Forrester Introduces The Total Experience Score: A New Metric For Measuring The Power Of A Unified Brand And Customer Experience
NASHVILLE & CAMBRIDGE, Mass.--(BUSINESS WIRE)--According to Forrester's (Nasdaq: FORR) Global Total Experience Score Rankings, 2025, when companies align their brand promise with the experiences they deliver across both customer and noncustomer segments, they are better positioned to win and serve customers — unlocking up to 3.5x revenue growth and significantly boosting customer loyalty. Forrester's research shows that brand experience (BX) and customer experience (CX) are interconnected. To drive growth, companies need a harmonized framework that evaluates both experiences in tandem.
Forrester's Total Experience Score, a new metric launching today, integrates scores from Forrester's new Brand Experience Index (BX Index™) and its long-standing Customer Experience Index (CX Index™) to generate a single score that reflects how both noncustomers and customers perceive a brand. The only metric that measures the impact of brand perceptions across the entire customer lifecycle, the Total Experience Score also provides an in-depth analysis to identify specific actions that companies can take to drive growth.
Key findings from the global Total Experience Score rankings include:
In North America, direct banks excelled while insurers struggled. Direct banks achieved the highest average industry score in both the US and Canada, while the lowest average scores were for health insurers in the US and auto/home insurers in Canada.
Europe has a large disparity between customers and noncustomers. The gap between customer and noncustomer scores is wide across Europe — 18 brands scored more than twice as high with customers as noncustomers. The top-scoring industry in the region was investment firms in the UK, while the lowest was Swedish banks.
In Asia Pacific, investment firms performed strongly. The top-scoring industries in India and Singapore were investment firms, and in Australia, it was banks. The lowest-scoring industries in this region were banks in India and Singapore and auto home insurers in Australia.
To calculate a brand's Total Experience Score, Forrester first analyzed the performance of 413 brands across 10 industries and 13 countries based on how more than 360,000 consumers perceived them. It then determined how these brands fared on the BX Index and CX Index. The interplay between BX and CX is further captured in a 'growth grid,' Forrester's snapshot of how successful a company is at both winning and serving customers and how it stacks against its peers. Companies that want to grow revenue must align their initiatives along both these vectors: Win new customers and serve existing customers to generate revenue from retention and enrichment. The noncustomer and customer components of the Total Experience Score, plotted on the two axes of the growth grid, represent each of these vectors.
'Driving growth requires a dual focus — shaping brand perceptions that inspire consideration and loyalty and strengthening them through consistent, customer-centric experiences,' said Keith Johnston, group research director at Forrester. 'While BX and CX are powerful revenue drivers individually, when integrated into a cohesive total experience, they amplify one another to deliver even greater financial returns. Companies can use the growth grid as both a diagnostic and prescriptive tool to shape their brand and business strategy. Additionally, this framework allows companies to assess their competitive standing as well as performance across brands within their own portfolio.'
Forrester's Total Experience Score, BX Index, and CX Index rankings and results are accessible within the Forrester Decisions portfolio of research services. Clients of Forrester Decisions services for Customer Experience, B2C Marketing Executives, and Digital Business & Strategy have access to the BX Index and CX Index annual benchmarking exercise to measure the interconnectedness between brand and customer experience.
About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We empower leaders in technology, customer experience, digital, marketing, sales, and product functions to be bold at work and accelerate growth through customer obsession. Our unique research and continuous guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence. To learn more, visit Forrester.com.
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(the 'Company,' 'Daktronics,' 'we,' or 'us') concerning future events or our future financial performance. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by discussions of strategy, plans, or intentions or by the use of words such as 'may,' 'would,' 'could,' 'should,' 'will,' 'expect,' 'estimate,' 'anticipate,' 'believe,' 'intend,' 'plan,' 'forecast,' 'project,' 'predict,' 'potential,' 'continue,' or 'intend,' the negative or other variants of such terms, or other comparable terminology. 