Dycom Industries Inc. · Q1 2022 earnings

Briefing

Dycom's first quarter of fiscal year 2022 resulted in decreased contract revenues and adjusted EBITDA, but net income improved compared to the previous year.

Dycom Industries reported a decrease in contract revenues for the first quarter of fiscal 2022, with organic contract revenues down 11.1%. Non-GAAP Adjusted EBITDA also decreased, while net income saw a significant improvement compared to the net loss in the same quarter of the previous year. The company also completed financing activities, including issuing senior notes and amending its credit facility.

• Contract revenues were $727.5 million, down from $814.3 million year-over-year.
• Non-GAAP Adjusted EBITDA was $44.1 million, or 6.1% of contract revenues, compared to $69.9 million, or 8.6% of contract revenues, in the prior year.
• GAAP net income was $0.9 million, or $0.03 per diluted share, compared to a net loss of $32.4 million, or a loss of $1.03 per share, in the prior year.
• The company issued $500.0 million in senior notes, amended its credit facility, and repaid $105.0 million of revolver borrowings and $71.9 million of term loan borrowings.

Headline financials

Revenue & EPS history

For the quarter ending July 31, 2021, the Company expects contract revenues to range from in-line to modestly lower and Non-GAAP Adjusted EBITDA as a percentage of contract revenues to decrease as compared to the quarter ended July 25, 2020.