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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 | |
---|---|---|---|---|---|---|---|---|
4.36 | 3.11% | 144.49 | 145.99 | 142.695 | 143.25 | 161,917 | 20:37:40 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 27, 2019
|
¨
|
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
)
|
Title of Each Class
|
|
Trading Symbol
|
|
Name of Each Exchange on Which Registered
|
Common stock, par value $0.33 1/3 per share
|
|
DY
|
|
New York Stock Exchange
|
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 27, 2019
|
|
January 26, 2019
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
33,579
|
|
|
$
|
128,342
|
|
Accounts receivable, net
|
701,522
|
|
|
625,258
|
|
||
Contract assets
|
297,630
|
|
|
215,849
|
|
||
Inventories
|
105,166
|
|
|
94,385
|
|
||
Income tax receivable
|
2,376
|
|
|
3,461
|
|
||
Other current assets
|
38,242
|
|
|
29,145
|
|
||
Total current assets
|
1,178,515
|
|
|
1,096,440
|
|
||
|
|
|
|
||||
Property and equipment, net
|
429,310
|
|
|
424,751
|
|
||
Operating lease right-of-use assets
|
69,065
|
|
|
—
|
|
||
Goodwill
|
325,749
|
|
|
325,749
|
|
||
Intangible assets, net
|
155,783
|
|
|
161,125
|
|
||
Other assets
|
52,784
|
|
|
89,438
|
|
||
Total non-current assets
|
1,032,691
|
|
|
1,001,063
|
|
||
Total assets
|
$
|
2,211,206
|
|
|
$
|
2,097,503
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
138,727
|
|
|
$
|
119,485
|
|
Current portion of debt
|
11,250
|
|
|
5,625
|
|
||
Contract liabilities
|
12,815
|
|
|
15,125
|
|
||
Accrued insurance claims
|
44,035
|
|
|
39,961
|
|
||
Operating lease liabilities
|
25,072
|
|
|
—
|
|
||
Income taxes payable
|
366
|
|
|
721
|
|
||
Other accrued liabilities
|
109,390
|
|
|
104,074
|
|
||
Total current liabilities
|
341,655
|
|
|
284,991
|
|
||
|
|
|
|
||||
Long-term debt
|
867,376
|
|
|
867,574
|
|
||
Accrued insurance claims
|
59,793
|
|
|
68,315
|
|
||
Operating lease liabilities
|
44,449
|
|
|
—
|
|
||
Deferred tax liabilities, net non-current
|
71,548
|
|
|
65,963
|
|
||
Other liabilities
|
5,208
|
|
|
6,492
|
|
||
Total liabilities
|
1,390,029
|
|
|
1,293,335
|
|
||
|
|
|
|
||||
COMMITMENTS AND CONTINGENCIES, Note 20
|
|
|
|
|
|
||
|
|
|
|
||||
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: 31,478,851 and 31,430,031 issued and outstanding, respectively
|
10,493
|
|
|
10,477
|
|
||
Additional paid-in capital
|
25,217
|
|
|
22,489
|
|
||
Accumulated other comprehensive loss
|
(1,296
|
)
|
|
(1,282
|
)
|
||
Retained earnings
|
786,763
|
|
|
772,484
|
|
||
Total stockholders’ equity
|
821,177
|
|
|
804,168
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,211,206
|
|
|
$
|
2,097,503
|
|
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
REVENUES:
|
|
|
|
||||
Contract revenues
|
$
|
833,743
|
|
|
$
|
731,375
|
|
|
|
|
|
||||
EXPENSES:
|
|
|
|
||||
Costs of earned revenues, excluding depreciation and amortization
|
701,767
|
|
|
599,573
|
|
||
General and administrative (including stock-based compensation expense of $3.5 million and $4.9 million, respectively)
