Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 24, 2024

DYCOM INDUSTRIES, INC.

(Exact name of Registrant as specified in its charter)

Florida

001-10613

59-1277135

(State or other jurisdiction of incorporation)

(Commission file number)

(I.R.S. employer identification no.)

11780 U.S. Highway One, Suite 600

Palm Beach Gardens,

33408

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (561) 627-7171

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, par value $0.33 1/3 per share

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure.

On May 24, 2024 Dycom Industries, Inc. (the “Company”) posted presentation materials under Events & Presentations on the Investor Center section of the Company’s website at https://dycomind.com/investors. Members of the Company’s management may use all or portions of these materials from time to time in meetings with or when making presentations to the investment community, current or potential stakeholders, and others. The presentation materials are furnished herewith as Exhibits 99.1 and 99.2 and will be available at https://dycomind.com/investors for approximately 90 days.

The information in the preceding paragraph, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933 if such subsequent filing specifically references this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.


(d)			Exhibits

99.1			Dycom Industries, Inc. Investor Presentation May 2024
99.2			Reconciliation of Non-GAAP financial measures included in investor presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 24, 2024


DYCOM INDUSTRIES, INC. (Registrant)
By:			/s/ Ryan F. Urness
Name:			Ryan F. Urness
Title:			Vice President, General Counsel and Corporate Secretary

May 2024

Important Information 2 Caution Concerning Forward-Looking Statements This presentation 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 July 27, 2024, including, but not limited to, those statements found under the “Outlook” section of this presentation. 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 presentation. 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 financial 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. Non-GAAP Financial Measures This presentation includes certain “Non-GAAP” financial measures as defined by Regulation G of the SEC. As required by the SEC, an explanation of the Non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP financial measures are provided in the Company’s Form 8-K filed with the SEC on May 24, 2024 and on the Company's Investor website at https://dycomind.com/investors. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results.

3 Nationwide footprint with 15,675+ employees across 560+ field offices throughout all 50 states Significant scale $4.2 Billion of contract revenues & $505 Million of Adjusted EBITDA in fiscal 2024 Durable customer relationships with well established, leading telecommunications providers that span decades; anchored by MSAs and other long-term contracts Leading provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the US Dycom Overview

Intensely Focused on Telecommunications Market 4 Program Management From the smallest town to the largest city, we manage telecommunications projects that connect America Engineering Our integrated engineering teams work hand-in-hand with construction and logistics teams throughout the full lifecycle of a project Wireline and Wireless Construction We complete wireline construction projects nationwide including outside plant, underground, aerial, splicing and activation as well as wireless construction including new site builds, upgrades, and small cell deployments Maintenance & Restoration We provide ongoing maintenance and service for telecommunication networks across the country, including emergency restoration services Locating Our locating services provide the skilled workforce necessary for excavators to start jobs right Fulfillment Dycom provides fulfillment services including complete in-home and drop installations, as well as repair and maintenance Dycom Industries, Inc. is a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States with 90% of contract revenues from telecommunications services in fiscal 2024

Fiscal 2024 Highlights 5 FY 2024 FY 2023 Y/Y Contract Revenues $4,176 $3,808 9.6% Organic Revenue Growth2 6.9% Adjusted EBITDA $505 $366 37.9% Adjusted EBITDA % 12.1% 9.6% Diluted EPS $7.37 $4.74 55.5% Operating Performance • Revenue growth and margin expansion • Total Backlog of $6.364 billion as of Q1 2025 Liquidity • Solid liquidity of $573.6 million as of Q1 2025 • Sound credit metrics and no near-term debt maturities Capital Allocation • Continued to invest in organic growth • Expanded geographic reach and customer relationships through M&A • Repurchased 485,000 shares for $49.7 million at an average price of $102.39 per share in fiscal 2024 $ Millions, Except EPS Financial Snapshot

