Daktronics, Inc. (NASDAQ - DAKT) today reported results for its
fiscal 2024 second quarter which ended October 28, 2023.
Q2 FY2024 financial highlights:
- Sales of $199.4 million, a 6.4 percent increase from the second
quarter of fiscal 2023
- Gross profit as a percentage of net sales of 27.2 percent as
compared to 16.9 percent in the second quarter of fiscal 2023
- Operating income of $19.4 million as compared to $1.5 million
in the second quarter of fiscal 2023
- Product order backlog was $306.9 million(1) at October 28,
2023 compared to $400.7 million at the end of the fourth quarter of
fiscal 2023 and $463.1 million in the year-earlier period.
"Our second quarter performance reflect strong
gross profit margin expansion and cash flow generation,
contributing to a record first half year of financial results. I
attribute our success to our teams strong execution across all
business areas and pricing strategies that we undertook over the
past several quarters. In addition, our backlog reduction reflects
our efforts to reduce lead times and the more stable operating
environment, allowing more consistent output," stated Reece
Kurtenbach, Daktronics' Chairman, President and Chief Executive
Officer."
Andrew Siegel Appointed New Lead
Independent Director Daktronics, Inc. also announced the
appointment of Andrew Siegel as Lead Independent Director,
succeeding Kevin McDermott who has served as Lead Director since
June 2020.
“Kevin provided outstanding leadership to the
Board as our Lead Independent Director during a challenging time,
including the pandemic business climate, post-pandemic supply-chain
crisis, and our recent successful financing," Kurtenbach said. "We
thank Kevin for his significant leadership and commitment to
Daktronics. We appreciate that his contributions will continue as
Chair of the Audit Committee.”
Andrew Siegel joined the Board in July 2022 part
of the Company’s ongoing Board refreshment process. He currently
manages Prairieland Holdco LLC, which entered into a Cooperation
Agreement with the Company at that time, and co-manages, with
Lawrence B. Benenson, TLI Bedrock, LLC, a private multi-strategy
investment firm.
Mr. Siegel commented, “As an investment firm we
were drawn to Daktronics because of its values and culture, its
leadership position in its industry, and the exciting prospects as
technology continues to enable new applications and markets for the
Company’s products, systems and services. As a member of the Board,
I am thrilled to have supported the Company’s achievements over the
past several quarters, and look forward to working diligently with
my fellow directors toward Daktronics strategic vision of
profitable growth.”
Second Quarter Income
Statement Highlights Orders for the second quarter of
fiscal 2024 were similar to the second quarter of fiscal 2023
though the order volume from our business units differed from that
of the year earlier period. Higher orders from customers in the
International and Transportation business units offset decreases in
the Spectacular and Out-of-Home markets in our Commercial business
unit.
Net sales for the second quarter of fiscal 2024
increased by 6.4 percent as compared to the second quarter of
fiscal 2023. Sales growth was driven by fulfilling orders in
backlog, especially in the High School Park and Recreation,
Commercial, and Transportation business units. The increase is
attributable to a stable operating environment, increased
manufacturing capacity and realization of price increases.
Gross profit as a percentage of net sales
increased to 27.2 percent for the second quarter of fiscal 2024 as
compared to 16.9 percent a year earlier. The gross profit
improvement is due to strategic pricing, our ability to efficiently
generate more sales volume over our cost structure and due to the
more stable operating environment.
Operating expenses increased 15.2 percent to
$34.8 million in the second quarter of fiscal 2024 as compared to
$30.2 million for the second quarter of fiscal 2023. This increase
primarily attributable to increases in employee compensation and
benefits.
Operating income percent for the second quarter
of fiscal 2024 was 9.7 percent, compared to 0.8 percent for the
second quarter of fiscal 2023 due to the combined factors discussed
above.
The increase in interest (expense) income, net
for the second quarter of fiscal 2024 compared to the same period
one year ago was primarily due to the closing in May 2023 on the
financing transactions at higher values and interest rates than
were in effect under our previous line of credit during the 2023
second quarter.
