Dycom Industries, Inc. Announces Fiscal 2025 Second Quarter Results
Dycom Industries, Inc. (NYSE: DY) reported strong fiscal 2025 second quarter results, with contract revenues increasing 15.5% to $1.203 billion. Organic growth was 9.2%, excluding $65.9 million from acquired businesses. Non-GAAP Adjusted EBITDA rose to $158.3 million, or 13.2% of contract revenues. GAAP net income increased to $68.4 million, or $2.32 per diluted share. Non-GAAP Adjusted Net Income was $72.5 million, or $2.46 per diluted share.
For the six months ended July 27, 2024, contract revenues grew 12.4% to $2.345 billion, with organic growth of 5.8%. The company expects mid- to high single-digit revenue growth for the next quarter, with Non-GAAP Adjusted EBITDA margin expected to increase by 25 to 50 basis points compared to the prior year period.
Dycom Industries, Inc. (NYSE: DY) ha riportato risultati solidi per il secondo trimestre fiscale 2025, con entrate da contratti in aumento del 15,5% a 1,203 miliardi di dollari. La crescita organica è stata del 9,2%, escludendo 65,9 milioni di dollari derivanti da aziende acquisite. L’EBITDA rettificato non-GAAP è salito a 158,3 milioni di dollari, pari al 13,2% delle entrate da contratti. Il reddito netto GAAP è aumentato a 68,4 milioni di dollari, ovvero 2,32 dollari per azione diluita. Il reddito netto rettificato non-GAAP è stato di 72,5 milioni di dollari, pari a 2,46 dollari per azione diluita.
Per i sei mesi terminati il 27 luglio 2024, le entrate da contratti sono cresciute del 12,4% a 2,345 miliardi di dollari, con una crescita organica del 5,8%. L'azienda prevede una crescita delle entrate a una cifra media-alta per il prossimo trimestre, con un margine EBITDA rettificato non-GAAP che dovrebbe aumentare di 25 a 50 punti base rispetto allo stesso periodo dell'anno precedente.
Dycom Industries, Inc. (NYSE: DY) reportó resultados sólidos para el segundo trimestre fiscal de 2025, con ingresos por contratos aumentando un 15.5% a $1.203 mil millones. El crecimiento orgánico fue del 9.2%, excluyendo $65.9 millones de empresas adquiridas. El EBITDA ajustado no-GAAP aumentó a $158.3 millones, o el 13.2% de los ingresos por contratos. El ingreso neto GAAP aumentó a $68.4 millones, o $2.32 por acción diluida. El ingreso neto ajustado no-GAAP fue de $72.5 millones, o $2.46 por acción diluida.
Para los seis meses finalizados el 27 de julio de 2024, los ingresos por contratos crecieron un 12.4% a $2.345 mil millones, con un crecimiento orgánico del 5.8%. La empresa espera un crecimiento de ingresos de cifras medias a altas para el próximo trimestre, con un margen de EBITDA ajustado no-GAAP que se espera que aumente entre 25 y 50 puntos básicos en comparación con el período del año anterior.
Dycom Industries, Inc. (NYSE: DY)는 2025 회계 연도 2분기 강력한 실적을 보고했으며, 계약 수익이 15.5% 증가하여 12억 3천만 달러에 달했습니다. 인수한 사업체에서 발생한 6천 5백 9십만 달러를 제외할 경우 유기적 성장률은 9.2%입니다. 비 GAAP 조정 EBITDA는 1억 5천 8백 3십만 달러로 증가, 이는 계약 수익의 13.2%에 해당합니다. GAAP 순이익은 6천 8백 4십만 달러로 증가, 즉 희석 주당 2.32달러입니다. 비 GAAP 조정 순이익은 7천 2백 5십만 달러, 즉 희석 주당 2.46달러였습니다.
2024년 7월 27일 종료된 6개월 동안 계약 수익은 12.4% 증가하여 23억 4천 5백만 달러에 이르렀으며, 유기적 성장률은 5.8%였습니다. 회사는 다음 분기에 중간에서 높은 한 자릿수의 수익 성장을 예상하고 있으며, 비 GAAP 조정 EBITDA 마진은 작년 동기 대비 25~50bp 증가할 것으로 기대하고 있습니다.
Dycom Industries, Inc. (NYSE: DY) a rapporté de solides résultats pour le deuxième trimestre de l'exercice 2025, avec des revenus de contrats en hausse de 15,5 % à 1,203 milliard de dollars. La croissance organique a été de 9,2 %, en excluant 65,9 millions de dollars provenant d'entreprises acquises. Le EBITDA ajusté non-GAAP a augmenté à 158,3 millions de dollars, soit 13,2 % des revenus de contrats. Le revenu net GAAP a augmenté à 68,4 millions de dollars, soit 2,32 dollars par action diluée. Le revenu net ajusté non-GAAP s'élevait à 72,5 millions de dollars, ou 2,46 dollars par action diluée.
