Technology
Dolby Laboratories Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Published
2 years agoon
By
SAN FRANCISCO, Nov. 19, 2024 /PRNewswire/ — Dolby Laboratories, Inc. (NYSE:DLB) today announced the company’s financial results for the fourth quarter and fiscal year 2024.
“We are pleased with the progress we made in fiscal 2024,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “As we enter fiscal 2025, we have strong momentum with Dolby Atmos and Dolby Vision, our imaging patent portfolio has gotten stronger with the GE Licensing acquisition, and we are excited about our opportunity with Dolby.io, which is well positioned to provide real time interactive experiences for sports and entertainment.”
Fourth Quarter Fiscal 2024 Financial Highlights
Total revenue was $305 million, compared to $291 million for the fourth quarter of fiscal 2023.GAAP net income was $59 million, or $0.61 per diluted share, compared to GAAP net income of $9 million, or $0.09 per diluted share, for the fourth quarter of fiscal 2023. On a non-GAAP basis, fourth quarter net income was $78 million, or $0.81 per diluted share, compared to $64 million, or $0.65 per diluted share, for the fourth quarter of fiscal 2023.Dolby repurchased approximately 251,000 shares of its common stock and ended the quarter with approximately $402 million of stock repurchase authorization available going forward.
Full Year Fiscal 2024 Financial Highlights
Total revenue was $1.27 billion, compared to $1.30 billion for the full year of fiscal 2023.GAAP net income was $262 million, or $2.69 per diluted share, compared to GAAP net income of $201 million, or $2.05 per diluted share, for the full year of fiscal 2023. On a non-GAAP basis, full year net income was $369 million, or $3.79 per diluted share, compared to $348 million, or $3.56 per diluted share, for the full year of fiscal 2023.Cash flows from operations were $327 million, compared to $367 million for the full year of fiscal 2023.
A complete listing of Dolby’s non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.
Recent Business Highlights
We closed the acquisition of GE Licensing, which we expect to be accretive to margins and earnings on a non-GAAP basis in fiscal 2025, and which gives us a stronger position in imaging patents.We acquired THEO Technologies, expanding Dolby.io’s ability to offer customers the best solutions for real-time streaming experiences that drive fan engagement and interactivity.We added two new automotive partners in Q4; WEY, a Chinese car company that specializes in premium Crossovers and SUVs, and Smart, a JV between Mercedes and Geely. We now have over 20 automotive OEM partners supporting Dolby Atmos, up from 10 partners one year ago.Meta announced support for Dolby Atmos across its MetaQuest headset device lineup.Apple launched the iPhone 16, which supports Dolby Atmos and Dolby Vision, and records in Dolby Vision.Xiaomi announced new 4K QLED TVs that support Dolby Vision.Australia selected Dolby AC-4 as part of its new broadcast set-top-box specification.Polytron, an Indonesian TV OEM, launched a new TV that supports Dolby Atmos and Dolby Vision.Lenovo’s new Thinkpad X1 Carbon Gen 13 Aura Edition supports Dolby Vision, and its Thinkbook 16 Gen7+ and Thinkbook 16 Gen 7 supports Dolby Atmos.Alienware released 27 4K Dual Resolution Gaming Monitor that supports Dolby Atmos.
Upcoming Investor Event
Dolby is hosting an event at CES for the financial community where we will demonstrate a wide array of our technologies. The event will be held at 7:00 a.m. PT on Wednesday, January 8, 2025. Please send an email to IR@dolby.com for more information.
Dividend
Today, Dolby announced a cash dividend of $0.33 per share of Class A and Class B common stock, payable on December 10, 2024, to stockholders of record as of the close of business on December 3, 2024.
Revolving Credit Facility
On November 14, 2024, Dolby entered into a Credit Agreement with Bank of America for a $250 million revolving credit facility. The facility includes $150 million of uncommitted incremental capacity, has a five-year term and can be terminated early without penalty. Dolby has not drawn on the facility. Further details regarding the Credit Agreement are set out in a Form 8-K filed by Dolby with the U.S. Securities and Exchange Commission on November 19, 2024.
Financial Outlook
Dolby’s financial outlook relies, in part, on estimates of royalty-based revenue that take into consideration various factors that are subject to uncertainty, including consumer demand for electronic products. In addition, actual results could differ materially from the estimates Dolby is providing below due in part to uncertainty resulting from the macroeconomic effect of certain conditions, including supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates. The uncertainty resulting from these factors has greatly reduced its visibility into Dolby’s future outlook. To the extent possible, the estimates Dolby is providing for future periods reflect certain assumptions about the potential impact of certain of these items, based upon a consideration of currently available external and internal data and information. These assumptions are subject to risks and uncertainties. For more information, see “Forward-Looking Statements” in this press release for a description of certain risks that Dolby faces, and the section captioned “Risk Factors” in its Annual Report on Form 10-K for fiscal 2024, to be filed on or around the date hereof.