For the three months ended October 28,
2023, we recorded a $10.7 million expense for the non-cash change
in fair value of the convertible note payable which is accounted
for under the fair value option.
The effective tax rate of 64.8 percent resulted
in $4.0 million of income tax expense for the second quarter of
fiscal 2024. Income before tax includes the impacts of the change
in the convertible note fair value; however, these changes are not
deductible resulting in the high effective tax rate. The $14.0
million tax expense for the second quarter of fiscal 2023 was
primarily a result of a $13.0 million valuation allowance recorded
against our net deferred tax assets. Absent any major tax changes,
we expect our full year effective tax rate to be in the
mid-twenties before the impacts of fair value accounting for the
convertible note.
Balance Sheet and Cash Flow At
the end of the fiscal 2024 second quarter, our working capital
ratio was 2.0 to 1. Inventory levels dropped slightly since the end
of the fiscal year ended April 29, 2023. Our focus remains on
managing working capital through expected growth of the company.
Cash, restricted cash and marketable securities totaled $73.5
million, and $56.6 million of long-term debt was outstanding. The
long-term debt includes the face value of the debt of $39.6
million, $17.9 million adjustment to fair value, and $0.9 million
of debt issuance costs, net. Restricted cash consists of cash and
cash equivalents held in bank deposit accounts to secure issuances
of foreign bank guarantees and letters of credit outstanding under
a previous credit agreement. There were no draw-downs on our line
of credit during the first six months of fiscal 2024. In the first
six months of fiscal 2024, we generated $44.3 million from
operations and used $9.2 million for purchases of property and
equipment.
Fiscal Year
2024 and Beyond Priorities and
Strategies Kurtenbach added, “As we look ahead, we expect
growth in the global use of sophisticated audio-visual
communication systems in both traditional and in new applications.
Our attention remains focused on our multi-year journey to capture
the market's expected growth and broaden our leading market
position by offering best in class technology, capabilities and
services to both our traditional customer base as well as new and
adjacent markets."
Looking forward, our focus is to:
- Grow our business profitably while generating cash through
working capital management, strategic pricing adjustments, product
mix enhancements and careful expense management
- Improve operational efficiency to lower costs, reduce lead
times and improve the customer experience
- Develop additional markets for new customers and channels while
continuing to grow in the markets where the company been a leader
to date
- Implement robust integrated business planning systems to
generate data-based insights for improved decision making
- Investing in high-return projects and technologies, including
digital technologies for both internal and customer facing
uses
- Monitor and then adjust as necessary to the ever-evolving
geopolitical and global economic environment to maintain
profitability and cash generation
Webcast Information The company
will host a conference call and webcast to discuss its financial
results today at 10:00 am (Central Time). This call will be
broadcast live at http://investor.daktronics.com and be available
for replay shortly after the event.
About Daktronics 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. For more information, visit
the company's website at: www.daktronics.com, email the company at
investor@daktronics.com, call (605) 692-0200 or toll-free (800)
843-5843 in the United States, or write to the company at 201
Daktronics Dr., P.O. Box 5128, Brookings, S.D. 57006-5128.
Safe Harbor Statement
Cautionary Notice: In addition to statements of historical fact,
this news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
is intended to enjoy the protection of that Act. These
forward-looking statements reflect the Company's expectations or
beliefs concerning future events. The Company cautions that these
and similar statements involve risk and uncertainties which could
cause actual results to differ materially from our expectations,
including, but not limited to, changes in economic and market
conditions, management of growth, timing and magnitude of future
contracts and orders, fluctuations in margins, the introduction of
new products and technology, the impact of adverse weather
conditions, increased regulation and other risks described in the
company's SEC filings, including its Annual Report on Form 10-K for
its 2023 fiscal year. Forward-looking statements are made in the
context of information available as of the date stated. The Company
undertakes no obligation to update or revise such statements to
reflect new circumstances or unanticipated events as they
occur.
