Dycom(DY)2025-02-26 12:03Revenue Performance - Contract revenues increased 13.9% to $1.085 billion for the fourth quarter ended January 25, 2025, compared to $952.5 million in the prior year quarter[3]. - For the fiscal year ended January 25, 2025, contract revenues increased 12.6% to $4.702 billion, compared to $4.176 billion in the prior year[7]. - Contract revenues for the quarter ended January 25, 2025, were $1,084,526, representing a 13.9% increase compared to $952,455 for the same quarter last year[24]. - Non-GAAP Organic Contract Revenues for the quarter were $1,023,031, reflecting a growth of 7.4% from $952,455 in the prior year[24]. - The company recognized $67.9 million of storm restoration revenues in the fourth quarter of fiscal 2025, compared to none in the prior year quarter[3]. - For fiscal 2026, the company expects total contract revenues to increase by 10% to 13% compared to fiscal 2025[11]. Profitability Metrics - Non-GAAP Adjusted EBITDA rose to $116.4 million, or 10.7% of contract revenues, up from $93.7 million, or 9.8% of contract revenues, in the prior year quarter[4]. - Non-GAAP Adjusted EBITDA for the quarter was $116,376, which is 10.7% of contract revenues, compared to 9.8% in the previous year[25]. - Net income for the fourth quarter was $32.7 million, or $1.11 per diluted share, compared to $23.4 million, or $0.79 per diluted share, in the prior year quarter[4]. - Net income for the quarter was $32,670, up from $23,418 in the same quarter last year, marking a significant increase[25]. - Non-GAAP Adjusted Net Income for the fiscal year was $248.7 million, or $8.44 per diluted share, compared to $201.4 million, or $6.78 per diluted share, in the prior year[9]. - Total adjustments for Non-GAAP Adjusted Net Income amounted to $1,861 for the quarter, leading to a Non-GAAP Adjusted Net Income of $34,531[26]. Cash Flow and Backlog - Operating cash flow for the fiscal year was $349.1 million, up 34.8%[6]. - Total backlog reached $7.760 billion as of January 25, 2025[6]. Shareholder Actions - The company repurchased 200,000 shares for $35.9 million at an average price of $179.27 per share during the fourth quarter[5]. - The company reported a total of 29,458,569 shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share for the quarter[26]. Expenses and Costs - The company incurred acquisition integration costs of approximately $4.2 million during the fiscal year[29]. - Stock-based compensation expense for Q1 2025 was $9.0 million, compared to $6.2 million for Q1 2024, and for the fiscal years, it was $40.3 million in 2025 versus $25.5 million in 2024[1]. - The company incurred costs of approximately $4.2 million related to the integration of a business acquired during the quarter ended October 26, 2024[1]. - Stock-based compensation modification expense related to the CEO succession plan was $2.1 million for Q1 2025 and $11.4 million for the fiscal year ended January 25, 2025[1]. Tax and Interest - Provision for income taxes included benefits from share-based awards of approximately $9.8 million for the fiscal year ended January 25, 2025, compared to $2.9 million for the fiscal year ended January 27, 2024[1]. - Interest expense, net for the quarter was $16,052, compared to $15,002 in the same quarter last year[25]. Future Outlook - The company expects continued growth in contract revenues and operational efficiency in the upcoming fiscal periods[28]. - The company recognized a loss on debt extinguishment of approximately $1.0 million related to the amendment of its credit agreement during the fiscal year ended January 25, 2025[1].