Telecommunications Industry Overview 6 The effort to deploy high-capacity fiber networks continues to meaningfully broaden the set of opportunities for our industry • Major industry participants are constructing or upgrading significant wireline networks across broad sections of the country • High-capacity fiber networks are increasingly viewed as the most cost-effective technology, enabling multiple revenue streams from a single investment • We are encouraged that a number of our customers are pursuing strategic transactions aimed largely in part to increase access to capital and expand fiber deployment programs • Fiber network deployment opportunities are increasing in rural America; federal and state support programs for the construction of communications networks in unserved and underserved areas across the country are unprecedented and meaningfully increase the rural market that we expect will ultimately be addressed Our scale and financial strength position us well to take advantage of these opportunities to deliver valuable services to our customers, including integrated planning, engineering and design, procurement and construction and maintenance services Dycom’s extensive market presence and complete lifecycle services offering have allowed the Company to be at the forefront of evolving industry opportunities

0 50 100 150 Passings as of 2023 Homes Available - Urban and Suburban Homes Available - Urban, Suburban & Rural U .S . H o m e s w it h F ib e r P a ss in g s (a ) (i n M il li o n s) Telecommunications Industry Overview 7 Massive fiber investment presents significant opportunities for sustained growth • Increasing consumer demand for bandwidth continues to drive fiber deployments • Eventual fiber passings estimated to cover 75% to 80% of addressable homes; certain non-rural markets expected to have two or more service providers • Governmental investment adds approximately 30 million rural fiber passings previously not in reach (a) Total addressable fiber passings are based on an estimate of 140 million total U.S. households (FBA 2023) 140 110 70

Strong Secular Trend 8 Data usage and download/upload speeds continue to increase as consumer behavior moves to streaming, video conferencing, and connected devices - John Stratton, Executive Chairman of the Board Frontier Communications - May 2024 • The gigabit subscriber tier in 1Q24 reached 34% of all subscribers, increasing six percentage points year over year, and surpassing the previous high of 33% observed last quarter • The monthly weighted average data consumed by subscribers in 1Q24 was 606 GB, up 8% from 1Q23 ” “ Consumers increasingly see the value of a fiber broadband connection and the utility of a gig plus sort of in terms of what serves their household. 560.5 605.8 0 100 200 300 400 500 600 700 G ig a b yt e s 1Q 23 1Q 24 28% 34% 72% 66% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1Q 23 1Q 24 1+ Gbps < 1 Gbps

Key Driver: Fiber to the Home Deployments 9 Massive fiber investment continues • Analyst research indicates ~7 million homes were passed by network operators in 2023 and ~7.5M new passings are expected in 2024 • Fiber capex continues to increase as rural subsidized opportunities grow from both state and federally funded programs As we've stated before, the better than expected returns we're seeing on our fiber investment potentially expands the opportunity to go beyond our initial target by roughly 10 million to 15 million additional locations. This also assumes similar build parameters and a regulatory environment that remains attractive to building infrastructure. “ ” - John Stankey, CEO AT&T – April 2024 Source: Wells Fargo Equity Research, “DY: Outlook Remains Constructive as Fiber Sentiment Improves; Raising PT”, 25 February 2024 © Wells Fargo 2024

Key Driver: US Government Spending on Communications Infrastructure 10 BEAD Funding Allocations by State Source: NTIA Internet for All: State Allocation Totals Selected US Government Programs: Broadband, Equity, Access and Deployment (BEAD) Program Provides $42.5 billion to expand high-speed internet access to unserved and underserved rural America Approximately $6 billion, or 14% of the program total, has received initial proposal approval as of May 2024 Rural Digital Opportunity Fund (RDOF) Provides $20 billion for fixed broadband in unserved rural America American Rescue Plan Act of 2021 (ARPA) Capital Projects Fund provides $10 billion for broadband USDA ReConnect Program Provides grants and loans for broadband in rural areas

Key Driver: Wireless Deployments 11 Wireless construction activity in support of newly available spectrum continues this year • Wireless carriers are increasing 4G capacity and augmenting 4G with new 5G technologies creating growth opportunities in the near to intermediate term • Emerging wireless technologies driving significant wireline deployments • Wireline deployments are the foundational element of what is expected to be a decades long deployment of fully converged wireless/wireline networks that will enable high bandwidth, low latency 5G applications Recently, we passed 250 million POPs covered with C-Band, achieving our target almost a year ahead of plan. The pace and quality of our build-out is spectacular and, most importantly, our customers love the C-Band experience. In the first 76 markets where we rolled out C-Band, we see a higher premium mix and reduced churn. - Hans Vestberg, CEO Verizon – April 2024 ” “