(1)Orders and backlog are not measures defined
by accounting principles generally accepted in the United States of
America ("GAAP"), and our methodology for determining orders and
backlog may vary from the methodology used by other companies in
determining their orders and backlog amounts. For more information
related to backlog, see Part I, Item 1. Business of our Annual
Report on Form 10-K for the fiscal year ended April 29, 2023. this
release does not include a reconciliation of orders or backlog, as
it would be impractical to do so without unreasonable effort.
For more information contact:
INVESTOR RELATIONS: Sheila M. Anderson, Chief Financial Officer Tel
(605) 692-0200 Investor@daktronics.com
|
Daktronics,
Inc. and Subsidiaries Consolidated Statements of
Operations (in thousands, except per share amounts)
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
October 28, 2023 |
|
October 29, 2022 |
|
October 28, 2023 |
|
October 29, 2022 |
Net sales |
$ |
199,369 |
|
|
$ |
187,439 |
|
|
$ |
431,900 |
|
|
$ |
359,359 |
|
Cost of
sales |
|
145,170 |
|
|
|
155,735 |
|
|
|
306,554 |
|
|
|
301,861 |
|
Gross profit |
|
54,199 |
|
|
|
31,704 |
|
|
|
125,346 |
|
|
|
57,498 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Selling |
|
14,653 |
|
|
|
14,525 |
|
|
|
27,582 |
|
|
|
28,958 |
|
General and administrative |
|
10,889 |
|
|
|
8,687 |
|
|
|
20,488 |
|
|
|
18,128 |
|
Product design and development |
|
9,221 |
|
|
|
6,966 |
|
|
|
17,624 |
|
|
|
14,405 |
|
|
|
34,763 |
|
|
|
30,178 |
|
|
|
65,694 |
|
|
|
61,491 |
|
Operating income (loss) |
|
19,436 |
|
|
|
1,526 |
|
|
|
59,652 |
|
|
|
(3,993 |
) |
|
|
|
|
|
|
|
|
Nonoperating
(expense) income: |
|
|
|
|
|
|
|
Interest (expense) income, net |
|
(1,326 |
) |
|
|
(263 |
) |
|
|
(2,207 |
) |
|
|
(323 |
) |
Change in fair value of convertible note |
|
(10,650 |
) |
|
|
— |
|
|
|
(17,910 |
) |
|
|
— |
|
Other expense and debt issuance costs write-off, net |
|
(1,303 |
) |
|
|
(208 |
) |
|
|
(5,282 |
) |
|
|
(955 |
) |
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
6,157 |
|
|
|
1,055 |
|
|
|
34,253 |
|
|
|
(5,271 |
) |
Income tax expense |
|
3,992 |
|
|
|
14,039 |
|
|
|
12,892 |
|
|
|
13,039 |
|
Net income (loss) |
$ |
2,165 |
|
|
$ |
(12,984 |
) |
|
$ |
21,361 |
|
|
$ |
(18,310 |
) |
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
46,030 |
|
|
|
45,317 |
|
|
|
45,838 |
|
|
|
45,258 |
|
Diluted |
|
46,705 |
|
|
|
45,317 |
|
|
|
46,454 |
|
|
|
45,258 |
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.05 |
|
|
$ |
(0.29 |
) |
|
$ |
0.47 |
|
|
$ |
(0.40 |
) |
Diluted |
$ |
0.05 |
|
|
$ |
(0.29 |
) |
|
$ |
0.46 |
|
|
$ |
(0.40 |
) |
|
Daktronics, Inc. and Subsidiaries
Consolidated Balance Sheets (in thousands)
(unaudited) |
|
|
October 28, 2023 |
|
April 29, 2023 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
64,740 |
|
$ |
23,982 |
Restricted cash |
|
8,246 |
|
|
708 |
Marketable securities |
|
546 |
|
|
534 |
Accounts receivable, net |
|
115,052 |
|
|
109,979 |
Inventories |
