Daktronics, Inc. (NASDAQ - DAKT) today reported
fiscal 2021 third quarter results. Daktronics reported
fiscal 2021 third quarter net sales of $94.1 million,
operating loss of $0.2 million, net loss of
$0.2 million, and earnings per diluted share of $0.00. This
compares to net sales of $127.7 million, operating
loss of $9.2 million, net loss of
$12.7 million, and $0.28 per diluted share, for the third
quarter of fiscal 2020. Fiscal 2021 third quarter orders
were $86.9 million, compared to $135.0 million for
the third quarter of fiscal 2020. Product order backlog at the
end of the fiscal 2021 third quarter was $195 million,
compared to $187 million a year earlier and $201 million
at the end of the second quarter of fiscal 2021.(1)
For the nine months ended January 30, 2021, net
sales were $365.2 million, operating income was
$16.0 million, net income was $10.7 million, and
earnings per diluted share was $0.24 per diluted share. This
compares to net sales of $482.8 million, operating
income of $3.3 million, net income of $1.6
million, and $0.03 per diluted share for the same period in
fiscal 2020.
Fiscal 2021 is a 52-week year and
fiscal 2020 was a 53-week year; therefore, the nine months
ended January 30, 2021 contains operating results for 39
weeks while the nine months ended February 1, 2020 contained
operating results for 40 weeks. Sales, orders, and other
results of operations were impacted due to the additional week of
operations.
Cash generated by operating activities in
the first nine months of fiscal 2021 was $48.2 million,
compared to cash generated of $6.2 million in the
first nine months of fiscal 2020. Cash generated by operating
activities is primarily derived from cash received from customers,
offset by cash payments for inventories, subcontractors, employee
related costs, and operating expense outflows. Year-to-date cash
provided from operations differed as compared to last year
primarily due to a focus on customer collections, decreasing
inventory levels, lowering personnel and operating expense outflows
as we manage operations through the uncertain COVID times. Cash
generation and use can vary based on order timing and levels,
varying contractual payment terms from customers, and payments for
inventory to meet delivery and installation schedules. Free cash
flow, defined as cash provided by or used in operating activities
less net investment in property and equipment, was a
positive $41.8 million for the first nine months of
fiscal 2021, as compared to a negative $7.2 million for
the same period of fiscal 2020. Net investment in property and
equipment was $6.5 million for the first nine months of
fiscal 2021, as compared to $13.4 million for the
first nine months of fiscal 2020. Cash, restricted cash, and
marketable securities at the end of the third quarter of
fiscal 2021 were $81.0 million, which compares to $42.1
million at the end of the third quarter of fiscal 2020
and $41.6 million at the end of fiscal 2020. Borrowings on the
line of credit were $15.0 million at the end of the third
quarter of fiscal 2021 up from $0 at the end of the third
quarter of fiscal 2020 and consistent with the $15.0 million
at the end of fiscal 2020.
Orders for the third quarter of fiscal
2021 decreased 35.6 percent as compared to
the third quarter of fiscal 2020. Orders for the nine
months ended January 30, 2021 decreased 27.2 percent
as compared to the same period one year ago. Each business unit's
order volume was lower in fiscal 2021 due to lower market activity
from the resulting economic and business impacts of the COVID-19
pandemic and related timing of large contract orders.
Net sales decreased by 26.3 percent in
the third quarter of fiscal 2021 as compared to the third
quarter of fiscal 2020. Net sales for the nine
months ended January 30, 2021 decreased 24.4 percent
as compared to the same period one year ago. Net sales decreased in
all business units for the same reasons causing order booking
declines and due to varied timing in the related conversion to
sales based on customer project schedules.
Gross profit as a percentage of net sales was
25.4 percent for the third quarter of fiscal 2021 as
compared to 19.2 percent a year earlier. The improved gross
profit rate in the third quarter of fiscal 2021 is a
result of the mix of service agreement and product sales and a $2.1
million litigation claim reversal. In comparison, during
the third quarter of fiscal 2020, we experienced adverse
impacts of a project with cost overruns and tariff related
expenses.
