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10-Q Filing

DAKTRONICS INC /SD/ CIK: 915779 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000915779-22-000039
Period End Date 20220731
Filing Date 20220902
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance dakt-20220730_htm.xml
Balance Sheet 90 line items
Line Item Tag Value Unit Period
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 50,000.00 shares Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 50,000.00 shares Point-in-time
Preferred stock, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $17.14M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $8.28M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $74.66M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $750.00K USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $865.00K USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 115.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 115.00M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $2.54M USD Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 46.94M shares Point-in-time
Marketable securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $4.02M USD Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 46.73M shares Point-in-time
Marketable securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $3.02M USD Point-in-time
Treasury stock, shares (in shares) TreasuryStockShares 1.91M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $113.19M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $101.10M USD Point-in-time
Treasury stock, shares (in shares) TreasuryStockShares 1.91M shares Point-in-time
Inventories InventoryNet $134.39M USD Point-in-time
Inventories InventoryNet $157.17M USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $45.20M USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $41.69M USD Point-in-time
Current maturities of long-term receivables NotesAndLoansReceivableNetCurrent $1.62M USD Point-in-time
Current maturities of long-term receivables NotesAndLoansReceivableNetCurrent $2.80M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $14.96M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $11.55M USD Point-in-time
Income tax receivables IncomeTaxesReceivable $2.32M USD Point-in-time
Income tax receivables IncomeTaxesReceivable $603.00K USD Point-in-time
Total current assets AssetsCurrent $343.10M USD Point-in-time
Total current assets AssetsCurrent $317.57M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $72.39M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $66.77M USD Point-in-time
Long-term receivables, less current maturities NotesAndLoansReceivableNetNoncurrent $1.49M USD Point-in-time
Long-term receivables, less current maturities NotesAndLoansReceivableNetNoncurrent $1.12M USD Point-in-time
Goodwill Goodwill $7.93M USD Point-in-time
Goodwill Goodwill $7.86M USD Point-in-time
Intangibles, net FiniteLivedIntangibleAssetsNet $1.39M USD Point-in-time
Intangibles, net FiniteLivedIntangibleAssetsNet $1.47M USD Point-in-time
Investment in affiliates and other assets InvestmentsAndOtherNoncurrentAssets $32.32M USD Point-in-time
Investment in affiliates and other assets InvestmentsAndOtherNoncurrentAssets $34.15M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $13.30M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $13.33M USD Point-in-time
TOTAL ASSETS Assets $473.31M USD Point-in-time
TOTAL ASSETS Assets $440.88M USD Point-in-time
Accounts payable AccountsPayableCurrent $82.47M USD Point-in-time
Accounts payable AccountsPayableCurrent $76.31M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $96.40M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $90.39M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $33.98M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $34.96M USD Point-in-time
Warranty obligations ProductWarrantyAccrualClassifiedCurrent $11.62M USD Point-in-time
Warranty obligations ProductWarrantyAccrualClassifiedCurrent $11.51M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $408.00K USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $264.00K USD Point-in-time
Total current liabilities LiabilitiesCurrent $224.63M USD Point-in-time
Total current liabilities LiabilitiesCurrent $213.69M USD Point-in-time
Long-term warranty obligations ProductWarrantyAccrualNoncurrent $17.90M USD Point-in-time
Long-term warranty obligations ProductWarrantyAccrualNoncurrent $17.26M USD Point-in-time
Long-term contract liabilities ContractWithCustomerLiabilityNoncurrent $11.76M USD Point-in-time
Long-term contract liabilities ContractWithCustomerLiabilityNoncurrent $11.00M USD Point-in-time
Other long-term obligations OtherLiabilitiesNoncurrent $7.90M USD Point-in-time
Other long-term obligations OtherLiabilitiesNoncurrent $7.08M USD Point-in-time
Line of Credit LongTermLineOfCredit $24.13M USD Point-in-time
Line of Credit LongTermLineOfCredit - USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $287.00K USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $287.00K USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $61.98M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $35.62M USD Point-in-time
Preferred Shares, no par value, authorized 50,000 shares; no shares issued and outstanding PreferredStockValue - USD Point-in-time
Preferred Shares, no par value, authorized 50,000 shares; no shares issued and outstanding PreferredStockValue - USD Point-in-time
