Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 28, 2024

DYCOM INDUSTRIES, INC.

(Exact name of Registrant as specified in its charter)

Florida

001-10613

59-1277135

(State or other jurisdiction of incorporation)

(Commission file number)

(I.R.S. employer identification no.)

11780 U.S. Highway One, Suite 600

Palm Beach Gardens,

33408

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (561) 627-7171

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, par value $0.33 1/3 per share

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On February 28, 2024, Dycom Industries, Inc. (the “Company”) issued a press release reporting fiscal 2024 fourth quarter results. The Company also provided forward guidance. Additionally, on February 28, 2024, the Company made available related materials to be discussed during the Company’s webcast and conference call referred to in such press release. A copy of the press release and related conference call materials are furnished as Exhibits 99.1, 99.2, and 99.3, respectively, to this Current Report on Form 8-K and are incorporated into Item 2.02 of this Current Report on Form 8-K by reference.

The information in the preceding paragraphs, as well as Exhibits 99.1, 99.2, and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933 (the “Securities Act”) if such subsequent filing specifically references this Current Report on Form 8-K.

Forward Looking Statements

This Current Report on Form 8-K, including the press release and related slide presentation and Non-GAAP reconciliations that are furnished as exhibits to this Current Report on Form 8-K, contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements are subject to change. Forward-looking statements are based on management’s current expectations, estimates and projections. These statements are subject to risks and uncertainties that may cause actual results for completed periods and periods in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. The most significant of these risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov. The Company does not undertake any obligation to update forward-looking statements.

Item 9.01 Financial Statement and Exhibits.

(d)Exhibits


99.1			Press release dated February 28, 2024 by Dycom Industries, Inc. reporting fiscal 2024 fourth quarter results.
99.2			Slide presentation relating to the webcast and conference call to be held on February 28, 2024.
99.3			Reconciliation of Non-GAAP financial measures included in slide presentation.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: February 28, 2024


DYCOM INDUSTRIES, INC. (Registrant)
By:			/s/ Ryan F. Urness
Name:			Ryan F. Urness
Title:			Vice President, General Counsel and Corporate Secretary

Exhibit 99.1


			NEWS RELEASE
			February 28, 2024

DYCOM INDUSTRIES, INC. ANNOUNCES FISCAL 2024 FOURTH QUARTER AND ANNUAL RESULTS

Fourth Quarter Highlights

•Contract revenues of $952.5 million

•Non-GAAP Adjusted EBITDA of $93.7 million, or 9.8% of contract revenues

•Net Income of $23.4 million, or $0.79 per common share diluted

Palm Beach Gardens, Florida, February 28, 2024 - Dycom Industries, Inc. (NYSE: DY) announced today its results for the fourth quarter ended January 27, 2024. Contract revenues increased 3.8% to $952.5 million for the quarter ended January 27, 2024, compared to $917.5 million in the year ago quarter. Contract revenues decreased 2.5% on an organic basis after excluding $57.5 million of contract revenues from an acquired business that was not owned during the year ago quarter.

Non-GAAP Adjusted EBITDA increased to $93.7 million, or 9.8% of contract revenues, for the quarter ended January 27, 2024, compared to $83.1 million, or 9.1% of contract revenues, in the year ago quarter. Net income was $23.4 million, or $0.79 per common share diluted, for the quarter ended January 27, 2024, compared to $24.8 million, or $0.83 per common share diluted, in the year ago quarter.

During the quarter ended January 27, 2024, the Company repurchased 260,000 shares of its own common stock in open market transactions for $29.4 million at an average price of $112.93 per share.

Annual Highlights

Contract revenues increased 9.6% to $4.176 billion for the fiscal year ended January 27, 2024, compared to $3.808 billion for the prior year. Contract revenues increased 6.9% on an organic basis after excluding $102.7 million of contract revenues from an acquired business that was not owned during the prior year.

Non-GAAP Adjusted EBITDA increased to $504.8 million, or 12.1% of contract revenues, for the fiscal year ended January 27, 2024, compared to $366.1 million, or 9.6% of contract revenues, for the prior year. Net income increased to $218.9 million, or $7.37 per common share diluted, for the fiscal year ended January 27, 2024, compared to $142.2 million, or $4.74 per common share diluted, for the prior year.

During the fiscal year ended January 27, 2024, the Company purchased 485,000 shares of its own common stock in open market

transactions for $49.7 million at an average price of $102.39 per share.

