– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
SAN FRANCISCO, May 05, 2022 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the company's financial results for the second quarter of fiscal 2022. For the second quarter, Dolby reported total revenue of $334.4 million, compared to $319.6 million for the second quarter of fiscal 2021.
"We feel confident about our long term growth opportunities despite near term headwinds," said Kevin Yeaman, President and CEO, Dolby Laboratories. "Our partners continue to enable a growing number of Dolby Vision and Dolby Atmos experiences through content and devices, and we are expanding our business with new immersive experiences through Dolby.io."
Second quarter GAAP net income was $36.7 million, or $0.36 per diluted share, compared to GAAP net income of $76.2 million, or $0.73 per diluted share, for the second quarter of fiscal 2021. On a non-GAAP basis, second quarter net income was $94.0 million, or $0.92 per diluted share, compared to $94.8 million, or $0.91 per diluted share, for the second quarter of fiscal 2021. Second quarter cash flows from operations was $63.0 million, compared to $83.5 million for the second quarter of fiscal 2021. 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
Dolby continues to monitor the COVID-19 pandemic and its impact on our company. The safety and well-being of our employees and supporting our communities continue to be priorities. Our revenue continues to be impacted across various markets within licensing and products and services. The implications of COVID-19 on our future results of operations remain uncertain.
Dolby’s financial results for the second quarter of fiscal 2022 rely on estimates of royalty-based revenue that take into consideration the macroeconomic effect of global events, including COVID-19, supply chain constraints, and consumer demand for electronic products. For more information, see the section captioned "Risk Factors" in our Quarterly Report on Form 10-Q for the second quarter of fiscal 2022, filed on or around the date hereof.
Today, Dolby announced a cash dividend of $0.25 per share of Class A and Class B common stock, payable on May 25, 2022, to stockholders of record as of the close of business on May 17, 2022.
Financial Outlook - Third Quarter and Full Year of Fiscal 2022
Our actual results could differ materially from the estimates we are providing due in part to the increased uncertainty from the ongoing implications of the COVID-19 pandemic in Asia, particularly the shutdowns in China, the geopolitical instability in Europe, and continuing concerns around inflation and supply constraints globally. 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 second quarter of fiscal 2022, filed on or around the date hereof.
Third Quarter of Fiscal 2022
Dolby is providing the following estimates for its third quarter of fiscal 2022:
Full Year Fiscal 2022
Dolby is also providing the following estimates for its full year fiscal 2022:
Conference Call Information
Members of Dolby management will lead a conference call open to all interested parties to discuss second quarter fiscal 2022 financial results for Dolby Laboratories at 1:30 p.m. PT (4:30 p.m. ET) on Thursday, May 5, 2022. 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 540172.
A replay of the call will be available from 4:30 p.m. PT (7:30 p.m. ET) on Thursday, May 5, 2022, until 10:30 p.m. PT on Thursday, May 12, 2022 (1:30 a.m. ET on Friday, May 13, 2022), by dialing 1-866-813-9403 (international callers can access the replay by dialing +44-204-525-0658) and entering the confirmation code 703673. 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 provides certain non-GAAP financial measures to provide investors with 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. 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, and often remain unchanged between reporting periods, we exclude these charges to facilitate an evaluation of our current operating results and comparisons to our past operating performance.
Restructuring charges: 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. We exclude restructuring costs, including any adjustments to charges recorded in prior periods, 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.
Other operating income adjustments: In the second quarter of fiscal 2022, we recorded an expense of $34.4 million related to a one-time settlement and accrual in connection with indemnification requests under commercial agreements that we assumed in an acquisition in 2014 related to our Cinema products business. We expect this settlement and related accrual to fully resolve this matter. Also, in the first quarter of fiscal 2021, we recorded a one-time gain on the sale of property, which was previously classified as held for sale. The property was 51% owned by the controlling interest, therefore 51% of the gain recognized has been attributed to the controlling interest. We have excluded both of these items as they are unusual, non-recurring events that are not representative of our normal operating activities and therefore, excluding these amounts enables a more effective comparison to our past operating performance.
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. Dolby's management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, 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. 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 expected financial results for the third quarter of fiscal 2022 and full year fiscal 2022, our ability to advance our long-term objectives, and future dividend payments are "forward-looking statements" that are subject to 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 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; 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, Cinema, Developer Platform Services, and Other Markets; the loss of, or reduction in sales by, a key customer, partner, or licensee; pricing pressures; risks that the continued shift in content distribution from optical disc-based and other traditional media to online and streaming media content could result in fewer devices with Dolby technologies or less revenue from such devices; 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 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 most recent quarterly report on Form 10-Q. 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, Inc. in the United States and/or other countries. Other trademarks remain the property of their respective owners. DLB-F
