Dycom(DY) - 2025 Q2 - Quarterly Results

Revenue Performance - Contract revenues for Q2 2025 reached $1.203 billion, a 15.5% increase from $1.042 billion in Q2 2024[1] - Year-to-date contract revenues increased 12.4% to $2.345 billion compared to $2.087 billion for the same period last year[3] - Contract revenues for the quarter ended July 27, 2024, were $1,203,059, representing a growth of 15.5% compared to $1,041,535 for the quarter ended July 29, 2023[18] - Non-GAAP Organic Contract Revenues for the quarter ended July 27, 2024, were $1,137,146, reflecting a growth of 9.2% from $1,041,535 in the same quarter of the previous year[18] - The company expects total contract revenues for Q3 2025 to increase mid- to high single digits compared to $1.136 billion in Q3 2024, including approximately $75 million from acquired revenues[5] Profitability Metrics - Non-GAAP Adjusted EBITDA for Q2 2025 was $158.3 million, or 13.2% of contract revenues, up from $130.8 million, or 12.6% in Q2 2024[2] - Year-to-date Non-GAAP Adjusted EBITDA increased to $289.2 million, or 12.3% of contract revenues, compared to $244.3 million, or 11.7% in the prior year[3] - Non-GAAP Adjusted EBITDA for the quarter ended July 27, 2024, was $158,335, compared to $130,790 for the quarter ended July 29, 2023, representing an increase of 20.9%[19] - Non-GAAP Adjusted EBITDA as a percentage of contract revenues for the quarter ended July 27, 2024, was 13.2%, compared to 12.6% for the quarter ended July 29, 2023[19] - Non-GAAP Adjusted EBITDA as a percentage of contract revenues for Q3 2025 is expected to increase by approximately 25 to 50 basis points compared to 12.9% in Q3 2024[5] Net Income - Non-GAAP Adjusted Net Income for Q2 2025 was $72.5 million, or $2.46 per diluted share, compared to $60.2 million, or $2.03 per diluted share in Q2 2024[2] - GAAP net income for the six months ended July 27, 2024, was $131.0 million, or $4.44 per diluted share, compared to $111.8 million, or $3.76 per diluted share in the prior year[3] - Net income for the quarter ended July 27, 2024, was $68,400, an increase from $60,246 for the quarter ended July 29, 2023[19] - Non-GAAP Adjusted Net Income for the six months ended July 27, 2024, was $135,049, compared to $111,769 for the same period in the previous year[21] Stock and Debt Management - The company repurchased 210,000 shares of its common stock for $29.8 million at an average price of $141.84 per share[4] - The company amended its credit agreement to expand term loan capacity and extend maturity to January 2029[2] - The company recognized a loss on debt extinguishment of approximately $1.0 million during the quarter ended July 27, 2024, related to the amendment of its credit agreement[28] - Stock-based compensation expense for the quarter ended July 27, 2024, was $9.5 million, compared to $6.3 million for the quarter ended July 29, 2023[28] - The company expects to incur approximately $11.4 million of stock-based compensation modification expense through the current CEO's retirement date of November 30, 2024[28]