DYCOM INDUSTRIES, INC. Dycom Industries, Inc. Trend Schedule
Q3 2022
Dollars in millions
Unaudited
Contract Revenues Summary
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | |||||||||||
4/27/19 | 7/27/19 | 10/26/19 | 1/25/20 | 2020 | 4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 2021 | 5/1/21 | 7/31/21 | 10/30/21 | |||
Contract Revenues | $ 833.7 | $ 884.2 | $ 884.1 | $ 737.6 | $3,339.7 | $ 814.3 | $ 823.9 | $ 810.3 | $ 750.7 | $3,199.2 | $ 727.5 | $ 787.6 | $ 854.0 | ||
Non-GAAP Organic Revenue Growth (Decline) %1 | 15.8 % | 11.1 % | 4.7 % | 1.3 % | 8.3 % | (1.8)% | (6.8)% | (9.4)% | (6.2)% | (6.1)% | (11.1)% | (4.4)% | 6.6 % | ||
Top Five Customers in each quarter presented | |||||||||||||||
Customer Revenues (%) | |||||||||||||||
AT&T Inc. | 25.1 % | 20.7 % | 18.4 % | 18.0 % | 20.6 % | 18.9 % | 16.3 % | 14.7 % | 16.8 % | 16.7 % | 21.4 % | 22.5 % | 23.4 % | ||
Comcast Corporation | 16.4 % | 15.1 % | 14.9 % | 13.8 % | 15.1 % | 14.5 % | 15.9 % | 17.7 % | 18.8 % | 16.7 % | 18.0 % | 15.5 % | 14.2 % | ||
Lumen Technologies | 13.2 % | 15.7 % | 18.6 % | 18.3 % | 16.4 % | 18.3 % | 19.2 % | 16.6 % | 13.4 % | 16.9 % | 11.8 % | 12.1 % | 12.1 % | ||
Verizon Communications Inc. | 21.6 % | 23.2 % | 20.6 % | 21.9 % | 21.8 % | 21.6 % | 19.8 % | 17.9 % | 15.7 % | 18.8 % | 12.6 % | 11.5 % | 10.9 % | ||
Frontier Communications Corporation | 1.7 % | 1.6 % | 1.6 % | 1.8 % | 1.7 % | 1.5 % | 1.5 % | 2.3 % | 2.8 % | 2.0 % | 3.5 % | 4.0 % | 4.8 % | ||
Windstream Corporation | 4.1 % | 3.9 % | 4.8 % | 5.3 % | 4.5 % | 5.2 % | 5.3 % | 4.8 % | 4.8 % | 5.0 % | 4.4 % | 3.4 % | 3.2 % | ||
All other customers | 17.9 % | 19.8 % | 21.1 % | 20.9 % | 19.9 % | 20.0 % | 22.0 % | 26.0 % | 27.7 % | 23.9 % | 28.3 % | 31.0 % | 31.4 % | ||
Contract revenues | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | ||
Customer Revenues ($) | |||||||||||||||
AT&T Inc. | $ 209.3 | $ 183.3 | $ 162.9 | $ 132.5 | $ 687.9 | $ 154.0 | $ 134.6 | $ 118.9 | $ 126.2 | $ 533.7 | $ 155.6 | $ 177.5 | $ 199.5 | ||
Comcast Corporation | 137.1 | 133.2 | 131.3 | 101.6 | 503.2 | 118.0 | 131.4 | 143.6 | 140.9 | 533.9 | 131.1 | 121.7 | 121.0 | ||
Lumen Technologies | 109.8 | 138.7 | 164.1 | 135.1 | 547.8 | 148.8 | 158.4 | 134.4 | 100.5 | 542.0 | 85.8 | 95.4 | 103.0 | ||
Verizon Communications Inc. | 179.8 | 205.0 | 182.1 | 161.3 | 728.2 | 176.1 | 163.0 | 144.8 | 117.7 | 601.6 | 91.5 | 90.8 | 93.4 | ||
Frontier Communications Corporation | 13.8 | 14.2 | 13.9 | 13.3 | 55.2 | 12.6 | 12.2 | 19.0 | 21.3 | 65.0 | 25.2 | 31.9 | 41.3 | ||
Windstream Corporation | 34.0 | 34.7 | 42.7 | 38.8 | 150.3 | 42.2 | 43.4 | 38.9 | 36.0 | 160.5 | 32.1 | 26.5 | 27.5 | ||
All other customers | 149.9 | 175.1 | 187.1 | 155.0 | 667.1 | 162.6 | 180.9 | 210.7 | 208.1 | 762.5 | 206.2 | 243.8 | 268.3 | ||
Contract revenues | $ 833.7 | $ 884.2 | $ 884.1 | $ 737.6 | $3,339.7 | $ 814.3 | $ 823.9 | $ 810.3 | $ 750.7 | $3,199.2 | $ 727.5 | $ 787.6 | $ 854.0 |
Note: Amounts above may not add due to rounding.
