Daktronics, Inc. (NASDAQ - DAKT) today reported fiscal year and
fourth quarter 2023 results.
Fiscal 2023 financial highlights:
- Record sales of
$754.2 million for the 2023 fiscal year and $209.9 million for the
fourth quarter, up 23.4 percent and 29.4 percent compared to the
2022 fiscal year and fourth quarter, respectively
- Gross profit
levels improved to 20.1 percent of sales for fiscal year 2023 as
compared to 19.1 percent of sales for fiscal 2022 and improved to
24.8 percent from 18.5 percent for the fourth quarters of fiscal
2023 and fiscal 2022, respectively
- Supply chain
stabilization and temporary investments in inventory and capacity
contributed to more effective and efficient production and order
fulfillment starting late in the 2023 second quarter through the
end of the fiscal year
- Increased net
sales coupled with strategic pricing adjustments and prudent
expense management resulted in operating income of $21.4 million
for the 2023 fiscal year and $18.3 million for the fourth
quarter
- Adjusted
operating income(1) was $26.0 million for the 2023 fiscal year an
increase from $4.0 million for the 2022 fiscal year
- The events and conditions that gave
rise to substantial doubt about our ability to continue as a going
concern were resolved
- Fiscal 2024
starting with product order backlog at $401 million(2)
Reflection on
FY2023Reece Kurtenbach, chairman,
president and chief executive officer, stated, “Thanks to all of
our stakeholders, especially customers, employees and suppliers,
Daktronics has emerged from the challenges of the last three years
strategically renewed, operationally focused, and financially
sound. Our teams came together to take decisive and deliberate
actions to improve our customers' experience while increasing our
profitability and working capital levels through the past's dynamic
and challenging operating environment. Fiscal 2023 was an
incredibly positive transition year and our successful navigation
on multiple fronts positions us for long-term success. Fiscal 2023
performance is a testimony to the resiliency and strength of our
diversified markets, teams, and innovation.”
Outlook for
FY2024 and Beyond Our
priorities for fiscal 2024 include:
- Growing the business profitably
while generating cash through working capital management, strategic
pricing adjustments, product mix changes, and careful expense
management
- Improving operational efficiency
to lower costs, reduce lead times, and improve the customer
experience
- Developing additional markets for
new customer types and channels and growing in traditional
markets
- Developing more robust integrated
business planning systems to improve data available for decision
making
- Investing in
high-return projects and technologies, including digital
technologies for both internal and customer facing uses
Kurtenbach added, “As we look ahead, we expect
growth in the global use of audio-visual communication systems in
both traditional and in new applications. We are poised to capture
this market growth and maintain or grow our leading market position
by offering best in class technologies and services to both our
traditional customers as well as new and adjacent markets. We
continue to closely monitor the ever-evolving geopolitical and
global economic environment to ensure we are able to quickly adjust
our resources and market approaches to maintain profitability
throughout various cycles. We believe this will set the stage for a
strong fiscal 2024 and look forward to continued growth of sales
and expansion of operating income.”
Fourth Quarter and Year to Date
ResultsOrders for the fourth quarter of fiscal 2023
decreased 37.2 percent as compared to the fourth quarter of fiscal
2022 primarily due to the record number of multimillion-dollar
orders in the fourth quarter of fiscal 2022 driven by pent-up
demand after COVID. In addition, during fiscal 2022 fourth quarter,
customers placed orders earlier than historical patterns to secure
our manufacturing capacity for their future deliveries. As a result
of improved supply chain conditions, this pattern did not repeat
during the fourth quarter of fiscal 2023. Orders for the full
fiscal 2023 year decreased 19.5 percent as compared to fiscal 2022
for the same reasons. The unusual demand level in fiscal 2022 was
not expected to be repeated in fiscal 2023.
Net sales for the fourth quarter of fiscal 2023
increased by 29.4 percent as compared to the fourth quarter of
fiscal 2022. Net sales for fiscal 2023 increased 23.4 percent as
compared to 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 24.8 percent for the fourth quarter of fiscal 2023 as
compared to 18.5 percent in the fourth quarter of fiscal 2022.