Outlook

The Company expects organic contract revenues for the quarter ending April 27, 2024 to range from in-line to slightly lower as a percentage of contract revenues compared to the quarter ended April 29, 2023. In addition, the Company expects approximately $60 million of acquired contract revenues for the quarter ending April 27, 2024. Non-GAAP Adjusted EBITDA as a percentage of contract revenues for the quarter ending April 27, 2024 is expected to increase 25 to 75 basis points compared to the quarter ended April 29, 2023. Looking ahead to the quarter ending July 27, 2024, the Company expects organic revenue growth to resume. 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.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, the Company may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures in the press release tables that follow.

Conference Call Information and Other Selected Data

The Company will host a conference call to discuss fiscal 2024 fourth quarter results on Wednesday, February 28, 2024 at 9:00 a.m. Eastern time. Interested parties may participate in the question and answer session of the conference call by registering at https://register.vevent.com/register/BI04716039406d48de96d1eaa577c7a3ee. Upon registration, participants will receive a dial-in number and unique PIN to access the call. Participants are encouraged to join approximately ten minutes prior to the scheduled start time.

For all other attendees, a live listen-only audio webcast of the call, including an accompanying slide presentation, can be accessed directly at https://edge.media-server.com/mmc/p/7zpg8iau. A replay of the live webcast and the related materials will be available on the Company's Investor Center website at https://dycomind.com/investors for approximately 120 days following the event.

About Dycom Industries, Inc.

Dycom is a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.

Forward Looking Information

This press release contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the outlook for the quarters ending April 27, 2024 and July 27, 2024, including, but not limited to, those statements found under the “Outlook” section of this press release. Forward-looking statements are based on management’s expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this press release. The most significant of these known risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements.

For more information, contact:

Callie Tomasso, Vice President Investor Relations

Email: investorrelations@dycomind.com

Phone: (561) 627-7171

---Tables Follow---


DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Unaudited

	January 27, 2024		January 28, 2023
ASSETS
Current assets:
Cash and equivalents	$	101,086	$	224,186
Accounts receivable, net	1,243,256		1,067,013
Contract assets	52,211		43,932
Inventories	108,565		114,972
Income tax receivable	2,665		3,929
Other current assets	42,253		38,648
Total current assets	1,550,036		1,492,680

Property and equipment, net	444,909		367,852
Operating lease right-of-use assets	76,348		67,240
Goodwill and other intangible assets, net	420,945		359,111
Other assets	24,647		26,371
Total assets	$	2,516,885	$	2,313,254

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	222,121	$	207,739
Current portion of debt	17,500		17,500
Contract liabilities	39,122		19,512
Accrued insurance claims	44,466		41,043
Operating lease liabilities	32,015		27,527
Income taxes payable	3,861		14,896
Other accrued liabilities	147,219		141,334
Total current liabilities	506,304		469,551

Long-term debt	791,415		807,367
Accrued insurance claims - non-current	49,447		49,347
Operating lease liabilities - non-current	44,110		39,628
Deferred tax liabilities, net - non-current	49,562		60,205
Other liabilities	21,391		18,401
Total liabilities	1,462,229		1,444,499

Total stockholders’ equity	1,054,656		868,755
Total liabilities and stockholders’ equity	$	2,516,885	$	2,313,254


DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share amounts)
Unaudited

	Quarter		Quarter		Fiscal Year		Fiscal Year
	Ended		Ended		Ended		Ended
	January 27, 2024		January 28, 2023		January 27, 2024		January 28, 2023
Contract revenues	$	952,455	$	917,466	$	4,175,574	$	3,808,462

Costs of earned revenues, excluding depreciation and amortization	791,378		765,658		3,361,815		3,160,264
General and administrative1	72,975		71,964		327,674		293,478
Depreciation and amortization	45,306		36,745		163,092		144,181
Total	909,659		874,367		3,852,581		3,597,923

Interest expense, net	(15,002)		(11,561)		(52,603)		(40,618)

Other income, net	3,981		345		21,609		10,201
Income before income taxes	31,775		31,883		291,999		180,122

Provision for income taxes2	8,357		7,074		73,076		37,909

Net income	$	23,418	$	24,809	$	218,923	$	142,213

Earnings per common share:

Basic earnings per common share	$	0.80	$	0.84	$	7.46	$	4.81

Diluted earnings per common share	$	0.79	$	0.83	$	7.37	$	4.74

Shares used in computing earnings per common share:

Basic	29,300,031		29,516,443		29,333,054		29,549,990

Diluted	29,713,204		29,964,593		29,698,926		29,996,591


DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES
(Dollars in thousands)
Unaudited

CONTRACT REVENUES, NON-GAAP ORGANIC CONTRACT REVENUES, AND GROWTH (DECLINE) %

	Quarter			Quarter		Fiscal Year			Fiscal Year
	Ended			Ended		Ended			Ended
	January 27, 2024			January 28, 2023		January 27, 2024			January 28, 2023
Contract Revenues - GAAP	$	952,455		$	917,466	$	4,175,574		$	3,808,462
Contract Revenues - GAAP Growth %	3.8		%			9.6		%

Contract Revenues - GAAP	$	952,455		$	917,466	$	4,175,574		$	3,808,462
Revenues from an acquired business3	(57,468)			—		(102,692)			—
Non-GAAP Organic Contract Revenues	$	894,987		$	917,466	$	4,072,882		$	3,808,462
Non-GAAP Organic Contract Revenues (Decline) Growth %	(2.5)		%			6.9		%


NET INCOME AND NON-GAAP ADJUSTED EBITDA

	Quarter			Quarter			Fiscal Year			Fiscal Year
	Ended			Ended			Ended			Ended
	January 27, 2024			January 28, 2023			January 27, 2024			January 28, 2023
Reconciliation of net income to Non-GAAP Adjusted EBITDA:
Net income	$	23,418		$	24,809		$	218,923		$	142,213
Interest expense, net	15,002			11,561			52,603			40,618
Provision for income taxes	8,357			7,074			73,076			37,909
Depreciation and amortization	45,306			36,745			163,092			144,181
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")	92,083			80,189			507,694			364,921
Gain on sale of fixed assets	(4,618)			(2,768)			(28,348)			(16,759)
Stock-based compensation expense	6,217			5,654			25,457			17,927
Non-GAAP Adjusted EBITDA	$	93,682		$	83,075		$	504,803		$	366,089
Non-GAAP Adjusted EBITDA % of contract revenues	9.8		%	9.1		%	12.1		%	9.6		%

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)

Explanation of Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, it may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes that the presentation of certain Non-GAAP financial measures in these materials provides information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non-GAAP financial measures used as follows:

•Non-GAAP Organic Contract Revenues - contract revenues from businesses that are included for the entire period in both the current and prior year periods, excluding contract revenues from storm restoration services. Non-GAAP Organic Contract Revenue change percentage is calculated as the change in Non-GAAP Organic Contract Revenues from the comparable prior year period divided by the comparable prior year period Non-GAAP Organic Contract Revenues. Management believes Non-GAAP Organic Contract Revenues is a helpful measure for comparing the Company’s revenue performance with prior periods.

•Non-GAAP Adjusted EBITDA - net income before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items. Management believes Non-GAAP Adjusted EBITDA is a helpful measure for comparing the Company’s operating performance with prior periods as well as with the performance of other companies with different capital structures or tax rates.

Notes

1 Includes stock-based compensation expense of $6.2 million and $5.7 million for the quarters ended January 27, 2024 and January 28, 2023, respectively, and $25.5 million and $17.9 million for the fiscal years ended January 27, 2024 and January 28, 2023, respectively.

2 Net income for the fiscal year ended January 27, 2024 includes income tax benefits of $2.9 million related to the vesting and exercise of share-based awards. Net income for the fiscal year ended January 28, 2023 includes income tax benefits of $7.6 million related to the vesting and exercise of share-based awards, credits related to tax filings for prior years, and other incremental tax benefits.

3 Amounts represent contract revenues from an acquired business that was not owned for the full period in both the current and comparable prior periods.

Q4 Fiscal 2024 Results February 28, 2024

• Q4 2024 Overview • Industry Update • Financial & Operational Highlights • Outlook • Closing Remarks • Q&A 2 Participants and Agenda Steven E. Nielsen President and Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel

Important Information Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the outlook for the quarters ending April 27, 2024 and July 27, 2024, including, but not limited to, those statements found under the “Outlook” section of this presentation. Forward-looking statements are based on management’s expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this presentation. The most significant of these known risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include future economic conditions and trends including the potential impacts of an inflationary economic environment, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the impact to the Company’s backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, the adequacy of our liquidity, the availability of financing to address our financial needs, the Company’s ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company’s credit agreement, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements. Non-GAAP Financial Measures This presentation includes certain “Non-GAAP” financial measures as defined by Regulation G of the SEC. As required by the SEC, an explanation of the Non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP financial measures are provided in the Company’s Form 8-K filed with the SEC on February 28, 2024 and on the Company’s Investor Center website at https://dycomind.com/investors. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. 3

