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    Dolby Laboratories Reports Second Quarter 2025 Financial Results

    5/1/25 4:15:00 PM ET
    $DLB
    Multi-Sector Companies
    Miscellaneous
    Get the next $DLB alert in real time by email

    SAN FRANCISCO, May 1, 2025 /PRNewswire/ -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the company's financial results for the second quarter of fiscal 2025.

    Dolby logo (PRNewsfoto/Dolby Laboratories, Inc.)

    "We had a strong second quarter with continued momentum across our end markets, especially in Auto and Mobile," said Kevin Yeaman, President and CEO, Dolby Laboratories. "While there is economic uncertainty, we are well positioned to operate across a range of scenarios. We are in a strong financial position, we continue to see strong engagement from our ecosystem, and we remain focused on driving long-term growth."

    Second Quarter Fiscal 2025 Financial Highlights

    • Total revenue was $370 million, compared to $365 million for the second quarter of fiscal 2024.
    • GAAP net income was $92 million or $0.94 per diluted share, compared to GAAP net income of $98 million or $1.01 per diluted share for the second quarter of fiscal 2024. On a non-GAAP basis, second quarter net income was $131 million or $1.34 per diluted share, compared to $123 million or $1.27 per diluted share for the second quarter of fiscal 2024.
    • Dolby repurchased approximately 429,000 shares of its common stock for approximately $35 million, and ended the quarter with approximately $352 million of stock repurchase authorization available going forward.

    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

    • The Super Bowl and March Madness were available in Dolby Atmos and Dolby Vision.
    • In the UK, Sky released the Sky Glass Gen 2 TV that supports Dolby Vision and a Dolby Atmos soundbar built into the TV.
    • LG announced the evo C5 and G5 TVs with Dolby Atmos and Dolby Vision.
    • Waipu.tv, a market leader in IPTV/OTT in Germany, announced support for Dolby Atmos and Dolby Vision.
    • TOD, a leading streaming platform for sports and entertainment in the Middle East and Northern Africa, launched a 4K set-top box supporting Dolby Atmos and Dolby Vision.
    • OPPO launched the Find X8 Ultra, Find X8s, and Find X8s+, all supporting Dolby Vision capture and playback.
    • Sonos, Vizio, and Teufel released soundbars that support Dolby Atmos.
    • Porsche announced that Dolby Atmos will be supported in the Taycan, the Panamera, the Cayenne, and the 911 in the 2026 models.
    • Cadillac announced that its entire EV lineup in 2026 will support Dolby Atmos.
    • Volvo, Xiaomi, and Hyundai recently announced new vehicle models that support our technologies.
    • Dolby Laboratories and AMC Entertainment announced an expansion of their partnership that will add 40 Dolby Cinema screens at select locations nationwide by 2027.

    Dividend

    Today, Dolby announced a cash dividend of $0.33 per share of Class A and Class B common stock, payable on May 21, 2025, to stockholders of record as of the close of business on May 13, 2025.

    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 developments concerning trade restrictions and changes in trade or diplomatic relationships, supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates. The uncertainty resulting from these factors has greatly reduced 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 Quarterly Report on Form 10-Q for the second quarter of fiscal 2025, to be filed on or around the date hereof.

    Dolby is providing the following estimates for its third quarter of fiscal 2025:

    • Total revenue is estimated to range from $290 million to $320 million.
    • Licensing revenue is estimated to range from $265 million to $295 million.
    • Gross margins are anticipated to be approximately 86% on a GAAP basis and approximately 88% on a non-GAAP basis.
    • Operating expenses are anticipated to range from $225 million to $235 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 23% on a GAAP basis and around 20.5% on a non-GAAP basis.
    • Diluted earnings per share is anticipated to range from $0.26 to $0.41 on a GAAP basis and from $0.62 to $0.77 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 $1.31 billion to $1.38 billion.
    • Licensing revenue is estimated to range from $1.21 billion to $1.28 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 $905 million to $920 million on a GAAP basis and from $760 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.
    • Effective tax rate is anticipated to be around 22.5% on a GAAP basis and around 20.0% on a non-GAAP basis.
    • Diluted earnings per share is anticipated to range from $2.31 to $2.46 on a GAAP basis and from $3.88 to $4.03 on a non-GAAP basis.

