DYCOM INDUSTRIES, INC. Dycom Industries, Inc. Trend Schedule
Q3 2023
Dollars in millions
Unaudited
Contract Revenues Summary
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | |||||||||||
4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 2021 | 5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 2022 | 4/30/22 | 7/30/22 | 10/29/22 | |||
Contract Revenues | $ 814.3 | $ 823.9 | $ 810.3 | $ 750.7 | $3,199.2 | $ 727.5 | $ 787.6 | $ 854.0 | $ 761.5 | $3,130.5 | $ 876.3 | $ 972.3 | $1,042.4 | ||
Non-GAAP Organic Revenue Growth (Decline) %1 | (1.8)% | (6.8)% | (9.4)% | (6.2)% | (6.1)% | (11.1)% | (4.4)% | 6.6 % | 10.1 % | (0.2)% | 21.1 % | 23.5 % | 22.1 % | ||
Top Five Customers in each quarter presented | |||||||||||||||
Customer Revenues (%) | |||||||||||||||
AT&T Inc. | 18.9 % | 16.3 % | 14.7 % | 16.8 % | 16.7 % | 21.4 % | 22.5 % | 23.4 % | 26.6 % | 23.5 % | 27.1 % | 26.3 % | 24.8 % | ||
Lumen Technologies2 | 18.3 % | 19.2 % | 16.6 % | 13.4 % | 16.9 % | 11.8 % | 12.1 % | 12.1 % | 11.7 % | 11.9 % | 11.7 % | 13.1 % | 13.7 % | ||
Comcast Corporation | 14.5 % | 15.9 % | 17.7 % | 18.8 % | 16.7 % | 18.0 % | 15.5 % | 14.2 % | 13.1 % | 15.1 % | 12.7 % | 11.5 % | 10.4 % | ||
Verizon Communications Inc. | 21.6 % | 19.8 % | 17.9 % | 15.7 % | 18.8 % | 12.6 % | 11.5 % | 10.9 % | 10.1 % | 11.3 % | 9.2 % | 8.3 % | 9.1 % | ||
Frontier Communications Corporation | 1.5 % | 1.5 % | 2.3 % | 2.8 % | 2.0 % | 3.5 % | 4.0 % | 4.8 % | 5.1 % | 4.4 % | 6.5 % | 8.1 % | 8.5 % | ||
Windstream Corporation | 5.2 % | 5.3 % | 4.8 % | 4.8 % | 5.0 % | 4.4 % | 3.4 % | 3.2 % | 3.2 % | 3.5 % | 2.7 % | 2.2 % | 2.1 % | ||
All other customers | 20.0 % | 22.0 % | 26.0 % | 27.7 % | 23.9 % | 28.3 % | 31.0 % | 31.4 % | 30.2 % | 30.3 % | 30.1 % | 30.5 % | 31.4 % | ||
Contract revenues | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0 % | ||
Customer Revenues ($) | |||||||||||||||
AT&T Inc. | $ 154.0 | $ 134.6 | $ 118.9 | $ 126.2 | $ 533.7 | $ 155.6 | $ 177.5 | $ 199.5 | $ 202.6 | $ 735.2 | $ 237.4 | $ 255.9 | $ 258.2 | ||
Lumen Technologies2 | 148.8 | 158.4 | 134.4 | 100.5 | 542.0 | 85.8 | 95.4 | 103.0 | 88.8 | 373.0 | 102.8 | 127.6 | 142.9 | ||
Comcast Corporation | 118.0 | 131.4 | 143.6 | 140.9 | 533.9 | 131.1 | 121.7 | 121.0 | 100.0 | 473.8 | 111.3 | 111.8 | 108.8 | ||
Verizon Communications Inc. | 176.1 | 163.0 | 144.8 | 117.7 | 601.6 | 91.5 | 90.8 | 93.4 | 76.9 | 352.6 | 81.0 | 80.8 | 94.9 | ||
Frontier Communications Corporation | 12.6 | 12.2 | 19.0 | 21.3 | 65.0 | 25.2 | 31.9 | 41.3 | 38.6 | 136.9 | 57.2 | 78.7 | 88.9 | ||
Windstream Corporation | 42.2 | 43.4 | 38.9 | 36.0 | 160.5 | 32.1 | 26.5 | 27.5 | 24.7 | 110.8 | 24.0 | 21.0 | 21.7 | ||