Pour les six mois se terminant le 27 juillet 2024, les revenus de contrats ont augmenté de 12,4 % à 2,345 milliards de dollars, avec une croissance organique de 5,8 %. L'entreprise prévoit une croissance des revenus à un chiffre moyen à élevé pour le prochain trimestre, avec une marge EBITDA ajustée non-GAAP qui devrait augmenter de 25 à 50 points de base par rapport à la période de l'année précédente.
Dycom Industries, Inc. (NYSE: DY) hat starke Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 gemeldet, mit Vertragsumsätzen, die um 15,5% auf 1,203 Milliarden Dollar gestiegen sind. Das organische Wachstum betrug 9,2%, ohne 65,9 Millionen Dollar aus übernommenen Unternehmen. Das bereinigte EBITDA nach Non-GAAP stieg auf 158,3 Millionen Dollar, was 13,2% der Vertragsumsätze entspricht. Der Nettogewinn nach GAAP stieg auf 68,4 Millionen Dollar, oder 2,32 Dollar pro verwässerter Aktie. Der bereinigte Nettogewinn nach Non-GAAP betrug 72,5 Millionen Dollar, oder 2,46 Dollar pro verwässerter Aktie.
Für die sechs Monate, die am 27. Juli 2024 endeten, wuchsen die Vertragsumsätze um 12,4% auf 2,345 Milliarden Dollar, mit einem organischen Wachstum von 5,8%. Das Unternehmen erwartet für das nächste Quartal ein mittleres bis hohes Wachstum im einstelligen Bereich, wobei die Non-GAAP bereinigte EBITDA-Marge voraussichtlich um 25 bis 50 Basispunkte im Vergleich zum Vorjahreszeitraum steigen wird.
- Contract revenues increased 15.5% year-over-year to $1.203 billion
- Organic revenue growth of 9.2% excluding acquisitions
- Non-GAAP Adjusted EBITDA increased to $158.3 million, or 13.2% of contract revenues
- GAAP net income rose to $68.4 million, up from $60.2 million in the prior year quarter
- Company expects continued revenue growth and margin improvement in the next quarter
- Company purchased 210,000 shares of its own stock, which may impact earnings per share
Insights
Dycom Industries' Q2 FY2025 results show strong performance with 15.5% revenue growth to
The outlook for Q3 FY2025 suggests continued growth, albeit at a slower pace. The expected mid- to high-single-digit revenue increase and 25-50 basis points improvement in Adjusted EBITDA margin indicate a positive trajectory. However, investors should note the impact of acquisitions on these projections.
Dycom's results reflect a robust demand environment in the telecommunications infrastructure sector. The organic growth of 9.2% suggests strong market conditions, likely driven by ongoing 5G deployments and fiber network expansions. The company's ability to grow both organically and through acquisitions demonstrates a well-executed growth strategy.
The amended credit agreement, expanding term loan capacity and extending maturity to 2029, provides Dycom with enhanced financial flexibility. This could support future M&A activities or investments in capacity expansion. The share repurchase program, although modest, signals management's confidence in the company's prospects and commitment to shareholder returns.
Dycom's strong performance underscores the ongoing digital infrastructure buildout in the US. The company's growth outpaces the broader telecom services market, indicating market share gains or exposure to high-growth segments. The continued margin expansion suggests Dycom is successfully managing inflationary pressures and supply chain challenges that have affected the broader tech sector.
Looking ahead, the sustainability of this growth trajectory will depend on the pace of 5G deployments, rural broadband initiatives and potential infrastructure spending. Investors should monitor major telecom carriers' capex plans and government infrastructure programs, as these will significantly impact Dycom's future performance.
Second Quarter Highlights
- Contract revenues of
$1.20 3 billion, an increase of15.5% - Non-GAAP Adjusted EBITDA of
$158.3 million , or13.2% of contract revenues - Non-GAAP Adjusted Net Income of
$72.5 million , or$2.46 per common share diluted
PALM BEACH GARDENS, Fla., Aug. 21, 2024 (GLOBE NEWSWIRE) -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the second quarter ended July 27, 2024. Contract revenues increased
Non-GAAP Adjusted EBITDA increased to
On a GAAP basis, net income increased to
During the quarter ended July 27, 2024, the Company amended its credit agreement to, among other things, expand term loan capacity and extend the maturity to January 2029.