2
Dollars in millions
Unaudited
Non-GAAP Adjusted EBITDA
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | ||||||||||||||||||||||||
4/27/19 | 7/27/19 | 10/26/19 | 1/25/20 | 2020 | 4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 2021 | 5/1/21 | 7/31/21 | 10/30/21 | ||||||||||||||||
Net income (loss) | $ | 14.3 | $ | 29.9 | $ | 24.2 | $ | (11.2) | $ | 57.2 | $ | (32.4) | $ | 37.0 | $ | 33.9 | $ | (4.2) | $ | 34.3 | $ | 0.9 | $ | 18.2 | $ | 28.7 | ||
Interest expense, net | 12.2 | 12.9 | 13.1 | 12.6 | 50.9 | 12.5 | 7.9 | 4.7 | 4.7 | 29.7 | 5.9 | 9.3 | 9.1 | |||||||||||||||
Provision (benefit) for income taxes | 6.2 | 12.7 | 6.6 | (4.1) | 21.3 | 2.7 | 12.2 | 12.0 | (2.1) | 24.9 | (2.7) | 6.5 | 6.2 | |||||||||||||||
Depreciation and amortization | 46.3 | 47.2 | 47.4 | 46.6 | 187.6 | 45.9 | 44.1 | 42.3 | 43.6 | 175.9 | 39.1 | 38.5 | 37.8 | |||||||||||||||
Earnings Before Interest, Taxes, Depreciation & | 79.1 | 102.7 | 91.3 | 43.9 | 317.0 | 28.6 | 101.3 | 93.0 | 42.0 | 264.8 | 43.1 | 72.5 | 81.8 | |||||||||||||||
Amortization ("EBITDA") | ||||||||||||||||||||||||||||
Gain on sale of fixed assets | (6.7) | (4.8) | (2.2) | (1.1) | (14.9) | (1.8) | (3.4) | (4.0) | (0.8) | (10.0) | (2.9) | (1.0) | (0.4) | |||||||||||||||
Stock-based compensation expense | 3.5 | 2.3 | 2.7 | 1.6 | 10.0 | 2.3 | 4.4 | 3.8 | 2.3 | 12.8 | 3.7 | 2.3 | 1.8 | |||||||||||||||
Charges for a wages and hour litigation | - | - | - | - | - | - | - | - | 2.3 | 2.3 | - | - | - | |||||||||||||||
settlement2 | ||||||||||||||||||||||||||||
Loss (gain) on debt extinguishment3,4,5 | - | - | - | 0.1 | 0.1 | (12.5) | 0.5 | - | - | (12.0) | 0.1 | - | - | |||||||||||||||
Goodwill impairment charge6 | - | - | - | - | - | 53.3 | - | - | - | 53.3 | - | - | - | |||||||||||||||
Charge for warranty costs7 | 8.2 | - | - | - | 8.2 | - | - | - | - | - | - | - | - | |||||||||||||||
Recovery of accounts receivable and contract | (10.3) | - | - | - | (10.3) | - | - | - | - | - | - | - | - | |||||||||||||||
assets8 | ||||||||||||||||||||||||||||
Non-GAAP Adjusted EBITDA1 | $ | 73.6 | $ | 100.2 | $ | 91.7 | $ | 44.5 | $ | 310.0 | $ | 69.9 | $ | 102.7 | $ | 92.8 | $ | 45.7 | $ | 311.0 | $ | 44.1 | $ | 73.8 | $ | 83.1 | ||
Non-GAAP Adjusted EBITDA % of contract | 8.8 % | 11.3% | 10.4 % | 6.0 % | 9.3 % | 8.6 % | 12.5 % | 11.5 % | 6.1 % | 9.7 % | 6.1 % | 9.4 % | 9.7 % | |||||||||||||||
revenues | ||||||||||||||||||||||||||||
Q2-20Non-GAAP Adjusted EBITDA, excluding | $ | 89.2 | $ | 299.1 | ||||||||||||||||||||||||
