DYCOM INDUSTRIES, INC. |
Florida | 001-10613 | 59-1277135 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) | ||
11780 U.S. Highway One, Suite 600, | ||||
Palm Beach Gardens, Florida 33408 | ||||
(Address of principal executive offices) (Zip Code) | ||||
(561) 627-7171 | ||||
(Registrant’s telephone number, including area code) |
(d) | Exhibits |
99.1 | Press release dated August 25, 2015 by Dycom Industries, Inc. reporting fiscal 2015 fourth quarter and annual results. |
99.2 | Slide presentation relating to the webcast and conference call held on August 26, 2015. |
DYCOM INDUSTRIES, INC. (Registrant) | |
By: | /s/ Richard B. Vilsoet |
Name: | Richard B. Vilsoet |
Title: | Vice President, General Counsel and Corporate Secretary |
FOR IMMEDIATE RELEASE | Contact: | Steven E. Nielsen, President and CEO H. Andrew DeFerrari, Senior Vice President and CFO (561) 627-7171 |
• | Contract revenues of $578.5 million for the quarter ended July 25, 2015, compared to $482.1 million for the quarter ended July 26, 2014. Contract revenues for the quarter ended July 25, 2015 grew 18.2% on an organic basis after excluding revenues from acquired businesses that were not owned for the full period in both the current and prior year quarter. Total revenues from acquired businesses were $11.8 million for the quarter ended July 25, 2015, compared to $2.8 million for the quarter ended July 26, 2014. |
• | Adjusted EBITDA - Non-GAAP of $88.5 million, or 15.3% of revenue, for the quarter ended July 25, 2015, compared to $57.5 million, or 11.9% of revenue, for the quarter ended July 26, 2014. |
• | Net income of $33.8 million, or $0.97 per common share diluted, for the quarter ended July 25, 2015, compared to $16.5 million, or $0.47 per common share diluted, for the quarter ended July 26, 2014. On a Non-GAAP basis, net income was $16.9 million, or $0.48 per common share diluted, for the quarter ended July 26, 2014. Net income - Non-GAAP for the quarter ended July 26, 2014 excludes the impact of pre-tax charges of $0.6 million for a wage and hour class action settlement. |
• | Contract revenues of $2.022 billion for the fiscal year ended July 25, 2015, compared to $1.812 billion for the fiscal year ended July 26, 2014. Contract revenues for the fiscal year ended July 25, 2015 grew 9.6% on an organic basis after excluding revenues from acquired businesses that were not owned for the full year in both the current and prior year. Total revenues from acquired businesses were $40.4 million for the fiscal year ended July 25, 2015, compared to $2.8 million for the fiscal year ended July 26, 2014. |
• | Adjusted EBITDA - Non-GAAP of $265.5 million, or 13.1% of revenue, for the fiscal year ended July 25, 2015 compared to $188.4 million, or 10.4% of revenue, for the fiscal year ended July 26, 2014. |
• | Net income of $84.3 million, or $2.41 per common share diluted, for the fiscal year ended July 25, 2015 compared to $40.0 million, or $1.15 per common share diluted, for the fiscal year ended July 26, 2014. On a Non-GAAP basis, net income was $40.3 million, or $1.16 per common share diluted, for the fiscal year ended July 26, 2014. Net income - Non-GAAP for the fiscal year ended July 26, 2014 excludes the impact of pre-tax charges of $0.6 million for a wage and hour class action settlement. |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited | ||||||||
As of | As of | |||||||
July 25, 2015 | July 26, 2014 | |||||||
ASSETS | (Dollars in thousands) | |||||||
Current assets: | ||||||||
Cash and equivalents | $ | 21,289 | $ | 20,672 | ||||
Accounts receivable, net | 315,134 | 272,741 | ||||||
Costs and estimated earnings in excess of billings | 274,730 | 230,569 | ||||||
Inventories | 48,650 | 49,095 | ||||||
Deferred tax assets, net | 20,630 | 19,932 | ||||||
Other current assets | 16,199 | 12,727 | ||||||
Total current assets | 696,632 | 605,736 | ||||||
