DLB - Dolby Laboratories Reports Fourth Quarter and Fiscal 2019 Financial Results

November, 14 2019 04:15 PM Dolby Laboratories

SAN FRANCISCO, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's financial results for the fourth quarter and fiscal year that ended September 27, 2019. For the fourth quarter, Dolby reported total revenue of $298.8 million, compared to $240.6 million for the fourth quarter of fiscal 2018. For fiscal 2019, Dolby reported total revenue of $1.24 billion, compared to $1.05 billion for fiscal 2018.

“We achieved solid financial performance in 2019 and continued to build momentum for the combined Dolby Vision and Dolby Atmos experience, highlighted by new offerings from Apple and Disney,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “We also introduced Dolby Atmos music, a completely new way for artists to create and fans to experience music, which is now available on Amazon Echo Studio and Amazon Music HD.”

Fourth quarter GAAP net income was $43.9 million, or $0.43 per diluted share, compared to GAAP net income of $26.7 million, or $0.25 per diluted share, for the fourth quarter of fiscal 2018. On a non-GAAP basis, fourth quarter net income was $67.6 million, or $0.66 per diluted share, compared to non-GAAP net income of $23.5 million, or $0.22 per diluted share, for the fourth quarter of fiscal 2018. Fourth quarter cash flows from operations was $130.5 million, compared to $111.7 million for the fourth quarter of fiscal 2018. A complete listing of Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.

Fiscal 2019 GAAP net income was $255.2 million, or $2.44 per diluted share, compared to $41.7 million, or $0.39 per diluted share for fiscal 2018. On a non-GAAP basis, fiscal 2019 net income was $334.6 million, or $3.20 per diluted share, compared to $215.8 million, or $2.02 per diluted share, for fiscal 2018. Fiscal 2019 cash flows from operations was $327.7 million, compared to $352.2 million for fiscal 2018.

As previously indicated, Dolby adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606) in the first quarter of fiscal 2019, and today’s announced results and the financial outlook are presented in accordance with that new revenue standard. Dolby adopted ASC 606 using the full retrospective transition method, therefore all prior periods are also presented in accordance with the new revenue standard. Included at the end of this press release are financial results for fiscal 2017, fiscal 2018, and the four quarters of fiscal 2018, as adjusted in accordance with ASC 606.

Dividend

Today, Dolby announced a cash dividend of $0.22 per share of Class A and Class B common stock, payable on December 4, 2019, to stockholders of record as of the close of business on November 26, 2019.

Financial Outlook

First Quarter Fiscal 2020

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

Total revenue will range from $275 million to $295 million
Gross margin percentages will be approximately 88% on a GAAP basis and approximately 89% on a non-GAAP basis
Operating expenses will range from $214 million to $220 million on a GAAP basis and from $192 million to $198 million on a non-GAAP basis
Effective tax rate will range from 18% to 21% on both a GAAP basis and non-GAAP basis
Diluted earnings per share will range from $0.27 to $0.33 on a GAAP basis and from $0.45 to $0.51 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 18% to 21% on both a GAAP basis and 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

Conference Call Information

Members of Dolby management will lead a conference call open to all interested parties to discuss fourth quarter and fiscal 2019 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, November 14, 2019. Access to the teleconference will be available over the Internet from http://investor.dolby.com/event-calendar or by dialing 1-888-394-8218. International callers can access the conference call at 1-323-701-0225.

A replay of the call will be available from 5:00 p.m. PT on Thursday, November 14, 2019, until 8:59 p.m. PT on Thursday, November 21, 2019, by dialing 1-844-512-2921 (international callers can access the replay by dialing 1-412-317-6671) and entering the confirmation code 1707606. An archived version of the teleconference will also be available on the Dolby website, www.dolby.com.

Non-GAAP Financial Information

To supplement Dolby's financial statements presented on a GAAP basis, Dolby provides certain non-GAAP financial measures to provide investors with an additional tool to evaluate Dolby's operating results in a manner that focuses on what Dolby's management believes to be its ongoing business operations. Specifically, we exclude the following as adjustments from one or more of our non-GAAP financial measures:

Stock-based compensation expense: Stock-based compensation, unlike cash-based compensation, utilizes subjective and complex assumptions in the methodologies used to value the various stock-based award types that we grant. These assumptions may differ from those used by other companies. To facilitate more meaningful comparisons between our underlying operating results and those of other companies, we exclude stock-based compensation expense.