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You should carefully consider the trends, risks, and uncertainties described in this presentation, the Form 10-K, and other reports filed with or furnished to the SEC by the Company before making any investment decision with respect to our securities. If any of these trends, risks, or uncertainties continues or occurs, our business, financial condition, or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. Forward-looking statements are made in the context of information available as of the date of this news release and are based on our current expectations, forecasts, estimates, and assumptions. The Company undertakes no obligation to update or revise such statements to reflect circumstances or events occurring after this presentation except as may be required by applicable law. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. For more information contact:INVESTOR RELATIONS:Howard Atkins, Acting Chief Financial OfficerTel (605) 692-0200Investor@ LHA Investor Relations Carolyn Capaccio / Jody Burfening DAKTIRTeam@ Daktronics, Inc. and SubsidiariesConsolidated Statements of Operations(in thousands, except per share amounts)(unaudited) Three Months Ended Year Ended April 26, 2025 April 27, 2024 April 26, 2025 April 27, 2024 Net sales $ 172,551 $ 215,880 $ 756,477 $ 818,083 Cost of sales 129,406 160,501 560,990 595,640 Gross profit 43,145 55,379 195,487 222,443 Operating expenses: Selling 15,200 15,114 60,011 56,954 General and administrative 19,727 11,555 63,498 42,632 Product design and development 9,958 9,283 38,860 35,742 44,885 35,952 162,369 135,328 Operating (loss) income (1,740 ) 19,427 33,118 87,115 Nonoperating income (expense): Interest income (expense), net 637 (466 ) 1,347 (3,418 ) Change in fair value of convertible note 2,848 (4,980 ) (22,521 ) (16,550 ) Other expense and debt issuance costs write-off, net (15,183 ) (6,814 ) (17,795 ) (13,096 ) (Loss) income before income taxes (13,438 ) 7,167 (5,851 ) 54,051 Income tax (benefit) expense (4,013 ) 4,649 4,270 19,430 Net (loss) income $ (9,425 ) $ 2,518 $ (10,121 ) $ 34,621 Weighted average shares outstanding: Basic 49,516 46,257 47,587 45,901 Diluted 49,516 46,872 47,587 46,543 (Loss) earnings per share: Basic $ (0.19 ) $ 0.05 $ (0.21 ) $ 0.75 Diluted $ (0.19 ) $ 0.05 $ (0.21 ) $ 0.74 Daktronics, Inc. and SubsidiariesConsolidated Balance Sheets(in thousands)(unaudited) April 26, 2025 April 27, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 127,507 $ 81,299 Restricted cash — 379 Accounts receivable, net 92,762 117,186 Inventories 105,839 138,008 Contract assets 41,169 55,800 Current maturities of long-term receivables 2,437 298 Prepaid expenses and other current assets 8,520 8,531 Income tax receivables 3,217 448 Total current assets 381,451 401,949 Property and equipment, net 73,884 71,752 Long-term receivables, less current maturities 1,030 562 Goodwill 3,188 3,226 Intangibles, net 568 840 Debt issuance costs, net 1,289 2,530 Right of use, investment in affiliates, and other assets 9,378 21,163 Deferred income taxes 32,104 25,862 TOTAL ASSETS $ 502,892 $ 527,884 Daktronics, Inc. and SubsidiariesConsolidated Balance Sheets (continued)(in thousands)(unaudited) April 26, 2025 April 27, 2024 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $ 1,500 $ 1,500 Accounts payable 46,669 60,757 Contract liabilities 69,050 65,524 Accrued expenses 41,705 43,028 Warranty obligations 12,706 16,540 Income taxes payable 375 4,947 Total current liabilities 172,005 192,296 Long-term warranty obligations 23,124 21,388 Long-term contract liabilities 18,421 16,342 Other long-term obligations 6,839 5,759 Long-term debt, net 10,487 53,164 Deferred income taxes 85 143 Total long-term liabilities 58,956 96,796 STOCKHOLDERS' EQUITY: Preferred Shares, $0.00001 par value, authorized 5,000 shares; no shares issued and outstanding — — Common stock, $0.00001 par value, authorized 115,000 shares; 53,030 and 48,121 shares issued as of April 26, 2025 and April 27, 2024, respectively — — Additional paid-in capital 189,940 117,571 Retained earnings 127,910 138,031 Treasury stock, at cost, 3,979 and 1,907 shares as of April 26, 2025 and April 27, 2024, respectively (39,759 ) (10,285 ) Accumulated other comprehensive loss (6,160 ) (6,525 ) TOTAL STOCKHOLDERS' EQUITY 271,931 238,792 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 502,892 $ 527,884 Daktronics, Inc. and SubsidiariesConsolidated Statements of Cash Flows(in thousands)(unaudited) Year Ended April 26, 2025 April 27, 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (10,121 ) $ 34,621 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 19,547 19,291 (Gain) loss on sale of property, equipment and other assets (156 ) 44 Share-based compensation 2,944 2,090 Equity in loss of affiliates 3,053 3,764 Allowance for credit losses on affiliate loan 15,480 — (Recovery) provision for doubtful accounts, net (644 ) 373 Deferred income taxes, net (6,300 ) (9,069 ) Non-cash impairment charges — 6,359 Change in fair value of convertible note 22,521 16,550 Debt issuance costs write-off — 3,353 Change in operating assets and liabilities 51,389 (14,135 ) Net cash provided by operating activities 97,713 63,241 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (19,494 ) (16,980 ) Proceeds from sales of property, equipment and other assets 277 174 Proceeds from sales or maturities of marketable securities — 550 Purchases of equity and loans to equity investees (4,565 ) (5,050 ) Net cash used in investing