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Dolby Laboratories Reports Fourth Quarter and Fiscal 2020 Financial Results

Thu 12th November, 2020 9:15pm
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SAN FRANCISCO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc.
(NYSE:DLB) today announced the company's financial results for the fourth
quarter and fiscal year that ended September 25, 2020. For the fourth quarter,
Dolby reported total revenue of $271.2 million, compared to $298.8 million for
the fourth quarter of fiscal 2019. For fiscal 2020, Dolby reported total
revenue of $1.16 billion, compared to $1.24 billion for fiscal 2019.

“Dolby experiences are expanding to a broader range of content,” said
Kevin Yeaman, President and CEO, Dolby Laboratories. “With the launch of
iPhone 12, consumers are now able to create in Dolby Vision and we are also
beginning to address content experiences and interactions within new use cases
and industries as we enable developers through Dolby.io.”

Fourth quarter GAAP net income was $26.8 million, or $0.26 per diluted share,
compared to GAAP net income of $43.9 million, or $0.43 per diluted share for
the fourth quarter of fiscal 2019. On a non-GAAP basis, fourth quarter net
income was $45.8 million, or $0.45 per diluted share, compared to $67.6
million, or $0.66 per diluted share for the fourth quarter of fiscal 2019.
Fourth quarter cash flows from operations was $112.7 million, compared to
$130.5 million for the fourth quarter of fiscal 2019. 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 2020 GAAP net income was $231.4 million, or $2.25 per diluted share,
compared to $255.2 million, or $2.44 per diluted share for fiscal 2019. On a
non-GAAP basis, fiscal 2020 net income was $305.2 million, or $2.97 per
diluted share, compared to $334.6 million, or $3.20 per diluted share, for
fiscal 2019. Fiscal 2020 cash flows from operations was $343.8 million,
compared to $327.7 million for fiscal 2019.

COVID-19

Dolby continues to monitor the COVID-19 pandemic and its impact on our
company. Our priorities continue to be the safety and well-being of our
employees and supporting our communities. Since the initial outbreak of
COVID-19, our revenues have been, and we expect will continue 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.

We expect continued significant uncertainty in global financial markets.
Dolby’s financial results for the fourth quarter of fiscal 2020 rely on
estimates of royalty-based revenue that take into consideration the
macroeconomic effect of global events, including the COVID-19 pandemic, which
may impact supply chain activities and demand for shipments. For more
information, see the section captioned “Critical Accounting Policies and
Estimates” in our most recently filed Quarterly Report on Form 10-Q.

Dividend

Today, Dolby announced a cash dividend of $0.22 per share of Class A and Class
B common stock, payable on December 4, 2020, to stockholders of record as of
the close of business on November 24, 2020.

Financial Outlook - First and Second Quarters Fiscal 2021

Unit volume shipments, aggregated across various end markets and devices,
continue to be impacted and difficult to predict because of economic
uncertainty due to COVID-19, and it remains unclear when such unit volumes
could return to pre-pandemic levels. The global cinema market has been
adversely impacted by COVID-19 because of site closures or reduced
utilization, and we anticipate that cinema sites could continue to be
negatively affected through the first half of fiscal 2021 or longer.

Our actual results could differ materially from the estimates we are providing
due in part to the challenging economic environment and highly uncertain
effects of COVID-19. The estimates we are providing for future periods reflect
certain assumptions about the potential impact of COVID-19, based upon a
consideration of external and internal data and information. 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 most recently filed Quarterly Report on Form 10-Q.

