DYCOM INDUSTRIES, INC. Trend Schedule Q2 2024
Dollars in millions
Unaudited
Contract Revenues Summary
Quarter Ended | Fiscal | ||||
5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 2022 | |
Contract Revenues | $ 727.5 | $ 787.6 | $ 854.0 | $ 761.5 | $3,130.5 |
Non-GAAP Organic Revenue Growth (Decline) %1 | (11.1)% | (4.4)% | 6.6 % | 10.1 % | (0.2)% |
Top Five Customers in each quarter presented | |||||
Customer Revenues (%) | |||||
AT&T Inc. | 21.4 % | 22.5 % | 23.4 % | 26.6 % | 23.5 % |
Lumen Technologies2 | 11.8 % | 12.1 % | 12.1 % | 11.7 % | 11.9 % |
Comcast Corporation | 18.0 % | 15.5 % | 14.2 % | 13.1 % | 15.1 % |
Verizon Communications Inc. | 12.6 % | 11.5 % | 10.9 % | 10.1 % | 11.3 % |
Customer #5 | 3.4 % | 3.2 % | 4.1 % | 4.0 % | 3.7 % |
Frontier Communications Corporation | 3.5 % | 4.0 % | 4.8 % | 5.1 % | 4.4 % |
Windstream Corporation | 4.4 % | 3.4 % | 3.2 % | 3.2 % | 3.5 % |
All other customers | 24.9 % | 27.7 % | 27.3 % | 26.2 % | 26.6 % |
Contract revenues | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
Customer Revenues ($) | |||||
AT&T Inc. | $ 155.6 | $ 177.5 | $ 199.5 | $ 202.6 | $ 735.2 |
Lumen Technologies2 | 85.8 | 95.4 | 103.0 | 88.8 | 373.0 |
Comcast Corporation | 131.1 | 121.7 | 121.0 | 100.0 | 473.8 |
Verizon Communications Inc. | 91.5 | 90.8 | 93.4 | 76.9 | 352.6 |
Customer #5 | 25.0 | 25.4 | 35.0 | 30.1 | 115.5 |
Frontier Communications Corporation | 25.2 | 31.9 | 41.3 | 38.6 | 136.9 |
Windstream Corporation | 32.1 | 26.5 | 27.5 | 24.7 | 110.8 |
All other customers | 181.2 | 218.4 | 233.3 | 199.8 | 832.7 |
Contract revenues | $ 727.5 | $ 787.6 | $ 854.0 | $ 761.5 | $3,130.5 |
Note: Amounts above may not add due to rounding.
Quarter Ended | Fiscal | |||
4/30/22 | 7/30/22 | 10/29/22 | 1/28/23 | 2023 |
$ 876.3 | $ 972.3 | $1,042.4 | $ 917.5 | $3,808.5 |
21.1 % | 23.5 % | 22.1 % | 20.5 % | 21.8 % |
27.1 % | 26.3 % | 24.8 % | 22.5 % | 25.2 % |
11.7 % | 13.1 % | 13.7 % | 12.0 % | 12.7 % |
12.7 % | 11.5 % | 10.4 % | 10.8 % | 11.3 % |
9.2 % | 8.3 % | 9.1 % | 9.9 % | 9.1 % |
3.9 % | 3.4 % | 3.4 % | 4.2 % | 3.7 % |
6.5 % | 8.1 % | 8.5 % | 10.6 % | 8.5 % |
2.7 % | 2.2 % | 2.1 % | 2.2 % | 2.3 % |
26.1 % | 27.1 % | 27.9 % | 27.8 % | 27.3 % |
100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
$ 237.4 | $ 255.9 | $ 258.2 | $ 206.6 | $ 958.0 |
102.8 | 127.6 | 142.9 | 110.3 | 483.5 |
111.3 | 111.8 | 108.8 | 98.7 | 430.6 |
81.0 | 80.8 | 94.9 | 90.5 | 347.3 |
33.9 | 32.8 | 35.8 | 38.7 | 141.2 |
57.2 | 78.7 | 88.9 | 97.5 | 322.3 |
24.0 | 21.0 | 21.7 | 19.7 | 86.5 |
228.7 | 263.7 | 291.2 | 255.5 | 1,039.1 |
