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Daktronics, Inc.
−Removed: and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are an industry leader in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications.
+Added: and its subsidiaries (the “Company”, “Daktronics”, “we”, “our”, or “us”) are industry leaders in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications.
We serve our customers by providing high quality standard display products as well as custom-designed and integrated systems.
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We post each of these documents on our website as soon as reasonably practicable after it is electronically filed with the Securities and Exchange Commission (the "SEC").
−Removed: These reports and other reports, proxy statements, and electronic filings are also found on the SEC’s website at www.sec.gov.
+Added: These reports and other reports, proxy
+Added: statements, and electronic filings are also found on the SEC’s website at www.sec.gov.
Information contained on our website is not deemed to be incorporated by reference into this Report or filed with the SEC.
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We also have manufacturing facilities in China and Ireland.
−Removed: We perform component manufacturing, system manufacturing (metal fabrication, electronic assembly, sub-assembly and final assembly) and testing in-house for most of our products to control quality, improve response time and maximize cost-effectiveness.
−Removed: Given the cyclical nature of some parts of our business and dispersed sales geography, we balance and maintain our ability to manufacture the same products
−Removed: across our plants so we can efficiently utilize our capacity and reduce costs.
+Added: We perform component manufacturing, system
+Added: manufacturing (metal fabrication, electronic assembly, sub-assembly and final assembly) and testing in-house for most of our products to control quality, improve response time and maximize cost-effectiveness.
+Added: Given the cyclical nature of some parts of our business and dispersed sales geography, we balance and maintain our ability to manufacture the same products across our plants so we can efficiently utilize our capacity and reduce costs.
A key strategy of ours is to increase standardization and commonality of parts and manufacturing processes across product lines through the use of product platforms to increase efficiencies.
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Products and Technologies
−Removed: The two principal components of our systems are the display and the controller, which manages the operation of the display.
+Added: The two principal components of our systems are the display and the control system, which manages the operation of the display.
We produce displays varying in complexity, size and resolution.
The physical dimensions of a display depend on the size of the viewing area, the distance from the viewer to the display, and the amount and type of information to be displayed.
−Removed: The controller is comprised of computer hardware and software products designed to compile information provided by the operator and other integrated sources to display information, graphics or animation on the displays.
+Added: The control system is comprised of various combinations of computer hardware, video processing hardware and software products designed to compile information provided by the operator and other integrated sources to display information, graphics, video or animation on the displays.
We customize our products according to the design specifications of the customer and the conditions of the environment in which our products function.
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• Indoor dynamic messaging systems and indoor liquid crystal display ("LCD") signs
−Removed: • Software and controllers including Venus® Control Suite
+Added: • Software and controllers including Venus® Control Suite, Show Control Studio and Show Control Live
Each of these product families is described below:
Video Displays/Video Walls.
−Removed: These displays are comprised of a large number of full-color pixels capable of showing various levels of video, graphics and animation.
+Added: These displays are comprised of a large number of full-color pixels capable of showing various levels of video feeds, pre-rendered graphics and animated content with Real Time Data capabilities.
These displays include red, green and blue LEDs arranged in various combinations to form pixels.
−Removed: The electronic circuitry, which controls the pixels, allows for variances in the relative brightness of each LED to provide a full color spectrum, thereby displaying video images in striking, vibrant colors.
+Added: The electronic circuitry, which controls the pixels, allows for variances in the relative brightness of each LED to provide a full color spectrum, thereby displaying
+Added: video images in striking, vibrant colors.
Variables in video displays include the spacing of the pixels (pixel pitch), the resolution of the displays (number of pixels), the brightness of the displays (nits), the number of discrete colors the display is able to produce (color depth), the viewing angles, and the LED technology.
We offer a broad range of indoor and outdoor LED video displays with these varying features.
−Removed: Examples of indoor offerings include centerhung displays, landmark displays, video walls, ribbon board displays, hanging banners, corporate office entrance displays, conference room displays, and video displays designed for retail stores, restaurants, malls, transportation hubs and other similar indoor facilities.
−Removed: Video displays provide content to serve as a revenue generation source through advertising or as an information and communication medium (such as scoring, statistics, wayfinding, advertising, control center information), or to provide interior design elements to create luxurious space to feature digital art.
