(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 23, 2023 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands) | |||||||||||
Unaudited | |||||||||||
July 29, 2023 | January 28, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 83,377 | $ | 224,186 | |||||||
Accounts receivable, net | 1,214,450 | 1,067,013 | |||||||||
Contract assets | 77,254 | 43,932 | |||||||||
Inventories | 117,225 | 114,972 | |||||||||
Income tax receivable | 10,659 | 3,929 | |||||||||
Other current assets | 52,282 | 38,648 | |||||||||
Total current assets | 1,555,247 | 1,492,680 | |||||||||
Property and equipment, net | 393,233 | 367,852 | |||||||||
Operating lease right-of-use assets | 72,790 | 67,240 | |||||||||
Goodwill and other intangible assets, net | 352,132 | 359,111 | |||||||||
Other assets | 22,199 | 26,371 | |||||||||
Total assets | $ | 2,395,601 | $ | 2,313,254 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 204,776 | $ | 207,739 | |||||||
Current portion of debt | 17,500 | 17,500 | |||||||||
Contract liabilities | 20,864 | 19,512 | |||||||||
Accrued insurance claims | 45,225 | 41,043 | |||||||||
Operating lease liabilities | 29,348 | 27,527 | |||||||||
Income taxes payable | — | 14,896 | |||||||||
Other accrued liabilities | 141,733 | 141,334 | |||||||||
Total current liabilities | 459,446 | 469,551 | |||||||||
Long-term debt | 799,395 | 807,367 | |||||||||
Accrued insurance claims - non-current | 49,293 | 49,347 | |||||||||
Operating lease liabilities - non-current | 43,213 | 39,628 | |||||||||
Deferred tax liabilities, net - non-current | 61,177 | 60,205 | |||||||||
Other liabilities | 19,031 | 18,401 | |||||||||
Total liabilities | 1,431,555 | 1,444,499 | |||||||||
Total stockholders’ equity | 964,046 | 868,755 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,395,601 | $ | 2,313,254 | |||||||
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 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Contract revenues | $ | 1,041,535 | $ | 972,273 | $ | 2,087,009 | $ | 1,848,573 | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 830,409 | 797,980 | 1,683,775 | 1,543,710 | |||||||||||||||||||
General and administrative1 | 84,832 | 73,336 | 167,188 | 142,716 | |||||||||||||||||||
Depreciation and amortization | 37,993 | 35,345 | 75,265 | 71,981 | |||||||||||||||||||
Total | 953,234 | 906,661 | 1,926,228 | 1,758,407 | |||||||||||||||||||
Interest expense, net | (12,277) | (9,347) | (23,649) | (18,465) | |||||||||||||||||||
Other income, net | 5,731 | 2,587 | 10,722 | 7,381 | |||||||||||||||||||
Income before income taxes | 81,755 | 58,852 | 147,854 | 79,082 | |||||||||||||||||||
Provision for income taxes2 | 21,509 | 14,996 | 36,085 | 15,690 | |||||||||||||||||||
Net income | $ | 60,246 | $ | 43,856 | $ | 111,769 | $ | 63,392 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $ | 2.05 | $ | 1.48 | $ | 3.81 | $ | 2.14 | |||||||||||||||
Diluted earnings per common share | $ | 2.03 | $ | 1.46 | $ | 3.76 | $ | 2.11 | |||||||||||||||
Shares used in computing earnings per common share: | |||||||||||||||||||||||
Basic | 29,328,218 | 29,540,174 | 29,348,700 | 29,579,498 | |||||||||||||||||||
Diluted | 29,610,946 | 29,943,422 | 29,708,025 | 30,021,486 | |||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||||||||||||||
