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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dycom Industries Inc | NYSE:DY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.52 | -0.37% | 139.50 | 142.76 | 138.13 | 140.50 | 217,936 | 22:30:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 28, 2018
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
|
Florida
|
|
59-1277135
|
(
State or other jurisdiction of incorporation or organization
)
|
|
(
I.R.S. Employer Identification No.
)
|
|
|
|
11780 US Highway 1, Suite 600, Palm Beach Gardens, FL
|
|
33408
|
(
Address of principal executive offices
)
|
|
(
Zip Code
)
|
Large accelerated filer
x
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
|
|
|
|
|
|
PART I - FINANCIAL INFORMATION
|
||
|
|
|
|
|
|
PART II - OTHER INFORMATION
|
||
|
|
|
|
|
|
SIGNATURES
|
||
|
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
57,946
|
|
|
$
|
84,029
|
|
Accounts receivable, net
|
644,980
|
|
|
318,684
|
|
||
Contract assets
|
101,163
|
|
|
369,472
|
|
||
Inventories
|
84,260
|
|
|
79,039
|
|
||
Income tax receivable
|
15,568
|
|
|
13,852
|
|
||
Other current assets
|
32,165
|
|
|
39,710
|
|
||
Total current assets
|
936,082
|
|
|
904,786
|
|
||
|
|
|
|
||||
Property and equipment, net
|
416,258
|
|
|
414,768
|
|
||
Goodwill
|
325,840
|
|
|
321,743
|
|
||
Intangible assets, net
|
178,075
|
|
|
171,469
|
|
||
Other
|
26,755
|
|
|
28,190
|
|
||
Total non-current assets
|
946,928
|
|
|
936,170
|
|
||
Total assets
|
$
|
1,883,010
|
|
|
$
|
1,840,956
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
112,200
|
|
|
$
|
92,361
|
|
Current portion of debt
|
28,875
|
|
|
26,469
|
|
||
Contract liabilities
|
5,730
|
|
|
6,480
|
|
||
Accrued insurance claims
|
40,182
|
|
|
53,890
|
|
||
Income taxes payable
|
1,902
|
|
|
755
|
|
||
Other accrued liabilities
|
86,971
|
|
|
79,657
|
|
||
Total current liabilities
|
275,860
|
|
|
259,612
|
|
||
|
|
|
|
||||
Long-term debt
|
731,736
|
|
|
733,843
|
|
||
Accrued insurance claims
|
59,865
|
|
|
59,385
|
|
||
Deferred tax liabilities, net non-current
|
62,817
|
|
|
57,428
|
|
||
Other liabilities
|
5,750
|
|
|
5,692
|
|
||
Total liabilities
|
1,136,028
|
|
|
1,115,960
|
|
||
|
|
|
|
||||
COMMITMENTS AND CONTINGENCIES, Note 19
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, par value $1.00 per share: 1,000,000 shares authorized: no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, par value $0.33 1/3 per share: 150,000,000 shares authorized: 31,193,069 and 31,185,669 issued and outstanding, respectively
|
10,398
|
|
|
10,395
|
|
||
Additional paid-in capital
|
11,010
|
|
|
6,170
|
|
||
Accumulated other comprehensive loss
|
(1,234
|
)
|
|
(1,146
|
)
|
||
Retained earnings
|
726,808
|
|
|
709,577
|
|
||
Total stockholders’ equity
|
746,982
|
|
|
724,996
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,883,010
|
|
|
$
|
1,840,956
|
|
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
For the Three Months Ended
|
||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||
REVENUES:
|
|
|
|
||||
Contract revenues
|
$
|
731,375
|
|
|
$
|
786,338
|
|
|
|
|
|
||||
EXPENSES:
|
|
|
|
||||
Costs of earned revenues, excluding depreciation and amortization
