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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 21, 2023
(Exact name of Registrant as specified in its charter)
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Florida | | 001-10613 | | 59-1277135 |
(State or other jurisdiction of incorporation) | | (Commission file number) | | (I.R.S. employer identification no.) |
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| | 11780 U.S. Highway One, Suite 600 | | |
| | Palm Beach Gardens, | FL | 33408 | | |
| | (Address of principal executive offices) (Zip Code) | | |
Registrant’s telephone number, including area code: (561) 627-7171
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
Common stock, par value $0.33 1/3 per share | | DY | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On November 21, 2023, Dycom Industries, Inc. (the “Company”) issued a press release reporting fiscal 2024 third quarter results. The Company also provided forward guidance. Additionally, on November 21, 2023, the Company made available related materials to be discussed during the Company’s webcast and conference call referred to in such press release. A copy of the press release and related conference call materials are furnished as Exhibits 99.1, 99.2, and 99.3, respectively, to this Current Report on Form 8-K and are incorporated into Item 2.02 of this Current Report on Form 8-K by reference.
The information in the preceding paragraphs, as well as Exhibits 99.1, 99.2, and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933 (the “Securities Act”) if such subsequent filing specifically references this Current Report on Form 8-K.
Forward Looking Statements
This Current Report on Form 8-K, including the press release and related slide presentation and Non-GAAP reconciliations that are furnished as exhibits to this Current Report on Form 8-K, contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements are subject to change. Forward-looking statements are based on management’s current expectations, estimates and projections. These statements are subject to risks and uncertainties that may cause actual results for completed periods and periods in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. The most significant of these risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov. The Company does not undertake any obligation to update forward-looking statements.
Item 9.01 Financial Statement and Exhibits.
(d)Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: November 21, 2023
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DYCOM INDUSTRIES, INC. (Registrant) |
By: | /s/ Ryan F. Urness |
Name: | Ryan F. Urness |
Title: | Vice President, General Counsel and Corporate Secretary |
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| NEWS RELEASE |
November 21, 2023 |
DYCOM INDUSTRIES, INC. ANNOUNCES FISCAL 2024 THIRD QUARTER RESULTS
Third Quarter Highlights
•Contract revenues of $1.136 billion; 4.6% organic growth year over year
•Non-GAAP Adjusted EBITDA of $166.8 million, or 14.7% of contract revenues
•Net Income of $83.7 million, or $2.82 per common share diluted
Palm Beach Gardens, Florida, November 21, 2023 - Dycom Industries, Inc. (NYSE: DY) announced today its results for the third quarter ended October 28, 2023. Contract revenues were $1.136 billion for the quarter ended October 28, 2023, compared to $1.042 billion in the year ago quarter. Contract revenues increased 4.6% on an organic basis after excluding $45.2 million of contract revenues from an acquired business that was not owned during the year ago quarter.
Non-GAAP Adjusted EBITDA was $166.8 million, or 14.7% of contract revenues, for the quarter ended October 28, 2023, compared to $114.6 million, or 11.0% of contract revenues, in the year ago quarter. Net income was $83.7 million, or $2.82 per common share diluted, for the quarter ended October 28, 2023, compared to $54.0 million, or $1.80 per common share diluted, in the year ago quarter.
The impacts of a change order and the closeout of several projects increased contract revenues by $26.5 million for the quarter ended October 28, 2023. After the impacts of certain other costs, these items contributed $23.6 million to both gross margin and Adjusted EBITDA. As a result, reported gross margin was increased by 1.6% and reported Adjusted EBITDA was increased by 1.8%, both as a percentage of contract revenues. On an after-tax basis, these items contributed approximately $17.5 million to reported net income, or $0.59 per common share diluted.
Year-to-Date Highlights
Contract revenues were $3.223 billion for the nine months ended October 28, 2023, compared to $2.891 billion for the comparable year ago period. Contract revenues increased 9.9% on an organic basis after excluding $45.2 million of contract revenues from an acquired business that was not owned during the comparable year ago period.
