Daktronics, Inc. (NASDAQ - DAKT) today reported results for its
fiscal 2023 third quarter which ended January 28, 2023.
Q3 FY2023 financial highlights:
- Record third quarter net sales of
$185.0 million, a 32.5 percent increase from the third quarter of
fiscal 2022
- Product order
backlog was $429.1 million(1) compared to backlog of $353.3 million
in the year-earlier period
- Gross profit
as a percentage of net sales improved from 16.0 percent to 22.6
percent compared to prior year
- Operating
income was $7.1 million and adjusted operating income(2) was $11.7
million, versus an adjusted operating loss of $5.7 million in the
third quarter of fiscal 2022
- Overall margin
improvements were driven by:
- Strategic
pricing increases;
- Improved
supply chain, production and inventory management; and
- Programs to
improve company-wide expense management.
Reece Kurtenbach, Daktronics' Chairman,
President, and Chief Executive Officer, stated, "I am grateful to
our customers who continue to turn to Daktronics for our industry
leading products and systems, despite the unusually long lead times
caused by supply chain constraints over the last two years. At the
same time, I am proud of how our employees delivered for our
customers while facing historically high demand and an
unprecedented operating environment." Mr. Kurtenbach continued,
"Our deliberate actions to carefully align our production planning,
inventory, and labor force to our strong customer demand are
proving successful, as evidenced by our record sales and improved
gross profit margins, operating income and cash flow during the
third quarter. As we disclosed at the end of the last reported
quarter, we have a robust order pipeline and backlog and improving
revenue conversion."
Business and Liquidity Improvement
UpdateDuring the quarter we made significant progress
across all initiatives of our liquidity enhancement program. We
improved our financial flexibility with the extension of a $10.0
million maturity on our credit facility and adjustments to generate
more cash and increase profits. Our ability to reduce order cycle
times was aided by the easing of pandemic-related supply chain
disruptions, enabling us to work through our built-up inventory,
which we expect will return to more normalized levels over the next
year.
Over the course of the quarter, we made several
important business improvements including:
- Adjustments to pricing and product
mix to improve gross margins;
- Working capital improvements
through accelerated accounts receivables collections;
- Increases to production capacity
and improvements to operational efficiency;
- Careful management of expenses
while prioritizing high-return investments into the business,
including hiring production and customer service staff to support
our growth; and
- Taking decisive measures to ensure
the Company has the financial flexibility needed to meet continued
strong customer demand.
The Board's independent Strategy and Financing
Review Committee retained financial advisors to help examine the
Company's long-term capital requirements and is currently working
with management to evaluate financing alternatives. Resolving any
concern about the Company’s capital position remains a
priority.
OutlookWe expect the markets
for the advanced technology and systems we design, engineer,
manufacture and service to grow over the long-term. Technology
trends and our customers' desire to inform, entertain, and persuade
consumers through the dynamic displays and control software we
offer will continue to drive demand for our products. In the
near-term, we believe our increased production capacity and
stability of operations will enable us to efficiently convert our
backlog to sales while shrinking our production lead times, giving
us a better opportunity to capture additional market share. We
continue to intensely monitor our production capabilities,
inflation's impact on material prices and labor, and supply
conditions in the ever-evolving geopolitical and global economic
environment to ensure we quickly adjust our resources and product
pricing to expand our margins and increase our profitability.
Heading into the fourth quarter, we expect to
benefit from our increased production capacity, factory automation
investments, expanded labor availability, and reduced supply chain
disruptions. Combined, these will support our initiatives to reduce
inventory levels and improve our profitability, cash generation and
working capital utilization.
Third Quarter Income
Statement HighlightsOrders for the third quarter of fiscal
2023 decreased 30.9 percent as compared to the third quarter of
fiscal 2022 primarily due to the record number of orders in the
third quarter of fiscal 2022. Orders in 2022 were driven by pent-up
demand after COVID, which was unusual and was not expected to be
repeated in fiscal 2023.