All other customers | 162.6 | 180.9 | 210.7 | 208.1 | 762.5 | 206.2 | 243.8 | 268.3 | 229.9 | 948.2 | 262.6 | 296.5 | 327.0 | ||
Contract revenues | $ 814.3 | $ 823.9 | $ 810.3 | $ 750.7 | $3,199.2 | $ 727.5 | $ 787.6 | $ 854.0 | $ 761.5 | $3,130.5 | $ 876.3 | $ 972.3 | $1,042.4 |
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 | ||||||||||||||||||||||||
4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 2021 | 5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 2022 | 4/30/22 | 7/30/22 | 10/29/22 | ||||||||||||||||
Net income (loss) | $ | (32.4) | $ | 37.0 | $ | 33.9 | $ | (4.2) | $ | 34.3 | $ | 0.9 | $ | 18.2 | $ | 28.7 | $ | 0.8 | $ | 48.6 | $ | 19.5 | $ | 43.9 | $ | 54.0 | ||
Interest expense, net | 12.5 | 7.9 | 4.7 | 4.7 | 29.7 | 5.9 | 9.3 | 9.1 | 8.8 | 33.2 | 9.1 | 9.3 | 10.6 | |||||||||||||||
Provision (benefit) for income taxes | 2.7 | 12.2 | 12.0 | (2.1) | 24.9 | (2.7) | 6.5 | 6.2 | (5.7) | 4.2 | 0.7 | 15.0 | 15.1 | |||||||||||||||
Depreciation and amortization | 45.9 | 44.1 | 42.3 | 43.6 | 175.9 | 39.1 | 38.5 | 37.8 | 37.3 | 152.7 | 36.6 | 35.3 | 35.5 | |||||||||||||||
Earnings Before Interest, Taxes, Depreciation & | 28.6 | 101.3 | 93.0 | 42.0 | 264.8 | 43.1 | 72.5 | 81.8 | 41.2 | 238.6 | 66.0 | 103.5 | 115.2 | |||||||||||||||
Amortization ("EBITDA") | ||||||||||||||||||||||||||||
(Gain) loss on sale of fixed assets | (1.8) | (3.4) | (4.0) | (0.8) | (10.0) | (2.9) | (1.0) | (0.4) | 0.1 | (4.2) | (5.4) | (3.5) | (5.1) | |||||||||||||||
Stock-based compensation expense | 2.3 | 4.4 | 3.8 | 2.3 | 12.8 | 3.7 | 2.3 | 1.8 | 2.0 | 9.9 | 3.1 | 4.6 | 4.5 | |||||||||||||||
Charges for a wages and hour litigation | - | - | - | 2.3 | 2.3 | - | - | - | - | - | - | - | - | |||||||||||||||
settlement3 | ||||||||||||||||||||||||||||
Loss (gain) on debt extinguishment4,5 | (12.5) | 0.5 | - | - | (12.0) | 0.1 | - | - | - | 0.1 | - | - | - | |||||||||||||||
Goodwill impairment charge6 | 53.3 | - | - | - | 53.3 | - | - | - | - | - | - | - | - | |||||||||||||||
Non-GAAP Adjusted EBITDA1 | $ | 69.9 | $ | 102.7 | $ | 92.8 | $ | 45.7 | $ | 311.0 | $ | 44.1 | $ | 73.8 | $ | 83.1 | $ | 43.3 | $ | 244.3 | $ | 63.7 | $ | 104.7 | $ | 114.6 | ||
Non-GAAP Adjusted EBITDA % of contract | 8.6 % | 12.5 % | 11.5 % | 6.1 % | 9.7 % | 6.1 % | 9.4 % | 9.7 % | 5.7 % | 7.8 % | 7.3 % | 10.8 % | 11.0 % | |||||||||||||||
revenues |
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)
In fiscal 2021 and 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. As there are no Non-GAAP adjustments for the first nine months of fiscal 2023, Non-GAAP Adjusted Net Income for the quarters ended April 30, 2022, July 30, 2022 and October 29, 2022 equals GAAP net income presented in the table below.