|
58,622
|
|
|
62,283
|
|
||
Depreciation and amortization
|
46,341
|
|
|
43,355
|
|
||
Total
|
806,730
|
|
|
705,211
|
|
||
|
|
|
|
||||
Interest expense, net
|
(12,233
|
)
|
|
(10,166
|
)
|
||
Other income, net
|
5,698
|
|
|
7,711
|
|
||
Income before income taxes
|
20,478
|
|
|
23,709
|
|
||
|
|
|
|
||||
Provision for income taxes:
|
|
|
|
||||
Current
|
620
|
|
|
1,095
|
|
||
Deferred
|
5,579
|
|
|
5,383
|
|
||
Total provision for income taxes
|
6,199
|
|
|
6,478
|
|
||
|
|
|
|
||||
Net income
|
$
|
14,279
|
|
|
$
|
17,231
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
||||
Basic earnings per common share
|
$
|
0.45
|
|
|
$
|
0.55
|
|
|
|
|
|
||||
Diluted earnings per common share
|
$
|
0.45
|
|
|
$
|
0.53
|
|
|
|
|
|
||||
Shares used in computing earnings per common share:
|
|
|
|
||||
Basic
|
31,451,809
|
|
|
31,190,366
|
|
||
|
|
|
|
||||
Diluted
|
31,786,459
|
|
|
32,407,914
|
|
||
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
Net income
|
$
|
14,279
|
|
|
$
|
17,231
|
|
Foreign currency translation losses, net of tax
|
(14
|
)
|
|
(88
|
)
|
||
Comprehensive income
|
$
|
14,265
|
|
|
$
|
17,143
|
|
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Other
Comprehensive Loss |
|
Retained
Earnings |
|
Total
Equity |
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balances as of January 26, 2019
|
31,430,031
|
|
|
$
|
10,477
|
|
|
$
|
22,489
|
|
|
$
|
(1,282
|
)
|
|
$
|
772,484
|
|
|
$
|
804,168
|
|
Stock options exercised
|
9,850
|
|
|
3
|
|
|
103
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|||||
Stock-based compensation
|
1,528
|
|
|
1
|
|
|
3,478
|
|
|
—
|
|
|
—
|
|
|
3,479
|
|
|||||
Issuance of restricted stock, net of tax withholdings
|
37,442
|
|
|
12
|
|
|
(853
|
)
|
|
—
|
|
|
—
|
|
|
(841
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,279
|
|
|
14,279
|
|
|||||
Balances as of April 27, 2019
|
31,478,851
|
|
|
$
|
10,493
|
|
|
$
|
25,217
|
|
|
$
|
(1,296
|
)
|
|
$
|
786,763
|
|
|
$
|
821,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Other
Comprehensive Loss |
|
Retained
Earnings |
|
Total
Equity |
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balances as of January 27, 2018
|
31,185,669
|
|
|
$
|
10,395
|
|
|
$
|
6,170
|
|
|
$
|
(1,146
|
)
|
|
$
|
709,577
|
|
|
$
|
724,996
|
|
Stock options exercised
|
5,084
|
|
|
2
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|||||
Stock-based compensation
|
424
|
|
|
1
|
|
|
4,862
|
|
|
—
|
|
|
—
|
|
|
4,863
|
|
|||||
Issuance of restricted stock, net of tax withholdings
|
1,892
|
|
|
—
|
|
|
(87
|
)
|
|
—
|
|
|
—
|
|
|
(87
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
|
—
|
|
|
(88
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,231
|
|
|
17,231
|
|
|||||
Balances as of April 28, 2018
|
31,193,069
|
|
|
$
|
10,398
|
|
|
$
|
11,010
|
|
|
$
|
(1,234
|
)
|
|
$
|
726,808
|
|
|
$
|
746,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
See notes to the condensed consolidated financial statements.
