DOLBY LABORATORIES, INC. DLB Cash Flow

Dolby laboratories, inc. (DLB)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09
Operating activities:
Net income including controlling interest
88,674	48,591	43,935	39,637	73,575	98,358	26,854	3,259	65,350	-53,158	26,619	76,186	50,727	53,574	24,079	63,767	67,545	31,011	46,915	35,856	58,532	41,937	46,362	40,563	76,549	45,246	46,084	30,502	62,239	51,477	52,045	51,406	88,317	73,366	79,288	62,047	82,482	86,765	63,327	63,688	86,319	69,493
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
19,973	20,239	22,309	22,015	20,770	20,029	19,885	20,714	20,802	19,882	19,765	20,482	22,251	21,810	21,323	20,912	21,103	21,814	18,366	17,189	17,054	16,524	14,287	13,877	12,705	12,409	13,630	13,195	13,291	13,129	12,687	11,086	10,174	9,929	10,019	12,930	11,506	9,539	9,392	8,151	9,588	7,806
Stock-based compensation
20,951	22,614	17,000	18,863	19,235	21,482	17,773	17,101	17,691	18,684	16,403	15,742	15,983	17,215	15,512	16,007	16,086	19,380	16,247	16,313	16,667	17,842	16,907	15,966	17,753	15,054	14,396	17,283	14,945	17,704	13,338	10,741	12,063	11,439	10,749	10,916	10,740	11,260	-	-	7,111	5,327
Amortization of premium on investments
-174	-160	-39	19	-29	-309	-427	-574	-730	-742	-681	-701	-714	-662	-536	-627	-1,056	-1,605	-1,938	-2,413	-2,420	-2,391	-2,342	-2,462	-2,328	-2,266	-2,133	-2,148	-2,159	-3,794	-3,860	-3,974	-4,386	-4,920	-4,713	-4,570	-4,570	-3,235	-2,734	-2,406	-2,110	-1,868
Excess tax benefit from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	975	38	300	12	437	151	1,944	577	295	552	1,010	-146	-28	180	469	-89	516	368	57	-6,050	1,338	1,919	9,386	7,749	6,606	5,631	4,653
Provision for doubtful accounts
2,380	575	-678	3,238	358	1,605	-52	858	488	1,119	-243	157	943	67	-116	-95	1,550	-322	63	457	-111	-376	494	118	133	374	-85	-359	449	-179	-828	317	184	-52	-56	-28	523	333	546	27	-97	-111
Losses / (gains) on Put Rights
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,095	-3,755	-1,452	-1,299
Losses / (gains) on auction rate certificates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	4,687	1,607	1,307
Deferred income taxes
-5,967	-9,174	-5,319	3,676	-5,977	-32,571	45,896	-21,312	3,750	32,725	-23,600	-2,590	-5,581	-3,275	-16,960	-129	4,779	-10,488	604	-7,407	-1,371	-6,310	3,240	-3,634	-4,980	-1,322	-6,669	-2,396	-7,950	-2,627	8,283	2,955	-2,387	-7,643	5,211	2,045	6,168	-6,640	-37,813	11,352	4,801	5,629
Restructuring charge for exit of leased facility
116	486	5,788	27,463	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash items affecting net income
-3,763	10	-4,852	-745	2,038	-3,393	-2,423	-4,170	-390	-587	-339	-2,387	-536	376	-1,473	192	-53	-445	-3,197	-676	-599	-653	634	488	-2,838	-105	226	-72	181	691	-133	-2,199	1,010	1,227	-707	18	633	-476	-1,660	1,113	178	716
Changes in operating assets and liabilities:
Accounts receivable
58,539	2,331	-42,530	55,801	31,957	-17,736	-98,154	-41,271	-2,230	41,526	48,983	-5,962	7,756	5,782	-16,088	-10,525	13,688	-11,961	-2,309	5,860	-18,985	22,442	-8,584	-13,767	33,334	-21,148	22,810	-17,119	39,884	8,064	-3,472	-11,256	3,428	-7,531	22,579	-34,283	5,429	14,789	6,734	3,148	1,047	20,400
Inventories
6,143	-767	122	7,993	5,274	2,709	6,094	156	-1,139	1,491	5,082	3,587	4,131	-878	-3,075	2,491	2,656	877	-597	-3,841	-4,394	2,997	-1,164	-1,014	585	-2,225	-3,530	-6,390	-5,419	6,173	2,224	-4,399	-8,147	7,271	2,822	-7,965	3,574	-536	11,609	6,504	1,073	-3,490
Operating lease right-of-use assets
11,458	8,644	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contract assets
18,776	9,310	12,766	-62,007	45,430	33,519	15,399	-57,069	21,723	22,449	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid expenses and other assets
2,823	13,245	-7,519	-1,554	2,116	13,157	38,767	1,071	6,056	6,591	1,645	-623	2,575	8,705	4,142	4,096	3,412	3,567	-2,584	134	1,572	4,473	-1,447	662	-492	1,631	3,150	-4,752	4,787	-8,916	4,566	-1,710	2,229	-1,101	3,587	3,003	2,265	1,450	721	-2,467	-6,336	-6,927
Accounts payable and other liabilities