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | ||||||||||||||||||||||||
4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 2021 | 5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 2022 | 4/30/22 | 7/30/22 | 10/29/22 | ||||||||||||||||
Contract revenues | $ | 814.3 | $ | 823.9 | $ | 810.3 | $ | 750.7 | $ | 3,199.2 | $ | 727.5 | $ | 787.6 | $ | 854.0 | $ | 761.5 | $ | 3,130.5 | $ | 876.3 | $ | 972.3 | $ | 1,042.4 | ||
Cost of earned revenues, excluding depreciation | 680.2 | 658.0 | 658.4 | 645.5 | 2,642.0 | 620.0 | 651.4 | 705.9 | 656.6 | 2,633.9 | 745.7 | 798.0 | 850.9 | |||||||||||||||
and amortization | ||||||||||||||||||||||||||||
General and administrative | 65.9 | 67.4 | 62.6 | 63.9 | 259.8 | 67.0 | 64.7 | 66.9 | 63.8 | 262.4 | 69.4 | 73.3 | 78.8 | |||||||||||||||
Depreciation and amortization | 45.9 | 44.1 | 42.3 | 43.6 | 175.9 | 39.1 | 38.5 | 37.8 | 37.3 | 152.7 | 36.6 | 35.3 | 35.5 | |||||||||||||||
Goodwill impairment charge6 | 53.3 | - | - | - | 53.3 | - | - | - | - | - | - | - | - | |||||||||||||||
Interest expense, net | (12.5) | (7.9) | (4.7) | (4.7) | (29.7) | (5.9) | (9.3) | (9.1) | (8.8) | (33.2) | (9.1) | (9.3) | (10.6) | |||||||||||||||
(Loss) gain on debt extinguishment4,5 | 12.5 | (0.5) | - | - | 12.0 | (0.1) | - | - | - | (0.1) | - | - | - | |||||||||||||||
Other income, net | 1.1 | 3.1 | 3.7 | 0.7 | 8.6 | 2.7 | 1.0 | 0.6 | 0.2 | 4.4 | 4.8 | 2.6 | 2.5 | |||||||||||||||
Income (loss) before income taxes | (29.7) | 49.3 | 46.0 | (6.3) | 59.2 | (1.8) | 24.7 | 34.9 | (4.9) | 52.8 | 20.2 | 58.9 | 69.2 | |||||||||||||||
Provision (benefit) for income taxes | 2.7 | 12.2 | 12.0 | (2.1) | 24.9 | (2.7) | 6.5 | 6.2 | (5.7) | 4.2 | 0.7 | 15.0 | 15.1 | |||||||||||||||
Net income (loss) | $ | (32.4) | $ | 37.0 | $ | 33.9 | $ | (4.2) | $ | 34.3 | $ | 0.9 | $ | 18.2 | $ | 28.7 | $ | 0.8 | $ | 48.6 | $ | 19.5 | $ | 43.9 | $ | 54.0 | ||
Adjustments | ||||||||||||||||||||||||||||
Cost of earned revenues, excluding depreciation | $ | - | $ | - | $ | - | $ | 2.1 | $ | 2.1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
and amortization3 | ||||||||||||||||||||||||||||
General and administrative3 | - | - | - | 0.2 | 0.2 | - | - | - | - | - | - | - | - | |||||||||||||||
Goodwill impairment charge6 | 53.3 | - | - | - | 53.3 | - | - | - | - | - | - | - | - | |||||||||||||||
Interest expense, net7 | 4.3 | 1.7 | 0.6 | 0.7 | 7.4 | 0.7 | 0.7 | 0.3 | - | 1.7 | - | - | - | |||||||||||||||
Loss (gain) on debt extinguishment4,5 | (12.5) | 0.5 | - | - | (12.0) | 0.1 | - | - | - | 0.1 | - | - | - | |||||||||||||||
Income before income taxes | 45.1 | 2.2 | 0.6 | 3.0 | 50.9 | 0.7 | 0.7 | 0.3 | - | 1.7 | - | - | - | |||||||||||||||
Provision for income taxes8 | 1.3 | 1.3 | 0.2 | 1.1 | 3.8 | 2.8 | 0.3 | 0.1 | 0.1 | 3.4 | - | - | - | |||||||||||||||
Total adjustments, net of tax | $ | 43.8 | $ | 0.9 | $ | 0.4 | $ | 1.9 | $ | 47.1 | $ | (2.1) | $ | 0.3 | $ | 0.2 | $ | (0.1) | $ | (1.6) | $ | - | $ | - | $ | - | ||
