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Daktronics, Inc. (DAKT)

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Previous Close6.35
Open6.41
Bid6.44 x 900
Ask6.47 x 800
Day's Range6.34 - 6.48
52 Week Range3.72 - 7.23
Volume112,925
Avg. Volume238,822
Market Cap290.933M
Beta (5Y Monthly)0.65
PE Ratio (TTM)30.23
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMar 06, 2020
1y Target EstN/A
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  • UBS Arena Selects Daktronics to Install 45 HDR Capable LED Displays at World Class Venue at Belmont Park
    GlobeNewswire

    UBS Arena Selects Daktronics to Install 45 HDR Capable LED Displays at World Class Venue at Belmont Park

    Conceptual image of Daktronics centerhung at UBS Arena Conceptual image of Daktronics centerhung at UBS Arena New York’s Highest Resolution Scoreboard Display System to Be Installed For 2021-2022 NHL Season UBS Arena to Host More Than 150 Sports and Live Entertainment Events Annually BROOKINGS, S.D., May 06, 2021 (GLOBE NEWSWIRE) -- UBS Arena, the New York metropolitan area’s most anticipated cutting edge live entertainment venue and new home to the New York Islanders Hockey Club, selected Daktronics (NASDAQ-DAKT) to manufacture and install 45 HDR capable LED displays at the $1.1 billion multipurpose arena under construction at Belmont Park, New York, including its centerhung scoreboard. The LED displays, totaling more than 15,000 square feet and more than 34 million pixels, will be installed for the arena’s opening this fall. “We’re pleased to partner with Daktronics to install not one, but 45 high definition LED displays at UBS Arena,” said Tim Leiweke, CEO of Oak View Group. “UBS Arena will become a global landmark entertainment and sports destination, and we look forward to welcoming guests to our premiere venue equipped with industry leading technology that captivates and delivers a first rate atmosphere for all to enjoy.” The world class entertainment venue will feature today’s most advanced technology and premium amenities and is one of the few arenas in the world designed for music and purpose built for hockey. The state of the art arena will deliver an unmatched live entertainment experience for artists, athletes, and guests alike with clear sightlines and premier acoustics. The centerhung and focal point of the installation will feature 12 LED displays totaling 4,730 square feet. All centerhung displays will feature 5.9 millimeter pixel spacing and four main video displays will face each side of the arena and feature the highest resolution centerhung display technology in the state to bring excellent image clarity and contrast to fans in every seat. Capable of supporting 90,000 lbs., scoreboard displays will feature one of the longest traveling hoists available in arenas for presenting the LED displays in either its hung or nested positions for concerts or hockey games. The new main centerhung displays will be four times larger than the existing displays at Nassau Veterans Memorial Coliseum. Each main video display will measure approximately 26 feet high by 34.5 feet wide. Four corner displays will each measure 26 feet high by more than 3 feet wide. Catering to fans sitting closer to the playing surface, four underbelly displays will each measure more than 8 feet high by 23 feet wide. “UBS Arena will engage visitors at every turn. From the moment they arrive outside, as they enjoy the event and as they prepare to leave, our systems will be part of the experience,” said Daktronics President and CEO Reece Kurtenbach. “We’re excited to deliver the LED displays for one of the country’s premier sports and entertainment venues and are happy to be working with UBS Arena to make this installation a reality. As an American based company, we look forward to the opportunity to support them and this project for years to come.” In the main seating bowl, two ribbon and 14 vomitory displays combine for nearly 2,000 feet in length and three rink side scorer’s tables with displays measure 25 feet in length. These displays can share additional statistics and graphics while also providing opportunities to highlight sponsors throughout events. Seven marquee displays will welcome fans to the arena and begin branding their experience as they arrive while six entrance, lobby, and concourse displays will immerse and engage fans before fans reach their seats. These displays will allow the venue to connect with guests no matter where they are throughout the venue to ensure they are always informed and don’t miss a moment of the action. One additional locker room display will also be installed for team specific uses. Tying all of the displays together and providing an easy to use solution, Daktronics is installing the company’s powerful Show Control solution at UBS Arena. This industry leading system provides a combination of display control software, world