$ 876.3 | $ 972.3 | $1,042.4 | $ 917.5 | $3,808.5 |
Quarter Ended
4/29/23 | 7/29/23 |
$1,045.5 | $1,041.5 |
19.3 % | 7.1 % |
21.5 % | 16.7 % |
13.0 % | 15.6 % |
11.5 % | 11.5 % |
9.6 % | 10.1 % |
4.6 % | 5.3 % |
9.9 % | 3.7 % |
1.7 % | 1.7 % |
28.2 % 35.4 % | |
100.0 % | 100.0 % |
$ 224.4 | $ 174.3 |
136.4 162.5
120.6 119.5
99.9 104.9
48.0 55.3
103.2 38.3
18.0 17.5
295.0 369.2 $1,045.5 $1,041.5
2
Dollars in millions Unaudited
Non-GAAP Adjusted EBITDA
Quarter Ended | Fiscal | |||||||||
5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 2022 | ||||||
Net income | $ | 0.9 | $ | 18.2 | $ | 28.7 | $ | 0.8 | $ | 48.6 |
Interest expense, net | 5.9 | 9.3 | 9.1 | 8.8 | 33.2 | |||||
Provision (benefit) for income taxes | (2.7) | 6.5 | 6.2 | (5.7) | 4.2 | |||||
Depreciation and amortization | 39.1 | 38.5 | 37.8 | 37.3 | 152.7 | |||||
Earnings Before Interest, Taxes, Depreciation & | 43.1 | 72.5 | 81.8 | 41.2 | 238.6 | |||||
Amortization ("EBITDA") | ||||||||||
(Gain) loss on sale of fixed assets | (2.9) | (1.0) | (0.4) | 0.1 | (4.2) | |||||
Stock-based compensation expense | 3.7 | 2.3 | 1.8 | 2.0 | 9.9 | |||||
Loss on debt extinguishment3 | 0.1 | - | - | - | 0.1 | |||||
Non-GAAP Adjusted EBITDA1 | $ | 44.1 | $ | 73.8 | $ | 83.1 | $ | 43.3 | $ | 244.3 |
Non-GAAP Adjusted EBITDA % of contract | 6.1 % | 9.4 % | 9.7 % | 5.7 % | 7.8 % | |||||
revenues |
Note: Amounts above may not add due to rounding.
Quarter Ended | Fiscal | |||||||
4/30/22 | 7/30/22 | 10/29/22 | 1/28/23 | 2023 | ||||
$ | 19.5 | $ | 43.9 | $ | 54.0 | $ | 24.8 | $ 142.2 |
9.1 | 9.3 | 10.6 | 11.6 | 40.6 | ||||
0.7 | 15.0 | 15.1 | 7.1 | 37.9 | ||||
36.6 | 35.3 | 35.5 | 36.7 | 144.2 | ||||
66.0 | 103.5 | 115.2 | 80.2 | 364.9 | ||||
(5.4) | (3.5) | (5.1) | (2.8) | (16.8) | ||||
3.1 | 4.6 | 4.5 | 5.7 | 17.9 | ||||
- | - | - | - | - | ||||
$ | 63.7 | $ | 104.7 | $ | 114.6 | $ | 83.1 | $ 366.1 |
7.3 % | 10.8 % | 11.0 % | 9.1 % | 9.6 % |
Quarter Ended
4/29/23 7/29/23
-
51.5 $ 60.2
11.4 12.3
14.6 21.5
37.3 38.0
114.7 132.0
(7.8) (7.6)
6.6 | 6.3 |
- | - |
$ 113.5 | $ 130.8 |
10.9 % | 12.6 % |
3
Dollars and shares in millions, except per share amounts
Unaudited
Non-GAAP Adjusted Net Income (Loss)
In fiscal 2022, the Company excluded certain tax impacts from the vesting and exercise of share-based awards when calculating Non-GAAP Adjusted Net Income (Loss). For comparability to other companies in the industry, the Company no longer excludes these tax impacts from its Non-GAAP measures beginning with the results for the first quarter of fiscal 2023.
