(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 | |||||
November 21, 2023 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands) | |||||||||||
Unaudited | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 15,665 | $ | 224,186 | |||||||
Accounts receivable, net | 1,461,170 | 1,067,013 | |||||||||
Contract assets | 70,451 | 43,932 | |||||||||
Inventories | 114,016 | 114,972 | |||||||||
Income tax receivable | 2,346 | 3,929 | |||||||||
Other current assets | 45,081 | 38,648 | |||||||||
Total current assets | 1,708,729 | 1,492,680 | |||||||||
Property and equipment, net | 430,739 | 367,852 | |||||||||
Operating lease right-of-use assets | 74,369 | 67,240 | |||||||||
Goodwill and other intangible assets, net | 425,708 | 359,111 | |||||||||
Other assets | 24,620 | 26,371 | |||||||||
Total assets | $ | 2,664,165 | $ | 2,313,254 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 215,278 | $ | 207,739 | |||||||
Current portion of debt | 17,500 | 17,500 | |||||||||
Contract liabilities | 21,320 | 19,512 | |||||||||
Accrued insurance claims | 45,713 | 41,043 | |||||||||
Operating lease liabilities | 30,135 | 27,527 | |||||||||
Income taxes payable | 2,814 | 14,896 | |||||||||
Other accrued liabilities | 156,060 | 141,334 | |||||||||
Total current liabilities | 488,820 | 469,551 | |||||||||
Long-term debt | 949,406 | 807,367 | |||||||||
Accrued insurance claims - non-current | 50,281 | 49,347 | |||||||||
Operating lease liabilities - non-current | 43,846 | 39,628 | |||||||||
Deferred tax liabilities, net - non-current | 57,981 | 60,205 | |||||||||
Other liabilities | 19,884 | 18,401 | |||||||||
Total liabilities | 1,610,218 | 1,444,499 | |||||||||
Total stockholders’ equity | 1,053,947 | 868,755 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,664,165 | $ | 2,313,254 | |||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(Dollars in thousands, except share amounts) | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
Quarter | Quarter | Nine Months | Nine Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Contract revenues | $ | 1,136,110 | $ | 1,042,423 | $ | 3,223,119 | $ | 2,890,996 | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 886,662 | 850,897 | 2,570,437 | 2,394,606 | |||||||||||||||||||
General and administrative1 | 87,511 | 78,798 | 254,699 | 221,514 | |||||||||||||||||||
Depreciation and amortization | 42,522 | 35,454 | 117,786 | 107,436 | |||||||||||||||||||
Total | 1,016,695 | 965,149 | 2,942,922 | 2,723,556 | |||||||||||||||||||
Interest expense, net | (13,952) | (10,592) | (37,601) | (29,057) | |||||||||||||||||||
Other income, net | 6,906 | 2,474 | 17,628 | 9,856 | |||||||||||||||||||
Income before income taxes | 112,369 | 69,156 | 260,224 | 148,239 | |||||||||||||||||||
Provision for income taxes2 | 28,633 | 15,144 | 64,719 | 30,835 | |||||||||||||||||||
Net income | $ | 83,736 | $ | 54,012 | $ | 195,505 | $ | 117,404 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $ | 2.85 | $ | 1.83 | $ | 6.66 | $ | 3.97 | |||||||||||||||
Diluted earnings per common share | $ | 2.82 | $ | 1.80 | $ | 6.58 | $ | 3.91 | |||||||||||||||
Shares used in computing earnings per common share: | |||||||||||||||||||||||
Basic | 29,334,798 | 29,524,516 | 29,344,064 | 29,561,172 | |||||||||||||||||||
Diluted | 29,689,316 | 29,978,795 | 29,710,603 | 30,007,257 | |||||||||||||||||||
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 % | |||||||||||||||||||||||
Quarter | Quarter | Nine Months | Nine Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Contract Revenues - GAAP | $ | 1,136,110 | $ | 1,042,423 | $ | 3,223,119 | $ | 2,890,996 | |||||||||||||||
Contract Revenues - GAAP Organic Growth % | 9.0 | % | 11.5 | % | |||||||||||||||||||
Contract Revenues - GAAP | $ | 1,136,110 | $ | 1,042,423 | $ | 3,223,119 | $ | 2,890,996 | |||||||||||||||
