DYCOM INDUSTRIES INC
For the period ended Jan 27, 2024. Filed Mar 1, 2024.
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FY2024 · Filed Mar 1, 2024
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Item 6. Selected Financial Data
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 2024, fiscal 2023, and fiscal 2022 each consisted of 52 weeks of operations. Fiscal 2025 will consist of 52 weeks of operations. The following selected financial data is derived from the audited consolidated financial statements for the applicable fiscal year.
The selected financial data below should be read in conjunction with our consolidated financial statements and accompanying notes, and with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report on Form 10-K. The results of operations of businesses acquired are included in the following selected financial data from their dates of acquisition (dollars in thousands, except per share amounts):
| Fiscal Year Ended | |||||
|---|---|---|---|---|---|
| January 27, 2024 | January 28, 2023 | January 29, 2022(1) | January 30, 2021(2) | January 25, 2020(3) | |
| Operating Data: | |||||
| Revenues | $4,175,574 | $3,808,462 | $3,130,519 | $3,199,165 | $3,339,682 |
| Net income | $218,923 | $142,213 | $48,574 | $34,337 | $57,215 |
| Earnings Per Common Share: | |||||
| Basic | $7.46 | $4.81 | $1.60 | $1.08 | $1.82 |
| Diluted | $7.37 | $4.74 | $1.57 | $1.07 | $1.80 |
| Balance Sheet Data (at end of period): | |||||
| Total assets | $2,516,885 | $2,313,254 | $2,118,224 | $1,944,165 | $2,217,631 |
| Long-term liabilities | $955,925 | $974,948 | $977,884 | $684,367 | $1,026,002 |
| Stockholders’ equity(4) | $1,054,656 | $868,755 | $758,544 | $811,308 | $868,604 |
(1)During fiscal 2022, we issued $500 million aggregate principal amount of 4.50% senior notes due 2029 (the “2029 Notes”). The 2029 Notes are guaranteed on a senior unsecured basis, jointly and severally, by all of our domestic subsidiaries that guarantee the Credit Agreement. The balance of $58.3 million under the 2021 Convertible Notes was repaid in full on September 15, 2021.
(2)During the first quarter of fiscal 2021, we recognized a goodwill impairment charge of $53.3 million as the result of an interim impairment analysis.
(3)On February 25, 2019, Windstream filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. As of January 26, 2019, we had outstanding receivables and contract assets in aggregate of approximately $45.0 million. Against this amount, we recorded a non-cash charge of $17.2 million reflecting our evaluation of recoverability of these receivables and contract assets as of January 26, 2019. During the first quarter of fiscal 2020, we recovered $10.3 million of these previously reserved accounts receivable and contract assets. Windstream emerged from bankruptcy in September 2020.
(4) We did not repurchase any of our common stock during fiscal 2020. The following table summarizes our share repurchases during fiscal 2024, 2023, 2022, and 2021:
| Fiscal Year Ended | ||||
|---|---|---|---|---|
| January 27, 2024 | January 28, 2023 | January 29, 2022 | January 30, 2021 | |
| Shares | 485,000 | 514,030 | 1,231,638 | 1,324,381 |
| Amount paid (dollars in millions) | $49.7 | $48.7 | $106.1 | $100.0 |
| Average price per share | $102.39 | $94.80 | $86.17 | $75.51 |
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