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Dec 29, 2023
Dolby Q1 2024 Earnings Report
Dolby's first quarter results were in line with expectations with momentum in Dolby Atmos for cars.
Key Takeaways
Dolby Laboratories reported first quarter fiscal year 2024 financial results with a total revenue of $315.6 million and GAAP net income of $67.0 million, or $0.69 per diluted share. On a non-GAAP basis, net income was $98.6 million, or $1.01 per diluted share.
Total revenue was $315.6 million, compared to $334.9 million for the first quarter of fiscal 2023.
GAAP net income was $67.0 million, or $0.69 per diluted share, compared to GAAP net income of $79.4 million, or $0.82 per diluted share, for the first quarter of fiscal 2023.
Non-GAAP net income was $98.6 million, or $1.01 per diluted share, compared to $107.4 million, or $1.11 per diluted share, for the first quarter of fiscal 2023.
Dolby repurchased 968 thousand shares of its common stock and ended the quarter with approximately $132 million of stock repurchase authorization available going forward.
Dolby
Dolby
Dolby Revenue by Segment
Revenue by Segment
Licensing Revenue
CapyFin.comProducts and Services Revenue
CapyFin.com Forward Guidance
Dolby provided estimates for its second quarter and full year of fiscal 2024. Total revenue for Q2 is estimated to range from $345 million to $375 million and is expected to be roughly $1.30 billion for the full year. Diluted earnings per share is anticipated to range from $0.82 to $0.97 on a GAAP basis and from $1.14 to $1.29 on a non-GAAP basis for Q2. For the full year, diluted earnings per share is anticipated to range from $2.30 to $2.45 on a GAAP basis and from $3.60 to $3.75 on a non-GAAP basis.
Positive Outlook
- Total revenue for Q2 is estimated to range from $345 million to $375 million.
- Gross margins are anticipated to be approximately 90% for Q2.
- Diluted earnings per share is anticipated to range from $0.82 to $0.97 on a GAAP basis for Q2.
- Diluted earnings per share is anticipated to range from $1.14 to $1.29 on a non-GAAP basis for Q2.
- Total revenue is expected to be roughly $1.30 billion for the full year.
Challenges Ahead
- Operating expenses are anticipated to range from $215 million to $225 million on a GAAP basis for Q2.
- Operating expenses are anticipated to range from $180 million to $190 million on a non-GAAP basis for Q2.
- Effective tax rate is anticipated to be roughly 23% on a GAAP basis for Q2.
- Effective tax rate is anticipated to be roughly 20% on a non-GAAP basis for Q2.
- Gross margins are anticipated to be roughly 89% for the full year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income