|Dolby Laboratories Reports Second Quarter Fiscal 2021 Financial Results|
DLB 103.53 0.12 0.12% : Dolby Laboratories, Inc. - Yahoo Finance
SAN FRANCISCO, May 04, 2021 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. (NYSE: DLB) today announced the company's financial results for the second quarter of fiscal 2021. For the second quarter, Dolby reported total revenue of $319.6 million, compared to $351.8 million for the second quarter of fiscal 2020.
"We continue to see growing momentum in the number of Dolby experiences being enabled by our partners across a broad range of content," said Kevin Yeaman, President and CEO, Dolby Laboratories. "We have expanded our reach within music and gaming, and Dolby.io is opening the door to bring Dolby to more content experiences."
Second quarter GAAP net income was $76.2 million, or $0.73 per diluted share, compared to GAAP net income of $88.5 million, or $0.86 per diluted share, for the second quarter of fiscal 2020. On a non-GAAP basis, second quarter net income was $94.8 million, or $0.91 per diluted share, compared to $106.6 million, or $1.04 per diluted share for the second quarter of fiscal 2020. Second quarter cash flows from operations was $83.5 million, compared to $65.7 million for the second quarter of fiscal 2020. A complete listing of Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.
Third Quarter Fiscal 2021
Dolby is providing the following estimates for its third quarter of fiscal 2021:
Total revenue is estimated to range from $260 million to $290 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 basis
Operating expenses are anticipated to range from $210 million to $220 million on a GAAP basis and from $185 million to $195 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 $0.15 to $0.30 on a GAAP basis and from $0.37 to $0.52 on a non-GAAP basis
Second Half of Fiscal 2021
Dolby is also providing the following estimate for its second half of fiscal 2021:
Total revenue is estimated to range from $560 million to $600 million