Dolby is providing the following estimates for its first quarter of fiscal 2025:
Total revenue is estimated to range from $330 million to $360 million.Licensing revenue is estimated to range from $305 million to $335 million.Gross margins are anticipated to be approximately 87% on a GAAP basis and approximately 90% on a non-GAAP basis.Operating expenses are anticipated to range from $230 million to $240 million on a GAAP basis and from $190 million to $200 million on a non-GAAP basis.Effective tax rate is anticipated to be around 20.5% on a GAAP basis and around 18.5% on a non-GAAP basis.Diluted earnings per share is anticipated to range from $0.53 to $0.68 on a GAAP basis and from $0.96 to $1.11 on a non-GAAP basis.
Dolby is providing the following estimates for the full year of fiscal 2025:
Total revenue is expected to range from $1.33 billion to $1.39 billion.Gross margins are anticipated to be approximately 87% on a GAAP basis and approximately 90% on a non-GAAP basis.Operating expenses are anticipated to range from $908 million to $918 million on a GAAP basis and from $765 million to $775 million on a non-GAAP basis.Dolby expects operating margins to be roughly 20% on a GAAP basis and to be roughly 33% on a non-GAAP basis.Diluted earnings per share is anticipated to range from $2.43 to $2.58 on a GAAP basis and from $3.99 to $4.14 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 full year fiscal 2024 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Tuesday, November 19, 2024. Access to the teleconference will be available at http://investor.dolby.com or by dialing 1-800-715-9871 (+1-646-307-1963 for international callers) and entering confirmation code 5587811.
A replay of the call will be available from 5:00 p.m. PT (8:00 p.m. ET) on Tuesday, November 19, 2024, until 8:59 p.m. PT (11:59 p.m. ET) on Tuesday, November 26, 2024 by dialing 1-800-770-2030 (+1-609-800-9909 for international callers) and entering the confirmation code 5587811. An archived version of the teleconference will also be available on the Dolby website, http://investor.dolby.com.
Non-GAAP Financial Information
To supplement Dolby’s financial statements presented on a GAAP basis, Dolby management uses, and Dolby provides to investors, certain non-GAAP financial measures as 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 and performance. We believe these non-GAAP financial measures are also helpful to investors in enabling comparability of operating performance between periods and among peer companies. Additionally, Dolby’s management regularly uses our supplemental non-GAAP financial measures to make operating decisions, for planning and forecasting purposes and determining bonus payouts. Specifically, Dolby excludes the following as adjustments from one or more of its non-GAAP financial measures:
Stock-based compensation expense: Stock-based compensation, unlike cash-based compensation, utilizes subjective assumptions in the methodologies used to value the various stock-based award types that Dolby grants. These assumptions may differ from those used by other companies. To facilitate more meaningful comparisons between its underlying operating results and those of other companies, Dolby excludes stock-based compensation expense.
Amortization of acquisition-related intangibles: Dolby amortizes intangible assets acquired in connection with business combinations. These intangible assets consist of patents and technology, customer relationships, and other intangibles. Dolby records amortization charges relating to these intangible assets in its GAAP financial statements, and Dolby views these charges as items arising from pre-acquisition activities that are determined by the timing and valuation of its acquisitions. As these amortization charges do not directly correlate to its operations during any particular period, Dolby excludes these charges to facilitate an evaluation of its current operating performance and comparisons to its past operating results. In addition, while amortization expense of acquisition-related intangible assets is excluded from Non-GAAP Net Income, the revenue generated from those assets is not excluded.
Restructuring charges or credits: 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. For the fourth quarter of fiscal 2023, we excluded from non-GAAP net income and diluted earnings per share a restructuring charge of about $30 million comprised of approximately $13 million for severance and related benefits and an impairment loss of approximately $17 million related primarily to internally developed software for projects we are no longer pursuing. Dolby excludes restructuring costs, including any adjustments to charges recorded in prior periods (which may be credits), as Dolby believes that these costs are not representative of its normal operating activities and therefore, excluding these amounts enables a more effective comparison of its past operating performance and to that of other companies.
Income tax adjustments: The income tax effects of the aforementioned non-GAAP adjustments do not directly correlate to its operating performance so Dolby believes that excluding such income tax effects provides a more meaningful view of its 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, including as a means to evaluate period-to-period comparisons. Dolby’s management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, superior to, 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 and below. 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 and in our earnings calls, including, but not limited to, expected financial results for the first quarter of fiscal 2025 and full year fiscal 2025, Dolby’s ability to expand existing business, navigate challenging periods, pursue its long-term growth opportunities, and advance its other long-term objectives are “forward-looking statements” that inherently involve substantial 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 provided. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the potential impacts of economic conditions on Dolby’s business operations, financial results, and financial position (including the impact to Dolby partners and disruption of the supply chain and delays in shipments of consumer products; the level at which Dolby technologies are incorporated into products and the consumer demand for such products; delays in the development and release of new products or services that contain Dolby technologies; delays in royalty reporting or delinquent payment by partners or licensees; lengthening sales cycles; the impact to the overall cinema market including adverse impact to Dolby’s revenue recognized on box-office sales and demand for cinema products and services; and macroeconomic conditions that affect discretionary spending and access to products that contain Dolby technologies); risks associated with geopolitical issues and international conflicts; risks associated with trends in the markets in which Dolby operates, including the broadcast, mobile, consumer electronics, PC, and other markets; the loss of, or reduction in sales by, a key customer, partner, or licensee; pricing pressures; risks relating to changing trends in the way that content is distributed and consumed; risks relating to conducting business internationally, including trade restrictions and changes in diplomatic or trade relationships; risks relating to maintaining patent coverage; the timing of Dolby’s receipt of royalty reports and payments from its licensees, including recoveries; changes in tax regulations; 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 products and 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 and cinema industries generally; Dolby’s ability to increase its revenue streams and to expand its business generally, and to continue to expand its business beyond its current technology offerings; 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 Annual Report on Form 10-K filed on or around the date hereof. Dolby may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements. Forward-looking statements are based upon information available to us as of the date of such statements, and while Dolby believes such information forms a reasonable basis for such statements, such information may be limited or incomplete. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Except as required by law, 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, California with offices around the globe. From movies and TV shows, to apps, music, sports and gaming, Dolby transforms the science of sight and sound into spectacular experiences for billions of people worldwide. Dolby partners with artists, storytellers, developers, and businesses to revolutionize entertainment and communications with Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby.io.
Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby.io, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries. Other trademarks remain the property of their respective owners.
DOLBY LABORATORIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts; unaudited)
Fiscal Quarter Ended
Fiscal Year Ended
September 27,
2024
September 29,
2023
September 27,
2024
September 29,
2023
Revenue:
Licensing
$ 282,705
$ 265,203
$ 1,181,794
$ 1,197,930
Products and services
22,101
25,359
91,927
101,814
Total revenue
304,806
290,562
1,273,721
1,299,744
Cost of revenue:
Cost of licensing
18,764
14,556
67,204
64,890
Cost of products and services
15,232
20,996
73,292
87,676
Total cost of revenue
33,996
35,552
140,496
152,566
Gross profit
270,810
255,010
1,133,225
1,147,178
Operating expenses:
Research and development
68,636
70,426
263,663
271,523
Sales and marketing
87,901
90,870
334,460
354,364
General and administrative
69,209
66,612
270,392
258,477
Restructuring charges/(credits)
(1,290)
30,596
6,384
47,061
Total operating expenses
224,456
258,504
874,899
931,425
Operating income/(loss)
46,354
(3,494)
258,326
215,753
Other income/(expense):
Interest income/(expense), net
6,854
9,280
34,077
28,086
Other income, net
6,526
3,247
20,076
6,214
Total other income
13,380
12,527
54,153
34,300
Income before income taxes
59,734
9,033
312,479
250,053
(Provision for)/benefit from income taxes
(868)
875
(48,163)
(48,409)
Net income including noncontrolling interest
58,866
9,908
264,316
201,644
Less: net income attributable to noncontrolling interest
(296)
(722)
(2,491)
(988)
Net income attributable to Dolby Laboratories, Inc.
$ 58,570
$ 9,186
$ 261,825
$ 200,656
Net income per share:
Basic
$ 0.61
$ 0.10
$ 2.74
$ 2.10
Diluted
$ 0.61
$ 0.09
$ 2.69
$ 2.05
Weighted-average shares outstanding:
Basic
95,395
95,701
95,544
95,771
Diluted
96,593
97,678
97,325
97,733
DOLBY LABORATORIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands; unaudited)
September 27,
2024
September 29,
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 482,047
$ 745,364
Restricted cash
95,705
72,602
Short-term investments
—
139,148
Accounts receivable, net
315,465
262,245
Contract assets, net
197,478
182,130
Inventories, net
33,728
35,623
Prepaid expenses and other current assets
69,994
50,692
Total current assets
1,194,417
1,487,804
Long-term investments
89,267
97,812
Property, plant, and equipment, net
479,109
481,581
Operating lease right-of-use assets
39,046
40,199
Goodwill and intangible assets, net
967,722
575,836
Deferred taxes
219,758
201,860
Other non-current assets
120,609
94,674
Total assets
$ 3,109,928
$ 2,979,766
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 17,380
$ 20,925
Accrued liabilities
347,529
351,399
Income taxes payable
9,045
4,769
Contract liabilities
31,644
31,505
Operating lease liabilities
12,238
13,628
Total current liabilities
417,836
422,226
Non-current contract liabilities
34,593
39,997
Non-current operating lease liabilities
34,754
37,020
Other non-current liabilities
135,852
108,339
Total liabilities
623,035
607,582
Stockholders’ equity:
Class A common stock
53
53
Class B common stock
41
41
Retained earnings
2,496,255
2,391,990
Accumulated other comprehensive loss
(19,187)
(36,984)
Total stockholders’ equity – Dolby Laboratories, Inc.
