Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q1 2022 Earnings Presentation
13 slides from Dycom Industries's earnings presentation, 2022
Slide 1: Q1 2022 Results
VYDYCOM THE PEOPLE CONNECTING AMERICA Q1 2022 Results
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 • Q1 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 July 31, 2021 found within th
Slide 4: Q1 2022 Overview
Contract Revenues Q1 2022 Overview 4 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
Slide 5: Industry Update
Industry Update 5 Industry increasing network bandwidth dramatically 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 technolo
Slide 6: Contract Revenues
Contract Revenues 6 4 Qtrs Ended Qtr Ended Jan 20187 May 2021 Q1 2022 Organic Growth (Decline): Top 5 customers represented 68.2% and 78.5% of contract revenues in Q1 2022 and Q1 2021, respectively (11.1)% (23.0)% 31.9% Total Customers Top 5 Customers All Other Customers Q1 2022 % of contract revenu
Slide 7: Backlog, Awards and Employees
Backlog, Awards and Employees 7 Selected Q1 2022 Awards and Extensions: 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, M
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
Debt and Liquidity Overview 9 Notional Net Debt reduction of $185.2 million year-over-year Improved debt maturity profile and increased financial flexibility Debt Summary Q4 2021 Q1 2022 $ Millions ($185.2) 0.75% Convertible Notes, mature September 2021: $ 58.3 $ 58.3 4.50% Senior Notes, mature Apri
Slide 10: Cash Flow Overview
Cash Flow Overview 10 Operating Cash Flow 4 Qtrs Ended 4 Qtrs Ended Jan 20187 Q1 2022 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
Slide 11: Outlook for Quarter Ending July 31, 2021 (Q2 2022)
11 Outlook for Quarter Ending July 31, 2021 (Q2 2022) Q2 2022 Outlook: Contract revenues Range from in-line to modestly lower as compared to Q2 2021 Non-GAAP Adjusted EBITDA % of contract Decreases as compared to Q2 2021 revenues Year-over-year gross margin pressure of approximately 200 bps from the
Slide 12: Closing Remarks
Closing Remarks 12 Encouraged with the emerging breadth in Dycom’s business 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 u
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