Dycom Industries (NYSE: DY) reported Q1 EPS of ($0.04), $0.10 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $726.1 million versus the consensus estimate of $752.53 million.

First Quarter Fiscal 2022 Highlights

• Contract revenues of $727.5 million for the quarter ended May 1, 2021, compared to $814.3 million for the quarter ended April 25, 2020. Contract revenues decreased 11.1% on an organic basis after excluding $3.9 million in contract revenues from storm restoration services for the quarter ended May 1, 2021.
• Non-GAAP Adjusted EBITDA of $44.1 million, or 6.1% of contract revenues, for the quarter ended May 1, 2021, compared to $69.9 million, or 8.6% of contract revenues, for the quarter ended April 25, 2020.
• On a GAAP basis, net income was $0.9 million, or $0.03 per common share diluted, for the quarter ended May 1, 2021, compared to net loss of $32.4 million, or a loss of $1.03 per common share, for the quarter ended April 25, 2020. Non-GAAP Adjusted Net Loss was $1.2 million, or a loss of $0.04 per common share, for the quarter ended May 1, 2021, compared to Non-GAAP Adjusted Net Income of $11.4 million, or $0.36 per Non-GAAP Adjusted Diluted Share, for the quarter ended April 25, 2020.
• The Company issued $500.0 million in aggregate principal amount of 4.50% senior notes due April 2029 (the "2029 Notes"), amended its senior credit facility to extend the maturity to April 2026 and resize capacity, and, with a portion of the net proceeds from the 2029 Notes offering and available cash, repaid $105.0 million of revolver borrowings and $71.9 million of term loan borrowings.
• The Company ended the quarter with cash and equivalents of $330.6 million, no outstanding borrowings on its revolving line of credit, $350.0 million of Term Loan outstanding, $58.3 million aggregate principal amount of 0.75% convertible senior notes due September 2021 (the "2021 Convertible Notes") outstanding, and $500.0 million aggregate principal amount of 2029 Notes outstanding.

Outlook

For the quarter ending July 31, 2021, the Company expects contract revenues to range from in-line to modestly lower and Non-GAAP Adjusted EBITDA as a percentage of contract revenues to decrease as compared to the quarter ended July 25, 2020. For additional information regarding the Company's outlook, please see the presentation materials available on the Company's website posted in connection with the conference call discussed below.

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