Daktronics, Inc. (NASDAQ - DAKT) today reported results for fiscal
2023 second quarter which ended October 29, 2022 and provided
details on the initiatives underway to improve liquidity and cash
generation as the company emerges from pandemic-related conditions
that led to historic inventory buildup.
Q2 FY2023 financial highlights:
- Net sales of $187.4 million, a 14.0
percent and 9.0 percent increase from the second quarter of fiscal
2022 and the first quarter of fiscal 2023, respectively
- Orders(1) of $182.8 million, a 11.7
percent increase from the second quarter of fiscal 2022
- Product order backlog remains at
historically high levels of $463.1 million(1)
- Operating
income of $1.5 million and net loss in large part due to a $13.0
million non-cash deferred tax asset valuation adjustment
Reece Kurtenbach, chairman, president, and chief
executive officer stated, "We achieved sales increases even though
our capacity was constrained due to significant and unusual part
shortages, a challenging labor environment, operating disruptions
from COVID-19 related absences, and the first quarter COVID-19
mandated shutdown of our Shanghai production facilities. I am proud
of our team's ability to increase our sales output during the
second quarter and through the first half of the year under these
conditions.
"The unprecedented and persistent supply chain
conditions caused lower gross profits through fulfillment as well
as higher costs for materials, labor, and freight that were not all
able to be passed on to our customers. We made the strategic
decision to keep delivery windows for our customers as close as
possible to the originally committed date as supply chain and
manufacturing constraints would allow, even though this sometimes
added additional costs to fulfill projects. To address supply chain
volatility, we aggressively secured inventory to fulfill orders for
our customers, consuming cash while increasing predictability of
operations. We did all this because Daktronics has distinguished
itself for 54 years by meeting our customer commitments on delivery
dates, product quality and customer support. Our people displayed
enormous strength, adaptability, and resiliency over the past year
and a half to maintain that reputation, securing supplies of
critical components and responding to customers when demand came
rushing back.
"In order to increase financial flexibility in
support of the strategic decision to buy and build component
inventory to fulfill the record backlog level, on October 31, 2022,
we amended our credit facility to temporarily increase the
commitment by $10.0 million to $45.0 million until January 31, 2023
at which time the facility returns to $35.0 million with a maturity
date of April 29, 2025. However, because of the short-term nature
of the increase, and because we cannot be certain that we will not
experience significant future disruptions or need additional
liquidity beyond our current sources to fund inventory levels,
operations, and capital expenditures, it was concluded during the
preparation of our quarterly financials, according to the
accounting principles generally accepted in the United States of
America, these conditions ‘raise substantial doubt about our
ability to continue as a going concern’. This conclusion then
required a recording of a valuation allowance for uncertainty in
recoverability of our net deferred tax assets and current year tax
benefit, resulting in us recording a $14.8 million non-cash charge
for income taxes in the quarter, of which $13.0 million was to
reverse previously recorded deferred tax assets."
Cash, restricted cash and marketable securities
at the end of the fiscal 2023 second quarter totaled $7.7 million,
which compares to $61.6 million at the end of the fiscal 2022
second quarter and $22.0 million at the end of fiscal 2022. We had
$26.4 million drawn on the line of credit as of the end of the
second quarter of fiscal 2023, compared to no advances as of the
end of the second quarter of fiscal 2022 or the end of fiscal 2022.
During fiscal 2023, cash was used for strategic growth in inventory
stocking to add stability in our production, growth in accounts
receivable due to increased business, and capital investments to
increase manufacturing capacity. Purchases of property and
equipment totaled $16.2 million in the first six months of fiscal
2023 compared to $4.5 million in the first six months of fiscal
2022. Our bank has amended the credit agreement to exclude from the
covenant calculations the impact of the $13.0 million income tax
expense related to establishing a valuation allowance for our net
deferred tax assets. As a result, there was no covenant violation
at October 29, 2022.
Liquidity Enhancement
ProgramKurtenbach continued, “Our business continues to
adapt and recover from the enduring implications of the pandemic.