activities (23,782 ) (21,306 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on notes payable — 41,172 Payments on notes payable (2,108 ) (19,434 ) Debt issuance costs — (7,205 ) Principal payments on long-term obligations (414 ) (410 ) Payments for common shares repurchased (29,474 ) — Proceeds from exercise of stock options 5,153 1,302 Tax payments related to RSU issuances (606 ) (303 ) Net cash (used in) provided by financing activities (27,449 ) 15,122 EFFECT OF EXCHANGE RATE CHANGES ON CASH (653 ) (69 ) NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 45,829 56,988 CASH, CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period 81,678 24,690 End of period $ 127,507 $ 81,678 Daktronics, Inc. and SubsidiariesNet Sales and Orders by Business Unit(in thousands)(unaudited) Three Months Ended Twelve Months Ended April 26,2025 April 27,2024 DollarChange PercentChange April 26,2025 April 27,2024 DollarChange PercentChange Net Sales: Commercial $ 40,589 $ 38,998 $ 1,591 4.1 % $ 156,203 $ 161,626 $ (5,423 ) (3.4 )% Live Events 59,597 104,906 (45,309 ) (43.2 ) 291,484 338,508 (47,024 ) (13.9 ) High School Park and Recreation 40,477 36,409 4,068 11.2 165,921 170,349 (4,428 ) (2.6 ) Transportation 18,304 24,173 (5,869 ) (24.3 ) 81,061 85,390 (4,329 ) (5.1 ) International 13,584 11,394 2,190 19.2 61,808 62,210 (402 ) (0.6 ) $ 172,551 $ 215,880 $ (43,329 ) (20.1 )% $ 756,477 $ 818,083 $ (61,606 ) (7.5 )% Orders: Commercial $ 48,930 $ 34,084 $ 14,846 43.6 % $ 176,583 $ 135,251 $ 41,332 30.6 % Live Events 84,225 94,755 (10,530 ) (11.1 ) 283,780 321,191 (37,411 ) (11.6 ) High School Park and Recreation 59,263 44,581 14,682 32.9 176,097 148,505 27,592 18.6 Transportation 23,496 20,698 2,798 13.5 72,315 80,107 (7,792 ) (9.7 ) International 24,769 11,667 13,102 112.3 72,572 55,117 17,455 31.7 $ 240,683 $ 205,785 $ 34,898 17.0 % $ 781,347 $ 740,171 $ 41,176 5.6 %Reconciliation of Free Cash Flow*(in thousands)(unaudited) Twelve Months Ended April 26, 2025 April 27, 2024 Net cash provided by operating activities $ 97,713 $ 63,241 Purchases of property and equipment (19,494 ) (16,980 ) Proceeds from sales of property and equipment 277 174 Free cash flow $ 78,496 $ 46,435 * 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 Operating Income*(in thousands)(unaudited) Three Months Ended Twelve Months Ended April 26,2025 Percent of net sales April 27,2024 Percent of net sales April 26,2025 Percent of net sales April 27,2024 Percent of net sales Operating (loss) income (GAAP Measure) $ (1,740 ) (1.0 )% $ 19,427 9.0 % $ 33,118 4.4 % $ 87,115 10.6 % Corporate governance expenses 3,881 2.3 — — 6,825 0.9 — — Management transition 2,614 1.5 — — 2,614 0.3 — — Consultant related expenses associated with business transformation initiatives 1,031 0.6 — — 7,085 0.9 — — Adjusted operating income (non-GAAP measure) $ 5,786 3.4 % $ 19,427 9.0 % $ 49,642 6.6 % $ 87,115 10.6 % * In evaluating its business, Daktronics considers and uses adjusted operating income as a key measure of its operating performance. The term adjusted operating income is not defined under 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. We define non-GAAP adjusted operating income as operating (loss) income plus unique expenses, for example, expenses related to business and digital transformation consultant costs and legal costs associated with special corporate governance matters. Management believes non-GAAP adjusted operating income is a useful indicator of our financial performance and our ability to generate cash flows from operations. Our definition of non-GAAP adjusted operating income may not be comparable to similarly titled definitions used by other companies. The table above reconciles non-GAAP adjusted operating income to comparable GAAP financial measures. Reconciliation of Adjusted Net Income*(in thousands)(unaudited) Three Months Ended Twelve Months Ended April 26, 2025 April 27, 2024 April 26, 2025 April 27, 2024 Net (loss) income $ (9,425 ) $ 2,518 $ (10,121 ) $ 34,621 Change in fair value of convertible note (2,848 ) 4,980 22,521 16,550 Allowance for credit losses on affiliate loan 15,480 — 15,480 — Corporate governance expenses, net of taxes 2,872 — 5,050 — Management transition, net of taxes 1,934 — 1,934 — Consultant related expenses associated with business transformation initiatives, net of taxes 763 — 5,243 — Debt issuance costs expensed due to fair value of convertible note, net of taxes — — — 2,149 Equity method affiliates impairment — 5,268 — 6,359 Adjusted net income $ 8,776 $ 12,766 $ 40,107 $ 59,679 * Adjusted net income using 26% tax rate. We disclose adjusted net income as a non-GAAP financial measurement in order to report our results exclusive of items that are not core to our operating business. We believe presenting this non-GAAP financial measurements provide investors with a consistent way to analyze our performance. Reconciliation of Long-term Debt(in thousands)(unaudited) Long-term debt consists of the following: April 26, 2025 April 27, 2024 Mortgage 12,375 13,875 Convertible note — 25,000 Long-term debt, gross 12,375 38,875 Debt issuance costs, net (388 ) (761 ) Change in fair value of convertible note — 16,550 Current portion (1,500 ) (1,500 ) Long-term debt, net $ 10,487 $ 53,164