DOLBY LABORATORIES, INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts; unaudited) | |||||||||||||
| Fiscal Quarter Ended | Fiscal Year-To-Date Ended | ||||||||||||
| April 1, 2022 | March 26, 2021 | April 1, 2022 | March 26, 2021 | ||||||||||
| Revenue: | |||||||||||||
| Licensing | $ | 313,833 | $ | 303,585 | $ | 646,117 | $ | 676,590 | |||||
| Products and services | 20,538 | 15,973 | 39,887 | 32,842 | |||||||||
| Total revenue | 334,371 | 319,558 | 686,004 | 709,432 | |||||||||
| Cost of revenue: | |||||||||||||
| Cost of licensing | 16,672 | 16,060 | 31,607 | 29,006 | |||||||||
| Cost of products and services | 18,843 | 16,318 | 36,617 | 38,676 | |||||||||
| Total cost of revenue | 35,515 | 32,378 | 68,224 | 67,682 | |||||||||
| Gross margin | 298,856 | 287,180 | 617,780 | 641,750 | |||||||||
| Operating expenses: | |||||||||||||
| Research and development | 67,421 | 65,808 | 136,245 | 129,580 | |||||||||
| Sales and marketing | 84,230 | 78,046 | 181,400 | 153,491 | |||||||||
| General and administrative | 98,693 | 59,398 | 161,137 | 113,852 | |||||||||
| Gain on sale of assets | — | — | — | (13,871 | ) | ||||||||
| Restructuring charges | 5,162 | 741 | 5,067 | 10,764 | |||||||||
| Total operating expenses | 255,506 | 203,993 | 483,849 | 393,816 | |||||||||
| Operating income | 43,350 | 83,187 | 133,931 | 247,934 | |||||||||
| Other income/(expense): | |||||||||||||
| Interest income | 1,098 | 962 | 1,814 | 1,936 | |||||||||
| Interest expense | (87 | ) | (167 | ) | (171 | ) | (252 | ) | |||||
| Other income/(expense), net | (910 | ) | 1,385 | (681 | ) | 2,711 | |||||||
| Total other income | 101 | 2,180 | 962 | 4,395 | |||||||||
| Income before income taxes | 43,451 | 85,367 | 134,893 | 252,329 | |||||||||
| Provision for income taxes | (6,932 | ) | (9,022 | ) | (18,364 | ) | (33,294 | ) | |||||
| Net income including controlling interest | 36,519 | 76,345 | 116,529 | 219,035 | |||||||||
| Less: net (income)/loss attributable to controlling interest | 201 | (128 | ) | 205 | (7,620 | ) | |||||||
| Net income attributable to Dolby Laboratories, Inc. | $ | 36,720 | $ | 76,217 | $ | 116,734 | $ | 211,415 | |||||
| Net income per share: | |||||||||||||
| Basic | $ | 0.36 | $ | 0.75 | $ | 1.15 | $ | 2.09 | |||||
| Diluted | $ | 0.36 | $ | 0.73 | $ | 1.13 | $ | 2.02 | |||||
| Weighted-average shares outstanding: | |||||||||||||
| Basic | 101,343 | 101,464 | 101,285 | 101,090 | |||||||||
| Diluted | 102,707 | 104,581 | 103,477 | 104,414 | |||||||||
DOLBY LABORATORIES, INC. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands; unaudited) | ||||||
| April 1, 2022 | September 24, 2021 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 900,393 | $ | 1,225,380 | ||
| Restricted cash | 8,445 | 7,652 | ||||
| Short-term investments | 141,688 | 38,839 | ||||
| Accounts receivable, net | 227,263 | 232,609 | ||||
| Contract assets, net | 258,846 | 182,316 | ||||
| Inventories, net | 16,623 | 10,965 | ||||
| Prepaid expenses and other current assets | 68,312 | 62,737 | ||||
| Total current assets | 1,621,570 | 1,760,498 | ||||
| Long-term investments | 124,142 | 62,819 | ||||
| Property, plant and equipment, net | 527,623 | 534,381 | ||||
| Operating lease right-of-use assets | 58,934 | 67,128 | ||||
| Goodwill and intangible assets, net | 498,019 | 463,584 | ||||
| Deferred taxes | 175,238 | 156,020 | ||||
| Other non-current assets | 57,464 | 61,257 | ||||
| Total assets | $ | 3,062,990 | $ | 3,105,687 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 11,373 | $ | 17,779 | ||
| Accrued liabilities | 228,545 | 262,728 | ||||
| Income taxes payable | 3,519 | 1,334 | ||||
| Contract liabilities | 22,109 | 18,473 | ||||
| Operating lease liabilities | 15,413 | 15,403 | ||||
| Total current liabilities | 280,959 | 315,717 | ||||
| Non-current contract liabilities | 24,569 | 23,713 | ||||
| Non-current operating lease liabilities | 48,191 | 56,715 | ||||
| Other non-current liabilities | 104,083 | 105,310 | ||||
| Total liabilities | 457,802 | 501,455 | ||||
| Stockholders’ equity: | ||||||
| Class A common stock | 58 | 59 | ||||
| Class B common stock | 41 | 41 | ||||
| Retained earnings | 2,615,354 | 2,607,909 | ||||
| Accumulated other comprehensive loss | (15,681 | ) | (10,030 | ) | ||
| Total stockholders’ equity – Dolby Laboratories, Inc. | 2,599,772 | 2,597,979 | ||||
| Controlling interest | 5,416 | 6,253 | ||||
| Total stockholders’ equity | 2,605,188 | 2,604,232 | ||||
| Total liabilities and stockholders’ equity | $ | 3,062,990 | $ | 3,105,687 | ||
DOLBY LABORATORIES, INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited) | ||||||
| Fiscal Year-To-Date Ended | ||||||
| April 1, 2022 | March 26, 2021 | |||||
| Operating activities: | ||||||
| Net income including controlling interest | $ | 116,529 | $ | 219,035 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 45,832 | 47,399 | ||||
| Stock-based compensation | 60,355 | 50,726 | ||||
| Amortization of operating lease right-of-use assets | 7,953 | 8,538 | ||||
| Amortization of premium on investments | 673 | 697 | ||||
| Provision for/(benefit from) credit losses | 2,333 | (65 | ) | |||
| Deferred income taxes | (19,363 | ) | (16,992 | ) | ||
| Gain on sale of assets | — | (13,871 | ) | |||
| Other non-cash items affecting net income | 560 | (1,847 | ) | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable, net | 3,498 | (102,791 | ) | |||
| Contract assets, net | (76,447 | ) | (72,197 | ) | ||
| Inventories | (5,045 | ) | 10,398 | |||
| Operating lease right-of-use assets | (265 | ) | (1,729 | ) | ||
| Prepaid expenses and other assets | (1,683 | ) | 10,552 | |||
| Accounts payable and accrued liabilities | (37,472 | ) | 26,926 | |||
| Income taxes, net | 5,117 | 9,982 | ||||
| Contract liabilities | 4,364 | 3,589 | ||||
| Operating lease liabilities | (7,924 | ) | (6,987 | ) | ||
| Other non-current liabilities | (4,356 | ) | (5,735 | ) | ||
| Net cash provided by operating activities | 94,659 | 165,628 | ||||
| Investing activities: | ||||||
| Purchases of marketable securities | (201,231 | ) | (26,449 | ) | ||
| Proceeds from sales of marketable securities | 5,107 | 4,594 | ||||
| Proceeds from maturities of marketable securities | 29,055 | 18,620 | ||||
| Return of investment from equity method investees | 826 | — | ||||
| Purchases of property, plant, and equipment | (26,053 | ) | (28,887 | ) | ||
| Proceeds from sale of assets | — | 16,365 | ||||
| Payments for business combinations, net of cash acquired | (38,228 | ) | — | |||
| Purchases of intangible assets | (11,528 | ) | — | |||
| Purchases of other investments | (5,000 | ) | — | |||