Operating expenses for the third quarter of
fiscal 2021 were $24.2 million, compared to
$33.6 million for the third quarter of fiscal 2020, or a
decrease of 28.0 percent. This decline is attributed to
our focus on managing our expenses to expected order volumes.
Declines in overall operating expenses were attributed to lower
personnel related costs, reduced third-party contractor use, lower
travel and entertainment activities, and lowered marketing and
convention events offset by an increase in bad debt
expense. Operating loss as a percent of sales for the
quarter was 0.3 percent as compared to an
operating loss as a percent of sales
of 7.2 percent during the third quarter of fiscal
2020.
The effective tax rate expense for
the third quarter of fiscal 2021 was 82.0 percent
compared to an effective tax rate benefit of 37.9 percent for
the third quarter of fiscal 2020. Our fiscal 2021
year-to-date effective rate expense was 21.3 percent compared
to fiscal 2020 year-to-date effective rate expense of
51.6 percent. The change in the effective tax rate
year-over-year was driven primarily by a decrease in tax credits
and other permanent differences as a percentage of estimated
current fiscal year pre-tax income.
Reece Kurtenbach, chairman, president and chief
executive officer, stated, "Our third quarter orders, sales and
profit levels are traditionally lighter than other quarters due to
the seasonality of our sports business, construction cycles, and
the reduced number of production dates due to holidays during the
quarter. This year, our results have also been impacted by the
pandemic. We continue to monitor the pandemic's impact on the
markets we serve. Areas of our business that were
impacted the most are those that serve customers in large
gathering spaces which includes our sports and
entertainment, mass transit, and airport markets. Our
Out-of-Home advertising customers were impacted due
to a reduction in national advertising spend and
have chosen to delay orders. Customers using on-premise
applications are less impacted and are continuing to utilize audio
visual systems to inform and persuade their audiences during this
time. We continue to strategically make choices on levels
of capacity and investments in capital assets and development
initiatives. We also continued the suspension of dividend and share
repurchases to help us maintain stability in liquidity and our cash
position."
(1) Backlog is not a measure defined by U.S.
generally accepted accounting principles ("GAAP"), and our
methodology for determining backlog may vary from the methodology
used by other companies in determining their 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 May 2, 2020.
OutlookKurtenbach added, "Our
backlog going into the fourth quarter is strong and we believe the
audiovisual industry fundamentals will drive long-term growth for
our business. However, the near-term outlook shows areas
of contraction and greater volatility. We are focused on promoting
our value to new and core markets, while managing our cost
structure to meet the uncertain demand. With the COVID-19 vaccine
distribution underway, we remain focused
on emerging as a stronger organization and to be
positioned to capitalize on the recovery from this pandemic."