Common Stock, no par value, authorized 115,000,000 shares; 46,942,070 and 46,733,544 shares issued at July 30, 2022 and April 30, 2022, respectively CommonStockValue $61.79M USD Point-in-time
Common Stock, no par value, authorized 115,000,000 shares; 46,942,070 and 46,733,544 shares issued at July 30, 2022 and April 30, 2022, respectively CommonStockValue $62.39M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $48.88M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $48.37M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $96.61M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $91.28M USD Point-in-time
Treasury Stock, at cost, 1,907,445 shares at July 30, 2022 and April 30, 2022, respectively TreasuryStockValue $10.29M USD Point-in-time
Treasury Stock, at cost, 1,907,445 shares at July 30, 2022 and April 30, 2022, respectively TreasuryStockValue $10.29M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-5.57M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-4.92M USD Point-in-time
TOTAL SHAREHOLDERS' EQUITY StockholdersEquity $198.18M USD Point-in-time
TOTAL SHAREHOLDERS' EQUITY StockholdersEquity $186.70M USD Point-in-time
TOTAL SHAREHOLDERS' EQUITY StockholdersEquity $193.55M USD Point-in-time
TOTAL SHAREHOLDERS' EQUITY StockholdersEquity $191.56M USD Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $440.88M USD Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $473.31M USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $171.92M USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $144.73M USD 1 Quarter
Cost of sales CostOfRevenue $146.13M USD 1 Quarter
Cost of sales CostOfRevenue $112.54M USD 1 Quarter
Gross profit GrossProfit $32.19M USD 1 Quarter
Gross profit GrossProfit $25.79M USD 1 Quarter
Selling SellingExpense $11.79M USD 1 Quarter
Selling SellingExpense $14.43M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $9.44M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $7.57M USD 1 Quarter
Product design and development ResearchAndDevelopmentExpense $7.16M USD 1 Quarter
Product design and development ResearchAndDevelopmentExpense $7.44M USD 1 Quarter
Operating expenses OperatingExpenses $26.53M USD 1 Quarter
Operating expenses OperatingExpenses $31.31M USD 1 Quarter
Operating (loss)income OperatingIncomeLoss $-5.52M USD 1 Quarter
Operating (loss)income OperatingIncomeLoss $5.66M USD 1 Quarter
Interest (expense) income, net InvestmentIncomeNet $137.00K USD 1 Quarter
Interest (expense) income, net InvestmentIncomeNet $-60.00K USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-747.00K USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-868.00K USD 1 Quarter
(Loss) income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-6.33M USD 1 Quarter
(Loss) income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $4.93M USD 1 Quarter
Income tax (benefit) expense IncomeTaxExpenseBenefit $-1.00M USD 1 Quarter
Income tax (benefit) expense IncomeTaxExpenseBenefit $1.24M USD 1 Quarter
Net (loss) income NetIncomeLoss $3.69M USD 1 Quarter
Net (loss) income NetIncomeLoss $-5.33M USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 45.10M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 45.14M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 45.42M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 45.10M shares 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $-0.12 USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $0.08 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $0.08 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $-0.12 USD 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net (loss) income NetIncomeLoss $3.69M USD 1 Quarter
Net (loss) income NetIncomeLoss $-5.33M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $4.05M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $4.03M USD 1 Quarter
Gain on sale of property, equipment and other assets GainLossOnSaleOfPropertyPlantEquipment $361.00K USD 1 Quarter
Gain on sale of property, equipment and other assets GainLossOnSaleOfPropertyPlantEquipment $106.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $511.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $518.00K USD 1 Quarter
Equity in loss of affiliates IncomeLossFromEquityMethodInvestments $-746.00K USD 1 Quarter
Equity in loss of affiliates IncomeLossFromEquityMethodInvestments $-890.00K USD 1 Quarter
Provision for doubtful accounts, net of recovery ProvisionForDoubtfulAccounts $-421.00K USD 1 Quarter
Provision for doubtful accounts, net of recovery ProvisionForDoubtfulAccounts $177.00K USD 1 Quarter
Deferred income taxes, net DeferredIncomeTaxExpenseBenefit $12.00K USD 1 Quarter
Deferred income taxes, net DeferredIncomeTaxExpenseBenefit $-32.00K USD 1 Quarter
Change in operating assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $22.74M USD 1 Quarter
Change in operating assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $9.46M USD 1 Quarter
Net cash (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-1.02M USD 1 Quarter
Net cash (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-22.82M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $10.65M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.28M USD 1 Quarter
Proceeds from sales of property, equipment and other assets ProceedsFromSaleOfPropertyPlantAndEquipment $365.00K USD 1 Quarter
Proceeds from sales of property, equipment and other assets ProceedsFromSaleOfPropertyPlantAndEquipment $149.00K USD 1 Quarter