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | ||||||||||||||||||||||
5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 2022 | 4/30/22 | 7/30/22 | 10/29/22 | 1/28/23 | 2023 | 4/29/23 | 7/29/23 | |||||||||||||||
Contract revenues | $ | 727.5 | $ | 787.6 | $ | 854.0 | $ | 761.5 | $ | 3,130.5 | $ | 876.3 | $ | 972.3 | $ | 1,042.4 | $ | 917.5 | $ | 3,808.5 | $ | 1,045.5 | $ | 1,041.5 | ||
Cost of earned revenues, excluding depreciation | 620.0 | 651.4 | 705.9 | 656.6 | 2,633.9 | 745.7 | 798.0 | 850.9 | 765.7 | 3,160.3 | 853.4 | 830.4 | ||||||||||||||
and amortization | ||||||||||||||||||||||||||
General and administrative | 67.0 | 64.7 | 66.9 | 63.8 | 262.4 | 69.4 | 73.3 | 78.8 | 72.0 | 293.5 | 82.4 | 84.8 | ||||||||||||||
Depreciation and amortization | 39.1 | 38.5 | 37.8 | 37.3 | 152.7 | 36.6 | 35.3 | 35.5 | 36.7 | 144.2 | 37.3 | 38.0 | ||||||||||||||
Interest expense, net | (5.9) | (9.3) | (9.1) | (8.8) | (33.2) | (9.1) | (9.3) | (10.6) | (11.6) | (40.6) | (11.4) | (12.3) | ||||||||||||||
Loss on debt extinguishment3 | (0.1) | - | - | - | (0.1) | - | - | - | - | - | - | - | ||||||||||||||
Other income, net | 2.7 | 1.0 | 0.6 | 0.2 | 4.4 | 4.8 | 2.6 | 2.5 | 0.3 | 10.2 | 5.0 | 5.7 | ||||||||||||||
Income (loss) before income taxes | (1.8) | 24.7 | 34.9 | (4.9) | 52.8 | 20.2 | 58.9 | 69.2 | 31.9 | 180.1 | 66.1 | 81.8 | ||||||||||||||
Provision (benefit) for income taxes | (2.7) | 6.5 | 6.2 | (5.7) | 4.2 | 0.7 | 15.0 | 15.1 | 7.1 | 37.9 | 14.6 | 21.5 | ||||||||||||||
Net income | $ | 0.9 | $ | 18.2 | $ | 28.7 | $ | 0.8 | $ | 48.6 | $ | 19.5 | $ | 43.9 | $ | 54.0 | $ | 24.8 | $ | 142.2 | $ | 51.5 | $ | 60.2 | ||
Adjustments | ||||||||||||||||||||||||||
Interest expense, net4 | $ | 0.7 | $ | 0.7 | $ | 0.3 | $ | - | $ | 1.7 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
Loss on debt extinguishment3 | 0.1 | - | - | - | 0.1 | - | - | - | - | - | - | - | ||||||||||||||
Income before income taxes | 0.7 | 0.7 | 0.3 | - | 1.7 | - | - | - | - | - | - | - | ||||||||||||||
Provision for income taxes5 | 2.8 | 0.3 | 0.1 | 0.1 | 3.4 | - | - | - | - | - | - | - | ||||||||||||||
Total adjustments, net of tax | $ | (2.1) | $ | 0.3 | $ | 0.2 | $ | (0.1) | $ | (1.6) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
Non-GAAP Adjusted Net Income (Loss)1 | $ | (1.2) | $ | 18.5 | $ | 29.0 | $ | 0.7 | $ | 46.9 | $ | 19.5 | $ | 43.9 | $ | 54.0 | $ | 24.8 | $ | 142.2 | $ | 51.5 | $ | 60.2 |
Non-GAAP Adjusted Diluted Earnings (Loss) per Common Share
Diluted earnings (loss) per common share | $ | 0.03 | $ | 0.59 | $ | 0.94 | $ | 0.03 | $ | 1.57 | $ | 0.65 | $ | 1.46 | $ | 1.80 | $ | 0.83 | $ | 4.74 | $ | 1.73 | $ | 2.03 | ||