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.
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 2020 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 Officer |
Tel (605) 692-0200 |
Investor@daktronics.com |
Daktronics, Inc. and
SubsidiariesConsolidated Statements of
Operations(in thousands, except per share
amounts)(unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
January 30, |
|
February 1, |
|
January 30, |
|
February 1, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Net sales |
|
$ |
94,139 |
|
|
$ |
127,657 |
|
|
$ |
365,150 |
|
|
$ |
482,824 |
|
Cost of sales |
|
|
70,198 |
|
|
|
103,175 |
|
|
|
272,134 |
|
|
|
372,750 |
|
Gross profit |
|
|
23,941 |
|
|
|
24,482 |
|
|
|
93,016 |
|
|
|
110,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
|
12,004 |
|
|
|
16,552 |
|
|
|
36,214 |
|
|
|
51,026 |
|
General and administrative |
|
|
6,389 |
|
|
|
8,640 |
|
|
|
20,777 |
|
|
|
26,698 |
|
Product design and development |
|
|
5,784 |
|
|
|
8,442 |
|
|
|
20,053 |
|
|
|
29,063 |
|
|
|
|
24,177 |
|
|
|
33,634 |
|
|
|
77,044 |
|
|
|
106,787 |
|
Operating (loss) income |
|
|
(236 |
) |
|
|
(9,152 |
) |
|
|
15,972 |
|
|
|
3,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating (expense)
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
52 |
|
|
|
233 |
|
|
|
203 |
|
|
|
664 |
|
Interest expense |
|
|
(92 |
) |
|
|
13 |
|
|
|
(249 |
) |
|
|
(53 |
) |
Other (expense) income, net |
|
|
(913 |
) |
|
|
(331 |
) |
|
|
(2,377 |
) |
|
|
(652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
|
|
(1,189 |
) |
|
|
(9,237 |
) |
|
|
13,549 |
|
|
|
3,246 |
|
Income tax expense (benefit) |
|
|
(975 |
) |
|
|
3,497 |
|
|
|
2,880 |
|
|
|
1,676 |
|
Net (loss) income |
|
$ |
(214 |
) |
|
$ |
(12,734 |
) |
|
$ |
10,669 |
|
|
$ |
1,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
45,064 |
|
|
|
45,189 |
|
|
|
44,908 |
|
|
|
45,139 |
|
Diluted |
|
|
45,064 |
|
|
|
45,189 |
|
|
|
45,061 |
|
|
|
45,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.00 |
|
|
$ |
(0.28 |
) |
|
$ |
0.24 |
|
|
$ |
0.03 |
|
Diluted |
|
$ |
0.00 |
|
|
$ |
(0.28 |
) |
|
$ |
0.24 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
share |
|
$ |
— |
|
|
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.15 |
|
Daktronics, Inc. and
SubsidiariesConsolidated Balance
Sheets(in thousands)
|
|
January 30, |
|
May 2, |
|
|
2021 |
|
2020 |
|
|
(unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
76,877 |
|
|
$ |
40,398 |
|
Restricted cash |
|
|
3,884 |
|
|
|
14 |
|
Marketable securities |
|
|
248 |
|
|
|
1,230 |
|
Accounts receivable, net |
|
|
63,212 |
|
|
|
72,577 |
|
Inventories |
|
|
72,312 |
|
|
|
86,803 |
|
Contract assets |
|
|
30,310 |
|
|
|
35,467 |
|
Current maturities of long-term receivables |
|
|
1,736 |
|
|
|
3,519 |
|
Prepaid expenses and other current assets |
|
|
7,554 |
|
|
|
9,629 |
|
Income tax receivables |
|
|
87 |
|
|
|
548 |
|
Property and equipment and other assets available for sale |
|
|
2,020 |
|
|
|
1,817 |
|
Total current assets |
|
|
258,240 |
|
|
|
252,002 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
61,805 |
|
|
|
67,484 |
|
Long-term receivables, less current maturities |
|
|
754 |
|
|
|
1,114 |
|
Goodwill |
|
|
8,262 |
|
|
|