|
141,646 |
|
|
149,448 |
Contract assets |
|
45,210 |
|
|
46,789 |
Current maturities of long-term receivables |
|
766 |
|
|
1,215 |
Prepaid expenses and other current assets |
|
10,137 |
|
|
9,676 |
Income tax receivables |
|
— |
|
|
326 |
Total current assets |
|
386,343 |
|
|
342,657 |
|
|
|
|
Property and equipment, net |
|
72,619 |
|
|
72,147 |
Long-term receivables, less current maturities |
|
151 |
|
|
264 |
Goodwill |
|
3,198 |
|
|
3,239 |
Intangibles, net |
|
970 |
|
|
1,136 |
Debt issuance costs, net |
|
3,150 |
|
|
3,866 |
Investment in affiliates and other assets |
|
27,705 |
|
|
27,928 |
Deferred income taxes |
|
16,812 |
|
|
16,867 |
TOTAL ASSETS |
$ |
510,948 |
|
$ |
468,104 |
|
Daktronics, Inc. and
SubsidiariesConsolidated Balance Sheets
(continued)(in thousands)(unaudited) |
|
October 28, 2023 |
|
April 29, 2023 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Current portion of long-term debt |
$ |
1,500 |
|
|
$ |
— |
|
Accounts payable |
|
53,645 |
|
|
|
67,522 |
|
Contract liabilities |
|
78,293 |
|
|
|
91,549 |
|
Accrued expenses |
|
39,773 |
|
|
|
36,005 |
|
Warranty obligations |
|
13,378 |
|
|
|
12,228 |
|
Income taxes payable |
|
3,347 |
|
|
|
2,859 |
|
Total current liabilities |
|
189,936 |
|
|
|
210,163 |
|
|
|
|
|
Long-term warranty obligations |
|
21,435 |
|
|
|
20,313 |
|
Long-term contract liabilities |
|
15,390 |
|
|
|
13,096 |
|
Other long-term obligations |
|
5,686 |
|
|
|
5,709 |
|
Long-term debt, net |
|
55,087 |
|
|
|
17,750 |
|
Deferred income taxes |
|
193 |
|
|
|
195 |
|
Total long-term liabilities |
|
97,791 |
|
|
|
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;
46,022,885 and 45,488,595 shares issued at October 28, 2023 and
April 29, 2023, respectively |
|
64,643 |
|
|
|
63,023 |
|
Additional paid-in capital |
|
51,047 |
|
|
|
50,259 |
|
Retained earnings |
|
124,771 |
|
|
|
103,410 |
|
Treasury Stock, at cost, 1,907,445 shares at October 28, 2023 and
April 29, 2023, respectively |
|
(10,285 |
) |
|
|
(10,285 |
) |
Accumulated other comprehensive loss |
|
(6,955 |
) |
|
|
(5,529 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
223,221 |
|
|
|
200,878 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
510,948 |
|
|
$ |
468,104 |
|
|
Daktronics, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(in thousands)(unaudited) |
|
Six Months Ended |
|
October 28, 2023 |
|
October 29, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net income (loss) |
$ |
21,361 |
|
|
$ |
(18,310 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
Depreciation and amortization |
|
9,494 |
|
|
|
8,225 |
|
Loss (gain) on sale of property, equipment and other assets |
|
101 |
|
|
|
(412 |
) |
Share-based compensation |
|
1,091 |
|
|
|
985 |
|
Equity in loss of affiliates |
|
1,461 |
|
|
|
1,701 |
|
Provision for doubtful accounts, net |
|
240 |
|
|
|
573 |
|
Deferred income taxes, net |
|
20 |
|
|
|
13,037 |
|
Non-cash impairment charges |
|
654 |
|
|
|
— |
|
Change in fair value of convertible note |