Gross profit as a percentage of net sales increased to 20.1 percent
for fiscal 2023 as compared to 19.1 percent in the prior year. The
increase in gross profit percentage for both comparative periods
was primarily due to strategic pricing actions implemented in late
fiscal year 2022 and the beginning of fiscal year 2023, along with
increased productivity starting late in the second quarter of
fiscal 2023 due to fewer supply chain and operational disruptions
and investments in capacity. These improvements were partially
offset by higher material, component, freight and labor costs
through fiscal 2023. Other factors impacting gross profit in fiscal
2022 included ongoing supply chain disruptions and inflationary
challenges in materials, freight and personnel related costs, the
difference in sales mix between periods, and increases in warranty
reserves for inflation.
Operating expenses for the fourth quarter of
fiscal 2023 were $33.9 million compared to $30.3 million for the
fourth quarter of fiscal 2022, an increase of 12.0 percent.
Operating expenses were $130.0 million for the full fiscal 2023
year as compared to $112.7 million for the full fiscal 2022 year,
an increase of 15.4 percent. Operating expenses for the year
increased for compensation and staffing, marketing expenses, other
expense growth, and approximately $4.5 million of one-time
professional fees related to the going concern and other consulting
activities.
The above changes resulted in an operating
margin of 8.7 percent for the fourth quarter of fiscal 2023,
compared to breakeven for the fourth quarter of fiscal 2022 and
operating income as a percentage of sales of 2.8 percent for fiscal
2023 as compared to 0.7 percent for fiscal 2022.
Other non-cash expenses incurred during the 2023
fiscal fourth quarter and year were related to a $4.5 million
impairment charge for an investment in an affiliate relating to
changes in the forecasted timing of cash flow generation.
The $8.2 million tax benefit for the fourth
quarter of fiscal 2023 was primarily a result of the reversal of a
$13.0 million valuation allowance as a result of the removal of the
going concern assessment. The effective tax rate for fiscal 2023
was 48.7 percent. The effective income tax rate for fiscal 2023 was
impacted due to valuation allowances on equity investments and on
foreign net operating losses in Ireland, goodwill impairment, state
taxes, and a mix of taxes in foreign countries where the tax rate
is higher than in the U.S. as well as prior year provision to
return adjustments reduced in part by tax benefits from permanent
tax credits. The effective tax rate for fiscal 2022 was 46.6
percent resulting from the tax benefit of permanent tax credits
reduced by valuation allowances, various permanent tax adjustments
and state taxes and prior year provision to return adjustments.
Balance Sheet and Cash
FlowDuring the fourth quarter and year of fiscal 2023, we
generated $24.5 million and $15.0 million from operations,
respectively. Inventory dropped from the peak levels at the end of
the third quarter of fiscal 2023 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 $25.2 million as of April 29, 2023, and
$17.8 million was borrowed on our previous bank credit line for
cash and letters of credit. At the end of the 2023 fiscal year, our
working capital ratio was 1.6 to 1. We used $3.6 million and
$25.4 million for purchases of property and equipment to improve
production capacity for the fourth quarter of fiscal 2023 and for
the full fiscal 2023 year, respectively.
Webcast Information The company
will host a conference call and webcast to discuss its financial
results today at 3:00 pm (Central Time). This call will be
broadcast live at http://investor.daktronics.com and be available
for replay shortly after the event.
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 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
(1) Adjusted operating income is not a measure defined by
accounting principles generally accepted in the United States of
America (“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.
(2) Orders and backlog are not measures defined by 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.
