Wednesday, April 24, 2024

Dolby Publishes 3Q Fiscal 2023 Financial Results

Dolby Laboratories, Inc. (NYSE:DLB) has announced the company’s financial results for the third quarter of fiscal 2023.

“We continue to transform the way people enjoy their content,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “We remain focused on growing Dolby Atmos and Dolby Vision across our movies and TV, music and user-generated content ecosystems.”

Third Quarter Fiscal 2023 Financial Highlights:

  • Total revenue was USD$298.4 million, compared to $289.6 million for the third quarter of fiscal 2022.
  • GAAP net income was $16.4 million, or $0.17 per diluted share, compared to GAAP net income of $39.6 million, or $0.39 per diluted share, for the third quarter of fiscal 2022. On a non-GAAP basis, third quarter net income was $54.1 million, or $0.55 per diluted share, compared to $68.7 million, or $0.68 per diluted share, for the third quarter of fiscal 2022.
  • Cash flow from operations was $121.1 million, compared to $172.6 million for the third quarter of fiscal 2022.
  • Dolby repurchased 0.3 million shares of its common stock and ended the quarter with approximately $237 million of stock repurchase authorization available going forward.

Recent Business Highlights:

  • Dolby Atmos Music is now available on WYNK Music in India.
  • Max launched their top-tier service with Dolby Atmos and Dolby Vision.
  • Moj, a large social media platform in India, adopted Dolby Vision.
  • NIO and Lotus launched car models that support Dolby Atmos in Europe.
  • Sony Interactive Entertainment announced that the PS5 will unlock support for compatible Dolby Atmos-enabled living room devices.
  • TCL announced they are expanding Dolby Vision and Dolby Atmos on their regional TV models in India.
  • Viddsee, a short-film video platform based in Singapore, adopted Dolby Vision and Dolby Atmos.

Dividend

Dolby announced a cash dividend of $0.27 per share of Class A and Class B common stock, payable on August 22, 2023, to stockholders of record as of the close of business on August 14, 2023.

Estimates for the full year of fiscal 2023:

  • Total revenue is expected to range from $1.285 billion to $1.315 billion.
  • Gross margins are anticipated to be roughly 87.5% on a GAAP basis and roughly 88.0% on a non-GAAP basis.
  • Operating expenses are anticipated to range from $900 million to $910 million on a GAAP basis and from $760 million to $770 million on a non-GAAP basis.
  • Dolby expects operating margins on a GAAP basis to be roughly 18% and on a non-GAAP basis to be roughly 30%.
  • Diluted earnings per share is anticipated to range from $2.10 to $2.30 on a GAAP basis and from $3.30 to $3.50 on a non-GAAP basis.

Estimates for its fourth quarter of fiscal 2023:

  • Total revenue is estimated to range from $275 million to $305 million.
  • Gross margins are anticipated to be roughly 86.5% on a GAAP basis and roughly 87.5% on a non-GAAP basis.
  • Operating expenses are anticipated to range from $227 million to $237 million on a GAAP basis and from $195 million to $205 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 $0.10 to $0.30 on a GAAP basis and from $0.40 to $0.60 on a non-GAAP basis.

Visit https://investor.dolby.com/

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