2,477,162
2,355,100
Noncontrolling interest
9,731
17,084
Total stockholders’ equity
2,486,893
2,372,184
Total liabilities and stockholders’ equity
$ 3,109,928
$ 2,979,766
DOLBY LABORATORIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands; unaudited)
Fiscal Year Ended
September 27,
2024
September 29,
2023
Operating activities:
Net income including noncontrolling interest
$ 264,316
$ 201,644
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
75,559
82,558
Stock-based compensation
119,825
118,486
Amortization of operating lease right-of-use assets
11,768
12,956
Amortization of premium on investments
(2,919)
(860)
Benefit from credit losses
(2,256)
(793)
Deferred income taxes
(21,612)
(18,337)
Impairment loss on internally developed software
—
16,225
Other non-cash items affecting net income
(10,828)
(2,800)
Changes in operating assets and liabilities:
Accounts receivable, net
(28,967)
47,779
Contract assets, net
(8,707)
347
Inventories
(2,654)
(13,226)
Operating lease right-of-use assets
(8,420)
(8,817)
Prepaid expenses and other assets
10,097
3,868
Accounts payable and accrued liabilities
(34,554)
(52,315)
Income taxes, net
(4,501)
(8,722)
Contract liabilities
(9,738)
(8,379)
Operating lease liabilities
(5,263)
(5,818)
Other non-current liabilities
(13,894)
3,285
Net cash provided by operating activities
327,252
367,081
Investing activities:
Purchases of marketable securities
(160,198)
(172,955)
Proceeds from sales of marketable securities
234,061
54,964
Proceeds from maturities of marketable securities
157,729
176,833
Purchases of property, plant, and equipment
(30,007)
(30,339)
Business combinations, net of cash and restricted cash acquired
(487,877)
25,703
Net cash provided by/(used in) investing activities
(286,292)
54,206
Financing activities:
Proceeds from issuance of common stock
40,203
47,781
Repurchase of common stock
(160,001)
(149,276)
Payment of cash dividend
(114,579)
(103,407)
Distributions to noncontrolling interest
(5,164)
(266)
Purchase of noncontrolling interest in business combinations
(9,920)
—
Equity issued in connection with business combination
722
—
Shares repurchased for tax withholdings on vesting of restricted stock
(39,075)
(31,144)
Payment of deferred consideration for prior business combinations
—
(500)
Net cash used in financing activities
(287,814)
(236,812)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash
6,640
5,120
Net increase/(decrease) in cash, cash equivalents, and restricted cash
(240,214)
189,595
Cash, cash equivalents, and restricted cash at beginning of period
817,966
628,371
Cash, cash equivalents, and restricted cash at end of period
$ 577,752
$ 817,966
Licensing Revenue by Market
(unaudited)
The following table presents the composition of our licensing revenue and percentage of total licensing revenue for all periods presented (in thousands, except percentage amounts):
Fiscal Quarter Ended
Fiscal Year Ended
Market
September 27, 2024
September 29, 2023
September 27, 2024
September 29, 2023
Broadcast
$ 95,779
34 %
$ 102,448
39 %
$ 409,105
35 %
$ 451,719
38 %
Mobile
48,701
17 %
36,122
14 %
235,774
20 %
243,897
20 %
CE
42,024
15 %
41,682
16 %
165,817
14 %
170,197
14 %
PC
34,077
12 %
27,240
10 %
141,300
12 %
124,362
10 %
Other
62,124
22 %
57,711
21 %
229,798
19 %
207,755
18 %
Total licensing revenue
$ 282,705
100 %
$ 265,203
100 %
$ 1,181,794
100 %
$ 1,197,930
100 %
GAAP to Non-GAAP Reconciliations
(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 and fiscal years ended September 27, 2024 and September 29, 2023:
Net income:
Fiscal Quarter Ended
Fiscal Year Ended
(in thousands)
September 27,
2024
September 29,
2023
September 27,
2024
September 29,
2023
GAAP net income attributable to Dolby Laboratories, Inc.
$ 58,570
$ 9,186
$ 261,825
$ 200,656
Stock-based compensation (1)
29,679
28,195
119,825
118,486
Amortization of acquisition-related intangibles (2)
6,296
3,306
15,552
10,056
Restructuring charges/(credits)
(1,290)
30,596
6,384
47,061
Impact of Tax Reform
(10,042)
—
(10,042)
—
Income tax adjustments
(4,777)
(7,339)
(24,528)
(28,249)
Non-GAAP net income attributable to Dolby Laboratories, Inc.