Non-GAAP Adjusted EBITDA was $411.1 million, or 12.8% of contract revenues, for the nine months ended October 28, 2023, compared to $283.0 million, or 9.8% of contract revenues, in the comparable year ago period. Net income was $195.5 million, or $6.58 per common share diluted, for the nine months ended October 28, 2023, compared to $117.4 million, or $3.91 per common share diluted, for the comparable year ago period.
Outlook
The Company expects organic contract revenues for the quarter ending January 27, 2024 to be in line with contract revenues for the quarter ended January 28, 2023. In addition, the Company expects approximately $50 million of acquired contract revenues for the quarter ending January 27, 2024. Non-GAAP Adjusted EBITDA as a percentage of contract revenues for the quarter ending January 27, 2024 is expected to increase 75 to 125 basis points as compared to the quarter ended January 28, 2023. For additional information regarding the Company’s outlook, please see the presentation materials available on the Company’s website posted in connection with the conference call discussed below.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, the Company may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures in the press release tables that follow.
Conference Call Information and Other Selected Data
The Company will host a conference call to discuss fiscal 2024 third quarter results on Tuesday, November 21, 2023 at 9:00 a.m. Eastern time. Interested parties may participate in the question and answer session of the conference call by registering at https://register.vevent.com/register/BI989907eb1bfc4ef1a284f0f21c3ff20c. Upon registration, participants will receive a dial-in number and unique PIN to access the call. Participants are encouraged to join approximately ten minutes prior to the scheduled start time.
For all other attendees, a live listen-only audio webcast of the call, including an accompanying slide presentation, can be accessed directly at https://edge.media-server.com/mmc/p/dvoa344q. A replay of the live webcast and the related materials will be available on the Company's Investor Center website at https://dycomind.com/investors for approximately 120 days following the event.
About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.
Forward Looking Information
This press release contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the outlook for the quarter ending January 27, 2024, including, but not limited to, those statements found under the “Outlook” section of this press release. Forward-looking statements are based on management’s expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this press release. The most significant of these known risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements.
For more information, contact:
Callie Tomasso, Investor Relations
Email: investorrelations@dycomind.com
Phone: (561) 627-7171
---Tables Follow---
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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 | |
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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 | |
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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 | |
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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 | |
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Total stockholders’ equity | 1,053,947 | | | 868,755 | |
Total liabilities and stockholders’ equity | $ | 2,664,165 | | | $ | 2,313,254 | |
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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 | |
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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 | |
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Interest expense, net | (13,952) | | | (10,592) | | | (37,601) | | | (29,057) | |
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Other income, net | 6,906 | | | 2,474 | | | 17,628 | | | 9,856 | |
Income before income taxes | 112,369 | | | 69,156 | | | 260,224 | | | 148,239 | |
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Provision for income taxes2 | 28,633 | | | 15,144 | | | 64,719 | | | 30,835 | |
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Net income | $ | 83,736 | | | $ | 54,012 | | | $ | 195,505 | | | $ | 117,404 | |
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Earnings per common share: | | | | | | | |
| | | | | | | |
Basic earnings per common share | $ | 2.85 | | | $ | 1.83 | | | $ | 6.66 | | | $ | 3.97 | |
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Diluted earnings per common share | $ | 2.82 | | | $ | 1.80 | | | $ | 6.58 | | | $ | 3.91 | |
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Shares used in computing earnings per common share: | | | | |
| | | | | | | |
Basic | 29,334,798 | | | 29,524,516 | | | 29,344,064 | | | 29,561,172 | |
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Diluted | 29,689,316 | | | 29,978,795 | | | 29,710,603 | | | 30,007,257 | |
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DYCOM INDUSTRIES, INC. AND SUBSIDIARIES |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES |
(Dollars in thousands) |
Unaudited |
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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 | % | | |
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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 | % |
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DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)
Explanation of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, it may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes that the presentation of certain Non-GAAP financial measures in these materials provides information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non-GAAP financial measures used as follows:
•Non-GAAP Organic Contract Revenues - contract revenues from businesses that are included for the entire period in both the current and prior year periods, excluding contract revenues from storm restoration services. Non-GAAP Organic Contract Revenue change percentage is calculated as the change in Non-GAAP Organic Contract Revenues from the comparable prior year period divided by the comparable prior year period Non-GAAP Organic Contract Revenues. Management believes Non-GAAP Organic Contract Revenues is a helpful measure for comparing the Company’s revenue performance with prior periods.