Non-GAAP Adjusted Net Income (Loss)1 | $ | 11.4 | $ | 38.0 | $ | 34.4 | $ | (2.3) | $ | 81.4 | $ | (1.2) | $ | 18.5 | $ | 29.0 | $ | 0.7 | $ | 46.9 | $ | 19.5 | $ | 43.9 | $ | 54.0 |
Non-GAAP Adjusted Diluted Earnings (Loss) per Common Share
Diluted earnings (loss) per common share | $ | (1.03) | $ | 1.15 | $ | 1.05 | $ | (0.13) | $ | 1.07 | $ | 0.03 | $ | 0.59 | $ | 0.94 | $ | 0.03 | $ | 1.57 | $ | 0.65 | $ | 1.46 | $ | 1.80 | ||
Total adjustments, net of tax | 1.39 | 0.03 | 0.01 | 0.06 | 1.47 | (0.07) | 0.01 | 0.01 | (0.00) | (0.05) | - | - | - | |||||||||||||||
Non-GAAP Adjusted Diluted Earnings (Loss) | $ | 0.36 | $ | 1.18 | $ | 1.06 | $ | (0.07) | $ | 2.54 | $ | (0.04) | $ | 0.60 | $ | 0.95 | $ | 0.02 | $ | 1.52 | $ | 0.65 | $ | 1.46 | $ | 1.80 | ||
per Common Share1 |
Non-GAAP Adjusted Diluted Shares
Shares used in computing diluted earnings (loss) | 31.6 | 32.1 | 32.4 | 31.4 | 32.1 | 31.3 | 30.9 | 30.6 | 30.6 | 30.8 | 30.1 | 29.9 | 30.0 | ||
per common share | |||||||||||||||
Adjustment to Shares used in computing diluted | 0.2 | - | - | - | - | (0.6) | - | - | - | - | - | - | - | ||
earnings (loss) per common share9 | |||||||||||||||
Shares used in computing Non-GAAP Adjusted | 31.8 | 32.1 | 32.4 | 31.4 | 32.1 | 30.7 | 30.9 | 30.6 | 30.6 | 30.8 | 30.1 | 29.9 | 30.0 | ||
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 | ||||||||||||||||||||||||||
4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 4/30/22 | 7/30/22 | 10/29/22 | ||||||||||||||||||
Cash and equivalents | $ | 643.9 | $ | 22.5 | $ | 12.0 | $ | 11.8 | $ | 330.6 | $ | 261.9 | $ | 263.7 | $ | 310.8 | $ | 185.6 | $ | 120.3 | $ | 65.3 | ||||||
Carrying Value of Debt - Senior Credit Facility | ||||||||||||||||||||||||||||
Revolving Facility | $ | 675.0 | $ | 200.0 | $ | 85.0 | $ | 105.0 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Term Loan Facility | 438.8 | 433.1 | 427.5 | 421.9 | 350.0 | 350.0 | 350.0 | 350.0 | 345.6 | 341.3 | 336.9 | |||||||||||||||||
Unamortized issuance costs | - | - | - | - | (3.1) | (2.9) | (2.7) | (2.6) | (2.4) | (2.2) | (2.1) | |||||||||||||||||
Net of issuance costs | 438.8 | 433.1 | 427.5 | 421.9 | 346.9 | 347.1 | 347.3 | 347.4 | 343.2 | 339.0 | 334.8 | |||||||||||||||||
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 | |||||||||||||||||
Unamortized issuance costs | - | - | - | - | (7.4) | (7.2) | (6.9) | (6.7) | (6.4) | (6.2) | (6.0) | |||||||||||||||||
Net of issuance costs | - | - | - | - | 492.6 | 492.8 | 493.1 | 493.3 | 493.6 | 493.8 | 494.0 | |||||||||||||||||
0.75% Convertible Senior Notes due 2021 (the | ||||||||||||||||||||||||||||
"2021 Convertible Notes") | ||||||||||||||||||||||||||||
Notional value4,10 | 293.0 | 58.3 | 58.3 | 58.3 | 58.3 | 58.3 | - | - | - | - | - | |||||||||||||||||
Unamortized debt discount and issuance costs | (20.4) | (3.4) | (2.6) | (1.9) | (1.1) | (0.4) | - | - | - | - | - | |||||||||||||||||