    Conference Call Information

    Members of Dolby management will lead a conference call open to all interested parties to discuss second quarter fiscal 2025 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, May 1, 2025. Access to the teleconference will be available at http://investor.dolby.com or by dialing 1-888-210-2212 (+1-646-960-0390 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 Thursday, May 1, 2025, until 8:59 p.m. PT (11:59 p.m. ET) on Thursday, May 8, 2025 by dialing 1-800-770-2030 (+1-647-362-9199 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. 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.

    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 third 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 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 Quarterly Report on Form 10-Q 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 OptiView.

    Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby OptiView, 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.

    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except per share amounts; unaudited)

     



    Fiscal Quarter Ended



    Fiscal Year-To-Date Ended



    March 28,

    2025

    March 29,

    2024



    March 28,

    2025

    March 29,

    2024

    Revenue:











       Licensing

    $                346,006

    $                338,240



    $                676,485

    $                632,007

       Products and services

    23,555

    26,283



    50,075

    48,090

    Total revenue

    369,561

    364,523



    726,560

    680,097













    Cost of revenue:











       Cost of licensing

    19,685

    15,318



    40,795

    31,054

       Cost of products and services

    16,152

    23,459



    35,816

    39,783

    Total cost of revenue

    35,837

    38,777



    76,611

    70,837













    Gross profit

    333,724

    325,746



    649,949

    609,260













    Operating expenses:











       Research and development

    61,707

    62,493



    128,345

    129,526

       Sales and marketing

    89,629

    90,038



    184,028

    169,041

       General and administrative

    70,415

    66,742



    140,507

    131,908

       Restructuring charges/(credits)

    4,210

    (2,495)



    9,426

    3,596

    Total operating expenses

    225,961

    216,778



    462,306

    434,071













    Operating income

    107,763

    108,968



    187,643

    175,189













    Other income/(expense):











       Interest income/(expense), net

    3,559

    8,597



    6,205

    17,784

       Other income, net

    8,928

    4,183



    12,453

    9,608

    Total other income

    12,487

    12,780



    18,658

    27,392













    Income before income taxes

    120,250

    121,748



    206,301

    202,581

    Provision for income taxes

    (28,024)

    (23,534)



    (46,005)

    (36,786)

    Net income including noncontrolling interest

    92,226

    98,214



    160,296

    165,795

    Less: net income attributable to noncontrolling interest

    (433)

    (384)



    (681)

    (984)

    Net income attributable to Dolby Laboratories, Inc.

    $                  91,793

    $                  97,830



    $                159,615

    $                164,811













    Net income per share:











    Basic

    $                      0.95

    $                      1.02



    $                      1.66

    $                      1.72

    Diluted

    $                      0.94

    $                      1.01



    $                      1.64

    $                      1.69

    Weighted-average shares outstanding:











    Basic

    96,329

    95,718



    95,972

    95,547

    Diluted

    97,471

    96,856



    97,581

    97,397

     

    DOLBY LABORATORIES, INC.

    INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands; unaudited)

     





    March 28,

    2025

    September 27,

    2024



    ASSETS







    Current assets:







    Cash and cash equivalents

    $                626,551

    $                482,047



    Restricted cash

    123,791

    95,705



    Accounts receivable, net

    314,114

    315,465



    Contract assets, net

    230,352

    197,478



    Inventories, net

    34,594

    33,728



    Prepaid expenses and other current assets

    59,878

    69,994



    Total current assets

    1,389,280

    1,194,417



    Long-term investments

    73,757

    89,267



    Property, plant, and equipment, net

    472,663

    479,109



    Operating lease right-of-use assets

    34,086

    39,046



    Goodwill and intangible assets, net

    937,083

    967,722



    Deferred taxes

    223,410

    219,758



    Other non-current assets

    98,757

    120,609



    Total assets

    $             3,229,036

    $             3,109,928











    LIABILITIES AND STOCKHOLDERS' EQUITY







    Current liabilities:







    Accounts payable

    $                  17,288

    $                  17,380



    Accrued liabilities

    376,498

    347,529



    Income taxes payable

    13,309

    9,045



    Contract liabilities

    39,615

    31,644



    Operating lease liabilities

    10,775

    12,238



    Total current liabilities

    457,485

    417,836



    Non-current contract liabilities

    29,664

    34,593



    Non-current operating lease liabilities

    29,656

    34,754



    Other non-current liabilities

    129,212

    135,852



    Total liabilities

    646,017

    623,035











    Stockholders' equity:







    Class A common stock

    55

    53



    Class B common stock

    40

    41



    Retained earnings

    2,601,552

    2,496,255



    Accumulated other comprehensive loss

    (27,978)

    (19,187)



    Total stockholders' equity – Dolby Laboratories, Inc.

