Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q1 FY2023 Earnings Presentation
14 slides from Dycom Industries's earnings presentation, May 25, 2022
Slide 1: Quarter 1 | Fiscal 2023 Results
Quarter 1 | Fiscal 2023 Results May 25, 2022 Exhibit 99.2
Slide 2: Participants and Agenda
• Q1 2023 Overview • Industry Update • Financial & Operational Highlights • Outlook • Closing Remarks • Q&A 2 Participants and Agenda Steven E. Nielsen President and Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel
Slide 3: Important Information
Important Information Caution Concerning Forward-Looking Statements This presentation 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 30, 2022 found within this
Slide 4: Q1 2023 Overview
Q1 2023 Overview Contract Revenues • Contract revenues of $876.3 million increased 21.1% organically after excluding $3.9 million of contract revenues from storm restoration services in the year ago period Operating Performance • Non-GAAP Adjusted EBITDA of $63.7 million, or 7.3% of contract revenue
Slide 5: Industry Update
Industry Update The industry effort to deploy high-capacity fiber networks continues to meaningfully broaden the set of opportunities for our industry • Major industry participants are constructing or upgrading significant wireline networks across broad sections of the country • High-capacity fiber
Slide 6: Contract Revenues
Contract Revenues 6 Q1 2023 Organic Growth: 21.1% 19.8% 23.9% Total Customers Top 5 Customers2 All Other Customers3 52.7% 20.3% 127.1% AT&T Lumen Frontier Top 5 customers represented 67.3% and 68.2% of contract revenues in Q1 2023 and Q1 2022, respectively2 Fiber construction revenue from electric u
Slide 7: Backlog, Awards and Employees
Backlog, Awards and Employees 7 Customer Description of Services Area Term AT&T Placement Services NC, SC, GA, FL 3 years Frontier Fiber Construction IL, MI 1-2 years Brightspeed Fiber Construction NC 1 year Verizon Engineering MA, RI 3 years Maintenance & Restoration FL 3 years Various Rural Fiber
Slide 8: Financial Highlights
Financial Highlights 8 Contract Revenues Non-GAAP Adjusted EBITDA Diluted EPS • Contract revenues of $876.3 million increased 21.1% organically after excluding $3.9 million of contract revenues from storm restoration services in the year ago period • Non-GAAP Adjusted EBITDA of $63.7 million, or 7.3
Slide 9: Debt and Liquidity Overview
Debt and Liquidity Overview Debt maturity profile and liquidity provide financial flexibility 9 • Solid liquidity of $309.5 million at Q1 2023 • Capital allocation prioritizes organic growth, followed by opportunistic share repurchases and M&A, within the context of the Company’s historical range of
Slide 10: Cash Flow Overview
Cash Flow Overview 10 Operating Cash Flow • Operating cash flow used to support strong organic growth during Q1 2023 • Repurchased 200,000 common shares for $18.5 million during Q1 2023 • Total DSOs of 105 days improved 3 days sequentially 4 Qtrs Ended Q1 2023 $ Millions Q1 2022 Q1 2023 Cash Flow Su
Slide 11: Outlook for Quarter Ending July 30, 2022 (Q2 2023)
Outlook for Quarter Ending July 30, 2022 (Q2 2023) CONTRACT REVENUES Increase mid-teens to 20% as a percentage of contract revenues compared to Q2 2022 NON-GAAP ADJUSTED EBITDA % OF CONTRACT REVENUES In-line to modestly higher compared to Q2 2022 11 Q2 2023 Outlook: INTEREST EXPENSE $9.5 million EFF
Slide 12: Closing Remarks
Closing Remarks We maintain significant customer presence throughout our markets and are encouraged by the breadth in our business Our extensive market presence has allowed us to be at the forefront of evolving industry opportunities • Telephone companies are deploying FTTH to enable gigabit high sp
Slide 13: Notes
Notes 1. Organic growth (decline) % adjusted for contract revenues from storm restoration services, and for the additional week of operations during the fourth quarter as a result of the Company’s 52/53 week fiscal year, when applicable. 2. Top 5 customers included AT&T, Comcast, Lumen, Verizon, and
Slide 14: The people connecting America
The people connecting America® 14