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
14,279
|
|
|
$
|
17,231
|
|
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:
|
|
|
|
||||
Depreciation and amortization
|
46,341
|
|
|
43,355
|
|
||
Non-cash lease expense
|
7,390
|
|
|
—
|
|
||
Deferred income tax provision
|
5,579
|
|
|
5,383
|
|
||
Stock-based compensation
|
3,479
|
|
|
4,863
|
|
||
Provision for bad debt (recovery), net
|
(10,311
|
)
|
|
(24
|
)
|
||
Gain on sale of fixed assets
|
(6,738
|
)
|
|
(8,415
|
)
|
||
Amortization of debt discount
|
4,932
|
|
|
4,672
|
|
||
Amortization of debt issuance costs and other
|
985
|
|
|
887
|
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(76,297
|
)
|
|
(8,552
|
)
|
||
Contract assets, net
|
(84,031
|
)
|
|
(44,133
|
)
|
||
Other current assets and inventories
|
(16,994
|
)
|
|
(10,533
|
)
|
||
Other assets
|
37,323
|
|
|
(212
|
)
|
||
Income taxes receivable/payable
|
730
|
|
|
(568
|
)
|
||
Accounts payable
|
18,300
|
|
|
13,169
|
|
||
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities
|
(1,089
|
)
|
|
7,454
|
|
||
Net cash (used in) provided by operating activities
|
(56,122
|
)
|
|
24,577
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
||||
Capital expenditures
|
(45,768
|
)
|
|
(34,497
|
)
|
||
Proceeds from sale of assets
|
7,362
|
|
|
8,011
|
|
||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
(20,917
|
)
|
||
Other investing activities
|
—
|
|
|
1,576
|
|
||
Net cash used in investing activities
|
(38,406
|
)
|
|
(45,827
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on senior credit agreement, including term loans
|
—
|
|
|
(4,813
|
)
|
||
Exercise of stock options
|
106
|
|
|
67
|
|
||
Restricted stock tax withholdings
|
(841
|
)
|
|
(87
|
)
|
||
Net cash used in financing activities
|
(735
|
)
|
|
(4,833
|
)
|
||
Net decrease in cash and equivalents and restricted cash
|
(95,263
|
)
|
|
(26,083
|
)
|
||
|
|
|
|
||||
CASH AND EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
134,151
|
|
|
90,182
|
|
||
|
|
|
|
||||
CASH AND EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
|
$
|
38,888
|
|
|
$
|
64,099
|
|
|
2019
|
||
Assets
|
|
||
Accounts receivable
|
$
|
5.6
|
|
Inventories and other current assets
|
0.2
|
|
|
Property and equipment
|
0.5
|
|
|
Goodwill
|
4.0
|
|
|
Intangible assets - customer relationships
|
12.3
|
|
|
Total assets
|
22.6
|
|
|
|
|
||
Liabilities
|
|
||
Accounts payable
|
2.2
|
|
|
Total liabilities
|
2.2
|
|
|
|
|
||
Net Assets Acquired
|
$
|
20.4
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Trade accounts receivable
|
$
|
299,572
|
|
|
$
|
331,903
|
|
Unbilled accounts receivable
|
393,198
|
|
|
283,463
|
|
||
Retainage
|
10,124
|
|
|
10,831
|
|
||
Total
|
702,894
|
|
|
626,197
|
|
||
Less: allowance for doubtful accounts
|
(1,372
|
)
|
|
(939
|
)
|
||
Accounts receivable, net
|
$
|
701,522
|
|
|
$
|
625,258
|
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
Allowance for doubtful accounts at beginning of period
|
$
|
17,702
|
|
|
$
|
998
|
|
Provision for bad debt (recovery)
|
(10,311
|
)
|
|
(24
|
)
|
||
Amounts (charged) recovered against the allowance
|
(6,019
|
)
|
|
2
|
|
||
Allowance for doubtful accounts at end of period
|
$
|
1,372
|
|
|
$
|
976
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Contract assets
|
$
|
297,630
|
|
|
$
|
215,849
|
|
Contract liabilities
|
12,815
|
|
|
15,125
|
|
||
Contract assets, net
|
$
|
284,815
|
|
|
$
|
200,724
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||||||
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
||||
Verizon Communications Inc.