Supply chain disruptions have started to ease and we expect our
inventory levels to peak in the third quarter and begin to decline
to more normalized levels as order backlog is fulfilled and we
reduce purchases. Our teams are focused on improving our cash flow
and enhancing our liquidity, which includes:
- Cash generation focus through
proactively completing and fulfilling orders in our $463.1 million
backlog, through:
- Productivity improvements from
previous investments in factory capacity expansion and capital
equipment and hiring only critical production and service personnel
to increase output
- Operating margin improvement
through pricing actions, product mix adjustments, and prudent
management of operating expenses
- Re-engineering designs for supply
chain resiliency
- 'Normalizing’ inventory levels as
supply chain challenges continue to ease
- Aggressive management of working
capital
- Concentrating capital investments on maximizing asset
returns
- Obtaining additional sources of
liquidity, with the consent of our lead banking partner.
"In our 54 year history, we have not been faced
with the perfect storm that the last two years represent beginning
with the immediate implications of the economy shutting down in the
spring of 2020, followed by the sudden rebound in activity while
supply chains were delayed, snarled and often closed. These times
have stressed our liquidity beyond levels that we have ever seen,
and our financial resources have not been sufficiently flexible.
Our immediate priority is to restore our balance sheet to
historical levels of liquidity. We are pursuing avenues to
strengthen our financing flexibility by adding liquidity and
diversifying our funding sources. Additionally, since last year at
this time, we have successfully increased prices and have focused
our selling and fulfillment resources on the most profitable
opportunities and turning away price-driven business. We have taken
steps with the specific goal of improving profitability and cash
flow over the coming quarters and beyond as our backlog
increasingly contains orders booked using current pricing
methodologies.
He added, “We continue to improve the stability
and consistency in our operations to provide increased production
and output during these dynamic times of volatile supply chain and
tight labor market conditions. These actions include carefully
matching our production schedules, inventory, and labor to demand
fulfillment. Our completed and planned capital investments will
also increase our capacity as we enhance our automation
capabilities. As supply chains continue to ease, we are further
conserving cash by reducing inventory purchases and lowering
inventory levels. We are prudently managing operating costs. We
will continue to actively monitor market and supply conditions,
adjusting pricing and operations accordingly."
Second Quarter and Year
to Date ResultsOrders for the second quarter of fiscal
2023 increased 11.7 percent as compared to the second quarter of
fiscal 2022 and increased by 2.2 percent on a year to date basis.
Order increases for the year were driven by Live Events bookings
for replacements and upgrades. These increases were offset by order
volume declines in other areas primarily as these areas are
normalizing levels after a record number of orders in fiscal 2022
driven from pent up demand after COVID-19. Orders softened in
International due to weakening economic outlook relating to
geopolitical events and currency headwinds.
Net sales for the second quarter of fiscal 2023
increased by 14.0 percent as compared to the second quarter of
fiscal 2022 and by 16.2 percent on a year to date basis. Sales
growth was driven by fulfilling orders in backlog even while we
experienced multiple material supply chain disruptions and labor
shortages. Supply chain disruptions are creating an increase in
lead times by extending the timing of converting orders to sales.
This coupled with strong demand has contributed to a larger than
typical backlog and inventory levels.
Gross profit as a percentage of net sales was
16.9 percent for the second quarter of fiscal 2023 as compared to
19.6 percent a year earlier and 16.0 percent for the six months
ended October 29, 2022 as compared to 20.8 percent for the
same fiscal six months. This comparative decline in gross profit
percentage was caused by inflation in materials, freight, and
personnel related costs. In addition, extraordinary supply chain
disruptions created intermittent work stoppages and factory
inefficiencies, adding additional costs to meet customer
commitments. These conditions are beginning to abate. Prices were
increased in late calendar 2022 and throughout 2023; these price
changes are just beginning to be realized through sales as we work
through backlog without price changes. We expect sales price
changes to be realized through the remaining 2023 fiscal year.