First Quarter Fiscal 2021

Dolby is providing the following estimates for its first quarter of fiscal
2021:
* Total revenue is estimated to range from $330 million to $360 million


* Gross margin percentages are anticipated to range from 90% to 91% on a GAAP
basis and from 91% to 92% on a non-GAAP basis


* Operating expenses are anticipated to range from $207 million to $219
million on a GAAP basis and from $175 million to $185 million on a non-GAAP
basis


* Effective tax rate is anticipated to range from 20% to 21% on both a GAAP
and non-GAAP basis


* Diluted earnings per share is anticipated to range from $0.70 to $0.85 on a
GAAP basis and from $0.97 to $1.12 on a non-GAAP basis
Second Quarter Fiscal 2021

Dolby is also providing the following estimate for its second quarter of
fiscal 2021:
* Total revenue is estimated to range from $270 million to $300 million
Conference Call Information

Members of Dolby management will lead a conference call open to all interested
parties to discuss fourth quarter and fiscal 2020 financial results for Dolby
Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, November 12, 2020.
Access to the teleconference will be available over the Internet from
http://investor.dolby.com/event-calendar or by dialing 1-800-289-0438.
International callers can access the conference call at 1-323-794-2423.

A replay of the call will be available from 5:00 p.m. PT on Thursday, November
12, 2020, until 8:59 p.m. PT on Thursday, November 19, 2020, by dialing
1-844-512-2921 (international callers can access the replay by dialing
1-412-317-6671) and entering the confirmation code 5368845. 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.

Impact from Tax Reform: The enactment of the U.S. Tax Cuts and Jobs Act (Tax
Reform), and any related amendments or revisions, requires certain discrete
and infrequent charges that are not representative of current operating
results 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 first and
second quarters of fiscal 2021, 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 the COVID-19 pandemic 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 trends in the markets in which Dolby
operates, including the Broadcast, Mobile, Consumer Electronics, PC, Cinema,
and Other Markets; the loss of, or reduction in sales by, a key customer 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 audio technologies to other technologies; 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 with offices in
over 20 countries around the globe. Dolby transforms the science of sight
and sound into spectacular experiences. Through innovative research and
engineering, we create breakthrough experiences for billions of people
worldwide through a collaborative ecosystem spanning artists, businesses, and
consumers. The experiences people have - with Dolby Cinema, Dolby Vision,
Dolby Atmos, Dolby Audio, and Dolby Voice - revolutionize entertainment and
communications at the cinema, on the go, in the home, and at work. 

(Dolby, Dolby Cinema, Dolby Vision, Dolby Atmos, Dolby Audio, Dolby Voice, 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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts; unaudited)

                                                          Fiscal Quarter Ended                                          Fiscal Year-To-Date Ended                                       
                                                          September 25,  2020           September 27,  2019             September 25,  2020             September 27,  2019             
 Revenue:                                                                                                                                                                               
 Licensing                                                $      256,904                $      264,796                  $      1,078,577                $      1,107,280                
 Products and services                                    14,287                        34,031                          83,215                          134,340                         
 Total revenue                                            271,191                       298,827                         1,161,792                       1,241,620                       
                                                                                                                                                                                        
 Cost of revenue:                                                                                                                                                                       
 Cost of licensing                                        12,665                        16,770                          50,822                          57,531                          
 Cost of products and services                            29,800                        29,190                          95,676                          103,323                         
 Total cost of revenue                                    42,465                        45,960                          146,498                         160,854                         
                                                                                                                                                                                        
 Gross margin                                             228,726                       252,867                         1,015,294                       1,080,766                       
                                                                                                                                                                                        
 Operating expenses:                                                                                                                                                                    
 Research and development                                 61,726                        60,191                          239,045                         237,871                         
 Sales and marketing                                      81,396                        82,149                          335,933                         343,835                         
 General and administrative                               55,581                        53,013                          219,753                         205,425                         
 Restructuring charges/(credits)                          (45             )             6,294                           1,821                           36,558                          
 Total operating expenses                                 198,658                       201,647                         796,552                         823,689                         
                                                                                                                                                                                        
 Operating income                                         30,068                        51,220                          218,742                         257,077                         
                                                                                                                                                                                        
 Other income/expense:                                                                                                                                                                  
 Interest income                                          494                           5,689                           12,725                          24,919                          
 Interest expense                                         (55             )             (64             )               (186              )             (170              )             
 Other income/(expense), net                              3,985                         (594            )               8,434                           481                             
 Total other income                                       4,424                         5,031                           20,973                          25,230                          
                                                                                                                                                                                        