|
$
|
390.3
|
|
|
39.6%
|
|
$
|
298.4
|
|
|
36.2%
|
CenturyLink, Inc.
|
$
|
152.7
|
|
|
15.5%
|
|
$
|
147.2
|
|
|
17.9%
|
Comcast Corporation
|
$
|
131.1
|
|
|
13.3%
|
|
$
|
127.2
|
|
|
15.4%
|
AT&T Inc.
|
$
|
114.3
|
|
|
11.6%
|
|
$
|
90.6
|
|
|
11.0%
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Prepaid expenses
|
$
|
20,045
|
|
|
$
|
12,758
|
|
Deposits and other current assets
|
14,137
|
|
|
14,762
|
|
||
Insurance recoveries/receivables for accrued insurance claims
|
2,100
|
|
|
—
|
|
||
Restricted cash
|
1,556
|
|
|
1,556
|
|
||
Receivables on equipment sales
|
404
|
|
|
69
|
|
||
Total other current assets
|
$
|
38,242
|
|
|
$
|
29,145
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Long-term contract assets
|
$
|
28,368
|
|
|
$
|
30,399
|
|
Deferred financing costs
|
8,534
|
|
|
9,036
|
|
||
Restricted cash
|
3,753
|
|
|
4,253
|
|
||
Insurance recoveries/receivables for accrued insurance claims
|
5,007
|
|
|
13,684
|
|
||
Long-term accounts receivable, net
|
—
|
|
|
24,815
|
|
||
Other non-current deposits and assets
|
7,122
|
|
|
7,251
|
|
||
Total other assets
|
$
|
52,784
|
|
|
$
|
89,438
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Cash and equivalents
|
$
|
33,579
|
|
|
$
|
128,342
|
|
Restricted cash included in:
|
|
|
|
||||
Other current assets
|
1,556
|
|
|
1,556
|
|
||
Other assets (long-term)
|
3,753
|
|
|
4,253
|
|
||
Total cash and equivalents and restricted cash
|
$
|
38,888
|
|
|
$
|
134,151
|
|
|
Estimated Useful Lives (Years)
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Land
|
—
|
|
$
|
4,024
|
|
|
$
|
4,359
|
|
Buildings
|
10-35
|
|
12,725
|
|
|
13,555
|
|
||
Leasehold improvements
|
1-10
|
|
16,694
|
|
|
16,185
|
|
||
Vehicles
|
1-5
|
|
606,576
|
|
|
589,741
|
|
||
Computer hardware and software
|
1-7
|
|
145,124
|
|
|
140,327
|
|
||
Office furniture and equipment
|
1-10
|
|
13,189
|
|
|
12,804
|
|
||
Equipment and machinery
|
1-10
|
|
302,708
|
|
|
296,408
|
|
||
Total
|
|
|
1,101,040
|
|
|
1,073,379
|
|
||
Less: accumulated depreciation
|
|
|
(671,730
|
)
|
|
(648,628
|
)
|
||
Property and equipment, net
|
|
|
$
|
429,310
|
|
|
$
|
424,751
|
|
|
|
April 27, 2019
|
||
Goodwill, gross
|
|
$
|
521,516
|
|
Accumulated impairment losses
|
|
(195,767
|
)
|
|
Total
|
|
$
|
325,749
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||||||||||||||||||||
|
Weighted Average Remaining Useful Lives (Years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, Net
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, Net
|
||||||||||||
Customer relationships
|
10.8
|
|
$
|
312,017
|
|
|
$
|
162,918
|
|
|
$
|
149,099
|
|
|
$
|
312,017
|
|
|
$
|
157,691
|
|
|
$
|
154,326
|
|
Trade names, finite
|
8.0
|
|
10,350
|
|
|
8,417
|
|
|
1,933
|
|
|
10,350
|
|
|
8,312
|
|
|
2,038
|
|
||||||
Trade name, indefinite
