2023 Q1 Form 10-K Financial Statement

#000006721523000011 Filed on March 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2023 2022
Revenue $917.5M $3.809B $3.131B
YoY Change 20.48% 21.66% -2.15%
Cost Of Revenue $765.7M $3.160B $2.634B
YoY Change 16.6% 19.99% -0.31%
Gross Profit $151.8M $648.2M $496.6M
YoY Change 44.79% 30.52% -10.87%
Gross Profit Margin 16.55% 17.02% 15.86%
Selling, General & Admin $71.96M $293.5M $262.4M
YoY Change 12.81% 11.83% 1.01%
% of Gross Profit 47.4% 45.28% 52.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.75M $144.2M $152.7M
YoY Change -1.61% -5.55% -13.22%
% of Gross Profit 24.2% 22.24% 30.74%
Operating Expenses $108.7M $437.7M $415.1M
YoY Change 7.49% 5.44% -4.73%
Operating Profit $43.10M $210.5M $81.56M
YoY Change 1061.7% 158.15% -32.87%
Interest Expense -$11.56M -$40.62M -$33.17M
YoY Change 31.03% 22.47% 11.67%
% of Operating Profit -26.82% -19.29% -40.67%
Other Income/Expense, Net -$2.423M $10.20M $4.446M
YoY Change -1131.06% 129.44% -48.28%
Pretax Income $31.88M $180.1M $52.78M
YoY Change -746.19% 241.3% -10.88%
Income Tax $7.074M $37.91M $4.202M
% Of Pretax Income 22.19% 21.05% 7.96%
Net Earnings $24.81M $142.2M $48.57M
YoY Change 3024.56% 192.78% 41.46%
Net Earnings / Revenue 2.7% 3.73% 1.55%
Basic Earnings Per Share $0.84 $4.81 $1.60
Diluted Earnings Per Share $0.83 $4.74 $1.57
COMMON SHARES
Basic Shares Outstanding 29.36M shares 29.55M shares 30.34M shares
Diluted Shares Outstanding 30.00M shares 30.84M shares

Balance Sheet

Concept 2023 Q1 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.2M $224.2M $310.8M
YoY Change -27.86% -27.86% 2533.53%
Cash & Equivalents $224.2M $224.2M $310.8M
Short-Term Investments
Other Short-Term Assets $38.65M $38.65M $30.85M
YoY Change 25.17% 25.27% 6.38%
Inventory $115.0M $115.0M $81.29M
Prepaid Expenses $17.36M
Receivables $1.067B $1.079B $900.1M
Other Receivables $36.28M $33.07M
Total Short-Term Assets $1.493B $1.493B $1.356B
YoY Change 10.07% 10.07% 16.04%
LONG-TERM ASSETS
Property, Plant & Equipment $367.9M $435.1M $355.9M
YoY Change 24.78% 22.25% 5.58%
Goodwill $272.5M
YoY Change 0.02%
Intangibles $86.57M
YoY Change -14.99%
Long-Term Investments
YoY Change
Other Assets $26.37M $18.04M $17.86M
YoY Change -17.38% 0.99% -38.41%
Total Long-Term Assets $820.6M $820.6M $762.1M
YoY Change 7.67% 7.67% -1.74%
TOTAL ASSETS
Total Short-Term Assets $1.493B $1.493B $1.356B
Total Long-Term Assets $820.6M $820.6M $762.1M
Total Assets $2.313B $2.313B $2.118B
YoY Change 9.21% 9.21% 8.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $207.7M $207.7M $155.9M
YoY Change 33.25% 33.25% -1.95%
Accrued Expenses $209.9M $209.9M $189.7M
YoY Change 10.68% 10.68% 1.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.50M $17.50M $17.50M
YoY Change 0.0% 0.0% -78.58%
Total Short-Term Liabilities $469.6M $469.6M $381.8M
YoY Change 22.98% 22.98% -14.87%
LONG-TERM LIABILITIES
Long-Term Debt $807.4M $807.4M $823.3M
YoY Change -1.93% -1.93% 64.13%
Other Long-Term Liabilities $18.40M $107.4M $98.96M
YoY Change 29.57% 8.51% -26.81%
Total Long-Term Liabilities $825.8M $914.7M $922.2M
YoY Change -1.4% -0.81% 44.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $469.6M $469.6M $381.8M
Total Long-Term Liabilities $825.8M $914.7M $922.2M
Total Liabilities $1.444B $1.444B $1.360B
YoY Change 6.24% 6.24% 20.02%
SHAREHOLDERS EQUITY
Retained Earnings $855.1M
YoY Change 14.25%
Common Stock $15.44M
YoY Change 29.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $868.8M $868.8M $758.5M
YoY Change
Total Liabilities & Shareholders Equity $2.313B $2.313B $2.118B
YoY Change 9.21% 9.21% 8.95%