−Removed: Our mobile and modular display systems are transportable and are comprised of lightweight individual LED video panels less than a square meter in size and are assembled together to form a display in a customizable size.
−Removed: These displays are used for both indoor and outdoor touring shows and for other live events.
−Removed: Our display technology may be integrated with architectural mesh to deliver a dynamic communication medium that provides a semi-transparent viewing experience within a building.
−Removed: These displays can be mounted over a solid facade or in front of windows, resulting in a finished solution that is free from visible cabling and delivers a clean, semi-transparent view.
−Removed: These displays are less than one inch in depth and provide an elegant, refined structural appearance.
−Removed: Our line of freeform LED displays is architectural lighting and display products.
−Removed: The ProPixel® freeform products use mountable LED elements to transform ordinary structures into stunning visual landmarks.
−Removed: A flexible mounting platform allows designers to transform any structure into a full-motion video display.
+Added: Examples of offerings include centerhung displays, landmark displays, video walls, ribbon board displays, hanging banners, roadside displays, digital billboards, corporate office entrance displays, conference room displays, control room displays, and video displays designed for arenas, stadiums, retail stores, restaurants, malls, transportation hubs and other similar indoor facilities.
+Added: Video displays provide content to serve as a revenue generation source through advertising or as an information and communication medium (such as scoring, statistics, wayfinding, advertising, and control center information), or to provide interior design elements to create luxurious space to feature digital art.
The control components for video displays in live event applications include our Show Control Software Suite, proprietary digital media players and video processors.
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The Show Control Software Suite can operate an entire network of displays within a venue from a single, intuitive control interface.
−Removed: Its features allow users to instantly deliver media clips, camera feeds, and streaming information to any display in a network.
+Added: Its features allow users to instantly deliver media clips, camera feeds, and streaming information to any display in a venue.
Scoreboards and Timing Systems.
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These controllers vary in complexity from the All Sport® 100, a handheld controller for portable scoreboards, to the All Sport® Pro, designed for more sophisticated scoring systems and allowing for more user-defined options.
−Removed: We also offer timing systems for sports events, primarily aquatics and track competitions.
−Removed: A component of these systems is our OmniSport® timing console.
−Removed: The system has the capability to time and rank the competitors and to interface with event management software to facilitate the sporting event.
−Removed: Other timing system components include swimming touchpads, race start systems, and relay take-off platforms.
As a key component of an integrated system, we market sports statistics and results software under the DakStats® trademark.
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Custom indoor and outdoor systems are tailored for larger venues and venues with unique seating configurations and are often integrated into an overall venue solution for scoring, timing, message display and/or video capability.
−Removed: Our audio systems also complement our video display systems used in mall applications.
Digital Billboards.
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The products are used to display images which change at regular intervals.
−Removed: These systems include many features unique to the outdoor advertising market, such as our patented mounting system, self-adjusting brightness, improved energy consumption, and enhanced network security.
+Added: These systems include many features unique to the outdoor advertising market, such as our patented mounting system, self-adjusting brightness, optimized energy consumption, and enhanced network security.
Digital street furniture.
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Our ADFLOW DMS™ systems include indoor networked solutions for retailers, convenience stores and other businesses.
−Removed: These solutions, either using LED or LCD technologies, allow customers to broadcast advertising campaigns and other information through the software, media players and visual hardware.
−Removed: Software & Controllers including Venus ® Control Suite.
+Added: These solutions, using either LED or LCD technologies, allow customers to broadcast advertising campaigns and other information through the software, media players and visual hardware.
+Added: Software and Controllers including Venus ® Control Suite.
The Venus® Control Suite is our platform for scheduled control capability.
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Content includes media, scoring, timing, statistics, advertising, way-finding information, playback loops and entertainment type visualizations.
+Added: Our Show Control Suite is an easy-to-use and powerful integrated solution to achieve a dynamic, seamless and fully immersive game-day production.
+Added: Show Control Studio offers products designed for display control, while Show Control Live is designed for video production.
Raw Materials
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The loss of a key supplier, part unavailability, tariff changes, price changes, war or other geopolitical impacts to trade or transport, or defects in the supplied material or component could have an adverse impact on our business and operations.
−Removed: Our sourcing group works to implement strategies to mitigate these risks.