|
—
|
|
4,700
|
|
|
—
|
|
|
4,700
|
|
|
4,700
|
|
|
—
|
|
|
4,700
|
|
||||||
Non-compete agreements
|
1.3
|
|
200
|
|
|
149
|
|
|
51
|
|
|
200
|
|
|
139
|
|
|
61
|
|
||||||
|
|
|
$
|
327,267
|
|
|
$
|
171,484
|
|
|
$
|
155,783
|
|
|
$
|
327,267
|
|
|
$
|
166,142
|
|
|
$
|
161,125
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Accrued insurance claims - current
|
$
|
44,035
|
|
|
$
|
39,961
|
|
Accrued insurance claims - non-current
|
59,793
|
|
|
68,315
|
|
||
Total accrued insurance claims
|
$
|
103,828
|
|
|
$
|
108,276
|
|
|
|
|
|
||||
Insurance recoveries/receivables:
|
|
|
|
||||
Current (included in Other current assets)
|
$
|
2,100
|
|
|
$
|
—
|
|
Non-current (included in Other assets)
|
5,007
|
|
|
13,684
|
|
||
Total insurance recoveries/receivables
|
$
|
7,107
|
|
|
$
|
13,684
|
|
|
For the Three Months Ended
|
||
|
April 27, 2019
|
||
Lease cost under long-term operating leases
|
$
|
8,331
|
|
Lease cost under short-term operating leases
|
8,406
|
|
|
Variable lease cost under short-term and long-term operating leases
(1)
|
1,210
|
|
|
Total lease cost
|
$
|
17,947
|
|
|
April 27, 2019
|
|
Weighted average remaining lease term
|
3.4 years
|
|
Weighted average discount rate
|
5.3
|
%
|
|
For the Three Months Ended
|
||
|
April 27, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
$
|
8,189
|
|
Operating lease right-of-use assets obtained in exchange for operating lease liabilities:
|
$
|
5,513
|
|
Fiscal Year
|
|
Amount
|
||
Remainder of 2020
|
|
$
|
21,954
|
|
2021
|
|
23,394
|
|
|
2022
|
|
15,382
|
|
|
2023
|
|
7,678
|
|
|
2024
|
|
4,885
|
|
|
Thereafter
|
|
4,132
|
|
|
Total lease payments
|
|
77,425
|
|
|
Less: imputed interest
|
|
(7,904
|
)
|
|
Total
|
|
$
|
69,521
|
|
Fiscal Year
|
|
Amount
|
||
2020
|
|
$
|
28,415
|
|
2021
|
|
20,166
|
|
|
2022
|
|
12,919
|
|
|
2023
|
|
6,686
|
|
|
2024
|
|
4,342
|
|
|
Thereafter
|
|
3,675
|
|
|
Total
|
|
$
|
76,203
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Accrued payroll and related taxes
|
$
|
28,420
|
|
|
$
|
25,591
|
|
Accrued employee benefit and incentive plan costs
|
9,475
|
|
|
25,482
|
|
||
Accrued construction costs
|
51,439
|
|
|
36,449
|
|
||
Other current liabilities
|
20,056
|
|
|
16,552
|
|
||
Total other accrued liabilities
|
$
|
109,390
|
|
|
$
|
104,074
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Credit Agreement - Revolving facility (matures October 2023)
|
$
|
—
|
|
|
$
|
—
|
|
Credit Agreement - Term loan facility (matures October 2023)
|
450,000
|
|
|
450,000
|
|
||
0.75% convertible senior notes, net (mature September 2021)
|
428,626
|
|
|
423,199
|
|
||
|
878,626
|
|
|
873,199
|
|
||
Less: current portion
|
(11,250
|
)
|
|
(5,625
|
)
|
||
Long-term debt
|
$
|
867,376
|
|
|
$
|
867,574
|
|
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