class video processing, data integration, and playback hardware that forms a user friendly production solution. For more information on Show Control, visit www.daktronics.com/show. UBS Arena will open for the 2021-22 National Hockey League season this fall and host more than 150 sports and live entertainment events annually. For more information about the construction of UBS Arena and its upcoming events, visit www.UBSArena.com. About DaktronicsDaktronics helps its customers to impact their audiences throughout the world with large-format LED video displays, message displays, scoreboards, digital billboards, audio systems and control systems in sport, business and transportation applications. Founded in 1968 as a USA-based manufacturing company, Daktronics has grown into the world leader in audiovisual systems and implementation with offices around the globe. Discover more at www.daktronics.com. About UBS ArenaUBS Arena is New York's next premier entertainment and sports venue and future home of the New York Islanders. Located at Belmont Park in Elmont, New York, the state of the art facility will open for the 2021-22 National Hockey League season and will host more than 150 major events annually. The arena and surrounding development are expected to create 10,000 construction jobs and 3,000 permanent jobs, generating approximately $25 billion in economic activity over the term of the lease. Developed in partnership with Oak View Group, the New York Islanders, and Jeff Wilpon, UBS Arena is poised to be one of the area's – and the nation's – most prestigious and appealing venues for musical acts, events and performers of all genres, and will create a unique entertainment experience for artists and audiences alike. The venue is being constructed with a fan first approach that leverages sophisticated engineering acoustics to amplify the audio experience, high resolution LED displays and will include the largest scoreboard in New York. UBS Arena will offer the highest end amenities and customer service, through VIP suites and clubs that merge boutique hospitality with live entertainment. Clubs and suites will have a timeless design inspired by classic, well known New York establishments and will offer premier views of the bowl. Complementing UBS Arena, Belmont Park's campus will comprise of 315,000 square feet of luxury retail and will include a 4 star boutique hotel. UBS Arena is being built to achieve Leadership in Energy and Environmental Design (LEED) standards for New Construction. In an effort to build a greener future and minimize environmental impact, UBS Arena intends on being 100% carbon neutral, utilizing renewable energy by 2024, which will make it the first arena to do so on the eastern seaboard. About Oak View Group (OVG)Oak View Group (OVG) is a global sports and entertainment company founded by Tim Leiweke and Irving Azoff in 2015. OVG is focused on being a positive disruption to business as usual in the sports and live entertainment industry and currently has 8 divisions across 6 global offices (Los Angeles, New York, London, Seattle, Austin, and Philadelphia). OVG is leading the development and operations of UBS Arena, as well as leading our global development projects in Seattle, WA (Climate Pledge Arena), Austin, TX (Moody Center), Palm Springs, CA, Savannah, GA, Manchester, UK (Co-Op Live), and Milan, Italy. OVG Global Partnerships, a division of OVG, is the sales and marketing arm responsible for selling across all OVG Arena Development projects. OVG Global Partnerships has successfully sold 6 world class naming rights deals in the past 14 months. About the New York IslandersFounded in 1972, the New York Islanders Hockey Club is the proud winner of four Stanley Cup Championships and nineteen consecutive playoff series victories. The Islanders have had nine members inducted into the Hockey Hall of Fame and play today in the National Hockey League’s Eastern Conference. The Islanders Children’s Foundation has helped countless youngsters in need around the world since its inception. Donations are raised through the efforts of our players, management and employees, along with our fans and partners. UBS Arena at Belmont Park is finishing construction and will be the team’s new, state of the art home starting with the 2021-22 NHL season. SAFE HARBOR STATEMENTCautionary 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 Daktronics’ 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 2020 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. MEDIA RELATIONSJustin OchsnerPublic Relations/Marketing for DaktronicsTel 605-692-0200Email justin.ochsner@daktronics.com Larry Solters, Anna Loynes, Sam Threadgill, Erik SteinScoop Marketing for UBS Arena818-761-6100pr@solters.com Jay Beberman 609-947-0358jay.beberman@newyorkislanders.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6770dcb2-02e7-4ab0-a7d6-339c31bdaa94

