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Daktronics (DAKT)

Daktronics 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.

Company profile

Ticker
DAKT
Exchange
CEO
Reece Kurtenbach
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Daktronics Canada, Inc. • Daktronics, GmbH • Daktronics UK, Ltd. • Daktronics Shanghai Co., Ltd. • Daktronics France SARL • Daktronics Australia Pty Ltd. • Daktronics Installation, Inc. • Daktronics Japan, Inc. • Daktronics HK Limited • Daktronics (International) Limited ...
IRS number
460306862

DAKT stock data

Calendar

16 Jun 22
26 Jun 22
30 Apr 23
Quarter (USD) Apr 22 Jan 22 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Apr 22 May 21 May 20 Apr 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 18.01M 18.01M 18.01M 18.01M 18.01M 18.01M
Cash burn (monthly) 4.57M 5.2M 259.33K (no burn) 523.67K 2.25M
Cash used (since last report) 8.71M 9.91M 494.15K n/a 997.83K 4.29M
Cash remaining 9.3M 8.1M 17.51M n/a 17.01M 13.72M
Runway (months of cash) 2.0 1.6 67.5 n/a 32.5 6.1

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Jun 22 Reece A Kurtenbach Common Stock Buy Acquire P No No 2.9896 15,000 44.84K 437,043
16 Mar 22 Reece A Kurtenbach Common Stock Buy Acquire P No No 4.02 10,000 40.2K 422,043
6 Dec 21 Reece A Kurtenbach Common Stock Buy Acquire P No No 4.7151 10,000 47.15K 412,043
6 Dec 21 Anderson Sheila Mae Common Stock Buy Acquire P No No 4.6069 3,000 13.82K 29,264.94
2 Sep 21 James B Morgan Common Stock Grant Acquire A No No 0 10,159 0 1,333,366
54.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 115 128 -10.2%
Opened positions 11 23 -52.2%
Closed positions 24 34 -29.4%
Increased positions 38 35 +8.6%
Reduced positions 41 45 -8.9%
13F shares Current Prev Q Change
Total value 94.11M 455.63M -79.3%
Total shares 24.34M 23.84M +2.1%
Total puts 0 0
Total calls 24.8K 0 NEW
Total put/call ratio
Largest owners Shares Value Change
BLK Blackrock 2.97M $11.41M +6.7%
Dimensional Fund Advisors 2.36M $9.07M +0.3%
Vanguard 2.18M $8.37M +20.3%
Acadian Asset Management 1.78M $6.82M +32.5%
Renaissance Technologies 1.36M $5.22M +7.9%
First Bank & Trust 1.21M $4.62M +38.4%
D. E. Shaw & Co. 898.45K $3.45M +10.4%
Kovack Advisors 801.3K $3.08M +57.2%
STT State Street 681.53K $2.62M -0.1%
BEN Franklin Resources 633.01K $2.43M 0.0%
Largest transactions Shares Bought/sold Change
Millennium Management 175.59K -671.62K -79.3%
Private Advisor 612.05K +612.05K NEW
Investors Financial 0 -511.05K EXIT
Acadian Asset Management 1.78M +435.83K +32.5%
Vanguard 2.18M +368.1K +20.3%
First Bank & Trust 1.21M +334.49K +38.4%
Arrowstreet Capital, Limited Partnership 193.97K -294.97K -60.3%
Kovack Advisors 801.3K +291.45K +57.2%
Susquehanna International 33.63K -275.43K -89.1%
Penn Capital Management 473.81K +254.51K +116.1%