7,743 |
|
Intangibles, net |
|
|
2,396 |
|
|
|
3,354 |
|
Investment in affiliates and other assets |
|
|
23,608 |
|
|
|
27,683 |
|
Deferred income taxes |
|
|
13,382 |
|
|
|
13,271 |
|
Total non-current assets |
|
|
110,207 |
|
|
|
120,649 |
|
TOTAL ASSETS |
|
$ |
368,447 |
|
|
$ |
372,651 |
|
Daktronics, Inc. and
SubsidiariesConsolidated Balance Sheets
(continued)(in thousands)
|
|
January 30, |
|
May 2, |
|
|
2021 |
|
2020 |
|
|
(unaudited) |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
32,692 |
|
|
$ |
47,834 |
|
Contract liabilities |
|
|
53,292 |
|
|
|
50,897 |
|
Accrued expenses |
|
|
26,664 |
|
|
|
36,626 |
|
Warranty obligations |
|
|
10,766 |
|
|
|
9,764 |
|
Income taxes payable |
|
|
2,079 |
|
|
|
844 |
|
Total current liabilities |
|
|
125,493 |
|
|
|
145,965 |
|
|
|
|
|
|
|
|
|
|
Long-term warranty obligations |
|
|
15,696 |
|
|
|
15,860 |
|
Long-term contract liabilities |
|
|
10,587 |
|
|
|
10,707 |
|
Other long-term obligations |
|
|
23,059 |
|
|
|
22,105 |
|
Long-term income taxes payable |
|
|
554 |
|
|
|
582 |
|
Deferred income taxes |
|
|
490 |
|
|
|
452 |
|
Total long-term liabilities |
|
|
50,386 |
|
|
|
49,706 |
|
TOTAL LIABILITIES |
|
|
175,879 |
|
|
|
195,671 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Common stock |
|
|
60,575 |
|
|
|
60,010 |
|
Additional paid-in capital |
|
|
46,091 |
|
|
|
44,627 |
|
Retained earnings |
|
|
95,759 |
|
|
|
85,090 |
|
Treasury stock, at cost |
|
|
(7,297 |
) |
|
|
(7,470 |
) |
Accumulated other comprehensive loss |
|
|
(2,560 |
) |
|
|
(5,277 |
) |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
192,568 |
|
|
|
176,980 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
$ |
368,447 |
|
|
$ |
372,651 |
|
Daktronics, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(in thousands)(unaudited)
|
|
Nine Months Ended |
|
|
January 30, |
|
February 1, |
|
|
2021 |
|
2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,669 |
|
|
$ |
1,570 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
12,848 |
|
|
|
13,197 |
|
Gain on sale of property, equipment and other assets |
|
|
(244 |
) |
|
|
(6 |
) |
Share-based compensation |
|
|
1,563 |
|
|
|
1,734 |
|
Equity in loss of affiliates |
|
|
1,740 |
|
|
|
430 |
|
Provision for doubtful accounts |
|
|
1,551 |
|
|
|
(477 |
) |
Deferred income taxes, net |
|
|
(21 |
) |
|
|
(223 |
) |
Change in operating assets and liabilities |
|
|
20,115 |
|
|
|
(10,035 |
) |
Net cash provided by operating activities |
|
|
48,221 |
|
|
|
6,190 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(6,935 |
) |
|
|
(13,646 |
) |
Proceeds from sales of property, equipment and other assets |
|
|
470 |
|
|
|
244 |
|
Proceeds from sales or maturities of marketable securities |
|
|
982 |
|
|
|
24,665 |
|
Purchases of and loans to equity investment |
|
|
(1,328 |
) |
|
|
(1,229 |
) |
Net cash (used in) provided by investing
activities |
|
|
(6,811 |
) |
|
|
10,034 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Principal payments on long-term obligations |
|
|
(431 |
) |
|
|
(2,140 |
) |
Dividends paid |
|
|
— |
|
|
|
(6,756 |
) |
Payments for common shares repurchased |
|
|
— |
|
|
|
(2,329 |
) |
Tax payments related to RSU issuances |
|
|
(125 |
) |
|
|
(199 |
) |
Net cash used in financing activities |