•Non-GAAP Adjusted EBITDA - net income before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items. Management believes Non-GAAP Adjusted EBITDA is a helpful measure for comparing the Company’s operating performance with prior periods as well as with the performance of other companies with different capital structures or tax rates.
Notes
1 Includes stock-based compensation expense of $6.3 million and $4.5 million for the quarters ended October 28, 2023 and October 29, 2022, respectively, and $19.2 million and $12.3 million for the nine months ended October 28, 2023 and October 29, 2022, respectively.
2 Net income for the quarter and nine months ended October 28, 2023 includes income tax benefits of less than $0.1 million and approximately $2.9 million, respectively, related to the vesting and exercise of share-based awards. Net income for the quarter and nine months ended October 29, 2022 includes income tax benefits of $3.2 million and $7.6 million, respectively, related to the vesting and exercise of share-based awards and for credits related to tax filings for prior years.
3 Amounts represent contract revenues from an acquired business that was not owned for the full period in both the current and comparable prior periods.
Q3 Fiscal 2024 Results November 21, 2023
• Q3 2024 Overview • Industry Update • Financial & Operational Highlights • Outlook • Closing Remarks • Q&A 2 Participants and Agenda Steven E. Nielsen President and Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel
Important Information Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the outlook for the quarter ending January 27, 2024, including, but not limited to, those statements found under the “Outlook” section of this presentation. Forward-looking statements are based on management’s expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this presentation. The most significant of these known risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, the adequacy of our liquidity, the availability of financing to address our financial needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements. Non-GAAP Financial Measures This presentation includes certain “Non-GAAP” financial measures as defined by Regulation G of the SEC. As required by the SEC, an explanation of the Non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP financial measures are provided in the Company’s Form 8-K filed with the SEC on November 21, 2023 and on the Company’s Investor Center website at https://dycomind.com/investors. Non- GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. 3
Q3 2024 Overview Financial Highlights • Contract revenues of $1.136 billion increased 9.0% year over year; On an organic basis, contract revenues increased 4.6% year over year after excluding $45.2 million of contract revenues from an acquired business • Non-GAAP Adjusted EBITDA of $166.8 million, or 14.7% of contract revenues • Diluted earnings per common share of $2.82 • The impacts of a change order and the closeout of several projects increased contract revenues by $26.5 million for Q3 2024. After the impacts of certain other costs, these items contributed $23.6 million to both gross margin and Adjusted EBITDA. As a result, reported gross margin was increased by 1.6% and reported Adjusted EBITDA was increased by 1.8%, both as a percentage of contract revenues. On an after-tax basis, these items contributed approximately $17.5 million to reported net income, or $0.59 per share. • Ample liquidity of $464.1 million Acquired Bigham Cable Construction in August 2023 for $122.9 million, net of cash and debt amounts 4 Contract Revenues Diluted EPS Non-GAAP Adjusted EBITDA and % of Contract Revenues
Industry Update The effort to deploy high-capacity fiber networks continues to meaningfully broaden the set of opportunities for our industry • Major industry participants are constructing or upgrading significant wireline networks across broad sections of the country • High-capacity fiber networks are increasingly viewed as the most cost-effective technology, enabling multiple revenue streams from a single investment • Fiber network deployment opportunities are increasing in rural America; federal and state support programs for the construction of communications networks in unserved and underserved areas across the country are unprecedented and meaningfully increase the rural market that we expect will ultimately be addressed Macroeconomic conditions, including those impacting the cost of capital, may influence the execution of some industry plans We expect demand may fluctuate