Financial report summary

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Risks
  • We face risks related to actual or threatened health epidemics and other outbreaks, including the COVID-19 pandemic, which have and could have a material adverse effect on our operations, liquidity, financial conditions, and financial results.
  • If we fail to timely and effectively obtain shipments of raw materials and components from our suppliers or to send shipments of our manufactured product to our customers, our business and operating results could be adversely affected.
  • Cost inflation in, and shortages of, raw materials, components, and related transportation and tariff costs has and can have a significant impact on our price competitiveness and/or ability to produce our products, which has and could cause harm to our sales, financial condition and results of operations.
  • We depend on a single-source or a limited number of suppliers for our raw materials and components from countries around the world. The loss, an interruption, or a material change in our business relationships with our suppliers has and could cause a disruption in supply and a substantial increase in the costs of such materials. Such changes has and could result in extended lead times or supply changes, which could disrupt or delay our scheduled product deliveries to our end user customers and may result in the loss of sales and end user customers and cause harm to our sales, financial condition, and results of operations.
  • We may fail to continue to attract, develop and retain personnel throughout our business areas, which could negatively impact our operating results.
  • We depend on third parties to complete some of our contracts.
  • We may not be able to utilize our capacity efficiently or accurately plan our capacity requirements, which may negatively affect our business and operating results.
  • We operate in highly competitive markets and face significant competition and pricing pressures. If we are unable to keep up with the rapidly changing product developments and new technologies or if we cannot compete effectively, we could lose market share and orders, which would negatively impact our results of operations.
  • We enter into fixed-price contracts, which could reduce our profits if actual costs exceed estimated costs.
  • Backlog may not be indicative of future revenue or profitability.
  • Our results of operations on a quarterly and annual basis have and are likely to continue to fluctuate and be substantially affected by the size and timing of large contract order awards.
  • Our actual results could differ from the estimates and assumptions we make to prepare our financial statements, which could have a material impact on our financial condition and results of operations.
  • Unanticipated warranty and other costs for defective products could adversely affect our financial condition, results of operations and reputation.
  • The terms and conditions of our credit facilities impose restrictions on our operations, and if we default on our credit facilities, it could have a material adverse effect on our results of operations and financial condition and make us vulnerable to adverse economic or industry conditions and cause liquidity issues.
  • Unanticipated events resulting in credit losses to us could have a material adverse impact on our financial results.
  • If we became unable to obtain adequate surety bonding or letters of credit, it could adversely affect our ability to bid on new work, which could have a material adverse effect on our future revenue and business prospects.
  • We may be unable to protect our intellectual property rights effectively, or we may infringe upon the intellectual property rights of others, either of which may have a material adverse effect on our operating results and financial condition.
  • Geopolitical issues, conflicts and other global events could adversely affect our results of operations and financial condition.
  • Weakened global economic or recessionary conditions may adversely affect our industry, business and results of operations.
  • Unexpected events, including natural disasters and pandemics, may increase our cost of doing business or disrupt our operations.
  • Our global operations expose us to global regulatory, geopolitical, economic and social changes and add additional risks and uncertainties which can harm our business, operating results, and financial condition.
  • Our future results may be affected by compliance risks related to United States and other countries' anti-bribery and anti-corruption laws, trade controls, economic sanctions, and similar laws and regulations. Our failure to comply with these laws and regulations could subject us to civil, criminal and administrative proceedings or penalties and harm our reputation.
  • Global tax law changes may adversely affect our business, financial condition and results of operations.
  • Acquisitions, partial investments, and divestitures pose financial, management and other risks and challenges.
  • If goodwill or other intangible assets in connection with our acquisitions become impaired, we could take significant non-cash charges against earnings.
  • Our data systems could fail, or their security could be compromised, causing a material adverse effect on our business.
  • Regulation in the areas of privacy, data protection and information security could increase our costs and affect or limit our business opportunities and how we collect or use personal information.
  • We may fail to continue to attract, develop and retain key management personnel, which could negatively impact our operating results.
  • The outcome of pending and future claims, investigations or litigation can have a material adverse impact on our business, financial condition, and results of operations.
  • Our business involves the use of hazardous materials, and we must comply with environmental, health and safety laws and regulations, which can be expensive and restrict how we do business.
  • If our internal control over financial reporting is found to be ineffective, our financial statements may not be fairly stated, raising concerns for investors and potentially adversely affecting our stock price.
  • Insurance coverage can be difficult or expensive to obtain, and our failure to obtain adequate insurance coverage could adversely affect our financial condition or results of operations.
  • We have been required to conduct a good faith reasonable country of origin analysis on our use of “conflict minerals”, which has imposed and may impose additional costs on us and could raise reputational challenges and other risks.
  • The protections we have adopted and to which we are subject may discourage takeover offers favored by our shareholders.
  • Our common stock has at times been thinly traded, which may result in low liquidity and price volatility.
  • Significant changes in the market price of our common stock could result in securities litigation claims against us.
  • There can be no assurance that we will pay dividends on our common stock.
  • Our executive officers, directors and principal shareholders have the ability to significantly influence all matters submitted to our shareholders for approval.
Management Discussion
  • The decline in gross profit percentage in fiscal 2022 is primarily related to the ongoing supply chain disruptions and inflationary challenges in materials, freight, tariff, and personnel related costs; the difference in sales mix between periods; other factors experienced during fiscal 2021 which had a positive impact on fiscal 2021 margins; and an increase in warranty expense in fiscal 2022. Total warranty expense as a percent of sales increased to 1.9 percent for fiscal 2022 as compared to 1.4 percent during fiscal 2021.
  • Factors impacting the gross profit in fiscal 2021 included the positive $2.1 million litigation claim reversal in the High School Park and Recreation business unit and $1.8 million of COVID relief governmental subsidies offset by $2.8 million of severance costs to reduce our workforce to adjust to the impacts of the COVID-19 pandemic. In addition, we earned a higher rate of gross profit on our service agreements in fiscal 2021 due to reduced stand ready services conducted during the year because of the pandemic. During fiscal year 2022, we had more large project sales which generally have lower gross profit because of their competitive nature.
  • It is difficult to project gross profit levels for fiscal 2023 because of the uncertainty regarding the level of sales, the sales mix, price strategy and timing of sales generation, the COVID-19 impact, potential inflation and the availability of materials, labor, and freight, and the competitive factors in our business. We are focused on improving our gross profit margins as we execute our strategies for improved profitability, which include selectively increasing pricing, releasing new product designs to lower overall costs of the product; improving reliability to reduce warranty expenses; expanding our global capacity and planning; meeting customer solution expectations; and continued improvements in operational effectiveness in manufacturing, installation, and service delivery areas. Cost reductions made during the pandemic vary in permanency and may not be sustainable in future periods as orders and sales volumes recover.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
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Patents

