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Dienstag, 25.05.2021 12:00
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PR Newswire
Dycom Industries, Inc. Announces Fiscal 2022 First Quarter Results
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PR Newswire
PALM BEACH GARDENS, Fla., May 25, 2021
PALM BEACH GARDENS, Fla., May 25, 2021 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended May 1, 2021.
First Quarter Fiscal 2022 Highlights
- Contract revenues of $727.5 million for the quarter ended May 1, 2021, compared to $814.3 million for the quarter ended April 25, 2020. Contract revenues decreased 11.1% on an organic basis after excluding $3.9 million in contract revenues from storm restoration services for the quarter ended May 1, 2021.
- Non-GAAP Adjusted EBITDA of $44.1 million, or 6.1% of contract revenues, for the quarter ended May 1, 2021, compared to $69.9 million, or 8.6% of contract revenues, for the quarter ended April 25, 2020.
- On a GAAP basis, net income was $0.9 million, or $0.03 per common share diluted, for the quarter ended May 1, 2021, compared to net loss of $32.4 million, or a loss of $1.03 per common share, for the quarter ended April 25, 2020. Non-GAAP Adjusted Net Loss was $1.2 million, or a loss of $0.04 per common share, for the quarter ended May 1, 2021, compared to Non-GAAP Adjusted Net Income of $11.4 million, or $0.36 per Non-GAAP Adjusted Diluted Share, for the quarter ended April 25, 2020.
- The Company issued $500.0 million in aggregate principal amount of 4.50% senior notes due April 2029 (the "2029 Notes"), amended its senior credit facility to extend the maturity to April 2026 and resize capacity, and, with a portion of the net proceeds from the 2029 Notes offering and available cash, repaid $105.0 million of revolver borrowings and $71.9 million of term loan borrowings.
- The Company ended the quarter with cash and equivalents of $330.6 million, no outstanding borrowings on its revolving line of credit, $350.0 million of Term Loan outstanding, $58.3 million aggregate principal amount of 0.75% convertible senior notes due September 2021 (the "2021 Convertible Notes") outstanding, and $500.0 million aggregate principal amount of 2029 Notes outstanding.
Outlook
For the quarter ending July 31, 2021, the Company expects contract revenues to range from in-line to modestly lower and Non-GAAP Adjusted EBITDA as a percentage of contract revenues to decrease as compared to the quarter ended July 25, 2020. For additional information regarding the Company's outlook, please see the presentation materials available on the Company's website posted in connection with the conference call discussed below.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, the Company may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures in the press release tables that follow.
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Conference Call Information and Other Selected Data
The Company will host a conference call to discuss fiscal 2022 first quarter results on Tuesday, May 25, 2021 at 9:00 a.m. Eastern time. A live webcast of the conference call and related materials will be available on the Company's Investor Center website at https://ir.dycomind.com. Parties interested in participating via telephone should dial (833) 519-1313 (United States) or (914) 800-3879 (International) with the conference ID 8191188, ten minutes before the conference call begins. For those who cannot participate at the scheduled time, a replay of the live webcast and the related materials will be available at https://ir.dycomind.com for approximately 120 days following the event.
About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.
Forward Looking Information
This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements include those related to the outlook for the quarter ending July 31, 2021 found under the "Outlook" section of this release. These statements are subject to change. Forward-looking statements are based on management's current expectations, estimates and projections. These statements are subject to risks and uncertainties that may cause actual results for completed periods and periods in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. The most significant of these risks and uncertainties are described in the Company's Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include the projected impact of COVID-19 on the Company's business operating results, cash flows and/or financial condition and the impacts of the measures the Company has taken in response to COVID-19, the Company's ability to effectively execute its business and capital plans, business and economic conditions and trends in the telecommunications industry affecting the Company's customers, customer capital budgets and spending priorities, the adequacy of the Company's insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company's assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company's projects, the related impact to the Company's backlog from project cancellations, weather conditions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, the Company's ability to generate sufficient cash to service its indebtedness, restrictions imposed by the Company's credit agreement, and the other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update forward-looking statements.
---Tables Follow---
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (Dollars in thousands) | |||||||
| Unaudited | |||||||
| | | | | ||||
| | May 1, 2021 | | January 30, 2021 | ||||
| ASSETS | | | | ||||
| Current assets: | | | | ||||
| Cash and equivalents | $ | 330,615 | | | $ | 11,770 | |
| Accounts receivable, net | 867,545 | | | 858,123 | | ||
| Contract assets | 177,212 | | | 197,110 | | ||
| Inventories | 71,059 | | | 70,849 | | ||
| Income tax receivable | 3,607 | | | 1,706 | | ||
| Other current assets | 48,012 | | | 29,072 | | ||
| Total current assets | 1,498,050 | | | 1,168,630 | | ||
| | | | | ||||
| Property and equipment, net | 273,503 | | | 273,960 | | ||
| Operating lease right-of-use assets | 67,045 | | | 63,179 | | ||
| Goodwill and other intangible assets, net | 387,132 | | | 391,807 | | ||
| Other assets | 37,287 | | | 46,589 | | ||
| Total assets | $ | 2,263,017 | | | $ | 1,944,165 | |
| | | | | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | ||||
| Current liabilities: | | | | ||||
| Accounts payable | $ | 171,013 | | | $ | 158,966 | |
| Current portion of debt | 61,522 | | | 81,722 | | ||
| Contract liabilities | 18,833 | | | 14,101 | | ||
| Accrued insurance claims | 43,444 | | | 41,736 | | ||
| Operating lease liabilities | 24,967 | | | 24,769 | | ||
| Income taxes payable | 982 | | | 6,387 | | ||
| Other accrued liabilities | 115,318 | | | 120,809 | | ||
| Total current liabilities | 436,079 | | | 448,490 | | ||
| | | | | ||||
| Long-term debt | 835,178 | | | 501,562 | | ||
| Accrued insurance claims - non-current | 62,361 | | | 70,224 | | ||
| Operating lease liabilities - non-current | 41,034 Werbung Mehr Nachrichten zur Dycom Industries Inc Aktie kostenlos abonnieren
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