Q4 2024 Overview Contract Revenues • Contract revenues of $952.5 million increased 3.8% year over year; On an organic basis, contract revenues decreased 2.5% year over year after excluding $57.5 million of contract revenues from an acquired business Operating Performance • Non-GAAP Adjusted EBITDA of $93.7 million, or 9.8% of contract revenues increased from $83.1 million, or 9.1% in the prior year quarter • Diluted earnings per common share of $0.79 Liquidity • Strong operating cash flow of $325.1 million during Q4 2024 • Robust liquidity of $703.6 million Capital Allocation • Repurchased 260,000 common shares for $29.4 million 4 Contract Revenues Diluted EPS Non-GAAP Adjusted EBITDA and % of Contract Revenues

Industry Update The effort to deploy high-capacity fiber networks continues to meaningfully broaden the set of opportunities for our industry • Major industry participants are constructing or upgrading significant wireline networks across broad sections of the country • High-capacity fiber networks are increasingly viewed as the most cost-effective technology, enabling multiple revenue streams from a single investment • Fiber network deployment opportunities are increasing in rural America; federal and state support programs for the construction of communications networks in unserved and underserved areas across the country are unprecedented and meaningfully increase the rural market that we expect will ultimately be addressed Stabilizing macroeconomic conditions may influence the execution of some industry plans. The market for labor has improved in many regions and automotive and equipment supply chains are improving as well. For several customers, we expect the pace of deployments to increase this year, including two significant customers whose capital expenditures were more heavily weighted toward the first half of calendar 2023. We are encouraged that despite winter seasonality, revenue from these two customers increased from Q3 2024 to Q4 2024 and we expect this trend to continue. Overall, we are encouraged by improving financial markets with long-term interest rates substantially lower than six months ago and expect these lower rates, if sustained, to support future industry investment. Our scale and financial strength position us well to take advantage of these opportunities to deliver valuable services to our customers, including integrated planning, engineering and design, procurement and construction and maintenance services 5

Contract Revenues 6 Q4 2024 Organic Growth (Decline): Total Customers Top 5 Customers1 All Other Customers3 (2.5)% (13.0)% 17.8% Lumen Charter 48.9% 124.3% Fiber construction revenue from electric utilities was $83.7 million in Q4 2024 Top 5 customer concentration reduced to 58.6% in Q4 2024 compared to 65.8% in Q4 2023 Top 5 Customers1 - Percentage of Total Contract Revenues Non-GAAP Organic Growth (Decline)%2

Backlog, Awards and Employees 7 Customer Description of Services Area Term (in years) Frontier Construction & Maintenance FL 4 Brightspeed Construction & Maintenance KS, OH, PA, NJ, VA, TN, NC 3 Various Rural Fiber Deployments WA, MO, LA, MS, MI, IN, OH, KY, NC, SC 1 Various Utility Line Locating CA, NJ, MD, VA, DC 1-3 Backlog4 $ Billions Selected Q4 2024 Awards and Extensions: Employee Headcount

Financial Highlights 8 Contract Revenues Non-GAAP Adjusted EBITDA Diluted EPS • Contract revenues of $952.5 million increased 3.8% year-over-year • Organic revenues decreased 2.5% year-over-year after excluding $57.5 million of contract revenues from an acquired business • Non-GAAP Adjusted EBITDA increased to $93.7 million, or 9.8% of contract revenues • Diluted earnings per common share of $0.79 9.1% 9.8% Non-GAAP Adjusted EBITDA % of Contract Revenues

Debt and Liquidity Overview Debt maturity profile and liquidity provide financial flexibility 9 • Robust liquidity of $703.6 million at Q4 2024 • Capital allocation prioritizes organic growth, followed by M&A and opportunistic share repurchases, within the context of the Company’s historical range of net leverage Debt Summary Q3 2024 Q4 2024 $ Millions 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility, matures April 2026:5 Term Loan Facility 319.4 315.0 Revolving Facility 154.0 - Total Notional Amount of Debt $ 973.4 $ 815.0 Less: Cash and Equivalents 15.7 101.1 Notional Net Debt 957.7 713.9 Liquidity6 $ 464.1 $ 703.6

