2022 Q1 Form 10-K Financial Statement

#000006721522000011 Filed on March 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q4
Revenue $761.5M $3.131B $854.0M
YoY Change 1.44% -2.15% 5.4%
Cost Of Revenue $656.6M $2.634B $705.9M
YoY Change 1.72% -0.31% 7.21%
Gross Profit $104.8M $496.6M $148.1M
YoY Change -0.34% -10.87% -2.5%
Gross Profit Margin 13.77% 15.86% 17.34%
Selling, General & Admin $63.79M $262.4M $66.90M
YoY Change -0.17% 1.01% 6.87%
% of Gross Profit 60.84% 52.84% 45.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.34M $152.7M $37.77M
YoY Change -14.35% -13.22% -10.75%
% of Gross Profit 35.62% 30.74% 25.5%
Operating Expenses $101.1M $415.1M $104.7M
YoY Change -5.92% -4.73% -0.22%
Operating Profit $3.710M $81.56M $43.44M
YoY Change -261.3% -32.87% -7.57%
Interest Expense -$8.823M -$33.17M -$9.132M
YoY Change 87.72% 11.67% 94.3%
% of Operating Profit -237.82% -40.67% -21.02%
Other Income/Expense, Net $235.0K $4.446M $564.0K
YoY Change -335.0% -48.28% -84.79%
Pretax Income -$4.934M $52.78M $34.88M
YoY Change -21.68% -10.88% -24.12%
Income Tax -$5.728M $4.202M $6.158M
% Of Pretax Income 7.96% 17.66%
Net Earnings $794.0K $48.57M $28.72M
YoY Change -118.9% 41.46% -15.35%
Net Earnings / Revenue 0.1% 1.55% 3.36%
Basic Earnings Per Share $0.03 $1.60 $0.95
Diluted Earnings Per Share $0.03 $1.57 $0.94
COMMON SHARES
Basic Shares Outstanding 29.61M shares 30.34M shares 30.17M shares
Diluted Shares Outstanding 30.84M shares 30.61M shares

Balance Sheet

Concept 2022 Q1 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $310.8M $310.8M $263.7M
YoY Change 2533.53% 2533.53% 2097.51%
Cash & Equivalents $310.8M $310.8M $263.7M
Short-Term Investments
Other Short-Term Assets $30.88M $30.85M $37.50M
YoY Change 6.21% 6.38% -2.51%
Inventory $81.29M $81.29M $69.88M
Prepaid Expenses $14.64M $22.30M
Receivables $895.9M $900.1M $959.7M
Other Receivables $25.00K $33.07M $18.00K
Total Short-Term Assets $1.356B $1.356B $1.449B
YoY Change 16.04% 16.04% 14.5%
LONG-TERM ASSETS
Property, Plant & Equipment $294.8M $355.9M $284.2M
YoY Change 7.61% 5.58% -1.4%
Goodwill $272.5M $272.5M
YoY Change 0.0% 0.0%
Intangibles $101.8M $105.9M
YoY Change -14.66% -14.96%
Long-Term Investments
YoY Change
Other Assets $31.92M $17.86M $31.10M
YoY Change -31.49% -38.41% -35.71%
Total Long-Term Assets $762.1M $762.1M $755.7M
YoY Change -1.73% -1.74% -5.49%
TOTAL ASSETS
Total Short-Term Assets $1.356B $1.356B $1.449B
Total Long-Term Assets $762.1M $762.1M $755.7M
Total Assets $2.118B $2.118B $2.205B
YoY Change 8.95% 8.95% 6.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $155.9M $155.9M $173.6M
YoY Change -1.93% -1.95% -5.49%
Accrued Expenses $189.7M $189.7M $192.5M
YoY Change 1.26% 1.26% 8.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.50M $17.50M $13.13M
YoY Change -78.59% -78.58% -83.2%
Total Short-Term Liabilities $381.8M $381.8M $393.2M
YoY Change -14.87% -14.87% -15.22%
LONG-TERM LIABILITIES
Long-Term Debt $823.3M $823.3M $827.2M
YoY Change 64.14% 64.13% 68.82%
Other Long-Term Liabilities $14.20M $98.96M $28.63M
YoY Change -46.55% -26.81% -18.99%
Total Long-Term Liabilities $837.5M $922.2M $855.9M
YoY Change 58.57% 44.82% 62.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $381.8M $381.8M $393.2M
Total Long-Term Liabilities $837.5M $922.2M $855.9M
Total Liabilities $1.360B $1.360B $1.394B
YoY Change 20.02% 20.02% 21.01%
SHAREHOLDERS EQUITY
Retained Earnings $748.4M $798.5M
YoY Change -6.52% -7.98%
Common Stock $11.90M $14.00M