Proceeds from sales or maturities of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities $999.00K USD 1 Quarter
Proceeds from sales or maturities of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities - USD 1 Quarter
Purchases of equity and loans to equity investees PaymentsToAcquireEquityMethodInvestments $1.08M USD 1 Quarter
Purchases of equity and loans to equity investees PaymentsToAcquireEquityMethodInvestments $718.00K USD 1 Quarter
Net cash (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-10.37M USD 1 Quarter
Net cash (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-1.85M USD 1 Quarter
Borrowings on notes payable ProceedsFromNotesPayable - USD 1 Quarter
Borrowings on notes payable ProceedsFromNotesPayable $92.10M USD 1 Quarter
Payments on notes payable RepaymentsOfNotesPayable $67.97M USD 1 Quarter
Payments on notes payable RepaymentsOfNotesPayable - USD 1 Quarter
Principal payments on long-term obligations RepaymentsOfLongTermDebt $200.00K USD 1 Quarter
Principal payments on long-term obligations RepaymentsOfLongTermDebt - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $24.13M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-200.00K USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-132.00K USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $80.00K USD 1 Quarter
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-3.20M USD 1 Quarter
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-8.98M USD 1 Quarter
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $80.40M USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $9.03M USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $18.01M USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.20M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $80.40M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $9.03M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $18.01M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.20M USD Point-in-time
Interest InterestPaidNet - USD 1 Quarter
Interest InterestPaidNet $75.00K USD 1 Quarter
Income taxes, net of refunds IncomeTaxesPaidNet $685.00K USD 1 Quarter
Income taxes, net of refunds IncomeTaxesPaidNet $980.00K USD 1 Quarter
Demonstration equipment transferred to inventory DemonstrationEquipmentTransferredToInventory $46.00K USD 1 Quarter
Demonstration equipment transferred to inventory DemonstrationEquipmentTransferredToInventory - USD 1 Quarter
Purchases of property and equipment included in accounts payable CapitalExpendituresIncurredButNotYetPaid $868.00K USD 1 Quarter
Purchases of property and equipment included in accounts payable CapitalExpendituresIncurredButNotYetPaid $3.33M USD 1 Quarter
Contributions of common stock under the ESPP StockIssued1 $594.00K USD 1 Quarter
Contributions of common stock under the ESPP StockIssued1 $597.00K USD 1 Quarter
Stockholders Equity 19 line items
Line Item Tag Value Unit Period
Balance beginning StockholdersEquity $198.18M USD Point-in-time
Balance beginning StockholdersEquity $186.70M USD Point-in-time
Balance beginning StockholdersEquity $193.55M USD Point-in-time
Balance beginning StockholdersEquity $191.56M USD Point-in-time
Net (loss) income NetIncomeLoss $3.69M USD 1 Quarter
Net (loss) income NetIncomeLoss $-5.33M USD 1 Quarter
Cumulative translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-373.00K USD 1 Quarter
Cumulative translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-642.00K USD 1 Quarter
Unrealized gain (loss) on available-for-sale securities, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax - USD 1 Quarter
Unrealized gain (loss) on available-for-sale securities, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $1.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $511.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $518.00K USD 1 Quarter
Employee savings plan activity StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $597.00K USD 1 Quarter
Employee savings plan activity StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $594.00K USD 1 Quarter
Treasury stock reissued StockIssuedDuringPeriodValueTreasuryStockReissued $200.00K USD 1 Quarter
Balance ending StockholdersEquity $198.18M USD Point-in-time
Balance ending StockholdersEquity $186.70M USD Point-in-time
Balance ending StockholdersEquity $193.55M USD Point-in-time
Balance ending StockholdersEquity $191.56M USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net (loss) income NetIncomeLoss $3.69M USD 1 Quarter
Net (loss) income NetIncomeLoss $-5.33M USD 1 Quarter
Cumulative translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-373.00K USD 1 Quarter
Cumulative translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-642.00K USD 1 Quarter
Unrealized gain (loss) on available-for-sale securities, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax - USD 1 Quarter
Unrealized gain (loss) on available-for-sale securities, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $1.00K USD 1 Quarter
Total other comprehensive (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-373.00K USD 1 Quarter
Total other comprehensive (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-641.00K USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTax $3.31M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTax $-5.97M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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