Utility
Support Chassis for Electronic Display
12 May 22
An electronic display comprises a support system comprising a plurality of support chassis, each support chassis comprising a plurality of chassis components each formed from one or more pieces of sheet metal, wherein the plurality of chassis components are welded together with a plurality of laser weld joints to form the support chassis having a front wall with a planar or substantially planar front mounting face, and a plurality of planar or substantially planar side walls, wherein the planar or substantially planar mounting faces of the plurality of support chassis are aligned to collectively form a front mounting surface, and a plurality of display modules mounted to the front mounting face, wherein each display module comprises an array of light-emitting element pixels, wherein the plurality of display modules collectively form a display surface.
Utility
Dynamic Compensation for Thermally Induced Light Output Variation In Electronic Displays
5 May 22
A method comprises producing or receiving information regarding content to be displayed on an array of pixels as a function of time, wherein the information includes a specified light output for each pixel in the array as a function of time, determining an expected change in light output intensity for each of one or more of the pixels as a function of time, wherein the expected change in light output intensity for each of the one or more of the pixels is dependent, at least in part, on the specified light output for at least a portion of the pixels in the array, and modifying an output of each of the one or more of the pixels as a function of time to compensate for at least a portion of the expected change in the light output intensity.
Utility
Support Structure for Electronic Banner Display
6 Jan 22
A display comprises a display surface formed from a plurality of display modules arranged in proximity, each display module comprising a plurality of light-emitting elements configured to collectively display one or more of video, graphical, or textual information, and a support array onto which the plurality of display modules is mounted to form the display surface.
Utility
Banner Display
18 Nov 21
A display system comprises a display of one or more display surfaces, each formed from a plurality of display modules arranged in proximity.
Utility
Controller redundancy for a display system
2 Nov 21
A display system comprises a plurality of displays each comprising an array of light-emitting elements to display a corresponding message, a primary controller that controls the array of light-emitting elements of each display to control the content of each message, a communication network to transmit control signals from the primary controller to the displays, a remote manager in communication with the primary controller via a primary manager communication link, and a redundant controller configured and able to control the array of light-emitting elements of each display to control the content of each message if it is determined that there is a malfunction of the primary controller, an interruption in the communication network between the primary controller and at least one of the displays, or an interruption in the primary communication link.