(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) | ||||||||||||||||||
(Address of principal executive offices) (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
DYCOM INDUSTRIES, INC. (Registrant) | |||||
By: | /s/ Ryan F. Urness | ||||
Name: | Ryan F. Urness | ||||
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 Callie A. Tomasso, Investor Relations (561) 627-7171 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands) | |||||||||||
Unaudited | |||||||||||
May 1, 2021 | January 30, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 330,615 | $ | 11,770 | |||||||
Accounts receivable, net | 867,545 | 858,123 | |||||||||
Contract assets | 177,212 | 197,110 | |||||||||
Inventories | 71,059 | 70,849 | |||||||||
Income tax receivable | 3,607 | 1,706 | |||||||||
Other current assets | 48,012 | 29,072 | |||||||||
Total current assets | 1,498,050 | 1,168,630 | |||||||||
Property and equipment, net | 273,503 | 273,960 | |||||||||
Operating lease right-of-use assets | 67,045 | 63,179 | |||||||||
Goodwill and other intangible assets, net | 387,132 | 391,807 | |||||||||
Other assets | 37,287 | 46,589 | |||||||||
Total assets | $ | 2,263,017 | $ | 1,944,165 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 171,013 | $ | 158,966 | |||||||
Current portion of debt | 61,522 | 81,722 | |||||||||
Contract liabilities | 18,833 | 14,101 | |||||||||
Accrued insurance claims | 43,444 | 41,736 | |||||||||
Operating lease liabilities | 24,967 | 24,769 | |||||||||
Income taxes payable | 982 | 6,387 | |||||||||
Other accrued liabilities | 115,318 | 120,809 | |||||||||
Total current liabilities | 436,079 | 448,490 | |||||||||
Long-term debt | 835,178 | 501,562 | |||||||||
Accrued insurance claims - non-current | 62,361 | 70,224 | |||||||||
Operating lease liabilities - non-current | 41,034 | 38,359 | |||||||||
Deferred tax liabilities, net - non-current | 51,448 | 47,650 | |||||||||
Other liabilities | 26,964 | 26,572 | |||||||||
Total liabilities | 1,453,064 | 1,132,857 | |||||||||
Total stockholders’ equity | 809,953 | 811,308 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,263,017 | $ | 1,944,165 | |||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(Dollars in thousands, except share amounts) | |||||||||||
Unaudited | |||||||||||
Quarter | Quarter | ||||||||||
Ended | Ended | ||||||||||
May 1, 2021 | April 25, 2020 | ||||||||||
Contract revenues | $ | 727,497 | $ | 814,322 | |||||||
Costs of earned revenues, excluding depreciation and amortization | 620,011 | 680,206 | |||||||||
General and administrative1 | 67,011 | 65,887 | |||||||||
Depreciation and amortization | 39,079 | 45,871 | |||||||||
Goodwill impairment charge2 | — | 53,264 | |||||||||
Total | 726,101 | 845,228 | |||||||||
Interest expense, net3 | (5,877) | (12,457) | |||||||||
(Loss) gain on debt extinguishment4 | (62) | 12,504 | |||||||||
Other income, net | 2,717 | 1,118 | |||||||||
Loss before income taxes | (1,826) | (29,741) | |||||||||
(Benefit) provision for income taxes5 | (2,724) | 2,677 | |||||||||
Net income (loss) | $ | 898 | $ | (32,418) | |||||||
Earnings (loss) per common share: | |||||||||||
Basic earnings (loss) per common share | $ | 0.03 | $ | (1.03) | |||||||
Diluted earnings (loss) per common share | $ | 0.03 | $ | (1.03) | |||||||
Shares used in computing earnings (loss) per common share: | |||||||||||
Basic | 30,675,625 | 31,603,498 | |||||||||
Diluted6 | 31,299,469 | 31,603,498 | |||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||