|
0.20% - 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 27, 2019
|
|
January 26, 2019
|
Borrowings - Term loan facilities
|
4.24%
|
|
4.25%
|
Borrowings - Revolving facility
(1)
|
—%
|
|
—%
|
Standby Letters of Credit
|
1.75%
|
|
1.75%
|
Unused Revolver Commitment
|
0.35%
|
|
0.35%
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Liability component
|
|
|
|
||||
Principal amount of 0.75% convertible senior notes due September 2021
|
$
|
485,000
|
|
|
$
|
485,000
|
|
Less: Debt discount
|
(50,863
|
)
|
|
(55,795
|
)
|
||
Less: Debt issuance costs
|
(5,511
|
)
|
|
(6,006
|
)
|
||
Net carrying amount of Notes
|
$
|
428,626
|
|
|
$
|
423,199
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Fair value of principal amount of Notes
|
$
|
463,175
|
|
|
$
|
467,104
|
|
Less: Debt discount and debt issuance costs
|
(56,374
|
)
|
|
(61,801
|
)
|
||
Fair value of Notes
|
$
|
406,801
|
|
|
$
|
405,303
|
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
Gain on sale of fixed assets
|
$
|
6,738
|
|
|
$
|
8,415
|
|
Discount fee expense
|
(1,298
|
)
|
|
(940
|
)
|
||
Miscellaneous income, net
|
258
|
|
|
236
|
|
||
Total other income, net
|
$
|
5,698
|
|
|
$
|
7,711
|
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
Stock-based compensation
|
$
|
3,479
|
|
|
$
|
4,863
|
|
Income tax effect of stock-based compensation
|
$
|
869
|
|
|
$
|
1,069
|
|
|
Stock Options
|
|||||
|
Shares
|
|
Weighted Average Exercise Price
|
|||
Outstanding as of January 26, 2019
|
583,291
|
|
|
$
|
34.24
|
|
Granted
|
39,276
|
|
|
$
|
45.94
|
|
Options exercised
|
(9,850
|
)
|
|
$
|
10.71
|
|
Canceled
|
—
|
|
|
$
|
—
|
|
Outstanding as of April 27, 2019
|
612,717
|
|
|
$
|
35.37
|
|
|
|
|
|
|||
Exercisable options as of April 27, 2019
|
510,220
|
|
|
$
|
27.86
|
|
|
Restricted Stock
|
||||||||||||
|
RSUs
|
|
Performance RSUs
|
||||||||||
|
Share Units
|
|
Weighted Average Grant Date Fair Value
|
|
Share Units
|
|
Weighted Average Grant Date Fair Value
|
||||||
Outstanding as of January 26, 2019
|
126,470
|
|
|
$
|
87.92
|
|
|
377,354
|
|
|
$
|
96.51
|
|
Granted
|
89,863
|
|
|
$
|
46.18
|
|
|
475,629
|
|
|
$
|
45.94
|
|
Share units vested
|
(13,356
|
)
|
|
$
|
95.27
|
|
|
(43,900
|
)
|
|
$
|
93.49
|
|
Forfeited or canceled
|
(123
|
)
|
|
$
|
81.85
|
|
|
(29,002
|
)
|
|
$
|
103.15
|
|
Outstanding as of April 27, 2019
|
202,854
|
|
|
$
|
68.95
|
|
|
780,081
|
|
|
$
|
65.60
|
|
|
For the Three Months Ended
|
||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||||||
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
||||
AT&T Inc.
|
$
|
209.3
|
|
|
25.1%
|
|
$
|
177.0
|
|
|
24.2%
|
Verizon Communications Inc.
|
179.8
|
|
|
21.6
|
|
122.1
|
|
|
16.7
|
||
Comcast Corporation
|
137.1
|
|
|
16.4
|
|
159.2
|
|
|
21.8
|
||
CenturyLink, Inc.