+Added: Our sourcing group is responsible to maintain and implement strategies to mitigate these evolving risks.
Periodically, we enter into pricing agreements or purchasing contracts under which we agree to purchase a minimum amount of product in exchange for guaranteed price terms over the length of the contract, which generally does not exceed one year.
−Removed: We also periodically prepay for future supply.
+Added: We sometimes prepay for future supply.
Since late fiscal 2021, we have been affected by supply chain disruptions and inflationary pressures stemming from the coronavirus pandemic ("COVID-19"), shipping container shortages, weather events, and the changes in global demand.
−Removed: Specifically, we are impacted by the global inflation and shortage of semiconductors and related electronic components,
−Removed: other materials needed for production, and freight.
−Removed: We are unable to predict the supply chain recovery or the impact to our business.
+Added: Specifically, we are impacted by the global inflation and shortage of semiconductors and related electronic components, other materials needed for production, and freight.
+Added: While supply chain disruptions from these factors have subsided over the last half of fiscal 2023 and we expect infrequent disruptions going forward from these factors, it is reasonably possible that future disruptions could occur that would have a material impact on our business.
Intellectual Property
We own or hold licenses to use numerous patents, copyrights, and trademarks on a global basis.
−Removed: Our policy is to protect our competitive position by filing U.S.
−Removed: and international patent applications to protect technology and improvements that we consider important to the development of our business.
+Added: Our policy is to protect our competitive position by filing United States and international patent applications to protect technology and improvements that we consider important to the development of our business.
This will allow us to pursue infringement claims against competitors for protection due to patent violations.
−Removed: Although we own a number of patents and possess rights under others to which we attach importance, we do not believe that our business as a whole is materially dependent upon any such patents or rights.
+Added: Although we own a number of patents and possess rights under others
+Added: to which we attach importance, we do not believe that our business as a whole is materially dependent upon any such patents or rights.
We also own a number of trademarks that we believe are important in connection with the identification of our products and associated goodwill with customers, but no part of our business materially depends on such trademarks.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources” in this Form 10-K.
−Removed: We have a large and diverse worldwide customer base, ranging from local main street business owners and out-of-home companies to the owners and operators of premier professional sports arenas.
+Added: We have a large and diverse worldwide customer base, ranging from local main street business owners, out-of-home companies, and schools to the owners and operators of premier professional sports arenas.
Our customers are important to us, and we strive to serve them over the long-term to earn their future business.
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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.
−Removed: Order and backlog levels provide management and investors additional details surrounding the results of our business activities in the marketplace and highlight fluctuations caused by seasonality and our large project business.
+Added: Order and backlog levels provide management and investors additional details surrounding the results of our business activities in the marketplace and highlight fluctuations caused by seasonality and multimillion dollar projects.
Management uses orders to evaluate market share and performance in the competitive environment.
Management uses backlog information for capacity and resource planning.
−Removed: We believe order information is useful to investors because it provides an indication of our market share.
−Removed: We believe backlog information is useful to investors to provide an indication of future revenues.
−Removed: Our product order backlog as of April 30, 2022 was $471.6 million as compared to $250.7 million as of May 1, 2021.
−Removed: This increase in backlog is driven by record order volume and muted conversion to sales due to supply chain challenges.
−Removed: Our customers have also placed orders for future deliveries to secure our manufacturing capacity.
+Added: We believe order information is useful to investors because it provides an indication of our market share and future revenues.
+Added: Our product order backlog as of April 29, 2023 was $400.7 million as compared to $471.6 million as of April 30, 2022.
+Added: This decrease in backlog is driven by fulfilling orders from our April 30, 2022 backlog.
+Added: During fiscal 2022 we had record order volume and muted conversion to sales due to supply chain challenges.
+Added: Our customers had also placed orders for future deliveries to secure our manufacturing capacity during fiscal 2022.
We expect to fulfill the backlog as of April 29, 2023 within the next 24 months .
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Our global supply chain and sales distribution channels subject us to various trade compliance regulations.
−Removed: These requirements can include certification of country of origin, classification within the various tariff codes and trade agreements, compliance with other specific product or country import/export regulations, and payment of certain import or export tariffs, duties, or taxes.
+Added: These requirements can include certification of country of origin, classification within the various tariff codes and trade agreements;
+Added: compliance with other specific product or country import/export regulations;
+Added: and payment of certain import or export tariffs, duties, or taxes.