Cashflow Statement

Concept 2023 Q1 2023 2022
OPERATING ACTIVITIES
Net Income $24.81M $142.2M $48.57M
YoY Change 3024.56% 192.78% 41.46%
Depreciation, Depletion And Amortization $36.75M $144.2M $152.7M
YoY Change -1.61% -5.55% -13.22%
Cash From Operating Activities $246.2M $164.8M $308.7M
YoY Change 69.19% -46.61% -19.15%
INVESTING ACTIVITIES
Capital Expenditures $65.18M $201.0M $157.0M
YoY Change -249.61% 27.96% 170.54%
Acquisitions $350.0K $0.00
YoY Change
Other Investing Activities $2.536M $17.02M $0.00
YoY Change 1751.09%
Cash From Investing Activities -$62.64M -$183.9M -$151.7M
YoY Change 44.24% 21.26% 239.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $48.73M $106.1M
YoY Change -54.08% 6.13%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.70M -$67.43M $142.0M
YoY Change -55.13% -147.48% -137.04%
NET CHANGE
Cash From Operating Activities 246.2M $164.8M $308.7M
Cash From Investing Activities -62.64M -$183.9M -$151.7M
Cash From Financing Activities -24.70M -$67.43M $142.0M
Net Change In Cash 158.9M -$86.57M $299.0M
YoY Change 237.68% -128.95% -745.83%
FREE CASH FLOW
Cash From Operating Activities $246.2M $164.8M $308.7M
Capital Expenditures $65.18M $201.0M $157.0M
Free Cash Flow $181.1M -$36.17M $151.6M
YoY Change -4.25% -123.85% -53.17%

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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 2023 and fiscal 2022 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.
CY2023 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 2023 and fiscal 2022 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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CY2022Q1 us-gaap Accounts Receivable Net
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q1 us-gaap Contract With Customer Asset Gross
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CY2022Q1 us-gaap Contract With Customer Asset Gross
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CY2023Q1 us-gaap Contract With Customer Liability
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CY2022Q1 us-gaap Contract With Customer Liability
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CY2022Q1 us-gaap Contract With Customer Asset Net
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Lessor Operating Lease Lease Not Yet Commenced Assumption And Judgment Value Of Underlying Asset Amount
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CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2023Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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CY2022Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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CY2023Q1 dy Convertible Debt Closing Price Determination Value
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CY2023Q1 us-gaap Share Price
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CY2023Q1 dy Purchase Of Warrants
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Goodwill Impairment Loss
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2023 dy Effective Income Tax Rate Reconciliation Changein Accrual For Uncertain Tax Positions
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CY2022 dy Effective Income Tax Rate Reconciliation Changein Accrual For Uncertain Tax Positions
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CY2021 dy Effective Income Tax Rate Reconciliation Changein Accrual For Uncertain Tax Positions
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CY2023 dy Effective Income Tax Rate Reconciliation Compensation Limitation Amount
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CY2022 dy Effective Income Tax Rate Reconciliation Compensation Limitation Amount
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CY2021 dy Effective Income Tax Rate Reconciliation Compensation Limitation Amount
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CY2023 dy Effective Income Tax Rate Reconciliation Tax Credit Prior Periods Amount
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CY2022 dy Effective Income Tax Rate Reconciliation Tax Credit Prior Periods Amount
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CY2021 dy Effective Income Tax Rate Reconciliation Tax Credit Prior Periods Amount
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CY2023 us-gaap Income Tax Reconciliation Tax Credits
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CY2022 us-gaap Income Tax Reconciliation Tax Credits
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CY2021 us-gaap Income Tax Reconciliation Tax Credits
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CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2023 dy Effective Tax Reconciliation Deferred Tax Remeasurements
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NetIncomeLoss
898000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
18165000 usd
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
28717000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
794000 usd
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.60
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.95
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.59
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.94
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2023 dei Auditor Name
AuditorName
PricewaterhouseCoopers LLP
CY2023 dei Auditor Location
AuditorLocation
Hallandale Beach, Florida

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