|
109.8
|
|
|
13.2
|
|
89.7
|
|
|
12.3
|
||
Total other customers combined
|
197.7
|
|
|
23.7
|
|
183.4
|
|
|
25.0
|
||
Total contract revenues
|
$
|
833.7
|
|
|
100.0%
|
|
$
|
731.4
|
|
|
100.0%
|
|
For the Three Months Ended
|
||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||||||
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
||||
Telecommunications
|
$
|
761.4
|
|
|
91.3%
|
|
$
|
667.2
|
|
|
91.2%
|
Underground facility locating
|
48.2
|
|
|
5.8
|
|
45.1
|
|
|
6.2
|
||
Electrical and gas utilities and other
|
24.1
|
|
|
2.9
|
|
19.1
|
|
|
2.6
|
||
Total contract revenues
|
$
|
833.7
|
|
|
100.0%
|
|
$
|
731.4
|
|
|
100.0%
|
|
For the Three Months Ended
|
||
|
April 27, 2019
|
|
April 28, 2018
|
AT&T Inc.
|
25.1%
|
|
24.2%
|
Verizon Communications Inc.
|
21.6%
|
|
16.7%
|
Comcast Corporation
|
16.4%
|
|
21.8%
|
CenturyLink, Inc.
|
13.2%
|
|
12.3%
|
Windstream Holdings, Inc.
|
4.1%
|
|
3.3%
|
Charter Communications, Inc.
|
2.6%
|
|
3.9%
|
|
For the Three Months Ended
|
||||
|
April 27, 2019
|
|
April 28, 2018
|
||
Multi-year master service agreements
|
61.9
|
%
|
|
62.3
|
%
|
Other long-term contracts
|
27.5
|
|
|
24.5
|
|
Total long-term contracts
|
89.4
|
%
|
|
86.8
|
%
|
|
For the Three Months Ended
|
||||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||||||||
Contract revenues
|
$
|
833.7
|
|
|
100.0
|
%
|
|
$
|
731.4
|
|
|
100.0
|
%
|
Expenses:
|
|
|
|
|
|
|
|
||||||
Costs of earned revenues, excluding depreciation and amortization
|
701.8
|
|
|
84.2
|
|
|
599.6
|
|
|
82.0
|
|
||
General and administrative
|
58.6
|
|
|
7.0
|
|
|
62.3
|
|
|
8.5
|
|
||
Depreciation and amortization
|
46.3
|
|
|
5.6
|
|
|
43.4
|
|
|
5.9
|
|
||
Total
|
806.7
|
|
|
96.8
|
|
|
705.2
|
|
|
96.4
|
|
||
Interest expense, net
|
(12.2
|
)
|
|
(1.5
|
)
|
|
(10.2
|
)
|
|
(1.4
|
)
|
||
Other income, net
|
5.7
|
|
|
0.7
|
|
|
7.7
|
|
|
1.1
|
|
||
Income before income taxes
|
20.5
|
|
|
2.5
|
|
|
23.7
|
|
|
3.2
|
|
||
Provision for income taxes
|
6.2
|
|
|
0.7
|
|
|
6.5
|
|
|
0.9
|
|
||
Net income
|
$
|
14.3
|
|
|
1.7
|
%
|
|
$
|
17.2
|
|
|
2.4
|
%
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
Income tax provision
|
$
|
6.2
|
|
|
$
|
6.5
|
|
Effective income tax rate
|
30.3
|
%
|
|
27.3
|
%
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
Net income
|
$
|
14,279
|
|
|
$
|
17,231
|
|
Interest expense, net
|
12,233
|
|
|
10,166
|
|
||
Provision for income taxes
|
6,199
|
|
|
6,478
|
|
||
Depreciation and amortization
|
46,341
|
|
|
43,355
|
|
||
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”)
|
79,052
|
|
|
77,230
|
|
||
Gain on sale of fixed assets
|
(6,738
|
)
|
|
(8,415
|
)
|
||
