Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q1 FY2022 Earnings Presentation
13 slides from Dycom Industries's earnings presentation, May 25, 2021
Slide 1: Q1 2022 Results
May 25, 2021Q1 2022 Results Exhibit 99.2
Slide 2: Agenda and Participants
• Q1 2022 Overview • Industry Update • Financial & Operational Highlights • Outlook • Closing Remarks • Q&A Participants Agenda 2 Steven E. Nielsen President & Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel
Slide 3: Caution Concerning Forward-Looking Statements
Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements include those related to the outlook for the quarter ending July 31, 2021 found within this presentation. Forward
Slide 4: Q1 2022 Overview
4Q1 2022 Overview Contract Revenues Q1 2022 contract revenues of $727.5 million decreased 11.1% on an organic basis after excluding $3.9 million of revenues from storm restoration services in Q1 2022 Operating Performance Non-GAAP Adjusted EBITDA for Q1 2022 of $44.1 million, or 6.1% of contract rev
Slide 5: Industry Update
5Industry Update Major industry participants constructing or upgrading significant wireline networks across broad sections of the country generally designed to provision 1 gigabit network speeds directly to consumers or wirelessly using 5G technologies Industry effort to deploy high capacity fiber n
Slide 6: Contract Revenues
Contract Revenues 6 Q1 2022 Organic Growth (Decline): (11.1)% (23.0)% 31.9% Total Customers Top 5 Customers All Other Customers 0.9% 10.7% AT&T Comcast Top 5 customers represented 68.2% and 78.5% of contract revenues in Q1 2022 and Q1 2021, respectively Fiber construction revenue from electric utili
Slide 7: Backlog, Awards and Employees
7Backlog, Awards and Employees Customer Description of Services Area Term Various Electric Utilities Fiber Construction AZ, OK, MO, AR, MS, IN, KY, TN, GA, NC 1 – 3 Years Ziply Fiber Construction and Maintenance WA, OR, ID 1 Year Charter Fulfillment WA, NV, MT, WI, MA, CT, NY, NC, SC, AL, GA 2 Years
Slide 8: Financial Highlights
Financial Highlights 8 As % of Contract Revenues Q1 2022 contract revenues of $727.5 million decreased 11.1% on an organic basis after excluding $3.9 million of revenues from storm restoration services in Q1 2022 Non-GAAP Adjusted EBITDA for Q1 2022 of $44.1 million, or 6.1% of contract revenues
Slide 9: Debt and Liquidity Overview
9Debt and Liquidity Overview Issued $500.0 million principal amount of 4.50% senior notes due April 2029; repaid $105.0 million of revolver borrowings and $71.9 million of term loan borrowings Amended and restated Senior Credit Facility to resize capacity and extend maturity to April 2026 Cash and e
Slide 10: Cash Flow Overview
10Cash Flow Overview Solid operating cash flows during Q1 2022 Proceeds from Q1 2022 debt offering used, in part, to repay revolver and term loan borrowings Capital expenditures, net of disposals, for fiscal 2022 expected to range from $105 million to $125 million, a reduction of $40 million when th
Slide 11: Outlook
Contract revenues Range from in-line to modestly lower as compared to Q2 2021 Non-GAAP Adjusted EBITDA % of contract revenues Decreases as compared to Q2 2021 Year-over-year gross margin pressure of approximately 200 bps from the impact of a large customer program and from revenue declines for other
Slide 12: Closing Remarks
12Closing Remarks Dycom’s extensive market presence has allowed it to be at the forefront of evolving industry opportunities Telephone companies are deploying FTTH to enable 1 gigabit high speed connections and, increasingly, rural electric utilities are doing the same Cable operators are deploying
Slide 13: Notes
Notes 13 1) Organic growth (decline) % adjusted for revenues from acquired businesses, 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) The Company’s backlog represents an estimate