Daktronics, Inc. and
SubsidiariesConsolidated Statements of
Operations(in thousands, except per share
amounts)(unaudited)
|
Three Months Ended |
|
Year Ended |
|
April 29, 2023 |
|
April 30, 2022 |
|
April 29, 2023 |
|
April 30, 2022 |
Net sales |
$ |
209,862 |
|
|
$ |
162,203 |
|
|
$ |
754,196 |
|
|
$ |
610,970 |
|
Cost of sales |
|
157,718 |
|
|
|
132,266 |
|
|
|
602,841 |
|
|
|
494,273 |
|
Gross profit |
|
52,144 |
|
|
|
29,937 |
|
|
|
151,355 |
|
|
|
116,697 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling |
|
14,789 |
|
|
|
14,063 |
|
|
|
56,655 |
|
|
|
51,075 |
|
General and administrative |
|
10,758 |
|
|
|
8,463 |
|
|
|
38,747 |
|
|
|
32,563 |
|
Product design and development |
|
8,334 |
|
|
|
7,730 |
|
|
|
29,989 |
|
|
|
29,013 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
4,576 |
|
|
|
— |
|
|
|
33,881 |
|
|
|
30,256 |
|
|
|
129,967 |
|
|
|
112,651 |
|
Operating Income (loss) |
|
18,263 |
|
|
|
(319 |
) |
|
|
21,388 |
|
|
|
4,046 |
|
|
|
|
|
|
|
|
|
Nonoperating (expense)
income: |
|
|
|
|
|
|
|
Interest income (expense), net |
|
(199 |
) |
|
|
37 |
|
|
|
(920 |
) |
|
|
171 |
|
Other expense, net |
|
(4,876 |
) |
|
|
(496 |
) |
|
|
(7,211 |
) |
|
|
(3,109 |
) |
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
|
13,188 |
|
|
|
(778 |
) |
|
|
13,257 |
|
|
|
1,108 |
|
Income tax (benefit) expense |
|
(8,211 |
) |
|
|
339 |
|
|
|
6,455 |
|
|
|
516 |
|
Net (loss) income |
$ |
21,399 |
|
|
$ |
(1,117 |
) |
|
$ |
6,802 |
|
|
$ |
592 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
45,659 |
|
|
|
44,963 |
|
|
|
45,404 |
|
|
|
45,188 |
|
Diluted |
|
45,910 |
|
|
|
44,963 |
|
|
|
45,521 |
|
|
|
45,326 |
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.47 |
|
|
$ |
(0.02 |
) |
|
$ |
0.15 |
|
|
$ |
0.01 |
|
Diluted |
$ |
0.47 |
|
|
$ |
(0.02 |
) |
|
$ |
0.15 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daktronics, Inc. and
SubsidiariesConsolidated Balance
Sheets(in thousands)
|
April 29, 2023 |
|
April 30, 2022 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
CURRENT
ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
23,982 |
|
$ |
17,143 |
Restricted cash |
|
708 |
|
|
865 |
Marketable securities |
|
534 |
|
|
4,020 |
Accounts receivable, net |
|
109,979 |
|
|
101,099 |
Inventories |
|
149,448 |
|
|
134,392 |
Contract assets |
|
46,789 |
|
|
41,687 |
Current maturities of long-term receivables |
|
1,215 |
|
|
2,798 |
Prepaid expenses and other current assets |
|
9,676 |
|
|
14,963 |
Income tax receivables |
|
326 |
|
|
603 |
Total current assets |
|
342,657 |
|
|
317,570 |
|
|
|
|
Property and equipment, net |
|
72,147 |
|
|
66,765 |
Long-term receivables, less current maturities |
|
264 |
|
|
1,490 |
Goodwill |
|
3,239 |
|
|
7,927 |
Intangibles, net |
|
1,136 |
|
|
1,472 |
Debt issuance costs |
|
3,866 |
|
|
— |
Investment in affiliates and other assets |
|
27,928 |
|
|
32,321 |
Deferred income taxes |
|
16,867 |
|
|
13,331 |
TOTAL
ASSETS |
$ |
468,104 |
|
$ |
440,876 |
|
|
|
|
|
|
Daktronics, Inc. and
SubsidiariesConsolidated Balance Sheets
(continued)(in thousands)
|
April 29, 2023 |
|
April 30, 2022 |
|
(unaudited) |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Accounts payable |
$ |
67,522 |
|
|
$ |
76,313 |
