Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q4 FY2015 Earnings Presentation
17 slides from Dycom Industries's earnings presentation, Aug 26, 2015
Slide 1: Fiscal 2015 4th Quarter Presentation
Fiscal 2015 4th Quarter Presentation August 26, 2015 Exhibit 99.2
Slide 2: Agenda and Participants
2 Agenda and Participants Introduction and Q4-15 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: Q4-15 Overview: Strong fourth quarter operating performance
4 Notes: See “Regulation G Disclosure” slides 13-16 for a reconciliation of GAAP to Non-GAAP financial measures. xrhombus Strong fourth quarter operating performance head2right Contract revenues of $578.5 million in Q4-15 compared to $482.1 million in Q4-14 head2right Adjusted EBITDA - Non-GAAP of $
Slide 5: Industry increasing network bandwidth dramatically
5 Industry increasing network bandwidth dramatically head2right Major industry participants deploying significant wireline networks head2right Newly deployed networks provisioning 1 gigabit speeds, speeds beyond 1 gigabit envisioned head2right Industry developments are producing opportunities which
Slide 6: Revenue Highlights: Top customers and organic growth
6 xrhombus Top 5 customers represented 64.3% of revenues in Q4- 15 compared to 58.1% in Q4-14 xrhombus All Top 5 customers grew organically during Q4-15: head2right AT&T, 13.0% head2right CenturyLink, 42.1% head2right Comcast, 23.1% head2right Verizon, 36.2% head2right Dycom’s 5th largest customer,
Slide 7: Customers, Backlog and Awards
7 Customers Description Area Approximate Term (in years) CenturyLink Construction and Maintenance Services Oregon, Nevada, Utah, Wyoming, Colorado, Wisconsin, Tennessee, Alabama, Ohio, Pennsylvania, New Jersey, Virginia, North Carolina, Florida 3 Verizon Construction and Maintenance Services & Under
Slide 8: Q4-15 Financial Results
8 $ in millions, except earnings per share Q4-14 Q4-15 Change Contract revenues 482.1$ 578.5$ 96.4$ Cost of earned revenues (Non-GAAP Q4-14) 386.6$ 446.1$ 59.5$ Gross margin as % of revenue 19.8% 22.9% 3.1% General & administrative 41.1$ 47.5$ 6.4$ General & administrative as % of revenue 8.5% 8.2%
Slide 9: Liquidity Summary
9 Liquidity Summary Q3-15 Q4-15 Cash and equivalents $ 22.5 $ 21.3 7.125% Senior Subordinated Notes $ 280.4 $ 280.3 $450 million revolver 16.3 95.3 Term Loan 150.0 150.0 Total Debt $ 446.7 $ 525.6 Net Debt (Total Debt less Cash) $ 424.1 $ 504.3 Availability under revolver $ 379.3 $ 300.3 Letters of
Slide 10: Looking Ahead to Q1-2016
10 ($ in millions, except earnings per share) (% as a percent of revenue) Q1-2015 Included for comparison Q1-2016 Outlook and Commentary Contract Revenues $510.4 $615 - $635 head2right Firm and strengthening end market opportunities head2right Broad range of demand by several large customers, includ
Slide 11: Looking Ahead to Q2-2016
11 Looking Ahead to Q2-2016 ($ in millions) (% as a percent of revenue) Q2-2015 Included for comparison Q2-2016 Outlook and Commentary Contract Revenues $441.1 Total revenue growth % in high teens or slightly better as % of revenue compared to Q2-15 head2right Expectation of normal winter weather pa
Slide 12: Conclusion
12 Conclusion Firm and strengthening end market opportunities head2right Telephone companies deploying FTTX to enable video offerings and 1 gigabit connections head2right Cable operators continuing to deploy fiber to small and medium businesses with cable capital expenditures and new build opportuni
Slide 13: Appendix: Regulation G Disclosure - Adjusted EBITDA
13 Notes: Amounts above may not add due to rounding. The above table presents a reconciliation of the Non-GAAP financial measure of Adjusted EBITDA for the periods specified to the most directly comparable GAAP measure. Adjusted EBITDA is a Non-GAAP financial measure within the meaning of Regulation
Slide 14: Appendix: Regulation G Disclosure - Organic Revenue
14 Notes: Amounts above may not add due to rounding. (a) Non-GAAP Organic Revenue s are revenues from businesses that are included for the full period in both the current and prior year quarter, excluding storm restoration services, if any. Non-GAAP Organic Revenue growth is calculated as the percen
Slide 15: Contract Revenues and Organic Growth - Reconciliation Measures
15 Notes: Amounts above may not add due to rounding. (a) Non-GAAP Organic Revenue s are revenues from businesses that are included for the full period in both the current and prior year quarter. Non-GAAP Organic Revenue growth is calculated as the percentage increase in Non-GAAP Organic Revenues ove
Slide 16: Reconciliation Measures ($ in 000's)
16 Reconciliation of GAAP to Non-GAAP Measures ($ in 000’s) Appendix: Regulation G Disclosure Notes: Amounts above may not add due to rounding. For the quarter ended July 26, 2014, the item reconciling GAAP to Non-GAAP financial measures is specifically described below: (a) Pre-tax charges for wage
Slide 17: Fiscal 2015 4th Quarter Presentation
Fiscal 2015 4th Quarter Presentation August 26, 2015