Local Credibility, National Capability 12 Dycom combines local knowledge with national reach Operating Subsidiaries Corporate headquarters Subsidiary headquarters Branch location

Durable Customer Relationships 13 Increasing customer breadth and opportunity; well-established investment grade customers comprise a substantial portion of revenue

Anchored by Long-Term Agreements 14 FY 2024 Revenue by Contract Type • Dycom is party to hundreds of MSA’s and other agreements with customers that extend for periods of one or more years • Generally multiple agreements maintained with each customer • Master Service Agreements (MSA’s) are multi-year, multi-million dollar arrangements covering thousands of individual work orders generally with exclusive requirements; majority of contracts are based on units of delivery • Backlog of $6.364 billion as of Q1 2025 Backlog1

10+ Years of Robust Cash Flow Generation 15 Prudent approach to capital allocation: • $651 million invested in share repurchases • $375 million invested in business acquisitions • $1,411 million in CapEx, net of disposals Fiscal 2014 – Fiscal 2024 Strong operating cash flows of $2.201 billion over 10+ years Robust cash flow generation and prudent capital allocation provide strong foundation for returns

Firm and strengthening end market opportunities 16 Telephone companies are deploying FTTH to enable gigabit high speed connections and rural electric utilities are doing the same Dramatically increased speeds for consumers are being provisioned and consumer data usage is growing, particularly upstream Wireless construction activity in support of newly available spectrum bands continues this year Federal and state support for rural deployments of communications networks is dramatically increasing in scale and duration Cable operators are increasing fiber deployments in rural America; capacity expansion projects are underway Customers are consolidating supply chains creating opportunities for market share growth and increasing the long-term value of our maintenance and operations business Encouraged that industry participants are committed to multi-year capital spending initiatives

Financial Update

Annual Trends 18

Quarterly Trends 19

Debt and Liquidity Overview 20 • Solid liquidity of $573.6 million at Q1 2025 • Capital allocation prioritizes organic growth, followed by M&A and opportunistic share repurchases, within the context of the Company’s historical range of net leverage Proforma liquidity is $707 million as of Q1 2025 with the expansion of the capacity of Senior Credit Facility in May 2024 Debt maturity profile and liquidity provide financial flexibility Debt Summary Q4 2024 Q1 2025 $ Millions 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility, matures April 2026:4 Term Loan Facility 315.0 310.6 Revolving Facility - 55.0 Total Notional Amount of Debt $ 815.0 $ 865.6 Less: Cash and Equivalents 101.1 26.1 Notional Net Debt 713.9 839.5 Liquidity5 $ 703.6 $ 573.6

Cash Flow Overview 21 • Operating cash flow used to support sequential growth • Days Sales Outstanding (“DSO”)6 were 110 days, a reduction of 10 days sequentially • Capital expenditures, net of $29.3 million for Q1 2025 • In February 2024, acquired a telecommunications construction contractor based in the Midwest US • In May 2024, acquired a telecommunications construction contractor that expands our geographic footprint to Alaska • Repurchased 210,000 common shares for $29.8 million during Q1 2025 Cash Flow Summary Q1 2024 Q1 2025 $ Millions Operating cash flow $ (85.1) $ (37.4) Capital expenditures, net of proceeds from sale of assets $ (33.6) $ (29.3) Cash paid for acquisitions, net of cash acquired $ - $ (13.0) Borrowings (Repayments) on Senior Credit Facility $ (4.4) $ 50.6 Repurchase of common stock $ (20.3) $ (29.8) Other financing and investing activities, net $ (9.4) $ (16.2)

Capital Allocated to Maximize Returns Invest in Organic Growth Focus on organic growth opportunities through strategic capital investments in the business Pursue Complementary Acquisitions Selectively acquire businesses that further strengthen our customer relationships, geographic scope, and technical service offerings Acquired Bigham Cable Construction, Inc. in August 2023; the acquisition strengthens our customer base and geographic scope and expands our ability to further address growth opportunities in rural broadband deployments. In fiscal 2025, acquired telecommunications construction contractors expanding our geographic reach in the Midwest US and Alaska. Shares Repurchases Repurchased 27.7 million shares for approximately $994 million from fiscal 2002 through fiscal Q1 2025 As of Q1 2025, $90.9 million authorization available for share repurchases through February 2025 22 Dycom is committed to maximizing its long-term returns through prudent capital allocation

