(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 |
NEWS RELEASE | |||||
August 24, 2022 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands) | |||||||||||
Unaudited | |||||||||||
July 30, 2022 | January 29, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 120,278 | $ | 310,757 | |||||||
Accounts receivable, net | 1,118,595 | 895,898 | |||||||||
Contract assets | 45,715 | 24,539 | |||||||||
Inventories | 98,883 | 81,291 | |||||||||
Income tax receivable | 6,036 | 12,729 | |||||||||
Other current assets | 44,296 | 30,876 | |||||||||
Total current assets | 1,433,803 | 1,356,090 | |||||||||
Property and equipment, net | 312,805 | 294,798 | |||||||||
Operating lease right-of-use assets | 64,788 | 61,101 | |||||||||
Goodwill and other intangible assets, net | 366,505 | 374,317 | |||||||||
Other assets | 28,469 | 31,918 | |||||||||
Total assets | $ | 2,206,370 | $ | 2,118,224 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 187,570 | $ | 155,896 | |||||||
Current portion of debt | 17,500 | 17,500 | |||||||||
Contract liabilities | 16,170 | 18,512 | |||||||||
Accrued insurance claims | 41,870 | 36,805 | |||||||||
Operating lease liabilities | 25,352 | 24,641 | |||||||||
Income taxes payable | — | 233 | |||||||||
Other accrued liabilities | 143,683 | 128,209 | |||||||||
Total current liabilities | 432,145 | 381,796 | |||||||||
Long-term debt | 815,332 | 823,251 | |||||||||
Accrued insurance claims - non-current | 45,240 | 48,238 | |||||||||
Operating lease liabilities - non-current | 39,276 | 36,519 | |||||||||
Deferred tax liabilities, net - non-current | 62,373 | 55,674 | |||||||||
Other liabilities | 14,988 | 14,202 | |||||||||
Total liabilities | 1,409,354 | 1,359,680 | |||||||||
Total stockholders’ equity | 797,016 | 758,544 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,206,370 | $ | 2,118,224 | |||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(Dollars in thousands, except share amounts) | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Quarter | Quarter | Six Months | Six Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | ||||||||||||||||||||
Contract revenues | $ | 972,273 | $ | 787,568 | $ | 1,848,573 | $ | 1,515,065 | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 797,980 | 651,367 | 1,543,710 | 1,271,378 | |||||||||||||||||||
General and administrative1 | 73,336 | 64,730 | 142,716 | 131,740 | |||||||||||||||||||
Depreciation and amortization | 35,345 | 38,462 | 71,981 | 77,542 | |||||||||||||||||||
Total | 906,661 | 754,559 | 1,758,407 | 1,480,660 | |||||||||||||||||||
Interest expense, net | (9,347) | (9,334) | (18,465) | (15,211) | |||||||||||||||||||
Loss on debt extinguishment2 | — | — | — | (62) | |||||||||||||||||||
Other income, net | 2,587 | 986 | 7,381 | 3,703 | |||||||||||||||||||
Income before income taxes | 58,852 | 24,661 | 79,082 | 22,835 | |||||||||||||||||||
Provision for income taxes3 | 14,996 | 6,496 | 15,690 | 3,772 | |||||||||||||||||||
Net income | $ | 43,856 | $ | 18,165 | $ | 63,392 | $ | 19,063 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $ | 1.48 | $ | 0.60 | $ | 2.14 | $ | 0.62 | |||||||||||||||
Diluted earnings per common share | $ | 1.46 | $ | 0.59 | $ | 2.11 | $ | 0.61 | |||||||||||||||
Shares used in computing earnings per common share: | |||||||||||||||||||||||
Basic | 29,540,174 | 30,431,143 | 29,579,498 | 30,553,381 | |||||||||||||||||||
Diluted | 29,943,422 | 30,872,506 | 30,021,486 | 31,085,985 | |||||||||||||||||||
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 GROWTH %’s | |||||||||||||||||||||||||||||
Contract Revenues - GAAP | Revenues from storm restoration services | Non-GAAP - Organic Contract Revenues | GAAP - Organic Growth % | Non-GAAP - Organic Growth % | |||||||||||||||||||||||||
Quarter Ended July 30, 2022 | $ | 972,273 | $ | — | $ | 972,273 | 23.5 | % | 23.5 | % | |||||||||||||||||||
Quarter Ended July 31, 2021 | $ | 787,568 | $ | — | $ | 787,568 | |||||||||||||||||||||||