Total adjustments, net of tax | (0.07) | 0.01 | 0.01 | (0.00) | (0.05) | - | - | - | - | - | - | - | ||||||||||||||
Non-GAAP Adjusted Diluted Earnings (Loss) | $ | (0.04) | $ | 0.60 | $ | 0.95 | $ | 0.02 | $ | 1.52 | $ | 0.65 | $ | 1.46 | $ | 1.80 | $ | 0.83 | $ | 4.74 | $ | 1.73 | $ | 2.03 | ||
per Common Share1 |
Non-GAAP Adjusted Diluted Shares
Shares used in computing diluted earnings (loss) | 31.3 | 30.9 | 30.6 | 30.6 | 30.8 | 30.1 | 29.9 | 30.0 | 30.0 | 30.0 | 29.8 | 29.6 | ||
per common share | ||||||||||||||
Adjustment to Shares used in computing diluted | (0.6) | - | - | - | - | - | - | - | - | - | - | - | ||
earnings (loss) per common share6 | ||||||||||||||
Shares used in computing Non-GAAP Adjusted | 30.7 | 30.9 | 30.6 | 30.6 | 30.8 | 30.1 | 29.9 | 30.0 | 30.0 | 30.0 | 29.8 | 29.6 | ||
Diluted Earnings (Loss) per Common Share1 |
Note: Amounts above may not add due to rounding.
4
Dollars in millions
Unaudited
Cash and Debt
Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||||||||||||
5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 4/30/22 | 7/30/22 | 10/29/22 | 1/28/23 | 4/29/23 | 7/29/23 | |||||||||||||||||
Cash and equivalents | $ | 330.6 | $ | 261.9 | $ | 263.7 | $ | 310.8 | $ | 185.6 | $ | 120.3 | $ | 65.3 | $ | 224.2 | $ | 71.4 | $ | 83.4 | ||||||
Carrying Value of Debt - Senior Credit Facility | ||||||||||||||||||||||||||
Revolving Facility | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Term Loan Facility | 350.0 | 350.0 | 350.0 | 350.0 | 345.6 | 341.3 | 336.9 | 332.5 | 328.1 | 323.8 | ||||||||||||||||
Unamortized issuance costs | (3.1) | (2.9) | (2.7) | (2.6) | (2.4) | (2.2) | (2.1) | (1.9) | (1.7) | (1.6) | ||||||||||||||||
Net of issuance costs | 346.9 | 347.1 | 347.3 | 347.4 | 343.2 | 339.0 | 334.8 | 330.6 | 326.4 | 322.2 | ||||||||||||||||
4.50% Senior Notes due 2029 (the "2029 Notes") | ||||||||||||||||||||||||||
Notional value | 500.0 | 500.0 | 500.0 | 500.0 | 500.0 | 500.0 | 500.0 | 500.0 | 500.0 | 500.0 | ||||||||||||||||
Unamortized issuance costs | (7.4) | (7.2) | (6.9) | (6.7) | (6.4) | (6.2) | (6.0) | (5.7) | (5.5) | (5.3) | ||||||||||||||||
Net of issuance costs | 492.6 | 492.8 | 493.1 | 493.3 | 493.6 | 493.8 | 494.0 | 494.3 | 494.5 | 494.7 | ||||||||||||||||
0.75% Convertible Senior Notes due 2021 (the | ||||||||||||||||||||||||||
"2021 Convertible Notes") | ||||||||||||||||||||||||||
Notional value7 | 58.3 | 58.3 | - | - | - | - | - | - | - | - | ||||||||||||||||
Unamortized debt discount and issuance costs | (1.1) | (0.4) | - | - | - | - | - | - | - | - | ||||||||||||||||
Net of debt discounts and issuance costs | 57.1 | 57.9 | - | - | - | - | - | - | - | - | ||||||||||||||||
