Dolby Laboratories (DLB) Q1 FY2024 earnings: revenue $316 million, down 5.8% on the year

Dolby Laboratories, Inc. (DLB) reported revenue of $316 million for Q1 FY2024, the quarter ended 29 December 2023, down 5.8% on the same quarter a year earlier. Net income was $67 million, down 15.6% on the year, and diluted earnings per share $0.69. The figures are the company's own, from the 10-Q it filed with the SEC on 2 February 2024.

Revenue$316 milliondown 5.8%

Net income$67 milliondown 15.6%

Diluted EPS$0.69

QuarterQ1 FY2024ended 29 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	316	291	n/a	n/a
Cost of revenue	32.1	35.6	n/a	n/a
Gross profit	284	255	n/a	n/a
Gross margin	89.8%	87.8%	n/a
Research and development	67.0	70.4	n/a	n/a
Operating income	66.2	-3.5	n/a	n/a
Operating margin	21.0%	-1.2%	n/a
Pre-tax income	80.8	9.0	n/a	n/a
Income tax	13.3	-0.9	n/a	n/a
Effective tax rate	16.4%	-9.7%	n/a
Net income	67.0	9.2	n/a	n/a
Net margin	21.2%	3.2%	n/a
Diluted EPS	$0.69	$0.09	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	8.4	85.0	n/a	n/a
Capital expenditure	6.1	8.2	n/a	n/a
Free cash flow	2.3	76.8	n/a	n/a
Free cash flow margin	0.7%	26.4%	n/a
Cash from investing	0.6	-19.7	n/a	n/a
Cash from financing	-125	-42.8	n/a	n/a
Depreciation and amortisation	17.9	21.1	n/a	n/a
Share-based compensation	31.9	28.2	n/a	n/a
Buybacks	80.0	25.0	n/a	n/a
Dividends paid	28.6	25.8	n/a	n/a
Dividend per share	$0.30	n/a	n/a	n/a
Diluted shares, weighted	97m	98m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,346	2,355	n/a	n/a
Non-controlling interest	16.5	17.1	n/a	n/a
Debt	n/a	0.0	n/a	n/a
Operating lease liabilities	34.3	37.0	n/a	n/a
Other liabilities	539	571	n/a	n/a
Total liabilities and equity	2,936	2,980	n/a	n/a
Fixed assets	479	482	n/a	n/a
Goodwill	410	408	n/a	n/a
Intangible assets	160	167	n/a	n/a
Investments	234	237	n/a	n/a
Cash and equivalents	657	745	n/a	n/a
Receivables	293	262	n/a	n/a
Inventory	37.6	35.6	n/a	n/a
Other assets	665	642	n/a	n/a
Total assets	2,936	2,980	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	291	316	365	289	305	357	370	316	307	347	396	305
Cost of revenue	35.6	32.1	38.8	35.7	34.0	40.8	35.8	44.0	39.5	43.2	44.7	40.3
Gross profit	255	284	326	253	271	316	334	272	268	303	351	265
Gross margin	88%	90%	89%	88%	89%	89%	90%	86%	87%	88%	89%	87%
R&D	70.4	67.0	62.5	65.5	68.6	66.6	61.7	66.0	67.5	69.1	63.7	65.7
Operating income	-3.5	66.2	109	36.8	46.4	79.9	108	47.6	29.7	62.2	113	34.3
Operating margin	-1%	21%	30%	13%	15%	22%	29%	15%	10%	18%	29%	11%
Pre-tax income	9.0	80.8	122	50.2	59.7	86.1	120	55.5	41.7	71.6	120	43.8
Tax rate	-10%	16%	19%	21%	1%	21%	23%	16%	-19%	25%	20%	33%
Net income	9.2	67.0	97.8	38.4	58.6	67.8	91.8	46.1	49.3	53.3	94.9	28.6
Net margin	3%	21%	27%	13%	19%	19%	25%	15%	16%	15%	24%	9%
Diluted EPS	$0.09	$0.69	$1.01	$0.40	$0.61	$0.70	$0.94	$0.48	$0.51	$0.55	$0.99	$0.30
Operating cash flow	85.0	8.4	181	21.3	116	107	175	67.7	123	54.8	92.5	167
Capital expenditure	8.2	6.1	8.9	7.6	7.4	6.8	6.9	6.4	16.2	4.6	9.1	15.0
Free cash flow	76.8	2.3	172	13.7	109	100	168	61.3	107	50.2	83.4	152
Buybacks	25.0	80.0	25.0	35.0	20.0	15.0	35.0	40.0	35.0	70.0	65.0	65.0
Dividends paid	25.8	28.6	28.7	28.7	28.6	31.5	31.8	31.6	31.6	34.3	34.3	34.0
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 December 2023, filed 2 February 2024, accession 0001628280-24-002964: the filing on EDGAR. All of Dolby Laboratories, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install