$ 78,436
$ 63,944
$ 369,016
$ 348,010
(1) Stock-based compensation included in above line items:
Cost of products and services
$ 362
$ 388
$ 1,501
$ 1,697
Research and development
9,703
9,643
38,214
39,472
Sales and marketing
9,994
9,279
40,128
40,038
General and administrative
9,620
8,885
39,982
37,279
(2) Amortization of acquisition-related intangibles included in above line items:
Cost of licensing
$ 2,789
$ 62
$ 2,890
$ 248
Cost of products and services
768
650
2,350
3,248
Research and development
—
—
—
253
Sales and marketing
867
721
2,824
3,137
General and administrative
1,872
1,873
7,488
3,170
Diluted earnings per share:
Fiscal Quarter Ended
Fiscal Year Ended
September 27,
2024
September 29,
2023
September 27,
2024
September 29,
2023
GAAP diluted earnings per share
$ 0.61
$ 0.09
$ 2.69
$ 2.05
Stock-based compensation
0.30
0.29
1.23
1.21
Amortization of acquisition-related intangibles
0.06
0.03
0.16
0.10
Restructuring charges/(credits)
(0.01)
0.31
0.07
0.48
Impact of Tax Reform
(0.10)
—
(0.11)
—
Income tax adjustments
(0.05)
(0.07)
(0.25)
(0.28)
Non-GAAP diluted earnings per share
$ 0.81
$ 0.65
$ 3.79
$ 3.56
Weighted-average shares outstanding – diluted (in thousands)
96,593
97,678
97,325
97,733
The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial measures for the first quarter of fiscal 2025 and full year fiscal 2025 included in this release:
Gross margin:
Q1 2025
Fiscal 2025
GAAP gross margin
87.0 %
87.0 %
Stock-based compensation
0.1 %
0.1 %
Amortization of acquisition-related intangibles
2.9 %
2.9 %
Non-GAAP gross margin
90.0 %
90.0 %
Operating expenses (in millions):
Q1 2025
Fiscal 2025
GAAP operating expenses (low – high end of range)
$230 – $240
$908 – $918
Stock-based compensation
(37)
(134)
Amortization of acquisition-related intangibles
(3)
(9)
Non-GAAP operating expenses (low – high end of range)
$190 – $200
$765 – $775
Operating margin:
Fiscal 2025
GAAP operating margin
20% +/-
Stock-based compensation
10 %
Amortization of acquisition-related intangibles
3 %
Non-GAAP operating margin
33% +/-
Effective tax rate:
Q1 2025
GAAP effective tax rate
20.5 %
Stock-based compensation (low – high end of range)
(2%) – 0%
Amortization of acquisition-related intangibles (low – high end of range)
(1%) – 0%
Non-GAAP effective tax rate
18.5 %
Diluted earnings per share:
Q1 2025
Fiscal 2025
Low
High
Low
High
GAAP diluted earnings per share
$ 0.53
$ 0.68
$ 2.43
$ 2.58
Stock-based compensation
0.39
0.39
1.39
1.39
Amortization of acquisition-related intangibles
0.12
0.12
0.45
0.45
Income tax adjustments
(0.08)
(0.08)
(0.28)
(0.28)
Non-GAAP diluted earnings per share
$ 0.96
$ 1.11
$ 3.99
$ 4.14
Weighted-average shares outstanding – diluted (in thousands)
97,400
97,400
97,500
97,500
Investor Contact:
Peter Goldmacher
415-254-7415
peter.goldmacher@dolby.com
Media Contact:
media@dolby.com
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SOURCE Dolby Laboratories, Inc.
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This release has been updated to include new information provided by TrendAI. The complete, corrected release follows, with additional details at the end:
TrendAI™ Adopts Claude Opus 5 to Advance Vulnerability Prioritization and Virtual Patching
As a participant in Anthropic’s Cyber Verification Program, TrendAI applies frontier reasoning to convert vulnerability intelligence into faster protection across hybrid environments
DALLAS, July 24, 2026 /PRNewswire/ — TrendAI™, the enterprise AI security leader from Trend Micro Incorporated (TYO: 4704; TSE: 4704), today announced it is adopting Claude Opus 5, Anthropic’s latest and most capable Opus model, to help security teams convert vulnerability intelligence into immediate protection, from prioritization to virtual patching. The move builds on TrendAI’s collaboration with Anthropic on Claude Opus 4.8, extending the same defensive focus to a model that delivers step-change gains in advanced reasoning, agentic workflows, and long-horizon analysis. As AI makes finding vulnerabilities easier than ever, the harder problem becomes protecting organizations faster than software can be permanently patched, and that is where TrendAI is putting Opus 5 to work.
As a participant in Anthropic’s Cyber Verification Program, which credentials organizations for the defensive use of frontier AI models, TrendAI is positioned to apply Claude Opus 5 to defensive security as access becomes available. The model is Zero Data Retention compatible, supporting TrendAI’s governance and data-protection requirements as it scales AI across security operations.
The work extends to TrendAI Threat Research, where frontier AI models are combined with our proprietary frontier intelligence engine and human expertise to generate pre-disclosure intelligence. Those insights power TrendAI Vision One™, delivering stronger detection, deeper forensic insights, and proactive protection through virtual patching.
Rachel Jin, Chief Platform and Business Officer, Head of TrendAI™:
“With Claude Opus 5, TrendAI can move from vulnerability intelligence to action faster than ever, prioritizing what matters most by exploitability and business impact. Finding the vulnerability was always the hard part. Now the challenge is protecting organizations faster than software can be permanently patched, and frontier reasoning is what changes that equation, extending all the way to virtual patching that protects customers before a vendor fix ships. This is what it means to secure the AI age, fearlessly.”
These capabilities support TrendAI Vision One™ in helping security analysts, AppSec teams, and SOC teams prioritize exposure, map attack paths, and accelerate mitigation, including virtual patching, across hybrid environments, moving vulnerability management from a static scanning process into a faster, context-aware risk mitigation workflow.
About TrendAI™
TrendAI™, the global AI security leader and enterprise business unit of Trend Micro, empowers organizations with full AI visibility and consolidated security that inspires confidence, drives innovation, and eliminates risk. Trusted by the largest enterprises and governments across 185 countries, TrendAI™ secures the entire organization, from identities, to infrastructure, to data. Global Fortune 500 companies rely on TrendAI™ to cut risk and stop threats up to three months earlier, powered by world-leading threat and attack intelligence. Through deep ecosystem partnerships with market leaders like NVIDIA, Anthropic, AWS, Google, and Microsoft, TrendAI™ empowers your organization to securely drive forward at the speed of AI. AI Fearlessly. Learn more: trendaisecurity.com
About Anthropic
Anthropic is an AI safety and research company dedicated to building reliable, interpretable, and steerable AI systems. Its Claude family of models, including Claude Opus 5, enables advanced capabilities across a wide range of applications, including code understanding and security analysis.