| Net cash used in investing activities | (247,052 | ) | (15,757 | ) | ||
| Financing activities: | ||||||
| Proceeds from issuance of common stock | 35,062 | 71,157 | ||||
| Repurchase of common stock | (120,486 | ) | (110,775 | ) | ||
| Payment of cash dividend | (50,681 | ) | (44,574 | ) | ||
| Distribution to controlling interest | (1,435 | ) | (7,362 | ) | ||
| Shares repurchased for tax withholdings on vesting of restricted stock | (32,720 | ) | (29,216 | ) | ||
| Net cash used in financing activities | (170,260 | ) | (120,770 | ) | ||
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (1,541 | ) | 4,416 | |||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | (324,194 | ) | 33,517 | |||
| Cash, cash equivalents, and restricted cash at beginning of period | 1,233,032 | 1,079,979 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 908,838 | $ | 1,113,496 | ||
| 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 second quarter and year-to-date period ended April 1, 2022 and March 26, 2021: | ||||||||||||||
| Net income: | Fiscal Quarter Ended | Fiscal Year-To-Date Ended | ||||||||||||
| April 1, 2022 | March 26, 2021 | April 1, 2022 | March 26, 2021 | |||||||||||
| GAAP net income | $ | 36.7 | $ | 76.2 | $ | 116.7 | $ | 211.4 | ||||||
| Stock-based compensation(1) | 27.7 | 24.4 | 60.4 | 50.7 | ||||||||||
| Amortization of acquisition-related intangibles(2) | 2.7 | 2.5 | 5.5 | 5.0 | ||||||||||
| Other operating income adjustments | 34.4 | — | 34.4 | (6.8 | ) | |||||||||
| Restructuring charges | 5.2 | 0.8 | 5.1 | 10.8 | ||||||||||
| Income tax adjustments | (12.7 | ) | (9.1 | ) | (23.6 | ) | (23.0 | ) | ||||||
| Non-GAAP net income | $ | 94.0 | $ | 94.8 | $ | 198.5 | $ | 248.1 | ||||||
| (1) Stock-based compensation included in above line items: | ||||||||||||||
| Cost of products and services | $ | 0.3 | $ | 0.5 | $ | 0.9 | $ | 1.1 | ||||||
| Research and development | 9.2 | 7.2 | 19.3 | 15.1 | ||||||||||
| Sales and marketing | 9.8 | 9.1 | 22.1 | 18.9 | ||||||||||
| General and administrative | 8.4 | 7.6 | 18.1 | 15.6 | ||||||||||
| (2) Amortization of acquisition-related intangibles included in above line items: | ||||||||||||||
| Cost of licensing | $ | 0.6 | $ | 0.7 | $ | 1.3 | $ | 1.4 | ||||||
| Cost of products and services | 0.6 | 0.9 | 1.5 | 1.8 | ||||||||||
| Research and development | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||
| Sales and marketing | 1.1 | 0.8 | 2.2 | 1.6 | ||||||||||
| General and administrative | 0.3 | — | 0.3 | — | ||||||||||
| Diluted earnings per share: | Fiscal Quarter Ended | Fiscal Year-To-Date Ended | ||||||||||||
| April 1, 2022 | March 26, 2021 | April 1, 2022 | March 26, 2021 | |||||||||||
| GAAP diluted earnings per share | $ | 0.36 | $ | 0.73 | $ | 1.13 | $ | 2.02 | ||||||
| Stock-based compensation | 0.27 | 0.24 | 0.58 | 0.49 | ||||||||||
| Amortization of acquisition-related intangibles | 0.03 | 0.02 | 0.06 | 0.04 | ||||||||||
| Other operating income adjustments | 0.33 | — | 0.33 | (0.06 | ) | |||||||||
| Restructuring charges | 0.05 | 0.01 | 0.04 | 0.11 | ||||||||||
| Income tax adjustments | (0.12 | ) | (0.09 | ) | (0.22 | ) | (0.22 | ) | ||||||
| Non-GAAP diluted earnings per share | $ | 0.92 | $ | 0.91 | $ | 1.92 | $ | 2.38 | ||||||
| Shares used in computing diluted earnings per share | 103 | 105 | 103 | 104 | ||||||||||
| The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial amounts for the third quarter of fiscal 2022 and fiscal 2022 included in this release: | ||||||||||||||
| Gross margin: | Q3 2022 | |||||||||||||
| GAAP gross margin (low - high end of range) | 88.5% - 89.5% | |||||||||||||
| Stock-based compensation | 0.2 | % | ||||||||||||
| Amortization of acquisition-related intangibles | 0.3 | % | ||||||||||||
| Non-GAAP gross margin (low - high end of range) | 89% - 90% | |||||||||||||
| Operating expenses: | Q3 2022 | Fiscal 2022 | ||||||||||||
| GAAP operating expenses (low - high end of range) | $214 - $224 | $905 - $925 | ||||||||||||
| Stock-based compensation | (28 | ) | (117 | ) | ||||||||||
| Amortization of acquisition-related intangibles | (1 | ) | (4 | ) | ||||||||||
| Other operating income adjustments | — | (34 | ) | |||||||||||
| Restructuring charges, net | — | (5 | ) | |||||||||||
| Non-GAAP operating expenses (low - high end of range) | $185 - $195 | $745 - $765 | ||||||||||||
| Operating margin: | Fiscal 2022 | |||||||||||||
| GAAP operating margin (low - high end of range) | 19% - 21% | |||||||||||||
| Stock-based compensation | 9 | % | ||||||||||||
| Amortization of acquisition-related intangibles | 1 | % | ||||||||||||
| Other operating income adjustments | 3 | % | ||||||||||||
| Non-GAAP operating margin (low - high end of range) | 32% - 34% | |||||||||||||
| Effective tax rate: | Q3 2022 | Fiscal 2022 | ||||||||||||
| GAAP effective tax rate (low - high end of range) | 19% - 20% | 16% - 18% | ||||||||||||
| Stock-based compensation (low - high end of range) | 2% - 3% | 2% - 5% | ||||||||||||
| Amortization of acquisition-related intangibles (low - high end of range) | (1%) - 0% | (1%) - 1% | ||||||||||||
| Other (low - high end of range) | (1%) - 0% | (1%) - 0% | ||||||||||||
| Non-GAAP effective tax rate (low - high end of range) | 18% - 19% | 17% - 19% | ||||||||||||
| Diluted earnings per share: | Q3 2022 | Fiscal 2022 | ||||||||||||
| Low | High | Low | High | |||||||||||
| GAAP diluted earnings per share | $ | 0.28 | $ | 0.43 | $ | 1.98 | $ | 2.48 | ||||||
| Stock-based compensation | 0.29 | 0.29 | 1.15 | 1.15 | ||||||||||
| Amortization of acquisition-related intangibles | 0.02 | 0.02 | 0.08 | 0.08 | ||||||||||
| Other operating income adjustments | — | — | 0.33 | 0.33 | ||||||||||
| Restructuring charges, net | — | — | 0.05 | 0.05 | ||||||||||
| Income tax adjustments | (0.05 | ) | (0.05 | ) | (0.32 | ) | (0.32 | ) | ||||||
| Non-GAAP diluted earnings per share | $ | 0.54 | $ | 0.69 | $ | 3.27 | $ | 3.77 | ||||||
| Shares used in computing diluted earnings per share | 101 | 101 | 103 | 103 | ||||||||||
Investor Contact:Ashley SchwenohaDolby Laboratories, Inc.415-645-5506investor@dolby.com
Media Contact:Karen HartquistDolby Laboratories, Inc.415-505-8357karen.hartquist@dolby.com
САН-ФРАНЦИСКО, 05 мая 2022 года (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. (NYSE:DLB) сегодня объявила финансовые результаты компании за второй квартал 2022 финансового года. За второй квартал Dolby сообщила об общей выручке в размере 334,4 миллиона долларов по сравнению с 319,6 миллионами долларов за второй квартал 2021 финансового года.
