|Looks like a big beat...|
Dolby Laboratories Reports First Quarter Fiscal 2021 Financial Results | Dolby Laboratories, Inc.
Dolby Laboratories Reports First Quarter Fiscal 2021 Financial Results
SAN FRANCISCO, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the company's financial results for the first quarter of fiscal 2021. For the first quarter, Dolby reported total revenue of $389.9 million, compared to $291.9 million for the first quarter of fiscal 2020.
"We had a good start to the fiscal year with solid financial results and ongoing progress across our growth initiatives," said Kevin Yeaman, President and CEO, Dolby Laboratories. "Dolby Vision and Dolby Atmos continue to grow across more devices and services, including new focus areas like music and gaming, and we are in the early days of enabling a broader range of applications and services as we increase our engagement with developers through Dolby.io."
First quarter GAAP net income was $135.2 million, or $1.30 per diluted share, compared to GAAP net income of $48.8 million, or $0.47 per diluted share, for the first quarter of fiscal 2020. On a non-GAAP basis, first quarter net income was $153.3 million, or $1.48 per diluted share, compared to $65.5 million, or $0.64 per diluted share for the first quarter of fiscal 2020. First quarter cash flows from operations was $82.2 million, compared to $31.2 million for the first quarter of fiscal 2020. First quarter GAAP results included a pre-tax gain of $13.9 million related to the sale of property previously classified as held for sale. A complete listing of Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.
Second Quarter Fiscal 2021
Dolby is providing the following estimates for its second quarter of fiscal 2021:
Total revenue is estimated to range from $280 million to $310 million Gross margin percentages are anticipated to range from 88% to 89% on a GAAP basis and from 89% to 90% on a non-GAAP basisOperating expenses are anticipated to range from $200 million to $210 million on a GAAP basis and from $175 million to $185 million on a non-GAAP basisEffective tax rate is anticipated to range from 20% to 21% on both a GAAP and non-GAAP basisDiluted earnings per share is anticipated to range from $0.36 to $0.51 on a GAAP basis and from $0.57 to $0.72 on a non-GAAP basis
Guidance was Q1 rev 330M-360M, non GAAP EPS .97-1.12, Q2 rev 270M-300M. So a big beat on rev and eps, small bump up in Q2 rev. Coot