|
599,573
|
|
|
621,475
|
|
||
General and administrative (including stock-based compensation expense of $4.9 million and $4.9 million, respectively)
|
62,283
|
|
|
61,317
|
|
||
Depreciation and amortization
|
43,355
|
|
|
37,411
|
|
||
Total
|
705,211
|
|
|
720,203
|
|
||
|
|
|
|
||||
Interest expense, net
|
(10,166
|
)
|
|
(9,382
|
)
|
||
Other income, net
|
7,711
|
|
|
4,793
|
|
||
Income before income taxes
|
23,709
|
|
|
61,546
|
|
||
|
|
|
|
||||
Provision (benefit) for income taxes:
|
|
|
|
||||
Current
|
1,095
|
|
|
25,519
|
|
||
Deferred
|
5,383
|
|
|
(2,769
|
)
|
||
Total provision for income taxes
|
6,478
|
|
|
22,750
|
|
||
|
|
|
|
||||
Net income
|
$
|
17,231
|
|
|
$
|
38,796
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
||||
Basic earnings per common share
|
$
|
0.55
|
|
|
$
|
1.24
|
|
|
|
|
|
||||
Diluted earnings per common share
|
$
|
0.53
|
|
|
$
|
1.22
|
|
|
|
|
|
||||
Shares used in computing earnings per common share:
|
|
|
|
||||
Basic
|
31,190,366
|
|
|
31,357,124
|
|
||
|
|
|
|
||||
Diluted
|
32,407,914
|
|
|
31,909,926
|
|
||
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
For the Three Months Ended
|
||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||
Net income
|
$
|
17,231
|
|
|
$
|
38,796
|
|
Foreign currency translation losses, net of tax
|
(88
|
)
|
|
(165
|
)
|
||
Comprehensive income
|
$
|
17,143
|
|
|
$
|
38,631
|
|
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
For the Three Months Ended
|
||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
17,231
|
|
|
$
|
38,796
|
|
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:
|
|
|
|
||||
Depreciation and amortization
|
43,355
|
|
|
37,411
|
|
||
Deferred income tax provision (benefit)
|
5,383
|
|
|
(2,769
|
)
|
||
Stock-based compensation
|
4,863
|
|
|
4,915
|
|
||
Bad debt (recovery) expense, net
|
(24
|
)
|
|
98
|
|
||
Gain on sale of fixed assets
|
(8,415
|
)
|
|
(5,048
|
)
|
||
Amortization of debt discount
|
4,672
|
|
|
4,425
|
|
||
Amortization of debt issuance costs and other
|
887
|
|
|
835
|
|
||
Excess tax benefit from share-based awards
|
—
|
|
|
(1,274
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(8,552
|
)
|
|
(31,164
|
)
|
||
Contract assets, net
|
(44,133
|
)
|
|
(44,636
|
)
|
||
Other current assets and inventory
|
(10,533
|
)
|
|
(5,680
|
)
|
||
Other assets
|
(212
|
)
|
|
330
|
|
||
Income taxes receivable/payable
|
(568
|
)
|
|
20,643
|
|
||
Accounts payable
|
13,169
|
|
|
13,338
|
|
||
Accrued liabilities, insurance claims, and other liabilities
|
7,454
|
|
|
12,102
|
|
||
Net cash provided by operating activities
|
24,577
|
|
|
42,322
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
||||
Cash paid for acquisitions, net of cash acquired
|
(20,917
|
)
|
|
(26,427
|
)
|
||
Capital expenditures
|
(34,497
|
)
|
|
(58,312
|
)
|
||
Proceeds from sale of assets
|
8,011
|
|
|
5,753
|
|
||
Other investing activities
|
1,576
|
|
|
628
|
|
||
Net cash used in investing activities
|
(45,827
|
)
|
|
(78,358
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from borrowings on senior credit agreement, including term loans
|
—
|
|
|
208,000
|
|
||
Principal payments on senior credit agreement, including term loans
|
(4,813
