Dycom Industries, Inc. Trend Schedule
Q2 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 | |||
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 | ||
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 % | ||
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 % | ||
Lumen Technologies | 18.3 % | 19.2 % | 16.6 % | 13.4 % | 16.9 % | 11.8 % | 12.1 % | 12.1 % | 11.7 % | 11.9 % | 11.7 % | 13.1 % | ||
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 % | ||
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 % | ||
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 % | ||
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 % | ||
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 % | ||
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 % | ||
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 | ||
Lumen Technologies | 148.8 | 158.4 | 134.4 | 100.5 | 542.0 | 85.8 | 95.4 | 103.0 | 88.8 | 373.0 | 102.8 | 127.6 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 |
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 | |||||||||||||||
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 | ||
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 | ||||||||||||||
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 | ||||||||||||||
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 | ||||||||||||||
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 | ||||||||||||||
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) | ||||||||||||||
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 | ||||||||||||||
Charges for a wages and hour litigation | - | - | - | 2.3 | 2.3 | - | - | - | - | - | - | - | ||||||||||||||
settlement2 | ||||||||||||||||||||||||||
Loss (gain) on debt extinguishment3,4 | (12.5) | 0.5 | - | - | (12.0) | 0.1 | - | - | - | 0.1 | - | - | ||||||||||||||
Goodwill impairment charge5 | 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 | ||
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 % | ||||||||||||||
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 six months of fiscal 2023, Non-GAAP Adjusted Net Income for the quarters ended April 30, 2022 and July 30, 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 | |||||||||||||||
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 | ||
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 | ||||||||||||||
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 | ||||||||||||||
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 | ||||||||||||||
Goodwill impairment charge5 | 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) | ||||||||||||||
(Loss) gain on debt extinguishment3,4 | 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 | ||||||||||||||
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 | ||||||||||||||
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 | ||||||||||||||
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 | ||
Adjustments | ||||||||||||||||||||||||||
Cost of earned revenues, excluding depreciation | $ | - | $ | - | $ | - | $ | 2.1 | $ | 2.1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
and amortization2 | ||||||||||||||||||||||||||
General and administrative2 | - | - | - | 0.2 | 0.2 | - | - | - | - | - | - | - | ||||||||||||||
Goodwill impairment charge5 | 53.3 | - | - | - | 53.3 | - | - | - | - | - | - | - | ||||||||||||||
Interest expense, net6 | 4.3 | 1.7 | 0.6 | 0.7 | 7.4 | 0.7 | 0.7 | 0.3 | - | 1.7 | - | - | ||||||||||||||
Loss (gain) on debt extinguishment3,4 | (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 taxes7 | 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 |
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 | ||
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 | ||
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 | ||
per common share | ||||||||||||||
Adjustment to Shares used in computing diluted | 0.2 | - | - | - | - | (0.6) | - | - | - | - | - | - | ||
earnings (loss) per common share8 | ||||||||||||||
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 | ||
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 | |||||||||||||||||
Cash and equivalents | $ | 643.9 | $ | 22.5 | $ | 12.0 | $ | 11.8 | $ | 330.6 | $ | 261.9 | $ | 263.7 | $ | 310.8 | $ | 185.6 | $ | 120.3 | ||||||
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 | ||||||||||||||||
Unamortized issuance costs | - | - | - | - | (3.1) | (2.9) | (2.7) | (2.6) | (2.4) | (2.2) | ||||||||||||||||
Net of issuance costs | 438.8 | 433.1 | 427.5 | 421.9 | 346.9 | 347.1 | 347.3 | 347.4 | 343.2 | 339.0 | ||||||||||||||||
4.50% Senior Notes due 2029 (the "2029 Notes") | ||||||||||||||||||||||||||
Notional value | - | - | - | - | 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) | ||||||||||||||||
Net of issuance costs | - | - | - | - | 492.6 | 492.8 | 493.1 | 493.3 | 493.6 | 493.8 | ||||||||||||||||
0.75% Convertible Senior Notes due 2021 (the | ||||||||||||||||||||||||||
"2021 Convertible Notes") | ||||||||||||||||||||||||||
Notional value3,9 | 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 | ||||||
Letters of Credit outstanding | $ | 52.2 | $ | 52.2 | $ | 52.2 | $ | 52.2 | $ | 46.3 | $ | 46.3 | $ | 46.3 | $ | 46.3 | $ | 47.5 | $ | 47.5 | ||||||
Liquidity10 | $ | 390.1 | $ | 474.0 | $ | 587.1 | $ | 570.5 | $ | 477.4 | $ | 299.1 | $ | 314.7 | $ | 351.5 | $ | 309.5 | $ | 366.3 | ||||||
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 | |||||||||||||||
Operating cash flow11 | $ | 85.2 | $ | 82.3 | $ | 111.9 | $ | 102.4 | $ | 381.8 | $ | 41.5 | $ | 17.3 | $ | 104.3 | $ | 145.5 | $ | 308.7 | $ | (64.9) | $ | (12.0) | ||
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) | ||||||||||||||
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) | ||||||||||||||
(Payments on) proceeds from Senior Credit | 669.4 | (480.6) | (120.6) | 14.4 | 82.5 | (176.9) | - | - | - | (176.9) | (4.4) | (4.4) | ||||||||||||||
Facility | ||||||||||||||||||||||||||
Share repurchases12 | - | - | - | (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 costs3,9 | (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 | ||||||||||||||
Other financing activities, net | (0.3) | - | (0.2) | (0.2) | (0.7) | (6.4) | - | (0.2) | (0.8) | (7.3) | (5.5) | - | ||||||||||||||
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) | ||||||||||||||
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) |
Note: Amounts above may not add due to rounding.
5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Dycom Industries Inc. published this content on 24 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2022 10:17:07 UTC.