Daktronics, Inc. (NASDAQ:DAKT) Q4 2022 Earnings Conference Call June 8, 2022 11:00 AM ET

Company Participants

Reece Kurtenbach - Chairman, President and CEO

Sheila Anderson - Chief Financial Officer

Conference Call Participants

Operator

Good day, ladies and gentlemen, and welcome to the Daktronics Fiscal Year 2022 Fourth Quarter Earnings Results Conference Call. As a reminder, this conference call is being recorded today, Wednesday, June 8, 2022 and is available on the company's website at www.daktronics.com.

I will now turn today's conference over to Ms. Sheila Anderson, Chief Financial Officer of Daktronics, for some introductory remarks. Please go ahead, Sheila.

Sheila Anderson

Thank you, Valerie. Good morning, everyone. Thank you for participating in our fourth quarter and year-end earnings conference call. I would like to review our disclosure cautioning investors and participants that in addition to statements of historical facts, we will be discussing forward-looking statements reflecting our expectations and plans about our future financial performance and future business opportunities.

All forward-looking statements involve risks and uncertainties, which may be out of our control and may cause actual results to differ materially. Such risks include changes in economic conditions, changes in the competitive and market landscape, including impacts of global trade discussions and policies; the impact of governmental laws, regulations and orders, including those resulting from pandemics; disruptions to our business caused by geopolitical events, military actions, work stoppages, natural disasters or international health emergencies such as the COVID-19 pandemic; management of growth, timing and magnitude of future contracts; fluctuations in margins, availability of raw materials, components and shipping services, the introductions of new products and technology and other important risk factors as noted in our -- and detailed in our 10-K and our 10-Q SEC filings.

With that, I will move into some financial comments. Last year at this time, lockdowns were ending and people were -- had begun gathering, renewing our customers' confidence in their business outlook. Our order volume rebounded from the pandemic year lows and to an all-time record of $846 million for the year and $286 million for the fourth quarter. Part of that record was attributed to being selected for the dynamic video system provider for the LA Clippers and Real Madrid Soccer Club stadiums. Customers also placed their orders earlier than we have previously experienced for future deliveries to secure our manufacturing capacity.

Each business unit orders volume grew through fiscal 2022 due to the pandemic recovery and because new and existing customers choose Daktronics for our industry-leading value provided by our products and solutions. Live Events business unit orders rebounded during the year as sports and entertainment venues returned to more normal operations and invested in upgrading and renewing their facilities.