CONTRACT REVENUES, NON-GAAP ORGANIC CONTRACT REVENUES, AND DECLINE %’s | |||||||||||||||||||||||||||||
Contract Revenues - GAAP | Revenues from storm restoration services | Non-GAAP - Organic Contract Revenues | GAAP - Organic Decline % | Non-GAAP - Organic Decline % | |||||||||||||||||||||||||
Quarter Ended May 1, 2021 | $ | 727,497 | $ | (3,869) | $ | 723,628 | (10.7) | % | (11.1) | % | |||||||||||||||||||
Quarter Ended April 25, 2020 | $ | 814,322 | $ | — | $ | 814,322 | |||||||||||||||||||||||
NET INCOME (LOSS) AND NON-GAAP ADJUSTED EBITDA | |||||||||||
Quarter | Quarter | ||||||||||
Ended | Ended | ||||||||||
May 1, 2021 | April 25, 2020 | ||||||||||
Reconciliation of net income (loss) to Non-GAAP Adjusted EBITDA: | |||||||||||
Net income (loss) | $ | 898 | $ | (32,418) | |||||||
Interest expense, net | 5,877 | 12,457 | |||||||||
(Benefit) provision for income taxes | (2,724) | 2,677 | |||||||||
Depreciation and amortization | 39,079 | 45,871 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 43,130 | 28,587 | |||||||||
Gain on sale of fixed assets | (2,852) | (1,788) | |||||||||
Stock-based compensation expense | 3,740 | 2,322 | |||||||||
Loss (gain) on debt extinguishment4 | 62 | (12,504) | |||||||||
Goodwill impairment charge2 | — | 53,264 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 44,080 | $ | 69,881 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 6.1 | % | 8.6 | % | |||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED) | |||||||||||
(Dollars in thousands, except share amounts) | |||||||||||
Unaudited | |||||||||||
NET INCOME (LOSS), NON-GAAP ADJUSTED NET (LOSS) INCOME, DILUTED EARNINGS (LOSS) PER COMMON SHARE, AND NON-GAAP ADJUSTED DILUTED (LOSS) EARNINGS PER COMMON SHARE, AND NON-GAAP ADJUSTED DILUTED SHARES | |||||||||||
Quarter | Quarter | ||||||||||
Ended | Ended | ||||||||||
May 1, 2021 | April 25, 2020 | ||||||||||
Reconciliation of net income (loss) to Non-GAAP Adjusted Net (Loss) Income: | |||||||||||
Net income (loss) | $ | 898 | $ | (32,418) | |||||||
Pre-Tax Adjustments: | |||||||||||
Non-cash amortization of debt discount on 2021 Convertible Notes | 663 | 4,341 | |||||||||
Loss (gain) on debt extinguishment4 | 62 | (12,504) | |||||||||
Goodwill impairment charge2 | — | 53,264 | |||||||||
Tax Adjustments: | |||||||||||
Tax impact for the vesting and exercise of share-based awards | (2,633) | 450 | |||||||||
Tax effect from net operating loss carryback under enacted CARES Act5 | — | (2,631) | |||||||||
Tax impact of pre-tax adjustments | (196) | 896 | |||||||||
Total adjustments, net of tax | (2,104) | 43,816 | |||||||||
Non-GAAP Adjusted Net (Loss) Income | $ | (1,206) | $ | 11,398 | |||||||
Reconciliation of diluted earnings (loss) per common share to Non-GAAP Adjusted Diluted (Loss) Earnings per Common Share: | |||||||||||
GAAP earnings (loss) per common share | $ | 0.03 | $ | (1.03) | |||||||
Total adjustments, net of tax | (0.07) | 1.39 | |||||||||
Non-GAAP Adjusted Diluted (Loss) Earnings per Common Share | $ | (0.04) | $ | 0.36 | |||||||
Shares used in computing Non-GAAP Adjusted Diluted (Loss) Earnings per Common Share: | |||||||||||
GAAP Diluted Shares | 31,299,469 | 31,603,498 | |||||||||
Adjustment for dilutive common stock equivalents6 | (623,844) | 163,118 | |||||||||
Shares used in computing Non-GAAP Adjusted Diluted (Loss) Earnings per Common Share | 30,675,625 | 31,766,616 | |||||||||
Amounts in table above may not add due to rounding. |