Revenues from an acquired business3 | (45,225) | — | (45,225) | — | |||||||||||||||||||
Non-GAAP Organic Contract Revenues | $ | 1,090,885 | $ | 1,042,423 | $ | 3,177,894 | $ | 2,890,996 | |||||||||||||||
Non-GAAP Organic Contract Revenues Growth % | 4.6 | % | 9.9 | % | |||||||||||||||||||
NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||||||||||||||
Quarter | Quarter | Nine Months | Nine Months | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||||||||||||||
Net income | $ | 83,736 | $ | 54,012 | $ | 195,505 | $ | 117,404 | |||||||||||||||
Interest expense, net | 13,952 | 10,592 | 37,601 | 29,057 | |||||||||||||||||||
Provision for income taxes | 28,633 | 15,144 | 64,719 | 30,835 | |||||||||||||||||||
Depreciation and amortization | 42,522 | 35,454 | 117,786 | 107,436 | |||||||||||||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 168,843 | 115,202 | 415,611 | 284,732 | |||||||||||||||||||
Gain on sale of fixed assets | (8,357) | (5,135) | (23,730) | (13,991) | |||||||||||||||||||
Stock-based compensation expense | 6,298 | 4,515 | 19,240 | 12,273 | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 166,784 | $ | 114,582 | $ | 411,121 | $ | 283,014 | |||||||||||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 14.7 | % | 11.0 | % | 12.8 | % | 9.8 | % | |||||||||||||||
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 an acquired business1 | Revenues from storm restoration services | Additional week as a result of the Company’s 52/53 week fiscal year2 | Non-GAAP - Organic Revenues | Growth % | |||||||||||||||||||||||||||||||||||||||
Quarter Ended | GAAP - Organic % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | $ | 1,136.1 | $ | (45.2) | $ | — | $ | — | $ | 1,090.9 | 9.0 | % | 4.6 | % | ||||||||||||||||||||||||||||||
October 29, 2022 | $ | 1,042.4 | $ | — | $ | — | $ | — | $ | 1,042.4 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
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 acquired businesses1 | Estimated Revenues from Lumen’s Divested Business3 | Non-GAAP - Organic Revenues | Growth (Decline) % | ||||||||||||||||||||||||||||||||||
Quarter Ended | GAAP - Organic % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||||||||
Lumen | ||||||||||||||||||||||||||||||||||||||
October 28, 2023 | $ | 187.6 | $ | — | $ | — | $ | 187.6 | 31.3 | % | 47.1 | % | ||||||||||||||||||||||||||
October 29, 2022 | $ | 142.9 | $ | — | $ | (15.4) | $ | 127.5 | ||||||||||||||||||||||||||||||
Top 5 Customers4 | ||||||||||||||||||||||||||||||||||||||
October 28, 2023 | $ | 618.4 | $ | — | $ | — | $ | 618.4 | (10.9) | % | (8.8) | % | ||||||||||||||||||||||||||
October 29, 2022 | $ | 693.7 | $ | — | $ | (15.4) | $ | 678.4 | ||||||||||||||||||||||||||||||
All Other Customers (excluding Top 5 Customers) | ||||||||||||||||||||||||||||||||||||||
October 28, 2023 | $ | 517.7 | $ | (45.2) | $ | — | $ | 472.5 | 48.5 | % | 29.8 | % | ||||||||||||||||||||||||||
October 29, 2022 | $ | 348.7 | $ | — | $ | 15.4 | $ | 364.0 | ||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||
Non-GAAP Adjusted EBITDA | |||||||||||
Unaudited | |||||||||||
(Dollars in thousands) | |||||||||||
Quarter Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Net income | $ | 83,736 | $ | 54,012 | |||||||
Interest expense, net | 13,952 | 10,592 | |||||||||
Provision for income taxes | 28,633 | 15,144 | |||||||||
Depreciation and amortization | 42,522 | 35,454 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 168,843 | 115,202 | |||||||||
Gain on sale of fixed assets | (8,357) | (5,135) | |||||||||
Stock-based compensation expense | 6,298 | 4,515 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 166,784 | $ | 114,582 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 14.7 | % | 11.0 | % | |||||||
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