Daktronics Files 10-Q for Q2 2025

Ticker: DAKT · Form: 10-Q · Filed: Dec 4, 2024 · CIK: 915779

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

Daktronics 10-Q filed: Financials for Q2 FY25 out, check retained earnings & stock changes.

AI Summary

Daktronics Inc. filed its 10-Q for the period ending October 26, 2024, reporting on its financial performance. The filing details various financial statement items, including common stock, additional paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income as of April 27, 2024, and for the periods ending July 27, 2024, and October 26, 2024.

Why It Matters

This filing provides investors with a detailed look at Daktronics' financial health and operational performance during the second quarter of fiscal year 2025, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

Key Players & Entities

FAQ

What were the key financial statement line items reported for the period ending October 26, 2024?

The filing indicates reporting on items such as common stock, additional paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income as of October 26, 2024.

What is the fiscal year end for Daktronics?

Daktronics' fiscal year ends on April 26th, as indicated by 'FISCAL YEAR END: 0426'.

When was the previous fiscal quarter end date reported?

The filing references periods ending July 27, 2024, and October 28, 2023, suggesting these were prior reporting periods.

What is the company's primary business address?

Daktronics' 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 Inc. is 001-38747.

Filing Stats: 4,757 words · 19 min read · ~16 pages · Grade level 17 · Accepted 2024-12-04 15:57:24

Filing Documents

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of October 26, 2024 and April 27, 2024 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended October 26, 2024 and October 28, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended October 26, 2024 and October 28, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended October 26, 2024 and October 28, 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended October 26, 2024 and October 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 36 Item 4.

Controls and Procedures

Controls and Procedures 36 Part II. Other Information 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 37 Index to Exhibits 38

Signatures

Signatures 39 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) October 26, 2024 April 27, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 134,352 $ 81,299 Restricted cash — 379 Accounts receivable, net 111,307 117,186 Inventories 121,582 138,008 Contract assets 44,955 55,800 Current maturities of long-term receivables 1,272 298 Prepaid expenses and other current assets 9,180 8,531 Income tax receivables 144 448 Total current assets 422,792 401,949 Property and equipment, net 73,815 71,752 Long-term receivables, less current maturities 2,537 562 Goodwill 3,194 3,226 Intangibles, net 696 840 Debt issuance costs, net 1,910 2,530 Investment in affiliates and other assets 21,084 21,163 Deferred income taxes 25,858 25,862 TOTAL ASSETS $ 551,886 $ 527,884 1 Table of Contents DAKTRONICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (continued) (in thousands, except per share data) (unaudited) October 26, 2024 April 27, 2024 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $ 1,500 $ 1,500 Accounts payable 57,463 60,757 Contract liabilities 62,458 65,524 Accrued expenses 42,811 43,028 Warranty obligations 15,334 16,540 Income taxes payable 531 4,947 Total current liabilities 180,097 192,296 Long-term warranty obligations 23,054 21,388 Long-term contract liabilities 18,330 16,342 Other long-term obligations 5,446 5,759 Long-term debt, net 63,887 53,164 Deferred income taxes 142 143 Total long-term liabilities 110,859 96,796 SHAREHOLDERS' EQUITY: Preferred Shares, no par value, authorized 50 shares; no shares issued and outstanding — — Common Stock, no par value, authorized 115,000 shares; 48,810 and 48,121 shares issued as of October 26, 2024 and April 27, 2024, respectively 70,282 65,525 Additional paid-in capital 52,505 52,046 Retained earnings 154,491 138,031

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