(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 | |||||
March 1, 2023 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands) | |||||||||||
Unaudited | |||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 224,186 | $ | 310,757 | |||||||
Accounts receivable, net | 1,067,013 | 895,898 | |||||||||
Contract assets | 43,932 | 24,539 | |||||||||
Inventories | 114,972 | 81,291 | |||||||||
Income tax receivable | 3,929 | 12,729 | |||||||||
Other current assets | 38,648 | 30,876 | |||||||||
Total current assets | 1,492,680 | 1,356,090 | |||||||||
Property and equipment, net | 367,852 | 294,798 | |||||||||
Operating lease right-of-use assets | 67,240 | 61,101 | |||||||||
Goodwill and other intangible assets, net | 359,111 | 374,317 | |||||||||
Other assets | 26,371 | 31,918 | |||||||||
Total assets | $ | 2,313,254 | $ | 2,118,224 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 207,739 | $ | 155,896 | |||||||
Current portion of debt | 17,500 | 17,500 | |||||||||
Contract liabilities | 19,512 | 18,512 | |||||||||
Accrued insurance claims | 41,043 | 36,805 | |||||||||
Operating lease liabilities | 27,527 | 24,641 | |||||||||
Income taxes payable | 14,896 | 233 | |||||||||
Other accrued liabilities | 141,334 | 128,209 | |||||||||
Total current liabilities | 469,551 | 381,796 | |||||||||
Long-term debt | 807,367 | 823,251 | |||||||||
Accrued insurance claims - non-current | 49,347 | 48,238 | |||||||||
Operating lease liabilities - non-current | 39,628 | 36,519 | |||||||||
Deferred tax liabilities, net - non-current | 60,205 | 55,674 | |||||||||
Other liabilities | 18,401 | 14,202 | |||||||||
Total liabilities | 1,444,499 | 1,359,680 | |||||||||
Total stockholders’ equity | 868,755 | 758,544 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,313,254 | $ | 2,118,224 | |||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(Dollars in thousands, except share amounts) | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Quarter | Quarter | Fiscal Year | Fiscal Year | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||||||||||||
Contract revenues | $ | 917,466 | $ | 761,481 | $ | 3,808,462 | $ | 3,130,519 | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 765,658 | 656,634 | 3,160,264 | 2,633,877 | |||||||||||||||||||
General and administrative1 | 71,964 | 63,792 | 293,478 | 262,432 | |||||||||||||||||||
Depreciation and amortization | 36,745 | 37,345 | 144,181 | 152,652 | |||||||||||||||||||
Total | 874,367 | 757,771 | 3,597,923 | 3,048,961 | |||||||||||||||||||
Interest expense, net | (11,561) | (8,823) | (40,618) | (33,166) | |||||||||||||||||||
Loss on debt extinguishment2 | — | — | — | (62) | |||||||||||||||||||
Other income, net | 345 | 179 | 10,201 | 4,446 | |||||||||||||||||||
Income (loss) before income taxes | 31,883 | (4,934) | 180,122 | 52,776 | |||||||||||||||||||
Provision (benefit) for income taxes3 | 7,074 | (5,728) | 37,909 | 4,202 | |||||||||||||||||||
Net income | $ | 24,809 | $ | 794 | $ | 142,213 | $ | 48,574 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.84 | $ | 0.03 | $ | 4.81 | $ | 1.60 | |||||||||||||||
Diluted earnings per common share | $ | 0.83 | $ | 0.03 | $ | 4.74 | $ | 1.57 | |||||||||||||||
Shares used in computing earnings per common share: | |||||||||||||||||||||||
Basic | 29,516,443 | 30,071,169 | 29,549,990 | 30,337,544 | |||||||||||||||||||
Diluted | 29,964,593 | 30,590,076 | 29,996,591 | 30,844,211 | |||||||||||||||||||
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 | |||||||||||||||||||||||
Quarter | Quarter | Fiscal Year | Fiscal Year | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||||||||||||
Contract Revenues - GAAP | $ | 917,466 | $ | 761,481 | $ | 3,808,462 | $ | 3,130,519 | |||||||||||||||
Contract Revenues - GAAP Organic Growth % | 20.5 | % | 21.7 | % | |||||||||||||||||||