Operating expenses increased 8.2 percent to
$30.2 million in the second quarter of fiscal 2023 as compared to
$27.9 million for the second quarter of fiscal 2022, and increased
13.0 percent to $61.5 million for the six months ended
October 29, 2022 as compared to $54.4 million for the first
six months of fiscal 2022. The year to date increases were
primarily due to personnel related expenses, convention and travel
related expenses, and approximately $1.0 million for professional
fees related to shareholder engagement.
Operating margin for the second quarter of
fiscal 2023 was a positive 0.8 percent, compared to a positive 2.7
percent for the second quarter of fiscal 2022 and a negative 1.1
percent for the six months ended October 29, 2022 as compared
to positive 3.2 percent for the first six months of fiscal
2022.
The $14.0 million tax expense for the second
quarter of fiscal 2023 was primarily a result of a $13.0 million
valuation allowance against our net deferred tax assets and the
reversal of tax benefits recognized in the first fiscal quarter as
a result of our going concern assessment.
In light of the substantial doubt in our ability
to continue as a going concern and our related evaluation of the
income tax implications of reaching this conclusion, we expect to
conclude that the Company's disclosure controls and procedures and
internal control over financial reporting were not effective as a
result of material weaknesses. Our going concern policy did not
contemplate evaluating the income tax implications of reaching a
substantial doubt going concern conclusion. In addition, the
material weaknesses relate to the untimely internal communication
to support the functioning of internal controls and the resulting
accounting for income taxes. The Company continues to evaluate its
disclosure controls and procedures and internal controls over
financial reporting, and its ultimate conclusions on these topics
may differ from what the Company currently anticipates.
About DaktronicsDaktronics has
strong leadership positions in, and is the world's largest supplier
of, large-screen video displays, electronic scoreboards, LED text
and graphics displays, and related control systems. The company
excels in the control of display systems, including those that
require integration of multiple complex displays showing real-time
information, graphics, animation, and video. Daktronics designs,
manufactures, markets and services display systems for customers
around the world in four domestic business units: Live Events,
Commercial, High School Park and Recreation, and Transportation,
and one International business unit. For more information, visit
the company's website at: www.daktronics.com, email the company at
investor@daktronics.com, call (605) 692-0200 or toll-free (800)
843-5843 in the United States, or write to the company at 201
Daktronics Dr., P.O. Box 5128, Brookings, S.D. 57006-5128.
(1) Orders and backlog are not measures defined by accounting
principles generally accepted in the United States of America
("GAAP"), and our methodology for determining orders and backlog
may vary from the methodology used by other companies in
determining their orders and backlog amounts. For more information
related to backlog, see Part I, Item 1. Business of our Annual
Report on Form 10-K for the fiscal year ended April 30, 2022.
Safe Harbor StatementCautionary
Notice: In addition to statements of historical fact, this news
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and is
intended to enjoy the protection of that Act. These forward-looking
statements reflect the Company's expectations or beliefs concerning
future events. The Company cautions that these and similar
statements involve risk and uncertainties which could cause actual
results to differ materially from our expectations, including, but
not limited to, changes in economic and market conditions,
management of growth, timing and magnitude of future contracts and
orders, fluctuations in margins, the introduction of new products
and technology, the impact of adverse weather conditions, increased
regulation and other risks described in the company's SEC filings,
including its Annual Report on Form 10-K for its 2022 fiscal year.
Forward-looking statements are made in the context of information
available as of the date stated. The Company undertakes no
obligation to update or revise such statements to reflect new
circumstances or unanticipated events as they occur.
