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Dolby Laboratories (DLB+0.14%), Inc. has submitted its 10-K filing for the fiscal year ended September 27, 2024.
The filing includes financial statements for the year, showing total revenue of $1,273,721,000, a slight decrease from $1,299,744,000 in the previous year. Licensing revenue, which constitutes 93% of total revenue, decreased by 1% to $1,181,794,000.
Cost of sales for licensing was $67,204,000, with a gross margin of 94%. Products and services revenue was $91,927,000, with a cost of $73,292,000, resulting in a gross margin of 20%.
Research and development expenses were $263,663,000, down 3% from the previous year. Sales and marketing expenses decreased by 6% to $334,460,000, while general and administrative expenses increased by 5% to $270,392,000.
Dolby reported restructuring charges of $6,384,000, primarily related to severance and facility consolidations.
Operating income was $258,326,000, an increase from $215,753,000 in the previous year. Total other income was $54,153,000, up from $34,300,000.
Net income attributable to Dolby Laboratories, Inc. was $261,825,000, compared to $200,656,000 in the prior year. Basic earnings per share were $2.74, and diluted earnings per share were $2.69.
Dolby paid dividends of $1.20 per share during the fiscal year and announced a dividend of $0.33 per share payable on December 10, 2024.
The company completed the acquisition of GE Licensing (GE+1.69%) for a total consideration of $432,894,000. The acquisition is expected to strengthen Dolby's intellectual property portfolio.
Dolby maintains a stock repurchase program, with $401.6 million remaining authorized for future repurchases as of the end of the fiscal year.
Dolby continues to face risks related to macroeconomic conditions, competition, and reliance on key partnerships. The company also focuses on expanding its presence in new markets and technologies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dolby Laboratories annual 10-K report dated November 19, 2024. To report an error, please email earnings@qz.com.