Net sales for the third quarter of fiscal 2023
increased by 32.5 percent as compared to the third quarter of
fiscal 2022. Sales growth was driven by the conversion of our
strong backlog, improved stabilization of supply chains, and
increased manufacturing capacity.
Gross profit as a percentage of net sales
increased to 22.6 percent for the third quarter of fiscal 2023 as
compared to 16.0 percent a year earlier. The increase in gross
profit percentage was primarily due to strategic pricing actions
taken late calendar year 2022 and through 2023, and because of
fewer supply chain and operational disruptions during the third
quarter of fiscal 2023.
Operating expenses increased 23.6 percent to
$34.6 million in the third quarter of fiscal 2023 as compared to
$28.0 million for the third quarter of fiscal 2022. We performed
our annual goodwill impairment test and concluded that the carrying
value of the International and Live Events reporting units exceeded
their respective fair values. Consequently, we recorded a $4.6
million non-cash goodwill impairment charge, which contributed to
the increase in operating expenses. The increase was also due to
legal fees, accounting and auditing services, and other personnel
related expenses.
Operating income as a percent of sales for the
third quarter of fiscal 2023 was a positive 3.8 percent, compared
to a negative 4.1 percent for the third quarter of fiscal 2022 due
to the combined factors discussed above. Adjusted operating
income(2) was 6.3 percent of sales for the third quarter of fiscal
2023.
Our effective tax rate for the three months
ended January 28, 2023 was 30.5 percent as compared to an
effective tax rate of 32.2 percent for the three months ended
January 29, 2022. The slight decrease in tax rate is primarily
driven by changes in permanent tax benefits as a percentage of book
income recognized during the quarter compared to similar impacts of
tax credits and other permanent tax items as a percentage of book
income recognized in the third quarter of fiscal 2022.
Balance Sheet and Cash Flow At
the end of the fiscal 2023 third quarter, our working capital ratio
was 1.6 to 1. Inventory levels dropped slightly since the end of
the second quarter and are expected to approach more normalized
levels as supply chain disruptions continue to ease and order
backlog is fulfilled. Cash, restricted cash and marketable
securities totaled $11.3 million, and we had $23.6 million drawn on
our $45.0 million line of credit and an additional $7.5 million
used for letters of credit. During the third quarter of fiscal
2023, we generated $12.5 million from operations and used
$5.6 million for purchases of property and equipment to
improve production capacity.
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, our ability to obtain additional financing on terms
favorable to us, or at all, 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, any future goodwill impairment charges, 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
and its Quarterly Reports on Form 10-Q for the fiscal quarters
ended July 30, 2022 and October 29, 2022. 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 Subsidiaries |
Consolidated Statements of Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
January 28,2023 |
|
January 29,2022 |
|
January 28,2023 |
|
January 29,2022 |
Net sales |
$ |
184,975 |
|
|
$ |
139,558 |
|
|
$ |
544,334 |
|
|
$ |
448,767 |
|
Cost of sales |
|
143,262 |
|
|
|
117,250 |
|
|
|
445,123 |
|
|
