Daktronics Inc. Files 10-Q for Q3 2024

TL;DR

<b>Daktronics Inc. files its Q3 FY2024 10-Q report</b>.

AI Summary

DAKTRONICS INC /SD/ (DAKT) filed a Quarterly Report (10-Q) with the SEC on February 28, 2024. Filing covers the third quarter of fiscal year 2024, ending January 27, 2024. The company is DAKTRONICS INC /SD/ with Central Index Key 0000915779. The filing is a 10-Q form, submitted on February 28, 2024. Fiscal year end is April 27. Standard Industrial Classification is MISCELLANEOUS MANUFACTURING INDUSTRIES [3990].

Why It Matters

For investors and stakeholders tracking DAKTRONICS INC /SD/, this filing contains several important signals. This filing provides an update on the company's financial performance and position for the third quarter of fiscal year 2024. Investors and analysts can use this report to assess the company's operational results, financial health, and any material changes since the last filing.

Risk Assessment

Risk Level: low — DAKTRONICS INC /SD/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance trends and outlook.

Key Numbers

• 2024-01-27 — Reporting Period End Date (Conformed period of report)
• 2024-02-28 — Filing Date (Filed as of date)
• 0427 — Fiscal Year End (Fiscal year end)
• Q3 2024 — Quarter (Quarter designation)

Key Players & Entities

• DAKTRONICS INC /SD/ (company) — Filer name
• 0000915779 (company) — Central Index Key
• 3990 (regulator) — Standard Industrial Classification
• 2024-01-27 (date) — Conformed period of report
• 2024-02-28 (date) — Filed as of date
• 6056974000 (dollar_amount) — Business phone

FAQ

Industry Context

Daktronics operates in the miscellaneous manufacturing industries, likely focusing on electronic display and control systems.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis for insights into operational performance and future outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-01-27: End of Q3 Fiscal Year 2024 — Reporting period for the 10-Q filing.
• 2024-02-28: 10-Q Filing Date — Date the report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q3 FY2024 10-Q filing. Specific comparative data against the previous filing (likely Q2 FY2024) would be detailed within the report itself.

Key Financial Figures

• $25,000 — tatements. On May 11, 2023, we borrowed $25,000 in aggregate principal amount evidenced

Filing Documents

• dakt-20240127.htm (10-Q) — 1413KB
• dakt-20240127x10qex311.htm (EX-31.1) — 11KB
• dakt-20240127x10qex312.htm (EX-31.2) — 11KB
• dakt-20240127x10qex321.htm (EX-32.1) — 5KB
• dakt-20240127x10qex322.htm (EX-32.2) — 5KB
• dakt-20240127_g1.jpg (GRAPHIC) — 11KB
• 0000915779-24-000007.txt (&nbsp;) — 6711KB
• dakt-20240127.xsd (EX-101.SCH) — 37KB
• dakt-20240127_cal.xml (EX-101.CAL) — 64KB
• dakt-20240127_def.xml (EX-101.DEF) — 187KB
• dakt-20240127_lab.xml (EX-101.LAB) — 479KB
• dakt-20240127_pre.xml (EX-101.PRE) — 323KB
• dakt-20240127_htm.xml (XML) — 1137KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of January 27, 2024 and April 29, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended January 27, 2024 and January 28, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended January 27, 2024 and January 28, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended January 27, 2024 and January 28, 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended January 27, 2024 and January 28, 2023 7 Notes to the Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 Part II. Other Information 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 34 Index to Exhibits 35

Signatures

Signatures 36 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS DAKTRONICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) January 27, 2024 April 29, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 76,764 $ 23,982 Restricted cash 429 708 Marketable securities — 534 Accounts receivable, net 100,601 109,979 Inventories 140,251 149,448 Contract assets 47,857 46,789 Current maturities of long-term receivables 271 1,215 Prepaid expenses and other current assets 7,853 9,676 Income tax receivables 1,504 326 Total current assets 375,530 342,657 Property and equipment, net 72,406 72,147 Long-term receivables, less current maturities 95 264 Goodwill 3,263 3,239 Intangibles, net 923 1,136 Debt issuance costs, net 2,840 3,866 Investment in affiliates and other assets 27,314 27,928 Deferred income taxes 16,835 16,867 TOTAL ASSETS $ 499,206 $ 468,104 1 Table of Contents DAKTRONICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (continued) (in thousands, except per share data) (unaudited) January 27, 2024 April 29, 2023 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $ 1,500 $ — Accounts payable 49,489 67,522 Contract liabilities 68,936 91,549 Accrued expenses 36,824 36,005 Warranty obligations 12,884 12,228 Income taxes payable 628 2,859 Total current liabilities 170,261 210,163 Long-term warranty obligations 21,806 20,313 Long-term contract liabilities 16,347 13,096 Other long-term obligations 5,882 5,709 Long-term debt, net 48,466 17,750 Deferred income taxes 198 195 Total long-term liabilities 92,699 57,063 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; 46,189,311 and 45,488,595 shares issued at January 27, 2024 and April 29, 2023, respectively 65,371 63,023 Additional paid-in capital 51,554 50,25

View Full Filing

View this 10-Q filing on SEC EDGAR