Dolby Laboratories, Inc. Files 10-Q for Period Ending December 29, 2023

TL;DR

<b>Dolby Laboratories, Inc. (DLB) filed its Q1 2024 10-Q, detailing financial performance and position.</b>

AI Summary

Dolby Laboratories, Inc. (DLB) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. Dolby Laboratories, Inc. filed a 10-Q report for the period ending December 29, 2023. The filing covers the company's financial performance and position. Key financial data points such as revenue, net income, and EPS are detailed within the report. The report includes balance sheet information as of December 29, 2023, and comparative periods. Shareholder equity details, including common stock and retained earnings, are presented.

Why It Matters

For investors and stakeholders tracking Dolby Laboratories, Inc., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results, crucial for assessing Dolby's performance and making informed investment decisions. The detailed financial statements and disclosures allow stakeholders to understand the company's revenue streams, profitability, and overall financial health.

Risk Assessment

Risk Level: low — Dolby Laboratories, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual events or significant negative trends, suggesting a low level of immediate risk from this filing alone.

Analyst Insight

Review the detailed revenue breakdown and profitability metrics in the 10-Q to understand Dolby's performance drivers and identify any emerging trends.

Key Numbers

• 20231229 — Period End Date (Conformed period of report)
• 20240202 — Filing Date (Filed as of date)
• 0001308547 — Central Index Key (Filer's Central Index Key)
• 6794 — Standard Industrial Classification (SIC code for Patent Owners & Lessors)

Key Players & Entities

• Dolby Laboratories, Inc. (company) — Filer name
• DLB (company) — Ticker symbol
• 20231229 (date) — Period of report
• 20240202 (date) — Filing date
• 1275 MARKET STREET (location) — Business address
• SAN FRANCISCO (location) — Business address city
• CA (location) — Business address state
• 94103 (location) — Business address zip

Forward-Looking Statements

• Dolby's licensing revenue growth will remain challenged in the near term. (Dolby Laboratories, Inc.) — medium confidence, target: Q2 2024

FAQ

Industry Context

Dolby Laboratories operates in the technology sector, focusing on audio, video, and voice technologies. The company licenses its technologies to device manufacturers and content creators.

Regulatory Implications

Companies like Dolby Laboratories are subject to SEC regulations for financial reporting, including the requirement to file quarterly reports (10-Q) and annual reports (10-K).

What Investors Should Do

1. Analyze the revenue figures for Licensing and Products & Services segments to understand growth trends.
2. Review the balance sheet for changes in assets, liabilities, and equity compared to prior periods.
3. Examine any disclosures related to legal proceedings or significant contractual obligations.

Key Dates

• 2023-12-29T00:00:00.000Z: Fiscal Quarter End — End of the reporting period for the 10-Q filing.
• 2024-02-02T00:00:00.000Z: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period, so a direct comparison to a previous filing is not available from this data.

Key Financial Figures

• $0.001 — which registered Class A common stock, $0.001 par value DLB The New York Stock Exchan

Filing Documents

• dlb-20231229.htm (10-Q) — 1841KB
• exhibit311-q124.htm (EX-31.1) — 10KB
• exhibit312-q124.htm (EX-31.2) — 11KB
• exhibit321-q124.htm (EX-32.1) — 5KB
• dlb-20231229_g1.jpg (GRAPHIC) — 37KB
• 0001628280-24-002964.txt (&nbsp;) — 10783KB
• dlb-20231229.xsd (EX-101.SCH) — 72KB
• dlb-20231229_cal.xml (EX-101.CAL) — 138KB
• dlb-20231229_def.xml (EX-101.DEF) — 309KB
• dlb-20231229_lab.xml (EX-101.LAB) — 957KB
• dlb-20231229_pre.xml (EX-101.PRE) — 583KB
• dlb-20231229_htm.xml (XML) — 1906KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Unaudited Interim Condensed Consolidated Financial Statements

Item 1. Unaudited Interim Condensed Consolidated Financial Statements 4 Unaudited Interim Condensed Consolidated Balance Sheets 4 Unaudited Interim Condensed Consolidated Statements of Operations 5 Unaudited Interim Condensed Consolidated Statements of Comprehensive Income 6 Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity 7 Unaudited Interim Condensed Consolidated Statements of Cash Flows 8 Notes to Unaudited Interim Condensed Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 50

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 51

Risk Factors

Item 1A. Risk Factors 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67

Other Information

Item 5. Other Information 67

Exhibits

Item 6. Exhibits 68 Signature 2 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 ASC Accounting Standards Codification ASP Average Selling Price ASU Accounting Standards Update ATSC Advanced Television Systems Committee 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 DVB Digital Video Broadcasting 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 HD High Definition HDR High-Dynamic Range HDTV High Definition Television 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 UHD Ultra-High Definition U.S. GAAP Generally Accepted Accounting Principles In The United S

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS DOLBY LABORATORIES, INC. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS ( in thousands, except share and per share amounts ) (unaudited) December 29, 2023 September 29, 2023 ASSETS Current assets: Cash and cash equivalents $ 656,816 $ 745,364 Restricted cash 51,842 72,602 Short-term investments 140,823 139,148 Accounts receivable, net of allowance for credit losses of $ 7,428 and $ 9,683 293,228 262,245 Contract assets, net of allowance for credit losses of $ 108 and $ 138 217,559 182,130 Inventories, net 37,568 35,623 Prepaid expenses and other current assets 53,519 50,692 Total current assets 1,451,355 1,487,804 Long-term investments 92,876 97,812 Property, plant, and equipment, net 479,321 481,581 Operating lease right-of-use assets 38,001 40,199 Intangible assets, net 159,894 167,427 Goodwill 410,435 408,409 Deferred taxes 206,667 201,860 Other non-current assets 96,980 94,674 Total assets $ 2,935,529 $ 2,979,766 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 14,395 $ 20,925 Accrued liabilities 327,186 351,399 Income taxes payable 6,189 4,769 Contract liabilities 33,404 31,505 Operating lease liabilities 12,922 13,628 Total current liabilities 394,096 422,226 Non-current contract liabilities 36,994 39,997 Non-current operating lease liabilities 34,319 37,020 Other non-current liabilities 107,810 108,339 Total liabilities 573,219 607,582 Stockholders' equity: Class A, $ 0.001 par value, one vote per share, 500,000,000 shares authorized: 59,765,465 shares issued and outstanding at December 29, 2023 and 59,673,633 at September 29, 2023 53 53 Class B, $ 0.001 par value, ten votes per share, 500,000,000 shares authorized: 36,085,779 shares issued and outstanding at December 29, 2023 and 36,085,779 at September 29, 2023 41 41 Retained earnings 2,367,182 2,391,990 Accumulated other comprehensive loss ( 21,428 ) ( 36,984 )

View Full Filing

View this 10-Q filing on SEC EDGAR