DYCOM INDUSTRIES, INC. |
Florida | 001-10613 | 59-1277135 | ||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) | ||||||||||||||||||
11780 U.S. Highway One, Suite 600 | ||||||||||||||||||||
Palm Beach Gardens, | FL | 33408 | ||||||||||||||||||
(Address of principal executive offices) (Zip Code) |
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 |
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 | |||||
February 28, 2024 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands) | |||||||||||
Unaudited | |||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | 101,086 | $ | 224,186 | |||||||
Accounts receivable, net | 1,243,256 | 1,067,013 | |||||||||
Contract assets | 52,211 | 43,932 | |||||||||
Inventories | 108,565 | 114,972 | |||||||||
Income tax receivable | 2,665 | 3,929 | |||||||||
Other current assets | 42,253 | 38,648 | |||||||||
Total current assets | 1,550,036 | 1,492,680 | |||||||||
Property and equipment, net | 444,909 | 367,852 | |||||||||
Operating lease right-of-use assets | 76,348 | 67,240 | |||||||||
Goodwill and other intangible assets, net | 420,945 | 359,111 | |||||||||
Other assets | 24,647 | 26,371 | |||||||||
Total assets | $ | 2,516,885 | $ | 2,313,254 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 222,121 | $ | 207,739 | |||||||
Current portion of debt | 17,500 | 17,500 | |||||||||
Contract liabilities | 39,122 | 19,512 | |||||||||
Accrued insurance claims | 44,466 | 41,043 | |||||||||
Operating lease liabilities | 32,015 | 27,527 | |||||||||
Income taxes payable | 3,861 | 14,896 | |||||||||
Other accrued liabilities | 147,219 | 141,334 | |||||||||
Total current liabilities | 506,304 | 469,551 | |||||||||
Long-term debt | 791,415 | 807,367 | |||||||||
Accrued insurance claims - non-current | 49,447 | 49,347 | |||||||||
Operating lease liabilities - non-current | 44,110 | 39,628 | |||||||||
Deferred tax liabilities, net - non-current | 49,562 | 60,205 | |||||||||
Other liabilities | 21,391 | 18,401 | |||||||||
Total liabilities | 1,462,229 | 1,444,499 | |||||||||
Total stockholders’ equity | 1,054,656 | 868,755 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,516,885 | $ | 2,313,254 | |||||||
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 27, 2024 | January 28, 2023 | January 27, 2024 | January 28, 2023 | ||||||||||||||||||||
Contract revenues | $ | 952,455 | $ | 917,466 | $ | 4,175,574 | $ | 3,808,462 | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 791,378 | 765,658 | 3,361,815 | 3,160,264 | |||||||||||||||||||
General and administrative1 |
72,975 | 71,964 | 327,674 | 293,478 | |||||||||||||||||||
Depreciation and amortization | 45,306 | 36,745 | 163,092 | 144,181 | |||||||||||||||||||
Total | 909,659 | 874,367 | 3,852,581 | 3,597,923 | |||||||||||||||||||
Interest expense, net | (15,002) | (11,561) | (52,603) | (40,618) | |||||||||||||||||||
Other income, net | 3,981 | 345 | 21,609 | 10,201 | |||||||||||||||||||
Income before income taxes | 31,775 | 31,883 | 291,999 | 180,122 | |||||||||||||||||||
Provision for income taxes2 |
8,357 | 7,074 | 73,076 | 37,909 | |||||||||||||||||||
Net income | $ | 23,418 | $ | 24,809 | $ | 218,923 | $ | 142,213 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.80 | $ | 0.84 | $ | 7.46 | $ | 4.81 | |||||||||||||||
Diluted earnings per common share | $ | 0.79 | $ | 0.83 | $ | 7.37 | $ | 4.74 | |||||||||||||||
Shares used in computing earnings per common share: | |||||||||||||||||||||||
Basic | 29,300,031 | 29,516,443 | 29,333,054 | 29,549,990 | |||||||||||||||||||
Diluted | 29,713,204 | 29,964,593 | 29,698,926 | 29,996,591 | |||||||||||||||||||
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 (DECLINE) % | |||||||||||||||||||||||
Quarter | Quarter | Fiscal Year | Fiscal Year | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
January 27, 2024 | January 28, 2023 | January 27, 2024 | January 28, 2023 | ||||||||||||||||||||
