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Technology Stocks : DLB Dolby Laboratories -- Ignore unavailable to you. Want to Upgrade?

To: Cooters who wrote (203)	11/14/2019 4:37:05 PM
From: Cooters	Respond to of 324

Dolby Laboratories Reports Fourth Quarter and Fiscal 2019 Financial Results investor.dolby.com SAN FRANCISCO, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's financial results for the fourth quarter and fiscal year that ended September 27, 2019. For the fourth quarter, Dolby reported total revenue of $298.8 million, compared to $240.6 million for the fourth quarter of fiscal 2018. For fiscal 2019, Dolby reported total revenue of $1.24 billion, compared to $1.05 billion for fiscal 2018. “We achieved solid financial performance in 2019 and continued to build momentum for the combined Dolby Vision and Dolby Atmos experience, highlighted by new offerings from Apple and Disney,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “We also introduced Dolby Atmos music, a completely new way for artists to create and fans to experience music, which is now available on Amazon Echo Studio and Amazon Music HD.” Fourth quarter GAAP net income was $43.9 million, or $0.43 per diluted share, compared to GAAP net income of $26.7 million, or $0.25 per diluted share, for the fourth quarter of fiscal 2018. On a non-GAAP basis, fourth quarter net income was $67.6 million, or $0.66 per diluted share, compared to non-GAAP net income of $23.5 million, or $0.22 per diluted share, for the fourth quarter of fiscal 2018. Fourth quarter cash flows from operations was $130.5 million, compared to $111.7 million for the fourth quarter of fiscal 2018. A complete listing of Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release. Fiscal 2019 GAAP net income was $255.2 million, or $2.44 per diluted share, compared to $41.7 million, or $0.39 per diluted share for fiscal 2018. On a non-GAAP basis, fiscal 2019 net income was $334.6 million, or $3.20 per diluted share, compared to $215.8 million, or $2.02 per diluted share, for fiscal 2018. Fiscal 2019 cash flows from operations was $327.7 million, compared to $352.2 million for fiscal 2018. 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 $0.22 per share of Class A and Class B common stock, payable on December 4, 2019, to stockholders of record as of the close of business on November 26, 2019. Financial Outlook First Quarter Fiscal 2020 Dolby is providing the following estimates for its first quarter of fiscal 2020: Total revenue will range from $275 million to $295 million Gross margin percentages will be approximately 88% on a GAAP basis and approximately 89% on a non-GAAP basis Operating expenses will range from $214 million to $220 million on a GAAP basis and from $192 million to $198 million on a non-GAAP basis Effective tax rate will range from 18% to 21% on both a GAAP basis and non-GAAP basis Diluted earnings per share will range from $0.27 to $0.33 on a GAAP basis and from $0.45 to $0.51 on a non-GAAP basis Fiscal Year 2020 Dolby is providing the following estimates for its fiscal year 2020: Total revenue will range from $1.30 billion to $1.35 billion Gross margin percentages will range from 87% to 88% on a GAAP basis and from 88% to 89% on a non-GAAP basis Operating expenses will range from $829 million to $849 million on a GAAP basis and from $740 million to $760 million on a non-GAAP basis Effective tax rate will range from 18% to 21% on both a GAAP basis and non-GAAP basis Diluted earnings per share will range from $2.64 to $2.74 on a GAAP basis and from $3.40 to $3.50 on a non-GAAP basis

To: Cooters who wrote (203)	11/15/2019 2:55:11 PM
From: Cooters	1 Recommendation Recommended By ggamer Read Replies (1) \| Respond to of 324

Dolby Q4 earnings call - 11/14/19 I am going to change the format for this call, brief notes followed by commentary on the story. - Straight to the forecast for 2020. Midpoint revenue growth of 7%, midpoint EPS marginally above 7%. Main commentary is lowered expected recoveries(audit results) offset by higher TV growth. Dolby Cinema growth similar to 2019, cinema products flat but stabilized, Dolby Voice growth. - All Apple+ original content will be in DV, major push for DV at Disney+, including re-mastering the Star Wars movies. - Rock In Rio and ESPN primetime college football broadcast in DA. - DC backlog 200 screens, 240 installed base, new screens in 2020 similar to 2019. DC is the highest performing format in theaters. - DIvidend up to .88 from .76 yearly. Bought about $350M in stock in 2019. Update on the story: The synopsis here is Dolby has a stable-low growth core audio business with high margins, coupled with an emerging video business. Dolby Atmos and Dolby Voice are the latest innovations in the audio business, great new products that extend the audio franchise indefinitely. The story is the emerging video business, incremental high margin revenue with an enormous addressable market - literally every TV, handset, tablet, PC, etc. My theme has been the world is moving to 4K and DV has the potential to be synonymous with 4K. In addition, the megatrend of streaming has 4K/HDR sitting in the king's chair, content is rapidly moving there and being re-mastered on top of it. DLB provided some new metrics last night that are so critical to the theme, I will almost watch them exclusively going forward: The first is on Dolby CInema, which is a combo DA/DV revenue sharing model targeting the premium theater market. They provided the first specifics yesterday, DC is still less than 5% of revenue, qualified at something around $50M. They have previously provided the premium segment as their addressable market for DC, many thousands of screens. They are at 240 with a backlog of 200. Super, super early! Second and by far the core theme of the story is Dolby Vision. We got the first metric yesterday. 4K represents about half of the 210-220M TV market, DV penetration is 10% of the 4k slice, growing at 100% annually. So something around 10-11M TV's in 2019. Incredible growth lies ahead. The 80% of the market that Samsung does not own is going to use DV as a differentiator, IMO. Ultimately I think Samsung is forced to join, but absent that watershed event the TV market is there to take. The same holds true for handsets, where Apple is already on board and I expect the rest of the premium market, non-Samsung, to follow. Handsets, PCs, tablets, etc are at the infant stage. The final thought is on the inflection point for DV. They were asked repeatedly about it and the timing of double digit revenue growth. I would paraphrase their response, we are going to forecast mid-high single digit revenue growth until the inflection point, which we won't know until after it happens. It could be any time, even later this year. Summary - Cooters is always early with these things, but it is coming. Haha