|
|
(556 |
) |
|
|
(11,424 |
) |
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE
CHANGES ON CASH |
|
|
(505 |
) |
|
|
(166 |
) |
NET INCREASE IN CASH, CASH
EQUIVALENTS AND RESTRICTED CASH |
|
|
40,349 |
|
|
|
4,634 |
|
|
|
|
|
|
|
|
|
|
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH: |
|
|
|
|
|
|
|
|
Beginning of period |
|
|
40,412 |
|
|
|
35,742 |
|
End of period |
|
$ |
80,761 |
|
|
$ |
40,376 |
|
Daktronics, Inc. and
SubsidiariesNet Sales and Orders by Business
Unit(in thousands)(unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
January 30, |
|
February 1, |
|
Dollar |
|
Percent |
|
January 30, |
|
February 1, |
|
Dollar |
|
Percent |
|
|
2021 |
|
2020 |
|
Change |
|
Change |
|
2021 |
|
2020 |
|
Change |
|
Change |
Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
30,085 |
|
|
$ |
36,880 |
|
|
$ |
(6,795 |
) |
|
|
(18.4 |
)% |
|
$ |
94,947 |
|
|
$ |
120,566 |
|
|
$ |
(25,619 |
) |
|
|
(21.2 |
)% |
Live Events |
|
|
23,330 |
|
|
|
40,571 |
|
|
|
(17,241 |
) |
|
|
(42.5 |
) |
|
|
112,626 |
|
|
|
159,196 |
|
|
|
(46,570 |
) |
|
|
(29.3 |
) |
High School Park and Recreation |
|
|
14,644 |
|
|
|
14,775 |
|
|
|
(131 |
) |
|
|
(0.9 |
) |
|
|
71,165 |
|
|
|
75,433 |
|
|
|
(4,268 |
) |
|
|
(5.7 |
) |
Transportation |
|
|
11,769 |
|
|
|
13,916 |
|
|
|
(2,147 |
) |
|
|
(15.4 |
) |
|
|
41,590 |
|
|
|
53,264 |
|
|
|
(11,674 |
) |
|
|
(21.9 |
) |
International |
|
|
14,311 |
|
|
|
21,515 |
|
|
|
(7,204 |
) |
|
|
(33.5 |
) |
|
|
44,822 |
|
|
|
74,365 |
|
|
|
(29,543 |
) |
|
|
(39.7 |
) |
|
|
$ |
94,139 |
|
|
$ |
127,657 |
|
|
$ |
(33,518 |
) |
|
|
(26.3 |
)% |
|
$ |
365,150 |
|
|
$ |
482,824 |
|
|
$ |
(117,674 |
) |
|
|
(24.4 |
)% |
Orders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
34,806 |
|
|
$ |
36,898 |
|
|
$ |
(2,092 |
) |
|
|
(5.7 |
)% |
|
$ |
92,929 |
|
|
$ |
119,059 |
|
|
$ |
(26,130 |
) |
|
|
(21.9 |
)% |
Live Events |
|
|
11,075 |
|
|
|
41,484 |
|
|
|
(30,409 |
) |
|
|
(73.3 |
) |
|
|
93,619 |
|
|
|
149,461 |
|
|
|
(55,842 |
) |
|
|
(37.4 |
) |
High School Park and Recreation |
|
|
16,366 |
|
|
|
20,447 |
|
|
|
(4,081 |
) |
|
|
(20.0 |
) |
|
|
64,582 |
|
|
|
73,852 |
|
|
|
(9,270 |
) |
|
|
(12.6 |
) |
Transportation |
|
|
12,991 |
|
|
|
16,203 |
|
|
|
(3,212 |
) |
|
|
(19.8 |
) |
|
|
37,713 |
|
|
|
55,410 |
|
|
|
(17,697 |
) |
|
|
(31.9 |
) |
International |
|
|
11,650 |
|
|
|
19,992 |
|
|
|
(8,342 |
) |
|
|
(41.7 |
) |
|
|
55,864 |
|
|
|
75,827 |
|
|
|
(19,963 |
) |
|
|
(26.3 |
) |
|
|
$ |
86,888 |
|
|
$ |
135,024 |
|
|
$ |
(48,136 |
) |
|
|
(35.6 |
)% |
|
$ |
344,707 |
|
|
$ |
473,609 |
|
|
$ |
(128,902 |
) |
|
|
(27.2 |
)% |
Reconciliation of Free Cash
Flow*(in thousands)(unaudited)
|
|
Nine Months Ended |
|
|
January 30, |
|
February 1, |
|
|
2021 |
|
2020 |
Net cash provided by operating activities |
|
$ |
48,221 |
|
|
$ |
6,190 |
|
Purchases of property and
equipment |
|
|
(6,935 |
) |
|
|
(13,646 |
) |
Proceeds from sales of
property and equipment |
|
|
470 |
|
|
|
244 |
|
Free cash flow |
|
$ |
41,756 |
|
|
$ |
(7,212 |
) |
*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 U.S.
generally accepted accounting principles (“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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