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Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's
financial results for the first quarter of fiscal year 2013. For the
first quarter, Dolby reported total revenue of $236.6 million, compared
to $234.2 million for the first quarter of fiscal year 2012.
First quarter GAAP net income was $51.3 million, or $0.50 per diluted
share, compared to $73.2 million, or $0.67 per diluted share, for the
first quarter of fiscal year 2012. On a non-GAAP basis, first quarter
net income was $66.4 million, or $0.64 per diluted share, compared to
$83.1 million, or $0.76 per diluted share, for the first quarter of
fiscal year 2012. Dolby's non-GAAP measures are described and reconciled
to the corresponding GAAP measures at the end of this release.
“We had a solid first quarter,” said Kevin Yeaman, President and Chief
Executive Officer, Dolby Laboratories. “More mobile devices than ever
feature Dolby sound, and the rapidly growing number of movie titles in
Dolby Atmos shows that the industry has embraced our new, more immersive
cinema sound format.”
Financial Outlook
Q2 2013
Dolby anticipates total revenue to range from $240 million to $250
million. Gross margin percentages are projected to be comparable to what
they were in the first quarter of fiscal 2013.
Dolby anticipates that operating expenses will be approximately $145
million on a GAAP basis and $127 million on a non-GAAP basis.
Dolby expects diluted earnings per share to be between $0.53 and $0.60
on a GAAP basis and between $0.68 and $0.75 on a non-GAAP basis.
The Company estimates that its fiscal Q2 2013 effective tax rate will
range from 26 percent to 27 percent.
FISCAL YEAR 2013
Dolby now anticipates total revenue will range from $910 million to $950
million.
Dolby now anticipates that operating expenses will be approximately $572
million on a GAAP basis and $500 million on a non-GAAP basis.
The Company's Conference Call Information
Members of Dolby management will lead a conference call open to all
interested parties to discuss Dolby Laboratories' first quarter fiscal
2013 financial results at 2:00 p.m. PT (5:00 p.m. ET) on Tuesday,
January 29, 2013.
Access to the teleconference will be available over the Internet from http://investor.dolby.com/medialist.cfm
or by dialing 1-888-430-8690. International callers can access the
conference call at 1-719-457-2659.
A replay of the call will be available from 5:00 p.m. PT on
Tuesday, January 29, 2013, until 9:00 p.m. PT on February 5, 2013 by
dialing 1-877-870-5176 (international callers can access the replay by
dialing 1-858-384-5517) and entering the confirmation code 6647713. An
archived version of the teleconference will also be available on the
Dolby Laboratories website at www.dolby.com.
Non-GAAP Financial Information
To supplement Dolby's financial statements presented on a GAAP basis,
Dolby provides non-GAAP financial measures of operating expense, net
income, and diluted earnings per share. These measures are adjusted to
exclude amounts related to stock-based compensation, the amortization of
intangibles from business combinations, restructuring charges, and the
related tax impact of these items. Dolby presents such non-GAAP
financial measures in reporting its financial results 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. Dolby's management believes it is useful
for itself and investors to review, as applicable, both GAAP information
that includes the impact of stock-based compensation expense, expense
associated with dividend equivalents paid on restricted stock units,
amortization of intangible assets acquired through business
combinations, restructuring charges, the related tax impact of all of
these items on the provision for income taxes, and the non-GAAP measures
that exclude such information in order to assess the performance of
Dolby's business for planning and forecasting in subsequent periods.
Dolby's management does not itself, nor does it suggest that investors
should, consider such non-GAAP financial measures in isolation from, or
as a substitute for, financial information prepared in accordance with
GAAP. Whenever Dolby uses such 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 SEC filings.
A reconciliation between GAAP and non-GAAP financial measures is
provided at the end of this press release and on Dolby's investor
relations website at http://investor.dolby.com/medialist.cfm.