|
)
|
|
(146,188
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(37,909
|
)
|
||
Exercise of stock options
|
67
|
|
|
946
|
|
||
Restricted stock tax withholdings
|
(87
|
)
|
|
(221
|
)
|
||
Excess tax benefit from share-based awards
|
—
|
|
|
1,274
|
|
||
Net cash (used in) provided by financing activities
|
(4,833
|
)
|
|
25,902
|
|
||
Net decrease in cash and equivalents and restricted cash
|
(26,083
|
)
|
|
(10,134
|
)
|
||
|
|
|
|
||||
CASH AND EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
90,182
|
|
|
34,899
|
|
||
|
|
|
|
||||
CASH AND EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
|
$
|
64,099
|
|
|
$
|
24,765
|
|
SUPPLEMENTAL DISCLOSURE OF OTHER CASH FLOW ACTIVITIES AND NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
||||
Cash paid for interest
|
$
|
5,415
|
|
|
$
|
4,907
|
|
Cash paid for taxes, net
|
$
|
2,322
|
|
|
$
|
4,962
|
|
Purchases of capital assets included in accounts payable or other accrued liabilities at period end
|
$
|
6,769
|
|
|
$
|
9,579
|
|
|
April 28, 2018
|
||||||||||
|
As reported
|
|
Balances Without Adoption of ASU 2014-09
|
|
Effect of Change
|
||||||
Assets
|
|
|
|
|
|
||||||
Accounts receivable, net
|
$
|
644,980
|
|
|
$
|
326,973
|
|
|
$
|
318,007
|
|
Contract assets
|
$
|
101,163
|
|
|
$
|
419,170
|
|
|
$
|
(318,007
|
)
|
ASU
|
|
Adoption Date
|
|
2016-16
|
Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory
|
|
January 28, 2018
|
2017-01
|
Business Combinations (Topic 805): Clarifying the Definition of a Business
|
|
January 28, 2018
|
|
2019
|
|
2017
|
||||
Assets
|
|
|
|
||||
Accounts receivable
|
$
|
6.0
|
|
|
$
|
8.9
|
|
Contract assets
|
—
|
|
|
2.4
|
|
||
Inventories and other current assets
|
0.2
|
|
|
0.2
|
|
||
Property and equipment
|
0.5
|
|
|
5.6
|
|
||
Goodwill
|
4.1
|
|
|
10.1
|
|
||
Intangible assets - customer relationships
|
12.3
|
|
|
9.8
|
|
||
Intangible assets - trade names and other
|
—
|
|
|
0.7
|
|
||
Total assets
|
23.1
|
|
|
37.7
|
|
||
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Accounts payable
|
2.2
|
|
|
3.2
|
|
||
Accrued and other current liabilities
|
—
|
|
|
3.4
|
|
||
Deferred tax liabilities, net non-current
|
—
|
|
|
5.0
|
|
||
Total liabilities
|
2.2
|
|
|
11.6
|
|
||
|
|
|
|
||||
Net Assets Acquired
|
$
|
20.9
|
|
|
$
|
26.1
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Trade accounts receivable
|
$
|
309,724
|
|
|
$
|
300,271
|
|
Unbilled accounts receivable
|
318,007
|
|
|
—
|
|
||
Retainage
|
18,225
|
|
|
19,411
|
|
||
Total
|
645,956
|
|
|
319,682
|
|
||
Less: allowance for doubtful accounts
|
(976
|
)
|
|
(998
|
)
|
||
Accounts receivable, net
|
$
|
644,980
|
|
|
$
|
318,684
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Contract assets
|
$
|
101,163
|
|
|
$
|
369,472
|
|
Contract liabilities
|
5,730
|
|
|
6,480
|
|
||
Contract assets, net
|
$
|
95,433
|
|
|
$
|
362,992
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||||||
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
||||
Comcast Corporation
|
$
|
164.2
|
|
|
22.2%
|
|
$
|
166.5
|
|
|
24.5%
|
Verizon Communications Inc.
|
$
|
156.5
|
|
|
21.1%
|
|
$
|
98.2
|
|
|
14.4%
|
CenturyLink, Inc.
|
$
|
120.3
|
|
|
16.3%
|
|
$
|
126.0
|
|
|
18.5%
|
AT&T Inc.