    2,573,669

    2,477,162



    Noncontrolling interest

    9,350

    9,731



    Total stockholders' equity

    2,583,019

    2,486,893



    Total liabilities and stockholders' equity

    $             3,229,036

    $             3,109,928



     

    DOLBY LABORATORIES, INC.

    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands; unaudited)

     





    Fiscal Year-To-Date Ended





    March 28,

    2025

    March 29,

    2024



    Operating activities:







    Net income including noncontrolling interest

    $                160,296

    $                165,795



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







      Depreciation and amortization

    43,899

    35,890



      Stock-based compensation

    66,734

    60,809



      Amortization of operating lease right-of-use assets

    5,725

    5,847



      Amortization of premium on investments

    —

    (1,757)



      Provision for/(benefit from) credit losses

    1,967

    (1,454)



      Deferred income taxes

    (3,741)

    (6,779)



      Other non-cash items affecting net income

    (13,844)

    (2,500)



      Changes in operating assets and liabilities:







    Accounts receivable, net

    (420)

    (18,509)



    Contract assets, net

    (32,864)

    (61,008)



    Inventories

    (1,155)

    (7,836)



    Operating lease right-of-use assets

    (1,608)

    (7,848)



    Prepaid expenses and other assets

    38,653

    33,527



    Accounts payable and accrued liabilities

    27,267

    3,923



    Income taxes, net

    5,906

    5,215



    Contract liabilities

    3,282

    2,651



    Operating lease liabilities

    (5,682)

    1,028



    Other non-current liabilities

    (12,739)

    (17,176)



    Net cash provided by operating activities

    281,676

    189,818











    Investing activities:







    Purchases of marketable securities

    —

    (104,135)



    Proceeds from sales of marketable securities

    15,911

    4,451



    Proceeds from maturities of marketable securities

    —

    97,459



    Proceeds from sale of assets held for sale

    16,881

    —



    Purchases of property, plant, and equipment

    (13,676)

    (15,015)



    Business combinations, net of cash and restricted cash acquired, and other related payments

    (1,362)

    —



    Net cash provided by/(used in) investing activities

    17,754

    (17,240)











    Financing activities:







    Proceeds from issuance of common stock

    26,124

    29,345



    Repurchase of common stock

    (49,999)

    (104,999)



    Payment of excise tax on repurchase of common stock

    (261)

    —



    Payment of cash dividend

    (63,377)

    (57,268)



    Distributions to noncontrolling interest

    (981)

    (1,047)



    Shares repurchased for tax withholdings on vesting of restricted stock

    (33,950)

    (36,054)



    Equity issued in connection with business combination

    —

    722



    Net cash used in financing activities

    (122,444)

    (169,301)











    Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

    (4,396)

    3,113



    Net increase in cash, cash equivalents, and restricted cash

    172,590

    6,390



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

    577,752

    817,966



    Cash, cash equivalents, and restricted cash at end of period

    $                750,342

    $                824,356



     

    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-To-Date Ended



    Market

    March 28, 2025



    March 29, 2024



    March 28, 2025



    March 29, 2024



    Broadcast

    $     94,249

    27 %



    $    105,480

    31 %



    $    210,011

    31 %



    $    217,896

    34 %



    Mobile

    100,123

    29 %



    88,690

    26 %



    161,647

    24 %



    123,977

    20 %



    CE

    38,140

    11 %



    42,221

    12 %



    87,597

    13 %



    95,441

    15 %



    PC

    58,402

    17 %



    49,938

    15 %



    89,658

    13 %



    79,617

    13 %



    Other

    55,092

    16 %



    51,911

    16 %



    127,572

    19 %



    115,076

    18 %



    Total licensing revenue

    $    346,006

    100 %



    $    338,240

    100 %



    $    676,485

    100 %



    $    632,007

    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 second quarters of fiscal 2025 and fiscal 2024:



    Net income:







    Fiscal Quarter Ended

    (in thousands)







    March 28,

    2025

    March 29,

    2024

    GAAP net income attributable to Dolby Laboratories, Inc.







