Dolby Laboratories Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Core Insights - Dolby Laboratories reported strong financial results for the fourth quarter and fiscal year 2024, with total revenue of $305 million for Q4 and $1.27 billion for the full year, showing growth in net income and earnings per share compared to the previous year [2][3]. Financial Highlights - Fourth Quarter Fiscal 2024: - Total revenue was $305 million, up from $291 million in Q4 fiscal 2023 - GAAP net income was $59 million ($0.61 per diluted share), compared to $9 million ($0.09 per diluted share) in Q4 fiscal 2023 - Non-GAAP net income was $78 million ($0.81 per diluted share), compared to $64 million ($0.65 per diluted share) in Q4 fiscal 2023 [2] - Full Year Fiscal 2024: - Total revenue was $1.27 billion, down from $1.30 billion in fiscal 2023 - GAAP net income was $262 million ($2.69 per diluted share), compared to $201 million ($2.05 per diluted share) in fiscal 2023 - Non-GAAP net income was $369 million ($3.79 per diluted share), compared to $348 million ($3.56 per diluted share) in fiscal 2023 - Cash flows from operations were $327 million, down from $367 million in fiscal 2023 [3] Recent Business Developments - Dolby closed the acquisition of GE Licensing, enhancing its imaging patent portfolio and expected to be accretive to margins and earnings in fiscal 2025 [5] - The company acquired THEO Technologies to improve Dolby.io's real-time streaming capabilities [5] - Dolby expanded its automotive partnerships, now having over 20 partners supporting Dolby Atmos, up from 10 partners a year ago [5] - Major product launches supporting Dolby technologies include Apple's iPhone 16, Xiaomi's new 4K QLED TVs, and Lenovo's new Thinkpad models [5] Upcoming Events - Dolby will host an investor event at CES on January 8, 2025, to showcase its technologies [6] Dividend Announcement - Dolby announced a cash dividend of $0.33 per share, payable on December 10, 2024, to stockholders of record as of December 3, 2024 [7] Credit Facility - Dolby entered into a $250 million revolving credit facility with Bank of America, which includes $150 million of uncommitted incremental capacity [8] Financial Outlook - For Q1 fiscal 2025, Dolby estimates total revenue between $330 million and $360 million, with licensing revenue between $305 million and $335 million [11] - For the full year fiscal 2025, total revenue is expected to range from $1.33 billion to $1.39 billion [12]