Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q1 FY2014 Earnings Presentation
18 slides from Dycom Industries's earnings presentation, Nov 26, 2013
Slide 1: Fiscal 2014 1st Quarter Presentation
Fiscal 2014 1st Quarter Presentation November 26, 2013 Exhibit 99.2
Slide 2: Participants
2 Participants Steven E. Nielsen President & Chief Executive Officer Timothy R. Estes Chief Operating Officer H. Andrew DeFerrari Chief Financial Officer Richard B. Vilsoet General Counsel
Slide 3: Forward-looking statements and non-GAAP notice
3 Fiscal 2014 first quarter results are unaudited. This presentation contains “forward-looking statements” which are statements relating to future events, future financial performance, strategies, expectations, and the competitive environment. Other than statements of historical facts, all statement
Slide 4: Q1-2014 Overview
4 Momentum from key customers Contract revenue of $512.7 million as compared to $323.3 million in Q1-13 Contract revenues grew 10.0% organically, after excluding revenues from acquired subsidiaries of $157.1 million Operating Trends Stable Adjusted EBITDA of $63.2 million, or 12.3% of reve
Slide 5: Revenue Summary
5 19.2% 17.3% 9.0% 2.4% 3.5% 6.2% 7.5% 10.0% 10.1% 8.2% 1.9% -2.4% 4.0% 10.7% 12.6% 15.8% -10% 0% 10% 20% 30% Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Organic Growth % Organic Growth % - Excluding stimulus revenue Revenue Summary Note: See “Regulation G Disclosure” slides 14-17 for a reconcil
Slide 6: Backlog and Awards
6 $462 $1,819 $1,744 $1,565 $1,376 $2,019 $2,003 $2,197 $1,996 $967 $961 $909 $822 $1,242 $1,208 $1,217 $1,116 $- $400 $800 $1,200 $1,600 $2,000 $2,400 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Acquired subsidiaries backlog 12 month backlog 8,288 8,207 8,111 8,001 10,135 10,349 10,822 11,107 0
Slide 7: Summary Results
7 Net Income - Non-GAAP Q1-13 $ 12.3 $ 18.7 Fully Diluted EPS $ 0.36 $ 0.54 Non-GAAP Q1-13 Q1-14Q1-13 $40.4 $63.2 $- $25 $50 $75 Q1-13 Q1-14 Adjusted EBITDA - Non-GAAP as a % of revenues: 12.5% 12.3% $323.3 $355.6 $157.1 $512.7 $125 $225 $325 $425 $525 Q1-13 Q1-14 Acquired Subsidiaries Acquired subs
Slide 8: Selected Financial Information
8 Organic Revenue growth of 10.0% Increase in revenues derived from wireless service providers Growth from several key customers Adjusted EBITDA of $63.2 million, or 12.3%, grew 56.4% from Q1-13 Growth in organic operations Contribution of acquired businesses Depreciation and amortizat
Slide 9: Cash Flow and Liquidity
9 Cash Flow and Liquidity Balance Sheet Strength Ample liquidity of $156.7 million from cash on hand and availability on the Credit Agreement Investing and Financing Transactions Net borrowings of $32.4 million during Q1-14 Stock options proceeds of $10.1 million Operating cash flows in
Slide 10: Trend Schedule - Selected Financial Information
10 Trend Schedule - Selected Financial Information (Unaudited) Organic Revenue and Growth - baseline information for comparisons of FY 2014 to FY 2013 ($ in millions) Organic Revenue Calculations: For comparisons of FY 2014 to FY 2013 Q1-14 Organic Growth % - Non-GAAP Q1-14 Q1-13 Q2-13 Q3-13 (c) Q4-
Slide 11: Q2-2014 Outlook
11 Q2-2014 Outlook Contract Revenues *Non-GAAP for Q2-13 (excluding Acquired Revenues of $75.9 million and storm revenues of $16.7) Organic Revenue $276.7* Total Revenue $369.3 $400.0 - $420.0 (including $110.0 - $120.0 from acquired subsidiaries) Mid to high single digit organic growth Gross Marg
Slide 12: Looking Ahead to Q3-14
12 Looking Ahead to Q3-14 Looking Ahead Commentary Prior Period for 2014 Comparisons Q3-13 ($ in millions) Contract Revenues Mid single digit total revenue growth (including organic revenue growth which is low to mid single digit) resulting from: * services to wireless carriers which remain robust
Slide 13: Looking Ahead
13 Looking Ahead Firm end market opportunities Wireless carriers upgrading from 3G to 4G technologies Telephone companies deploying FTTX to enable video offerings Cable operators continuing to deploy fiber to small and medium businesses Industry participants aggressively extending or deployi
Slide 14: Reconciliation of Net Income to Adjusted EBITDA
14 Q1-14 Q1-13 Q2-13 Q3-13 Q4-13 Three Months Three Months Three Months Three Months Three Months Ended Ended Ended Ended Ended October 26, October 27, January 26, April 27, July 27, 2013 2012 2013 2013 2013 Reconciliation of Net income to Adjusted EBITDA (Non-GAAP): Net income $ 18,660 $ 11,861 $ 1
Slide 15: GAAP to Non-GAAP Reconciliation
15 Q1-14 Three Months Ended October 26, 2013 GAAP GAAP Reconciling Items Non-GAAP GAAP Reconciling Items Non-GAAP Contract revenues 512,720$ 323,286$ -$ 323,286$ 369,326$ -$ 369,326$ Cost of earned revenues, excluding depreciation and amortization 410,119 257,066 - 257,066 301,516 - 301,516 General
Slide 16: Organic Revenue Definitions and Notes
16 (a) Organic Revenue – Non-GAAP are revenues from businesses that are included for the full period in both the current and prior year quarter presented, excluding storm restoration services, if any. Organic Revenue growth is calculated as the percentage increase in revenues over those of the compa
Slide 17: Regulation G Disclosure: Contract Revenue and Organic Growth
17 Amounts may not add due to rounding. Appendix: Regulation G Disclosure Contract Revenue and Organic Growth - Reconciliation of GAAP to Non-GAAP Measures ($ in millions). The table below reconciles GAAP revenue growth to Non-GAAP organic revenue growth . Total Contract Revenue Top 5 Customers comb
Slide 18: Fiscal 2014 1st Quarter Presentation
Fiscal 2014 1st Quarter Presentation November 26, 2013