DYCOM INDUSTRIES INC

For the period ended Apr 27, 2024. Filed May 23, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Apr 27, 2024 · Filed May 23, 2024

DY$218.80-0.5%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

	April 27, 2024	January 27, 2024
ASSETS
Current assets:
Cash and equivalents	$26,139	$101,086
Accounts receivable, net (Note 6)	1,372,804	1,243,256
Contract assets	68,460	52,211
Inventories	103,952	108,565
Income tax receivable	—	2,665
Other current assets	55,466	42,253
Total current assets	1,626,821	1,550,036
Property and equipment, net	458,197	444,909
Operating lease right-of-use assets	80,477	76,348
Goodwill	315,308	311,991
Intangible assets, net	108,465	108,954
Other assets	22,340	24,647
Total assets	$2,611,608	$2,516,885
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$212,887	$222,121
Current portion of debt	17,500	17,500
Contract liabilities	57,466	39,122
Accrued insurance claims	51,608	44,466
Operating lease liabilities	32,855	32,015
Income taxes payable	11,378	3,861
Other accrued liabilities	129,860	147,219
Total current liabilities	513,554	506,304
Long-term debt	842,422	791,415
Accrued insurance claims - non-current	54,389	49,447
Operating lease liabilities - non-current	47,119	44,110
Deferred tax liabilities, net - non-current	51,715	49,562
Other liabilities	21,777	21,391
Total liabilities	1,530,976	1,462,229
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: 29,091,158 and 29,091,278 issued and outstanding, respectively	9,697	9,697
Additional paid-in capital	7,823	6,217
Accumulated other comprehensive loss	—	(1,547)
Retained earnings	1,063,112	1,040,289
Total stockholders’ equity	1,080,632	1,054,656
Total liabilities and stockholders’ equity	$2,611,608	$2,516,885
See notes to the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share amounts)

	For the Three Months Ended
	April 27, 2024	April 29, 2023
Contract revenues	$1,142,423	$1,045,474
Costs of earned revenues, excluding depreciation and amortization	921,636	853,366
General and administrative	94,555	82,357
Depreciation and amortization	45,205	37,271
Total	1,061,396	972,994
Interest expense, net	(12,834)	(11,372)
Other income, net	9,251	4,991
Income before income taxes	77,444	66,099
Provision for income taxes	14,890	14,576
Net income	$62,554	$51,523
Earnings per common share:
Basic earnings per common share	$2.15	$1.75
Diluted earnings per common share	$2.12	$1.73
Shares used in computing earnings per common share:
Basic	29,113,943	29,369,185
Diluted	29,551,709	29,782,251
See notes to the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	For the Three Months Ended
	April 27, 2024	April 29, 2023
Net income	$62,554	$51,523
Foreign currency translation gains, net of tax	—	225
Disposal of foreign entity	1,547	—
Comprehensive income	$64,101	$51,748
See notes to the condensed consolidated financial statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.