|
$
|
102.8
|
|
|
13.9%
|
|
$
|
79.2
|
|
|
11.6%
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Prepaid expenses
|
$
|
18,461
|
|
|
$
|
13,167
|
|
Insurance recoveries/receivables for accrued insurance claims
|
911
|
|
|
13,701
|
|
||
Receivables on equipment sales
|
1,344
|
|
|
31
|
|
||
Deposits and other current assets, including restricted cash
|
11,449
|
|
|
12,811
|
|
||
Total other current assets
|
$
|
32,165
|
|
|
$
|
39,710
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Deferred financing costs
|
$
|
3,496
|
|
|
$
|
3,873
|
|
Restricted cash
|
5,253
|
|
|
5,253
|
|
||
Insurance recoveries/receivables for accrued insurance claims
|
5,576
|
|
|
6,722
|
|
||
Other non-current deposits and assets
|
12,430
|
|
|
12,342
|
|
||
Total other assets
|
$
|
26,755
|
|
|
$
|
28,190
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Cash and equivalents
|
$
|
57,946
|
|
|
$
|
84,029
|
|
Restricted cash included in:
|
|
|
|
||||
Other current assets
|
900
|
|
|
900
|
|
||
Other assets (long-term)
|
5,253
|
|
|
5,253
|
|
||
Total cash and equivalents and restricted cash
|
$
|
64,099
|
|
|
$
|
90,182
|
|
|
Estimated Useful Lives (Years)
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Land
|
—
|
|
$
|
3,470
|
|
|
$
|
3,470
|
|
Buildings
|
10-35
|
|
12,437
|
|
|
12,315
|
|
||
Leasehold improvements
|
1-10
|
|
14,696
|
|
|
14,202
|
|
||
Vehicles
|
1-5
|
|
540,862
|
|
|
536,379
|
|
||
Computer hardware and software
|
1-7
|
|
123,306
|
|
|
117,058
|
|
||
Office furniture and equipment
|
1-10
|
|
12,126
|
|
|
11,686
|
|
||
Equipment and machinery
|
1-10
|
|
277,450
|
|
|
273,712
|
|
||
Total
|
|
|
984,347
|
|
|
968,822
|
|
||
Less: accumulated depreciation
|
|
|
(568,089
|
)
|
|
(554,054
|
)
|
||
Property and equipment, net
|
|
|
$
|
416,258
|
|
|
$
|
414,768
|
|
|
Goodwill
|
|
Accumulated Impairment Losses
|
|
Total
|
||||||
Balance as of January 27, 2018
|
$
|
517,510
|
|
|
$
|
(195,767
|
)
|
|
$
|
321,743
|
|
Goodwill from fiscal 2019 acquisition
|
4,097
|
|
|
—
|
|
|
4,097
|
|
|||
Balance as of April 28, 2018
|
$
|
521,607
|
|
|
$
|
(195,767
|
)
|
|
$
|
325,840
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||||||||||||||||||||
|
Weighted Average Remaining Useful Lives (Years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, Net
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, Net
|
||||||||||||
Customer relationships
|
11.7
|
|
$
|
312,017
|
|
|
$
|
141,096
|
|
|
$
|
170,921
|
|
|
$
|
299,717
|
|
|
$
|
135,544
|
|
|
$
|
164,173
|
|
Trade names
|
8.3
|
|
10,350
|
|
|
7,992
|
|
|
2,358
|
|
|
10,350
|
|
|
7,872
|
|
|
2,478
|
|
||||||
UtiliQuest trade name
|
—
|
|
4,700
|
|
|
—
|
|
|
4,700
|
|
|
4,700
|
|
|
—
|
|
|
4,700
|
|
||||||
Non-compete agreements
|
2.2
|
|
450
|
|
|
354
|
|
|
96
|
|
|
450
|
|
|
332
|
|
|
118
|
|
||||||
|
|
|
$
|
327,517
|
|
|
$
|
149,442
|
|
|
$
|
178,075
|
|
|
$
|
315,217
|
|
|
$
|
143,748
|
|
|
$
|
171,469
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Accrued insurance claims - current
|
$
|
40,182
|
|
|
$
|
53,890
|
|
Accrued insurance claims - non-current
|
59,865
|
|
|
59,385
|
|
||
Total accrued insurance claims
|
$
|
100,047
|
|
|
$
|
113,275
|
|
|
|
|
|
||||
Insurance recoveries/receivables:
|
|
|
|
||||
Current (included in Other current assets)
|
$
|
911
|
|
|
$
|
13,701
|
|
Non-current (included in Other assets)
|
5,576
|
|
|
6,722
|
|
||
Total insurance recoveries/receivables
|
$
|
6,487
|
|
|
$
|
20,423
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Accrued payroll and related taxes
|
$
|
25,522
|
|
|
$
|
23,010
|
|
Accrued employee benefit and incentive plan costs
|
10,010
|
|
|
16,097
|
|
||
Accrued construction costs