"Мы уверены в наших возможностях долгосрочного роста, несмотря на краткосрочные трудности", - сказал Кевин Йиман, президент и главный исполнительный директор Dolby Laboratories. "Наши партнеры продолжают предоставлять все большее число возможностей Dolby Vision и Dolby Atmos с помощью контента и устройств, а мы расширяем наш бизнес за счет новых возможностей погружения с помощью Dolby.io ."
Чистая прибыль по ОПБУ за второй квартал составила $36,7 млн, или $0,36 на разводненную акцию, по сравнению с чистой прибылью по ОПБУ в размере $76,2 млн, или $0,73 на разводненную акцию, за второй квартал 2021 финансового года. На основе без учета GAAP чистая прибыль за второй квартал составила $94,0 млн, или $0,92 на разводненную акцию, по сравнению с $94,8 млн, или $0,91 на разводненную акцию, за второй квартал 2021 финансового года. Денежные потоки от операционной деятельности во втором квартале составили 63,0 млн долларов США по сравнению с 83,5 млн долларов США за второй квартал 2021 финансового года. Полный список показателей Dolby, не относящихся к GAAP, описан и приведен в соответствие с соответствующими показателями GAAP в конце этого выпуска.
Последние события в бизнесе
Dolby продолжает следить за пандемией COVID-19 и ее влиянием на нашу компанию. Безопасность и благополучие наших сотрудников, а также поддержка наших сообществ по-прежнему остаются приоритетными задачами. На наши доходы продолжают оказывать влияние различные рынки, связанные с лицензированием, продуктами и услугами. Последствия COVID-19 для наших будущих результатов операций остаются неопределенными.
Финансовые результаты Dolby за второй квартал 2022 финансового года основаны на оценках доходов, основанных на роялти, которые учитывают макроэкономические последствия глобальных событий, включая COVID-19, ограничения в цепочке поставок и потребительский спрос на электронные продукты. Для получения дополнительной информации см. раздел с заголовком "Факторы риска" в нашем Ежеквартальном отчете по форме 10-Q за второй квартал 2022 финансового года, поданный примерно в эту дату.
Сегодня Dolby объявила о выплате денежных дивидендов в размере 0,25 доллара на акцию по обыкновенным акциям класса А и класса В, которые будут выплачены 25 мая 2022 года акционерам record по состоянию на закрытие бизнеса 17 мая 2022 года.
Финансовые перспективы - Третий квартал и весь 2022 финансовый год
Наши фактические результаты могут существенно отличаться от оценок, которые мы предоставляем, отчасти из-за возросшей неопределенности, вызванной продолжающимися последствиями пандемии COVID-19 в Азии, особенно отключениями в Китае, геополитической нестабильностью в Европе и сохраняющимися опасениями по поводу инфляции и ограничений поставок во всем мире. Неопределенность, вызванная этими факторами, значительно снизила нашу видимость наших будущих перспектив. Насколько это возможно, оценки, которые мы предоставляем на будущие периоды, отражают определенные предположения о потенциальном воздействии определенных из этих статей, основанные на рассмотрении имеющихся в настоящее время внешних и внутренних данных и информации. Эти допущения подвержены рискам и неопределенностям. Для получения дополнительной информации см. "Прогнозные заявления" в этом пресс-релизе для описания определенных рисков, с которыми мы сталкиваемся, и раздел с заголовком "Факторы риска" в нашем Ежеквартальном отчете по форме 10-Q за второй квартал 2022 финансового года, поданный на дату или около этой даты.
Третий квартал 2022 финансового года
Dolby предоставляет следующие оценки на третий квартал 2022 финансового года:
Полный 2022 Финансовый год
Dolby также предоставляет следующие оценки на весь 2022 финансовый год:
Информация о конференц-звонке
Члены руководства Dolby проведут телефонную конференцию, открытую для всех заинтересованных сторон, чтобы обсудить финансовые результаты за второй квартал 2022 финансового года для Dolby Laboratories в 1:30 вечера по Гринвичу (4:30 вечера по восточному времени) в четверг, 5 мая 2022 года. Доступ к телеконференции будет доступен по адресу http://investor .dolby.com или набрав 1-844-200-6205 (или набрав 1-929-526-1599 для международных абонентов) и введя код подтверждения 540172.
Повтор звонка будет доступен с 4:30 вечера по североамериканскому времени (7:30 вечера по восточному времени) в четверг, 5 мая 2022 года, до 10:30 вечера по североамериканскому времени в четверг, 12 мая 2022 года (1:30 утра по восточному времени в пятницу, 13 мая 2022 года), набрав 1-866-813-9403. (международные абоненты могут получить доступ к воспроизведению, набрав +44-204-525-0658) и введя код подтверждения 703673. Архивная версия телеконференции также будет доступна на веб-сайте Dolby, http://investor .dolby.com .
