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   Technology StocksDLB Dolby Laboratories


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From: Cooters1/29/2020 4:21:14 PM
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Dolby Laboratories Reports First Quarter Fiscal 2020 Financial Results

investor.dolby.com

Second Quarter Fiscal 2020

Dolby is providing the following estimates for its second quarter of fiscal 2020:

Total revenue will range from $370 million to $390 million

Gross margin percentages will be approximately 89% on a GAAP basis and approximately 90% on a non-GAAP basis

Operating expenses will range from $213 million to $219 million on a GAAP basis and from $191 million to $197 million on a non-GAAP basis

Effective tax rate will range from 18% to 20% on both a GAAP basis and non-GAAP basis

Diluted earnings per share will range from $0.97 to $1.03 on a GAAP basis and from $1.15 to $1.21 on a non-GAAP basis


Fiscal Year 2020

Dolby is providing the following estimates for its fiscal year 2020:

Total revenue will range from $1.30 billion to $1.35 billion

Gross margin percentages will range from 87% to 88% on a GAAP basis and from 88% to 89% on a non-GAAP basis

Operating expenses will range from $829 million to $849 million on a GAAP basis and from $740 million to $760 million on a non-GAAP basis

Effective tax rate will range from 17% to 19% on a GAAP basis and from 18% to 20% on a non-GAAP basis

Diluted earnings per share will range from $2.64 to $2.74 on a GAAP basis and from $3.40 to $3.50 on a non-GAAP basis

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To: Cooters who wrote (211)1/29/2020 4:23:19 PM
From: Cooters
   of 282
 
Correction, looks same for year but Q2 looks big, that might be the change in seasonality with Acct rule 606

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To: Cooters who wrote (206)1/29/2020 9:11:07 PM
From: Cooters
   of 282
 
Dolby Q1 earnings call - 1/29/2020

The general view is a nice beat on revenue and EPS in Q1, Q2 guidance that looks really good to me but is being characterized as inline, and no update to FY20 guidance.

- Main metric is DV penetration and they were clear they expect it to remain on a doubling yearly trajectory, 2019 was 4K at 50% TV market share and DV 10% of 4K. 5% total, going to 10% in 2020.

- Bought back 430K shares in Q1. Really good question on buyback path and philosophy from Dougherty, they were clear it is unchanged and a major part of their capital return program.

- Amazon Echo now has DA. They are in discussions with a broad range of smart speakers, auto and mobile and expect DA penetration to be significant in the coming years.

- Dolby Cinema - 250 screens, still less than 5% of revenue, Health issue will impact Chinese locations impacted but the total percentage of revenue is small and they did not blame any guidance on it.

This was a really good report considering the Chinese situation, it will be interesting to see the take from the analysts.

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From: Cooters1/30/2020 6:02:22 PM
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CFRA KEEPS HOLD OPINION ON SHARES OF DOLBY LABORATORIES, INC.
12:03 pm ET January 30, 2020 (CFRA)
We raise our 12-month target by $5 to $72 on 20.7x our FY 20 (Sep.) EPS estimate and roughly in line with DLB's 3-year historical averages. We raise our FY 20 EPS estimate by $0.07 to $3.48 and keep FY 21's EPS of $3.93. DLB posts adjusted Dec-Q EPS of $0.64 vs. $0.74, beating the consensus of $0.49 on lower-than-expected operating expenses ($8M). Quarterly revenues were up 3.5% to $292M, topping consensus by $6M on higher-than-expected adoption of Dolby Vision and Atmos in Broadcast and Consumer Electronics. DLB reiterated its FY 20 revenue outlook of $1.3B-$1.35B, which implies the company will need to see a large step-up in growth by the second half of FY 20, enhancing execution risk, in our view. If current targets are achievable, we think DLB could see a tighter correlation between earnings and cash flow, which we positively view. We think the risk/reward tradeoff remains balanced and shares remain fairly valued at around 19.5x our FY 20 estimate.

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From: Cooters1/31/2020 2:28:48 PM
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Barrington reaffirms Outperform on Dolby after Q1 earnings report

Barrington analyst James Goss reaffirmed an Outperform rating and $85 price target on Dolby Laboratories (DLB) following the company reporting "above expectations" Q1 earnings results, which included "solid" Q2 guidance, and leaves the company "on track" for the full year. Goss said that increased adoption of Dolby's technologies, including Vision and Atmos, are providing "meaningful tailwinds." The analyst also noted that Dolby continued to penetrate into 4K TVs, including lower priced models.

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From: Cooters2/8/2020 6:02:11 PM
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the ecosystem marches on

Edge Dev 81.0.410.1 is out with Dolby Vision support and more

neowin.net

Today, Microsoft released Edge Dev build 81.0.410.1, and as usual, the changes are pretty minor. The one thing that's notable is that it has support for Dolby Vision HDR, which means that not only can you use the browser to stream content in 4K UHD, but it'll be able to support a wider dynamic range of colors.

<snip>

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From: Cooters2/8/2020 6:10:16 PM
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An interesting royalty tidbit from a review of HDR10+ and DV.

displaydaily.com

<snip>

Many of today's HDR TV sets support both HDR10 and Dolby Vision. But not Samsung's. Samsung decided around 2017 to develop the non-proprietary static-metadata HDR10 into an open-source dynamic-metadata system they would call HDR10+. At the time, Samsung said they were doing this to: 1) be able to adjust various parameters and EOTFs, which they could not do with Dolby's proprietary closed-box system; and 2) to avoid paying Dolby's license fee, which Dolby estimates to be $3.00 per set in its white paper.

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From: Cooters5/10/2020 1:07:49 PM
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I'll try to post ecosystem gains as we work through the pandemic, they may not show up in current numbers but they will be central to what revenues look like on the other side of this.

To recap the DV opportunity specifically for the TV market, they said 4K was 50% of the approx. 220M TV market last year and DV had a 10% market share of 4K(or 5% of total market), up 100% with an initial forecast of another doubling this year. They said it grew in the latest quarter but did not speak to the doubling. Either way, using the $3/set number in the previous article, last year would have been 11M x $3 = $33M, with an addressable market of $660M. This is just one license(DV) in one market(TV).

I continue to believe DLB represents an under the radar play on 4K streaming, and will one day explode when it is on the radar. Till then, patience.

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To: Cooters who wrote (218)5/10/2020 1:10:26 PM
From: Cooters
   of 282
 
Xiaomi could launch first 65-inch OLED TV with Dolby Vision support

No televisions under the Mi TV brand currently support Dolby Vision.

moneycontrol.com







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To: Cooters who wrote (219)5/10/2020 1:11:59 PM
From: Cooters
   of 282
 
20th Century (Fox) seemingly abandoning HDR10+ in favor of Dolby Vision

flatpanelshd.com

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