For more information contact:INVESTOR
RELATIONS:Sheila M. Anderson, Chief Financial OfficerTel (605)
692-0200Investor@daktronics.com
Daktronics, Inc. and
SubsidiariesConsolidated Statements of
Operations(in thousands, except per share
amounts)(unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
October 29,2022 |
|
October 30,2021 |
|
October 29,2022 |
|
October 30,2021 |
Net sales |
$ |
187,439 |
|
|
$ |
164,477 |
|
|
$ |
359,359 |
|
|
$ |
309,209 |
|
Cost of sales |
|
155,735 |
|
|
|
132,213 |
|
|
|
301,861 |
|
|
|
244,757 |
|
Gross profit |
|
31,704 |
|
|
|
32,264 |
|
|
|
57,498 |
|
|
|
64,452 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling |
|
14,525 |
|
|
|
12,482 |
|
|
|
28,958 |
|
|
|
24,277 |
|
General and administrative |
|
8,687 |
|
|
|
8,201 |
|
|
|
18,128 |
|
|
|
15,772 |
|
Product design and development |
|
6,966 |
|
|
|
7,196 |
|
|
|
14,405 |
|
|
|
14,358 |
|
|
|
30,178 |
|
|
|
27,879 |
|
|
|
61,491 |
|
|
|
54,407 |
|
Operating income (loss) |
|
1,526 |
|
|
|
4,385 |
|
|
|
(3,993 |
) |
|
|
10,045 |
|
|
|
|
|
|
|
|
|
Nonoperating (expense)
income: |
|
|
|
|
|
|
|
Interest (expense) income, net |
|
(263 |
) |
|
|
(59 |
) |
|
|
(323 |
) |
|
|
78 |
|
Other expense, net |
|
(208 |
) |
|
|
(952 |
) |
|
|
(955 |
) |
|
|
(1,820 |
) |
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
1,055 |
|
|
|
3,374 |
|
|
|
(5,271 |
) |
|
|
8,303 |
|
Income tax expense |
|
14,039 |
|
|
|
1,000 |
|
|
|
13,039 |
|
|
|
2,244 |
|
Net (loss) income |
$ |
(12,984 |
) |
|
$ |
2,374 |
|
|
$ |
(18,310 |
) |
|
$ |
6,059 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
45,317 |
|
|
|
45,350 |
|
|
|
45,258 |
|
|
|
45,271 |
|
Diluted |
|
45,317 |
|
|
|
45,499 |
|
|
|
45,258 |
|
|
|
45,490 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.29 |
) |
|
$ |
0.05 |
|
|
$ |
(0.40 |
) |
|
$ |
0.13 |
|
Diluted |
$ |
(0.29 |
) |
|
$ |
0.05 |
|
|
$ |
(0.40 |
) |
|
$ |
0.13 |
|
Daktronics, Inc. and
SubsidiariesConsolidated Balance
Sheets(in thousands)(unaudited)
|
October 29,2022 |
|
April 30,2022 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
6,431 |
|
$ |
17,143 |
Restricted cash |
|
712 |
|
|
865 |
Marketable securities |
|
525 |
|
|
4,020 |
Accounts receivable, net |
|
114,720 |
|
|
101,099 |
Inventories |
|
167,892 |
|
|
134,392 |
Contract assets |
|
39,330 |
|
|
41,687 |
Current maturities of long-term receivables |
|
1,744 |
|
|
2,798 |
Prepaid expenses and other current assets |
|
11,063 |
|
|
14,963 |
Income tax receivables |
|
3,215 |
|
|
603 |
Total current assets |
|
345,632 |
|
|
317,570 |
|
|
|
|
Property and equipment, net |
|
74,271 |
|
|
66,765 |
Long-term receivables, less current maturities |
|
734 |
|
|
1,490 |
Goodwill |
|
7,637 |
|
|
7,927 |
Intangibles, net |
|
1,253 |
|
|
1,472 |
Investment in affiliates and other assets |
|
34,341 |
|
|
32,321 |
Deferred income taxes |
|
— |
|
|
13,331 |
TOTAL ASSETS |
$ |
463,868 |
|
$ |
440,876 |
Daktronics, Inc. and
SubsidiariesConsolidated Balance Sheets
(continued)(in thousands)(unaudited)
|
October 29,2022 |
|
April 30,2022 |
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
86,705 |
|
|
$ |
76,313 |
|
Contract liabilities |
|
90,403 |
|
|