Year-to-Date Highlights
Contract revenues increased
Non-GAAP Adjusted EBITDA increased to
On a GAAP basis, net income increased to
During the six months ended July 27, 2024, the Company purchased 210,000 shares of its own common stock in open market transactions for
Outlook
For the quarter ending October 26, 2024, the Company expects total contract revenues to increase mid- to high single digit as a percentage of contract revenues, compared to
Non-GAAP Adjusted EBITDA as a percentage of contract revenues for the quarter ending October 26, 2024 is expected to increase approximately 25 to 50 basis points compared to
For additional information regarding the Company’s outlook, please see the presentation materials available on the Company’s website posted in connection with the conference call discussed below.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, the Company may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures in the press release tables that follow.
Conference Call Information and Other Selected Data
The Company will host a conference call to discuss fiscal 2025 second quarter results on Wednesday, August 21, 2024 at 9:00 a.m. ET. Interested parties may participate in the question and answer session of the conference call by registering at https://register.vevent.com/register/BI792f883035104fca9ba48d0d4da25061. Upon registration, participants will receive a dial-in number and unique PIN to access the call. Participants are encouraged to join approximately ten minutes prior to the scheduled start time.
For all other attendees, a live listen-only audio webcast of the call, including an accompanying slide presentation, can be accessed directly at https://edge.media-server.com/mmc/p/rk4t4eoj. A replay of the live webcast and the related materials will be available on the Company's Investor Center website at https://dycomind.com/investors for approximately 120 days following the event.
About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.
Forward Looking Information
This press release contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the outlook for the quarter ending October 26, 2024, including, but not limited to, those statements found under the “Outlook” section of this press release. Forward-looking statements are based on management’s expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this press release. The most significant of these known risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements.
For more information, contact:
Callie Tomasso, Vice President Investor Relations
Email: investorrelations@dycomind.com
Phone: (561) 627-7171
---Tables Follow---
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (Dollars in thousands) | |||||||
| Unaudited | |||||||
| July 27, 2024 | January 27, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and equivalents | $ | 19,564 | $ | 101,086 | |||
| Accounts receivable, net | 1,507,475 | 1,243,256 | |||||
| Contract assets | 74,229 | 52,211 | |||||
| Inventories | 101,248 | 108,565 | |||||
| Income tax receivable | 5,826 | 2,665 | |||||
| Other current assets | 52,323 | 42,253 | |||||
| Total current assets | 1,760,665 | 1,550,036 | |||||
| Property and equipment, net | 482,996 | 444,909 | |||||
| Operating lease right-of-use assets | 79,975 | 76,348 | |||||
| Goodwill and other intangible assets, net | 429,548 | 420,945 | |||||
| Other assets | 26,211 | 24,647 | |||||
| Total assets | $ | 2,779,395 | $ | 2,516,885 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 233,533 | $ | 222,121 | |||
| Current portion of debt | — | 17,500 | |||||
| Contract liabilities | 34,754 | 39,122 | |||||
| Accrued insurance claims | 51,165 | 44,466 | |||||
| Operating lease liabilities | 33,310 | 32,015 | |||||
| Income taxes payable | — | 3,861 | |||||
| Other accrued liabilities | 158,341 | 147,219 | |||||
| Total current liabilities | 511,103 | 506,304 | |||||
| Long-term debt | 942,368 | 791,415 | |||||
| Accrued insurance claims - non-current | 55,206 | 49,447 | |||||
| Operating lease liabilities - non-current | 46,190 | 44,110 | |||||
| Deferred tax liabilities, net - non-current | 43,943 | 49,562 | |||||
| Other liabilities | 22,136 | 21,391 | |||||
| Total liabilities | 1,620,946 | 1,462,229 | |||||
| Total stockholders’ equity | 1,158,449 | 1,054,656 | |||||
| Total liabilities and stockholders’ equity | $ | 2,779,395 | $ | 2,516,885 | |||
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (Dollars in thousands, except share amounts) | |||||||||||||||
| Unaudited | |||||||||||||||