 Income before income taxes                               34,492                        56,251                          239,715                         282,307                         
 Provision for income taxes                               (7,516          )             (12,316         )               (8,096            )             (26,802           )             
 Net income including controlling interest                26,976                        43,935                          231,619                         255,505                         
 Less: net (income) attributable to controlling interest  (147            )             (17             )               (256              )             (354              )             
 Net income attributable to Dolby Laboratories, Inc.      $      26,829                 $      43,918                   $      231,363                  $      255,151                  
                                                                                                                                                                                        
 Net income per share:                                                                                                                                                                  
 Basic                                                    $      0.27                   $      0.44                     $      2.30                     $      2.51                     
 Diluted                                                  $      0.26                   $      0.43                     $      2.25                     $      2.44                     
 Weighted-average shares outstanding:                                                                                                                                                   
 Basic                                                    100,473                       100,481                         100,564                         101,629                         
 Diluted                                                  102,722                       102,945                         102,944                         104,572                         







DOLBY LABORATORIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands; unaudited)

                                                            September 25,  2020             September 27,  2019             
 ASSETS                                                                                                                     
 Current assets:                                                                                                            
 Cash and cash equivalents                                  $      1,071,876                $      797,210                  
 Restricted cash                                            8,103                           8,383                           
 Short-term investments                                     46,948                          119,146                         
 Accounts receivable, net                                   180,340                         189,115                         
 Contract assets                                            161,357                         195,651                         
 Inventories, net                                           25,550                          32,331                          
 Prepaid expenses and other current assets                  53,022                          39,704                          
 Total current assets                                       1,547,196                       1,381,540                       
 Long-term investments                                      52,149                          179,587                         
 Property, plant, and equipment, net                        541,963                         537,432                         
 Operating lease right-of-use assets                        76,515                          —                               
 Goodwill and intangible assets, net                        489,376                         515,720                         
 Deferred taxes                                             118,881                         114,075                         
 Other non-current assets                                   91,245                          93,395                          
 Total assets                                               $      2,917,325                $      2,821,749                
                                                                                                                            
 LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                       
 Current liabilities:                                                                                                       
 Accounts payable                                           $      12,617                   $      15,212                   
 Accrued liabilities                                        219,974                         268,144                         
 Income taxes payable                                       3,260                           3,506                           
 Contract liabilities                                       15,436                          19,991                          
 Operating lease liabilities                                15,822                          —                               
 Total current liabilities                                  267,109                         306,853                         
 Non-current contract liabilities                           24,342                          24,404                          
 Non-current operating lease liabilities                    65,315                          —                               
 Other non-current liabilities                              122,154                         177,462                         
 Total liabilities                                          478,920                         508,719                         
                                                                                                                            
 Stockholders’ equity:                                                                                                      
 Class A common stock                                       58                              58                              
 Class B common stock                                       41                              41                              
 Retained earnings                                          2,443,138                       2,327,877                       
 Accumulated other comprehensive (loss)                     (10,594           )             (20,625           )             
 Total stockholders’ equity – Dolby Laboratories, Inc.      2,432,643                       2,307,351                       
 Controlling interest                                       5,762                           5,679                           
 Total stockholders’ equity                                 2,438,405                       2,313,030                       
 Total liabilities and stockholders’ equity                 $      2,917,325                $      2,821,749                







DOLBY LABORATORIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands; unaudited)