Финансовая информация, не относящаяся к ОПБУ
В дополнение к финансовой отчетности Dolby, представленной на основе GAAP, Dolby предоставляет определенные финансовые показатели, не относящиеся к GAAP, чтобы предоставить инвесторам дополнительный инструмент для оценки операционных результатов Dolby таким образом, чтобы сосредоточиться на том, что руководство Dolby считает своими текущими бизнес-операциями. В частности, мы исключаем следующее в качестве корректировок из одного или нескольких наших финансовых показателей, не относящихся к GAAP:
Расходы на компенсацию на основе акций: Компенсация на основе акций, в отличие от денежной компенсации, использует субъективные допущения в методологиях, используемых для оценки различных типов премий на основе акций, которые мы предоставляем. Эти допущения могут отличаться от тех, которые используются другими компаниями. Чтобы облегчить более значимые сравнения между нашими базовыми операционными результатами и результатами других компаний, мы исключаем расходы на компенсацию, основанную на акциях.
Амортизация нематериальных активов, связанных с приобретением: Мы амортизируем нематериальные активы, приобретенные в связи с приобретениями. Эти нематериальные активы состоят из патентов и технологий, отношений с клиентами и других нематериальных активов. Мы отражаем амортизационные отчисления, относящиеся к этим нематериальным активам, в нашей финансовой отчетности по ОПБУ, и мы рассматриваем эти расходы как статьи, возникающие в результате деятельности, предшествующей приобретению, которые определяются сроками и оценкой наших приобретений. Поскольку эти амортизационные отчисления напрямую не связаны с нашей деятельностью в течение какого-либо конкретного периода и часто остаются неизменными между отчетными периодами, мы исключаем эти отчисления, чтобы облегчить оценку наших текущих операционных результатов и сравнение с нашими прошлыми операционными показателями.
Расходы на реструктуризацию: Расходы на реструктуризацию представляют собой расходы, связанные с планами реструктуризации, и в первую очередь относятся к расходам, связанным с прекращением деятельности или выбытием, выходными пособиями работникам и обесценением активов. Мы исключаем затраты на реструктуризацию, включая любые корректировки расходов, учтенных в предыдущих периодах, поскольку считаем, что эти затраты не отражают нашу обычную операционную деятельность, и поэтому исключение этих сумм позволяет более эффективно сравнивать наши прошлые операционные показатели.
Корректировки по налогу на прибыль: Мы считаем, что исключение эффекта по налогу на прибыль от вышеупомянутых корректировок, не связанных с GAAP, дает руководству и инвесторам более точное представление о наших основных операционных результатах.
Прочие корректировки операционных доходов: Во втором квартале 2022 финансового года мы зафиксировали расходы в размере 34,4 млн долларов США, связанные с единовременными расчетами и начислениями в связи с запросами о возмещении убытков по коммерческим соглашениям, которые мы приняли на себя при приобретении в 2014 году, связанном с нашим бизнесом по производству кинопродукции. Мы ожидаем, что это урегулирование и связанные с ним начисления полностью решат этот вопрос. Кроме того, в первом квартале 2021 финансового года мы зафиксировали единовременную прибыль от продажи имущества, которое ранее классифицировалось как предназначенное для продажи. Имущество на 51% принадлежало контрольной доле, поэтому 51% признанной прибыли было отнесено на контрольную долю. Мы исключили обе эти статьи, поскольку они являются необычными, повторяющимися событиями, которые не являются репрезентативными для нашей обычной операционной деятельности, и поэтому исключение этих сумм позволяет более эффективно сравнивать наши прошлые операционные показатели.
Используя вышеупомянутые корректировки, Dolby предоставляет различные финансовые показатели, не относящиеся к GAAP, включая, но не ограничиваясь ими: чистую прибыль, не относящуюся к GAAP, разводненную прибыль на акцию, не относящуюся к GAAP, валовую прибыль, не относящуюся к GAAP, операционные расходы, не относящиеся к GAAP, операционную маржу, не относящуюся к GAAP, и эффективную налоговую ставку, не относящуюся к GAAP. Руководство Dolby считает, что для себя и инвесторов полезно пересмотреть как показатели GAAP, так и показатели, не относящиеся к GAAP, для оценки эффективности бизнеса Dolby. Руководство Dolby само по себе и не предлагает инвесторам рассматривать финансовые показатели, не относящиеся к GAAP, отдельно от финансовой информации, подготовленной в соответствии с GAAP, или в качестве замены для нее. Всякий раз, когда Dolby использует финансовые показатели, не относящиеся к GAAP, он обеспечивает сверку финансовых показателей, не относящихся к GAAP, с наиболее точно применимыми финансовыми показателями GAAP. Инвесторам рекомендуется пересмотреть соответствующие финансовые показатели GAAP и сверку этих финансовых показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми финансовыми показателями GAAP, как подробно описано выше. Инвесторам также рекомендуется ознакомиться с финансовой отчетностью Dolby по GAAP, как указано в ее документах Комиссии по ценным бумагам и биржам США (SEC). Сверка между финансовыми показателями GAAP и не-GAAP приведена в конце этого пресс-релиза и на веб-сайте Dolby investor relations, http://investor .dolby.com .