|
362,007 |
|
Gross profit |
|
41,713 |
|
|
|
22,308 |
|
|
|
99,211 |
|
|
|
86,760 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling |
|
12,908 |
|
|
|
12,735 |
|
|
|
41,866 |
|
|
|
37,012 |
|
General and administrative |
|
9,861 |
|
|
|
8,328 |
|
|
|
27,989 |
|
|
|
24,100 |
|
Product design and development |
|
7,250 |
|
|
|
6,925 |
|
|
|
21,655 |
|
|
|
21,283 |
|
Goodwill impairment |
|
4,576 |
|
|
|
— |
|
|
|
4,576 |
|
|
|
— |
|
|
|
34,595 |
|
|
|
27,988 |
|
|
|
96,086 |
|
|
|
82,395 |
|
Operating income (loss) |
|
7,118 |
|
|
|
(5,680 |
) |
|
|
3,125 |
|
|
|
4,365 |
|
|
|
|
|
|
|
|
|
Nonoperating (expense) income: |
|
|
|
|
|
|
|
Interest (expense) income, net |
|
(398 |
) |
|
|
56 |
|
|
|
(721 |
) |
|
|
134 |
|
Other expense, net |
|
(1,380 |
) |
|
|
(793 |
) |
|
|
(2,335 |
) |
|
|
(2,613 |
) |
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
5,340 |
|
|
|
(6,417 |
) |
|
|
69 |
|
|
|
1,886 |
|
Income tax expense (benefit) |
|
1,627 |
|
|
|
(2,067 |
) |
|
|
14,666 |
|
|
|
177 |
|
Net income (loss) |
$ |
3,713 |
|
|
$ |
(4,350 |
) |
|
$ |
(14,597 |
) |
|
$ |
1,709 |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
45,387 |
|
|
|
45,223 |
|
|
|
45,320 |
|
|
|
45,263 |
|
Diluted |
|
45,448 |
|
|
|
45,223 |
|
|
|
45,320 |
|
|
|
45,442 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.08 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.32 |
) |
|
$ |
0.04 |
|
Diluted |
$ |
0.08 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.32 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daktronics, Inc. and Subsidiaries |
Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
January 28,2023 |
|
April 30,2022 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
10,022 |
|
$ |
17,143 |
Restricted cash |
|
708 |
|
|
865 |
Marketable securities |
|
530 |
|
|
4,020 |
Accounts receivable, net |
|
115,840 |
|
|
101,099 |
Inventories |
|
164,879 |
|
|
134,392 |
Contract assets |
|
36,098 |
|
|
41,687 |
Current maturities of long-term receivables |
|
1,716 |
|
|
2,798 |
Prepaid expenses and other current assets |
|
8,770 |
|
|
14,963 |
Income tax receivables |
|
3,259 |
|
|
603 |
Total current assets |
|
341,822 |
|
|
317,570 |
|
|
|
|
Property and equipment, net |
|
73,795 |
|
|
66,765 |
Long-term receivables, less current maturities |
|
452 |
|
|
1,490 |
Goodwill |
|
3,292 |
|
|
7,927 |
Intangibles, net |
|
1,220 |
|
|
1,472 |
Investment in affiliates and other assets |
|
33,071 |
|
|
32,321 |
Deferred income taxes |
|
— |
|
|
13,331 |
TOTAL ASSETS |
$ |
453,652 |
|
$ |
440,876 |
|
|
|
|
|
|
Daktronics, Inc. and Subsidiaries |
Consolidated Balance Sheets (continued) |
(in thousands) |
(unaudited) |
|
|
January 28,2023 |
|
April 30,2022 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
70,592 |
|
|
$ |
76,313 |
|
Contract liabilities |
|
97,703 |
|
|
|
90,393 |
|
Accrued expenses |
|
32,711 |
|
|
|
34,959 |
|
Warranty obligations |
|
10,998 |
|
|
|
11,621 |
|
Income taxes payable |
|
382 |
|
|
|
408 |
|
Total current liabilities |
|
212,386 |
|
|
|
213,694 |
|
|
|
|
|
Long-term warranty obligations |
|
19,216 |
|
|
|
17,257 |
|
Long-term contract liabilities |
|
12,674 |
|
|
|
10,998 |
|
Other long-term obligations |
|
6,397 |
|
|
|
7,076 |
|
Line of Credit |
|
23,638 |
|
|
|
— |
|
Deferred income taxes |
|
— |
|
|
|
287 |
|
Total long-term liabilities |
|
61,925 |
|
|
|
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;
47,373,959 and 46,733,544 shares issued at January 28, 2023 and