Committed to Sustainability 23 We believe that addressing sustainability risks and opportunities through our corporate strategy and operations allows us to best serve our stakeholders People Safety Environment Employees are our most important resource and are at the heart of everything we do. We strive every day to create the right environment for them to grow their skills, work collaboratively, and deliver our services at the highest quality to our customers. We strive to ensure the highest level of protection for our employees, customers, and the community in which we operate by fostering an instinctually safe culture. Working together, we strive to continually reduce our environmental impact by embracing advancements in sustainable technologies optimized by core business practices and a highly skilled workforce.

Questions and Answers

25 This slide was used on May 22, 2024 in connection with the Company’s conference call for its fiscal 2025 first quarter results. This information is provided for your reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date originally provided. Reference is made to slide 2 titled “Important Information” with respect to these slides. The information and statements contained in this slide that are forward- looking are based on information that was available at the time the slide was initially prepared and/or management’s good faith belief at that time with respect to future events. Except as required by law, the Company may not update forward-looking statements even though its situation may change in the future. For a full copy of the conference call materials, including the conference call transcript, see the Company’s Form 8-Ks filed with the Securities and Exchange Commission on May 22, 2024.

Notes 26 1. The Company’s backlog represents an estimate of services to be performed pursuant to master service agreements and other contractual agreements over the terms of those contracts. These estimates are based on contract terms and evaluations regarding the timing of the services to be provided. In the case of master service agreements, backlog is estimated based on the work performed in the preceding 12-month period, when available. When estimating backlog for newly initiated master service agreements and other long and short-term contracts, the Company also considers the anticipated scope of the contract and information received from the customer during the procurement process. A significant majority of the Company’s backlog comprises services under master service agreements and other long-term contracts. Backlog is not a measure defined by United States generally accepted accounting principles (“GAAP”) and should be considered in addition to, but not as a substitute for, information provided in accordance with GAAP. Participants in the Company’s industry also disclose a calculation of their backlog; however, the Company’s methodology for determining backlog may not be comparable to the methodologies used by others. Dycom utilizes the calculation of backlog to assist in measuring aggregate awards under existing contractual relationships with its customers. The Company believes its backlog disclosures will assist investors in better understanding this estimate of the services to be performed pursuant to awards by its customers under existing contractual relationships. 2. Organic growth (decline) % from businesses that were included for the entire period in both the current and comparable prior period, adjusted for contract revenues from storm restoration services, and for the additional week of operations during the fourth quarter as a result of the Company’s 52/53 week fiscal year, when applicable. 3. In fiscal 2022, the Company excluded certain tax impacts from the vesting and exercise of share-based awards when calculating Non-GAAP Adjusted Net Income. For comparability to other companies in the industry, the Company no longer excludes these tax impacts from its Non-GAAP measures beginning with the results for the first quarter of fiscal 2023. 4. As of both Q4 2024 and Q1 2025, the Company had $47.5 million of standby letters of credit outstanding under the Senior Credit Facility. 5. Liquidity represents the sum of availability from the Company’s Senior Credit Facility, considering net funded debt balances, and available cash and equivalents. For calculation of availability under the Senior Credit Facility, applicable cash and equivalents are netted against the funded debt amount. 6. DSO is calculated as the summation of current and non-current accounts receivable (including unbilled receivables), net of allowance for doubtful accounts, plus current contract assets, less contract liabilities, divided by average revenue per day during the respective quarter. Long-term contract assets are excluded from the calculation of DSO, as these amounts represent payments made to customers pursuant to long-term agreements and are recognized as a reduction of contract revenues over the period for which the related services are provided to the customers.

The People Connecting America ®

Exhibit 99.2

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, and adjusted for the additional week of operations during the fourth quarter as a result of the Company’s 52/53 week fiscal year, when applicable. 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 the non-cash amortization of the debt discount and the related tax impact, certain tax impacts resulting from vesting and exercise of share-based awards, and certain non-recurring items. 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.

•Notional Net Debt - Notional net debt is a Non-GAAP financial measure that is calculated by subtracting cash and equivalents from the aggregate face amount of outstanding debt. Management believes notional net debt is a helpful measure to assess the Company’s liquidity.

