Slide 1: Q4 Fiscal 2024 Results
Q4 Fiscal 2024 Results February 28, 2024
Slide 2: Participants and Agenda
Participants and Agenda Steven E. Nielsen President and Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel • Q4 2024 Overview • Industry Update • Financial & 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 quarters ending April 27, 2
Slide 4: Q4 2024 Overview
Q4 2024 Overview Contract Revenues Contract Revenues • Contract revenues of $952.5 million increased 3.8% year over year; On an organic basis, contract revenues decreased 2.5% year over year after excluding $57.5 million of contract revenues from an acquired business Operating Performance • Non-GAAP
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 Customers1 - Percentage of Total Contract Revenues Top 5 customer concentration reduced to 58.6% in Q4 2024 compared to 65.8% in Q4 2023 Fiber construction revenue from electric utilities was $83.7 million in Q4 2024 Non-GAAP Organic Growth (Decline)%2 Q4 2024 Organic Growth
Slide 7: Backlog, Awards and Employees
Backlog, Awards and Employees Backlog4 Employee Headcount $ Billions Selected Q4 2024 Awards and Extensions: Customer Description of Services Area Term (in years) Frontier Construction & Maintenance FL 4 Brightspeed Construction & Maintenance KS, OH, PA, NJ, VA, TN, NC 3 Various Rural Fiber Deployme
Slide 8: Financial Highlights
Financial Highlights Contract Revenues Non-GAAP Adjusted EBITDA Diluted EPS 9.1% 9.8% Non-GAAP Adjusted EBITDA % of Contract Revenues • Contract revenues of $952.5 million increased 3.8% year-over-year • Organic revenues decreased 2.5% year-over-year after excluding $57.5 million of contract revenue
Slide 9: Debt and Liquidity Overview
Debt and Liquidity Overview Debt Summary Q3 2024 Q4 2024 $ Millions 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility, matures April 2026:5 Debt maturity profile and Term Loan Facility 319.4 315.0 liquidity provide financial Revolving Facility 154.0 - Total Notional Amount
Slide 10: Cash Flow Overview
Cash Flow Overview Cash Flow Summary Q4 2023 Q4 2024 Operating Cash Flow $ Millions Operating cash flow $ 246.2 $ 325.1 Capital expenditures, net of disposals $ (62.3) $ (52.7) Repayments on Senior Credit Facility $ (4.4) $ (158.4) Repurchase of common stock $ (20.2) $ (29.4) Other financing and inv
Slide 11: Outlook for Quarter Ending April 27, 2024 (Q1 2025)
Outlook for Quarter Ending April 27, 2024 (Q1 2025) Q1 2025 Outlook: CONTRACT REVENUES AMORTIZATION EXPENSE Organic contract revenues expected to range from in-line $5.5 million to slightly lower as a percentage of contract revenues compared to Q1 2024 INTEREST EXPENSE, NET In addition, we expect ap
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. Top 5 customers included Lumen, AT&T, Comcast, Charter, and Verizon for Q4 2024, compared to AT&T, Lumen, Comcast, Frontier, and Verizon for Q4 2023. 2. Organic growth (decline) % from businesses that are included for the entire period in both the current and comparable prior period, adjust
Slide 14: Dycom - The people connecting America
VYDYCOM The people connecting America®