Contract Revenues - GAAP | $ | 917,466 | $ | 761,481 | $ | 3,808,462 | $ | 3,130,519 | |||||||||||||||
Revenues from storm restoration services | — | — | — | (3,869) | |||||||||||||||||||
Non-GAAP Organic Contract Revenues | $ | 917,466 | $ | 761,481 | $ | 3,808,462 | $ | 3,126,650 | |||||||||||||||
Non-GAAP Organic Contract Revenues Growth % | 20.5 | % | 21.8 | % |
NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||||||||||||||
Quarter | Quarter | Fiscal Year | Fiscal Year | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||||||||||||
Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||||||||||||||
Net income | $ | 24,809 | $ | 794 | $ | 142,213 | $ | 48,574 | |||||||||||||||
Interest expense, net | 11,561 | 8,823 | 40,618 | 33,166 | |||||||||||||||||||
Provision (benefit) for income taxes | 7,074 | (5,728) | 37,909 | 4,202 | |||||||||||||||||||
Depreciation and amortization | 36,745 | 37,345 | 144,181 | 152,652 | |||||||||||||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 80,189 | 41,234 | 364,921 | 238,594 | |||||||||||||||||||
(Gain) loss on sale of fixed assets | (2,768) | 56 | (16,759) | (4,203) | |||||||||||||||||||
Stock-based compensation expense | 5,654 | 2,028 | 17,927 | 9,866 | |||||||||||||||||||
Loss on debt extinguishment2 | — | — | — | 62 | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 83,075 | $ | 43,318 | $ | 366,089 | $ | 244,319 | |||||||||||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 9.1 | % | 5.7 | % | 9.6 | % | 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 % | ||||||||||||||||||||||||||||||||||||
January 28, 2023 | $ | 917.5 | $ | — | $ | — | $ | 917.5 | 20.5 | % | 20.5 | % | ||||||||||||||||||||||||||
January 29, 2022 | $ | 761.5 | $ | — | $ | — | $ | 761.5 | ||||||||||||||||||||||||||||||
October 29, 2022 | $ | 1,042.4 | $ | — | $ | — | $ | 1,042.4 | 22.1 | % | 22.1 | % | ||||||||||||||||||||||||||
October 30, 2021 | $ | 854.0 | $ | — | $ | — | $ | 854.0 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
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 | Estimated Revenues from Lumen’s Divested Business2 | Non-GAAP - Organic Revenues | Growth % | |||||||||||||||||||||||||||||
Quarter Ended | GAAP - Organic % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||
Lumen | ||||||||||||||||||||||||||||||||
January 28, 2023 | $ | 110.3 | $ | — | $ | 110.3 | 24.2 | % | 64.6 | % | ||||||||||||||||||||||
January 29, 2022 | $ | 88.8 | $ | (21.8) | $ | 67.0 | ||||||||||||||||||||||||||
Top 5 Customers3 | ||||||||||||||||||||||||||||||||
January 28, 2023 | $ | 603.5 | $ | — | $ | 603.5 | 19.1 | % | 24.4 | % | ||||||||||||||||||||||
January 29, 2022 | $ | 506.9 | $ | (21.8) | $ | 485.1 | ||||||||||||||||||||||||||
All Other Customers (excluding Top 5 Customers) | ||||||||||||||||||||||||||||||||
January 28, 2023 | $ | 314.0 | $ | — | $ | 314.0 | 23.3 | % | 13.6 | % | ||||||||||||||||||||||
January 29, 2022 | $ | 254.6 | $ | 21.8 | $ | 276.4 | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||
Non-GAAP Adjusted EBITDA | |||||||||||
Unaudited | |||||||||||
(Dollars in thousands) | |||||||||||
Quarter Ended | |||||||||||
January 28, 2023 | January 29, 2022 | ||||||||||
Net income | $ | 24,809 | $ | 794 | |||||||
Interest expense, net | 11,561 | 8,823 | |||||||||
Provision (benefit) for income taxes | 7,074 | (5,728) | |||||||||
Depreciation and amortization | 36,745 | 37,345 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 80,189 | 41,234 | |||||||||
(Gain) loss on sale of fixed assets | (2,768) | 56 | |||||||||
Stock-based compensation expense | 5,654 | 2,028 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 83,075 | $ | 43,318 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 9.1 | % | 5.7 | % | |||||||
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