Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q3 2025 Earnings Presentation
19 slides from Dycom Industries's earnings presentation, Nov 20, 2024
Slide 1: Q3 2025 Results
VYDYCOM The people connecting America® 3" Quarter 2025 Results November 20, 2024
Slide 2: Participants and Agenda
Participants Steven E. Nielsen Chief Executive Officer Daniel S. Peyovich President H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel Agenda Q3 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 January 25,
Slide 4: Q3 2025 Overview
Q3 2025 Overview Financial Highlights $ Millions, Except EPS Q3-25 Q3-24 Y/Y Operating Performance • Revenue growth and margin expansion Contract Revenues $1,272 $1,136 12.0% Liquidity Organic Revenue Growth1 7.6% • Strong liquidity of $462.8 million Adjusted EBITDA2 $170.7 $143.2 19.3% Capital Allo
Slide 5: Industry Update
Industry Update We believe the appetite for massive fiber deployments will continue to drive strong demand for our services and broaden the opportunities for our industry Many of our customers have entered into strategic transactions and refinancings intended to increase capital expenditures for fib
Slide 6: Financial Highlights
Financial Highlights Total Contract Revenues Non-GAAP Adjusted EBITDA Non-GAAP Adjusted Diluted EPS 12.9% 13.4% Non-GAAP Adjusted EBITDA % of Contract Revenues • Contract revenues of $1.272 billion increased 12.0% year-over-year • Organic contract revenues increased 7.6% year-over-year, excluding: •
Slide 7: Contract Revenues
Contract Revenues Top 5 Customers - Percentage of Total Contract Revenues $ Millions Top 5 customer concentration 55.7% in Q3 2025 compared to 54.4% in Q3 2024 Q3 2025 Organic Growth (Decline): Total Top 5 All Other Customers Customers3 Customers4 Non-GAAP Organic Growth (Decline)%1 7.6% 16.7% (3.0)
Slide 8: Backlog, Awards and Employee Headcount
Backlog, Awards and Employee Headcount Backlog5 Employee Headcount $ Billions Selected Q3 2025 Awards and Extensions: Customer Description of Services Area Term (in years) AT&T Construction and Maintenance CA, NV, TX, WI, MO, AR, OH 2 Lumen Fiber Construction Various 3 Ziply Fiber Fiber Construction
Slide 9: Debt and Liquidity Overview
Debt and Liquidity Overview Debt Summary Q2 2025 Q3 2025 $ Millions 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 6 Senior Credit Facility, matures January 2029: Term Loan Facility 450.0 450.0 Debt maturity profile Revolving Facility - 155.0 Total Notional Amount of Debt $ 950.0 $ 1,105.0 an
Slide 10: Cash Flow Overview
Cash Flow Overview Operating Cash Flow Cash Flow Summary Q3 2024 Q3 2025 $ Millions Operating cash flow $ (37.3) $ 65.8 Capital expenditures, net of proceeds from sale of assets $ (57.0) $ (66.4) Cash paid for acquisitions, net of cash acquired $ (122.9) $ (150.1) Borrowings on Senior Credit Facilit
Slide 11: Outlook for Quarter Ending January 25, 2025 (Q4 2025)
Outlook for Quarter Ending January 25, 2025 (Q4 2025) Q4 2025 Outlook: TOTAL CONTRACT REVENUES Increase mid- to high single digit as a percentage of contract revenues, compared to $952.5 million for Q4 2024 Included in the expectation of Q4 2025 is approximately $35 million of revenues from acquired
Slide 12: Non-GAAP Reconciliations Q3 2025
Non-GAAP Reconciliations Q3 2025 12
Slide 13: 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 14: 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 Revenues1 Unaudited Impacts of $ Millions Growth (Decline) % a change Revenues Revenues order and Contract from from storm closeout of Non-GAAP - Revenues - acquired restoration several Orga
Slide 15: Reconciliation of Non-GAAP Measures (continued): Selected Customers
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Non-GAAP Organic Contract Revenues1 – Selected Customers Unaudited Impacts of a $ Millions change Growth (Decline) % Revenues Revenues order and Contract from from Storm closeout of Non-GAAP - Revenues -
Slide 16: Reconciliation of Non-GAAP Measures (continued): Adjusted EBITDA
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Non-GAAP Adjusted EBITDA Unaudited $ Millions Quarter Ended Quarter Ended October 26, October 28, 2024 2023 Net income $ 69.8 $ 83.7 Interest expense, net 17.5 14.0 Provision for income taxes 21.5 28.6 De
Slide 17: Reconciliation of Non-GAAP Measures (continued): Adjusted Net Income
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Non-GAAP Adjusted Net Income Unaudited $ and Shares Millions, Except EPS Quarter Ended Quarter Ended October 26, October 28, 2024 2023 Net income $ 69.8 $ 83.7 Pre-Tax Adjustments: Stock-based compensatio
Slide 18: Notes
Notes 1. Organic growth (decline) % from businesses that are included for the entirety of both the current and prior year periods, excluding contract revenues from storm restoration services and certain non-recurring items. When applicable, storm restoration revenues from acquired businesses are pre
Slide 19: The People Connecting America
® The People Connecting America