Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 26, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-32431 DOLBY LABORATORIES, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the ...

Financial Data and Key Metrics Changes - In Q2 2020, total revenue was $352 million, up from $338 million in Q2 2019, but about $30 million below the midpoint of guidance due to lower consumer activity related to the COVID-19 pandemic [12][29] - Operating income was $105.9 million on a GAAP basis, representing 30.1% of revenue, compared to $102.9 million or 30.4% of revenue in Q2 2019 [28] - Net income on a GAAP basis was $88.5 million or $0.86 per diluted share, compared to $73.4 million or $0.70 per diluted share in Q2 2019 [29] Business Line Data and Key Metrics Changes - Licensing revenue from the Broadcast segment, which includes TVs and set-top boxes, was up 5% year-over-year, representing 39% of total licensing [15] - Mobile devices licensing revenue increased by 13% year-over-year, accounting for 23% of total licensing [16] - Products and services revenue was $23 million in Q2, down from $34 million in Q1 and $28 million in Q2 2019, primarily due to the impact of the pandemic on the cinema industry [23] Market Data and Key Metrics Changes - Licensing revenue was negatively impacted by approximately $25 million due to the pandemic, heavily concentrated in China [13] - Other Markets licensing, which includes automotive and gaming, was down 16% year-over-year due to lower volume and recoveries [21] - The effective income tax rate in Q2 was 20% on both GAAP and non-GAAP basis [29] Company Strategy and Development Direction - The company remains focused on long-term growth despite the current economic challenges, emphasizing the importance of quality experiences in content consumption [52][68] - Dolby is recalibrating priorities and reviewing spending and capital investments to align with long-term goals [53] - The company is confident in the return of consumers to theaters and the continued adoption of Dolby technologies across various devices and services [54][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty caused by the COVID-19 pandemic, affecting visibility into near-term growth [10][32] - The company expects Q3 licensing revenue to range from $220 million to $240 million, down 20% to 25% from previous expectations due to cinema closures and reduced consumer demand [36][41] - Management expressed optimism about the long-term opportunities for Dolby technologies as consumer spending returns [68] Other Important Information - The company ended Q2 with over $1 billion in cash and investments and no outstanding debt [52] - A cash dividend of $0.22 per diluted share was announced, payable on May 27, 2020 [31] - The company bought back about 1 million shares during Q2, with $260 million of stock repurchase authorization still available [31] Q&A Session Summary Question: Insight on reducing run rate of expenses - Management indicated that they are focused on maintaining strength for long-term opportunities while reviewing expenses on a business-by-business basis [71][72] Question: Guidance on current quarter expenses - Management noted that current guidance reflects lower spending primarily due to reduced travel and hiring, with no significant one-time expenses expected [74][76] Question: Anticipating customer production volumes - Management stated that they rely on a range of indicators, including customer feedback and economic reports, to gauge production volumes [78][80] Question: Consumer demand trends and supply chain - Management acknowledged that the decline in unit shipments is primarily driven by reduced consumer demand rather than supply chain issues [90] Question: Share buyback program and future investments - Management confirmed that the buyback program has not been suspended and they continue to invest in growth programs despite the current environment [95][96] Question: Cinema strategy and future investments - Management expressed confidence in the return of consumers to theaters and indicated that new Dolby Cinema builds are significantly reduced for the near term [110][112] Question: Regional consumer demand trends - Management is monitoring trends in regions like Asia as retail outlets begin to open, but specific insights were not detailed [113]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 27, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-32431 DOLBY LABORATORIES, INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | --- | |------- ...

Dolby Laboratories, Inc. (NYSE:DLB) Q1 2020 Results Earnings Conference Call January 29, 2020 5:00 PM ET Company Participants Jason Dea - Director, IR Kevin Yeaman - President and CEO Lewis Chew - EVP and CFO Conference Call Participants Steven Frankel - Dougherty & Company Paul Chung - JPMorgan Jim Goss - Barrington Research Operator Ladies and gentlemen, thank you for standing by. Welcome to the Dolby Laboratories' Conference Call discussing Fiscal First Quarter Results. During the presentation, all parti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 27, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-32431 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 1 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 27, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-32431 | --- | --- | --- | |------------------------------------------------------------------------------|------------------ ...