| Quarter | Quarter | Six Months | Six Months | ||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||
| July 27, 2024 | July 29, 2023 | July 27, 2024 | July 29, 2023 | ||||||||||||
| Contract revenues | $ | 1,203,059 | $ | 1,041,535 | $ | 2,345,482 | $ | 2,087,009 | |||||||
| Costs of earned revenues, excluding depreciation and amortization | 952,882 | 830,409 | 1,874,518 | 1,683,775 | |||||||||||
| General and administrative1 | 99,583 | 84,832 | 194,138 | 167,188 | |||||||||||
| Depreciation and amortization | 46,572 | 37,993 | 91,777 | 75,265 | |||||||||||
| Total | 1,099,037 | 953,234 | 2,160,433 | 1,926,228 | |||||||||||
| Interest expense, net | (14,657 | ) | (12,277 | ) | (27,490 | ) | (23,649 | ) | |||||||
| Loss on debt extinguishment2 | (965 | ) | — | (965 | ) | — | |||||||||
| Other income, net | 6,419 | 5,731 | 15,669 | 10,722 | |||||||||||
| Income before income taxes | 94,819 | 81,755 | 172,263 | 147,854 | |||||||||||
| Provision for income taxes3 | 26,419 | 21,509 | 41,309 | 36,085 | |||||||||||
| Net income | $ | 68,400 | $ | 60,246 | $ | 130,954 | $ | 111,769 | |||||||
| Earnings per common share: | |||||||||||||||
| Basic earnings per common share | $ | 2.35 | $ | 2.05 | $ | 4.50 | $ | 3.81 | |||||||
| Diluted earnings per common share | $ | 2.32 | $ | 2.03 | $ | 4.44 | $ | 3.76 | |||||||
| Shares used in computing earnings per common share: | |||||||||||||||
| Basic | 29,096,224 | 29,328,218 | 29,105,081 | 29,348,700 | |||||||||||
| Diluted | 29,435,895 | 29,610,946 | 29,508,906 | 29,708,025 | |||||||||||
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||
| Unaudited | |||||||||||||||
| CONTRACT REVENUES, NON-GAAP ORGANIC CONTRACT REVENUES, AND GROWTH % | |||||||||||||||
| Quarter | Quarter | Six Months | Six Months | ||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||
| July 27, 2024 | July 29, 2023 | July 27, 2024 | July 29, 2023 | ||||||||||||
| Contract Revenues - GAAP | $ | 1,203,059 | $ | 1,041,535 | $ | 2,345,482 | $ | 2,087,009 | |||||||
| Contract Revenues - GAAP Growth % | 15.5 | % | 12.4 | % | |||||||||||
| Contract Revenues - GAAP | $ | 1,203,059 | $ | 1,041,535 | $ | 2,345,482 | $ | 2,087,009 | |||||||
| Revenues from acquired businesses4 | (65,913 | ) | — | (137,150 | ) | — | |||||||||
| Non-GAAP Organic Contract Revenues | $ | 1,137,146 | $ | 1,041,535 | $ | 2,208,332 | $ | 2,087,009 | |||||||
| Non-GAAP Organic Contract Revenues Growth % | 9.2 | % | 5.8 | % | |||||||||||
| NET INCOME AND NON-GAAP ADJUSTED EBITDA | |||||||||||||||
| Quarter | Quarter | Six Months | Six Months | ||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||
| July 27, 2024 | July 29, 2023 | July 27, 2024 | July 29, 2023 | ||||||||||||
| Reconciliation of net income to Non-GAAP Adjusted EBITDA: | |||||||||||||||
| Net income | $ | 68,400 | $ | 60,246 | $ | 130,954 | $ | 111,769 | |||||||
| Interest expense, net | 14,657 | 12,277 | 27,490 | 23,649 | |||||||||||
| Provision for income taxes | 26,419 | 21,509 | 41,309 | 36,085 | |||||||||||
| Depreciation and amortization | 46,572 | 37,993 | 91,777 | 75,265 | |||||||||||
| Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA") | 156,048 | 132,025 | 291,530 | 246,768 | |||||||||||
| Gain on sale of fixed assets | (8,160 | ) | (7,558 | ) | (20,564 | ) | (15,374 | ) | |||||||
| Stock-based compensation expense | 9,482 | 6,323 | 17,305 | 12,942 | |||||||||||
| Loss on debt extinguishment2 | 965 | — | 965 | — | |||||||||||
| Non-GAAP Adjusted EBITDA | $ | 158,335 | $ | 130,790 | $ | 289,236 | $ | 244,336 | |||||||
| Non-GAAP Adjusted EBITDA % of contract revenues | 13.2 | % | 12.6 | % | 12.3 | % | 11.7 | % | |||||||
| DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED) | |||||||||||||||
| (Dollars in thousands, except share amounts) | |||||||||||||||
| Unaudited | |||||||||||||||
| NET INCOME, NON-GAAP ADJUSTED NET INCOME, DILUTED EARNINGS PER COMMON SHARE, AND NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE | |||||||||||||||
| Quarter | Quarter | Six Months | Six Months | ||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||
| July 27, 2024 | July 29, 2023 | July 27, 2024 | July 29, 2023 | ||||||||||||
| Reconciliation of net income to Non-GAAP Adjusted Net Income: | |||||||||||||||
| Net income | $ | 68,400 | $ | 60,246 | $ | 130,954 | $ | 111,769 | |||||||
| Pre-Tax Adjustments: | |||||||||||||||
| Loss on debt extinguishment2 | 965 | — | 965 | — | |||||||||||
| Stock-based compensation modification5 | 2,231 | — | 2,231 | — | |||||||||||
| Tax Adjustments: | |||||||||||||||
| Tax impact of pre-tax adjustments | 899 | — | 899 | — | |||||||||||