  • Sidoti Virtual Investor Conference
    ACCESSWIRE

    Sidoti Virtual Investor Conference

    Presentation Times and Weblinks Released for Over 125 Presenting CompaniesWednesday and Thursday, March 24-25, 2021NEW YORK, NY / ACCESSWIRE / March 23, 2021 / Sidoti & Company, LLC proudly releases the presentation schedule, with weblink click-throughs, for its Spring 2021 Virtual Investor Conference to be held on Wednesday, March 24, 2021 and Thursday, March 25, 2021. (KELYA)*****Crawford & Company (CRD) 10:45-11:15Intelligent Systems Corp (INS)Comfort Systems USA (FIX)Transcat, Inc.

  • Daktronics, Inc. Announces Third Quarter Fiscal 2021 Results
    GlobeNewswire

    Daktronics, Inc. Announces Third Quarter Fiscal 2021 Results

    BROOKINGS, S.D., March 03, 2021 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported fiscal 2021 third quarter results. Daktronics reported fiscal 2021 third quarter net sales of $94.1 million, operating loss of $0.2 million, net loss of $0.2 million, and earnings per diluted share of $0.00. This compares to net sales of $127.7 million, operating loss of $9.2 million, net loss of $12.7 million, and $0.28 per diluted share, for the third quarter of fiscal 2020. Fiscal 2021 third quarter orders were $86.9 million, compared to $135.0 million for the third quarter of fiscal 2020. Product order backlog at the end of the fiscal 2021 third quarter was $195 million, compared to $187 million a year earlier and $201 million at the end of the second quarter of fiscal 2021.(1) For the nine months ended January 30, 2021, net sales were $365.2 million, operating income was $16.0 million, net income was $10.7 million, and earnings per diluted share was $0.24 per diluted share. This compares to net sales of $482.8 million, operating income of $3.3 million, net income of $1.6 million, and $0.03 per diluted share for the same period in fiscal 2020. Fiscal 2021 is a 52-week year and fiscal 2020 was a 53-week year; therefore, the nine months ended January 30, 2021 contains operating results for 39 weeks while the nine months ended February 1, 2020 contained operating results for 40 weeks. Sales, orders, and other results of operations were impacted due to the additional week of operations. Cash generated by operating activities in the first nine months of fiscal 2021 was $48.2 million, compared to cash generated of $6.2 million in the first nine months of fiscal 2020. Cash generated by operating activities is primarily derived from cash received from customers, offset by cash payments for inventories, subcontractors, employee related costs, and operating expense outflows. Year-to-date cash provided from operations differed as compared to last year primarily due to a focus on customer collections, decreasing inventory levels, lowering personnel and operating expense outflows as we manage operations through the uncertain COVID times. Cash generation and use can vary based on order timing and levels, varying contractual payment terms from customers, and payments for inventory to meet delivery and installation schedules. Free cash flow, defined as cash provided by or used in operating activities less net investment in property and equipment, was a positive $41.8 million for the first nine months of fiscal 2021, as compared to a negative $7.2 million for the same period of fiscal 2020. Net investment in property and equipment was $6.5 million for the first nine months of fiscal 2021, as compared to $13.4 million for the first nine months of fiscal 2020. Cash, restricted cash, and marketable securities at the end of the third quarter of fiscal 2021 were $81.0 million, which compares to $42.1 million at the end of the third quarter of fiscal 2020 and $41.6 million at the end of fiscal 2020. Borrowings on the line of credit were $15.0 million at the end of the third quarter of fiscal 2021 up from $0 at the end of the third quarter of fiscal 2020 and consistent with the $15.0 million at the end of fiscal 2020. Orders for the third quarter of fiscal 2021 decreased 35.6 percent as compared to the third quarter of fiscal 2020. Orders for the nine months ended January 30, 2021 decreased 27.2 percent as compared to the same period one year ago. Each business unit's order volume was lower in fiscal 2021 due to lower market activity from the resulting economic and business impacts of the COVID-19 pandemic and related timing of large contract orders. Net sales decreased by 26.3 percent in the third quarter of fiscal 2021 as compared to the third quarter of fiscal 2020. Net sales for the nine months ended January 30, 2021 decreased 24.4 percent as compared to the same period one year ago. Net sales decreased in all business units for the same reasons causing order booking declines and due to varied timing in the related conversion to sales based on customer project schedules. Gross profit as a percentage of net sales was 25.4 percent for the third quarter of fiscal 2021 as compared to 19.2 percent a year earlier. The improved