less amongst customers as increases in the cost of capital slow. For several customers, the pace of deployments is increasing into next year, including for those whose capital expenditures were more heavily weighted toward the first half of calendar 2023. For these customers, we are pleased that some activity may already be increasing. We are encouraged by recent longer-term industry financings that have expanded the pool of capital available to fund future industry growth Our scale and financial strength position us well to take advantage of these opportunities to deliver valuable services to our customers, including integrated planning, engineering and design, procurement and construction and maintenance services 5
Contract Revenues 6 Q3 2024 Organic Growth: Total Customers Top 5 Customers4 All Other Customers2 4.6% (8.8)% 29.8% Lumen3 Comcast Verizon Customer #5* 47.1% 2.2% 10.3% 94.9% Top 5 customers represented 54.4% and 66.5% of contract revenues in Q3 2024 and Q3 2023, respectively4 Fiber construction revenue from electric utilities was $98.9 million in Q3 2024 Top 5 Customers - % of Total Contract RevenuesNon-GAAP Organic Growth %1 *A customer who has requested their name not be disclosed was the fifth largest customer for Q3 2024. Q3 2024Q3 2023
Backlog, Awards and Employees 7 Customer Description of Services Area Term AT&T Construction & Maintenance WI, KY, TN, AL, NC, SC, GA 3 Frontier Fiber Construction OH 2 Charter Construction CA, OH, NY 2 Various Rural Fiber Construction AZ, IL, KS, AR, TN, SC, GA 1 Utility Line Locating TN, SC, GA 2-3 Backlog5 Selected Q3 2024 Awards and Extensions: Employee Headcount
Financial Highlights 8 Contract Revenues Non-GAAP Adjusted EBITDA Diluted EPS • Contract revenues of $1.136 billion increased 4.6% year over year on an organic basis • Non-GAAP Adjusted EBITDA of $166.8 million, or 14.7% of contract revenues • The impacts of a change order and the closeout of several projects increased contract revenues by $26.5 million for Q3 2024. After the impacts of certain other costs, these items contributed $23.6 million to both gross margin and Adjusted EBITDA. As a result, reported gross margin was increased by 1.6 % and reported Adjusted EBITDA was increased by 1.8 %, both as a percentage of contract revenues. On an after-tax basis, these items contributed approximately $17.5 million to reported net income, or $0.59 per share. • Diluted earnings per common share of $2.82 11.0% 14.7% Non-GAAP Adjusted EBITDA % of Contract Revenues
Debt and Liquidity Overview Debt maturity profile and liquidity provide financial flexibility 9 • Ample liquidity of $464.1 million at Q3 2024 • Capital allocation prioritizes organic growth, followed by M&A and opportunistic share repurchases, within the context of the Company’s historical range of net leverage Debt Summary Q2 2024 Q3 2024 $ Millions 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility, matures April 2026:6 Term Loan Facility 323.8 319.4 Revolving Facility - 154.0 Total Notional Amount of Debt $ 823.8 $ 973.4 Less: Cash and Equivalents 83.4 15.7 Notional Net Debt 740.4 957.7 Liquidity7 $ 685.9 $ 464.1
Cash Flow Overview 10 Operating Cash Flow • Operating cash flow used to support organic growth during fiscal 2024 • Days Sales Outstanding (“DSO”)8 were 121 days, an increase of 10 days sequentially • Gross capital expenditures were $67.2 million and disposal proceeds were $10.2 million for Q3 2024 • Acquired Bigham Cable Construction in August 2023 for $122.9 million, net of cash and debt amounts Cash Flow Summary Q3 2023 Q3 2024 $ Millions Operating cash flow $ (4.5) $ (37.3) Capital expenditures, net of disposals $ (49.2) $ (57.0) Acquisition payment, net of cash acquired $ - $ (122.9) Borrowings (Payments) on Senior Credit Facility $ (4.4) $ 149.6 Other financing and investing activities, net $ 3.1 $ (0.1)
AMORTIZATION EXPENSE $6.8 million INTEREST EXPENSE, NET $15.1 million EFFECTIVE INCOME TAX RATE Approximately 26.0% DILUTED SHARES 29.7 million Outlook for Quarter Ending January 27, 2024 (Q4 2024) CONTRACT REVENUES Organic contract revenues expected to be in line with Q4 2023 contract revenues In addition, we expect approximately $50 million of acquired revenues in Q4 2024 NON-GAAP ADJUSTED EBITDA % OF CONTRACT REVENUES Increases 75 to 125 basis points as compared to Q4 2023 11 Q4 2024 Outlook:
Closing Remarks We maintain significant customer presence throughout our markets and are encouraged by the increasing breadth in our business Our extensive market presence has allowed us to be at the forefront of evolving industry opportunities • Telephone companies are deploying FTTH to enable gigabit high speed connections and rural electric utilities are doing the same • Dramatically increased speeds for consumers are being provisioned and consumer data usage is growing, particularly upstream • Wireless construction activity in support of newly available spectrum bands continues this year • Federal and state support for rural deployments of communications networks is dramatically increasing in scale and duration • Cable operators are increasing fiber deployments in rural America; capacity expansion projects are underway • Customers are consolidating supply chains creating opportunities for market share growth and increasing the long-term value of our maintenance and operations business We remain encouraged that a substantial number of our customers are committed to multi-year capital spending initiatives 12
Notes 1. Organic growth (decline) % from businesses that are included for the entire period in both the current and comparable prior period, adjusted for contract revenues from storm restoration services, and for the additional week of operations during the fourth quarter as a result of the Company’s 52/53 week fiscal year, when applicable. 2. Q3 2024 percentage of contract revenues for customers #6 through #10 included in All Other Customers are presented in the following table: 3. On October 3, 2022, Brightspeed acquired Lumen’s ILEC (incumbent local exchange carrier) business in 20 states (the “20-State ILEC Business”). The Company continues to serve both Lumen and Brightspeed in connection with various work, including the 20-State ILEC Business. For comparison purposes, Lumen’s Non-GAAP Organic Contract Revenue and Non-GAAP Organic Contract Revenue Growth percentage excludes the estimated contract revenues related to the 20-State ILEC Business for the quarter ended October 29, 2022. Refer to Company’s Q3 2024 Non-GAAP Reconciliations report for a reconciliation of Non-GAAP financial measures to comparable GAAP financial measures. 4. Top 5 customers included Lumen, AT&T, Comcast, Verizon, and Customer #5 for Q3 2024, compared to AT&T, Lumen, Comcast, Verizon, and Frontier for Q3 2023. 5. The Company’s backlog represents an estimate of services to be performed pursuant to master service agreements and other contractual agreements over the terms of those contracts. These estimates are based on contract terms and evaluations regarding the timing of the services to be provided. In the case of master service agreements, backlog is estimated based on the work performed in the preceding 12-month period, when available. When estimating backlog for newly initiated master service agreements and other long and short-term contracts, the Company also considers the anticipated scope of the contract and information received from the customer during the procurement process. A significant majority of the Company’s backlog comprises services under master service agreements and other long-term contracts. Backlog is not a measure defined by United States generally accepted accounting principles (“GAAP”) and should be considered in addition to, but not as a substitute for, information provided in accordance with GAAP. Participants in the Company’s industry also disclose a calculation of their backlog; however, the Company’s methodology for determining backlog may not be comparable to the methodologies used by others. Dycom utilizes the calculation of backlog to assist in measuring aggregate awards under existing contractual relationships with its customers. The Company believes its backlog disclosures will assist investors in better understanding this estimate of the services to be performed pursuant to awards by its customers under existing contractual relationships. 6. As of both Q2 2024 and Q3 2024, the Company had $47.5 million of standby letters of credit outstanding under the Senior Credit Facility. 7. Liquidity represents the sum of availability from the Company’s Senior Credit Facility, considering net funded debt balances, and available cash and equivalents. For calculation of availability under the Senior Credit Facility, applicable cash and equivalents are netted against the funded debt amount. 8. DSO is calculated as the summation of current and non-current accounts receivable (including unbilled receivables), net of allowance for doubtful accounts, plus current contract assets, less contract liabilities, divided by average revenue per day during the respective quarter. Long-term contract assets are excluded from the calculation of DSO, as these amounts represent payments made to customers pursuant to long-term agreements and are recognized as a reduction of contract revenues over the period for which the related services are provided to the customers. 13 Charter Brightspeed Ubiquity Frontier Windstream 5.5% 5.3% 3.6% 3.0% 1.9%