|
90,393 |
|
Accrued expenses |
|
38,169 |
|
|
|
34,959 |
|
Warranty obligations |
|
11,320 |
|
|
|
11,621 |
|
Income taxes payable |
|
455 |
|
|
|
408 |
|
Total current liabilities |
|
227,052 |
|
|
|
213,694 |
|
|
|
|
|
Long-term warranty obligations |
|
18,434 |
|
|
|
17,257 |
|
Long-term contract liabilities |
|
12,303 |
|
|
|
10,998 |
|
Other long-term obligations |
|
7,131 |
|
|
|
7,076 |
|
Line of Credit |
|
26,418 |
|
|
|
— |
|
Deferred income taxes |
|
— |
|
|
|
287 |
|
Total long-term liabilities |
|
64,286 |
|
|
|
35,618 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Preferred Shares, no par value, authorized 50,000 shares; no shares
issued and outstanding |
|
— |
|
|
|
— |
|
Common Stock, no par value, authorized 115,000,000 shares;
47,158,442 and 46,733,544 shares issued at October 29, 2022 and
April 30, 2022, respectively |
|
62,388 |
|
|
|
61,794 |
|
Additional paid-in capital |
|
49,217 |
|
|
|
48,372 |
|
Retained earnings |
|
78,298 |
|
|
|
96,608 |
|
Treasury Stock, at cost, 1,907,445 shares at October 29, 2022 and
April 30, 2022, respectively |
|
(10,285 |
) |
|
|
(10,285 |
) |
Accumulated other comprehensive loss |
|
(7,088 |
) |
|
|
(4,925 |
) |
TOTAL SHAREHOLDERS'
EQUITY |
|
172,530 |
|
|
|
191,564 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
463,868 |
|
|
$ |
440,876 |
|
Daktronics, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(in thousands)(unaudited)
|
Six Months Ended |
|
October 29,2022 |
|
October 30,2021 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net (loss) income |
$ |
(18,310 |
) |
|
$ |
6,059 |
|
Adjustments to reconcile net (loss) income to net cash used in
operating activities: |
|
|
|
Depreciation and amortization |
|
8,225 |
|
|
|
7,789 |
|
Gain on sale of property, equipment and other assets |
|
(412 |
) |
|
|
(676 |
) |
Share-based compensation |
|
985 |
|
|
|
1,012 |
|
Equity in loss of affiliates |
|
1,701 |
|
|
|
1,565 |
|
Provision for doubtful accounts, net of recovery |
|
573 |
|
|
|
(588 |
) |
Deferred income taxes, net |
|
13,037 |
|
|
|
(41 |
) |
Change in operating assets and liabilities |
|
(27,737 |
) |
|
|
(23,654 |
) |
Net cash (used in) operating activities |
|
(21,938 |
) |
|
|
(8,534 |
) |
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Purchases of property and equipment |
|
(16,237 |
) |
|
|
(4,507 |
) |
Proceeds from sales of property, equipment and other assets |
|
432 |
|
|
|
760 |
|
Proceeds from sales or maturities of marketable securities |
|
3,495 |
|
|
|
— |
|
Purchases of equity and loans to equity investees |
|
(2,882 |
) |
|
|
(6,129 |
) |
Net cash (used in) investing activities |
|
(15,192 |
) |
|
|
(9,876 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Borrowings on notes payable |
|
190,608 |
|
|
|
— |
|
Payments on notes payable |
|
(164,190 |
) |
|
|
— |
|
Principal payments on long-term obligations |
|
— |
|
|
|
(200 |
) |
Proceed from exercise of stock options |
|
— |
|
|
|
3 |
|
Tax payments related to RSU issuances |
|
(140 |
) |
|
|
(199 |
) |
Net cash provided by (used in) financing
activities |
|
26,278 |
|
|
|
(396 |
) |
|
|
|
|
EFFECT OF EXCHANGE RATE
CHANGES ON CASH |
|
(13 |
) |
|
|