8,752	-30,785	10,902	3,457	12,142	-26,332	-12,651	19,162	-2,524	-33,006	88,628	14,382	12,023	-11,528	-7,974	16,747	8,635	-14,574	11,525	-22,132	50,024	-46,801	7,091	11,696	22,033	-16,696	22,730	1,302	17,756	-19,898	-5,074	11,154	10,139	-22,860	10,442	-14,015	14,436	-27,815	7,797	17,028	-1,728	8,459
Income taxes, net
12,293	945	3,040	-23,640	16,868	1,546	-62,684	2,561	310	99,551	7,917	7,944	4,844	6,245	18,877	7,140	-13,766	5,014	3,477	6,226	8,372	3,692	-10,879	-1,556	8,591	4,795	5,478	-7,586	-5,090	9,512	-2,991	-7,251	-10,323	24,431	-5,678	5,766	-19,890	20,510	-3,908	-1,609	-1,279	34,791
Contract liabilities
1,176	-724	593	-570	1,739	-678	779	-1,885	-937	1,984	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease liabilities
11,435	8,664	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
-	-	-	-	-	-	-	-	-	-	-	-645	564	-479	2,236	-443	2,176	6,319	1,823	1,672	1,034	4,452	-778	-180	-1,879	-5,897	-1,731	2,644	-1,846	-143	-277	-1,057	1,497	-661	14,400	3,412	2,831	-843	-1,443	-4,744	-10,042	-9,496
Other non-current liabilities
-241	2,341	-9,142	-3,282	-3,032	1,460	35,187	115	-748	96	-392	293	63	417	789	-215	48	-26	-152	-496	-381	1,297	529	-100	46	216	-6,400	295	416	1,012	-1,223	354	1,695	392	-	-	-	-127	-163	-315	229	12
Net cash provided by operating activities
65,740	31,159	130,480	91,350	48,892	56,952	111,731	142,430	80,892	17,149	80,428	138,037	88,605	70,723	76,109	127,089	89,471	67,395	83,260	48,177	174,495	3,445	89,579	92,548	102,138	77,282	67,056	85,389	56,756	67,300	76,923	98,329	118,877	95,792	109,529	122,568	100,939	70,652	67,847	74,969	86,018	98,464
Investing activities:
Purchase of investments
37,967	129,325	45,040	67,822	89,170	63,329	22,610	22,129	54,977	74,479	85,083	105,658	61,716	37,073	178,438	46,736	115,645	85,299	35,840	162,483	84,105	110,508	85,932	124,520	76,113	102,717	68,682	90,691	121,862	204,135	179,317	309,645	67,523	54,726	164,443	86,788	58,347	309,660	89,880	179,439	111,820	264,913
Proceeds from sales of investment securities
12,190	97,717	51,613	65,545	50,896	32,582	50,968	7,392	36,315	28,383	47,468	13,508	15,547	7,524	19,984	15,047	105,324	121,770	84,589	100,562	56,620	63,454	19,262	76,873	35,998	27,426	14,630	67,004	78,037	389,068	96,622	156,066	53,966	51,488	-	-	-	-	-	-	97,914	134,784
Proceeds from maturities of investment securities
36,723	17,876	27,130	31,107	58,929	19,785	43,394	75,164	69,398	49,476	26,125	60,028	39,269	26,902	26,319	18,615	44,443	14,610	28,607	37,660	37,185	42,700	31,457	24,200	34,663	46,739	50,904	27,900	13,625	51,325	33,620	91,400	63,870	47,645	27,504	53,286	-36,911	159,825	-	-	-	-
Purchases of property, plant and equipment
18,397	23,385	16,611	23,588	37,543	18,539	17,945	15,135	20,459	19,275	17,949	30,438	28,654	22,576	23,683	28,095	24,616	24,368	37,757	41,281	56,827	21,661	38,241	19,250	8,905	8,967	8,910	5,637	5,447	6,717	117,124	19,775	17,884	12,566	17,028	10,783	9,905	9,646	12,600	6,818	7,445	10,619
Acquisitions, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	93,516	0	0	0	0	-	-	-	-	11,946	0	0	575	0	0	0	3,350	-	-	-	-
Purchases of intangible assets
2,350	290	0	190	5,000	12,065	0	650	695	11,198	0	0	5,250	0	2,250	13,500	0	105,270	14,700	16,300	16	6,400	18,000	7,550	12,400	0	0	0	2	4,048	0	350	0	0	-	-	-	-	0	700	0	125
Other investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,000	-	0	0	0	-	-	-	-	-	-	-	-
Proceeds from sale of property, plant and equipment and assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3	-	3,313	0	42	127	0	357	19	1,087	273	380	335	490	280	2,176	621	-	-	-	-
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	435	677	1,430	-2,028	395	947	1,395	1,017	-237	116	-102	-1,192	-10	-5	174	-117	729	937	291	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by/(used in) investing activities
-9,801	-37,407	17,092	-9,867	-21,888	-41,566	37,518	44,642	23,019	-27,093	-26,897	-62,995	-41,481	-26,653	-156,040	-55,064	8,559	-79,952	51,098	-81,605	-47,246	-125,842	-93,617	-46,924	-26,752	-37,651	-11,814	-2,153	-33,229	222,221	-177,182	-82,031	32,809	31,601	-96,919	9,952	12,475	-162,210	17,665	100,031	-21,180	-140,873