Update: The latest version of this release includes additional statements from TrendAI related to the original announcement.
View original content to download multimedia:https://www.prnewswire.com/news-releases/trendai-adopts-claude-opus-5-to-advance-vulnerability-prioritization-assessment-and-virtual-patching-302834362.html
SOURCE TrendAI
Technology
Ralph Ye on 10 Years of Entrepreneurship at CASEKOO: Less Identity Shift, More Habits That Endure
Published
15 minutes agoon
July 24, 2026By
NEW YORK, July 24, 2026 /PRNewswire/ — As CASEKOO approaches its 10th anniversary, founder Ralph Ye says the company’s biggest achievement isn’t measured by units sold, but by how its philosophy has evolved.
Ten years ago, Ye found himself frustrated by a simple problem: his phone wouldn’t stand upright on a fast-food table. Instead of accepting the inconvenience, he saw an opportunity to rethink what a phone case could do.
Today, CASEKOO has sold more than 20 million phone cases across 32 countries. Over the past decade, the company has evolved from creating protective accessories into designing products that fit naturally into everyday life.
“Innovation isn’t about changing identities,” Ye said. “It’s about making meaningful habits easier to keep.”
From Q Line to LinKOO
The evolution of CASEKOO’s product portfolio reflects a broader shift in the company’s design philosophy.
The journey began with the Q Line (Quality Line), a collection of crystal-clear phone cases engineered to deliver premium protection without compromising aesthetics. In 2021, CASEKOO introduced the E Line (Innovation Line), the world’s first phone case with an integrated ring stand. The product earned an iF Design Award and became an Amazon bestseller, demonstrating the market’s appetite for accessories that combined protection with everyday functionality. The X Line (Expression Line) followed, expanding the brand’s focus on personalization and expressive design.
Each product generation introduced new capabilities, but each also reinforced an important insight.
“We moved from Q Line to E Line to X Line, and every generation taught us something about what people actually need,” said Ye. “By the time we introduced The KOO series, we weren’t designing features anymore. We were designing around everyday behaviors.”
Today, the portfolio gives each rhythm a clear name: LinKOO — Link Your Way for hands-free carry, StandKOO — Elevate Your Day for hands-free viewing and grip, and X-LINE — Fit Your Vibe for expressive personalization.
It represents CASEKOO’s transition from designing accessories with added functions to creating products that support everyday habits. For the company, the future of consumer technology lies not in how many features a product offers, but in how seamlessly it integrates into the way people live.
A Philosophy Born from Everyday Life
The inspiration behind LinKOO came from one of Ye’s longest-standing habits.
For nearly two decades, he has left home every day holding his wife’s hand. One evening, while carrying his phone, keys, and wallet in his other hand, he realized how often everyday essentials compete with life’s simplest moments.
That observation inspired ClipSafe™, a foldable clasp integrated into the LinKOO series. Hidden when not in use and deployable with a single press, it allows users to carry everyday essentials without sacrificing comfort or aesthetics.
For CASEKOO, LinKOO is more than a product launch. It represents the company’s belief that technology should adapt to people—not the other way around.
“Ten years ago, we asked how to better protect a phone,” Ye said. “Today, we’re asking how to protect a moment.”
That is what designed to fit you means. That is Less Effort, More Living. And after a decade of iteration, failure, and quiet persistence, CASEKOO has finally arrived—not at an answer, but at a better question.
About CASEKOO
CASEKOO is a design-led lifestyle accessories brand built around a simple idea: freeing your hands in everyday life. Through thoughtful hands-free solutions, we help people move seamlessly between different moments of the day—from active, on-the-go moments to times of focus and connection.
What makes CASEKOO different from a regular phone case? We believe technology should support life, not interrupt it. By designing products that adapt naturally to how people live, work, and move, CASEKOO reduces everyday friction and creates a more effortless experience—making room for freedom, connection, and the moments that truly matter.
For more information, visit: casekoo.com.
Contact:
Charlotte Yu
brandteam@casekoo.com
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SOURCE CASEKOO
Technology
Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers
Published
15 minutes agoon
July 24, 2026By
LOS ANGELES and NEW YORK, July 24, 2026 /PRNewswire/ — Paramount Skydance Corporation (NASDAQ: PSKY) (“Paramount”) today announced the extension of the Expiration Dates in connection with the previously announced (i) offers to purchase (the “Tender Offers” and each, a “Tender Offer”) for cash, upon the terms and subject to the conditions set forth in the related offer to purchase (the “Offer to Purchase”), any and all of the identified notes in each series of the Existing Tender Offer Notes (defined by reference to the table set forth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia Holdings, Inc.) (the “DGH Issuer”) and Discovery Communications, LLC (the “DCL Issuer” and together with the DGH Issuer, each a “WBD Issuer” and collectively the “WBD Issuers”), as applicable, and (ii) offers to exchange (the “Exchange Offers” and each, an “Exchange Offer” and, together with the Tender Offers, the “Offers” and each, an “Offer”), upon the terms and subject to the conditions set forth in the related exchange offer memorandum (the “Offering Memorandum”), any and all of the identified notes in each series of the Existing Exchange Offer Notes (defined by reference to the table set forth below) (together with the Existing Tender Offer Notes, the “Offer Notes”) issued by the applicable WBD Issuer for notes to be newly issued by Paramount.