    $               91,793

    $               97,830

    Stock-based compensation (1)







    30,664

    28,915

    Amortization of acquisition-related intangibles (2)







    10,078

    3,031

    Restructuring charges/(credits)







    4,210

    (2,495)

    Income tax adjustments







    (6,017)

    (4,091)

    Non-GAAP net income attributable to Dolby Laboratories, Inc.







    $             130,728

    $             123,190













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











      Cost of products and services







    $                     414

    $                     356

      Research and development







    9,043

    8,949

      Sales and marketing







    10,640

    9,927

      General and administrative







    10,567

    9,683













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











      Cost of licensing







    $                  6,720

    $                     (15)

      Cost of products and services







    728

    524

      Sales and marketing







    317

    650

      General and administrative







    1,872

    1,872

      Other income, net







    441

    —













    Diluted earnings per share:







    Fiscal Quarter Ended









    March 28,

    2025

    March 29,

    2024

    GAAP diluted earnings per share







    $                    0.94

    $                    1.01

    Stock-based compensation







    0.32

    0.30

    Amortization of acquisition-related intangibles







    0.10

    0.03

    Restructuring charges







    0.04

    (0.03)

    Income tax adjustments







    (0.06)

    (0.04)

    Non-GAAP diluted earnings per share







    $                    1.34

    $                    1.27

























    Weighted-average shares outstanding - diluted (in thousands)







    97,471

    96,856

     

    The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial measures for the third quarter of fiscal 2025 and full year fiscal 2025 included in this release:



    Gross margin:





    Q3 2025





    Fiscal 2025

    GAAP gross margin





    86.0 %





    87.0 %

    Stock-based compensation





    0.1 %





    0.1 %

    Amortization of acquisition-related intangibles





    1.9 %





    2.9 %

    Non-GAAP gross margin





    88.0 %





    90.0 %















    Operating expenses (in millions):





    Q3 2025





    Fiscal 2025

    GAAP operating expenses (low - high end of range)





    $225 - $235





    $905 - $920

    Stock-based compensation





    (32)





    (127)

    Amortization of acquisition-related intangibles





    (3)





    (9)

    Restructuring charges





    —





    (9)

    Non-GAAP operating expenses (low - high end of range)





    $190 - $200





    $760 - $775















    Operating margin:









    Fiscal 2025

    GAAP operating margin











    20% +/-

    Stock-based compensation











    9 %

    Amortization of acquisition-related intangibles











    3 %

    Restructuring charges











    1 %

    Non-GAAP operating margin











    33% +/-















    Effective tax rate:





    Q3 2025





    Fiscal 2025

    GAAP effective tax rate





    23.0 %





    22.5 %

    Stock-based compensation (low - high end of range)





    (2%) - 0%





    (2%) - 0%

    Amortization of acquisition-related intangibles (low - high end of range)





    (1%) - 0%





    (1%) - 0%

    Non-GAAP effective tax rate





    20.5 %





    20.0 %















    Diluted earnings per share:



    Q3 2025



    Fiscal 2025





    Low

    High



    Low

    High

    GAAP diluted earnings per share (low - high end of range)



    $                    0.26

    $                0.41



    $                    2.31

    $                2.46

    Stock-based compensation



    0.33

    0.33



    1.34

    1.34

    Amortization of acquisition-related intangibles



    0.11

    0.11



    0.42

    0.42

    Restructuring charges



    —

    —



    0.10

    0.10

    Income tax adjustments



    (0.08)

    (0.08)



    (0.29)

    (0.29)

    Non-GAAP diluted earnings per share (low - high end of range)



    $                    0.62

    $                0.77



    $                    3.88

    $                4.03















    Weighted-average shares outstanding - diluted (in thousands)



    96,900

    96,900



    97,200

    97,200

    Investor Contact:

    Peter Goldmacher

    415-254-7415

    [email protected]

    Media Contact:

    [email protected] 

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/dolby-laboratories-reports-second-quarter-2025-financial-results-302444258.html

    SOURCE Dolby Laboratories, Inc.

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