YoY Change -4.72% -70.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $758.5M $758.5M $810.8M
YoY Change
Total Liabilities & Shareholders Equity $2.118B $2.118B $2.205B
YoY Change 8.95% 8.95% 6.76%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $794.0K $48.57M $28.72M
YoY Change -118.9% 41.46% -15.35%
Depreciation, Depletion And Amortization $37.34M $152.7M $37.77M
YoY Change -14.35% -13.22% -10.75%
Cash From Operating Activities $145.5M $308.7M $104.3M
YoY Change 42.13% -19.15% -6.79%
INVESTING ACTIVITIES
Capital Expenditures -$43.57M $157.0M -$45.13M
YoY Change 98.93% 170.54% 380.05%
Acquisitions $0.00
YoY Change
Other Investing Activities $137.0K $0.00 $991.0K
YoY Change -90.87% -83.2%
Cash From Investing Activities -$43.43M -$151.7M -$44.13M
YoY Change 113.93% 239.87% 1160.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $106.1M
YoY Change 6.13%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.06M $142.0M -58.42M
YoY Change -35.6% -137.04% -50.91%
NET CHANGE
Cash From Operating Activities 145.5M $308.7M 104.3M
Cash From Investing Activities -43.43M -$151.7M -44.13M
Cash From Financing Activities -55.06M $142.0M -58.42M
Net Change In Cash 47.06M $299.0M 1.754M
YoY Change -1484.0% -745.83% -116.55%
FREE CASH FLOW
Cash From Operating Activities $145.5M $308.7M $104.3M
Capital Expenditures -$43.57M $157.0M -$45.13M
Free Cash Flow $189.1M $151.6M $149.4M
YoY Change 52.14% -53.17% 23.19%

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Basis of Presentation<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dycom Industries, Inc. (“Dycom”, the “Company”, “we”, “our”, or “us”) is a leading provider of specialty contracting services throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. Dycom supplies the labor, tools, and equipment necessary to provide these services to its customers. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting Period. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our fiscal year ends on the last Saturday in January. As a result, each fiscal year consists of either 52 weeks or 53 weeks of operations (with the additional week of operations occurring in the fourth quarter). Fiscal 2022 and fiscal 2020 each consisted of 52 weeks of operations. Fiscal 2021 consisted of 53 weeks of operations. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements of the Company and its subsidiaries, all of which are wholly-owned, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of such statements have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions.</span></div>Segment Information. The Company operates in one reportable segment. Its services are provided by its operating segments on a decentralized basis. Each operating segment consists of a subsidiary (or in certain instances, the combination of two or more subsidiaries), whose results are regularly reviewed by the Company’s Chief Executive Officer, the chief operating decision maker. All of the Company’s operating segments have been aggregated into one reportable segment based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods.
CY2022 us-gaap Fiscal Period
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Accounting Period. Our fiscal year ends on the last Saturday in January. As a result, each fiscal year consists of either 52 weeks or 53 weeks of operations (with the additional week of operations occurring in the fourth quarter). Fiscal 2022 and fiscal 2020 each consisted of 52 weeks of operations. Fiscal 2021 consisted of 53 weeks of operations.
