Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q1 2024 Earnings Presentation
14 slides from Dycom Industries's earnings presentation, May 24, 2023
Slide 1: Q1 Fiscal 2024 Results
Q1 Fiscal 2024 Results May 24, 2023
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 • Q1 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 quarter ending July 29, 202
Slide 4: Q1 2024 Overview
Q1 2024 Overview Contract Revenues • Contract revenues of $1.045 billion increased 19.3% Operating Performance Contract • Non-GAAP Adjusted EBITDA of $113.5 million, or 10.9% of contract Revenues revenues, compared to $63.7 million, or 7.3% of contract revenues, in the year ago period • Diluted earn
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 Non-GAAP Organic Growth %1 Top 5 Customers - % of Total Contract Revenues Q1 2023 Q1 2024 Q1 2024 Organic Growth: Top 5 customers represented 65.5% and 67.3% of 19.3% 20.7% 16.7% contract revenues in Q1 2024 and Q1 2023, respectively Total Customers Top 5 Customers All Other Custom
Slide 7: Backlog, Awards and Employees
Backlog, Awards and Employees Backlog4 Employee Headcount Selected Q1 2024 Customer Description of Services Area Term Awards and Extensions: Frontier Construction & Maintenance WI 3 years Charter Rural Fiber Construction IN, NC 3 years Construction CA, NV, MT 3 years Various Rural Fiber Construction
Slide 8: Financial Highlights
Financial Highlights Contract Revenues Non-GAAP Adjusted EBITDA Diluted EPS 7.3% 10.9% Non-GAAP Adjusted EBITDA % of Contract Revenues • Contract revenues of $1.045 billion increased 19.3% • Non-GAAP Adjusted EBITDA of $113.5 million, or 10.9% of contract revenues • Diluted earnings per common share
Slide 9: Debt and Liquidity Overview
Debt and Liquidity Overview Debt maturity profile and liquidity provide financial flexibility • Strong liquidity of $673.9 million at Q1 2024 • Capital allocation prioritizes organic growth, followed by opportunistic share repurchases and M&A, within the context of the Company’s historical range of
Slide 10: Cash Flow Overview
Cash Flow Overview Operating Cash Flow • Operating cash flow used to support strong organic growth during Q1 2024 • Repurchased 225,000 common shares for $20.3 million at an average price of $90.21 per share during Q1 2024 • Total DSOs of 106 days improved 2 days sequentially 10
Slide 11: Outlook for Quarter Ending July 29, 2023 (Q2 2024)
Outlook for Quarter Ending July 29, 2023 (Q2 2024) Q2 2024 Outlook: CONTRACT REVENUES INTEREST EXPENSE, NET Increase mid-single digit as a percentage of $12.2 million contract revenues as compared to Q2 2023 EFFECTIVE INCOME TAX RATE Approximately 26.0% NON-GAAP ADJUSTED EBITDA % OF CONTRACT REVENUE
Slide 12: Closing Remarks
Closing Remarks We maintain significant customer presence throughout our markets and are encouraged by the 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 gigabit high sp
Slide 13: Notes
Notes 1. Organic growth (decline) % 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’s 52/53 week fiscal year, when applicable. 2. Q1 2024 percentage of contract revenues for customers #6 th
Slide 14: Dycom: The people connecting America
VDYCOM The people connecting America®