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Dycom Industries, Inc. Announces Fiscal 2022 Second Quarter Results
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PALM BEACH GARDENS, Fla., Sept 1., 2021
PALM BEACH GARDENS, Fla., Sept 1., 2021 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the second quarter and six months ended July 31, 2021.
Second Quarter Fiscal 2022 Highlights
- Contract revenues of $787.6 million for the quarter ended July 31, 2021, compared to $823.9 million for the quarter ended July 25, 2020, a decrease of 4.4%.
- Non-GAAP Adjusted EBITDA of $73.8 million, or 9.4% of contract revenues, for the quarter ended July 31, 2021, compared to $102.7 million, or 12.5% of contract revenues, for the quarter ended July 25, 2020.
- On a GAAP basis, net income was $18.2 million, or $0.59 per common share diluted, for the quarter ended July 31, 2021, compared to $37.0 million, or $1.15 per common share diluted, for the quarter ended July 25, 2020. Non-GAAP Adjusted Net Income was $18.5 million, or $0.60 per common share diluted, for the quarter ended July 31, 2021, compared to $38.0 million, or $1.18 per common share diluted, for the quarter ended July 25, 2020.
- During the quarter ended July 31, 2021, the Company repurchased 631,638 common shares in open market transactions for $50.0 million at an average price of $79.16 per share. As of July 31, 2021, the Company had 30,170,076 shares outstanding, excluding the dilutive effect of stock options and unvested restricted stock.
- As of July 31, 2021, the Company had cash and equivalents of $261.9 million, no outstanding borrowings on its revolving line of credit, $350.0 million principal amount of term loan outstanding, $500.0 million aggregate principal amount of 4.50% senior notes due April 2029 (the "2029 Notes") outstanding, and $58.3 million aggregate principal amount of 0.75% convertible senior notes due September 2021 (the "2021 Convertible Notes") outstanding.
Year-to-Date Fiscal 2022 Highlights
- Contract revenues of $1.515 billion for the six months ended July 31, 2021, compared to $1.638 billion for the six months ended July 25, 2020. Contract revenues decreased 7.8% on an organic basis after excluding $3.9 million in contract revenues from storm restoration services for the six months ended July 31, 2021.
- Non-GAAP Adjusted EBITDA of $117.9 million, or 7.8% of contract revenues, for the six months ended July 31, 2021, compared to $172.5 million, or 10.5% of contract revenues, for the six months ended July 25, 2020.
- On a GAAP basis, net income was $19.1 million, or $0.61 per common share diluted, for the six months ended July 31, 2021, compared to $4.6 million, or $0.14 per common share diluted, for the six months ended July 25, 2020. Non-GAAP Adjusted Net Income was $17.3 million, or $0.56 per common share diluted, for the six months ended July 31, 2021, compared to $49.4 million, or $1.55 per common share diluted, for the six months ended July 25, 2020.
- During the six months ended July 31, 2021, the Company issued $500.0 million in aggregate principal amount of 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.
Outlook
For the quarter ending October 30, 2021, as compared to the quarter ended October 24, 2020, the Company expects contract revenues to be in-line and Non-GAAP Adjusted EBITDA to decrease as a percentage of contract revenues. 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
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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.
Conference Call Information and Other Selected Data
The Company will host a conference call to discuss fiscal 2022 second quarter results on Wednesday, September 1, 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 5058909, 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 October 30, 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 duration and severity of a pandemic caused by COVID-19, vaccination rates in the areas where we operate, any worsening of the pandemic caused by increasing infection rates triggered by new variants, future economic conditions and trends including the potential impacts of an inflationary economic environment, customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, 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 | |||||||
| | | | | ||||
| | July 31, 2021 | | January 30, 2021 | ||||
| ASSETS | | | | ||||
| Current assets: | | | | ||||
| Cash and equivalents | $ | 261,947 | | | $ | 11,770 | |
| Accounts receivable, net | 929,120 | | | 858,123 | | ||
| Contract assets | 163,691 | | | 197,110 | | ||
| Inventories | 69,685 | | | 70,849 | | ||
| Income tax receivable | 9,709 | | | 1,706 | | ||
| Other current assets | 43,556 | | | 29,072 | | ||
| Total current assets | 1,477,708 | | | 1,168,630 | | ||
| | | | | ||||
| Property and equipment, net | 276,659 | | | 273,960 | | ||
| Operating lease right-of-use assets | 66,954 | | | 63,179 | | ||
| Goodwill and other intangible assets, net | 382,453 | | | 391,807 | | ||
| Other assets | 38,076 | | | 46,589 | | ||
| Total assets | $ | 2,241,850 | | | $ | 1,944,165 | |
| | | | | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | ||||
| Current liabilities: | | | | ||||
| Accounts payable | $ | 173,235 | | | $ | 158,966 | |
| Current portion of debt | 66,639 | | | 81,722 | | ||
| Contract liabilities | 13,486 | | | 14,101 | | ||
| Accrued insurance claims | 43,783 | | | 41,736 | | ||
| Operating lease liabilities | 26,125 | | | 24,769 | | ||
| Income taxes payable | 197 | | | 6,387 | | ||
| Other accrued liabilities | 124,058 | | | 120,809 | | ||
| Total current liabilities | 447,523 | | | 448,490 | | ||
| | | | | ||||
| Long-term debt | 831,197 | | | 501,562 | | ||
| Accrued insurance claims - non-current | 60,714 | | | 70,224 Werbung Mehr Nachrichten zur Dycom Industries Inc Aktie kostenlos abonnieren
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