Amortization of acquisition-related intangibles: We amortize intangible assets acquired in connection with acquisitions. These intangible assets consist of patents and technology, customer relationships, and other intangibles. We record amortization charges relating to these intangible assets in our GAAP financial statements, and we view these charges as items arising from pre-acquisition activities that are determined by the timing and valuation of our acquisitions. As these amortization charges do not directly correlate to our operations during any particular period, and often remain unchanged between reporting periods, we exclude these charges to facilitate an evaluation of our current operating results and comparisons to our past operating performance.

Restructuring charges: Restructuring charges are costs associated with restructuring plans and primarily relate to costs associated with exit or disposal activities, employee severance benefits, and asset impairments. We exclude restructuring costs, including any adjustments to charges recorded in prior periods, as we believe that these costs are not representative of our normal operating activities and therefore, excluding these amounts enables a more effective comparison to our past operating performance.

Income tax adjustments: We believe that excluding the income tax effect of the aforementioned non-GAAP adjustments provides a more accurate view of our underlying operating results to management and investors.

Impact from Tax Reform: The enactment of the U.S. Tax Cuts and Jobs Act (Tax Reform), and any related amendments or revisions, requires certain discrete and infrequent charges that are not representative of current operating results and therefore, excluding these amounts enables a more effective comparison to our past operating performance.

Using the aforementioned adjustments, Dolby provides various non-GAAP financial measures including, but not limited to: non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, and non-GAAP effective tax rate. Dolby's management believes it is useful for itself and investors to review both GAAP and non-GAAP measures to assess the performance of Dolby's business. Dolby's management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever Dolby uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measures to the most closely applicable GAAP financial measures. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as detailed above. Investors are also encouraged to review Dolby's GAAP financial statements as reported in its US Securities and Exchange Commission (SEC) filings. A reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release and on the Dolby investor relations website, http://investor.dolby.com.

Forward-Looking Statements

Certain statements in this press release, including, but not limited to, statements relating to Dolby's expected financial results for the first quarter of fiscal 2020 and fiscal 2020, our ability to advance our long-term objectives and future dividend payments are "forward-looking statements" that are subject to risks and uncertainties. These forward-looking statements are based on management's current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: risks associated with trends in the markets in which Dolby operates, including the Broadcast, Mobile, Consumer Electronics, PC, Cinema, and Other Markets; the loss of, or reduction in sales by, a key customer or licensee? pricing pressures? risks associated with the rate at which OEMs include optical disc playback in Windows^® devices and the rate of consumer adoption of Windows operating systems? risks that the continued shift from disc-based media to online media content could result in fewer devices with Dolby technologies? risks associated with the effects of macroeconomic conditions, including trends in consumer spending? risks relating to conducting business internationally, including trade restrictions and changes in diplomatic or trade relationships; risks relating to the expiration of patents? the timing of Dolby's receipt of royalty reports and payments from its licensees, including recoveries? the impact of Tax Reform; timing of revenue recognition under licensing agreements and other contractual arrangements? Dolby's ability to develop, maintain, and strengthen relationships with industry participants? Dolby's ability to develop and deliver innovative technologies in response to new and growing markets? competitive risks? risks associated with conducting business in China and other countries that have historically limited recognition and enforcement of intellectual property and contractual rights? risks associated with the health of the motion picture industry generally? Dolby's ability to increase its revenue streams and to expand its business generally, and to expand its business beyond audio technologies to other technologies? risks associated with acquiring and successfully integrating businesses or technologies? and other risks detailed in Dolby's SEC filings and reports, including the risks identified under the section captioned "Risk Factors" in its most recent quarterly report on Form 10-Q. Dolby disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

About Dolby Laboratories

Dolby Laboratories (NYSE:DLB) is based in San Francisco with offices in over 20 countries around the globe. Dolby transforms the science of sight and sound into spectacular experiences. Through innovative research and engineering, we create breakthrough experiences for billions of people worldwide through a collaborative ecosystem spanning artists, businesses, and consumers. The experiences people have - with Dolby Cinema, Dolby Vision, Dolby Atmos, Dolby Audio, Dolby Dimension, and Dolby Voice - revolutionize entertainment and communications at the cinema, on the go, in the home, and at work.