8 |
|
NET DECREASE IN CASH, CASH
EQUIVALENTS AND RESTRICTED CASH |
|
(10,865 |
) |
|
|
(18,798 |
) |
|
|
|
|
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH: |
|
|
|
Beginning of period |
|
18,008 |
|
|
|
80,402 |
|
End of period |
$ |
7,143 |
|
|
$ |
61,604 |
|
Daktronics, Inc. and
SubsidiariesNet Sales and Orders by Business
Unit(in thousands)(unaudited)
|
Three Months Ended |
|
Six Months Ended |
(in
thousands) |
October 29,2022 |
|
October 30,2021 |
|
DollarChange |
|
PercentChange |
|
October 29,2022 |
|
October 30,2021 |
|
DollarChange |
|
PercentChange |
Net
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
37,047 |
|
$ |
34,463 |
|
$ |
2,584 |
|
|
7.5 |
% |
|
$ |
77,165 |
|
$ |
67,244 |
|
$ |
9,921 |
|
|
14.8 |
% |
Live Events |
|
69,239 |
|
|
59,396 |
|
|
9,843 |
|
|
16.6 |
|
|
|
125,622 |
|
|
111,783 |
|
|
13,839 |
|
|
12.4 |
|
High School Park and
Recreation |
|
42,006 |
|
|
32,747 |
|
|
9,259 |
|
|
28.3 |
|
|
|
77,815 |
|
|
60,641 |
|
|
17,174 |
|
|
28.3 |
|
Transportation |
|
16,679 |
|
|
14,053 |
|
|
2,626 |
|
|
18.7 |
|
|
|
36,219 |
|
|
26,611 |
|
|
9,608 |
|
|
36.1 |
|
International |
|
22,468 |
|
|
23,818 |
|
|
(1,350 |
) |
|
(5.7 |
) |
|
|
42,538 |
|
|
42,930 |
|
|
(392 |
) |
|
(0.9 |
) |
|
$ |
187,439 |
|
$ |
164,477 |
|
$ |
22,962 |
|
|
14.0 |
% |
|
$ |
359,359 |
|
$ |
309,209 |
|
$ |
50,150 |
|
|
16.2 |
% |
Orders:
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
42,711 |
|
$ |
58,358 |
|
$ |
(15,647 |
) |
|
(26.8 |
)% |
|
$ |
90,389 |
|
$ |
96,687 |
|
$ |
(6,298 |
) |
|
(6.5 |
)% |
Live Events |
|
80,999 |
|
|
40,501 |
|
|
40,498 |
|
|
100.0 |
|
|
|
132,752 |
|
|
90,187 |
|
|
42,565 |
|
|
47.2 |
|
High School Park and
Recreation |
|
31,898 |
|
|
25,651 |
|
|
6,247 |
|
|
24.4 |
|
|
|
69,477 |
|
|
71,362 |
|
|
(1,885 |
) |
|
(2.6 |
) |
Transportation |
|
16,583 |
|
|
14,699 |
|
|
1,884 |
|
|
12.8 |
|
|
|
32,287 |
|
|
36,044 |
|
|
(3,757 |
) |
|
(10.4 |
) |
International |
|
10,616 |
|
|
24,498 |
|
|
(13,882 |
) |
|
(56.7 |
) |
|
|
28,125 |
|
|
51,173 |
|
|
(23,048 |
) |
|
(45.0 |
) |
|
$ |
182,807 |
|
$ |
163,707 |
|
$ |
19,100 |
|
|
11.7 |
% |
|
$ |
353,030 |
|
$ |
345,453 |
|
$ |
7,577 |
|
|
2.2 |
% |
Reconciliation of Free Cash
Flow*(in thousands)(unaudited)
|
Six Months Ended |
|
October 29,2022 |
|
October 30,2021 |
Net cash (used in) operating activities |
$ |
(21,938 |
) |
|
$ |
(8,534 |
) |
Purchases of property and
equipment |
|
(16,237 |
) |
|
|
(4,507 |
) |
Proceeds from sales of
property and equipment |
|
432 |
|
|
|
760 |
|
Free cash flow |
$ |
(37,743 |
) |
|
$ |
(12,281 |
) |
- In evaluating its
business, Daktronics considers and uses free cash flow as a key
measure of its operating performance. The term free cash flow is
not defined under accounting principles generally accepted in the
United States of America ("GAAP") and is not a measure of operating
income, cash flows from operating activities or other GAAP figures
and should not be considered alternatives to those computations.
Free cash flow is intended to provide information that may be
useful for investors when assessing period to period results.
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