gross profit rate in the third quarter of fiscal 2021 is a result of the mix of service agreement and product sales and a $2.1 million litigation claim reversal. In comparison, during the third quarter of fiscal 2020, we experienced adverse impacts of a project with cost overruns and tariff related expenses. Operating expenses for the third quarter of fiscal 2021 were $24.2 million, compared to $33.6 million for the third quarter of fiscal 2020, or a decrease of 28.0 percent. This decline is attributed to our focus on managing our expenses to expected order volumes. Declines in overall operating expenses were attributed to lower personnel related costs, reduced third-party contractor use, lower travel and entertainment activities, and lowered marketing and convention events offset by an increase in bad debt expense. Operating loss as a percent of sales for the quarter was 0.3 percent as compared to an operating loss as a percent of sales of 7.2 percent during the third quarter of fiscal 2020. The effective tax rate expense for the third quarter of fiscal 2021 was 82.0 percent compared to an effective tax rate benefit of 37.9 percent for the third quarter of fiscal 2020. Our fiscal 2021 year-to-date effective rate expense was 21.3 percent compared to fiscal 2020 year-to-date effective rate expense of 51.6 percent. The change in the effective tax rate year-over-year was driven primarily by a decrease in tax credits and other permanent differences as a percentage of estimated current fiscal year pre-tax income. Reece Kurtenbach, chairman, president and chief executive officer, stated, "Our third quarter orders, sales and profit levels are traditionally lighter than other quarters due to the seasonality of our sports business, construction cycles, and the reduced number of production dates due to holidays during the quarter. This year, our results have also been impacted by the pandemic. We continue to monitor the pandemic's impact on the markets we serve. Areas of our business that were impacted the most are those that serve customers in large gathering spaces which includes our sports and entertainment, mass transit, and airport markets. Our Out-of-Home advertising customers were impacted due to a reduction in national advertising spend and have chosen to delay orders. Customers using on-premise applications are less impacted and are continuing to utilize audio visual systems to inform and persuade their audiences during this time. We continue to strategically make choices on levels of capacity and investments in capital assets and development initiatives. We also continued the suspension of dividend and share repurchases to help us maintain stability in liquidity and our cash position." (1) Backlog is not a measure defined by U.S. generally accepted accounting principles ("GAAP"), and our methodology for determining backlog may vary from the methodology used by other companies in determining their 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 May 2, 2020. OutlookKurtenbach added, "Our backlog going into the fourth quarter is strong and we believe the audiovisual industry fundamentals will drive long-term growth for our business. However, the near-term outlook shows areas of contraction and greater volatility. We are focused on promoting our value to new and core markets, while managing our cost structure to meet the uncertain demand. With the COVID-19 vaccine distribution underway, we remain focused on emerging as a stronger organization and to be positioned to capitalize on the recovery from this pandemic." About DaktronicsDaktronics 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 StatementCautionary 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 2020 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. For more information contact:INVESTOR RELATIONS:Sheila M. Anderson, Chief Financial OfficerTel (605) 692-0200Investor@daktronics.com Daktronics, Inc. and SubsidiariesConsolidated Statements of Operations(in thousands, except per share amounts)(unaudited) Three Months Ended Nine Months Ended January 30, February 1, January 30, February 1, 2021 2020 2021 2020 Net sales $94,139 $127,657 $365,150 $482,824 Cost of sales 70,198 103,175 272,134 372,750 Gross profit 23,941 24,482 93,016 110,074 Operating expenses: Selling 12,004 16,552 36,214 51,026 General and administrative 6,389 8,640 20,777 26,698 Product design and development 5,784 8,442 20,053 29,063 24,177 33,634 77,044 106,787 Operating (loss) income (236) (9,152) 15,972 3,287 Nonoperating (expense) income: Interest income 52 233 203 664 Interest expense (92) 13 (249) (53)Other (expense) income, net (913) (331) (2,377) (652) (Loss) income before income taxes (1,189) (9,237) 13,549 3,246 Income tax expense (benefit) (975) 3,497 2,880 1,676 Net (loss) income $(214) $(12,734) $10,669 $1,570 Weighted average shares outstanding: Basic 45,064 45,189 44,908 45,139 Diluted 45,064 45,189 45,061 45,412 (Loss) earnings per share: Basic $0.00 $(0.28) $0.24 $0.03 