Financial Data and Key Metrics Changes - In Q4 2019, total revenue was $299 million, compared to $302 million in Q3 and $241 million in Q4 2018, indicating a year-over-year increase of 24% [8] - Licensing revenue for the quarter was $265 million, while products and services revenue was $34 million, both in line with guidance [8] - Total gross margin in Q4 was 84.6% on a GAAP basis and 85.4% on a non-GAAP basis, slightly lower than projected due to higher costs of sales in licensing [16] - Operating income in Q4 was $51.2 million on a GAAP basis, or 17.1% of revenue, compared to $12.6 million or 5.2% of revenue in Q4 of the previous year [20] - Net income on a GAAP basis was $43.9 million or $0.43 per diluted share, compared to $26.7 million or $0.25 per diluted share in Q4 of last year [22] Business Line Data and Key Metrics Changes - Broadcast represented about 44% of total licensing in Q4, with revenues up 14% year-over-year but down 12% sequentially [9] - Mobile devices accounted for approximately 17% of total licensing, with year-over-year comparisons difficult due to accounting changes, but showing wider adoption of Dolby technologies [10] - Consumer electronics represented about 14% of total licensing, down 8% year-over-year but up 30% sequentially due to higher adoption in sound bars and DMAs [12] - PC licensing was about 9% of total licensing, down 5% year-over-year due to lower ASPs, but roughly flat sequentially [13] - Other markets represented about 16% of total licensing, down 8% year-over-year but up 8% sequentially, driven by higher revenues in gaming [14] Market Data and Key Metrics Changes - The company anticipates growth in Broadcast revenues from increased adoption of Dolby Atmos and Dolby Vision, but projects lower recoveries for the year [29] - In mobile, revenues are expected to grow above the company average, driven by branded technologies and innovative patent licensing programs [30] - Consumer electronics growth is projected primarily from DMAs, sound bars, and smart speakers [30] - In PC licensing, continued downward pressure from ASPs is expected, but offset by adoption of newer technologies [30] - Dolby Cinema is expected to grow, with plans to add a similar number of new screens in FY 2020 as in FY 2019 [31] Company Strategy and Development Direction - The company is focused on broadening the reach of its technologies to drive higher growth, particularly through Dolby Vision and Dolby Atmos [37] - There is a strong emphasis on expanding Dolby Cinema globally, with new locations opened in various countries [46] - The company aims to increase the adoption of Dolby technologies in mobile and PC markets, which are still in early stages [50] - Continued investment in making Dolby experiences available in sports, gaming, and user-generated content is a priority [52] - The company is looking for ways to extend the Dolby experience beyond premium entertainment, enhancing media experiences across various aspects of life [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining revenue and earnings growth, with expectations for double-digit growth in the future [47] - The company noted that the adoption cycle for Dolby Vision and Dolby Atmos is still in early stages, with significant opportunities ahead [48] - Management highlighted the importance of increasing compelling content to drive growth and adoption of Dolby technologies [51] - The outlook for FY 2020 includes total revenue projected to range from $1,300 million to $1,350 million, with licensing revenue between $1,160 million and $1,200 million [28] - The effective income tax rate for FY 2020 is expected to range from 18% to 21% on both GAAP and non-GAAP basis [33] Other Important Information - The company generated about $130 million in cash from operations in Q4 and ended the quarter with over $1 billion in cash and investments [24] - A quarterly cash dividend was raised by $0.03 per share, from $0.19 to $0.22, payable on December 4, 2019 [25] - Operating expenses in Q4 were $201.6 million on a GAAP basis, down from $228.2 million in Q3, reflecting restructuring expenses [19] Q&A Session Summary Question: Timeline for Accelerating Growth - Management believes that growth could accelerate as the year progresses, driven by increased content availability and partnerships [62] Question: Comparability of 2020 to 2019 - Fiscal 2020 guidance is considered a fair comparison to fiscal 2019, as both years are accounted under the same standards [65] Question: Q1 Revenue Guidance - The lower Q1 guidance is attributed to seasonal patterns rather than specific headwinds, with expectations for a revenue spike in Q2 [66][70] Question: Growth in New Products - Management indicated that Dolby Vision and Dolby Cinema are no longer new, and growth opportunities will be discussed in the context of each market [72] Question: Free Cash Flow and Working Capital - Cash flow from operations is expected to normalize in FY 2020, with projections for free cash flow to exceed $300 million [109] Question: Dolby Cinema Economic Model - The majority of Dolby Cinema locations operate under a revenue-sharing model, with some exceptions based on market characteristics [115]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 28, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-32431 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ...

Dolby Laboratories, Inc. (NYSE:DLB) Q3 2019 Results Earnings Conference Call August 1, 2019 5:00 PM ET Company Participants Jason Dea - Director, IR Kevin Yeaman - President, CEO Lewis Chew - EVP & CFO Conference Call Participants Steven Frankel - Dougherty Ralph Schackart - William Blair Eric Wold - B. Riley Paul Chung - JPMorgan Jim Goss - Barrington Research Operator Ladies and gentlemen, thank you for standing by and welcome to the Dolby Laboratories Conference Call discussing Third Quarter Results. Dur ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 29, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-32431 DOLBY LABORATORIES, INC. (Exact name of registrant as specified in its charter) Delaware 90-0199783 (State or othe ...