|
17,910 |
|
|
|
— |
|
Debt issuance costs write-off |
|
3,353 |
|
|
|
— |
|
Change in operating assets and liabilities |
|
(11,374 |
) |
|
|
(27,737 |
) |
Net cash provided by (used in) operating
activities |
|
44,311 |
|
|
|
(21,938 |
) |
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchases of property and equipment |
|
(9,226 |
) |
|
|
(16,237 |
) |
Proceeds from sales of property, equipment and other assets |
|
52 |
|
|
|
432 |
|
Proceeds from sales or maturities of marketable securities |
|
— |
|
|
|
3,495 |
|
Purchases of equity and loans to equity investees |
|
(2,899 |
) |
|
|
(2,882 |
) |
Net cash used in investing activities |
|
(12,073 |
) |
|
|
(15,192 |
) |
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Borrowings on notes payable |
|
40,000 |
|
|
|
190,608 |
|
Payments on notes payable |
|
(18,125 |
) |
|
|
(164,190 |
) |
Principal payments on long-term obligations |
|
(204 |
) |
|
|
— |
|
Debt issuance costs |
|
(6,454 |
) |
|
|
— |
|
Proceeds from exercise of stock options |
|
1,005 |
|
|
|
— |
|
Tax payments related to RSU issuances |
|
(303 |
) |
|
|
(140 |
) |
Net cash provided by financing activities |
|
15,919 |
|
|
|
26,278 |
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
139 |
|
|
|
(13 |
) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH |
|
48,296 |
|
|
|
(10,865 |
) |
|
|
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: |
|
|
|
Beginning of period |
|
24,690 |
|
|
|
18,008 |
|
End of period |
$ |
72,986 |
|
|
$ |
7,143 |
|
|
Daktronics, Inc. and Subsidiaries Net
Sales and Orders by Business Unit (in thousands)
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
(in thousands) |
October 28, 2023 |
|
October 29, 2022 |
|
Dollar Change |
|
Percent Change |
|
October 28, 2023 |
|
October 29, 2022 |
|
Dollar Change |
|
Percent Change |
Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
42,453 |
|
$ |
37,047 |
|
$ |
5,406 |
|
|
14.6 |
|
% |
|
$ |
89,336 |
|
$ |
77,165 |
|
$ |
12,171 |
|
|
15.8 |
|
% |
Live Events |
|
68,210 |
|
|
69,239 |
|
|
(1,029 |
) |
|
(1.5 |
) |
|
|
|
160,209 |
|
|
125,622 |
|
|
34,587 |
|
|
27.5 |
|
|
High School Park and Recreation |
|
48,942 |
|
|
42,006 |
|
|
6,936 |
|
|
16.5 |
|
|
|
|
105,176 |
|
|
77,815 |
|
|
27,361 |
|
|
35.2 |
|
|
Transportation |
|
20,243 |
|
|
16,679 |
|
|
3,564 |
|
|
21.4 |
|
|
|
|
41,612 |
|
|
36,219 |
|
|
5,393 |
|
|
14.9 |
|
|
International |
|
19,521 |
|
|
22,468 |
|
|
(2,947 |
) |
|
(13.1 |
) |
|
|
|
35,567 |
|
|
42,538 |
|
|
(6,971 |
) |
|
(16.4 |
) |
|
|
$ |
199,369 |
|
$ |
187,439 |
|
$ |
11,930 |
|
|
6.4 |
|
% |
|
$ |
431,900 |
|
$ |
359,359 |
|
$ |
72,541 |
|
|
20.2 |
|
% |
Orders: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
34,209 |
|
$ |
42,711 |
|
$ |
(8,502 |
) |
|
(19.9 |
) |
% |
|
$ |
66,643 |
|
$ |
90,389 |
|
$ |
(23,746 |
) |
|
(26.3 |
) |
% |
Live Events |
|
79,016 |
|
|
80,999 |
|
|
(1,983 |
) |
|
(2.4 |
) |
|
|
|
131,219 |
|
|
132,752 |
|
|
(1,533 |
) |
|
(1.2 |
) |
|
High School Park and Recreation |
|