Explanation of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, it may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes that the presentation of certain Non-GAAP financial measures in these materials provides information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non-GAAP financial measures used as follows:
•Non-GAAP Organic Contract Revenues - contract revenues from businesses that are included for the entire period in both the current and prior year periods, excluding contract revenues from storm restoration services, adjusted for the additional week in the fourth quarter of fiscal 2021, as a result of the Company’s 52/53 week fiscal year. Non-GAAP Organic Contract Revenue change percentage is calculated as the change in Non-GAAP Organic Contract Revenues from the comparable prior year period divided by the comparable prior year period Non-GAAP Organic Contract Revenues. Management believes Non-GAAP Organic Contract Revenues is a helpful measure for comparing the Company’s revenue performance with prior periods. For comparison purposes, Lumen’s Non-GAAP Organic Contract Revenue and Non-GAAP Organic Contract Revenue Growth percentage excludes the estimated contract revenues for the quarter ended October 29, 2022 related to the ILEC (incumbent local exchange carrier) business in 20 states it sold to Brightspeed on October 3, 2022.
•Non-GAAP Adjusted EBITDA - net income before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items. Management believes Non-GAAP Adjusted EBITDA is a helpful measure for comparing the Company’s operating performance with prior periods as well as with the performance of other companies with different capital structures or tax rates.
•Notional Net Debt - Notional net debt is a Non-GAAP financial measure that is calculated by subtracting cash and equivalents from the aggregate face amount of outstanding debt. Management believes notional net debt is a helpful measure to assess the Company’s liquidity.
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Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures |
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Non-GAAP Organic Contract Revenues |
Unaudited |
(Dollars in millions) |
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| | 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 | | | | | |
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July 29, 2023 | | $ | 1,041.5 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,041.5 | | | 7.1 | % | | 7.1 | % |
July 30, 2022 | | $ | 972.3 | | | $ | — | | | $ | — | | | $ | — | | | $ | 972.3 | | | | | |
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April 29, 2023 | | $ | 1,045.5 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,045.5 | | | 19.3 | % | | 19.3 | % |
April 30, 2022 | | $ | 876.3 | | | $ | — | | | $ | — | | | $ | — | | | $ | 876.3 | | | | | |
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January 28, 2023 | | $ | 917.5 | | | $ | — | | | $ | — | | | $ | — | | | $ | 917.5 | | | 20.5 | % | | 20.5 | % |
January 29, 2022 | | $ | 761.5 | | | $ | — | | | $ | — | | | $ | — | | | $ | 761.5 | | | | | |
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October 29, 2022 | | $ | 1,042.4 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,042.4 | | | 22.1 | % | | 22.1 | % |
October 30, 2021 | | $ | 854.0 | | | $ | — | | | $ | — | | | $ | — | | | $ | 854.0 | | | | | |
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July 30, 2022 | | $ | 972.3 | | | $ | — | | | $ | — | | | $ | — | | | $ | 972.3 | | | 23.5 | % | | 23.5 | % |
July 31, 2021 | | $ | 787.6 | | | $ | — | | | $ | — | | | $ | — | | | $ | 787.6 | | | | | |
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April 30, 2022 | | $ | 876.3 | | | $ | — | | | $ | — | | | $ | — | | | $ | 876.3 | | | 20.5 | % | | 21.1 | % |
May 1, 2021 | | $ | 727.5 | | | $ | — | | | $ | (3.9) | | | $ | — | | | $ | 723.6 | | | | | |
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January 29, 2022 | | $ | 761.5 | | | $ | — | | | $ | — | | | $ | — | | | $ | 761.5 | | | 1.4 | % | | 10.1 | % |
January 30, 2021 | | $ | 750.7 | | | $ | — | | | $ | (5.7) | | | $ | (53.2) | | | $ | 691.8 | | | | | |
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Note: Amounts above may not add due to rounding.