Dolby, Dolby Atmos, Dolby Audio, Dolby Cinema, Dolby Dimension, Dolby Vision, Dolby Voice, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories, Inc. in the United States and/or other countries. Other trademarks remain the property of their respective owners. DLB-F

DOLBY LABORATORIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts; unaudited)


Fiscal Quarter Ended

Fiscal Year-To-Date Ended

September 27, 2019
September 28, 2018 (as adjusted)

September 27, 2019
September 28, 2018 (as adjusted)
Revenue:





Licensing
$
264,796

$
214,699


$
1,107,280

$
940,777

Products and services
34,031

25,872


134,340

113,823

Total revenue
298,827

240,571


1,241,620

1,054,600







Cost of revenue:





Cost of licensing
16,770

10,603


57,531

42,583

Cost of products and services
29,190

20,656


103,323

84,979

Total cost of revenue
45,960

31,259


160,854

127,562







Gross margin
252,867

209,312


1,080,766

927,038







Operating expenses:





Research and development
60,191

60,500


237,871

236,794

Sales and marketing
82,149

85,760


343,835

309,762

General and administrative
53,013

50,498


205,425

197,423

Restructuring charges/(credits)
6,294

—


36,558

(446
)
Total operating expenses
201,647

196,758


823,689

743,533







Operating income
51,220

12,554


257,077

183,505







Other income/expense:





Interest income
5,689

5,810


24,919

18,970

Interest expense
(64
)
(47
)

(170
)
(198
)
Other income/(expense), net
(594
)
(464
)

481

(5,903
)
Total other income
5,031

5,299


25,230

12,869







Income before income taxes
56,251

17,853


282,307

196,374

Provision for income taxes
(12,316
)
9,001


(26,802
)
(154,069
)
Net income including controlling interest
43,935

26,854


255,505

42,305

Less: net (income) attributable to controlling interest
(17
)
(138
)

(354
)
(559
)
Net income attributable to Dolby Laboratories, Inc.
$
43,918

$
26,716


$
255,151

$
41,746







Net income per share:





Basic
$
0.44

$
0.26


$
2.51

$
0.40

Diluted
$
0.43

$
0.25


$
2.44

$
0.39

Weighted-average shares outstanding:





Basic
100,481

103,349


101,629

103,377

Diluted
102,945

106,794


104,572

106,978

DOLBY LABORATORIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands; unaudited)


September 27, 2019
September 28, 2018 (as adjusted)
ASSETS


Current assets:


Cash and cash equivalents
$
797,210

$
918,063

Restricted cash
8,383

7,187

Short-term investments
119,146

178,138

Accounts receivable, net
189,115

166,133

Contract assets
195,651

165,959

Inventories, net
32,331

26,206

Prepaid expenses and other current assets
39,704

34,890

Total current assets
1,381,540

1,496,576

Long-term investments
179,587

187,782

Property, plant, and equipment, net
537,432

514,182

Goodwill and intangible assets, net
515,720

512,001

Deferred taxes
114,075

74,766

Other non-current assets
93,395

80,080

Total assets
$
2,821,749

$
2,865,387




LIABILITIES AND STOCKHOLDERS’ EQUITY


Current liabilities:


Accounts payable
$
15,212

$
21,922

Accrued liabilities
268,144

243,128

Income taxes payable
3,506

2,680

Contract liabilities
19,991

17,468

Total current liabilities
306,853

285,198

Non-current contract liabilities
24,404

25,887

Other non-current liabilities
177,462

183,799

Total liabilities
508,719

494,884




Stockholders’ equity:


Class A common stock
58

61

Class B common stock
41

41

Additional paid-in capital
—

66,127

Retained earnings
2,327,877

2,313,539

Accumulated other comprehensive (loss)
(20,625
)
(15,832
)
Total stockholders’ equity – Dolby Laboratories, Inc.
2,307,351

2,363,936

Controlling interest
5,679

6,567

Total stockholders’ equity
2,313,030

2,370,503

Total liabilities and stockholders’ equity
$
2,821,749

$
2,865,387

DOLBY LABORATORIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands; unaudited)


Fiscal Year-To-Date Ended

September 27, 2019
September 28, 2018 (as adjusted)
Operating activities:


Net income including controlling interest
$
255,505

$
42,305

Adjustments to reconcile net income to net cash provided by operating activities:


Depreciation and amortization
85,123

81,283

Stock-based compensation
76,580

71,249

Amortization of premium on investments
358

2,473

Provision for doubtful accounts
4,523

2,413

Deferred income taxes
(40,191
)
61,059

Restructuring charge for exit of leased facility
33,251

—

Other non-cash items affecting net income
6,952

7,570

Changes in operating assets and liabilities:


Accounts receivable, net
(27,492
)
100,129

Contract assets
(29,708
)
(2,502
)
Inventories
(16,098
)
(6,602
)
Prepaid expenses and other assets
(6,200
)
(52,485
)
Accounts payable and accrued liabilities
169

(29,019
)
Income taxes, net
(2,186
)
39,738

Contract liabilities
1,084

(59
)
Other non-current liabilities
(13,996
)
34,650

Net cash provided by operating activities
327,674

352,202




Investing activities:


Purchases of investment securities
(265,361
)
(174,195
)
Proceeds from sales of investment securities
200,636

123,058

Proceeds from maturities of investment securities
136,951

237,432

Purchases of property, plant, and equipment
(96,281
)
(72,814
)
Payments for business acquisitions, net of cash acquired
(14,919
)
(22,852
)
Purchase of intangible assets
(17,255
)
(12,543
)
Net cash (used in)/provided by investing activities
(56,229
)
78,086




Financing activities:


Proceeds from issuance of common stock
57,346

106,162

Repurchase of common stock
(340,585
)
(150,470
)
Payment of cash dividend
(77,496
)
(66,155
)
Distribution to controlling interest
(1,015
)
(1,022
)
Shares repurchased for tax withholdings on vesting of restricted stock
(22,788
)
(22,144
)
Payment of deferred consideration for prior business combination
(743
)
—

Net cash used in financing activities
(385,281
)
(133,629
)



Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash
(5,821
)
(5,777
)
Net increase/(decrease) in cash, cash equivalents, and restricted cash
(119,657
)
290,882

Cash, cash equivalents, and restricted cash at beginning of period
925,250

634,368

Cash, cash equivalents, and restricted cash at end of period
$
805,593

$
925,250

GAAP to Non-GAAP Reconciliations
(in millions, except per share data; unaudited)






The following tables present Dolby's GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the fourth quarter of fiscal 2019 and 2018 and fiscal 2019 and 2018:






Net income:
Fiscal Quarter Ended

Fiscal Year Ended

September 27, 2019
September 28, 2018 (as adjusted)

September 27, 2019
September 28, 2018 (as adjusted)
GAAP net income
$
43.9

$
26.7


$
255.2

$
41.7

Stock-based compensation⁽¹⁾
17.0

17.8


76.6

71.2

Amortization of acquisition-related intangibles ⁽²⁾
3.1

1.9


9.9

7.7

Restructuring charges/(credits), net
6.3

—


36.5

(0.4
)
Impact of Tax Reform
—

(33.1
)

(18.2
)
104.5

Income tax adjustments
(2.7
)
10.2


(25.4
)
(8.9
)
Non-GAAP net income
$
67.6

$
23.5


$
334.6

$
215.8







(1) Stock-based compensation included in above line items:





Cost of products and services
0.4
0.4

1.7
1.6
Research and development
5.3
5.0

23.2
19.5
Sales and marketing
5.8
6.8

28.1
25.0
General and administrative
5.5
5.6

23.6
25.1






(2) Amortization of acquisition-related intangibles included in above line items:





Cost of licensing
0.6
0.6

2.4
2.5
Cost of products and services
1.2
0.5

3.1
2.2
Research and development
0.1
0.1

0.2
0.3
Sales and marketing
1.3
0.7

4.2
2.7
General and administrative
-0.1
0.0

0.0
0.0






Diluted earnings per share:
Fiscal Quarter Ended

Fiscal Year Ended

September 27, 2019
September 28, 2018 (as adjusted)

September 27, 2019
September 28, 2018 (as adjusted)
GAAP diluted earnings per share
$
0.43

$
0.25


$
2.44

$
0.39

Stock-based compensation
0.17

0.16


0.73

0.67

Amortization of acquisition-related intangibles
0.03

0.02


0.09

0.07

Restructuring charges/(credits), net
0.06

—


0.35

—

Impact of Tax Reform
—

(0.31
)

(0.17
)
0.98

Income tax adjustments
(0.03
)
0.10


(0.24
)
(0.09
)
Non-GAAP diluted earnings per share
$
0.66

$
0.22


$
3.20

$
2.02







Shares used in computing diluted earnings per share
103

107


105

107







The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial amounts for the first quarter of fiscal 2020 and fiscal year 2020 included in this release:









Gross margin:
Q1 2020
Fiscal 2020



GAAP gross margin (low - high end of range)
88
%
87% - 88%



Stock-based compensation
0.2
%
0.2
%



Amortization of acquisition-related intangibles
0.8
%
0.8
%



Non-GAAP gross margin (low - high end of range)
89
%
88% - 89%









Operating expenses:
Q1 2020
Fiscal 2020



GAAP operating expenses (low - high end of range)
$214 - $220
$829 - $849



Stock-based compensation
(21
)
(84
)



Amortization of acquisition-related intangibles
(1
)
(5
)



Non-GAAP operating expenses (low - high end of range)
$192 - $198
$740 - $760









Diluted earnings per share:
Q1 2020

Fiscal 2020

Low
High

Low
High
GAAP diluted earnings per share
$
0.27

$
0.33


$
2.64

$
2.74

Stock-based compensation
0.21

0.21


0.84

0.84

Amortization of acquisition-related intangibles
0.02

0.02


0.09

0.09

Income tax adjustments
(0.05
)
(0.05
)