April 30, 2022, respectively |
|
63,002 |
|
|
|
61,794 |
|
Additional paid-in capital |
|
49,719 |
|
|
|
48,372 |
|
Retained earnings |
|
82,011 |
|
|
|
96,608 |
|
Treasury Stock, at cost, 1,907,445 shares at January 23, 2023 and
April 30, 2022, respectively |
|
(10,285 |
) |
|
|
(10,285 |
) |
Accumulated other comprehensive loss |
|
(5,106 |
) |
|
|
(4,925 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
179,341 |
|
|
|
191,564 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
453,652 |
|
|
$ |
440,876 |
|
|
|
|
|
|
|
|
|
Daktronics, Inc. and Subsidiaries |
Consolidated Statements of Cash Flows |
(in thousands) |
(unaudited) |
|
|
Nine Months Ended |
|
January 28,2023 |
|
January 29,2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net (loss) income |
$ |
(14,597 |
) |
|
$ |
1,709 |
|
Adjustments to reconcile net (loss) income to net cash used in
operating activities: |
|
|
|
Depreciation and amortization |
|
12,543 |
|
|
|
11,544 |
|
Gain on sale of property, equipment and other assets |
|
(588 |
) |
|
|
(737 |
) |
Share-based compensation |
|
1,487 |
|
|
|
1,503 |
|
Equity in loss of affiliates |
|
2,596 |
|
|
|
1,966 |
|
Provision (recovery) for doubtful accounts, net |
|
674 |
|
|
|
(600 |
) |
Deferred income taxes, net |
|
13,028 |
|
|
|
151 |
|
Goodwill impairment |
|
4,576 |
|
|
|
— |
|
Change in operating assets and liabilities |
|
(29,206 |
) |
|
|
(41,000 |
) |
Net cash used in operating activities |
|
(9,487 |
) |
|
|
(25,464 |
) |
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchases of property and equipment |
|
(21,809 |
) |
|
|
(10,024 |
) |
Proceeds from sales of property, equipment and other assets |
|
612 |
|
|
|
838 |
|
Purchases of marketable securities |
|
— |
|
|
|
(4,045 |
) |
Proceeds from sales or maturities of marketable securities |
|
3,490 |
|
|
|
— |
|
Purchases of equity and loans to equity investees |
|
(3,240 |
) |
|
|
(6,695 |
) |
Net cash used in investing activities |
|
(20,947 |
) |
|
|
(19,926 |
) |
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Borrowings on notes payable |
|
283,115 |
|
|
|
— |
|
Payments on notes payable |
|
(259,477 |
) |
|
|
— |
|
Principal payments on long-term obligations |
|
— |
|
|
|
(200 |
) |
Payments for common shares repurchased |
|
— |
|
|
|
(3,000 |
) |
Proceed from exercise of stock options |
|
— |
|
|
|
8 |
|
Tax payments related to RSU issuances |
|
(140 |
) |
|
|
(199 |
) |
Net cash provided by (used in) financing
activities |
|
23,498 |
|
|
|
(3,391 |
) |
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
(342 |
) |
|
|
98 |
|
NET
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(7,278 |
) |
|
|
(48,683 |
) |
|
|
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: |
|
|
|
Beginning of period |
|
18,008 |
|
|
|
80,402 |
|
End of period |
$ |
10,730 |
|
|
$ |
31,719 |
|
|
|
|
|
|
|
|
|
Daktronics, Inc. and Subsidiaries |
Net Sales and Orders by Business Unit |
(in thousands) |
(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands) |
January 28, 2023 |
|
January 29, 2022 |
|
Dollar Change |
|
Percent Change |
|
January 28, 2023 |
|
January 29, 2022 |
|
Dollar Change |
|
Percent Change |
Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
49,967 |
|
$ |
40,095 |
|
$ |
9,872 |
|
|
24.6 |
% |
|
$ |
127,132 |
|
$ |
107,339 |
|
$ |
19,793 |
|
|
18.4 |
% |
Live Events |
|
67,748 |
|
|
39,057 |
|
|
28,691 |
|
|
73.5 |
|
|
|
193,370 |
|
|
150,840 |
|
|
42,530 |
|
|
28.2 |
|
High School Park and Recreation |
|
28,312 |
|
|
23,721 |
|
|