Total Carrying Value of Debt | $ | 896.7 | $ | 897.8 | $ | 840.4 | $ | 840.8 | $ | 836.8 | $ | 832.8 | $ | 828.9 | $ | 824.9 | $ | 820.9 | $ | 816.9 | ||||||
Letters of Credit outstanding | $ | 46.3 | $ | 46.3 | $ | 46.3 | $ | 46.3 | $ | 47.5 | $ | 47.5 | $ | 47.5 | $ | 47.5 | $ | 47.5 | $ | 47.5 | ||||||
Liquidity8 | $ | 477.4 | $ | 299.1 | $ | 314.7 | $ | 351.5 | $ | 309.5 | $ | 366.3 | $ | 444.3 | $ | 757.8 | $ | 673.9 | $ | 685.9 | ||||||
Cash Flow | ||||||||||||||||||||||||||
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | ||||||||||||||||||||||
5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 2022 | 4/30/22 | 7/30/22 | 10/29/22 | 1/28/23 | 2023 | 4/29/23 | 7/29/23 | |||||||||||||||
Operating cash flow9 | $ | 41.5 | $ | 17.3 | $ | 104.3 | $ | 145.5 | $ | 308.7 | $ | (64.9) | $ | (12.0) | $ | (4.5) | $ | 246.2 | $ | 164.8 | $ | (85.1) | $ | 56.3 | ||
Cap-ex, net of disposals | (28.6) | (35.5) | (44.1) | (43.4) | (151.7) | (33.0) | (39.1) | (49.2) | (62.3) | (183.6) | (33.6) | (40.0) | ||||||||||||||
Acquisition payments | - | - | - | - | - | - | - | - | (0.4) | (0.4) | - | - | ||||||||||||||
Net cash flow used in investing activities | (28.6) | (35.5) | (44.1) | (43.4) | (151.7) | (33.0) | (39.1) | (49.2) | (62.6) | (183.9) | (33.6) | (40.0) | ||||||||||||||
Payments on Senior Credit Facility | (176.9) | - | - | - | (176.9) | (4.4) | (4.4) | (4.4) | (4.4) | (17.5) | (4.4) | (4.4) | ||||||||||||||
Share repurchases10 | - | (50.0) | - | (56.1) | (106.1) | (18.5) | (10.0) | - | (20.2) | (48.7) | (20.3) | - | ||||||||||||||
Proceeds from issuance of 4.50% Senior Notes | 500.0 | - | - | - | 500.0 | - | - | - | - | - | - | - | ||||||||||||||
Debt issuance costs | (11.2) | (0.4) | - | - | (11.6) | - | - | - | - | - | - | - | ||||||||||||||
Debt extinguishment costs7 | - | - | (58.3) | - | (58.3) | - | - | - | - | - | - | - | ||||||||||||||
Option proceeds | 0.4 | - | - | 1.9 | 2.3 | 1.2 | 0.2 | 3.2 | - | 4.6 | 0.2 | 0.1 | ||||||||||||||
Other financing activities, net | (6.4) | (0.0) | (0.2) | (0.8) | (7.3) | (5.5) | (0.0) | (0.1) | (0.1) | (5.8) | (9.6) | (0.0) | ||||||||||||||
Net cash flow (used in) provided by financing | 305.9 | (50.4) | (58.4) | (55.0) | 142.0 | (27.2) | (14.2) | (1.3) | (24.7) | (67.4) | (34.1) | (4.3) | ||||||||||||||
activities | ||||||||||||||||||||||||||
Net cash flow (used in) provided by all activities | $ | 318.8 | $ | (68.7) | $ | 1.8 | $ | 47.1 | $ | 299.0 | $ | (125.2) | $ | (65.3) | $ | (55.0) | $ | 158.9 | $ | (86.6) | $ | (152.8) | $ | 11.9 |
Note: Amounts above may not add due to rounding.
5
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Disclaimer
Dycom Industries Inc. published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 10:08:07 UTC.
