Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q3 2022 Earnings Presentation
13 slides from Dycom Industries's earnings presentation, Nov 23, 2021
Slide 1: Q3 2022 Results
Q3 2022 Results November 23, 2021
Slide 2: Participants and Agenda
2 Participants Steven E. Nielsen President & Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel Agenda • Q3 2022 Overview • Industry Update • Financial & Operational Highlights • Outlook • Closing Remarks • Q&A
Slide 3: Important Information
Important Information 3 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 January 29, 2022 found within
Slide 4: Q3 2022 Overview
Contract Revenues Q3 2022 Overview 4 Contract Revenues Contract revenues of $854.0 million increased 6.6% organically after excluding $8.9 million of revenues from storm restoration services in the year ago period Operating Performance Non-GAAP Adjusted EBITDA of $83.1 million, or 9.7% of contract r
Slide 5: Industry Update
Industry Update 5 Industry effort to deploy high capacity fiber networks continues to meaningfully broaden our industry’s set of opportunities Major industry participants constructing or upgrading significant wireline networks across broad sections of the country generally designed to provision 1 gi
Slide 6: Contract Revenues
Contract Revenues 6 Q3 2022 Organic Growth (Decline): Top 5 customers represented 65.4% and 71.6% of contract revenues in Q3 2022 and Q3 2021, respectively2 6.6% (3.5)% 32.5% Q3 2022 % of contract revenues from customers #6 through #10: Total Customers Top 5 Customers2 All Other Customers 4.1% 3.2%
Slide 7: Backlog, Awards and Employees
Backlog, Awards and Employees 7 Selected Q3 2022 Awards and Extensions: Customer Description of Services Area Term Frontier Fiber Construction CA, TX, IN, NY, CT, FL 2 years Consolidated Communications Construction & Maintenance NH 3 years Windstream Construction OH, PA, NY, KY, AL 2-3 years Lumen C
Slide 8: Financial Highlights
Financial Highlights 8 As % of Contract Revenues Contact revenues of $854.0 million increased 6.6% organically after excluding $8.9 million of revenues from storm restoration services in the year ago period Non-GAAP Adjusted EBITDA of $83.1 million, or 9.7% of contract revenues Non-GAAP Adjusted Dil
Slide 9: Debt and Liquidity Overview
9 Debt and Liquidity Overview Debt maturity profile and liquidity provide financial flexibility $ Millions Q2 2022 Q3 2022 Debt Summary 4.50% Senior Notes, mature April 2029: $ 500.0 $ 500.0 4 Senior Credit Facility, matures April 2026: Term Loan Facility 350.0 350.0 Revolving Facility - - 0.75% Con
Slide 10: Cash Flow Overview
Cash Flow Overview 10 Operating Cash Flow $ Millions Q3 2021 Q3 2022 Cash Flow Summary Operating cash flow $ 111.9 $ 104.3 Capital expenditures, net of disposals $ (3.5) $ (44.1) Repayments on Senior Credit Facility $ (120.6) $ - Extinguishment of 2021 Convertible Notes $ - $ (58.3) Other financing
Slide 11: Outlook for Quarter Ending January 29, 2022 (Q4 2022)
11 Outlook for Quarter Ending January 29, 2022 (Q4 2022) Q4 2022 Outlook: Contract revenues Increase modestly from Non-GAAP Organic Contract Revenues of $691.8 million for the quarter ended January 30, 2021 Non-GAAP Organic Contract Revenues for the quarter ended January 30, 2021 excluded $5.7 milli
Slide 12: Closing Remarks
Closing Remarks 12 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 1 gigabit high
Slide 13: Notes
Notes 13 1) Organic growth (decline) % adjusted for 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) Top 5 customers included AT&T, Comcast, Lumen, Verizon, and Front