Our global operations subject us to various laws and regulations, including laws and regulations relating to tax compliance, anti-corruption, data privacy, cybersecurity, governance, and disclosure reporting.
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We are subject to regulations restricting the movement and interaction of people and business operations.
−Removed: During unprecedented times, such as during the duration of the COVID-19 pandemic, countries and the U.S.
−Removed: states and/or its localities can issue lock down orders impacting availability of employees, third parties, suppliers, customers, and other services we need to operate our business.
+Added: Countries and states and/or localities in the United States can issue lock down orders impacting the availability of employees, third parties, suppliers, customers, and other services we need to operate our business.
We believe we are in material compliance with government and other regulatory requirements.
We encounter a wide variety of competitors that vary by product, geographic area, and business unit.
−Removed: Our competitors include both United States and foreign companies which range in size and product offerings.
+Added: Our competitors include both domestic and foreign companies which range in size and product offerings.
Our competitors may develop lower-cost or lower-featured products, may be willing to charge lower prices to increase their market share, or include different service and controller offerings.
−Removed: Some competitors have more capital, governmental funding, supply change access, and other resources, which may allow them to take advantage of acquisition opportunities or adapt more quickly to changes in customer requirements.
+Added: Some competitors have more capital, governmental funding, supply chain access, and other resources, which may allow them to take advantage of acquisition opportunities or adapt more quickly to changes in customer requirements.
Other competitors use sponsorships as a way to win business at a particular location or market.
−Removed: In addition, our products compete with other forms of advertising, such as television, print media and fixed display signs.
+Added: In addition, our products compete with other forms of advertising, such as television, print media, digital and mobile, and fixed display signs.
We believe that our ability to compete depends upon customer centric product and service quality and features, technical expertise, service breadth, and cost-effective solutions.
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Our experience in engineering, process design, and product and service design and development capabilities and investments made in affiliates are very important factors in continuing to develop, produce, and offer the most up-to-date digital displays and control system solutions desired by the market.
−Removed: Over the past years, we have invested in our development and our affiliates to increase our differentiated product platforms, advance our software architecture and offerings, support customer requirements, and advance new competitive narrow pixel and micro-electronic technologies.
−Removed: Product design and development investments in the near term are focused on developing or improving our video technology over a wide range of pixel pitches for both indoor and outdoor applications.
+Added: We invest in our development and our affiliates to increase differentiated product platforms, advance our software architecture and offerings, support customer requirements, advance new competitive narrow pixel and micro-electronic technologies, and advance sustainable technologies and related products.
+Added: During the first half of fiscal 2023, our design teams focused on adjusting designs to utilize available components as a strategy to gain stability in our production levels.
+Added: During fiscal 2024, we will continue to invest in product design and development to improve our video technology over a wide range of pixel pitches and sustainable technologies for both indoor and outdoor applications and to advance micro-LED devices and placement processes.
These new or improved technologies are focused on varied pixel density for image quality and use, expanded product line offerings for our various markets and geographies, improved quality and reliability, and improved cost points.
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We seek to recruit, retain, and develop our existing and future workforce for decades-long engagements to build long-term mutual prosperity.
−Removed: We facilitate company-wide groups and teamwork to inspire a more inclusive culture.
+Added: We facilitate company-wide teams to inspire a more inclusive culture and achieve company goals through teamwork.
We encourage each employee to proactively and continuously build self-awareness, understanding of aspects of diversity, and openness to others’ experiences and perspectives.
+Added: We also foster and encourage self development and a continuous learning environment to build talent.
The safety and well-being of our team are a top priority, and we believe each and every team member plays an essential role in creating a safe and healthy workplace.
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We provide our employees and their families with access to a variety of health programs, including benefits that support their physical and mental health.
−Removed: In response to the COVID-19 pandemic, we implemented changes that we consider to be in the best interest of our employees.
−Removed: We implemented additional safety measures for employees continuing critical on-site work and allowed employees to work from home when able.
−Removed: We believe we have been able to preserve our business continuity without sacrificing our commitment to keeping our employees safe during the COVID-19 pandemic.
As of April 29, 2023, we employed approximately 2,441 full-time employees and 293 part-time and temporary employees.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.