contract modification9 | ||||||||||||||||||||||||||||
Q2-20Non-GAAP Adjusted EBITDA, excluding | 10.2 % | 9.0 % | ||||||||||||||||||||||||||
contract modification % of contract revenues9 |
Note: Amounts above may not add due to rounding.
3
Dollars and shares in millions, except per share amounts
Unaudited
Non-GAAP Adjusted Net Income (Loss)
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | ||||||||||||||||||||||||
4/27/19 | 7/27/19 | 10/26/19 | 1/25/20 | 2020 | 4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 2021 | 5/1/21 | 7/31/21 | 10/30/21 | ||||||||||||||||
Contract revenues | $ | 833.7 | $ | 884.2 | $ | 884.1 | $ | 737.6 | $ | 3,339.7 | $ | 814.3 | $ | 823.9 | $ | 810.3 | $ | 750.7 | $ | 3,199.2 | $ | 727.5 | $ | 787.6 | $ | 854.0 | ||
Cost of earned revenues, excluding depreciation | 701.8 | 720.4 | 724.4 | 633.2 | 2,779.7 | 680.2 | 658.0 | 658.4 | 645.5 | 2,642.0 | 620.0 | 651.4 | 705.9 | |||||||||||||||
and amortization | ||||||||||||||||||||||||||||
General and administrative | 58.6 | 65.1 | 69.9 | 61.0 | 254.6 | 65.9 | 67.4 | 62.6 | 63.9 | 259.8 | 67.0 | 64.7 | 66.9 | |||||||||||||||
Depreciation and amortization | 46.3 | 47.2 | 47.4 | 46.6 | 187.6 | 45.9 | 44.1 | 42.3 | 43.6 | 175.9 | 39.1 | 38.5 | 37.8 | |||||||||||||||
Goodwill impairment charge6 | - | - | - | - | - | 53.3 | - | - | - | 53.3 | - | - | - | |||||||||||||||
Interest expense, net | (12.2) | (12.9) | (13.1) | (12.6) | (50.9) | (12.5) | (7.9) | (4.7) | (4.7) | (29.7) | (5.9) | (9.3) | (9.1) | |||||||||||||||
(Loss) gain on debt extinguishment3,4,5 | - | - | - | (0.1) | (0.1) | 12.5 | (0.5) | - | - | 12.0 | (0.1) | - | - | |||||||||||||||
Other income, net | 5.7 | 4.0 | 1.4 | 0.6 | 11.7 | 1.1 | 3.1 | 3.7 | 0.7 | 8.6 | 2.7 | 1.0 | 0.6 | |||||||||||||||
Income (loss) before income taxes | 20.5 | 42.6 | 30.8 | (15.3) | 78.5 | (29.7) | 49.3 | 46.0 | (6.3) | 59.2 | (1.8) | 24.7 | 34.9 | |||||||||||||||
Provision (benefit) for income taxes | 6.2 | 12.7 | 6.6 | (4.1) | 21.3 | 2.7 | 12.2 | 12.0 | (2.1) | 24.9 | (2.7) | 6.5 | 6.2 | |||||||||||||||
Net income (loss) | $ | 14.3 | $ | 29.9 | $ | 24.2 | $ | (11.2) | $ | 57.2 | $ | (32.4) | $ | 37.0 | $ | 33.9 | $ | (4.2) | $ | 34.3 | $ | 0.9 | $ | 18.2 | $ | 28.7 | ||
Adjustments | ||||||||||||||||||||||||||||
Cost of earned revenues, excluding depreciation | $ | 8.2 | $ | - | $ | - | $ | - | $ | 8.2 | $ | - | $ | - | $ | - | $ | 2.1 | $ | 2.1 | $ | - | $ | - | $ | - | ||
