023:
|
|
|
|
|
|
|
|
Net
income:
|
|
|
|
Fiscal Quarter
Ended
|
(in
thousands)
|
|
|
|
|
December 29,
2023
|
December 30,
2022
|
GAAP net
income
|
|
|
|
|
$
66,981
|
$
79,375
|
Stock-based
compensation (1)
|
|
|
|
|
31,894
|
31,240
|
Amortization of
acquisition-related intangibles (2)
|
|
|
|
|
3,124
|
1,347
|
Restructuring
charges/(credits)
|
|
|
|
|
6,091
|
(244)
|
Income tax
adjustments
|
|
|
|
|
(9,450)
|
(4,288)
|
Non-GAAP net
income
|
|
|
|
|
$
98,640
|
$
107,430
|
|
|
|
|
|
|
|
(1) Stock-based
compensation included in above line items:
|
|
|
|
|
|
|
Cost of
products and services
|
|
|
|
|
$
410
|
$
502
|
Research
and development
|
|
|
|
|
10,106
|
10,676
|
Sales and
marketing
|
|
|
|
|
10,481
|
10,727
|
General
and administrative
|
|
|
|
|
10,897
|
9,335
|
|
|
|
|
|
|
|
(2) Amortization of
acquisition-related intangibles included in above line
items:
|
|
|
|
Cost of
licensing
|
|
|
|
|
$
62
|
$
62
|
Cost of
products and services
|
|
|
|
|
534
|
866
|
Research
and development
|
|
|
|
|
—
|
127
|
Sales and
marketing
|
|
|
|
|
656
|
805
|
General
and administrative
|
|
|
|
|
1,872
|
(513)
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
Fiscal Year
Ended
|
|
|
|
|
|
December 29,
2023
|
December 30,
2022
|
GAAP diluted earnings
per share
|
|
|
|
|
$
0.69
|
$
0.82
|
Stock-based
compensation
|
|
|
|
|
0.33
|
0.32
|
Amortization of
acquisition-related intangibles
|
|
|
|
|
0.03
|
0.01
|
Restructuring
charges
|
|
|
|
|
0.06
|
—
|
Income tax
adjustments
|
|
|
|
|
(0.10)
|
(0.04)
|
Non-GAAP diluted
earnings per share
|
|
|
|
|
$
1.01
|
$
1.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding - diluted (in thousands)
|
|
|
|
|
97,439
|
97,047
|
|
|
|
|
|
|
|
The following tables
present a reconciliation between GAAP and non-GAAP versions of the
estimated financial measures for the second quarter
of fiscal 2024 and full
year fiscal 2024 included in this release:
|
|
|
|
|
|
|
|
Operating expenses
(in millions):
|
|
|
Q2
2024
|
|
|
Fiscal
2024
|
GAAP operating expenses
(low - high end of range)
|
|
|
$215 - $225
|
|
|
$885 - $895
|
Stock-based
compensation
|
|
|
(32)
|
|
|
(127)
|
Amortization of
acquisition-related intangibles
|
|
|
(3)
|
|
|
(12)
|
Restructuring
charges
|
|
|
—
|
|
|
(6)
|
Non-GAAP operating
expenses (low - high end of range)
|
|
|
$180 - $190
|
|
|
$740 - $750
|
|
|
|
|
|
|
|
Operating
margin:
|
|
|
|
|
Fiscal
2024
|
GAAP operating
margin
|
|
|
|
|
|
20% +/-
|
Stock-based
compensation
|
|
|
|
|
|
10 %
|
Amortization of
acquisition-related intangibles
|
|
|
|
|
|
1 %
|
Restructuring
charges
|
|
|
|
|
|
1 %
|
Non-GAAP operating
margin
|
|
|
|
|
|
32% +/-
|
|
|
|
|
|
|
|
Effective tax
rate:
|
|
|
|
|
|
Q2
2024
|
GAAP effective tax
rate
|
|
|
|
|
|
23 %
|
Stock-based
compensation (low - high end of range)
|
|
|
|
|
|
(2%) - (0%)
|
Amortization of
acquisition-related intangibles (low - high end of
range)
|
|
|
|
|
|
(1%) - 0%
|
Restructuring charges
(low - high end of range)
|
|
|
|
|
|
(1%) - 1%
|
Non-GAAP effective tax
rate
|
|
|
|
|
|
20 %
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
Q2
2024
|
|
Fiscal
2024
|
|
|
Low
|
High
|
|
Low
|
High
|
GAAP diluted earnings
per share
|
|
$
0.82
|
$
0.97
|
|
$
2.30
|
$
2.45
|
Stock-based
compensation
|
|
0.33
|
0.33
|
|
1.30
|
1.30
|
Amortization of
acquisition-related intangibles
|
|
0.03
|
0.03
|
|
0.14
|
0.14
|
Restructuring
charges
|
|
—
|
—
|
|
0.06
|
0.06
|
Income tax
adjustments
|
|
(0.04)
|
(0.04)
|
|
(0.20)
|
(0.20)
|
Non-GAAP diluted
earnings per share
|
|
$
1.14
|
$
1.29
|
|
$
3.60
|
$
3.75
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding - diluted (in millions)
|
|
97
|
97
|
|
98
|
98
|
Investor Contact:
Peter
Goldmacher
415-254-7415
peter.goldmacher@dolby.com
Media Contact:
Rachel
Lowery
media@dolby.com
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SOURCE Dolby Laboratories, Inc.