Property and equipment, net | 231,564 | 205,413 | ||||||
Goodwill and other intangible assets, net | 392,579 | 385,204 | ||||||
Other | 38,089 | 16,001 | ||||||
Total non-current assets | 662,232 | 606,618 | ||||||
Total assets | $ | 1,358,864 | $ | 1,212,354 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 71,834 | $ | 63,318 | ||||
Current portion of debt | 3,750 | 10,938 | ||||||
Billings in excess of costs and estimated earnings | 16,896 | 13,882 | ||||||
Accrued insurance claims | 35,824 | 32,260 | ||||||
Other accrued liabilities | 98,406 | 76,134 | ||||||
Total current liabilities | 226,710 | 196,532 | ||||||
Long-term debt | 521,841 | 446,863 | ||||||
Accrued insurance claims | 51,476 | 33,782 | ||||||
Deferred tax liabilities, net non-current | 47,388 | 45,361 | ||||||
Other liabilities | 4,249 | 4,882 | ||||||
Total liabilities | 851,664 | 727,420 | ||||||
Total stockholders' equity | 507,200 | 484,934 | ||||||
Total liabilities and stockholders' equity | $ | 1,358,864 | $ | 1,212,354 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited | ||||||||||||||||
Three Months Ended | Three Months Ended | Fiscal Year Ended | Fiscal Year Ended | |||||||||||||
July 25, 2015 | July 26, 2014 | July 25, 2015 | July 26, 2014 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Contract revenues | $ | 578,479 | $ | 482,071 | $ | 2,022,312 | $ | 1,811,593 | ||||||||
Costs of earned revenues, excluding depreciation and amortization | 446,114 | 387,221 | 1,593,250 | 1,475,045 | ||||||||||||
General and administrative expenses (a) | 47,483 | 41,058 | 178,700 | 161,858 | ||||||||||||
Depreciation and amortization | 25,865 | 23,060 | 96,044 | 92,772 | ||||||||||||
Total | 519,462 | 451,339 | 1,867,994 | 1,729,675 | ||||||||||||
Interest expense, net | (6,899 | ) | (6,578 | ) | (27,025 | ) | (26,827 | ) | ||||||||
Other income, net | 1,292 | 3,028 | 8,291 | 11,228 | ||||||||||||
Income before income taxes | 53,410 | 27,182 | 135,584 | 66,319 | ||||||||||||
Provision for income taxes | 19,583 | 10,693 | 51,260 | 26,341 | ||||||||||||
Net income | $ | 33,827 | $ | 16,489 | $ | 84,324 | $ | 39,978 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 1.00 | $ | 0.49 | $ | 2.48 | $ | 1.18 | ||||||||
Diluted earnings per common share | $ | 0.97 | $ | 0.47 | $ | 2.41 | $ | 1.15 | ||||||||
Shares used in computing earnings per common share: | ||||||||||||||||
Basic | 33,936,859 | 33,965,484 | 34,045,481 | 33,773,158 | ||||||||||||
Diluted | 34,830,901 | 34,960,049 | 35,026,688 | 34,816,381 | ||||||||||||
(a) Includes stock-based compensation expense of $3.1 million and $2.9 million for the three months ended July 25, 2015 and July 26, 2014, respectively, and $13.9 million and $12.6 million for the fiscal years ended July 25, 2015 and July 26, 2014, respectively. |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP INFORMATION Unaudited | |||||||||||||||||
The below table presents the reconciliation of GAAP contract revenues to Non-GAAP contract revenues and the percentages of growth of GAAP and Non-GAAP contract revenues. | |||||||||||||||||
Contract Revenues - GAAP | Revenues from businesses acquired (a) | Contract Revenues - Non-GAAP | % Growth - GAAP | % Growth - Non-GAAP | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Three Months Ended July 25,2015 | $ | 578,479 | $ | (11,793 | ) | $ | 566,686 | 20.0 | % | 18.2 | % | ||||||
Three Months Ended July 26, 2014 | $ | 482,071 | $ | (2,772 | ) | $ | 479,299 | ||||||||||
Fiscal Year Ended July 25, 2015 | $ | 2,022,312 | $ | (40,353 | ) | $ | 1,981,959 | 11.6 | % | 9.6 | % | ||||||
Fiscal Year Ended July 26, 2014 | $ | 1,811,593 | $ | (2,772 | ) | $ | 1,808,821 | ||||||||||
