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   Technology StocksDLB Dolby Laboratories


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From: Cooters1/28/2021 6:10:32 PM
1 Recommendation   of 282
 
Dolby Q1 2021 earnings call notes - 1/28/21

- Q1 rev $389.9M vs 330M-360M guide. gaap eps 1.30 vs .70-.85 guide. non-GAAP 1.48 vs
.97-1.12 guide. GAAP eps includes a pre-tax 13.9m gain from sale of a property and a 10m charge for inventory and severance due to exiting the conferencing business.

- Q2 rev guide 280m-310m vs prior 270m-300m, due to increase in TAM and not timing. This puts 1H rev guide at 670m-700m. They expect 2H somewhere in the mid-high 500M's, due to timing and seasonality. They did see some revenue they expected in 2H land in Q1, maybe 15m-20m. There was also a true-up of +20m in Q1.

- Highlights in revenue by market were in broadcast and mobile, both on YoY and QoQ basis. Mobile was up 170% QoQ and 200% YoY. They attributed the majority of the gain to timing of a customer, likely Apple.

- $82M cash flow, cash up to $1.2B. Bough back 500K shares and have $147M remaining on their existing share repurchase auth.

- They attributed 2H lower than 1H due to lower TAM, timing, and pace of cinema recovery looking slower, offset by increasing adoption. Listed a wide variety of customer wins, new products adopting Dolby tech, new opportunities in music and gaming in content and products, and increased dolby.io support. There were several questions about dolby.io, the analysts seem very interested in this area. It relates to a lot of areas that expanded during the pandemic, like teacher/student interaction and workplace interaction. Also used to clean up user created audio in the cloud.

- Did not add any detail on DV penetration, but re-iterated it reached mid to high teens % of the 4k tv market in 2020.

- 12 new DC screens including Q1 in Taiwan. As IMAX also reported, DC is gaining market share in China vs vanilla tickets.

Cooters

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From: Cooters1/29/2021 12:20:45 PM
   of 282
 
Analyst Actions: B. Riley Adjusts Dolby Laboratories' Price Target to $89 From $79, Keeps Neutral Rating
BY MT Newswires
— 7:29 AM ET 01/29/2021

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From: Carkey1/30/2021 8:35:31 PM
1 Recommendation   of 282
 
Here is video which demonstrates what Dolby IO's spatial audio can do for a online conference.

Dolby.io Interactivity APIs Demo | Featuring Spatial Audio & Noise Suppression - Bing video

I have to attend 3 - 4 video calls a day and this would be significantly different than what I experience using the current tool my company provides.

This demonstration showed how you would hear different voices as if they were coming from different parts of a conference room while both were talking. AND multiple voices did not keep you from hearing the person you wanted to listen to.

IMHO - Spatial audio would make my calls more life like which would likely make the calls more productive.

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To: Carkey who wrote (252)1/30/2021 9:39:32 PM
From: A.J. Mullen
   of 282
 
If it works as well as the demonstration, I'd be excited if Zoom adopted it. If Teams adopted it first, I'd lobby for my peer-group to switch to them.

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From: Cooters2/1/2021 12:56:59 PM
   of 282
 
CFRA MAINTAINS HOLD OPINION ON SHARES OF DOLBY LABORATORIES, INC.

6:06 pm ET January 29, 2021

We keep our 12-month price target of $84, 25x our FY 21 (Sep.) EPS estimate, and squarely in line with the DLB's five-year historical trading band. We keep our FY 21 EPS estimate of $3.36 and lift FY 22's EPS by $0.15 to $3.73. DLB prints Dec-Q adj-EPS of $1.48 vs. $0.64, easily surpassing consensus by $0.44 on upside in sales and cost controls. Quarterly revenues rose 33.6% to $390M, beating consensus by $44.5M. Primary drivers to the top-line beat were a $20M true-up and a $15M-$20M pull-forward in licensing recoveries from mobile customers. DLB also revised its Jan-Q sequential outlook above consensus expectations for revenues ($280M to $310M vs. $290M) and adj-EPS ($0.57 to $0.72 vs. $0.62), aided by higher shipment volumes for select devices (TVs and PCs). For the stock to move materially higher from here, we think an expedited timeline around a recovery in Dolby Cinemas and higher adoption of other technologies (Atmos and Vision) would need to emerge in the second half of FY 2021.

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To: Cooters who wrote (254)2/1/2021 12:59:37 PM
From: Cooters
   of 282
 
For the stock to move materially higher from here, we think an expedited timeline around a recovery in Dolby Cinemas and higher adoption of other technologies (Atmos and Vision) would need to emerge in the second half of FY 2021.

Couldn't agree more, and since I expect those things to happen, I expect it to go materially higher when they do. Coot

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To: Cooters who wrote (255)2/1/2021 2:33:52 PM
From: A.J. Mullen
   of 282
 
Cinemas are mostly closed. A fear is that when they reopen, people's habits will have adjusted, they might feel content to watch at home. A hope is that Cinemas would entice them back with a better experience.

I imagine installation takes a theater out of commission and is time-consuming. Now would be a good time to do it if the money is available, a big if. Was there any mention in the conference call of chains investing at this time?

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To: A.J. Mullen who wrote (256)2/1/2021 2:39:35 PM
From: Cooters
   of 282
 
Yes they provided 2 encouraging items for DC in Asia/China.

12 new DC screens including first 1 in Taiwan. As IMAX also reported, DC is gaining market share in China vs vanilla tickets.

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To: Cooters who wrote (257)2/1/2021 3:47:15 PM
From: A.J. Mullen
   of 282
 
Thanks. I believe theaters in Taiwan and China are open for the most part. It would be good to hear of new installations in Europe and the US. I couldn't find a breakdown of earnings by region.

Ashley

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From: Cooters2/3/2021 9:51:58 AM
   of 282
 
Form SC 13G Dolby Laboratories, Inc. Filed by: BlackRock Inc.

(null) (fast-edgar.com)

They make these so difficult, but it looks like Blackrock increased their stake to 5.7%, adding 200K+ shares

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