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Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures |
|
Non-GAAP Organic Contract Revenues - Certain Customers |
Unaudited |
(Dollars in millions) |
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| | 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 % |
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Lumen |
October 28, 2023 | | $ | 187.6 | | | $ | — | | | $ | — | | | | | $ | 187.6 | | | 31.3 | % | | 47.1 | % |
October 29, 2022 | | $ | 142.9 | | | $ | — | | | $ | (15.4) | | | | | $ | 127.5 | | | | | |
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Top 5 Customers4 |
October 28, 2023 | | $ | 618.4 | | | $ | — | | | $ | — | | | | | $ | 618.4 | | | (10.9) | % | | (8.8) | % |
October 29, 2022 | | $ | 693.7 | | | $ | — | | | $ | (15.4) | | | | | $ | 678.4 | | | | | |
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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 | | | | | |
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Note: Amounts above may not add due to rounding.
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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 | |
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Non-GAAP Adjusted EBITDA | $ | 166,784 | | | $ | 114,582 | |
Non-GAAP Adjusted EBITDA % of contract revenues | 14.7 | % | | 11.0 | % |
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Note: Amounts above may not add due to rounding.
Notes to Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures
1 Amount represents contract revenues from an acquired business that was not owned for the full period in both the current and comparable prior periods.
2 The Company has a 52/53 week fiscal year. All quarter periods presented contain 13 weeks except for the quarter ended January 30, 2021, which contained an additional week of operations.
The Non-GAAP adjustment for the additional week of operations for the quarter ended January 30, 2021 is calculated as (i) contract revenues less (ii) contract revenues from storm restoration services (iii) divided by 14 weeks.
3 On October 3, 2022, Brightspeed acquired Lumen’s ILEC (incumbent local exchange carrier) business in 20 states (the “20-State ILEC Business”). The Company continues to serve both Lumen and Brightspeed in connection with various work, including the 20-State ILEC Business. For comparison purposes, Lumen’s Non-GAAP Organic Contract Revenue and Non-GAAP Organic Contract Revenue Growth percentage excludes the estimated contract revenues related to the 20-State ILEC Business for the quarter ended October 29, 2022.
4 Top 5 Customers included Lumen, AT&T, Comcast, Verizon, and Customer #5 for the quarter ended October 28, 2023 and AT&T, Lumen, Comcast, Verizon, and Frontier for the quarter ended October 29, 2022.
v3.23.3
Document and Entity Information Document
|
Nov. 21, 2023 |
Document and Entity Information [Abstract] |
|
Title of 12(b) Security |
Common stock, par value $0.33 1/3 per share
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Entity Central Index Key |
0000067215
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Entity Incorporation, State or Country Code |
FL
|
Entity Registrant Name |
DYCOM INDUSTRIES, INC.
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Document Type |
8-K
|
Document Period End Date |
Nov. 21, 2023
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City Area Code |
561
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Local Phone Number |
627-7171
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Written Communications |
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Soliciting Material |
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Pre-commencement Tender Offer |
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Entity Emerging Growth Company |
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Entity File Number |
001-10613
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Entity Tax Identification Number |
59-1277135
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Entity Address, Address Line One |
11780 U.S. Highway One, Suite 600
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Entity Address, City or Town |
Palm Beach Gardens,
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Entity Address, State or Province |
FL
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33408
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DY
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Dycom Industries (NYSE:DY)
Historical Stock Chart
From May 2024 to Jun 2024
Dycom Industries (NYSE:DY)
Historical Stock Chart
From Jun 2023 to Jun 2024