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Dycom Industries, Inc. Announces Fiscal 2023 Fourth Quarter and Annual Results
来源: Nasdaq GlobeNewswire / 01 3月 2023 06:00:00 America/New_York
Fourth Quarter Highlights
- Contract revenues of $917.5 million; 20.5% growth
- Non-GAAP Adjusted EBITDA of $83.1 million, or 9.1% of contract revenue
- Net Income of $24.8 million, or $0.83 per common share diluted
PALM BEACH GARDENS, Fla., March 01, 2023 (GLOBE NEWSWIRE) -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the fourth quarter ended January 28, 2023. Contract revenues were $917.5 million for the quarter ended January 28, 2023, compared to $761.5 million in the year ago period, an increase of 20.5%. Non-GAAP Adjusted EBITDA was $83.1 million, or 9.1% of contract revenues, for the quarter ended January 28, 2023, compared to $43.3 million, or 5.7% of contract revenues, in the year ago period.
Net income was $24.8 million, or $0.83 per common share diluted, for the quarter ended January 28, 2023, compared to $0.8 million, or $0.03 per common share diluted, in the year ago period. Net income for the quarter ended January 29, 2022 included income tax benefits of $4.3 million, or $0.14 per common share diluted, consisting of $4.2 million for credits related to tax filings for prior periods and other tax benefits and $0.1 million related to the vesting and exercise of share-based awards.
During the quarter ended January 28, 2023, the Company purchased 210,000 shares of its own common stock in open market transactions for $20.2 million at an average price of $96.19 per share.
Annual Highlights
Contract revenues were $3.808 billion for the fiscal year ended January 28, 2023, compared to $3.131 billion for the fiscal year ended January 29, 2022. Contract revenues increased 21.8% organically after excluding $3.9 million of contract revenues from storm restoration services in the year ago period. Non-GAAP Adjusted EBITDA was $366.1 million, or 9.6% of contract revenues, for the fiscal year ended January 28, 2023, compared to $244.3 million, or 7.8% of contract revenues, in the year ago period.
Net income was $142.2 million, or $4.74 per common share diluted, for the fiscal year ended January 28, 2023. For the year ago period, net income was $48.6 million, or $1.57 per common share diluted. Net income for the fiscal years ended January 28, 2023 and January 29, 2022 included income tax benefits of $7.6 million, or $0.25 per common share diluted, and $10.0 million, or $0.32 per common share diluted, respectively, related to the vesting and exercise of share-based awards, credits related to tax filings for prior periods, and other tax benefits.
During the fiscal year ended January 28, 2023, the Company purchased 514,030 shares of its own common stock in open market transactions for $48.7 million at an average price of $94.80 per share.
Outlook
The Company expects contract revenues for the quarter ending April 29, 2023 to increase mid- to high-single digit as a percentage of contract revenues as compared to the quarter ended April 30, 2022. Non-GAAP Adjusted EBITDA as a percentage of contract revenues is expected to increase modestly for the quarter ending April 29, 2023 as compared to the quarter ended April 30, 2022. 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.
Conference Call Information and Other Selected Data
The Company will host a conference call to discuss fiscal 2023 fourth quarter results on Wednesday, March 1, 2023 at 9:00 a.m. Eastern time. Interested parties may participate in the question and answer session of the conference call by registering at https://register.vevent.com/register/BIe37600fa4cfc41d2821658c63f7235c9. Upon registration, participants will receive a dial-in number and unique PIN to access the call. Participants are encouraged to join approximately ten minutes prior to the scheduled start time.
For all other attendees, a live listen-only audio webcast of the call, including an accompanying slide presentation, can be accessed directly at https://edge.media-server.com/mmc/p/dmvuow2d. A replay of the live webcast and the related materials will be available on the Company's Investor Center website 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 to the telecommunications infrastructure and utility industries throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services. 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 within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the outlook for the quarter ending April 29, 2023, including, but not limited to, those statements found under the “Outlook” section of this press release. Forward-looking statements are based on management’s expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this press release. The most significant of these known 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 future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to 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 impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and 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 its forward-looking statements.
