Dycom Q1 2022 Earnings Report
Key Takeaways
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.
Dycom
Dycom
Forward Guidance
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.