The Expiration Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) have been extended to 5:00 p.m., New York City time, on August 7, 2026, unless further extended. The Settlement Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) will occur promptly after the Expiration Date and are currently anticipated to occur in the third quarter of 2026. Paramount anticipates extending the Expiration Date for such Tender Offers and Exchange Offers until such time that would result in the Settlement Dates occurring on or promptly following the closing date of the proposed acquisition (the “Acquisition”) by Paramount of Warner Bros. Discovery, Inc. (“WBD”). Tenders of the Offer Notes in the Offers may be withdrawn at any time prior to the Expiration Date. The aforementioned extensions further extend the Expiration Dates previously extended by Paramount on June 12, 2026, June 26, 2026, July 13, 2026, and July 17, 2026.
As of 5:00 p.m., New York City time, on July 23, 2026, approximately 66.17% and 76.38% of the aggregate principal amount of the Existing Tender Offer Notes and Existing Exchange Offer Notes, respectively, have been validly tendered in the applicable Offers. As Paramount previously announced that it anticipates extending the Offers to align with the closing date of the Acquisition, Paramount does not view these figures to be representative of the final results of the applicable Offers.
Information about each series of Offer Notes eligible to participate in the Offers is summarized below.
Type of Offer
Offer Notes to be Tendered
or Exchanged, as
Applicable
Issuer of Offer Notes
CUSIP No. / Common Code
/ ISIN Eligible to
Participate in the Offers (1)
Aggregate Principal
Amount of Offer Notes
Eligible to Participate in the
Offers (2)
Tender Offer
3.950% Senior Notes due 2028
DCL Issuer
25470D CP2
US25470DCP24
$1,234,458,000
Exchange Offer
4.125% Senior Notes due 2029
DCL Issuer
25470D CQ0
US25470DCQ07
$655,825,000
Exchange Offer
3.625% Senior Notes due 2030
DCL Issuer
25470D CR8
US25470DCR89
$914,183,000
Exchange Offer
5.000% Senior Notes due 2037
DCL Issuer
25470D CS6
US25470DCS62
$453,281,000
Exchange Offer
6.350% Senior Notes due 2040
DCL Issuer
25470D CT4
US25470DCT46
$438,102,000
Exchange Offer
4.950% Senior Notes due 2042
DCL Issuer
25470D CU1
US25470DCU19
$130,366,000
Exchange Offer
4.875% Senior Notes due 2043
DCL Issuer
25470D V91 CV9US25470DC
$141,584,000
Exchange Offer
5.200% Senior Notes due 2047
DCL Issuer
25470D W74 CW7US25470DC
$3,161,000
Exchange Offer
5.300% Senior Notes due 2049
DCL Issuer
25470D X57 CX5US25470DC
$247,860,000
Tender Offer
3.755% Senior Notes due 2027
DGH Issuer
254948 AH5
US254948AH58
254948 AN2
US254948AN27
U25483 AA3
USU25483AA38
$1,189,336,000
Exchange Offer
4.054% Senior Notes due 2029
DGH Issuer
254948 AJ1
US254948AJ15
254948 AP7
US254948AP74
U25483 AB1
USU25483AB11
$1,353,828,000
Exchange Offer
4.279% Senior Notes due 2032
DGH Issuer
254948 AK8
US254948AK87
254948 AQ5
US254948AQ57
$2,691,764,000
Exchange Offer
5.050% Senior Notes due 2042
DGH Issuer
254948 AL6
US254948AL60
254948 AR3
US254948AR31
U25483 AD7
USU25483AD76
$4,104,687,000
Exchange Offer
5.141% Senior Notes due 2052
DGH Issuer
254948 AM4
US254948AM44
254948 AS1
US254948AS14
$949,883,000
Exchange Offer
4.302% Senior Notes due 2030
DGH Issuer
XS3393993285
339399328
€234,382,000
Exchange Offer
4.693% Senior Notes due 2033
DGH Issuer
XS3393994507
339399450
€316,641,000
1
No representation is made as to the correctness or accuracy of the identifiers listed in this press release or printed on the Offer Notes. Such identifiers are provided solely for the convenience of the holders.
2
Represents the aggregate principal amount of Offer Notes outstanding that are eligible to participate in the Offers.
The Exchange Offers are being made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder, and are also not being registered under any state or foreign securities laws. Any securities offered pursuant to the Exchange Offers may not be offered or sold in the United States or to any U.S. persons (as defined below) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers will only be made, and the securities offered pursuant to the Exchange Offers are only being offered and issued, to holders of applicable Existing Exchange Offer Notes who are (a) reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act or (b) not “U.S. persons,” as defined in Rule 902 of Regulation S under the Securities Act (such holders, “Eligible Holders”), and only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. The eligibility certification is available electronically at: https://gbsc-usa.com/eligibility/paramount.
