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Technology Stocks : DLB Dolby Laboratories

DLB 65.14

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10:17 AM EST

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To: Cooters who wrote (169)	10/24/2018 6:10:34 PM
From: Cooters	of 324

Q4 2018 CC notes - Gonna make this brief and wait for analyst followups, as the transition to 606 clouds both yearly growth rates and quarterly timing. - Based on restated 2018 and prior years, the 2019 revenue growth rate is going to be 13-17%. By itself that would be phenomenal. Both licensing and product/service are contributing. The new 606 revenue estimate is $1.24B-$1.28B. Since they only gave 606 guidance and did not give what 605 guidance would have been, it is unclear whether 13-17% is the proper way to look at growth, as the recast 606 number for 2018 is $1.09B-$1.1B, less than the $1.17B 605 number, which was reduced due to 2018 revenue going to 2017 and prior. This is where we'll need some analyst help. - New initiatives was forecast to double from $60M to $120M. It came in above $100M, so about 70% growth versus 100%. They said they expect the same in 2019, and I assume they mean 70%, so something north of $170M. - Dividend up almost 20% from 16c/q to 19c/q - They will need to estimate quarterly royalties and then adjust each quarter, so the seasonality will be moved UP by one quarter. Q1 2018 is $285M-$305M revenue and .65-.71 non GAAP EPS. Short summation - Still looks like an accelerating growth story to me that might hit stride this coming year. Considering they do considerable international and particularly Chinese business, the fact everything seems on track despite trade issues and tariffs is pretty amazing. Some pushout in Dolby Cinema installations in China but they seem confident it still proceeds. Cooters

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