Contract Revenues - GAAP | $ | 952,455 | $ | 917,466 | $ | 4,175,574 | $ | 3,808,462 | |||||||||||||||
Contract Revenues - GAAP Growth % | 3.8 | % | 9.6 | % | |||||||||||||||||||
Contract Revenues - GAAP | $ | 952,455 | $ | 917,466 | $ | 4,175,574 | $ | 3,808,462 | |||||||||||||||
Revenues from an acquired business3 |
(57,468) | — | (102,692) | — | |||||||||||||||||||
Non-GAAP Organic Contract Revenues | $ | 894,987 | $ | 917,466 | $ | 4,072,882 | $ | 3,808,462 | |||||||||||||||
Non-GAAP Organic Contract Revenues (Decline) Growth % | (2.5) | % | 6.9 | % | |||||||||||||||||||
NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||||||||||||||
Quarter | Quarter | Fiscal Year | Fiscal Year | ||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
January 27, 2024 | January 28, 2023 | January 27, 2024 | January 28, 2023 | ||||||||||||||||||||
Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||||||||||||||
Net income | $ | 23,418 | $ | 24,809 | $ | 218,923 | $ | 142,213 | |||||||||||||||
Interest expense, net | 15,002 | 11,561 | 52,603 | 40,618 | |||||||||||||||||||
Provision for income taxes | 8,357 | 7,074 | 73,076 | 37,909 | |||||||||||||||||||
Depreciation and amortization | 45,306 | 36,745 | 163,092 | 144,181 | |||||||||||||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 92,083 | 80,189 | 507,694 | 364,921 | |||||||||||||||||||
Gain on sale of fixed assets | (4,618) | (2,768) | (28,348) | (16,759) | |||||||||||||||||||
Stock-based compensation expense | 6,217 | 5,654 | 25,457 | 17,927 | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 93,682 | $ | 83,075 | $ | 504,803 | $ | 366,089 | |||||||||||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 9.8 | % | 9.1 | % | 12.1 | % | 9.6 | % | |||||||||||||||
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 | Non-GAAP - Organic Revenues | Growth (Decline) % | ||||||||||||||||||||||||||||||||||
Quarter Ended | GAAP - % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||||||||
January 27, 2024 | $ | 952.5 | $ | (57.5) | $ | — | $ | 895.0 | 3.8 | % | (2.5) | % | ||||||||||||||||||||||||||
January 28, 2023 | $ | 917.5 | $ | — | $ | — | $ | 917.5 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
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 |
Non-GAAP - Organic Revenues | Growth (Decline) % | |||||||||||||||||||||||||||||
Quarter Ended | GAAP - % | Non-GAAP - Organic % | ||||||||||||||||||||||||||||||
Charter Communications | ||||||||||||||||||||||||||||||||
January 27, 2024 | $ | 70.3 | $ | (33.3) | $ | 36.9 | 326.6 | % | 124.3 | % | ||||||||||||||||||||||
January 28, 2023 | $ | 16.5 | $ | — | $ | 16.5 | ||||||||||||||||||||||||||
Top 5 Customers2 | ||||||||||||||||||||||||||||||||
January 27, 2024 | $ | 558.6 | $ | (33.3) | $ | 525.2 | (7.4) | % | (13.0) | % | ||||||||||||||||||||||
January 28, 2023 | $ | 603.5 | $ | — | $ | 603.5 | ||||||||||||||||||||||||||
All Other Customers (excluding Top 5 Customers) | ||||||||||||||||||||||||||||||||
January 27, 2024 | $ | 393.9 | $ | (24.1) | $ | 369.8 | 25.5 | % | 17.8 | % | ||||||||||||||||||||||
January 28, 2023 | $ | 314.0 | $ | — | $ | 314.0 | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures | |||||||||||
Non-GAAP Adjusted EBITDA | |||||||||||
Unaudited | |||||||||||
(Dollars in thousands) | |||||||||||
Quarter Ended | |||||||||||
January 27, 2024 | January 28, 2023 | ||||||||||
Net income | $ | 23,418 | $ | 24,809 | |||||||
Interest expense, net | 15,002 | 11,561 | |||||||||
Provision for income taxes | 8,357 | 7,074 | |||||||||
Depreciation and amortization | 45,306 | 36,745 | |||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 92,083 | 80,189 | |||||||||
Gain on sale of fixed assets | (4,618) | (2,768) | |||||||||
Stock-based compensation expense | 6,217 | 5,654 | |||||||||
Non-GAAP Adjusted EBITDA | $ | 93,682 | $ | 83,075 | |||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 9.8 | % | 9.1 | % | |||||||