General
Each Offer is a separate offer, and each may be individually consummated, amended, extended, terminated, or withdrawn, subject to certain conditions and applicable law, at any time in Paramount’s sole discretion, and without also consummating, amending, extending, terminating, or withdrawing any other Offer with respect to any other series of Offer Notes. Paramount may terminate an Offer if any of the conditions of such Offer described in the Offer to Purchase or Offering Memorandum, as applicable, are not satisfied or waived by the applicable Expiration Date, subject to applicable law. In addition, Paramount may waive the conditions to an Offer without extending such Offer in accordance with applicable law.
The Offers are being made solely by Paramount and are not being made by WBD or the WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers, the Exchange Agent (as defined below), the Information Agent (as defined below), the trustees under each of the indentures governing the Offer Notes, the trustee or collateral agent under the indenture that will govern the notes to be issued in the Exchange Offers, or any affiliate of any of them makes any recommendation as to whether any holder of Offer Notes should tender or refrain from tendering all or any portion of the principal amount of such holder’s Offer Notes for cash or notes to be issued in the Exchange Offers. No one has been authorized by any of them to make such a recommendation. Holders must make their own decision whether to tender Offer Notes in any Offer and, if so, the amount of Offer Notes to tender.
Only Eligible Holders may receive a copy of the Offering Memorandum and participate in the Exchange Offers. Paramount has engaged Global Bondholder Services Corporation to act as the exchange agent (in such capacity, the “Exchange Agent”) and information agent (in such capacity, the “Information Agent”) for the Offers. Questions concerning the Offers, or requests for additional copies of the Offer to Purchase or Offering Memorandum or other related documents, may be directed to Corporate Actions by telephone at (855) 654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at contact@gbsc-usa.com. Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Offers. The Exchange Offer documents and the Tender Offer documents can be accessed at the following link: https://gbsc-usa.com/paramount.
Paramount has engaged BofA Securities and Citigroup as dealer managers (in such capacity, the “Dealer Managers”) for the Offers. Holders with questions regarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070 (toll-free) or +1 (980) 388-3646 (collect) or debt_advisory@bofa.com or Citigroup Global Markets Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 or ny.liabilitymanagement@citi.com. Latham & Watkins LLP is serving as legal counsel to Paramount and Cahill Gordon & Reindel LLP is serving as legal counsel to the Dealer Managers.
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, and does not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY’s portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.
PSKY-IR
Cautionary Note Concerning Forward-Looking Statements
This communication contains “forward-looking statements” regarding the Acquisition and the other transactions referred to herein. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Paramount. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the Acquisition will not be satisfied, including the risk that clearances under applicable antitrust or regulatory laws will not be obtained or will be obtained subject to conditions that are not anticipated; the possibility that the transactions described herein will not be completed in the expected timeframe or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; potential adverse effects to the businesses of Paramount or WBD during the pendency of the Acquisition, such as employee departures or distraction of management from business operations; negative effects of the announcement or the consummation of the Acquisition on the market price of WBD or Paramount stock; the risk of stockholder litigation relating to the Acquisition, including resulting expense or delay; the potential that the expected benefits and opportunities of the Acquisition, if completed, may not be realized or may take longer to realize than expected; risks related to the streaming business of the post-Acquisition combined business (the “Combined Company”); the adverse impact on the Combined Company’s advertising revenues as a result of changes in consumer behavior, advertising market conditions, and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to the Combined Company’s decision to invest in new businesses, products, services, and technologies, and the evolution of the Combined Company’s business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of the Combined Company’s content; damage to the Combined Company’s reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining the Combined Company’s intellectual property rights; domestic and global political, economic and regulatory factors affecting the Combined Company’s business generally or the Acquisition; the inability to hire or retain key employees or secure creative talent; disruptions to the Combined Company’s operations as a result of labor disputes; risks and costs associated with the integration of, and Paramount’s ability to integrate, the businesses of Paramount Global, Skydance Media, LLC, and WBD successfully and to achieve anticipated synergies, including in the amounts or on the timelines anticipated to realize such synergies; litigation related to the Acquisition and other matters or transactions; risks associated with the Combined Company’s holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to our indebtedness, including our substantial outstanding debt obligations, our ability to incur substantially more debt and our ability to meet the financial and other covenants contained in the agreements governing the indebtedness of Paramount, WBD, or the Combined Company. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Paramount and WBD can be found in Paramount’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” Paramount’s most recently filed Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 4, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” and Paramount’s subsequent filings with the SEC, and in WBD’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, including in the section captioned “Item 1A. Risk Factors,” WBD’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 6, 2026, and WBD’s subsequent filings with the SEC. Neither Paramount nor WBD undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.
View original content:https://www.prnewswire.com/news-releases/paramount-skydance-corporation-announces-extension-of-expiration-dates-of-previously-announced-exchange-offers-and-tender-offers-302834084.html
SOURCE Paramount Skydance Corporation
/U P D A T E — TrendAI/
Ralph Ye on 10 Years of Entrepreneurship at CASEKOO: Less Identity Shift, More Habits That Endure
Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers
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