Quarter | Quarter | Six Months | Six Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||||||||||||||
Net income | $ | 60,246 | $ | 43,856 | $ | 111,769 | $ | 63,392 | |||||||||||||||
Interest expense, net | 12,277 | 9,347 | 23,649 | 18,465 | |||||||||||||||||||
Provision for income taxes | 21,509 | 14,996 | 36,085 | 15,690 | |||||||||||||||||||
Depreciation and amortization | 37,993 | 35,345 | 75,265 | 71,981 | |||||||||||||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 132,025 | 103,544 | 246,768 | 169,528 | |||||||||||||||||||
Gain on sale of fixed assets | (7,558) | (3,467) | (15,374) | (8,856) | |||||||||||||||||||
Stock-based compensation expense | 6,323 | 4,630 | 12,942 | 7,758 | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 130,790 | $ | 104,707 | $ | 244,336 | $ | 168,430 | |||||||||||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 12.6 | % | 10.8 | % | 11.7 | % | 9.1 | % | |||||||||||||||
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 % | ||||||||||||||||||||||||||||||||||
Quarter Ended | GAAP - Organic % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||||||||
July 29, 2023 | $ | 1,041.5 | $ | — | $ | — | $ | 1,041.5 | 7.1 | % | 7.1 | % | ||||||||||||||||||||||||||
July 30, 2022 | $ | 972.3 | $ | — | $ | — | $ | 972.3 | ||||||||||||||||||||||||||||||
April 29, 2023 | $ | 1,045.5 | $ | — | $ | — | $ | 1,045.5 | 19.3 | % | 19.3 | % | ||||||||||||||||||||||||||
April 30, 2022 | $ | 876.3 | $ | — | $ | — | $ | 876.3 | ||||||||||||||||||||||||||||||
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 30, 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 | ||||||||||||||||||||||||||||||
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 (Decline) % | |||||||||||||||||||||||||||||
Quarter Ended | GAAP - Organic % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||
Lumen | ||||||||||||||||||||||||||||||||
July 29, 2023 | $ | 162.5 | $ | — | $ | 162.5 | 27.3 | % | 56.5 | % | ||||||||||||||||||||||
July 30, 2022 | $ | 127.6 | $ | (23.7) | $ | 103.8 | ||||||||||||||||||||||||||
Top 5 Customers3 | ||||||||||||||||||||||||||||||||
July 29, 2023 | $ | 616.5 | $ | — | $ | 616.5 | (5.8) | % | (2.3) | % | ||||||||||||||||||||||
July 30, 2022 | $ | 654.8 | $ | (23.7) | $ | 631.1 | ||||||||||||||||||||||||||
All Other Customers (excluding Top 5 Customers) | ||||||||||||||||||||||||||||||||
July 29, 2023 | $ | 425.0 | $ | — | $ | 425.0 | 33.9 | % | 24.6 | % | ||||||||||||||||||||||
July 30, 2022 | $ | 317.5 | $ | 23.7 | $ | 341.2 | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||
Non-GAAP Adjusted EBITDA | |||||||||||
Unaudited | |||||||||||
(Dollars in thousands) | |||||||||||
Quarter Ended | |||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
Net income | $ | 60,246 | $ | 43,856 | |||||||
Interest expense, net | 12,277 | 9,347 | |||||||||
Provision for income taxes | 21,509 | 14,996 | |||||||||
Depreciation and amortization | 37,993 | 35,345 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 132,025 | 103,544 | |||||||||
Gain on sale of fixed assets | (7,558) | (3,467) | |||||||||