4,591 |
|
|
19.4 |
|
|
|
106,127 |
|
|
84,362 |
|
|
21,765 |
|
|
25.8 |
|
Transportation |
|
17,578 |
|
|
15,823 |
|
|
1,755 |
|
|
11.1 |
|
|
|
53,797 |
|
|
42,434 |
|
|
11,363 |
|
|
26.8 |
|
International |
|
21,370 |
|
|
20,862 |
|
|
508 |
|
|
2.4 |
|
|
|
63,908 |
|
|
63,792 |
|
|
116 |
|
|
0.2 |
|
|
$ |
184,975 |
|
$ |
139,558 |
|
$ |
45,417 |
|
|
32.5 |
% |
|
$ |
544,334 |
|
$ |
448,767 |
|
$ |
95,567 |
|
|
21.3 |
% |
Orders: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
28,737 |
|
$ |
47,012 |
|
$ |
(18,275 |
) |
|
(38.9 |
)% |
|
$ |
119,126 |
|
$ |
143,699 |
|
$ |
(24,573 |
) |
|
(17.1 |
)% |
Live Events |
|
61,011 |
|
|
79,478 |
|
|
(18,467 |
) |
|
(23.2 |
) |
|
|
193,763 |
|
|
169,665 |
|
|
24,098 |
|
|
14.2 |
|
High School Park and Recreation |
|
28,097 |
|
|
35,884 |
|
|
(7,787 |
) |
|
(21.7 |
) |
|
|
97,574 |
|
|
107,246 |
|
|
(9,672 |
) |
|
(9.0 |
) |
Transportation |
|
13,525 |
|
|
20,810 |
|
|
(7,285 |
) |
|
(35.0 |
) |
|
|
45,812 |
|
|
56,854 |
|
|
(11,042 |
) |
|
(19.4 |
) |
International |
|
17,005 |
|
|
31,605 |
|
|
(14,600 |
) |
|
(46.2 |
) |
|
|
45,130 |
|
|
82,778 |
|
|
(37,648 |
) |
|
(45.5 |
) |
|
$ |
148,375 |
|
$ |
214,789 |
|
$ |
(66,414 |
) |
|
(30.9 |
)% |
|
$ |
501,405 |
|
$ |
560,242 |
|
$ |
(58,837 |
) |
|
(10.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow* |
(in thousands) |
(unaudited) |
|
|
Nine Months Ended |
|
January 28,2023 |
|
January 29,2022 |
Net cash used in operating activities |
$ |
(9,487 |
) |
|
$ |
(25,464 |
) |
Purchases of property and equipment |
|
(21,809 |
) |
|
|
(10,024 |
) |
Proceeds from sales of property and equipment |
|
612 |
|
|
|
838 |
|
Free cash flow |
$ |
(30,684 |
) |
|
$ |
(34,650 |
) |
* 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.
Reconciliation of Adjusted Operating Income
(loss)* |
(in thousands) |
(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
January 28,2023 |
|
January 29,2022 |
|
January 28,2023 |
|
January 29,2022 |
Operating income (loss) (GAAP Measure) |
$ |
7,118 |
|
$ |
(5,680 |
) |
|
$ |
3,125 |
|
$ |
4,365 |
Plus goodwill impairment |
|
4,576 |
|
|
— |
|
|
|
4,576 |
|
|
— |
Adjusted operating income (loss) (non-GAAP measure) |
$ |
11,694 |
|
$ |
(5,680 |
) |
|
$ |
7,701 |
|
$ |
4,365 |
* In evaluating its business, Daktronics
considers and uses adjusted operating income as a key measure of
its operating performance. The term adjusted operating income is
not defined under 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. We
define non-GAAP adjusted operating income as operating income plus
asset impairments. Management believes non-GAAP adjusted operating
income is a useful indicator of our financial performance and our
ability to generate cash flows from operations. Our definition of
non-GAAP adjusted operating income may not be comparable to
similarly titled definitions used by other companies. The table
above reconciles non-GAAP adjusted operating income to comparable
GAAP financial measures.
(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. This
release does not include a reconciliation of orders or backlog, as
it would be impractical to do so without unreasonable effort.
(2) Adjusted operating income is not a measure
defined by GAAP, and our methodology for determining adjusted
operating income may vary from the methodology used by other
companies in determining measures for operating performance. See
the reconciliation table for more details.
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