Прогнозные заявления
Некоторые заявления в этом пресс-релизе, включая, но не ограничиваясь ими, заявления, касающиеся ожидаемых финансовых результатов Dolby за третий квартал 2022 финансового года и весь 2022 финансовый год, нашей способности достигать наших долгосрочных целей и будущих выплат дивидендов, являются "прогнозными заявлениями", которые подлежат риски и неопределенности. Эти прогнозные заявления основаны на текущих ожиданиях руководства, и в результате определенных рисков и неопределенностей фактические результаты могут существенно отличаться от представленных. Следующие важные факторы, без ограничения, могут вызвать фактические результаты могут существенно отличаться от прогнозных заявлений: потенциальное воздействие COVID-19 на долб хозяйственных операций, финансовых результатов и финансового положения (в том числе о влиянии на Dolby партнеров и нарушению цепочек поставок и задержки в поставках потребительских товаров; спрос потребителей на продукты, которые включают Долби технологий; задержки в развитии и выпуске новых продуктов или услуг, которые содержат Долби технологий; задержки в роялти отчетности или просроченных платежей от партнеров или лицензиатов; воздействие на общий кинорынка, в том числе закрытия или ограничения кино емкость и обусловленные этим негативные последствия для Dolby выручка признается на бокс-офис продаж и спрос на кинотеатры продуктов и услуг; временное Долби закрытия отделений и иных действий, для защиты Долби рабочей силы; и макроэкономических условий, которые влияют на дискреционные расходы и доступ к продуктам, которые содержат Долби технологий); риски, связанные с геополитическими проблемами, как, например, конфликт между Россией и Украиной; риски, связанные с тенденциями развития рынков, на которых действует система Dolby, включая вещания, мобильной, бытовой электроники, ПК, кинотеатра, платформы услуг и другие рынки; потеря или снижение продаж, ключевого клиента, партнера или лицензиата; ценовое давление; риски, что дальнейшее изменение в дистрибуции контента с оптических дисков и других традиционных медиа в онлайн и потоковой передачи медиа-контента может привести к меньшему количеству устройств с поддержкой технологии Dolby технологий или меньше, прибыль от такого устройствах; риски, связанные с ведением бизнеса на международном уровне, в том числе торговые ограничения и изменения в дипломатических и торговых отношений; риски, связанные с окончанием срока действия патентов; сроки долбит получения лицензии роялти-отчеты и платежи от своих лицензиатов, в том числе восстановление; изменения в налоговом законодательстве; сроки признания выручки в рамках лицензионных соглашений и других договорных соглашений; и Dolby способность развивать, поддерживать и укреплять отношения с промышленностью участников; долб умение разрабатывать и внедрять инновационные технологии в ответ на новые и растущие рынки, конкурентные риски; риски, связанные с ведением бизнеса в Китае и других странах, которые исторически ограниченного признания и защиты интеллектуальной собственности и контрактных прав; риски, связанные со здоровьем киноиндустрии в целом; долб возможность увеличить источники доходов и расширить свой бизнес в целом, и продолжать расширять свой бизнес за пределы своей нынешней технологии предложениями; риски, связанные с приобретением и успешной интеграции бизнеса или технологии; и другие риски, подробно описанные в Долби сек заявок и отчетов, в том числе риски, указанные в разделе озаглавленных "факторы риска" в последнем квартальном отчете по форме 10-Q. Dolby отказывается от каких-либо обязательств по обновлению информации, содержащейся в этих прогнозных заявлениях, будь то в результате новой информации, будущих событий или иным образом.
О Dolby Laboratories
Dolby Laboratories (NYSE: DLB) базируется в Сан-Франциско, штат Калифорния, с офисами по всему миру. От фильмов и телешоу до приложений, музыки, спорта и игр Dolby превращает науку о зрении и звуке в захватывающий опыт для миллиардов людей по всему миру. Мы сотрудничаем с художниками, рассказчиками, разработчиками и компаниями, чтобы произвести революцию в сфере развлечений и коммуникаций с помощью Dolby Atmos, Dolby Vision, Dolby Cinema и Dolby.io .
Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby.io , и символ двойной буквы D входят в число зарегистрированных и незарегистрированных товарных знаков Dolby Laboratories, Inc. в Соединенных Штатах и/или других странах. Другие товарные знаки остаются собственностью их соответствующих владельцев. DLB-F
Dolby Laboratories, INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts; unaudited) | |||||||||||||
| Fiscal Quarter Ended | Fiscal Year-To-Date Ended | ||||||||||||
| April 1, 2022 | March 26, 2021 | April 1, 2022 | March 26, 2021 | ||||||||||
| Revenue: | |||||||||||||
| Licensing | $ | 313,833 | $ | 303,585 | $ | 646,117 | $ | 676,590 | |||||
| Products and services | 20,538 | 15,973 | 39,887 | 32,842 | |||||||||
| Total revenue | 334,371 | 319,558 | 686,004 | 709,432 | |||||||||
| Cost of revenue: | |||||||||||||
| Cost of licensing | 16,672 | 16,060 | 31,607 | 29,006 | |||||||||
| Cost of products and services | 18,843 | 16,318 | 36,617 | 38,676 | |||||||||
| Total cost of revenue | 35,515 | 32,378 | 68,224 | 67,682 | |||||||||
| Gross margin | 298,856 | 287,180 | 617,780 | 641,750 | |||||||||
| Operating expenses: | |||||||||||||
| Research and development | 67,421 | 65,808 | 136,245 | 129,580 | |||||||||
| Sales and marketing | 84,230 | 78,046 | 181,400 | 153,491 | |||||||||
| General and administrative | 98,693 | 59,398 | 161,137 | 113,852 | |||||||||
| Gain on sale of assets | — | — | — | (13,871 | ) | ||||||||
| Restructuring charges | 5,162 | 741 | 5,067 | 10,764 | |||||||||
| Total operating expenses | 255,506 | 203,993 | 483,849 | 393,816 | |||||||||
