Q2 2022 Trend Schedule
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Dycom Industries, Inc. Trend Schedule Q2 2022 Dollars in millions Unaudited Contract Revenues Summary Quarter Ended Fiscal Quarter Ended Fiscal Quarter Ended 4/27/19 7/27/19 10/26/19 1/25/20 2020 4/25/20 7/25/20 10/24/20 1/30/21 2021 5/1/21 7/31/21 Contract Revenues $ 833.7 $ 884.2 $ 884.1 $ 737.6 $ 3,339.7 $ 814.3 $ 823.9 $ 810.3 $ 750.7 $ 3,199.2 $ 727.5 $ 787.6 Non-GAAP Organic Revenue Growth (Decline) %1 15.8 % 11.1 % 4.7 % 1.3 % 8.3 % (1.8) % (6.8) % (9.4) % (6.2) % (6.1) % (11.1) % (4.4) % Top Five Customers in each quarter presented Customer Revenues (%) AT&T Inc. 25.1 % 20.7 % 18.4 % 18.0 % 20.6 % 18.9 % 16.3 % 14.7 % 16.8 % 16.7 % 21.4 % 22.5 % Comcast Corporation 16.4 % 15.1 % 14.9 % 13.8 % 15.1 % 14.5 % 15.9 % 17.7 % 18.8 % 16.7 % 18.0 % 15.5 % Lumen Technologies 13.2 % 15.7 % 18.6 % 18.3 % 16.4 % 18.3 % 19.2 % 16.6 % 13.4 % 16.9 % 11.8 % 12.1 % Verizon Communications Inc. 21.6 % 23.2 % 20.6 % 21.9 % 21.8 % 21.6 % 19.8 % 17.9 % 15.7 % 18.8 % 12.6 % 11.5 % Frontier Communications Corporation 1.7 % 1.6 % 1.6 % 1.8 % 1.7 % 1.5 % 1.5 % 2.3 % 2.8 % 2.0 % 3.5 % 4.0 % Windstream Corporation 4.1 % 3.9 % 4.8 % 5.3 % 4.5 % 5.2 % 5.3 % 4.8 % 4.8 % 5.0 % 4.4 % 3.4 % All other customers 17.9 % 19.8 % 21.1 % 20.9 % 19.9 % 20.0 % 22.0 % 26.0 % 27.7 % 23.9 % 28.3 % 31.0 % Contract revenues 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Customer Revenues ($) AT&T Inc. $ 209.3 $ 183.3 $ 162.9 $ 132.5 $ 687.9 $ 154.0 $ 134.6 $ 118.9 $ 126.2 $ 533.7 $ 155.6 $ 177.5 Comcast Corporation 137.1 133.2 131.3 101.6 503.2 118.0 131.4 143.6 140.9 533.9 131.1 121.7 Lumen Technologies 109.8 138.7 164.1 135.1 547.8 148.8 158.4 134.4 100.5 542.0 85.8 95.4 Verizon Communications Inc. 179.8 205.0 182.1 161.3 728.2 176.1 163.0 144.8 117.7 601.6 91.5 90.8 Frontier Communications Corporation 13.8 14.2 13.9 13.3 55.2 12.6 12.2 19.0 21.3 65.0 25.2 31.9 Windstream Corporation 34.0 34.7 42.7 38.8 150.3 42.2 43.4 38.9 36.0 160.5 32.1 26.5 All other customers 149.9 175.1 187.1 155.0 667.1 162.6 180.9 210.7 208.1 762.5 206.2 243.8 Contract revenues $ 833.7 $ 884.2 $ 884.1 $ 737.6 $ 3,339.7 $ 814.3 $ 823.9 $ 810.3 $ 750.7 $ 3,199.2 $ 727.5 $ 787.6 Note: Amounts above may not add due to rounding. 