                                                                                         Fiscal Year-To-Date Ended                                     
                                                                                         September 25,  2020             September 27,  2019           
 Operating activities:                                                                                                                                 
 Net income including controlling interest                                               $      231,619                  $      255,505                
 Adjustments to reconcile net income to net cash provided by operating activities:                                                                     
 Depreciation and amortization                                                           90,878                          85,123                        
 Stock-based compensation                                                                86,628                          76,580                        
 Amortization of premium on investments                                                  800                             358                           
 Provision for doubtful accounts                                                         7,689                           4,523                         
 Deferred income taxes                                                                   (5,274            )             (40,191         )             
 Restructuring charge for exit of leased facility                                        1,640                           33,251                        
 Other non-cash items affecting net income                                               10,920                          6,952                         
 Changes in operating assets and liabilities:                                                                                                          
 Accounts receivable, net                                                                1,251                           (27,492         )             
 Contract assets                                                                         34,297                          (29,708         )             
 Inventories                                                                             (11,784           )             (16,098         )             
 Operating lease right-of-use assets                                                     (13,516           )             —                             
 Prepaid expenses and other assets                                                       (5,680            )             (6,200          )             
 Accounts payable and accrued liabilities                                                (45,185           )             169                           
 Income taxes, net                                                                       (50,586           )             (2,186          )             
 Contract liabilities                                                                    (4,621            )             1,084                         
 Operating lease liabilities                                                             15,618                          —                             
 Other non-current liabilities                                                           (845              )             (13,996         )             
 Net cash provided by operating activities                                               343,849                         327,674                       
                                                                                                                                                       
 Investing activities:                                                                                                                                 
 Purchases of investment securities                                                      (287,777          )             (265,361        )             
 Proceeds from sales of investment securities                                            244,517                         200,636                       
 Proceeds from maturities of investment securities                                       246,621                         136,951                       
 Purchases of property, plant, and equipment                                             (66,347           )             (96,281         )             
 Payments for business acquisitions, net of cash acquired                                —                               (14,919         )             
 Purchase of intangible assets                                                           (2,640            )             (17,255         )             
 Net cash provided by/(used in) investing activities                                     134,374                         (56,229         )             
                                                                                                                                                       
 Financing activities:                                                                                                                                 
 Proceeds from issuance of common stock                                                  82,658                          57,346                        
 Repurchase of common stock                                                              (173,742          )             (340,585        )             
 Payment of cash dividend                                                                (88,581           )             (77,496         )             
 Distribution to controlling interest                                                    (283              )             (1,015          )             
 Shares repurchased for tax withholdings on vesting of restricted stock                  (23,065           )             (22,788         )             
 Payment related to prior purchases of intangible assets                                 (91               )             —                             
 Payment of deferred consideration for prior business combination                        (4,671            )             (743            )             
 Net cash used in financing activities                                                   (207,775          )             (385,281        )             
                                                                                                                                                       
 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash  3,938                           (5,821          )             
 Net increase/(decrease) in cash, cash equivalents, and restricted cash                  274,386                         (119,657        )             
 Cash, cash equivalents, and restricted cash at beginning of period                      805,593                         925,250                       
 Cash, cash equivalents, and restricted cash at end of period                            $      1,079,979                $      805,593                







 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 fourth quarter of fiscal 2020 and 2019 and fiscal 2020 and 2019: 
                                                                                                                                                                                                      
 Net income:                                                                        Fiscal Quarter Ended                                      Fiscal Year Ended                                       
                                                                                    September 25,  2020         September 27,  2019           September 25,  2020         September 27,  2019         
 GAAP net income                                                                    $      26.8                 $      43.9                   $      231.4                $      255.2                
 Stock-based compensation ( (1))                                                    21.8                        17.0                          86.7                        76.6                        
 Amortization of acquisition-related intangibles ((2))                              2.5                         3.1                           10.7                        9.9                         
 Restructuring charges                                                              —                           6.3                           1.9                         36.5                        
 Impact of Tax Reform                                                               —                           —                             —                           (18.2         )             
 Income tax adjustments                                                             (5.3          )             (2.7          )               (25.5         )             (25.4         )             
 Non-GAAP net income                                                                $      45.8                 $      67.6                   $      305.2                $      334.6                
                                                                                                                                                                                                      