| Operating income | 43,350 | 83,187 | 133,931 | 247,934 | |||||||||
| Other income/(expense): | |||||||||||||
| Interest income | 1,098 | 962 | 1,814 | 1,936 | |||||||||
| Interest expense | (87 | ) | (167 | ) | (171 | ) | (252 | ) | |||||
| Other income/(expense), net | (910 | ) | 1,385 | (681 | ) | 2,711 | |||||||
| Total other income | 101 | 2,180 | 962 | 4,395 | |||||||||
| Income before income taxes | 43,451 | 85,367 | 134,893 | 252,329 | |||||||||
| Provision for income taxes | (6,932 | ) | (9,022 | ) | (18,364 | ) | (33,294 | ) | |||||
| Net income including controlling interest | 36,519 | 76,345 | 116,529 | 219,035 | |||||||||
| Less: net (income)/loss attributable to controlling interest | 201 | (128 | ) | 205 | (7,620 | ) | |||||||
| Net income attributable to Dolby Laboratories, Inc. | $ | 36,720 | $ | 76,217 | $ | 116,734 | $ | 211,415 | |||||
| Net income per share: | |||||||||||||
| Basic | $ | 0.36 | $ | 0.75 | $ | 1.15 | $ | 2.09 | |||||
| Diluted | $ | 0.36 | $ | 0.73 | $ | 1.13 | $ | 2.02 | |||||
| Weighted-average shares outstanding: | |||||||||||||
| Basic | 101,343 | 101,464 | 101,285 | 101,090 | |||||||||
| Diluted | 102,707 | 104,581 | 103,477 | 104,414 | |||||||||
Dolby Laboratories, INC. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands; unaudited) | ||||||
| April 1, 2022 | September 24, 2021 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 900,393 | $ | 1,225,380 | ||
| Restricted cash | 8,445 | 7,652 | ||||
| Short-term investments | 141,688 | 38,839 | ||||
| Accounts receivable, net | 227,263 | 232,609 | ||||
| Contract assets, net | 258,846 | 182,316 | ||||
| Inventories, net | 16,623 | 10,965 | ||||
| Prepaid expenses and other current assets | 68,312 | 62,737 | ||||
| Total current assets | 1,621,570 | 1,760,498 | ||||
| Long-term investments | 124,142 | 62,819 | ||||
| Property, plant and equipment, net | 527,623 | 534,381 | ||||
| Operating lease right-of-use assets | 58,934 | 67,128 | ||||
| Goodwill and intangible assets, net | 498,019 | 463,584 | ||||
| Deferred taxes | 175,238 | 156,020 | ||||
| Other non-current assets | 57,464 | 61,257 | ||||
| Total assets | $ | 3,062,990 | $ | 3,105,687 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 11,373 | $ | 17,779 | ||
| Accrued liabilities | 228,545 | 262,728 | ||||
| Income taxes payable | 3,519 | 1,334 | ||||
| Contract liabilities | 22,109 | 18,473 | ||||
| Operating lease liabilities | 15,413 | 15,403 | ||||
| Total current liabilities | 280,959 | 315,717 | ||||
| Non-current contract liabilities | 24,569 | 23,713 | ||||
| Non-current operating lease liabilities | 48,191 | 56,715 | ||||
| Other non-current liabilities | 104,083 | 105,310 | ||||
| Total liabilities | 457,802 | 501,455 | ||||
| Stockholders’ equity: | ||||||
| Class A common stock | 58 | 59 | ||||
| Class B common stock | 41 | 41 | ||||
| Retained earnings | 2,615,354 | 2,607,909 | ||||
| Accumulated other comprehensive loss | (15,681 | ) | (10,030 | ) | ||
| Total stockholders’ equity – Dolby Laboratories, Inc. | 2,599,772 | 2,597,979 | ||||
| Controlling interest | 5,416 | 6,253 | ||||
| Total stockholders’ equity | 2,605,188 | 2,604,232 | ||||
| Total liabilities and stockholders’ equity | $ | 3,062,990 | $ | 3,105,687 | ||
Dolby Laboratories, INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited) | ||||||
| Fiscal Year-To-Date Ended | ||||||
| April 1, 2022 | March 26, 2021 | |||||
| Operating activities: | ||||||
| Net income including controlling interest | $ | 116,529 | $ | 219,035 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 45,832 | 47,399 | ||||
| Stock-based compensation | 60,355 | 50,726 | ||||
| Amortization of operating lease right-of-use assets | 7,953 | 8,538 | ||||
| Amortization of premium on investments | 673 | 697 | ||||
| Provision for/(benefit from) credit losses | 2,333 | (65 | ) | |||
| Deferred income taxes | (19,363 | ) | (16,992 | ) | ||
| Gain on sale of assets | — | (13,871 | ) | |||
| Other non-cash items affecting net income | 560 | (1,847 | ) | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable, net | 3,498 | (102,791 | ) | |||
| Contract assets, net | (76,447 | ) | (72,197 | ) | ||
| Inventories | (5,045 | ) | 10,398 | |||
| Operating lease right-of-use assets | (265 | ) | (1,729 | ) | ||
| Prepaid expenses and other assets | (1,683 | ) | 10,552 | |||
| Accounts payable and accrued liabilities | (37,472 | ) | 26,926 | |||
| Income taxes, net | 5,117 | 9,982 | ||||
| Contract liabilities | 4,364 | 3,589 | ||||
| Operating lease liabilities | (7,924 | ) | (6,987 | ) | ||
| Other non-current liabilities | (4,356 | ) | (5,735 | ) | ||
| Net cash provided by operating activities | 94,659 | 165,628 | ||||
| Investing activities: | ||||||
| Purchases of marketable securities | (201,231 | ) | (26,449 | ) | ||
| Proceeds from sales of marketable securities | 5,107 | 4,594 | ||||
| Proceeds from maturities of marketable securities | 29,055 | 18,620 | ||||
| Return of investment from equity method investees | 826 | — | ||||
| Purchases of property, plant, and equipment | (26,053 | ) | (28,887 | ) | ||
| Proceeds from sale of assets | — | 16,365 | ||||
| Payments for business combinations, net of cash acquired | (38,228 | ) | — | |||
| Purchases of intangible assets | (11,528 | ) | — | |||
| Purchases of other investments | (5,000 | ) | — | |||
| Net cash used in investing activities | (247,052 | ) | (15,757 | ) | ||
| Financing activities: | ||||||
| Proceeds from issuance of common stock | 35,062 | 71,157 | ||||
| Repurchase of common stock | (120,486 | ) | (110,775 | ) | ||
| Payment of cash dividend | (50,681 | ) | (44,574 | ) | ||
| Distribution to controlling interest | (1,435 | ) | (7,362 | ) | ||
| Shares repurchased for tax withholdings on vesting of restricted stock | (32,720 | ) | (29,216 | ) | ||