|
34,769
|
|
|
24,582
|
|
||
Other current liabilities
|
16,670
|
|
|
15,968
|
|
||
Total other accrued liabilities
|
$
|
86,971
|
|
|
$
|
79,657
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Credit Agreement - Revolving facility (matures April 2020)
|
$
|
—
|
|
|
$
|
—
|
|
Credit Agreement - Term loan facilities (mature April 2020)
|
353,250
|
|
|
358,063
|
|
||
0.75% convertible senior notes, net (mature September 2021)
|
407,361
|
|
|
402,249
|
|
||
|
760,611
|
|
|
760,312
|
|
||
Less: current portion
|
(28,875
|
)
|
|
(26,469
|
)
|
||
Long-term debt
|
$
|
731,736
|
|
|
$
|
733,843
|
|
Borrowings - Eurodollar Rate Loans
|
1.25% - 2.00% plus LIBOR
|
Borrowings - Base Rate Loans
|
0.25% - 1.00% plus administrative agent’s base rate
(1)
|
Unused Revolver Commitment
|
0.25% - 0.40%
|
Standby Letters of Credit
|
1.25% - 2.00%
|
Commercial Letters of Credit
|
0.625% - 1.00%
|
|
Weighted Average Rate End of Period
|
||
|
April 28, 2018
|
|
January 27, 2018
|
Borrowings - Term loan facilities
|
3.63%
|
|
3.30%
|
Borrowings - Revolving facility
(1)
|
—%
|
|
—%
|
Standby Letters of Credit
|
1.75%
|
|
1.75%
|
Unused Revolver Commitment
|
0.35%
|
|
0.35%
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Liability component
|
|
|
|
||||
Principal amount of 0.75% convertible senior notes due September 2021
|
$
|
485,000
|
|
|
$
|
485,000
|
|
Less: Debt discount
|
(70,227
|
)
|
|
(74,899
|
)
|
||
Less: Debt issuance costs
|
(7,412
|
)
|
|
(7,852
|
)
|
||
Net carrying amount of Notes
|
$
|
407,361
|
|
|
$
|
402,249
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Fair value of principal amount of Notes
|
$
|
614,059
|
|
|
$
|
659,649
|
|
Less: Debt discount and debt issuance costs
|
(77,639
|
)
|
|
(82,751
|
)
|
||
Fair value of Notes
|
$
|
536,420
|
|
|
$
|
576,898
|
|
|
For the Three Months Ended
|
||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||
Gain on sale of fixed assets
|
$
|
8,415
|
|
|
$
|
5,048
|
|
Miscellaneous (expense), net
|
(704
|
)
|
|
(255
|
)
|
||
Total other income, net
|
$
|
7,711
|
|
|
$
|
4,793
|
|
|
For the Three Months Ended
|
||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||
Stock-based compensation
|
$
|
4,863
|
|
|
$
|
4,915
|
|
Income tax effect of stock-based compensation
|
$
|
1,069
|
|
|
$
|
1,943
|
|
|
Stock Options
|
|||||
|
Shares
|
|
Weighted Average Exercise Price
|
|||
Outstanding as of January 27, 2018
|
636,730
|
|
|
$
|
27.93
|
|
Granted
|
28,796
|
|
|
$
|
106.19
|
|
Options exercised
|
(5,084
|
)
|
|
$
|
13.15
|
|
Canceled
|
—
|
|
|
$
|
—
|
|
Outstanding as of April 28, 2018
|
660,442
|
|
|
$
|
31.46
|
|
|
|
|
|
|||
Exercisable options as of April 28, 2018
|
544,423
|
|
|
$
|
21.71
|
|
|
Restricted Stock
|
||||||||||||
|
RSUs
|
|
Performance RSUs
|
||||||||||
|
Share Units
|
|
Weighted Average Grant Price
|
|
Share Units
|
|
Weighted Average Grant Price
|
||||||
Outstanding as of January 27, 2018
|
133,896
|
|
|
$
|
71.81
|
|
|
390,327
|
|
|
$
|
80.52
|
|
Granted
|
39,612
|
|
|
$
|
106.36
|
|
|
218,628
|
|
|
$
|
106.19
|
|
Share units vested
|
(3,099
|
)
|
|
$
|
76.98
|
|
|
—
|
|
|
$
|
—
|
|
Forfeited or canceled
|
(3,299
|
)
|
|
$
|
59.10
|
|
|
(10,437
|
)
|
|
$
|
81.55
|
|
Outstanding as of April 28, 2018
|
167,110
|
|
|
$
|
80.16
|
|
|
598,518
|
|
|
$
|
89.88
|
|
|
For the Three Months Ended
|
||||||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||||||
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
||||
AT&T Inc.
|
$
|
177.0
|
|
|
24.2%
|
|
$
|
213.1
|
|
|
27.1%
|
Comcast Corporation
|
159.2
|
|
|
21.8
|
|
152.9
|
|
|
19.4
|
||
Verizon Communications Inc.
|
122.1
|
|
|
16.7
|
|
66.8
|
|
|
8.5
|
||
CenturyLink, Inc.