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:

•Non-cash amortization of debt discount on 2021 Convertible Notes - The Company’s 0.75% convertible senior notes due September 2021 (the “2021 Convertible Notes”) were allocated between debt and equity components. The difference between the principal amount and the carrying amount of the liability component of the 2021 Convertible Notes represented a debt discount. The debt discount was amortized over the term of the 2021 Convertible Notes but did not result in periodic cash interest payments. The Company excluded the non-cash amortization of the debt discount from its Non-GAAP financial measures because it believes it is useful to analyze the component of interest expense for the 2021 Convertible Notes that would be paid in cash. The exclusion of the non-cash amortization from the Company’s Non-GAAP financial measures provides management with a consistent measure for assessing financial results.

•Loss on debt extinguishment - During the first quarter of fiscal 2022, the Company recognized a loss on debt extinguishment of $0.1 million in connection with the amendment and restatement of its credit agreement. 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 the vesting and exercise of share-based awards - During fiscal 2022, the Company excluded certain tax impacts resulting from the vesting and exercise of share-based awards. For comparability to other companies in the industry, the Company no longer excludes these tax impacts from its Non-GAAP measures beginning with the results for the first quarter of fiscal 2023.

•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.


Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Quarterly Non-GAAP Organic Contract Revenues
Unaudited
$ Millions

	Contract Revenues - GAAP		Revenues from acquired businesses1			Non-GAAP - Organic Revenues		Growth (Decline) %
Quarter Ended					GAAP - %			Non-GAAP - Organic %
April 27, 2024 (Q1 2025)	$	1,142.4	$	(71.2)		$	1,071.2	9.3	%	2.5	%
April 29, 2023 (Q1 2024)	$	1,045.5	$	—		$	1,045.5

January 27, 2024 (Q4 2024)	$	952.5	$	(57.5)		$	895.0	3.8	%	(2.5)	%
January 28, 2023 (Q4 2023)	$	917.5	$	—		$	917.5

October 28, 2023 (Q3 2024)	$	1,136.1	$	(45.2)		$	1,090.9	9.0	%	4.6	%
October 29, 2022 (Q3 2023)	$	1,042.4	$	—		$	1,042.4

July 29, 2023 (Q2 2024)	$	1,041.5	$	—		$	1,041.5	7.1	%	7.1	%
July 30, 2022 (Q2 2023)	$	972.3	$	—		$	972.3

April 29, 2023 (Q1 2024)	$	1,045.5	$	—		$	1,045.5	19.3	%	19.3	%
April 30, 2022 (Q1 2023)	$	876.3	$	—		$	876.3

January 28, 2023 (Q4 2023)	$	917.5	$	—		$	917.5	20.5	%	20.5	%
January 29, 2022 (Q4 2022)	$	761.5	$	—		$	761.5

October 29, 2022 (Q3 2023)	$	1,042.4	$	—		$	1,042.4	22.1	%	22.1	%
October 30, 2021 (Q3 2022)	$	854.0	$	—		$	854.0

July 30, 2022 (Q2 2023)	$	972.3	$	—		$	972.3	23.5	%	23.5	%
July 31, 2021 (Q2 2022)	$	787.6	$	—		$	787.6

Note: Amounts above may not add due to rounding.


Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Annual Non-GAAP Organic Contract Revenues
Unaudited
$ Millions

	Contract Revenues - GAAP		Revenues from acquired businesses1		Revenues from storm restoration services		Additional week as a result of the Company’s 52/53 week fiscal year2		Non-GAAP - Organic Revenues			Growth (Decline) %
Four Quarters Ended											GAAP - %			Non-GAAP - Organic %




January 27, 2024 (FY2024)	$	4,175.6	$	(102.7)	$	—	$	—	$	4,072.9		9.6	%		6.9	%
January 28, 2023 (FY2023)	$	3,808.5	$	—	$	—	$	—	$	3,808.5

January 28, 2023 (FY2023)	$	3,808.5	$	—	$	—	$	—	$	3,808.5		21.7	%		21.8	%
January 29, 2022 (FY2022)	$	3,130.5	$	—	$	(3.9)	$	—	$	3,126.7

January 29, 2022 (FY2022)	$	3,130.5	$	—	$	(3.9)	$	—	$	3,126.7		(2.1)	%		(0.2)	%
January 30, 2021 (FY2021)	$	3,199.2	$	—	$	(14.6)	$	(53.2)	$	3,131.4

Note: Amounts above may not add due to rounding.

Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Quarterly Non-GAAP Adjusted EBITDA

Unaudited

$ Millions


	Quarter Ended
	7/30/22			10/29/22			1/28/23			4/29/23			7/29/23			10/28/23			1/27/24			4/27/24
	Q2-23			Q3-23			Q4-23			Q1-24			Q2-24			Q3-24			Q4-24			Q1-25
Net income	$	43.9		$	54.0		$	24.8		$	51.5		$	60.2		$	83.7		$	23.4		$	62.6
Interest expense, net	9.3			10.6			11.6			11.4			12.3			14.0			15.0			12.8
Provision for income taxes	15.0			15.1			7.1			14.6			21.5			28.6			8.4			14.9
Depreciation and amortization	35.3			35.5			36.7			37.3			38.0			42.5			45.3			45.2
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”)	103.5			115.2			80.2			114.7			132.0			168.8			92.1			135.5
Gain on sale of fixed assets	(3.5)			(5.1)			(2.8)			(7.8)			(7.6)			(8.4)			(4.6)			(12.4)
Stock-based compensation expense	4.6			4.5			5.7			6.6			6.3			6.3			6.2			7.8
Non-GAAP Adjusted EBITDA	$	104.7		$	114.6		$	83.1		$	113.5		$	130.8		$	166.8		$	93.7		$	130.9

Contract revenues	$	972.3		$	1,042.4		$	917.5		$	1,045.5		$	1,041.5		$	1,136.1		$	952.5		$	1,142.4
Non-GAAP Adjusted EBITDA % of contract revenues	10.8		%	11.0		%	9.1		%	10.9		%	12.6		%	14.7		%	9.8		%	11.5		%

Note: Amounts above may not add due to rounding.


Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Annual Non-GAAP Adjusted EBITDA
Unaudited
$ Millions

	Fiscal Year Ended
	1/29/22			1/28/23			1/27/24
	FY2022			FY2023			FY2024
Net income	$	48.6		$	142.2		$	218.9
Interest expense, net	33.2			40.6			52.6
Provision for income taxes	4.2			37.9			73.1
Depreciation and amortization	152.7			144.2			163.1
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”)	238.6			364.9			507.7
Gain on sale of fixed assets	(4.2)			(16.8)			(28.3)
Stock-based compensation expense	9.9			17.9			25.5
Loss on debt extinguishment3	0.1			—			—




Non-GAAP Adjusted EBITDA	$	244.3		$	366.1		$	504.8

Contract revenues	$	3,130.5		$	3,808.5		$	4,175.6
Non-GAAP Adjusted EBITDA % of contract revenues	7.8		%	9.6		%	12.1		%

Note: Amounts above may not add due to rounding.


Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Annual Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings Per Common Share
Unaudited
$ and Shares Millions, Except EPS

In fiscal 2022, the Company excluded certain tax impacts from the vesting and exercise of share-based awards when calculating Non-GAAP Adjusted Net Income. For comparability to other companies in the industry, the Company no longer excludes these tax impacts from its Non-GAAP measures beginning with the results for the first quarter of fiscal 2023.

	Fiscal Year Ended
	1/29/22		1/28/23		1/27/24
	FY2022		FY2023		FY2024
Net income	$	48.6	$	142.2	$	218.9
Adjustments:



Interest expense, net4	1.7		—		—
Loss on debt extinguishment3	0.1		—		—

Income before income taxes	1.7		—		—
Provision for income taxes5	3.4		—		—
Total adjustments, net of tax	(1.6)		—		—

Non-GAAP Adjusted Net Income	46.9		142.2		218.9

Diluted earnings per common share	$	1.57	$	4.74	$	7.37
Total adjustments, net of tax	(0.05)		—		—
Non-GAAP Adjusted Diluted Earnings per Common Share	$	1.52	$	4.74	$	7.37



Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share	30.8		30.0		29.7

Note: Amounts above may not add due to rounding.


Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Calculation of Cumulative Cash Flows Fiscal 2014 through Fiscal 2024
Unaudited
$ Millions



	Net Cash Provided by Operating Activities		Capital Expenditures, net of Proceeds from Assets Sales		Cash Paid for Acquisitions, net of Cash Acquired		Repurchases of Common Stock		Borrowings and Other Financing Activities6		Other Investing Activities7		Total Amount Provided by (Used in) Other Financing and Investing Activities
Fiscal 2024	$	259.0	$	(183.3)	$	(122.9)	$	(49.7)	$	(26.3)	$	—	$	(26.3)
Fiscal 2023	164.8		(183.6)		(0.4)		(48.7)		(18.7)		—		(18.7)
Fiscal 2022	308.7		(151.7)		—		(106.1)		248.1		—		248.1
Fiscal 2021	381.8		(44.6)		—		(100.0)		(283.4)		—		(283.4)
Fiscal 2020	58.0		(101.5)		—		—		(31.1)		0.3		(30.8)
Fiscal 2019	124.4		(142.0)		(20.9)		—		80.9		1.6		82.5
Six months ended January 27, 2018	160.5		(76.0)		—		(16.9)		(21.5)		(0.7)		(22.2)
Fiscal 2017	256.4		(185.2)		(24.2)		(62.9)		20.4		0.3		20.7
Fiscal 2016	261.5		(175.5)		(157.2)		(170.0)		254.1		(0.5)		253.6
Fiscal 2015	141.9		(93.6)		(31.9)		(87.1)		75.9		(4.5)		71.4
Fiscal 2014	84.2		(73.7)		(17.1)		(10.0)		19.0		(0.3)		18.7
Cumulative	$	2,201.2	$	(1,410.7)	$	(374.6)	$	(651.5)	$	317.6	$	(3.9)	$	313.6

Cash and cash equivalents at January 27, 2024							$	101.1
Cash and cash equivalents at July 27, 2013							18.6
Net increase in cash and cash equivalents							82.5
Net decrease in restricted cash8							(4.3)
Total increase in cash, cash equivalents, and restricted cash							$	78.1

Note: Amounts above may not add due to rounding.

Notes to Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

1 Amount represents contract revenues from acquired businesses that were not owned for the full period in both the current and comparable prior periods.

2 The Company has a 52/53 week fiscal year. All fiscal years presented contain 52 weeks except for the fiscal year ended January 30, 2021, which contained an additional week of operations.

The Non-GAAP adjustment for the additional week of operations for the quarter ended January 30, 2021 is calculated as (i) contract revenues less (ii) contract revenues from storm restoration services (iii) divided by 14 weeks.

3 During fiscal 2022, the Company recognized a loss on debt extinguishment of $0.1 million in connection with the amendment and restatement of its credit agreement.

4 Amount represents the non-cash amortization of the debt discount associated with the Company’s 2021 Convertible Notes.

5 Amount includes the tax related impact of all pre-tax adjustments. Additionally, during fiscal 2022 the Company excluded certain tax impacts from the vesting and exercise of share-based awards when calculating Non-GAAP Adjusted Net Income. For comparability to other companies in the industry, the Company no longer excludes these tax impacts from its Non-GAAP measures beginning with the results for the first quarter of fiscal 2023.

6 Other financing activities represents net cash provided by (used in) financing activities less repurchases of common stock.

7 Other investing activities represents net cash provided by (used in) investing activities less capital expenditure, net of proceeds from asset sales and less cash paid for acquisitions, net of cash acquired.

8 The Company adopted Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"), effective January 28, 2018. ASU 2016-18 requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Prior to the adoption of this guidance, changes in restricted cash were presented within cash flows in other investing activities.

Document and Entity Information Document	May 23, 2024
DEI [Abstract]
Title of 12(b) Security	Common stock, par value $0.33 1/3 per share
Entity Central Index Key	0000067215
Entity Incorporation, State or Country Code	FL
Entity File Number	001-10613
Entity Registrant Name	DYCOM INDUSTRIES, INC.
Document Type	8-K
Document Period End Date	May 24, 2024
Entity Tax Identification Number	59-1277135
Entity Address, Address Line One	11780 U.S. Highway One, Suite 600
Entity Address, City or Town	Palm Beach Gardens,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33408
City Area Code	561
Local Phone Number	627-7171
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Trading Symbol	DY
Security Exchange Name	NYSE