Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q3 FY2015 Earnings Presentation
17 slides from Dycom Industries's earnings presentation, May 20, 2015
Slide 1: Fiscal 2015 3rd Quarter Presentation
Fiscal 2015 3rd Quarter Presentation May 20, 2015 Exhibit 99.2
Slide 2: Agenda and Participants
2 Agenda and Participants Introduction and Q3-15 Overview Industry Update Financial & Operational Highlights Outlook Conclusion Q&A Steven E. Nielsen President & Chief Executive Officer Timothy R. Estes Chief Operating Officer H. Andrew DeFerrari Chief Financial Officer Richard B. Vilsoet General Co
Slide 3: Forward Looking Statements and Non-GAAP Information
3 Forward Looking Statements and Non-GAAP Information This presentation contains “forward-looking statements”. Other than statements of historical facts, all statements contained in this presentation, including statements regarding the Company’s future financial position, future revenue, prospects,
Slide 4: Q3-15 Overview and Highlights
4 Notes: See “Regulation G Disclosure” slides 13-16 for a reconciliation of GAAP to Non-GAAP financial measures. Contract revenue of $492.4 million in Q3-15 compared to $426.3 million in Q3-14 Strong third quarter operating performance Adjusted EBITDA - Non-GAAP of $63.0 million, or 12.8% of r
Slide 5: Industry Update
5 Industry increasing network bandwidth dramatically Major industry participants deploying significant wireline networks Newly deployed networks provisioning 1 gigabit speeds, speeds beyond 1 gigabit envisioned Industry developments are producing opportunities which are in aggregate unpreceden
Slide 6: Revenue Highlights
6 7.5% 10.0% 0.9% (3.8)% (0.7)% (2.4)% 10.5% 13.4%12.6% 15.8% 4.6% (2.5)% 1.7% 1.6% 13.8% 18.6% -5% 0% 5% 10% 15% 20% Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Organic Growth (Decline) % - Non GAAP Organic Growth % Organic Growth % - Excluding stimulus revenue AT&T CenturyLink Comcast Verizon
Slide 7: Backlog and Awards
7 10,822 11,107 10,410 10,324 10,592 10,708 10,824 10,852 0 3,000 6,000 9,000 12,000 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Employees $1,217 $1,116 $1,193 $1,179 $1,345 $1,396 $1,564 $1,618 $2,197 $1,996 $2,147 $2,046 $2,331 $2,359 $2,986 $2,912 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3
Slide 8: Financial Highlights
8 $39.6 $63.0 Q3-14 Q3-15 Adjusted EBITDA- Non-GAAP $426.3 $492.4 Q3-14 Q3-15 Contract Revenues Revenue of $492.4 million grew organically 13.4% compared to Q3-14 Adjusted EBITDA at 12.8% as percent of revenue, grew 352 basis points as compared to Q3-14 Gross margin % increased by 334 basis po
Slide 9: Liquidity Summary and Cash Flow Summary
9 Liquidity Summary Q2-15 Q3-15 Cash and equivalents $ 18.4 $ 22.5 7.125% Senior Notes $ 280.5 $ 280.4 $450 million revolver (previously $275 million) 44.0 16.3 Term Loan 109.4 150.0 Total Debt $ 433.9 $ 446.7 Net Debt (Total Debt less Cash) $ 415.5 $ 424.1 Availability under revolver $ 176.6 $ 379.
Slide 10: Q4-2015 Outlook and Commentary
10 ($ in millions, except earnings per share) (% as a percent of revenue) Q4-2014 Included for comparison Q4-2015 Outlook and Commentary Contract Revenues $ 482.1 $ 550.0 - $ 570.0 Firm and strengthening end market opportunities Increased demand by several large customers, including 1 gigabit de
Slide 11: Looking Ahead to Q1-2016
11 Looking Ahead to Q1-2016 ($ in millions) (% as a percent of revenue) Q1-2015 Included for comparison Q1-2016 Outlook and Commentary Contract Revenues $ 510.4 Revenue growth - high-single to low-double digits % compared to Q1-15 Firm and strengthening end market opportunities Increased demand
Slide 12: Conclusion
12 Conclusion Firm and strengthening end market opportunities Telephone companies deploying FTTX to enable video offerings and 1 gigabit connections Cable operators continuing to deploy fiber to small and medium businesses with cable capital expenditures and new build opportunities expanding C
Slide 13: Regulation G Disclosure: Adjusted EBITDA
13 Notes: Amounts above may not add due to rounding. The above table presents a reconciliation of the Non-GAAP financial measure of Adjusted EBITDA for the periods specified to the most directly comparable GAAP measure. Adjusted EBITDA is a Non-GAAP financial measure within the meaning of Regulation
Slide 14: Regulation G Disclosure: Organic Revenue
14 Notes: Amounts above may not add due to rounding. (a) Organic Revenue – Non-GAAP are revenues from businesses that are included for the full period in both the current and prior year quarter, excluding storm restoration services, if any. Organic Revenue growth is calculated as the percentage incr
Slide 15: Contract Revenue and Organic Growth Reconciliation
15 Notes: Amounts above may not add due to rounding. (a) Organic Revenue – Non-GAAP are revenues from businesses that are included for the full period in both the current and prior year quarter presented, excluding storm restoration services, if any. Organic Revenue growth is calculated as the perce
Slide 16: Reconciliation of GAAP to Non-GAAP Measures
16 Reconciliation of GAAP to Non-GAAP Measures ($ in 000’s) Appendix: Regulation G Disclosure GAAP Reconciling Items Non-GAAP Contract revenues 482,071$ -$ 482,071$ Cost of earned revenues, excluding depreciation and amortization 387,221 (600) (a) 386,621 General and administrative expenses 41,058 -
Slide 17: Fiscal 2015 3rd Quarter Presentation
Fiscal 2015 3rd Quarter Presentation May 20, 2015