| Total adjustments, net of tax | 4,095 | — | 4,095 | — | |||||||||||
| Non-GAAP Adjusted Net Income | $ | 72,495 | $ | 60,246 | $ | 135,049 | $ | 111,769 | |||||||
| Reconciliation of diluted earnings per common share to Non-GAAP Adjusted Diluted Earnings per Common Share: | |||||||||||||||
| GAAP diluted earnings per common share | $ | 2.32 | $ | 2.03 | $ | 4.44 | $ | 3.76 | |||||||
| Total adjustments, net of tax | 0.14 | — | 0.14 | — | |||||||||||
| Non-GAAP Adjusted Diluted Earnings per Common Share | $ | 2.46 | $ | 2.03 | $ | 4.58 | $ | 3.76 | |||||||
| Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share | 29,435,895 | 29,610,946 | 29,508,906 | 29,708,025 | |||||||||||
| Amounts in table above may not add due to rounding. | |||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)
Explanation of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, it may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes that the presentation of certain Non-GAAP financial measures in these materials provides information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non-GAAP financial measures used as follows:
- Non-GAAP Organic Contract Revenues - contract revenues from businesses that are included for the entire period in both the current and prior year periods, excluding contract revenues from storm restoration services. Non-GAAP Organic Contract Revenue change percentage is calculated as the change in Non-GAAP Organic Contract Revenues from the comparable prior year period divided by the comparable prior year period Non-GAAP Organic Contract Revenues. Management believes Non-GAAP Organic Contract Revenues is a helpful measure for comparing the Company’s revenue performance with prior periods.
- Non-GAAP Adjusted EBITDA - net income before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items. Management believes Non-GAAP Adjusted EBITDA is a helpful measure for comparing the Company’s operating performance with prior periods as well as with the performance of other companies with different capital structures or tax rates.
- Non-GAAP Adjusted Net Income - GAAP net income before certain non-recurring items and the related tax impact. Management believes Non-GAAP Adjusted Net Income is a helpful measure for comparing the Company’s operating performance with prior periods.
- Non-GAAP Adjusted Diluted Earnings per Common Share - Non-GAAP Adjusted Net Income divided by weighted average diluted shares outstanding.
Management excludes or adjusts each of the items identified below from Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings per Common Share:
- Stock-based compensation modification - During the quarter ended July 27, 2024, the Company announced its CEO succession plan and transition. In connection with this transition, the Company incurred stock-based compensation modification expense. The Company excludes the impact of the modification because the Company believes it is not indicative of its underlying results or ongoing operations.
- Loss on debt extinguishment - Loss on debt extinguishment includes the write-off of deferred financing fees in connection with the amendment of the Company’s credit agreement during the quarter ended July 27, 2024. Management believes excluding the loss on debt extinguishment from the Company’s Non-GAAP financial measures assists investors’ overall understanding of the Company’s current financial performance and provides management with a consistent measure for assessing the current and historical financial results.
- Tax impact of pre-tax adjustments - The tax impact of pre-tax adjustments reflects the Company’s estimated tax impact of specific adjustments and the effective tax rate used for financial planning for the applicable period.
Notes
1 Includes stock-based compensation expense of
2 During quarter ended July 27, 2024, the Company recognized a loss on debt extinguishment of approximately
3 Provision for income taxes includes benefits resulting from the vesting and exercise of share-based awards of approximately
4 Amounts represent contract revenues from acquired businesses that were not owned for the full period in both the current and comparable prior periods.
5 During the quarter ended July 27, 2024, the Company announced its CEO succession plan and transition. In connection with this transition, the Company will incur approximately
FAQ
What were Dycom's (DY) contract revenues for Q2 fiscal 2025?
How much did Dycom's (DY) organic revenue grow in Q2 fiscal 2025?
What was Dycom's (DY) Non-GAAP Adjusted EBITDA for Q2 fiscal 2025?
What is Dycom's (DY) revenue outlook for the next quarter?