and amortization2,7 | ||||||||||||||||||||||||||||
General and administrative2,8 | (10.3) | - | - | - | (10.3) | - | - | - | 0.2 | 0.2 | - | - | - | |||||||||||||||
Goodwill impairment charge6 | - | - | - | - | - | 53.3 | - | - | - | 53.3 | - | - | - | |||||||||||||||
Interest expense, net10 | 4.9 | 5.0 | 5.1 | 5.1 | 20.1 | 4.3 | 1.7 | 0.6 | 0.7 | 7.4 | 0.7 | 0.7 | 0.3 | |||||||||||||||
Loss (gain) on debt extinguishment4,5 | - | - | - | - | - | (12.5) | 0.5 | - | - | (12.0) | 0.1 | - | - | |||||||||||||||
Income before income taxes | 2.8 | 5.0 | 5.1 | 5.1 | 18.0 | 45.1 | 2.2 | 0.6 | 3.0 | 50.9 | 0.7 | 0.7 | 0.3 | |||||||||||||||
Provision for income taxes11 | 0.1 | 0.3 | 1.2 | 1.1 | 2.8 | 1.3 | 1.3 | 0.2 | 1.1 | 3.8 | 2.8 | 0.3 | 0.1 | |||||||||||||||
Total adjustments, net of tax | $ | 2.7 | $ | 4.7 | $ | 3.8 | $ | 4.0 | $ | 15.2 | $ | 43.8 | $ | 0.9 | $ | 0.4 | $ | 1.9 | $ | 47.1 | $ | (2.1) | $ | 0.3 | $ | 0.2 | ||
Non-GAAP Adjusted Net Income (Loss)1 | $ | 16.9 | $ | 34.6 | $ | 28.1 | $ | (7.2) | $ | 72.4 | $ | 11.4 | $ | 38.0 | $ | 34.4 | $ | (2.3) | $ | 81.4 | $ | (1.2) | $ | 18.5 | $ | 29.0 | ||
Q2-20Non-GAAP Adjusted Net Income, excluding | $ | 27.4 | $ | 65.1 | ||||||||||||||||||||||||
contract modification9 |
Non-GAAP Adjusted Diluted Earnings (Loss) per Common Share
Diluted earnings (loss) per common share | $ | 0.45 | $ | 0.94 | $ | 0.76 | $ | (0.35) | $ | 1.80 | $ | (1.03) | $ | 1.15 | $ | 1.05 | $ | (0.13) | $ | 1.07 | $ | 0.03 | $ | 0.59 | $ | 0.94 | ||
Total adjustments, net of tax | 0.08 | 0.15 | 0.12 | 0.13 | 0.48 | 1.39 | 0.03 | 0.01 | 0.06 | 1.47 | (0.07) | 0.01 | 0.01 | |||||||||||||||
Non-GAAP Adjusted Diluted Earnings (Loss) | $ | 0.53 | $ | 1.09 | $ | 0.88 | $ | (0.23) | $ | 2.27 | $ | 0.36 | $ | 1.18 | $ | 1.06 | $ | (0.07) | $ | 2.54 | $ | (0.04) | $ | 0.60 | $ | 0.95 | ||
per Common Share1 | ||||||||||||||||||||||||||||
Q2-20Non-GAAP Adjusted Diluted Earnings per | $ | 0.86 | $ | 2.05 | ||||||||||||||||||||||||
Common Share, excluding contract modification9 |
Non-GAAP Adjusted Diluted Shares
Shares used in computing diluted earnings (loss) | 31.8 | 31.8 | 31.8 | 31.5 | 31.8 | 31.6 | 32.1 | 32.4 | 31.4 | 32.1 | 31.3 | 30.9 | 30.6 | ||
per common share | |||||||||||||||
Adjustment to Shares used in computing diluted | - | - | - | - | - | 0.2 | - | - | - | - | (0.6) | - | - | ||
earnings (loss) per common share12 | |||||||||||||||