Stock-based compensation expense
|
3,479
|
|
|
4,863
|
|
||
Recovery of previously reserved accounts receivable and contract assets
|
(10,345
|
)
|
|
—
|
|
||
Charge for warranty costs
|
8,200
|
|
|
—
|
|
||
Non-GAAP Adjusted EBITDA
|
$
|
73,648
|
|
|
$
|
73,678
|
|
|
For the Three Months Ended
|
||||||
|
April 27, 2019
|
|
April 28, 2018
|
||||
Net cash flows:
|
|
|
|
||||
(Used in) provided by operating activities
|
$
|
(56.1
|
)
|
|
$
|
24.6
|
|
Used in investing activities
|
$
|
(38.4
|
)
|
|
$
|
(45.8
|
)
|
Used in financing activities
|
$
|
(0.7
|
)
|
|
$
|
(4.8
|
)
|
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
|
0.20% - 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 27, 2019
|
|
January 26, 2019
|
Borrowings - Term loan facilities
|
4.24%
|
|
4.25%
|
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
|
11,250
|
|
|
50,625
|
|
|
388,125
|
|
|
—
|
|
|
450,000
|
|
|||||
Fixed interest payments on long-term debt
(1)
|
3,638
|
|
|
5,456
|
|
|
—
|
|
|
—
|
|
|
9,094
|
|
|||||
Obligations under long-term operating leases
(2)
|
24,316
|
|
|
38,917
|
|
|
12,297
|
|
|
4,075
|
|
|
79,605
|
|
|||||
Obligations under short-term operating leases
(3)
|
966
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
966
|
|
|||||
Employment agreements
|
15,852
|
|
|
8,681
|
|
|
27
|
|
|
—
|
|
|
24,560
|
|
|||||
Purchase and other contractual obligations
(4)
|
29,666
|
|
|
5,567
|
|
|
—
|
|
|
—
|
|
|
35,233
|
|
|||||
Total
|
$
|
85,688
|
|
|
$
|
594,246
|
|
|
$
|
400,449
|
|
|
$
|
4,075
|
|
|
$
|
1,084,458
|
|
|
April 27, 2019
|
|
January 26, 2019
|
||||
Principal amount of Notes
|
$
|
485,000
|
|
|
$
|
485,000
|
|
Less: Debt discount and debt issuance costs
|
(56,374
|
)
|
|
(61,801
|
)
|
||
Net carrying amount of Notes
|
$
|
428,626
|
|
|
$
|
423,199
|
|
|
|
|
|
||||
Fair value of principal amount of Notes
|
$
|
463,175
|
|
|
$
|
467,104
|
|
Less: Debt discount and debt issuance costs
|
(56,374
|
)
|
|
(61,801
|
)
|
||
Fair value of Notes
|
$
|
406,801
|
|
|
$
|
405,303
|
|
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 27, 2019 - February 23, 2019
|
|
19
(2)
|
|
$
|
61.66
|
|
|
—
|
|
(3)
|
February 24, 2019 - March 23, 2019
|
|
636
(2)
|
|
$
|
45.77
|
|
|
—
|
|
(3)
|
March 24, 2019 - April 27, 2019
|
|
17,631
(2)
|
|
$
|
45.94
|
|
|
—
|
|
(3)
|
|
|
|
DYCOM INDUSTRIES, INC.
|
|
|
|
|
Registrant
|
|
|
|
|
|
|
Date:
|
May 22, 2019
|
|
/s/ Steven E. Nielsen
|
|
|
|
|
Name:
Title: |
Steven E. Nielsen
President and Chief Executive Officer |
|
|
|
|
|
Date:
|
May 22, 2019
|
|
/s/ H. Andrew DeFerrari
|
|
|
|
|
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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