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Organic Contract Revenues | ||||||||||||||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Contract Revenues - GAAP | Revenues from acquired businesses1 | Revenues from storm restoration services | Additional week as a result of the Company’s 52/53 week fiscal year3 | Non-GAAP - Organic Revenues | Growth (Decline)% | |||||||||||||||||||||||||||||||||||||||
GAAP - Organic % | Non-GAAP - Organic % | |||||||||||||||||||||||||||||||||||||||||||
Quarter Ended May 1, 2021 | $ | 727.5 | $ | — | $ | (3.9) | $ | — | $ | 723.6 | (10.7) | % | (11.1) | % | ||||||||||||||||||||||||||||||
Quarter Ended April 25, 2020 | $ | 814.3 | $ | — | $ | — | $ | — | $ | 814.3 | ||||||||||||||||||||||||||||||||||
Fiscal Year Ended2 | ||||||||||||||||||||||||||||||||||||||||||||
January 30, 2021 | $ | 3,199.2 | $ | — | $ | (14.6) | $ | (53.2) | $ | 3,131.4 | (4.2) | % | (6.1) | % | ||||||||||||||||||||||||||||||
January 25, 2020 | $ | 3,339.7 | $ | — | $ | (4.7) | $ | — | $ | 3,335.0 | ||||||||||||||||||||||||||||||||||
January 25, 2020 | $ | 3,339.7 | $ | (26.6) | $ | (4.7) | $ | — | $ | 3,308.3 | 6.8 | % | 8.3 | % | ||||||||||||||||||||||||||||||
January 26, 2019 | $ | 3,127.7 | $ | (29.6) | $ | (42.9) | $ | — | $ | 3,055.3 | ||||||||||||||||||||||||||||||||||
January 26, 2019 | $ | 3,127.7 | $ | (69.9) | $ | (42.9) | $ | — | $ | 3,014.9 | 5.0 | % | 3.6 | % | ||||||||||||||||||||||||||||||
Four Quarters Ended Jan. 27, 20182 | $ | 2,977.9 | $ | (32.3) | $ | (35.1) | $ | — | $ | 2,910.5 | ||||||||||||||||||||||||||||||||||
Four Quarters Ended Jan. 27, 20182 | $ | 2,977.9 | $ | (87.3) | $ | (35.1) | $ | — | $ | 2,855.5 | 0.8 | % | (0.2) | % | ||||||||||||||||||||||||||||||
Four Quarters Ended Jan. 28, 20172 | $ | 2,954.2 | $ | (37.3) | $ | — | $ | (56.0) | $ | 2,860.9 | ||||||||||||||||||||||||||||||||||
July 29, 2017 | $ | 3,066.9 | $ | (214.9) | $ | — | $ | — | $ | 2,851.9 | 14.8 | % | 14.1 | % | ||||||||||||||||||||||||||||||
July 30, 2016 | $ | 2,672.5 | $ | (119.8) | $ | — | $ | (53.5) | $ | 2,499.2 | ||||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | ||||||||||||||||||||||||||||||||
Non-GAAP Organic Contract Revenues - Certain Customers | ||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Contract Revenues - GAAP | Revenues from storm restoration services | Non-GAAP - Organic Revenues | Growth (Decline)% | |||||||||||||||||||||||||||||
Quarter Ended | GAAP - Organic % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||
AT&T | ||||||||||||||||||||||||||||||||
May 1, 2021 | $ | 155.6 | $ | (0.1) | $ | 155.4 | 1.0 | % | 0.9 | % | ||||||||||||||||||||||
April 25, 2020 | $ | 154.0 | $ | — | $ | 154.0 | ||||||||||||||||||||||||||
Comcast | ||||||||||||||||||||||||||||||||
May 1, 2021 | $ | 131.1 | $ | (0.5) | $ | 130.7 | 11.1 | % | 10.7 | % | ||||||||||||||||||||||
April 25, 2020 | $ | 118.0 | $ | — | $ | 118.0 | ||||||||||||||||||||||||||
Top 5 Customers4 | ||||||||||||||||||||||||||||||||
May 1, 2021 | $ | 496.2 | $ | (3.8) | $ | 492.3 | (22.4) | % | (23.0) | % | ||||||||||||||||||||||
April 25, 2020 | $ | 639.0 | $ | — | $ | 639.0 | ||||||||||||||||||||||||||
All Other Customers (excluding Top 5 Customers) | ||||||||||||||||||||||||||||||||
May 1, 2021 | $ | 231.3 | $ | — | $ | 231.3 | 32.0 | % | 31.9 | % | ||||||||||||||||||||||
April 25, 2020 | $ | 175.3 | $ | — | $ | 175.3 | ||||||||||||||||||||||||||
Fiber Construction Revenue from Electric Utility Customers | ||||||||||||||||||||||||||||||||