Shares used in computing Non-GAAP Adjusted | 31.8 | 31.8 | 31.8 | 31.5 | 31.8 | 31.8 | 32.1 | 32.4 | 31.4 | 32.1 | 30.7 | 30.9 | 30.6 | ||
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 | ||||||||||||||||||||||||||
4/27/19 | 7/27/19 | 10/26/19 | 1/25/20 | 4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 5/1/21 | 7/31/21 | 10/30/21 | ||||||||||||||||||
Cash and equivalents | $ | 33.6 | $ | 12.6 | $ | 11.8 | $ | 54.6 | $ | 643.9 | $ | 22.5 | $ | 12.0 | $ | 11.8 | $ | 330.6 | $ | 261.9 | $ | 263.7 | ||||||
Carrying Value of Debt - Senior Credit Facility | ||||||||||||||||||||||||||||
Revolving Facility | $ | - | $ | 65.0 | $ | 103.0 | $ | - | $ | 675.0 | $ | 200.0 | $ | 85.0 | $ | 105.0 | $ | - | $ | - | $ | - | ||||||
Term Loan Facility | 450.0 | 450.0 | 450.0 | 444.4 | 438.8 | 433.1 | 427.5 | 421.9 | 350.0 | 350.0 | 350.0 | |||||||||||||||||
Unamortized issuance costs | - | - | - | - | - | - | - | - | (3.1) | (2.9) | (2.7) | |||||||||||||||||
Net of issuance costs | 450.0 | 450.0 | 450.0 | 444.4 | 438.8 | 433.1 | 427.5 | 421.9 | 346.9 | 347.1 | 347.3 | |||||||||||||||||
4.50% Senior Notes due 2029 (the "2029 Notes") | ||||||||||||||||||||||||||||
Notional value | - | - | - | - | - | - | - | - | 500.0 | 500.0 | 500.0 | |||||||||||||||||
Unamortized issuance costs | - | - | - | - | - | - | - | - | (7.4) | (7.2) | (6.9) | |||||||||||||||||
Net of issuance costs | - | - | - | - | - | - | - | - | 492.6 | 492.8 | 493.1 | |||||||||||||||||
0.75% Convertible Senior Notes due 2021 (the | ||||||||||||||||||||||||||||
"2021 Convertible Notes") | ||||||||||||||||||||||||||||
Notional value3,4,13 | 485.0 | 485.0 | 485.0 | 460.0 | 293.0 | 58.3 | 58.3 | 58.3 | 58.3 | 58.3 | - | |||||||||||||||||
Unamortized debt discount and issuance costs | (56.4) | (50.8) | (45.3) | (37.5) | (20.4) | (3.4) | (2.6) | (1.9) | (1.1) | (0.4) | - | |||||||||||||||||
Net of debt discounts and issuance costs | 428.6 | 434.2 | 439.7 | 422.5 | 272.6 | 54.9 | 55.6 | 56.4 | 57.1 | 57.9 | - | |||||||||||||||||
Total Carrying Value of Debt | $ | 878.6 | $ | 949.2 | $ | 992.7 | $ | 866.9 | $ | 1,386.4 | $ | 688.0 | $ | 568.1 | $ | 583.3 | $ | 896.7 | $ | 897.8 | $ | 840.4 | ||||||
Letters of Credit outstanding | $ | 52.3 | $ | 52.3 | $ | 52.3 | $ | 52.3 | $ | 52.2 | $ | 52.2 | $ | 52.2 | $ | 52.2 | $ | 46.3 | $ | 46.3 | $ | 46.3 | ||||||
Liquidity14 | $ | 358.9 | $ | 289.1 | $ | 219.6 | $ | 337.3 | $ | 390.1 | $ | 474.0 | $ | 587.1 | $ | 570.5 | $ | 477.4 | $ | 299.1 | $ | 314.7 | ||||||