For more information, contact:
Callie Tomasso, Investor Relations
Email: investorrelations@dycomind.com
Phone: (561) 627-7171---Tables Follow---
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) Unaudited January 28, 2023 January 29, 2022 ASSETS Current assets: Cash and equivalents $ 224,186 $ 310,757 Accounts receivable, net 1,067,013 895,898 Contract assets 43,932 24,539 Inventories 114,972 81,291 Income tax receivable 3,929 12,729 Other current assets 38,648 30,876 Total current assets 1,492,680 1,356,090 Property and equipment, net 367,852 294,798 Operating lease right-of-use assets 67,240 61,101 Goodwill and other intangible assets, net 359,111 374,317 Other assets 26,371 31,918 Total assets $ 2,313,254 $ 2,118,224 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 207,739 $ 155,896 Current portion of debt 17,500 17,500 Contract liabilities 19,512 18,512 Accrued insurance claims 41,043 36,805 Operating lease liabilities 27,527 24,641 Income taxes payable 14,896 233 Other accrued liabilities 141,334 128,209 Total current liabilities 469,551 381,796 Long-term debt 807,367 823,251 Accrued insurance claims - non-current 49,347 48,238 Operating lease liabilities - non-current 39,628 36,519 Deferred tax liabilities, net - non-current 60,205 55,674 Other liabilities 18,401 14,202 Total liabilities 1,444,499 1,359,680 Total stockholders’ equity 868,755 758,544 Total liabilities and stockholders’ equity $ 2,313,254 $ 2,118,224 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share amounts) Unaudited Quarter Quarter Fiscal Year Fiscal Year Ended Ended Ended Ended January 28,
2023January 29,
2022January 28,
2023January 29,
2022Contract revenues $ 917,466 $ 761,481 $ 3,808,462 $ 3,130,519 Costs of earned revenues, excluding depreciation and amortization 765,658 656,634 3,160,264 2,633,877 General and administrative1 71,964 63,792 293,478 262,432 Depreciation and amortization 36,745 37,345 144,181 152,652 Total 874,367 757,771 3,597,923 3,048,961 Interest expense, net (11,561 ) (8,823 ) (40,618 ) (33,166 ) Loss on debt extinguishment2 — — — (62 ) Other income, net 345 179 10,201 4,446 Income (loss) before income taxes 31,883 (4,934 ) 180,122 52,776 Provision (benefit) for income taxes3 7,074 (5,728 ) 37,909 4,202 Net income $ 24,809 $ 794 $ 142,213 $ 48,574 Earnings per common share: Basic earnings per common share $ 0.84 $ 0.03 $ 4.81 $ 1.60 Diluted earnings per common share $ 0.83 $ 0.03 $ 4.74 $ 1.57 Shares used in computing earnings per common share: Basic 29,516,443 30,071,169 29,549,990 30,337,544 Diluted 29,964,593 30,590,076 29,996,591 30,844,211 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES(Dollars in thousands) Unaudited CONTRACT REVENUES, NON-GAAP ORGANIC CONTRACT REVENUES, AND GROWTH %’s Quarter Quarter Fiscal Year Fiscal Year Ended Ended Ended Ended January 28,
2023January 29,
2022January 28,
2023January 29,
2022Contract Revenues - GAAP $ 917,466 $ 761,481 $ 3,808,462 $ 3,130,519 Contract Revenues - GAAP Organic Growth % 20.5 % 21.7 % Contract Revenues - GAAP $ 917,466 $ 761,481 $ 3,808,462 $ 3,130,519 Revenues from storm restoration services — — — (3,869 ) Non-GAAP Organic Contract Revenues $ 917,466 $ 761,481 $ 3,808,462 $ 3,126,650 Non-GAAP Organic Contract Revenues Growth % 20.5 % 21.8 % NET INCOME AND NON-GAAP ADJUSTED EBITDA Quarter Quarter Fiscal Year Fiscal Year Ended Ended Ended Ended January 28,
2023January 29,
2022January 28,
2023January 29,
2022Reconciliation of net income to Non-GAAP Adjusted EBITDA: Net income $ 24,809 $ 794 $ 142,213 $ 48,574 Interest expense, net 11,561 8,823 40,618 33,166 Provision (benefit) for income taxes 7,074 (5,728 ) 37,909 4,202 Depreciation and amortization 36,745 37,345 144,181 152,652 Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") 80,189 41,234 364,921 238,594 (Gain) loss on sale of fixed assets (2,768 ) 56 (16,759 ) (4,203 ) Stock-based compensation expense 5,654 2,028 17,927 9,866 Loss on debt extinguishment2 — — — 62 Non-GAAP Adjusted EBITDA $ 83,075 $ 43,318 $ 366,089 $ 244,319 Non-GAAP Adjusted EBITDA % of contract revenues 9.1 % 5.7 % 9.6 % 7.8 % DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)Explanation of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, it may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes that the presentation of certain Non-GAAP financial measures in these materials provides information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non-GAAP financial measures used as follows:
- Non-GAAP Organic Contract Revenues - contract revenues from businesses that are included for the entire period in both the current and prior year periods, excluding contract revenues from storm restoration services. Non-GAAP Organic Contract Revenue change percentage is calculated as the change in Non-GAAP Organic Contract Revenues from the comparable prior year period divided by the comparable prior year period Non-GAAP Organic Contract Revenues. Management believes Non-GAAP Organic Contract Revenues is a helpful measure for comparing the Company’s revenue performance with prior periods.
- Non-GAAP Adjusted EBITDA - net income before interest, taxes, depreciation and amortization, gain (loss) on sale of fixed assets, stock-based compensation expense, and certain non-recurring items. Management believes Non-GAAP Adjusted EBITDA is a helpful measure for comparing the Company’s operating performance with prior periods as well as with the performance of other companies with different capital structures or tax rates.
Notes
1 Includes stock-based compensation expense of $5.7 million and $2.0 million for the quarters ended January 28, 2023 and January 29, 2022, respectively, and $17.9 million and $9.9 million for the fiscal years ended January 28, 2023 and January 29, 2022, respectively.
2 During the fiscal year ended January 29, 2022, the Company recognized a loss on debt extinguishment of $0.1 million in connection with the amendment and restatement of its credit agreement maturing in April 2026.
3 Net income for the quarter ended January 29, 2022 included income tax benefits of $4.3 million, or $0.14 per common share diluted, consisting of $4.2 million for credits related to tax filings for prior periods and other tax benefits and $0.1 million related to the vesting and exercise of share-based awards.
Net income for the fiscal years ended January 28, 2023 and January 29, 2022 included income tax benefits of $7.6 million, or $0.25 per common share diluted, and $10.0 million, or $0.32 per common share diluted, respectively, related to the vesting and exercise of share-based awards, credits related to tax filings for prior periods, and other incremental tax benefits.