 (1) Stock-based compensation included in above line items:                                                                                                                                           
 Cost of products and services                                                      0.5                         0.4                           2.0                         1.7                         
 Research and development                                                           6.3                         5.3                           25.7                        23.2                        
 Sales and marketing                                                                8.2                         5.8                           32.0                        28.1                        
 General and administrative                                                         6.8                         5.5                           27.0                        23.6                        
                                                                                                                                                                                                      
 (2) Amortization of acquisition-related intangibles included in above line items:                                                                                                                    
 Cost of licensing                                                                  0.7                         0.6                           3.1                         2.4                         
 Cost of products and services                                                      0.9                         1.2                           3.6                         3.1                         
 Research and development                                                           0.1                         0.1                           0.7                         0.2                         
 Sales and marketing                                                                0.8                         1.3                           3.3                         4.2                         
 General and administrative                                                         —                           (0.1          )               —                           —                           
                                                                                                                                                                                                      
 Diluted earnings per share:                                                        Fiscal Quarter Ended                                      Fiscal Year Ended                                       
                                                                                    September 25,  2020         September 27,  2019           September 25,  2020         September 27,  2019         
 GAAP diluted earnings per share                                                    $      0.26                 $      0.43                   $      2.25                 $      2.44                 
 Stock-based compensation                                                           0.21                        0.17                          0.84                        0.73                        
 Amortization of acquisition-related intangibles                                    0.03                        0.03                          0.10                        0.09                        
 Restructuring charges                                                              —                           0.06                          0.02                        0.35                        
 Impact of Tax Reform                                                               —                           —                             —                           (0.17         )             
 Income tax adjustments                                                             (0.05         )             (0.03         )               (0.24         )             (0.24         )             
 Non-GAAP diluted earnings per share                                                $      0.45                 $      0.66                   $      2.97                 $      3.20                 
                                                                                                                                                                                                      
                                                                                                                                                                                                      
 Shares used in computing diluted earnings per share                                103                         103                           103                         105                         
                                                                                                                                                                                                      
 The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial amounts for the first quarter of fiscal 2021 included in this release:                   
                                                                                                                                                                                                      
 Gross margin:                                                                                                                                                            Q1 2021                     
 GAAP gross margin (low - high end of range)                                                                                                                              90% - 91%                   
 Stock-based compensation                                                                                                                                                 0.2                  %      
 Amortization of acquisition-related intangibles                                                                                                                          0.8                  %      
 Non-GAAP gross margin (low - high end of range)                                                                                                                          91% - 92%                   
                                                                                                                                                                                                      
 Operating expenses:                                                                                                                                                      Q1 2021                     
 GAAP operating expenses (low - high end of range)                                                                                                                        $207 - $219                 
 Stock-based compensation                                                                                                                                                 (24           )             
 Amortization of acquisition-related intangibles                                                                                                                          (1            )             
 Restructuring charges, net                                                                                                                                               (7) - (9)                   
 Non-GAAP operating expenses (low - high end of range)                                                                                                                    $175 - $185                 
                                                                                                                                                                                                      
 Diluted earnings per share:                                                                                                                  Q1 2021                                                 
                                                                                                                                              Low                         High                        
 GAAP diluted earnings per share                                                                                                              $      0.70                 $      0.85                 
 Stock-based compensation                                                                                                                     0.23                        0.23                        
 Amortization of acquisition-related intangibles                                                                                              0.03                        0.03                        
 Restructuring charges, net                                                                                                                   0.08                        0.08                        
 Income tax adjustments                                                                                                                       (0.07         )             (0.07         )             
 Non-GAAP diluted earnings per share                                                                                                          $      0.97                 $      1.12                 
                                                                                                                                                                                                      
 Shares used in computing diluted earnings per share                                                                                          103                         103                         



Investor Contact:
Jason Dea
Dolby Laboratories, Inc.
415-357-7002
investor@dolby.com

Media Contact:
Karen Hartquist
Dolby Laboratories, Inc.
415-505-8357
karen.hartquist@dolby.com

 

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