(1)
|
89.7
|
|
|
12.3
|
|
146.2
|
|
|
18.6
|
||
Total other customers combined
|
183.4
|
|
|
25.0
|
|
207.3
|
|
|
26.4
|
||
Total contract revenues
|
$
|
731.4
|
|
|
100.0%
|
|
$
|
786.3
|
|
|
100.0%
|
|
For the Three Months Ended
|
||||||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||||||
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
||||
Telecommunications
|
$
|
667.2
|
|
|
91.2%
|
|
$
|
725.3
|
|
|
92.2%
|
Underground facility locating
|
45.1
|
|
|
6.2
|
|
42.1
|
|
|
5.4
|
||
Electrical and gas utilities and other
|
19.1
|
|
|
2.6
|
|
18.9
|
|
|
2.4
|
||
Total contract revenues
|
$
|
731.4
|
|
|
100.0%
|
|
$
|
786.3
|
|
|
100.0%
|
|
For the Three Months Ended
|
||
|
April 28, 2018
|
|
April 29, 2017
|
AT&T Inc.
|
24.2%
|
|
27.1%
|
Comcast Corporation
|
21.8%
|
|
19.4%
|
Verizon Communications Inc.
|
16.7%
|
|
8.5%
|
CenturyLink, Inc.
(1)
|
12.3%
|
|
18.6%
|
Charter Communications, Inc.
|
3.9%
|
|
3.6%
|
Windstream Corporation
|
3.3%
|
|
4.8%
|
|
For the Three Months Ended
|
||||||||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||||||||
Revenues
|
$
|
731.4
|
|
|
100.0
|
%
|
|
$
|
786.3
|
|
|
100.0
|
%
|
Expenses:
|
|
|
|
|
|
|
|
||||||
Cost of earned revenue, excluding depreciation and amortization
|
599.6
|
|
|
82.0
|
|
|
621.5
|
|
|
79.0
|
|
||
General and administrative
|
62.3
|
|
|
8.5
|
|
|
61.3
|
|
|
7.8
|
|
||
Depreciation and amortization
|
43.4
|
|
|
5.9
|
|
|
37.4
|
|
|
4.8
|
|
||
Total
|
705.2
|
|
|
96.4
|
|
|
720.2
|
|
|
91.6
|
|
||
Interest expense, net
|
(10.2
|
)
|
|
(1.4
|
)
|
|
(9.4
|
)
|
|
(1.2
|
)
|
||
Other income, net
|
7.7
|
|
|
1.1
|
|
|
4.8
|
|
|
0.6
|
|
||
Income before income taxes
|
23.7
|
|
|
3.2
|
|
|
61.5
|
|
|
7.8
|
|
||
Provision for income taxes
|
6.5
|
|
|
0.9
|
|
|
22.8
|
|
|
2.9
|
|
||
Net income
|
$
|
17.2
|
|
|
2.4
|
%
|
|
$
|
38.8
|
|
|
4.9
|
%
|
|
For the Three Months Ended
|
|||||||
|
April 28, 2018
|
|
April 29, 2017
|
|||||
Income tax provision
|
$
|
6.5
|
|
|
$
|
22.8
|
|
|
Effective income tax rate
|
27.3
|
%
|
|
37.0
|
%
|
|
For the Three Months Ended
|
||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||
Net income
|
$
|
17,231
|
|
|
$
|
38,796
|
|
Interest expense, net
|
10,166
|
|
|
9,382
|
|
||
Provision for income taxes
|
6,478
|
|
|
22,750
|
|
||
Depreciation and amortization expense
|
43,355
|
|
|
37,411
|
|
||
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”)
|
77,230
|
|
|
108,339
|
|
||
Gain on sale of fixed assets
|
(8,415
|
)
|
|
(5,048
|
)
|
||
Stock-based compensation expense
|
4,863
|
|
|
4,915
|
|
||
Non-GAAP Adjusted EBITDA
|
$
|
73,678
|
|
|
$
|
108,206
|
|
|
For the Three Months Ended
|
||||||
|
April 28, 2018
|
|
April 29, 2017
|
||||
Net cash flows:
|
|
|
|
||||
Provided by operating activities
|
$
|
24.6
|
|
|
$
|
42.3
|
|
Used in investing activities
|
$
|
(45.8
|
)
|
|
$
|
(78.4
|
)
|
(Used in) Provided by financing activities
|
$
|
(4.8
|
)
|
|
$
|