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. These key estimates include: the recognition of revenue under the cost-to-cost method of progress, accrued insurance claims, the allowance for doubtful accounts, accruals for contingencies, stock-based compensation expense for performance-based stock awards, the fair value of reporting units for the goodwill impairment analysis, the assessment of impairment of intangibles and other long lived assets, the purchase price allocations of businesses acquired, and income taxes. These estimates are based on our historical experience and management’s understanding of current facts and circumstances. At the time they are made, we believe that such estimates are fair when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates.</span>
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
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24539000 USD
CY2021Q1 us-gaap Contract With Customer Asset Gross
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197110000 USD
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18512000 USD
CY2021Q1 us-gaap Contract With Customer Liability
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14101000 USD
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6027000 USD
CY2021Q1 us-gaap Contract With Customer Asset Net
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183009000 USD
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CY2021Q1 us-gaap Prepaid Expense Current
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CY2021Q1 us-gaap Deposits Assets Current
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CY2021Q1 us-gaap Other Receivables Net Current
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34000 USD
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CY2021Q1 us-gaap Other Assets Current
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17574000 USD
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432000 USD
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432000 USD
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31918000 USD
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1372000 USD
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1372000 USD
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432000 USD
CY2021Q1 us-gaap Restricted Cash Noncurrent
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432000 USD
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312561000 USD
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13574000 USD
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273960000 USD
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20600000 USD
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21200000 USD
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13901000 USD
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13411000 USD
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11500000 USD
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CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y2M12D
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5381000 USD
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2274000 USD
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64872000 USD
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22972000 USD
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CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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518000 USD
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9261000 USD
CY2022 us-gaap Income Tax Expense Benefit
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4202000 USD
CY2022 us-gaap Income Tax Expense Benefit
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4202000 USD
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4202000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24880000 USD
CY2021 us-gaap Income Tax Expense Benefit
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24880000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24880000 USD
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21321000 USD
CY2020 us-gaap Income Tax Expense Benefit
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21321000 USD
CY2020 us-gaap Income Tax Expense Benefit
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21321000 USD
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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12436000 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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16495000 USD
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1422000 USD
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
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4282000 USD
CY2022 dy Effective Income Tax Rate Reconciliation Changein Accrual For Uncertain Tax Positions
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4493000 USD
CY2021 dy Effective Income Tax Rate Reconciliation Changein Accrual For Uncertain Tax Positions
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1189000 USD
CY2020 dy Effective Income Tax Rate Reconciliation Changein Accrual For Uncertain Tax Positions
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891000 USD
CY2022 dy Effective Income Tax Rate Reconciliation Compensation Limitation Amount
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1468000 USD
CY2021 dy Effective Income Tax Rate Reconciliation Compensation Limitation Amount
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2632000 USD
CY2020 dy Effective Income Tax Rate Reconciliation Compensation Limitation Amount
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82000 USD
CY2022 dy Effective Income Tax Rate Reconciliation Tax Credit Prior Periods Amount
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4609000 USD
CY2021 dy Effective Income Tax Rate Reconciliation Tax Credit Prior Periods Amount
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0 USD
CY2020 dy Effective Income Tax Rate Reconciliation Tax Credit Prior Periods Amount
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0 USD
CY2022 us-gaap Income Tax Reconciliation Tax Credits
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CY2021 us-gaap Income Tax Reconciliation Tax Credits
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3145000 USD
CY2020 us-gaap Income Tax Reconciliation Tax Credits
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2801000 USD
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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875000 USD
CY2022 dy Effective Tax Reconciliation Deferred Tax Remeasurements
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CY2021 dy Effective Tax Reconciliation Deferred Tax Remeasurements
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0 USD
CY2020 dy Effective Tax Reconciliation Deferred Tax Remeasurements
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0 USD
CY2022 dy Effective Income Tax Rate Reconciliation Effectsof Rates Other Than The Statutory Rate Amount
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71000 USD
CY2021 dy Effective Income Tax Rate Reconciliation Effectsof Rates Other Than The Statutory Rate Amount
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CY2020 dy Effective Income Tax Rate Reconciliation Effectsof Rates Other Than The Statutory Rate Amount
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Other
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808000 USD
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Other
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1351000 USD
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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722000 USD
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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