Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q1 2025 Earnings Presentation
20 slides from Dycom Industries's earnings presentation, May 22, 2024
Slide 1: Dycom 1st Quarter 2025 Results
DYCOM The people connecting America® 15* Quarter 2025 Results May 22, 2024
Slide 2: Participants and Agenda
Participants Steven E. Nielsen President and Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel Agenda Q1 2025 Overview Industry Update Financial and Operational Highlights Outlook Closing Remarks Q&A 2
Slide 3: Important Information
Important Information Caution Concerning Forward-Looking Statements This presentation 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 July 27, 202
Slide 4: Q1 2025 Overview
Q1 2025 Overview Financial Snapshot Operating Performance • Revenue growth and margin expansion $ Millions, Except EPS Q1-25 Q1-24 Y/Y Liquidity Contract Revenues $1,142 $1,045 9.3% • Solid liquidity of $573.6 million Organic Revenue Growth1 2.5% • In May 2024, amended Senior Credit Facility to expa
Slide 5: Industry Update
Industry Update The 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 networks
Slide 6: Contract Revenues
Contract Revenues Top 5 Customers2 - Percentage of Total Contract Revenues $ Millions Top 5 customer concentration reduced to 56.4% in Q1 2025 compared to 65.5% in Q1 2024 Fiber construction revenue from electric utilities was $96.0 million in Q1 2025 Q1 2025 Organic Growth: Non-GAAP Organic Growth
Slide 7: Backlog, Awards and Employee Headcount
Backlog, Awards and Employee Headcount Backlog4 Employee Headcount $ Billions Selected Q1 2025 Awards and Extensions: Customer Description of Services Area Term (in years) Frontier Construction and Maintenance IL 2 Comcast Construction WA 1 Various Rural Fiber Deployments WA, AZ, TN, GA 1-2 Various
Slide 8: Financial Highlights
Financial Highlights Contract Revenues Non-GAAP Adjusted EBITDA Diluted EPS 10.9% 11.5% Non-GAAP Adjusted EBITDA % of Contract Revenues • Contract revenues of $1.142 billion increased 9.3% year-over-year • Organic contract revenues increased 2.5% year-over-year after excluding $71.2 million of contr
Slide 9: Debt and Liquidity Overview
Debt and Liquidity Overview Debt Summary Q4 2024 Q1 2025 $ Millions 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Proforma liquidity is $707 million as 5 Senior Credit Facility, matures April 2026: of Q1 2025 with the expansion of the Term Loan Facility 315.0 310.6 capacity of Senior Credit
Slide 10: Cash Flow Overview
Cash Flow Overview Cash Flow Summary Q1 2024 Q1 2025 $ Millions Operating cash flow $ (85.1) $ (37.4) Capital expenditures, net of proceeds from sale of assets $ (33.6) $ (29.3) Cash paid for acquisitions, net of cash acquired $ - $ (13.0) Borrowings (Repayments) on Senior Credit Facility $ (4.4) $
Slide 11: Outlook for Quarter Ending July 27, 2024 (Q2 2025)
Outlook for Quarter Ending July 27, 2024 (Q2 2025) Q2 2025 Outlook: CONTRACT REVENUES AMORTIZATION EXPENSE Organic contract revenues to grow by high-single digits as $6.0 million a percentage of contract revenues compared to Q2 2024 In addition, we expect approximately $70 million of acquired contra
Slide 12: Closing Remarks
Closing Remarks We maintain significant customer presence throughout our markets and are encouraged by the increasing 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 giga
Slide 13: Notes
Notes 1. Organic growth (decline) % from businesses that are included for the entire period in both the current and comparable prior period, 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’
Slide 14: Non-GAAP Reconciliations Q1 2025
Non-GAAP Reconciliations Q1 2025 14
Slide 15: Explanation of Non-GAAP Financial Measures
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-G
Slide 16: Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures Non-GAAP Organic Contract Revenues Unaudited $ Millions Revenues Growth (Decline) % Contract from Non-GAAP - Revenues - Acquired Organic Non-GAAP - Quarter Ended GAAP Businesses1 Revenues GAAP - % Organic % April 27,
Slide 17: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Non-GAAP Organic Contract Revenues – Selected Customers Unaudited $ Millions Revenues Growth (Decline) % Contract from Non-GAAP - Revenues – Acquired Organic Non-GAAP - Quarter Ended GAAP Businesses1 Reve
Slide 18: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Non-GAAP Adjusted EBITDA Unaudited $ Thousands Quarter Quarter Ended Ended April 27, 2024 April 29, 2023 Net income $ 62,554 $ 51,523 Interest expense, net 12,834 11,372 Provision for income taxes 14,890
Slide 19: Notes to Reconciliation of Non-GAAP Financial Measures
Notes to Reconciliation of Non-GAAP Financial Measures 1 Amounts represents contract revenues from acquired businesses that were not owned for the full period in both the current and comparable prior periods. 2 Top 5 customers for the quarter ended April 27, 2024 were AT&T, Lumen, Comcast, Charter,
Slide 20: The People Connecting America
® The People Connecting America