25.9
|
|
Borrowings - Eurodollar Rate Loans
|
1.25% - 2.00% plus LIBOR
|
Borrowings - Base Rate Loans
|
0.25% - 1.00% plus administrative agent’s base rate
(1)
|
Unused Revolver Commitment
|
0.25% - 0.40%
|
Standby Letters of Credit
|
1.25% - 2.00%
|
Commercial Letters of Credit
|
0.625% - 1.00%
|
|
Weighted Average Rate End of Period
|
||
|
April 28, 2018
|
|
January 27, 2018
|
Borrowings - Term loan facilities
|
3.63%
|
|
3.30%
|
Borrowings - Revolving facility
(1)
|
—%
|
|
—%
|
Standby Letters of Credit
|
1.75%
|
|
1.75%
|
Unused Revolver Commitment
|
0.35%
|
|
0.35%
|
|
Less than 1 Year
|
|
Years 1 – 3
|
|
Years 3 – 5
|
|
Greater than 5 Years
|
|
Total
|
||||||||||
0.75% convertible senior notes due September 2021
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
485,000
|
|
|
$
|
—
|
|
|
$
|
485,000
|
|
Credit agreement – revolving facility
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Credit agreement – term loan facilities
|
28,875
|
|
|
324,375
|
|
|
—
|
|
|
—
|
|
|
353,250
|
|
|||||
Fixed interest payments on long-term debt
(1)
|
3,637
|
|
|
7,275
|
|
|
1,819
|
|
|
—
|
|
|
12,731
|
|
|||||
Operating lease obligations
|
25,499
|
|
|
26,567
|
|
|
9,036
|
|
|
3,239
|
|
|
64,341
|
|
|||||
Employment agreements
|
12,212
|
|
|
6,096
|
|
|
251
|
|
|
—
|
|
|
18,559
|
|
|||||
Purchase and other contractual obligations
(2)
|
35,689
|
|
|
835
|
|
|
—
|
|
|
—
|
|
|
36,524
|
|
|||||
Total
|
$
|
105,912
|
|
|
$
|
365,148
|
|
|
$
|
496,106
|
|
|
$
|
3,239
|
|
|
$
|
970,405
|
|
|
April 28, 2018
|
|
January 27, 2018
|
||||
Principal amount of Notes
|
$
|
485,000
|
|
|
$
|
485,000
|
|
Less: Debt discount and debt issuance costs
|
(77,639
|
)
|
|
(82,751
|
)
|
||
Net carrying amount of Notes
|
$
|
407,361
|
|
|
$
|
402,249
|
|
|
|
|
|
||||
Fair value of principal amount of Notes
|
$
|
614,059
|
|
|
$
|
659,649
|
|
Less: Debt discount and debt issuance costs
|
(77,639
|
)
|
|
(82,751
|
)
|
||
Fair value of Notes
|
$
|
536,420
|
|
|
$
|
576,898
|
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||
January 28, 2018 - February 24, 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
(3)
|
February 25, 2018 - March 24, 2018
|
|
783
(2)
|
|
|
$
|
110.31
|
|
|
—
|
|
(3)
|
March 25, 2018 - April 28, 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
(3)
|
|
|
|
DYCOM INDUSTRIES, INC.
|
|
|
|
|
Registrant
|
|
|
|
|
|
|
Date:
|
May 23, 2018
|
|
/s/ Steven E. Nielsen
|
|
|
|
|
Name:
Title: |
Steven E. Nielsen
President and Chief Executive Officer |
|
|
|
|
|
Date:
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May 23, 2018
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/s/ H. Andrew DeFerrari
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Name:
Title: |
H. Andrew DeFerrari
Senior Vice President and Chief Financial Officer |
1 Year Dycom Industries Chart |
1 Month Dycom Industries Chart |
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