(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 | |||||
May 22, 2024 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands) | |||||||||||
Unaudited | |||||||||||
April 27, 2024 | January 27, 2024 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 26,139 | $ | 101,086 | |||||||
Accounts receivable, net | 1,372,804 | 1,243,256 | |||||||||
Contract assets | 68,460 | 52,211 | |||||||||
Inventories | 103,952 | 108,565 | |||||||||
Income tax receivable | — | 2,665 | |||||||||
Other current assets | 55,466 | 42,253 | |||||||||
Total current assets | 1,626,821 | 1,550,036 | |||||||||
Property and equipment, net | 458,197 | 444,909 | |||||||||
Operating lease right-of-use assets | 80,477 | 76,348 | |||||||||
Goodwill and other intangible assets, net | 423,773 | 420,945 | |||||||||
Other assets | 22,340 | 24,647 | |||||||||
Total assets | $ | 2,611,608 | $ | 2,516,885 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 212,887 | $ | 222,121 | |||||||
Current portion of debt | 17,500 | 17,500 | |||||||||
Contract liabilities | 57,466 | 39,122 | |||||||||
Accrued insurance claims | 51,608 | 44,466 | |||||||||
Operating lease liabilities | 32,855 | 32,015 | |||||||||
Income taxes payable | 11,378 | 3,861 | |||||||||
Other accrued liabilities | 129,860 | 147,219 | |||||||||
Total current liabilities | 513,554 | 506,304 | |||||||||
Long-term debt | 842,422 | 791,415 | |||||||||
Accrued insurance claims - non-current | 54,389 | 49,447 | |||||||||
Operating lease liabilities - non-current | 47,119 | 44,110 | |||||||||
Deferred tax liabilities, net - non-current | 51,715 | 49,562 | |||||||||
Other liabilities | 21,777 | 21,391 | |||||||||
Total liabilities | 1,530,976 | 1,462,229 | |||||||||
Total stockholders’ equity | 1,080,632 | 1,054,656 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,611,608 | $ | 2,516,885 | |||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(Dollars in thousands, except share amounts) | |||||||||||
Unaudited | |||||||||||
Quarter | Quarter | ||||||||||
Ended | Ended | ||||||||||
April 27, 2024 | April 29, 2023 | ||||||||||
Contract revenues | $ | 1,142,423 | $ | 1,045,474 | |||||||
Costs of earned revenues, excluding depreciation and amortization | 921,636 | 853,366 | |||||||||
General and administrative1 | 94,555 | 82,357 | |||||||||
Depreciation and amortization | 45,205 | 37,271 | |||||||||
Total | 1,061,396 | 972,994 | |||||||||
Interest expense, net | (12,834) | (11,372) | |||||||||
Other income, net | 9,251 | 4,991 | |||||||||
Income before income taxes | 77,444 | 66,099 | |||||||||
Provision for income taxes2 | 14,890 | 14,576 | |||||||||
Net income | $ | 62,554 | $ | 51,523 | |||||||
Earnings per common share: | |||||||||||
Basic earnings per common share | $ | 2.15 | $ | 1.75 | |||||||
Diluted earnings per common share | $ | 2.12 | $ | 1.73 | |||||||
Shares used in computing earnings per common share: | |||||||||||
Basic | 29,113,943 | 29,369,185 | |||||||||
Diluted | 29,551,709 | 29,782,251 | |||||||||
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 | ||||||||||
Ended | Ended | ||||||||||
April 27, 2024 | April 29, 2023 | ||||||||||
Contract Revenues - GAAP | $ | 1,142,423 | $ | 1,045,474 | |||||||
Contract Revenues - GAAP Growth % | 9.3 | % | |||||||||
Contract Revenues - GAAP | $ | 1,142,423 | $ | 1,045,474 | |||||||
Revenues from acquired businesses3 | (71,237) | — | |||||||||
Non-GAAP Organic Contract Revenues | $ | 1,071,186 | $ | 1,045,474 | |||||||
Non-GAAP Organic Contract Revenues Growth % | 2.5 | % | |||||||||
NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||
Quarter | Quarter | ||||||||||
Ended | Ended | ||||||||||
April 27, 2024 | April 29, 2023 | ||||||||||
Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||
Net income | $ | 62,554 | $ | 51,523 | |||||||
Interest expense, net | 12,834 | 11,372 | |||||||||
Provision for income taxes | 14,890 | 14,576 | |||||||||
Depreciation and amortization | 45,205 | 37,271 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 135,483 | 114,742 | |||||||||
Gain on sale of fixed assets | (12,404) | (7,816) | |||||||||
Stock-based compensation expense | 7,823 | 6,620 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 130,902 | $ | 113,546 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 11.5 | % | 10.9 | % | |||||||
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