| Net cash used in financing activities | (170,260 | ) | (120,770 | ) | ||
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (1,541 | ) | 4,416 | |||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | (324,194 | ) | 33,517 | |||
| Cash, cash equivalents, and restricted cash at beginning of period | 1,233,032 | 1,079,979 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 908,838 | $ | 1,113,496 | ||
| 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 second quarter and year-to-date period ended April 1, 2022 and March 26, 2021: | ||||||||||||||
| Net income: | Fiscal Quarter Ended | Fiscal Year-To-Date Ended | ||||||||||||
| April 1, 2022 | March 26, 2021 | April 1, 2022 | March 26, 2021 | |||||||||||
| GAAP net income | $ | 36.7 | $ | 76.2 | $ | 116.7 | $ | 211.4 | ||||||
| Stock-based compensation(1) | 27.7 | 24.4 | 60.4 | 50.7 | ||||||||||
| Amortization of acquisition-related intangibles(2) | 2.7 | 2.5 | 5.5 | 5.0 | ||||||||||
| Other operating income adjustments | 34.4 | — | 34.4 | (6.8 | ) | |||||||||
| Restructuring charges | 5.2 | 0.8 | 5.1 | 10.8 | ||||||||||
| Income tax adjustments | (12.7 | ) | (9.1 | ) | (23.6 | ) | (23.0 | ) | ||||||
| Non-GAAP net income | $ | 94.0 | $ | 94.8 | $ | 198.5 | $ | 248.1 | ||||||
| (1) Stock-based compensation included in above line items: | ||||||||||||||
| Cost of products and services | $ | 0.3 | $ | 0.5 | $ | 0.9 | $ | 1.1 | ||||||
| Research and development | 9.2 | 7.2 | 19.3 | 15.1 | ||||||||||
| Sales and marketing | 9.8 | 9.1 | 22.1 | 18.9 | ||||||||||
| General and administrative | 8.4 | 7.6 | 18.1 | 15.6 | ||||||||||
| (2) Amortization of acquisition-related intangibles included in above line items: | ||||||||||||||
| Cost of licensing | $ | 0.6 | $ | 0.7 | $ | 1.3 | $ | 1.4 | ||||||
| Cost of products and services | 0.6 | 0.9 | 1.5 | 1.8 | ||||||||||
| Research and development | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||
| Sales and marketing | 1.1 | 0.8 | 2.2 | 1.6 | ||||||||||
| General and administrative | 0.3 | — | 0.3 | — | ||||||||||
| Diluted earnings per share: | Fiscal Quarter Ended | Fiscal Year-To-Date Ended | ||||||||||||
| April 1, 2022 | March 26, 2021 | April 1, 2022 | March 26, 2021 | |||||||||||
| GAAP diluted earnings per share | $ | 0.36 | $ | 0.73 | $ | 1.13 | $ | 2.02 | ||||||
| Stock-based compensation | 0.27 | 0.24 | 0.58 | 0.49 | ||||||||||
| Amortization of acquisition-related intangibles | 0.03 | 0.02 | 0.06 | 0.04 | ||||||||||
| Other operating income adjustments | 0.33 | — | 0.33 | (0.06 | ) | |||||||||
| Restructuring charges | 0.05 | 0.01 | 0.04 | 0.11 | ||||||||||
| Income tax adjustments | (0.12 | ) | (0.09 | ) | (0.22 | ) | (0.22 | ) | ||||||
| Non-GAAP diluted earnings per share | $ | 0.92 | $ | 0.91 | $ | 1.92 | $ | 2.38 | ||||||
| Shares used in computing diluted earnings per share | 103 | 105 | 103 | 104 | ||||||||||
| The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial amounts for the third quarter of fiscal 2022 and fiscal 2022 included in this release: | ||||||||||||||
| Gross margin: | Q3 2022 | |||||||||||||
| GAAP gross margin (low - high end of range) | 88.5% - 89.5% | |||||||||||||
| Stock-based compensation | 0.2 | % | ||||||||||||
| Amortization of acquisition-related intangibles | 0.3 | % | ||||||||||||
| Non-GAAP gross margin (low - high end of range) | 89% - 90% | |||||||||||||
| Operating expenses: | Q3 2022 | Fiscal 2022 | ||||||||||||
| GAAP operating expenses (low - high end of range) | $214 - $224 | $905 - $925 | ||||||||||||
| Stock-based compensation | (28 | ) | (117 | ) | ||||||||||
| Amortization of acquisition-related intangibles | (1 | ) | (4 | ) | ||||||||||
| Other operating income adjustments | — | (34 | ) | |||||||||||
| Restructuring charges, net | — | (5 | ) | |||||||||||
| Non-GAAP operating expenses (low - high end of range) | $185 - $195 | $745 - $765 | ||||||||||||
| Operating margin: | Fiscal 2022 | |||||||||||||
| GAAP operating margin (low - high end of range) | 19% - 21% | |||||||||||||
| Stock-based compensation | 9 | % | ||||||||||||
| Amortization of acquisition-related intangibles | 1 | % | ||||||||||||
| Other operating income adjustments | 3 | % | ||||||||||||
| Non-GAAP operating margin (low - high end of range) | 32% - 34% | |||||||||||||
| Effective tax rate: | Q3 2022 | Fiscal 2022 | ||||||||||||
| GAAP effective tax rate (low - high end of range) | 19% - 20% | 16% - 18% | ||||||||||||
| Stock-based compensation (low - high end of range) | 2% - 3% | 2% - 5% | ||||||||||||
| Amortization of acquisition-related intangibles (low - high end of range) | (1%) - 0% | (1%) - 1% | ||||||||||||
| Other (low - high end of range) | (1%) - 0% | (1%) - 0% | ||||||||||||
| Non-GAAP effective tax rate (low - high end of range) | 18% - 19% | 17% - 19% | ||||||||||||
| Diluted earnings per share: | Q3 2022 | Fiscal 2022 | ||||||||||||
| Low | High | Low | High | |||||||||||
| GAAP diluted earnings per share | $ | 0.28 | $ | 0.43 | $ | 1.98 | $ | 2.48 | ||||||
| Stock-based compensation | 0.29 | 0.29 | 1.15 | 1.15 | ||||||||||
| Amortization of acquisition-related intangibles | 0.02 | 0.02 | 0.08 | 0.08 | ||||||||||
| Other operating income adjustments | — | — | 0.33 | 0.33 | ||||||||||
| Restructuring charges, net | — | — | 0.05 | 0.05 | ||||||||||
| Income tax adjustments | (0.05 | ) | (0.05 | ) | (0.32 | ) | (0.32 | ) | ||||||
| Non-GAAP diluted earnings per share | $ | 0.54 | $ | 0.69 | $ | 3.27 | $ | 3.77 | ||||||
| Shares used in computing diluted earnings per share | 101 | 101 | 103 | 103 | ||||||||||
Investor Contact:Ashley SchwenohaDolby Laboratories, Inc.415-645-5506investor@dolby.com
Media Contact:Karen HartquistDolby Laboratories, Inc.415-505-8357karen.hartquist@dolby.com
Показать большеПоказать меньше