Cash Flow | ||||||||||||||||||||||||||||
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | ||||||||||||||||||||||||
4/27/19 | 7/27/19 | 10/26/19 | 1/25/20 | 2020 | 4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 2021 | 5/1/21 | 7/31/21 | 10/30/21 | ||||||||||||||||
Operating cash flow15 | $ | (56.1) | $ | (53.6) | $ | (24.0) | $ | 191.8 | $ | 58.0 | $ | 85.2 | $ | 82.3 | $ | 111.9 | $ | 102.4 | $ | 381.8 | $ | 41.5 | $ | 17.3 | $ | 104.3 | ||
Cap-ex, net of disposals | (38.4) | (32.8) | (14.5) | (15.8) | (101.5) | (18.3) | (2.5) | (3.5) | (20.4) | (44.6) | (28.6) | (35.5) | (44.1) | |||||||||||||||
Other investing activity | - | 0.3 | - | - | 0.3 | - | - | - | - | - | - | - | - | |||||||||||||||
Net cash flow used in investing activities | (38.4) | (32.5) | (14.5) | (15.8) | (101.2) | (18.3) | (2.5) | (3.5) | (20.4) | (44.6) | (28.6) | (35.5) | (44.1) | |||||||||||||||
(Payments on) proceeds from Senior Credit | - | 65.0 | 38.0 | (108.6) | (5.6) | 669.4 | (480.6) | (120.6) | 14.4 | 82.5 | (176.9) | - | - | |||||||||||||||
Facility | ||||||||||||||||||||||||||||
Share repurchases16 | - | - | - | - | - | - | - | - | (100.0) | (100.0) | - | (50.0) | - | |||||||||||||||
Proceeds from issuance of 4.50% Senior Notes | - | - | - | - | - | - | - | - | - | - | 500.0 | - | - | |||||||||||||||
Debt issuance costs | - | - | - | - | - | - | - | - | - | - | (11.2) | (0.4) | - | |||||||||||||||
Debt extinguishment costs3,4,13 | - | - | - | (24.2) | (24.2) | (147.0) | (223.9) | - | - | (371.0) | - | - | (58.3) | |||||||||||||||
Option proceeds | 0.1 | 0.1 | 0.1 | 0.2 | 0.5 | 0.2 | 3.4 | 1.8 | 0.3 | 5.7 | 0.4 | - | - | |||||||||||||||
Other financing activities, net | (0.8) | - | (0.3) | (0.5) | (1.7) | (0.3) | - | (0.2) | (0.2) | (0.7) | (6.4) | - | (0.2) | |||||||||||||||
Net cash flow (used in) provided by financing | (0.7) | 65.1 | 37.8 | (133.2) | (31.1) | 522.3 | (701.2) | (119.0) | (85.5) | (383.4) | 305.9 | (50.4) | (58.4) | |||||||||||||||
activities | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) all activities | $ | (95.3) | $ | (21.0) | $ | (0.7) | $ | 42.7 | $ | (74.3) | $ | 589.1 | $ | (621.3) | $ | (10.5) | $ | (3.6) | $ | (46.3) | $ | 318.8 | $ | (68.7) | $ | 1.8 |
Note: Amounts above may not add due to rounding.
5
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Dycom Industries Inc. published this content on 23 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2021 11:08:01 UTC.