2 Dollars in millions Unaudited Non-GAAP Adjusted EBITDA Quarter Ended Fiscal Quarter Ended Fiscal Quarter Ended 4/27/19 7/27/19 10/26/19 1/25/20 2020 4/25/20 7/25/20 10/24/20 1/30/21 2021 5/1/21 7/31/21 Net income (loss) $ 14.3 $ 29.9 $ 24.2 $ (11.2) $ 57.2 $ (32.4) $ 37.0 $ 33.9 $ (4.2) $ 34.3 $ 0.9 $ 18.2 Interest expense, net 12.2 12.9 13.1 12.6 50.9 12.5 7.9 4.7 4.7 29.7 5.9 9.3 Provision (benefit) for income taxes 6.2 12.7 6.6 (4.1) 21.3 2.7 12.2 12.0 (2.1) 24.9 (2.7) 6.5 Depreciation and amortization 46.3 47.2 47.4 46.6 187.6 45.9 44.1 42.3 43.6 175.9 39.1 38.5 Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”) 79.1 102.7 91.3 43.9 317.0 28.6 101.3 93.0 42.0 264.8 43.1 72.5 Gain on sale of fixed assets (6.7) (4.8) (2.2) (1.1) (14.9) (1.8) (3.4) (4.0) (0.8) (10.0) (2.9) (1.0) Stock-based compensation expense 3.5 2.3 2.7 1.6 10.0 2.3 4.4 3.8 2.3 12.8 3.7 2.3 Charges for a wages and hour litigation settlement2 — — — — — — — — 2.3 2.3 — — Loss (gain) on debt extinguishment3,4,5 — — — 0.1 0.1 (12.5) 0.5 — — (12.0) 0.1 — Goodwill impairment charge6 — — — — — 53.3 — — — 53.3 — — Charge for warranty costs7 8.2 — — — 8.2 — — — — — — — Recovery of accounts receivable and contract assets8 (10.3) — — — (10.3) — — — — — — — Non-GAAP Adjusted EBITDA1 $ 73.6 $ 100.2 $ 91.7 $ 44.5 $ 310.0 $ 69.9 $ 102.7 $ 92.8 $ 45.7 $ 311.0 $ 44.1 $ 73.8 Non-GAAP Adjusted EBITDA % of contract revenues 8.8 % 11.3% 10.4 % 6.0 % 9.3 % 8.6 % 12.5 % 11.5 % 6.1 % 9.7 % 6.1 % 9.4 % Q2-20 Non-GAAP Adjusted EBITDA, excluding contract modification9 $ 89.2 $ 299.1 Q2-20 Non-GAAP Adjusted EBITDA, excluding contract modification % of contract revenues9 10.2 % 9.0 % Note: Amounts above may not add due to rounding. 3 Dollars and shares in millions, except per share amounts Unaudited Non-GAAP Adjusted Net Income (Loss) Quarter Ended Fiscal Quarter Ended Fiscal Quarter Ended 4/27/19 7/27/19 10/26/19 1/25/20 2020 4/25/20 7/25/20 10/24/20 1/30/21 2021 5/1/21 7/31/21 Contract revenues $ 833.7 $ 884.2 $ 884.1 $ 737.6 $ 3,339.7 $ 814.3 $ 823.9 $ 810.3 $ 750.7 $ 3,199.2 $ 727.5 $ 787.6 Cost of earned revenues, excluding depreciation and amortization 701.8 720.4 724.4 633.2 2,779.7 680.2 658.0 658.4 645.5 2,642.0 620.0 651.4 General and administrative 58.6 65.1 69.9 61.0 254.6 65.9 67.4 62.6 63.9 259.8 67.0 64.7 Depreciation and amortization 46.3 47.2 47.4 46.6 187.6 45.9 44.1 42.3 43.6 175.9 39.1 38.5 Goodwill impairment charge6 — — — — — 53.3 — — — 53.3 — — Interest expense, net (12.2) (12.9) (13.1) (12.6) (50.9) (12.5) (7.9) (4.7) (4.7) (29.7) (5.9) (9.3) (Loss) gain on debt extinguishment3,4,5 — — — (0.1) (0.1) 12.5 (0.5) — — 12.0 (0.1) — Other income, net 5.7 4.0 1.4 0.6 11.7 1.1 3.1 3.7 0.7 8.6 2.7 1.0 Income (loss) before income taxes 20.5 42.6 30.8 (15.3) 78.5 (29.7) 49.3 46.0 (6.3) 59.2 (1.8) 24.7 Provision (benefit) for income taxes 6.2 12.7 6.6 (4.1) 21.3 2.7 12.2 12.0 (2.1) 24.9 (2.7) 6.5 Net income (loss) $ 14.3 $ 29.9 $ 24.2 $ (11.2) $ 57.2 $ (32.4) $ 37.0 $ 33.9 $ (4.2) $ 34.3 $ 0.9 $ 18.2 Adjustments Cost of earned revenues, excluding depreciation and amortization2,7 $ 8.2 $ — $ — $ — $ 8.2 $ — $ — $ — $ 2.1 $ 2.1 $ — $ — General and administrative2,8 (10.3) — — — (10.3) — — — 0.2 0.2 — — Goodwill impairment charge6 — — — — — 53.3 — — — 53.3 — — Interest expense, net10 4.9 5.0 5.1 5.1 20.1 4.3 1.7 0.6 0.7 7.4 0.7 0.7 Loss (gain) on debt extinguishment4,5 — — — — — (12.5) 0.5 — — (12.0) 0.1 — Income before income taxes 2.8 5.0 5.1 5.1 18.0 45.1 2.2 0.6 3.0 50.9 0.7 0.7 Provision for income taxes11 0.1 0.3 1.2 1.1 2.8 1.3 1.3 0.2 1.1 3.8 2.8 0.3 Total adjustments, net of tax $ 2.7 $ 4.7 $ 3.8 $ 4.0 $ 15.2 $ 43.8 $ 0.9 $ 0.4 $ 1.9 $ 47.1 $ (2.1) $ 0.3 Non-GAAP Adjusted Net Income (Loss)1 $ 16.9 $ 34.6 $ 28.1 $ (7.2) $ 72.4 $ 11.4 $ 38.0 $ 34.4 $ (2.3) $ 81.4 $ (1.2) $ 18.5 Q2-20 Non-GAAP Adjusted Net Income, excluding contract modification9 $ 27.4 $ 65.1 Non-GAAP Adjusted Diluted Earnings (Loss) per Common Share Diluted earnings (loss) per common share $ 0.45 $ 0.94 $ 0.76 $ (0.35) $ 1.80 $ (1.03) $ 1.15 $ 1.05 $ (0.13) $ 1.07 $ 0.03 $ 0.59 Total adjustments, net of tax 0.08 0.15 0.12 0.13 0.48 1.39 0.03 0.01 0.06 1.47 (0.07) 0.01 Non-GAAP Adjusted Diluted Earnings (Loss) per Common Share1 $ 0.53 $ 1.09 $ 0.88 $ (0.23) $ 2.27 $ 0.36 $ 1.18 $ 1.06 $ (0.07) $ 2.54 $ (0.04) $ 0.60 Q2-20 Non-GAAP Adjusted Diluted Earnings per Common Share, excluding contract modification9 $ 0.86 $ 2.05 Non-GAAP Adjusted Diluted Shares Shares used in computing diluted earnings (loss) per common share 31.8 31.8 31.8 31.5 31.8 31.6 32.1 32.4 31.4 32.1 31.3 30.9 Adjustment to Shares used in computing diluted earnings (loss) per common share12 — — — — — 0.2 — — — — (0.6) — Shares used in computing Non-GAAP Adjusted Diluted Earnings (Loss) per Common Share1 31.8 31.8 31.8 31.5 31.8 31.8 32.1 32.4 31.4 32.1 30.7 30.9 Note: Amounts above may not add due to rounding.