32,800 |
|
|
31,898 |
|
|
902 |
|
|
2.8 |
|
|
|
|
68,539 |
|
|
69,477 |
|
|
(938 |
) |
|
(1.4 |
) |
|
Transportation |
|
21,500 |
|
|
16,583 |
|
|
4,917 |
|
|
29.7 |
|
|
|
|
40,485 |
|
|
32,287 |
|
|
8,198 |
|
|
25.4 |
|
|
International |
|
16,168 |
|
|
10,616 |
|
|
5,552 |
|
|
52.3 |
|
|
|
|
35,437 |
|
|
28,125 |
|
|
7,312 |
|
|
26.0 |
|
|
|
$ |
183,693 |
|
$ |
182,807 |
|
$ |
886 |
|
|
0.5 |
|
% |
|
$ |
342,323 |
|
$ |
353,030 |
|
$ |
(10,707 |
) |
|
(3.0) |
|
% |
|
Reconciliation of Free Cash Flow* (in thousands)
(unaudited) |
|
Six Months Ended |
|
October 28, 2023 |
|
October 29, 2022 |
Net cash provided by (used in) operating activities |
$ |
44,311 |
|
|
$ |
(21,938 |
) |
Purchases of property and equipment |
|
(9,226 |
) |
|
|
(16,237 |
) |
Proceeds from sales of property and equipment |
|
52 |
|
|
|
432 |
|
Free cash flow |
$ |
35,137 |
|
|
$ |
(37,743 |
) |
|
* In evaluating its business, Daktronics considers and uses
free cash flow as a key measure of its operating performance. The
term free cash flow is not defined under accounting principles
generally accepted in the United States of America ("GAAP") and is
not a measure of operating income, cash flows from operating
activities or other GAAP figures and should not be considered
alternatives to those computations. Free cash flow is intended to
provide information that may be useful for investors when assessing
period to period results. |
|
Reconciliation of Adjusted Net Income (loss)* (in
thousands) (unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
October 28, 2023 |
|
October 29, 2022 |
|
October 28, 2023 |
|
October 29, 2022 |
Net income (loss) |
$ |
2,165 |
|
$ |
(12,984 |
) |
|
$ |
21,361 |
|
$ |
(18,310 |
) |
Change in fair value of convertible note |
|
10,650 |
|
|
— |
|
|
|
17,910 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs expensed due to fair value of convertible note,
net of taxes |
|
— |
|
|
— |
|
|
|
2,092 |
|
|
— |
|
Adjusted net income (loss) |
$ |
12,815 |
|
$ |
(12,984 |
) |
|
$ |
41,363 |
|
$ |
(18,310 |
) |
|
* Adjusted net income. We disclose adjusted net income as a
non-GAAP financial measurement in order to report our results
exclusive of items that are non-recurring or not core to our
operating business. We believe presenting this non-GAAP financial
measurements provides investors with a consistent way to analyze
our performance. |
|
Reconciliation of Long-term Debt (in thousands)
(unaudited) |
|
Long-term debt consists of the following: |
|
|
October 28, 2023 |
|
April 29, 2023 |
Prior line of credit |
$ |
— |
|
|
$ |
17,750 |
|
Mortgage |
|
14,625 |
|
|
|
— |
|
Convertible note |
|
25,000 |
|
|
|
— |
|
Long-term debt, gross |
|
39,625 |
|
|
|
17,750 |
|
Debt issuance costs, net |
|
(948 |
) |
|
|
— |
|
Change in fair value of convertible note |
|
17,910 |
|
|
|
— |
|
Current portion |
|
(1,500 |
) |
|
|
— |
|
Long-term debt, net |
$ |
55,087 |
|
|
$ |
17,750 |
|
Daktronics (NASDAQ:DAKT)
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