Stock-based compensation expense | 6,323 | 4,630 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 130,790 | $ | 104,707 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 12.6 | % | 10.8 | % | |||||||
D45YO\ \-(_"S_H?_#_ /X'Q_XT?\-(_"S_ *'_ ,/_
M /@?'_C1]4Q'_/N7W,/KF&_Y^Q^]'I%%>;_\-(_"S_H?_#__ ('Q_P"-'_#2
M/PL_Z'_P_P#^!\?^-'U3$?\ /N7W,/KF&_Y^Q^]'I%%>;_\ #2/PL_Z'_P /
M_P#@?'_C4EO^T3\+[J38GQ!\-AL9_>:G$@_-F I?5,1_S[E]S'][_L*_M!7'@?QI!X&UBZ9O#NMR^7:>8W%I=L?EV^B
MR'Y2/[Q4^N?MGXZ_ _0_CMX,FT?5$6"^B#/I^I*F9+24CJ/53@!ES@CT(!'P
ME#$5>'<6\+6=Z,M5_G_FC]!KX:EQ-@UBZ"Y:T=&N_E_D_D?CW174?$KX;:]\
M)_%UYX<\16AM;^W.Y67F.>,D[98V_B0X.#[$'!! Y>OT>$XU(J<'=,_,9PE3
MDX35FMT%>R?LU?M':I\ ?%1DVR:AX:OF"ZAIH;\/-CR<"11Z\,.#C@CQNBLZ
M]"GB:;I55>+-';#7-%O([_2[Z(2P3QG@@]C
MZ$'((/(((/(K6K\J_P!EG]IN_P#@/XB-I?F:^\'7SC[99*
D45YO\ \-(_"S_H?_#_ /X'Q_XT?\-(_"S_ *'_ ,/_
M /@?'_C1]4Q'_/N7W,/KF&_Y^Q^]'I%%>;_\-(_"S_H?_#__ ('Q_P"-'_#2
M/PL_Z'_P_P#^!\?^-'U3$?\ /N7W,/KF&_Y^Q^]'I%%>;_\ #2/PL_Z'_P /
M_P#@?'_C4EO^T3\+[J38GQ!\-AL9_>:G$@_-F I?5,1_S[E]S'][_L*_M!7'@?QI!X&UBZ9O#NMR^7:>8W%I=L?EV^B
MR'Y2/[Q4^N?MGXZ_ _0_CMX,FT?5$6"^B#/I^I*F9+24CJ/53@!ES@CT(!'P
ME#$5>'<6\+6=Z,M5_G_FC]!KX:EQ-@UBZ"Y:T=&N_E_D_D?CW174?$KX;:]\
M)_%UYX<\16AM;^W.Y67F.>,D[98V_B0X.#[$'!! Y>OT>$XU(J<'=,_,9PE3
MDX35FMT%>R?LU?M':I\ ?%1DVR:AX:OF"ZAIH;\/-CR<"11Z\,.#C@CQNBLZ
M]"GB:;I55>+-';#7-%O([_2[Z(2P3QG@@]C
MZ$'((/(((/(K6K\J_P!EG]IN_P#@/XB-I?F:^\'7SC[99*
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
&%P+S$N,"\ /#]X<&%C:V5T
M(&)E9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B/SX@
M/'@Z>&UP;65T82!X;6QN GFE'VG]J=_]V.8QM&U5BVN'2UU S[HDZ][]U[KW
MOW7NO>_=>ZL._E.?]O'/B+_XEG'?^ZO*^XB]^_\ ISON!_SP-_QY>I1]EO\
MIZG)'_/:O_'6Z^DC[XV==7.O>_=>Z][]U[KWOW7NO>_=>Z__T]_CW[KW7O?N
MO=>]^Z]U&K*RDQ])55]?54U#0T--/5UM;5SQTU)1TE-&\U35553,Z0T]/3PH
MSN[LJHJDD@#W>..2:1(84+2L0%4 DDDT &22< #)/5))$B1Y97"QJ"22:
M9)). ,DGK2D_G&_SC:OY$5>X?B]\7MPU%#T)0U$V+[&[&Q ]^Z]U8=_*<_P"WCGQ%_P#$LX[_ -U>5]Q%
M[]_].=]P/^>!O^/+U*/LM_T]3DC_ )[5_P".MU])'WQLZZN=>]^Z]U[W[KW7
MO?NO=>]^Z]U__]3?X]^Z]U[W[KW4:LK*3'TE57U]534-#0TT]76UM7/'34E'
M24T;S5-555,SI#3T]/"C.[NRJBJ22 /=XXY)I$AA0M*Q 50"2230 9))P ,
MD]4DD2)'EE<+&H)))H !DDDX R2>M*3^<;_ #C:OY$5>X?B]\7MPU%#T)0U
M$V+[&[&Q0!YJ'I0>OA[I'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$A
MSB'[(B"+'V3RPS0.8IXF2
M0>3 @_L.>C6.6*9!)#(KQGS!!'[1CJ;[:Z
MW8G/?;EM*CR_0:(+YAN'4^
_>>
MX_\ 1PG_ -[?_H+KO^_N^?\ GM-V?^A%F/\ ZM]^_=.U?]&VW_YQI_T#U[]Y
M[C_RGS_[V_\ T%U[^_N^O^>SW9_7_CXLQ_K?\KO]??OW3M7_ $;;?_G&G_0/
M7OWEN/\ RGS_ .]O_P!!=7D?RA?Y:W;/S6W50]U]P[GWS@?BSL[.A)T_O)G*
M3)]SY[#U*-5;.V]*E <>8.?.8+_F;F:_:?=)VKGX8USIBB6I"1H#15'#B=3,S
M&-MPW"\W6\EO;V4O.Y_)1Y*H\E' <.)J23T>#^5C_V4S7_^(QW7_P"[;:_O
M(W[F/_3W[G_I3W/_ %
#ZC_7'^]^PMTDZLD_E8_]
ME,U__B,=U_\ NVVO[RV^YC_T]^Y_Z4]S_P!7+?H=>W'_ "L#?\\S?X5ZV+??
M5GJ=>O>_=>Z][]U[KYS?\YC_ +>:?*[_ ,.W:/\ [[#8WOL)]W+_ *
WLI>=S^
M2CR51Y*. X<34DGH._86Z2==CZC_7'^]^_=>ZLD_E8_]E,U_P#XC'=?_NVV
MO[RV^YC_ -/?N?\ I3W/_5RWZ'7MQ_RL#?\ /,W^%>MBWWU9ZG7KWOW7NO>_
M=>Z^
]^Z]UQ9E169
MV5552S,Q 55478L20 H'U]^%20 *GKW#)X=?//\ YR'SJ/S6^565BVAE36]'
M=)'*]?=4+ X:@STJ5L8WEV-!8OK&]
V
W
M'_*P/_SS-_A7K8M]]6>IUZ][]U[KWOW7NOG-_P YC_MYI\KO_#MVC_[[#8WO
ML)]W+_IRO(?_ #SR_P#:3/URQ]^O^GM\Y_\ ->+_ +1X>JQ/
4^:ORF>JZZ>S.=.N1M*@*+*% D:3W_ />65VD;W O@S<=/AJ,?)8PH
M_(9S7B:@.+V2]J8D5%Y(LZ#A76Q_,LY)_,GJ;_PTY_+D_P"\1>I?_/=D_P#Z
MZ^Z?Z_?O'_X4&_\ VI_T!T[_ *R_M9_TQ%C_ +RW_077O^&G?Y