(a) Amounts for the three months and fiscal year ended July 25, 2015 represent revenues from businesses acquired during fiscal 2015 and the fourth quarter of fiscal 2014. Amounts for the three months and fiscal year ended July 26, 2014 represent revenues from a business acquired during the fourth quarter of fiscal 2014. |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP INFORMATION (CONTINUED) Unaudited | |||||||||||||||||
The below table presents the Non-GAAP financial measure of Adjusted EBITDA for the three months and fiscal years ended July 25, 2015 and July 26, 2014 and a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure. | |||||||||||||||||
Three Months Ended | Three Months Ended | Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||
July 25, 2015 | July 26, 2014 | July 25, 2015 | July 26, 2014 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Reconciliation of net income to Adjusted EBITDA - Non-GAAP: | |||||||||||||||||
Net income | $ | 33,827 | $ | 16,489 | $ | 84,324 | $ | 39,978 | |||||||||
Interest expense, net | 6,899 | 6,578 | 27,025 | 26,827 | |||||||||||||
Provision for income taxes | 19,583 | 10,693 | 51,260 | 26,341 | |||||||||||||
Depreciation and amortization expense | 25,865 | 23,060 | 96,044 | 92,772 | |||||||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 86,174 | 56,820 | 258,653 | 185,918 | |||||||||||||
Gain on sale of fixed assets | (861 | ) | (2,802 | ) | (7,110 | ) | (10,706 | ) | |||||||||
Stock-based compensation expense | 3,150 | 2,876 | 13,923 | 12,596 | |||||||||||||
Charges for a wage and hour class action litigation settlement | — | 600 | — | 600 | |||||||||||||
Adjusted EBITDA - Non-GAAP | $ | 88,463 | $ | 57,494 | $ | 265,466 | $ | 188,408 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP INFORMATION (CONTINUED) Unaudited | ||||||||
The below table presents a reconciliation of GAAP to Non-GAAP net income for the three months and fiscal year ended July 26, 2014. | ||||||||
Three Months Ended | Fiscal Year Ended | |||||||
July 26, 2014 | July 26, 2014 | |||||||
(Dollars in thousands, | ||||||||
except per share amounts) | ||||||||
Reconciling Item: | ||||||||
Charges for a wage and hour class action litigation settlement | $ | (600 | ) | $ | (600 | ) | ||
Total Reconciling Item | $ | (600 | ) | $ | (600 | ) | ||
GAAP net income | $ | 16,489 | $ | 39,978 | ||||
Adjustment for Reconciling Item above, net of tax | 364 | 364 | ||||||
Net income - Non-GAAP | $ | 16,853 | $ | 40,342 | ||||
Earnings per common share: | ||||||||
Basic earnings per common share - GAAP | $ | 0.49 | $ | 1.18 | ||||
Adjustment for Reconciling Item above, net of tax | 0.01 | 0.01 | ||||||
Basic earnings per common share - Non-GAAP | $ | 0.50 | $ | 1.19 | ||||
Diluted earnings per common share - GAAP | $ | 0.47 | $ | 1.15 | ||||
Adjustment for Reconciling Item above, net of tax | 0.01 | 0.01 | ||||||
Diluted earnings per common share - Non-GAAP | $ | 0.48 | $ | 1.16 | ||||
Earnings per share amounts may not add due to rounding. | ||||||||
Shares used in computing GAAP and Non-GAAP earnings per common share and adjustment for Reconciling Item above: | ||||||||
Basic | 33,965,484 | 33,773,158 | ||||||
Diluted | 34,960,049 | 34,816,381 | ||||||
/FXZ?@V_P #T"+78=2MDN]*DBNHWD1"5).T,P4Y"C HY'%?I61QE!4%)-7J75^SE=/YG=43C@JEU;W)O[TSXZK]5-;7O>WFCV
M,%COJ*FN3FYFG\5K6OY/N>@?\+\/_0/'_@2?_C%>9_9'_3W_ ,D_^V/5_MK_
M *<_^3__ &HC?'Q\';IZ@]LW!(S[CR1G\Q]:?]D+K5_\D_\ MA?VT^E'_P G
M_P#M3Q+Q%X@NO$UZ^H7I!DDP JC"HHX5%&3A1[DDDDDDDD_04:,!4J>R[[
MMO=OS/FZ]:>)J.M5W?1;)+9+R_XR[8Z[J&F2":TN)H74YRCL/S ."/4'(/<5G*E3J+EG"+7FE_2-(5:E)\U.I_.LU%R?+%7;Z&CDHKFD[)=1LE[#%)Y#,!(5#A>2VTN$W8
M/&Y@">V>>*:BVN9+3:_G:_Y(3E%/E;UM>WE>U_O8^XN([1#+,P1%QECT&2 /
MS) I1BY/EBKOL.4E!=K"=2,9*#=F]M'9OM>UK^5[C;?5K6Y:2..0;H0&D5@T9
M53G#D.%.P[6PXRO!YXHE3E%)M:/16L[OMI?75:;BC5A)M)ZQU:=U9=];::/7
M8KMXAT](H[@SIY4X+1L,D% 0&?@?*BD@,[81$H*7LW5K*7;VL^U]/.VMA;+P=H^H%
MEMK^_D:,*7"WLN5#9VD@@$!MK8/?!]*4L56IVYZ5)7O;]U'6V_YCA@Z%2ZA5
MJNUKVJRTOM]]F1P>%-%N?,\K4+YO(3S)/]-D&Q/F^=LXPORM\W3Y3Z&F\37C
M:]*DKNR_=1U?9>>J)CA*_+6J^ZKO\ >RT6NK\M'KY"7'A71+2-)IM1ODCE
M02(YOI-K(0"QM(((.<