Financing activities:
Payments on debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,488	402	392	398
Proceeds from issuance of common stock
29,613	24,373	12,319	17,869	12,886	14,272	20,221	14,880	29,598	41,463	22,233	23,555	10,219	13,991	27,044	29,492	4,589	9,986	570	15,419	5,126	7,512	9,226	6,683	9,337	8,127	2,342	6,414	2,700	4,502	1,190	9,565	5,818	813	-	-	-	-	9,450	13,790	11,821	7,337
Proceeds from issuance of common stock, net of shares withheld for taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,749	-	2,139	0	1,921
Repurchase of common stock
71,669	30,003	54,073	88,632	85,335	112,545	59,990	55,487	5,000	29,993	25,006	24,994	24,999	25,001	16,000	7,998	37,407	39,449	59,393	15,592	15,411	16,953	15,070	29,298	0	11,660	8,103	8,709	11,477	53,956	78,244	103,810	60,081	26,068	49,910	67,376	29,158	45,966	63,714	94,524	67,463	15,661
Payment of cash dividend
-	22,081	-	-	-	19,573	16,559	16,640	16,579	16,377	14,291	14,274	14,278	14,216	12,141	12,056	12,086	12,114	10,274	10,274	10,242	10,228	0	0	0	0	0	0	0	408,206	0	0	0	0	-	-	-	-	-	-	-	-
Distribution to controlling interest
0	283	0	1	108	906	0	0	1	1,021	0	0	0	2,094	0	0	0	214	-13	0	37	5,591	0	0	0	0	0	0	0	5,039	0	0	0	0	-	-	-	-	-	-	0	128
Excess tax benefit from the exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	975	38	300	12	437	151	1,944	577	295	552	1,010	-146	-28	180	469	-89	516	368	57	-6,050	1,338	1,919	9,386	7,749	6,606	5,631	4,653
Shares repurchased for tax withholdings on vesting of restricted stock
-	20,282	-	-	-	19,679	955	1,243	4,600	15,346	801	1,076	1,143	14,656	1,479	1,411	903	9,839	2,790	1,109	963	10,846	4,430	863	1,631	6,727	3,119	577	1,496	3,636	455	273	4,077	-970	-	-	-	-	-	-	-	-
Net cash used in financing activities
-68,214	-48,276	-62,702	-91,128	-93,020	-138,431	-57,283	-58,490	3,418	-21,274	-17,865	-16,789	-30,201	-41,976	-3,889	9,002	-45,769	-51,330	-71,862	-11,119	-21,376	-34,162	-16,405	-23,183	8,258	-9,250	-9,105	-2,900	-10,093	-465,866	-78,116	-94,002	-57,972	-24,228	-55,561	-58,333	-27,773	-20,831	-59,832	-72,391	-50,403	-2,148
Effect of foreign exchange rate changes on cash and cash equivalents
-6,436	2,086	-3,322	-1,176	1,096	-2,419	-4,179	-4,720	2,252	870	2,441	1,855	2,747	-5,368	-59	-2,238	1,842	-940	-1,438	1,421	-994	-2,798	-1,182	-1,243	615	-138	-301	-283	-1,119	-62	567	124	-140	-263	-141	149	989	166	1,083	-860	-3,324	-883
Net increase/(decrease) in cash and cash equivalents
-	-52,438	-	-	-	-125,464	87,787	123,862	109,581	-30,348	38,107	60,108	19,670	-3,274	-83,879	78,789	54,103	-64,827	61,058	-43,126	104,879	-159,357	-21,625	21,198	84,259	30,243	45,836	80,053	12,315	-176,407	-177,808	-77,580	93,574	102,902	-43,092	74,336	86,630	-112,223	26,763	101,749	11,111	-45,440
Supplemental disclosure:
Cash paid for income taxes, net of refunds received
17,097	17,999	16,173	15,937	16,890	10,722	11,944	11,519	20,057	17,355	12,066	16,601	14,301	13,792	4,850	11,008	25,254	13,973	12,372	12,624	13,146	13,739	21,983	16,102	22,499	11,593	13,546	17,122	35,299	11,734	15,312	23,188	46,950	13,047	37,842	20,670	53,588	10,431	33,202	47,263	53,634	7,701
Non-cash investing activities:
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	-	12	53	1	125	4	-32	36	133	37	1	204	125	367	84	95
Property, plant, and equipment purchased and unpaid at period-end
-4,332	-582	10,461	-5,285	-12,142	6,642	3,170	3,282	-795	2,333	2,001	-13,862	-4,653	6,901	6,678	-23,503	13,228	-3,636	-14,114	2,015	-5,436	33,260	4,482	-162	-6,108	8,770	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivable for working capital adjustment from acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase consideration payable for acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-95	0	0	95	-645	0	0	740	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase consideration payable for intangibles
-2,350	2,610	0	1,881	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-