Forward-Looking Statements
Certain statements in this press release, including, but not limited to,
statements relating to Dolby's expected financial results for Q2 2013
and fiscal 2013, and its statements regarding the growing use and
anticipated benefits of its technologies and products 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 personal computer, DVD, and
Blu-ray Disc™, broadcast, consumer electronics, gaming, mobile, and
automobile markets; pricing pressures; risks associated with the rate at
which OEMs include optical disc playback in Windows 8 devices and the
rate of consumer adoption of Windows operating systems; risks that 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; the timing of Dolby's receipt of royalty
reports and/or payments from its licensees; Dolby's accuracy of
calculation of royalties due to its licensors; 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 in the entertainment
industry; 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; the
development and growth of the market for digital cinema and digital 3D
and Dolby's ability to successfully penetrate this market; Dolby's
ability to expand its business generally, and to expand its business
beyond sound technologies to other technologies related to digital
entertainment delivery, by acquiring and successfully integrating
businesses or technologies; and other risks detailed in Dolby's
Securities and Exchange Commission filings and reports, including the
risks identified under the section captioned “Risk Factors” in its most
recent Annual report on Form 10-K. 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 the global leader in technologies that
are essential elements in the best entertainment experiences. Founded in
1965 and best known for high-quality audio and surround sound from the
cinema to the living room to mobile devices, Dolby creates innovations
that enrich entertainment at the movies, at home, or on the go. For more
information about Dolby Laboratories or Dolby® technologies, please
visit www.dolby.com.
Dolby and the double-D symbol are registered trademarks of Dolby
Laboratories. Dolby Atmos is a trademark of Dolby Laboratories. Blu-ray
Disc is a trademark of the Blu-ray Disc Association. Windows is a
registered trademark of Microsoft Corporation. S13/26539 DLB-F
DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Fiscal Quarter Ended
December 28, 2012
December 30, 2011
Revenue:
Licensing
$
204,876
$
200,424
Products
25,498
26,400
Services
6,228
7,354
Total revenue
236,602
234,178
Cost of revenue:
Cost of licensing
3,080
3,328
Cost of products
18,489
13,888
Cost of services
4,036
3,194
Total cost of revenue
25,605
20,410
Gross margin
210,997
213,768
Operating expenses:
Research and development
42,436
32,826
Sales and marketing
58,421
43,816
General and administrative
43,108
35,465
Restructuring charges, net
-
368
Total operating expenses
143,965
112,475
Operating income
67,032
101,293
Other income, net
2,027
1,911
Income before income taxes
69,059
103,204
Provision for income taxes
(17,582
)
(29,838
)
Net income including controlling interest
51,477
73,366
Less: net (income) attributable to controlling interest
(128
)
(207
)
Net income attributable to Dolby Laboratories, Inc.
$
51,349
$
73,159
Net income per share:
Basic
$
0.50
$
0.67
Diluted
$
0.50
$
0.67
Weighted-average shares outstanding:
Basic
102,361
108,884
Diluted
103,523
109,443
DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
December 28, 2012
September 28, 2012
ASSETS
Current assets:
Cash and cash equivalents
$
316,193
$
492,600
Short-term investments
118,681
302,693
Accounts receivable, net
51,797
43,495
Inventories
21,023
16,700
Deferred taxes
82,661
80,966
Prepaid expenses and other current assets
28,203
33,832
Total current assets
618,558
970,286
Long-term investments
308,277
361,614
Property, plant and equipment, net
254,361
254,676
Intangible assets, net
52,913
56,526
Goodwill
281,763
281,375
Deferred taxes
24,362
22,634
Other non-current assets
11,716
13,687
Total assets
$
1,551,950
$
1,960,798
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
9,900
$
14,831
Accrued liabilities
99,019
116,092
Income taxes payable
12,890
2,424
Deferred revenue
22,656
23,493
Total current liabilities
144,465
156,840
Long-term deferred revenue
18,893
18,192
Deferred taxes
2,714
2,696
Other non-current liabilities
40,078
39,837
Total liabilities
206,150
217,565
Stockholders’ equity:
Class A common stock
47
46
Class B common stock
55
57
Additional paid-in capital
-
-
Retained earnings
1,316,461
1,709,479
Accumulated other comprehensive income
11,214
10,687
Total stockholders’ equity – Dolby Laboratories, Inc.