May 1, 2021 | $ | 47.0 | $ | — | $ | 47.0 | 92.1 | % | 92.1 | % | ||||||||||||||||||||||
April 25, 2020 | $ | 24.5 | $ | — | $ | 24.5 | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||
Non-GAAP Adjusted EBITDA | |||||||||||
Unaudited | |||||||||||
(Dollars in thousands) | |||||||||||
Quarter Ended | |||||||||||
May 1, 2021 | April 25, 2020 | ||||||||||
Net income (loss) | $ | 898 | $ | (32,418) | |||||||
Interest expense, net | 5,877 | 12,457 | |||||||||
(Benefit) provision for income taxes | (2,724) | 2,677 | |||||||||
Depreciation and amortization | 39,079 | 45,871 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 43,130 | 28,587 | |||||||||
Gain on sale of fixed assets | (2,852) | (1,788) | |||||||||
Stock-based compensation expense | 3,740 | 2,322 | |||||||||
Loss (gain) on debt extinguishment5 | 62 | (12,504) | |||||||||
Goodwill impairment charge6 | — | 53,264 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 44,080 | $ | 69,881 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 6.1 | % | 8.6 | % | |||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||||||||
Non-GAAP Adjusted Net (Loss) Income and Non-GAAP Adjusted Diluted (Loss) Earnings per Common Share | |||||||||||||||||
Unaudited | |||||||||||||||||
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Quarter Ended May 1, 2021 | |||||||||||||||||
GAAP | Reconciling Items | Non-GAAP Adjusted | |||||||||||||||
Contract revenues | $ | 727,497 | $ | — | $ | 727,497 | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 620,011 | — | 620,011 | ||||||||||||||
General and administrative | 67,011 | — | 67,011 | ||||||||||||||
Depreciation and amortization | 39,079 | — | 39,079 | ||||||||||||||
Total | 726,101 | — | 726,101 | ||||||||||||||
Interest expense, net7 | (5,877) | 663 | (5,214) | ||||||||||||||
Loss on debt extinguishment5 | (62) | 62 | — | ||||||||||||||
Other income, net | 2,717 | — | 2,717 | ||||||||||||||
(Loss) income before income taxes | (1,826) | 725 | (1,101) | ||||||||||||||
(Benefit) provision for income taxes8 | (2,724) | 2,829 | 105 | ||||||||||||||
Net income (loss) | $ | 898 | $ | (2,104) | $ | (1,206) | |||||||||||
Diluted earnings (loss) per common share | $ | 0.03 | $ | (0.07) | $ | (0.04) | |||||||||||
Shares used in computing diluted earnings (loss) per common share9 | 31,299 | (624) | 30,676 | ||||||||||||||
Quarter Ended April 25, 2020 | |||||||||||||||||
GAAP | Reconciling Items | Non-GAAP Adjusted | |||||||||||||||
Contract revenues | $ | 814,322 | $ | — | $ | 814,322 | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 680,206 | — | 680,206 | ||||||||||||||
General and administrative | 65,887 | — | 65,887 | ||||||||||||||
Depreciation and amortization | 45,871 | — | 45,871 | ||||||||||||||
Goodwill impairment charge6 | 53,264 | (53,264) | — | ||||||||||||||
Total | 845,228 | (53,264) | 791,964 | ||||||||||||||
Interest expense, net7 | (12,457) | 4,341 | (8,116) | ||||||||||||||
Gain on debt extinguishment5 | 12,504 | (12,504) | — | ||||||||||||||
Other income, net | 1,118 | — | 1,118 | ||||||||||||||
(Loss) income before income taxes | (29,741) | 45,101 | 15,360 | ||||||||||||||
Provision for income taxes8 | 2,677 | 1,285 | 3,962 | ||||||||||||||
Net (loss) income | $ | (32,418) | $ | 43,816 | $ | 11,398 | |||||||||||
Diluted (loss) earnings per common share | $ | (1.03) | $ | 1.39 | $ | 0.36 | |||||||||||
Shares used in computing diluted (loss) earnings per common share9 | 31,603 | 163 | 31,767 |
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