(0.17
)
(0.17
)
Non-GAAP diluted earnings per share
$
0.45

$
0.51


$
3.40

$
3.50







Shares used in computing diluted earnings per share
104

104


103

103

Revenue Standard Adoption

The following tables contain restated summarized financial information resulting from the adoption of ASC 606. In the first quarter of fiscal 2019 we adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606), the new revenue recognition standard. ASC 606 replaces existing revenue recognition rules with a comprehensive revenue measurement and recognition standard. The Company adopted the new revenue standard utilizing the full retrospective method. Under this method, the new revenue standard is applied retrospectively to each prior period reported.

DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts; unaudited)


As adjusted to reflect ASC 606

Fiscal Quarter Ended
Fiscal Year Ended

December 29, 2017
March 30, 2018
June 29, 2018
September 28, 2018
September 28, 2018
September 29, 2017
Revenue:






Licensing
$
270,172

$
272,135

$
183,771

$
214,699

$
940,777

$
965,864

Products and services
29,355

27,587

31,009

25,872

113,823

114,313

Total revenue
299,527

299,722

214,780

240,571

1,054,600

1,080,177








Cost of revenue:






Cost of licensing
9,259

10,610

12,111

10,603

42,583

39,329

Cost of products and services
21,634

20,417

22,272

20,656

84,979

79,200

Total cost of revenue
30,893

31,027

34,383

31,259

127,562

118,529








Gross margin
268,634

268,695

180,397

209,312

927,038

961,648








Operating expenses:






Research and development
56,444

59,493

60,357

60,500

236,794

233,312

Sales and marketing
70,149

74,019

79,834

85,760

309,762

296,661

General and administrative
48,285

50,747

47,893

50,498

197,423

171,686

Restructuring charges/(credits)
(197
)
(167
)
(82
)
—

(446
)
12,856

Total operating expenses
174,681

184,092

188,002

196,758

743,533

714,515








Operating income/(Loss)
93,953

84,603

(7,605
)
12,554

183,505

247,133








Other income/expense:






Interest income
3,781

3,892

5,487

5,810

18,970

9,577

Interest expense
(35
)
(29
)
(87
)
(47
)
(198
)
(127
)
Other income/(expense), net
(1,152
)
(684
)
(3,603
)
(464
)
(5,903
)
(1,438
)
Total other income/expense
2,594

3,179

1,797

5,299

12,869

8,012








Income (loss) before income taxes
96,547

87,782

(5,808
)
17,853

196,374

255,145

Provision for income taxes
(149,705
)
(22,432
)
9,067

9,001

(154,069
)
(48,039
)
Net income (loss) including controlling interest
(53,158
)
65,350

3,259

26,854

42,305

207,106

Less: net (income) attributable to controlling interest
(144
)
(134
)
(143
)
(138
)
(559
)
(625
)
Net income/(loss) attributable to Dolby Laboratories, Inc.
$
(53,302
)
$
65,216

$
3,116

$
26,716

$
41,746

$
206,481








Net/(loss) income per share:






Basic
(0.52
)
0.63

0.03

0.26

0.40

2.03

Diluted
(0.52
)
0.61

0.03

0.25

0.39

2.00

Weighted-average shares outstanding:






Basic
102,552

103,771

103,836

103,349

103,377

101,784

Diluted
102,552

107,001

106,950

106,794

106,978

103,286

The following table presents the composition of our licensing revenue:


As adjusted to reflect ASC 606

Fiscal Quarter Ended
Fiscal Year Ended

December 29, 2017
March 30, 2018
June 29, 2018
September 28, 2018
September 28, 2018
September 29, 2017
Market:






Broadcast
41
%
33
%
46
%
48
%
41
%
44
%
Mobile
22
%
25
%
11
%
1
%
16
%
15
%
CE
14
%
14
%
15
%
19
%
15
%
13
%
PC
8
%
16
%
9
%
12
%
11
%
13
%
Other
15
%
12
%
19
%
20
%
17
%
15
%
Total revenue
100
%
100
%
100
%
100
%
100
%
100
%

Investor Contact:
Jason Dea
Dolby Laboratories, Inc.
415-357-7002
investor@dolby.com

Media Contact:
Karen Hartquist
Dolby Laboratories, Inc.
415-505-8357
karen.hartquist@dolby.com

Company Name:	Dolby Laboratories
Stock Symbol:	DLB
Market:	NYSE
Website:	dolby.com

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