Net of debt discounts and issuance costs | 272.6 | 54.9 | 55.6 | 56.4 | 57.1 | 57.9 | - | - | - | - | - | |||||||||||||||||
Total Carrying Value of Debt | $ | 1,386.4 | $ | 688.0 | $ | 568.1 | $ | 583.3 | $ | 896.7 | $ | 897.8 | $ | 840.4 | $ | 840.8 | $ | 836.8 | $ | 832.8 | $ | 828.9 | ||||||
Letters of Credit outstanding | $ | 52.2 | $ | 52.2 | $ | 52.2 | $ | 52.2 | $ | 46.3 | $ | 46.3 | $ | 46.3 | $ | 46.3 | $ | 47.5 | $ | 47.5 | $ | 47.5 | ||||||
Liquidity11 | $ | 390.1 | $ | 474.0 | $ | 587.1 | $ | 570.5 | $ | 477.4 | $ | 299.1 | $ | 314.7 | $ | 351.5 | $ | 309.5 | $ | 366.3 | $ | 444.3 | ||||||
Cash Flow | ||||||||||||||||||||||||||||
Quarter Ended | Fiscal | Quarter Ended | Fiscal | Quarter Ended | ||||||||||||||||||||||||
4/25/20 | 7/25/20 | 10/24/20 | 1/30/21 | 2021 | 5/1/21 | 7/31/21 | 10/30/21 | 1/29/22 | 2022 | 4/30/22 | 7/30/22 | 10/29/22 | ||||||||||||||||
Operating cash flow12 | $ | 85.2 | $ | 82.3 | $ | 111.9 | $ | 102.4 | $ | 381.8 | $ | 41.5 | $ | 17.3 | $ | 104.3 | $ | 145.5 | $ | 308.7 | $ | (64.9) | $ | (12.0) | $ | (4.5) | ||
Cap-ex, net of disposals | (18.3) | (2.5) | (3.5) | (20.4) | (44.6) | (28.6) | (35.5) | (44.1) | (43.4) | (151.7) | (33.0) | (39.1) | (49.2) | |||||||||||||||
Net cash flow used in investing activities | (18.3) | (2.5) | (3.5) | (20.4) | (44.6) | (28.6) | (35.5) | (44.1) | (43.4) | (151.7) | (33.0) | (39.1) | (49.2) | |||||||||||||||
(Payments on) proceeds from Senior Credit | 669.4 | (480.6) | (120.6) | 14.4 | 82.5 | (176.9) | - | - | - | (176.9) | (4.4) | (4.4) | (4.4) | |||||||||||||||
Facility | ||||||||||||||||||||||||||||
Share repurchases13 | - | - | - | (100.0) | (100.0) | - | (50.0) | - | (56.1) | (106.1) | (18.5) | (10.0) | - | |||||||||||||||
Proceeds from issuance of 4.50% Senior Notes | - | - | - | - | - | 500.0 | - | - | - | 500.0 | - | - | - | |||||||||||||||
Debt issuance costs | - | - | - | - | - | (11.2) | (0.4) | - | - | (11.6) | - | - | - | |||||||||||||||
Debt extinguishment costs4,10 | (147.0) | (223.9) | - | - | (371.0) | - | - | (58.3) | - | (58.3) | - | - | - | |||||||||||||||
Option proceeds | 0.2 | 3.4 | 1.8 | 0.3 | 5.7 | 0.4 | - | - | 1.9 | 2.3 | 1.2 | 0.2 | 3.2 | |||||||||||||||
Other financing activities, net | (0.3) | - | (0.2) | (0.2) | (0.7) | (6.4) | - | (0.2) | (0.8) | (7.3) | (5.5) | - | (0.1) | |||||||||||||||
Net cash flow (used in) provided by financing | 522.3 | (701.2) | (119.0) | (85.5) | (383.4) | 305.9 | (50.4) | (58.4) | (55.0) | 142.0 | (27.2) | (14.2) | (1.3) | |||||||||||||||
activities | ||||||||||||||||||||||||||||
Net cash flow (used in) provided by all activities | $ | 589.1 | $ | (621.3) | $ | (10.5) | $ | (3.6) | $ | (46.3) | $ | 318.8 | $ | (68.7) | $ | 1.8 | $ | 47.1 | $ | 299.0 | $ | (125.2) | $ | (65.3) | $ | (55.0) |
Note: Amounts above may not add due to rounding.
5
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Dycom Industries Inc. published this content on 22 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2022 11:45:07 UTC.
