Dolby Laboratories Files 2024 Annual Report

Ticker: DLB · Form: 10-K · Filed: Nov 19, 2024 · CIK: 1308547

Dolby Laboratories, INC. 10-K Filing Summary
FieldDetail
CompanyDolby Laboratories, INC. (DLB)
Form Type10-K
Filed DateNov 19, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.001
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

Dolby's 2024 10-K is in: full financial picture for the year ending Sept 27.

AI Summary

Dolby Laboratories, Inc. filed its 10-K for the fiscal year ending September 27, 2024. The company, headquartered at 1275 Market Street, San Francisco, CA, reported its financial performance and business operations. Key financial data and operational details are presented in this comprehensive annual filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Dolby's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

Key Players & Entities

FAQ

What were Dolby Laboratories' total licensing revenue figures for the past three fiscal years?

The filing indicates total licensing revenue for the fiscal years ending September 30, 2023, September 29, 2022, and September 30, 2021.

What is the company's primary Standard Industrial Classification code?

Dolby Laboratories, Inc. is classified under PATENT OWNERS & LESSORS [6794].

What is the SEC file number for Dolby Laboratories?

The SEC file number is 001-32431.

What are the two main classes of common stock mentioned in the filing?

The filing mentions us-gaap:CommonClassAMember and us-gaap:CommonClassBMember.

When was the company incorporated?

The state of incorporation is Delaware (DE).

Filing Stats: 4,442 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2024-11-19 17:07:55

Key Financial Figures

Filing Documents

— Business

Item 1 — Business 4

— Risk Factors

Item 1A — Risk Factors 13

— Unresolved Staff Comments

Item 1B — Unresolved Staff Comments 28

— Cybersecurity

Item 1C — Cybersecurity 28

— Properties

Item 2 — Properties 29

— Legal Proceedings

Item 3 — Legal Proceedings 30

— Mine Safety Disclosures

Item 4 — Mine Safety Disclosures 30 PART II

— Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 — Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

— [Reserved]

Item 6 — [Reserved] 32

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations 33

— Quantitative and Qualitative Disclosures About Market Risk

Item 7A — Quantitative and Qualitative Disclosures About Market Risk 46

— Consolidated Financial Statements

Item 8 — Consolidated Financial Statements 48

— Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 — Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 91

— Controls and Procedures

Item 9A — Controls and Procedures 91

— Other Information

Item 9B — Other Information 91

— Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C — Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III

— Directors, Executive Officers and Corporate Governance

Item 10 — Directors, Executive Officers and Corporate Governance 93

— Executive Compensation

Item 11 — Executive Compensation 93

— Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 — Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93

— Certain Relationships and Related Transactions, and Director Independence

Item 13 — Certain Relationships and Related Transactions, and Director Independence 93

— Principal Accounting Fees and Services

Item 14 — Principal Accounting Fees and Services 93 PART IV

— Exhibits, Financial Statement Schedules

Item 15 — Exhibits, Financial Statement Schedules 94

— Form 10-K Summary

Item 16 — Form 10-K Summary 96

Signatures

Signatures 96 1 Table of Contents GLOSSARY OF TERMS The following table summarizes certain terms and abbreviations that may be used within the text of this report: Abbreviation Term AAC Advanced Audio Coding AFS Available-For-Sale (Securities) AOCI Accumulated Other Comprehensive Income (Loss) API Application Programming Interface APIC Additional Paid In-Capital ARPU Average Revenue Per Unit ASC Accounting Standards Codification ASU Accounting Standards Update AVC Advanced Video Coding AVR Audio/Video Receiver CE Consumer Electronics CODM Chief Operating Decision Maker COSO Committee Of Sponsoring Organizations (Of The Treadway Commission) DD Dolby Digital DD+ Dolby Digital Plus DMA Digital Media Adapter DTV Digital Television DVD Digital Versatile Disc EPS Earnings Per Share ESP Estimated Selling Price ESPP Employee Stock Purchase Plan FASB Financial Accounting Standards Board FCPA Foreign Corrupt Practices Act G&A General and Administrative HDR High-Dynamic Range HE-AAC High Efficiency Advanced Audio Coding HEVC High Efficiency Video Coding IC Integrated Circuit IBR Incremental Borrowing Rate IP Intellectual Property LP Limited Partner/Partnership NOL Net Operating Loss OECD Organization For Economic Co-Operation & Development OEM Original Equipment Manufacturer OTT Over-The-Top PC Personal Computer PCS Post-Contract Support PP&E Property, Plant, and Equipment PSO Performance-Based Stock Option PSU Performance-Based Restricted Stock Unit R&D Research and Development ROU Right-Of-Use RSU Restricted Stock Unit S&M Sales and Marketing SEC U.S. Securities and Exchange Commission SERP Supplemental Executive Retirement Plan STB Set-Top Box TSR Total Stockholder Return U.S. GAAP Generally Accepted Accounting Principles In The United States VVC Versatile Video Coding 2 Table of Contents

Forward Looking Statements

Forward Looking Statements This Annual Report on Form 10-K contains forward-looking statements reflecting our current expectations that are subject to risks and uncertainties, including, but not limited to statements regarding: operating results and underlying measures and the effect of acquisitions; demand and acceptance for our technologies and products; the effect of macroeconomic factors on our business; market growth opportunities and trends, including artificial intelligence and new technologies; the development and launch of new products, features, and platforms; our ability to maintain key partnership relationships; our plans, strategies and expected opportunities, including for our licensing business; future competition; our stock repurchase plan; and our dividend policy. Use of words such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," "intend," "could," "can," "would," "target," "goal," "outlook," "project," "contemplate," "future," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions indicates a forward-looking statement. Such forward-looking statements are based on management's reasonable and current assumptions and expectations, but such statements inherently involve substantial risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements due to a number of factors, including but not limited to the risks set forth in Part I, Item 1A, "Risk Factors" and key challenges set forth in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We may not actually achieve the plans, intentions, or expectations disclosed in o

BUSINESS

ITEM 1. BUSINESS OVERVIEW Founded in 1965, Dolby Laboratories is in the business of improving the entertainment experience by inventing and innovating technology that advances audio and video. We enable highly compelling experiences in movies and TV shows, music, sports and more by meeting the needs of content creators, distributors and consumer electronics manufacturers. We have been at the forefront of multiple audio and video revolutions over the last sixty years including the transitions from mono to stereo then surround, analog to digital, and terrestrial broadcasting to streaming. Our strength and durability stem from our ability to combine our expertise in signal processing with our close relationships with artists and other industry experts to continually bring to the creative community technology that allows them to express themselves in new and compelling ways. Dolby is synonymous with high quality entertainment from a consumer perspective and has become critical to makers of consumer electronic devices as our technology is an important component of the creation and delivery of audio and video content. While some of our technology represents relatively elemental functions like audio signal compression that enable playback, we also offer technology that is innovating in emerging categories including spatial audio and high contrast video. We derive the majority of our revenue from licensing audio and video technology to electronics manufacturers, and a lesser portion of our revenue by offering premium audio and video technologies to cinema exhibitors. STRATEGY Key elements of our strategy include: Advancing the Science of Sight and Sound. We apply our understanding of the human senses, audio, and imaging engineering by collaborating with music, TV and movie creators, and innovating in emerging categories like user-generated content, sports and podcasts, to develop and update technologies aimed at enabling and improving how people experience and interac

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