Six Months Ended July 30, 2022 | $ | 1,848,573 | $ | — | $ | 1,848,573 | 22.0 | % | 22.3 | % | |||||||||||||||||||
Six Months Ended July 31, 2021 | $ | 1,515,065 | $ | (3,869) | $ | 1,511,196 |
NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||||||||||||||
Quarter | Quarter | Six Months | Six Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | ||||||||||||||||||||
Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||||||||||||||
Net income | $ | 43,856 | $ | 18,165 | $ | 63,392 | $ | 19,063 | |||||||||||||||
Interest expense, net | 9,347 | 9,334 | 18,465 | 15,211 | |||||||||||||||||||
Provision for income taxes | 14,996 | 6,496 | 15,690 | 3,772 | |||||||||||||||||||
Depreciation and amortization | 35,345 | 38,462 | 71,981 | 77,542 | |||||||||||||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 103,544 | 72,457 | 169,528 | 115,588 | |||||||||||||||||||
Gain on sale of fixed assets | (3,467) | (992) | (8,856) | (3,844) | |||||||||||||||||||
Stock-based compensation expense | 4,630 | 2,309 | 7,758 | 6,049 | |||||||||||||||||||
Loss on debt extinguishment2 | — | — | — | 62 | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 104,707 | $ | 73,774 | $ | 168,430 | $ | 117,855 | |||||||||||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 10.8 | % | 9.4 | % | 9.1 | % | 7.8 | % | |||||||||||||||
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 storm restoration services | Additional week as a result of the Company’s 52/53 week fiscal year1 | Non-GAAP - Organic Revenues | Growth (Decline)% | ||||||||||||||||||||||||||||||||||
Quarter Ended | GAAP - Organic % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||||||||
July 30, 2022 | $ | 972.3 | $ | — | $ | — | $ | 972.3 | 23.5 | % | 23.5 | % | ||||||||||||||||||||||||||
July 31, 2021 | $ | 787.6 | $ | — | $ | — | $ | 787.6 | ||||||||||||||||||||||||||||||
April 30, 2022 | $ | 876.3 | $ | — | $ | — | $ | 876.3 | 20.5 | % | 21.1 | % | ||||||||||||||||||||||||||
May 1, 2021 | $ | 727.5 | $ | (3.9) | $ | — | $ | 723.6 | ||||||||||||||||||||||||||||||
January 29, 2022 | $ | 761.5 | $ | — | $ | — | $ | 761.5 | 1.4 | % | 10.1 | % | ||||||||||||||||||||||||||
January 20, 2021 | $ | 750.7 | $ | (5.7) | $ | (53.2) | $ | 691.8 | ||||||||||||||||||||||||||||||
October 30, 2021 | $ | 854.0 | $ | — | $ | — | $ | 854.0 | 5.4 | % | 6.6 | % | ||||||||||||||||||||||||||
October 24, 2020 | $ | 810.3 | $ | (8.9) | $ | — | $ | 801.4 | ||||||||||||||||||||||||||||||
July 31, 2021 | $ | 787.6 | $ | — | $ | — | $ | 787.6 | (4.4) | % | (4.4) | % | ||||||||||||||||||||||||||
July 25, 2020 | $ | 823.9 | $ | — | $ | — | $ | 823.9 | ||||||||||||||||||||||||||||||
May 1, 2021 | $ | 727.5 | $ | (3.9) | $ | — | $ | 723.6 | (10.7) | % | (11.1) | % | ||||||||||||||||||||||||||
April 25, 2020 | $ | 814.3 | $ | — | $ | — | $ | 814.3 | ||||||||||||||||||||||||||||||
January 30, 2021 | $ | 750.7 | $ | (5.7) | $ | (53.2) | $ | 691.8 | 1.8 | % | (6.2) | % | ||||||||||||||||||||||||||
January 25, 2020 | $ | 737.6 | $ | — | $ | — | $ | 737.6 | ||||||||||||||||||||||||||||||
October 24, 2020 | $ | 810.3 | $ | (8.9) | $ | — | $ | 801.4 | (8.4) | % | (9.4) | % | ||||||||||||||||||||||||||
October 26, 2019 | $ | 884.1 | $ | — | $ | — | $ | 884.1 | ||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||
Non-GAAP Adjusted EBITDA | |||||||||||
Unaudited | |||||||||||
(Dollars in thousands) | |||||||||||
Quarter Ended | |||||||||||
July 30, 2022 | July 31, 2021 | ||||||||||
Net income | $ | 43,856 | $ | 18,165 | |||||||
Interest expense, net | 9,347 | 9,334 | |||||||||
Provision for income taxes | 14,996 | 6,496 | |||||||||
Depreciation and amortization | 35,345 | 38,462 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 103,544 | 72,457 | |||||||||
Gain on sale of fixed assets | (3,467) | (992) | |||||||||
Stock-based compensation expense | 4,630 | 2,309 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 104,707 | $ | 73,774 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 10.8 | % | 9.4 | % | |||||||
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