1,327,777
1,720,269
Controlling interest
18,023
22,964
Total stockholders’ equity
1,345,800
1,743,233
Total liabilities and stockholders’ equity
$
1,551,950
$
1,960,798
DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Fiscal Quarter Ended
December 28, 2012
December 30, 2011
Operating activities:
Net income including controlling interest
$
51,477
$
73,366
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
13,129
9,929
Stock-based compensation
17,704
11,439
Amortization of premium on investments
3,794
4,920
Excess tax benefit from exercise of stock options
(469
)
(57
)
Provision for doubtful accounts
(179
)
(52
)
Deferred income taxes
(2,627
)
(7,643
)
Other non-cash items affecting net income
(691
)
1,227
Changes in operating assets and liabilities:
Accounts receivable
(8,064
)
7,531
Inventories
(6,173
)
(7,271
)
Prepaid expenses and other assets
8,625
1,101
Accounts payable and other liabilities
(19,898
)
(22,860
)
Income taxes, net
9,512
24,431
Deferred revenue
(143
)
(661
)
Other non-current liabilities
1,012
392
Net cash provided by operating activities
67,009
95,792
Investing activities:
Purchases of available-for-sale securities
(204,135
)
(54,726
)
Proceeds from sales of available-for-sale securities
389,068
51,488
Proceeds from maturities of available-for-sale securities
51,325
47,645
Purchases of property, plant and equipment
(6,717
)
(12,566
)
Acquisitions, net of cash acquired
—
(575
)
Other investments
(3,000
)
—
Purchases of intangible assets
(4,048
)
—
Proceeds from sales of property, plant and equipment and assets held
for sale
19
335
Net cash provided by investing activities
222,512
31,601
Financing activities:
Proceeds from issuance of common stock
4,502
813
Repurchase of common stock
(53,956
)
(26,068
)
Payment of cash dividend
(408,206
)
—
Distribution to controlling interest
(5,039
)
—
Excess tax benefit from the exercise of stock options
469
57
Shares repurchased for tax withholdings on vesting of restricted
stock
(3,636
)
970
Net cash used in financing activities
(465,866
)
(24,228
)
Effect of foreign exchange rate changes on cash and cash equivalents
(62
)
(263
)
Net increase in cash and cash equivalents
(176,407
)
102,902
Cash and cash equivalents at beginning of period
492,600
551,512
Cash and cash equivalents at end of period
$
316,193
$
654,414
Supplemental disclosure:
Cash paid for income taxes
$
11,734
$
13,047
Cash paid for interest
$
1
$
36
GAAP to Non-GAAP Reconciliations
(In millions, except per share data)
The following tables show the Company’s first quarter of fiscal
years 2013 and 2012 GAAP financial measures reconciled to Non-GAAP
financial measures included in this release:
Net income:
Fiscal Quarter Ended
December 28, 2012
December 30, 2011
GAAP net income
$
51.3
$
73.2
Stock-based compensation
17.7
11.4
Amortization of acquired intangibles
3.4
2.7
Restructuring charges, net
—
0.3
Income tax adjustments
(6.0
)
(4.5
)
Non-GAAP net income
$
66.4
$
83.1
Diluted earnings per share:
Fiscal Quarter Ended
December 28, 2012
December 30, 2011
GAAP diluted earnings per share
$
0.50
$
0.67
Stock-based compensation
0.17
0.10
Amortization of acquired intangibles
0.03
0.03
Restructuring charges, net
—
—
Income tax adjustments
(0.06
)
(0.04
)
Non-GAAP diluted earnings per share
$
0.64
$
0.76
Shares used in computing diluted earnings per share (in millions)
104
109
The following tables show the Company’s second quarter and fiscal
year 2013 GAAP financial targets reconciled to non-GAAP financial
targets included in this release (numbers are approximate):
Operating expenses:
Q2 2013
Fiscal Year 2013
GAAP operating expenses
$
145
$
572
Stock-based compensation
(15
)
(63
)
RSU Dividend Equivalent
(2
)
(5
)
Amortization of acquired intangibles
(1
)
(4
)
Non-GAAP operating expenses
$
127
$
500
Diluted earnings per share:
Q2 2013
Low
High
GAAP diluted earnings per share
$
0.53
$
0.60
Stock-based compensation
0.14
0.15
RSU Dividend Equivalent
0.02
0.02
Amortization of acquired intangibles
0.03
0.03
Income tax adjustments
(0.04
)
(0.05
)
Non-GAAP diluted earnings per share
$
0.68
$
0.75
Shares used in computing diluted earnings per share
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