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Mac Furst

Research Analyst at Singular Research

Mac Furst, CFA, is an Equity Research Analyst at Singular Research with deep expertise in finance, information technology, and the electric and autonomous vehicle industries. He has covered and published equity research on companies in the IT sector as well as EV and AV manufacturers, leveraging his background from prior roles at Gartner and at $5 billion asset manager HBSS where he was responsible for stock recommendations totaling $250 million. At Gartner, Furst was consistently recognized for research excellence through numerous awards, and he continues his commitment to the industry as a mentor in the CFA Institute’s Research Challenge. He holds the CFA charter and is an active member of the CFA Institute, highlighting his professional credentials in the field.

Mac Furst's questions to DAKTRONICS INC /SD/ (DAKT) leadership

Mac Furst's questions to DAKTRONICS INC /SD/ (DAKT) leadership • Q4 2025

Question

Mac Furst asked for an outlook on the total business and digital transformation expenses expected in fiscal 2026, requesting a breakdown between consulting and internal costs.

Answer

Howard Atkins, Acting CFO, clarified that the consulting engagement for the major business transformation project concluded in fiscal 2025, and those specific fees are not expected to recur. He stated the transformation process is now integrated into the company's operations, and while new initiatives could require outside help, consulting fees for fiscal 2026 are expected to be 'quite low'.

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Mac Furst's questions to DAKTRONICS INC /SD/ (DAKT) leadership • Q3 2025

Question

Mac Furst sought clarification on the performance of the International markets, specifically asking for more detail on the relationship between increased quoting activity and the rate of order closures.

Answer

Reece A. Kurtenbach (Chairman, President and CEO) clarified his earlier remarks, explaining that while the conversion of quotes to orders had been soft in past periods despite strong quoting activity, this trend has reversed. He stated that the conversion rate picked up in the most recent quarter and that he expects this higher conversion rate to continue in the coming quarters, barring any major geopolitical events.

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Mac Furst's questions to DAKTRONICS INC /SD/ (DAKT) leadership • Q2 2025

Question

Mac Furst of Singular Research asked for further details on expected changes from the new administration and questioned the specific margin impact of potential tariffs on products manufactured in China for the U.S. market.

Answer

Reece Kurtenbach, CEO, responded that it is too early to predict specific regulatory changes from the new administration. He clarified that the company's Shanghai factory serves global markets, not just the U.S. He explained that tariffs would impact sourced components like semiconductors, which are critical inputs. However, Kurtenbach emphasized that this would not be a unique competitive disadvantage as most competitors also produce in China, and Daktronics benefits from having the largest manufacturing facility in the U.S.

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Mac Furst's questions to DAKTRONICS INC /SD/ (DAKT) leadership • Q1 2025

Question

Mac Furst of Singular Research inquired about market share development over the last few years and recent quarters, as well as the company's current credit position and available credit.

Answer

CEO Reece Kurtenbach responded that precise market share data is difficult to obtain but noted that while share in the highly price-sensitive market may be lower post-COVID, he believes they have maintained share well in other areas. Regarding credit, Kurtenbach highlighted the company's strong balance sheet and high cash levels. CFO Sheila Anderson added that the company has an asset-based lending line with approximately $35 million of availability.

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