Diluted $0.00 $(0.28) $0.24 $0.03 Cash dividends declared per share $— $0.05 $— $0.15 Daktronics, Inc. and SubsidiariesConsolidated Balance Sheets(in thousands) January 30, May 2, 2021 2020 (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $76,877 $40,398 Restricted cash 3,884 14 Marketable securities 248 1,230 Accounts receivable, net 63,212 72,577 Inventories 72,312 86,803 Contract assets 30,310 35,467 Current maturities of long-term receivables 1,736 3,519 Prepaid expenses and other current assets 7,554 9,629 Income tax receivables 87 548 Property and equipment and other assets available for sale 2,020 1,817 Total current assets 258,240 252,002 Property and equipment, net 61,805 67,484 Long-term receivables, less current maturities 754 1,114 Goodwill 8,262 7,743 Intangibles, net 2,396 3,354 Investment in affiliates and other assets 23,608 27,683 Deferred income taxes 13,382 13,271 Total non-current assets 110,207 120,649 TOTAL ASSETS $368,447 $372,651 Daktronics, Inc. and SubsidiariesConsolidated Balance Sheets (continued)(in thousands) January 30, May 2, 2021 2020 (unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $32,692 $47,834 Contract liabilities 53,292 50,897 Accrued expenses 26,664 36,626 Warranty obligations 10,766 9,764 Income taxes payable 2,079 844 Total current liabilities 125,493 145,965 Long-term warranty obligations 15,696 15,860 Long-term contract liabilities 10,587 10,707 Other long-term obligations 23,059 22,105 Long-term income taxes payable 554 582 Deferred income taxes 490 452 Total long-term liabilities 50,386 49,706 TOTAL LIABILITIES 175,879 195,671 SHAREHOLDERS' EQUITY: Common stock 60,575 60,010 Additional paid-in capital 46,091 44,627 Retained earnings 95,759 85,090 Treasury stock, at cost (7,297) (7,470)Accumulated other comprehensive loss (2,560) (5,277)TOTAL SHAREHOLDERS' EQUITY 192,568 176,980 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $368,447 $372,651 Daktronics, Inc. and SubsidiariesConsolidated Statements of Cash Flows(in thousands)(unaudited) Nine Months Ended January 30, February 1, 2021 2020CASH FLOWS FROM OPERATING ACTIVITIES: Net income $10,669 $1,570 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 12,848 13,197 Gain on sale of property, equipment and other assets (244) (6)Share-based compensation 1,563 1,734 Equity in loss of affiliates 1,740 430 Provision for doubtful accounts 1,551 (477)Deferred income taxes, net (21) (223)Change in operating assets and liabilities 20,115 (10,035)Net cash provided by operating activities 48,221 6,190 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (6,935) (13,646)Proceeds from sales of property, equipment and other assets 470 244 Proceeds from sales or maturities of marketable securities 982 24,665 Purchases of and loans to equity investment (1,328) (1,229)Net cash (used in) provided by investing activities (6,811) 10,034 CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term obligations (431) (2,140)Dividends paid — (6,756)Payments for common shares repurchased — (2,329)Tax payments related to RSU issuances (125) (199)Net cash used in financing activities (556) (11,424) EFFECT OF EXCHANGE RATE CHANGES ON CASH (505) (166)NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 40,349 4,634 CASH, CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period 40,412 35,742 End of period $80,761 $40,376 Daktronics, Inc. and SubsidiariesNet Sales and Orders by Business Unit(in thousands)(unaudited) Three Months Ended Nine Months Ended January 30, February 1, Dollar Percent January 30, February 1, Dollar Percent 2021 2020 Change Change 2021 2020 Change ChangeNet Sales: Commercial $30,085 $36,880 $(6,795) (18.4)% $94,947 $120,566 $(25,619) (21.2)%Live Events 23,330 40,571 (17,241) (42.5) 112,626 159,196 (46,570) (29.3)High School Park and Recreation 14,644 14,775 (131) (0.9) 71,165 75,433 (4,268) (5.7)Transportation 11,769 13,916 (2,147) (15.4) 41,590 53,264 (11,674) (21.9)International 14,311 21,515 (7,204) (33.5) 44,822 74,365 (29,543) (39.7) $94,139 $127,657 $(33,518) (26.3)% $365,150 $482,824 $(117,674) (24.4)%Orders: Commercial $34,806 $36,898 $(2,092) (5.7)% $92,929 $119,059 $(26,130) (21.9)%Live Events 11,075 41,484 (30,409) (73.3) 93,619 149,461 (55,842) (37.4)High School Park and Recreation 16,366 20,447 (4,081) (20.0) 64,582 73,852 (9,270) (12.6)Transportation 12,991 16,203 (3,212) (19.8) 37,713 55,410 (17,697) (31.9)International 11,650 19,992 (8,342) (41.7) 55,864 75,827 (19,963) (26.3) $86,888 $135,024 $(48,136) (35.6)% $344,707 $473,609 $(128,902) (27.2)% Reconciliation of Free Cash Flow*(in thousands)(unaudited) Nine Months Ended January 30, February 1, 2021 2020Net cash provided by operating activities $48,221 $6,190 Purchases of property and equipment (6,935) (13,646)Proceeds from sales of property and equipment 470 244 Free cash flow $41,756 $(7,212) *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 U.S. generally accepted accounting principles (“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.