Daktronics Files 2024 10-K

Ticker: DAKT · Form: 10-K · Filed: Jun 26, 2024 · CIK: 915779

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

Daktronics 2024 10-K is in. Check financials for FY ending April 27.

AI Summary

Daktronics Inc. filed its 2024 10-K report on June 26, 2024, detailing its financial performance for the fiscal year ending April 27, 2024. The company, headquartered in Brookings, South Dakota, operates in the miscellaneous manufacturing industries. The filing includes financial data and disclosures relevant to investors and regulatory bodies.

Why It Matters

This filing provides a comprehensive overview of Daktronics' financial health and operational performance, crucial for investors assessing the company's value and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Players & Entities

FAQ

What was Daktronics' fiscal year end for this filing?

The fiscal year end for this filing was April 27, 2024.

When was this 10-K filed with the SEC?

This 10-K was filed on June 26, 2024.

What is the company's primary business address?

The company's business address is PO BOX 5128, 201 DAKTRONICS DRIVE, BROOKINGS, SD 57006.

What is the SEC file number for Daktronics?

The SEC file number for Daktronics is 001-38747.

What is the Standard Industrial Classification for Daktronics?

The Standard Industrial Classification for Daktronics is MISCELLANEOUS MANUFACTURING INDUSTRIES [3990].

Filing Stats: 4,378 words · 18 min read · ~15 pages · Grade level 13.7 · Accepted 2024-06-26 14:52:36

Filing Documents

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 8 ITEM 1B. UNRESOLVED STAFF COMMENTS 21 ITEM 1C. CYBERSECURITY 21 ITEM 2.

PROPERTIES

PROPERTIES 22 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 23 ITEM 4. MINE SAFETY DISCLOSURES 23 PART II 23 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 23 ITEM 6. [Reserved.] 24 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 35 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 77 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 77 ITEM 9B. OTHER INFORMATION 79 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 79 PART III 81 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 81 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 81 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 81 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 82 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 82 PART IV 83 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 83 ITEM 16 FORM 10-K SUMMARY 83

SIGNATURES

SIGNATURES 87 Table of Contents SPECIAL NOTE REGARDING FORWARD–LOOKING STATEMENTS This Annual Report on Form 10-K (including exhibits and any information incorporated by reference herein) (the "Form 10-K" or the "Report") contains both historical and forward-looking statements that involve risks, uncertainties and assumptions. The statements contained in this Report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, beliefs, intentions and strategies for the future. These statements appear in a number of places in this Report and include all statements that are not historical statements of fact regarding the intent, belief or current expectations with respect to, among other things: (i.) our competition; (ii.) our financing plans and ability to maintain adequate liquidity; (iii.) trends affecting our financial condition or results of operations; (iv.) our growth and operating strategies; (v.) the declaration and payment of dividends; (vi.) the timing and magnitude of future contracts; (vii.) raw material shortages and lead times and supply chain disruptions; (viii.) fluctuations in margins; (ix.) the seasonality of our business; (x.) the introduction of new products and technology; (xi.) the amount and frequency of warranty claims; (xii.) our ability to manage the impact that new or adjusted tariffs may have on the cost of raw materials and components and our ability to sell product internationally; (xiii.) the resolution of litigation contingencies; (xiv.) the timing and magnitude of any acquisitions or dispositions; (xv.) the impact of governmental laws, regulations, and orders, including as a result of the COVID-19 pandemic caused by the coronavirus; (xvi) disruptions to our business caused by geopolitical events, military actions, work stoppages, natural

BUSINESS

Item 1. BUSINESS Business Overview Daktronics, Inc. and its subsidiaries (the "Company", "Daktronics", "we", "our", or "us") are industry leaders in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications. We serve our customers by providing high quality standard display products as well as custom-designed and integrated systems. We offer a complete line of products, from small scoreboards and electronic displays to large multimillion-dollar video display systems as well as related control, timing, and sound systems. We are recognized as a technical leader with the capabilities to design, market, manufacture, install and service complete integrated systems displaying real-time data, graphics, animation and video. We engage in a full range of activities: marketing and sales, engineering and product design and development, manufacturing, technical contracting, professional services, and customer service and support. We were founded in 1968 by Drs. Aelred Kurtenbach and Duane Sander, professors of electrical engineering at South Dakota State University in Brookings, South Dakota. The Company began with the design and manufacture of electronic voting systems for state legislatures. In 1971, Daktronics developed the patented Matside wrestling scoreboard, the first product in the Company's growing and evolving line. In 1994, Daktronics became a publicly-traded company and invested in display technologies and new markets. We have continued these investments and have supported our long-term customer relationships to grow from a small company operating out of a garage to a world leader in the display industry. We currently employ 2,831 people globally. We are headquartered at 201 Daktronics Dr., Brookings, SD 57006, telephone 605-692-4200. Our Internet address is https:// www.daktronics.com. 1 Table of Contents Available Information Our annual, quarterly

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