|
Contract liabilities |
|
91,549 |
|
|
|
90,393 |
|
Accrued expenses |
|
36,005 |
|
|
|
34,959 |
|
Warranty obligations |
|
12,228 |
|
|
|
11,621 |
|
Income taxes payable |
|
2,859 |
|
|
|
408 |
|
Total current liabilities |
|
210,163 |
|
|
|
213,694 |
|
|
|
|
|
Long-term warranty obligations |
|
20,313 |
|
|
|
17,257 |
|
Long-term contract liabilities |
|
13,096 |
|
|
|
10,998 |
|
Other long-term obligations |
|
5,709 |
|
|
|
7,076 |
|
Line of credit |
|
17,750 |
|
|
|
— |
|
Deferred income taxes |
|
195 |
|
|
|
287 |
|
Total long-term liabilities |
|
57,063 |
|
|
|
35,618 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Common stock |
|
63,023 |
|
|
|
61,794 |
|
Additional paid-in capital |
|
50,259 |
|
|
|
48,372 |
|
Retained earnings |
|
103,410 |
|
|
|
96,608 |
|
Treasury stock, at cost |
|
(10,285 |
) |
|
|
(10,285 |
) |
Accumulated other comprehensive loss |
|
(5,529 |
) |
|
|
(4,925 |
) |
TOTAL SHAREHOLDERS'
EQUITY |
|
200,878 |
|
|
|
191,564 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
468,104 |
|
|
$ |
440,876 |
|
|
|
|
|
|
|
|
|
Daktronics, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(in thousands)(unaudited)
|
Year Ended |
|
April 29, 2023 |
|
April 30, 2022 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net income |
$ |
6,802 |
|
|
$ |
592 |
|
Adjustments to reconcile net income to net cash provided (used) by
operating activities: |
|
|
|
Depreciation and amortization |
|
16,993 |
|
|
|
15,394 |
|
Gain on sale of property, equipment and other assets |
|
(691 |
) |
|
|
(743 |
) |
Share-based compensation |
|
2,027 |
|
|
|
1,973 |
|
Equity in loss of affiliates |
|
3,332 |
|
|
|
2,970 |
|
Provision (recovery) for credit losses accounts, net |
|
1,009 |
|
|
|
(286 |
) |
Deferred income taxes, net |
|
(3,633 |
) |
|
|
(1,555 |
) |
Non-cash impairment changes |
|
9,049 |
|
|
|
— |
|
Change in operating assets and liabilities |
|
(19,864 |
) |
|
|
(45,380 |
) |
Net cash provided by (used in) operating
activities |
|
15,024 |
|
|
|
(27,035 |
) |
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Purchases of property and equipment |
|
(25,385 |
) |
|
|
(20,376 |
) |
Proceeds from sales of property, equipment and other assets |
|
822 |
|
|
|
885 |
|
Purchases of marketable securities |
|
— |
|
|
|
(4,045 |
) |
Proceeds from sales or maturities of marketable securities |
|
3,490 |
|
|
|
— |
|
Purchases of equity and loans to equity investees |
|
(4,315 |
) |
|
|
(7,848 |
) |
Net cash used in investing activities |
|
(25,388 |
) |
|
|
(31,384 |
) |
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Borrowings on notes payable |
|
378,694 |
|
|
|
46,801 |
|
Payments on notes payable |
|
(360,944 |
) |
|
|
(46,801 |
) |
Debt issuance costs |
|
(991 |
) |
|
|
— |
|
Borrowings on long-term obligations |
|
1,233 |
|
|
|
— |
|
Principal payments on long-term obligations |
|
(305 |
) |
|
|
(200 |
) |
Payments for common shares repurchased |
|
— |
|
|
|
(3,184 |
) |
Proceeds from exercise of stock options |
|
21 |
|
|
|
8 |
|
Tax payments related to RSU issuances |
|
(140 |
) |
|
|
(200 |
) |
Net cash provided by (used in) financing
activities |
|
17,568 |
|
|
|
(3,576 |
) |
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES
ON CASH |
|
(522 |
) |
|
|
(399 |
) |
NET INCREASE (DECREASE) IN CASH,
CASH EQUIVALENTS AND RESTRICTED CASH |
|
6,682 |
|
|
|
(62,394 |
) |
|
|
|
|
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH: |
|
|
|
Beginning of period |
|
18,008 |
|
|
|
80,402 |
|
End of period |
$ |
24,690 |
|
|
$ |
18,008 |
|
|
|
|
|
|
|
|
|
Daktronics, Inc. and
SubsidiariesNet Sales and Orders by Business
Unit(in thousands)(unaudited)
|
Three Months Ended |
|
Twelve Months Ended |
|
April 29,2023 |
|
April 30,2022 |
|
DollarChange |
|
PercentChange |
|
April 29,2023 |
|
April 30,2022 |
|
DollarChange |
|
PercentChange |
Net
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
43,458 |
|
$ |
46,872 |
|
$ |
(3,414 |
) |
|
(7.3 |
)% |
|
$ |
170,590 |
|
$ |
154,211 |
|
$ |
16,379 |
|
|
10.6 |
% |
Live Events |
|
91,530 |
|
|
48,266 |
|
|
43,264 |
|
|
89.6 |
|
|
|
284,900 |
|
|
199,106 |
|
|
85,794 |
|
|
43.1 |
|
High School Park and Recreation |
|
35,621 |
|
|
27,454 |
|
|
8,167 |
|
|
29.7 |
|
|
|
141,748 |
|
|
111,816 |
|
|
29,932 |
|
|
26.8 |
|
Transportation |
|
18,509 |
|
|
20,273 |
|
|
(1,764 |
) |
|
(8.7 |
) |
|
|
72,306 |
|
|
62,707 |
|
|
9,599 |
|
|
15.3 |
|
International |
|
20,744 |
|
|
19,338 |
|
|
1,406 |
|
|
7.3 |
|
|
|
84,652 |
|
|
83,130 |
|
|
1,522 |
|
|
1.8 |
|
|
$ |
209,862 |
|
$ |
162,203 |
|
$ |
47,659 |
|
|
29.4 |
% |
|
$ |
754,196 |
|
$ |
610,970 |
|
$ |
143,226 |
|
|
23.4 |
% |
Orders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
38,902 |
|
$ |
49,218 |
|
$ |
(10,316 |
) |
|
(21.0 |
)% |
|
$ |
158,028 |
|
$ |
192,917 |
|
$ |
(34,889 |
) |
|
(18.1 |
)% |
Live Events |
|
65,890 |
|
|
144,275 |
|
|
(78,385 |
) |
|
(54.3 |
) |
|
|
259,653 |
|
|
313,940 |
|
|
(54,287 |
) |
|
(17.3 |
) |
High School Park and Recreation |
|
47,345 |
|
|
49,059 |
|
|
(1,714 |
) |
|
(3.5 |
) |
|
|
144,919 |
|
|
156,305 |
|
|
(11,386 |
) |
|
(7.3 |
) |
Transportation |
|
20,939 |
|
|
21,139 |
|
|
(200 |
) |
|
(0.9 |
) |
|
|
66,751 |
|
|
77,993 |
|
|
(11,242 |
) |
|
(14.4 |
) |
International |
|
6,473 |
|
|
22,138 |
|
|
(15,665 |
) |
|
(70.8 |
) |
|
|
51,603 |
|
|
104,916 |
|
|
(53,313 |
) |
|
(50.8 |
) |
|
$ |
179,549 |
|
$ |
285,829 |
|
$ |
(106,280 |
) |
|
(37.2 |
)% |
|
$ |
680,954 |
|
$ |
846,071 |
|
$ |
(165,117 |
) |
|
(19.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash
Flow*(in thousands)(unaudited)
|
Twelve Months Ended |
|
April 29,2023 |
|
April 30, 2022 |
Net cash (used in) provided by operating activities |
$ |
15,024 |
|
|
$ |
(27,035 |
) |
Purchases of property and
equipment |
|
(25,385 |
) |
|
|
(20,376 |
) |
Proceeds from sales of
property and equipment |
|
822 |
|
|
|
885 |
|
Free cash flow |
$ |
(9,539 |
) |
|
$ |
(46,526 |
) |
- 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 |
|
Twelve Months Ended |
|
April 29,2023 |
|
April 30,2022 |
|
April 29,2023 |
|
April 30,2022 |
Operating income (loss) (GAAP Measure) |
$ |
18,263 |
|
$ |
(319 |
) |
|
$ |
21,388 |
|
$ |
4,046 |
Plus goodwill impairment |
|
— |
|
|
— |
|
|
|
4,576 |
|
|
— |
Adjusted operating income
(loss) (non-GAAP measure) |
$ |
18,263 |
|
$ |
(319 |
) |
|
$ |
25,964 |
|
$ |
4,046 |
- 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.
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