Cash Flow Overview 10 Operating Cash Flow • Strong operating cash flows of $325.1 million during Q4 2024 and $259.0 million for fiscal 2024 • Days Sales Outstanding (“DSO”)7 were 120 days, a decrease of 1 day sequentially • Capital expenditures, net of $183.3 million for fiscal 2024; Capital expenditures, net for fiscal 2025 anticipated at $220 - $230 million • Repurchased 260,000 common shares for $29.4 million during Q4 2024 Cash Flow Summary Q4 2023 Q4 2024 $ Millions Operating cash flow $ 246.2 $ 325.1 Capital expenditures, net of disposals $ (62.3) $ (52.7) Repayments on Senior Credit Facility $ (4.4) $ (158.4) Repurchase of common stock $ (20.2) $ (29.4) Other financing and investing activities, net $ (0.5) $ 0.7

AMORTIZATION EXPENSE $5.5 million INTEREST EXPENSE, NET $13.2 million EFFECTIVE INCOME TAX RATE Approximately 26.0% DILUTED SHARES 29.5 million Outlook for Quarter Ending April 27, 2024 (Q1 2025) CONTRACT REVENUES Organic contract revenues expected to range from in-line to slightly lower as a percentage of contract revenues compared to Q1 2024 In addition, we expect approximately $60 million of acquired revenues in Q1 2025 NON-GAAP ADJUSTED EBITDA % OF CONTRACT REVENUES Increases 25 to 75 basis points as compared to Q1 2024 11 Q1 2025 Outlook: As we look ahead to the quarter ending July 27, 2024, we expect organic revenue growth to resume Additional Commentary:

Closing Remarks We maintain significant customer presence throughout our markets and are encouraged by the increasing breadth in our business Our extensive market presence has allowed us to be at the forefront of evolving industry opportunities • Telephone companies are deploying FTTH to enable gigabit high speed connections and rural electric utilities are doing the same • Dramatically increased speeds for consumers are being provisioned and consumer data usage is growing, particularly upstream • Wireless construction activity in support of newly available spectrum bands continues this year • Federal and state support for rural deployments of communications networks is dramatically increasing in scale and duration • Cable operators are increasing fiber deployments in rural America; capacity expansion projects are underway • Customers are consolidating supply chains creating opportunities for market share growth and increasing the long-term value of our maintenance and operations business We are pleased that many of our customers are committed to multi-year capital spending initiatives as our nation and industry experience improved economic conditions 12

Notes 1. Top 5 customers included Lumen, AT&T, Comcast, Charter, and Verizon for Q4 2024, compared to AT&T, Lumen, Comcast, Frontier, and Verizon for Q4 2023. 2. Organic growth (decline) % from businesses that are included for the entire period in both the current and comparable prior period, adjusted for contract revenues from storm restoration services, and for the additional week of operations during the fourth quarter as a result of the Company’s 52/53 week fiscal year, when applicable. 3. Q4 2024 percentage of contract revenues for customers #6 through #10 included in All Other Customers are presented in the following table: 4. The Company’s backlog represents an estimate of services to be performed pursuant to master service agreements and other contractual agreements over the terms of those contracts. These estimates are based on contract terms and evaluations regarding the timing of the services to be provided. In the case of master service agreements, backlog is estimated based on the work performed in the preceding 12-month period, when available. When estimating backlog for newly initiated master service agreements and other long and short-term contracts, the Company also considers the anticipated scope of the contract and information received from the customer during the procurement process. A significant majority of the Company’s backlog comprises services under master service agreements and other long-term contracts. Backlog is not a measure defined by United States generally accepted accounting principles (“GAAP”) and should be considered in addition to, but not as a substitute for, information provided in accordance with GAAP. Participants in the Company’s industry also disclose a calculation of their backlog; however, the Company’s methodology for determining backlog may not be comparable to the methodologies used by others. Dycom utilizes the calculation of backlog to assist in measuring aggregate awards under existing contractual relationships with its customers. The Company believes its backlog disclosures will assist investors in better understanding this estimate of the services to be performed pursuant to awards by its customers under existing contractual relationships. 5. As of both Q3 2024 and Q4 2024, the Company had $47.5 million of standby letters of credit outstanding under the Senior Credit Facility. 6. Liquidity represents the sum of availability from the Company’s Senior Credit Facility, considering net funded debt balances, and available cash and equivalents. For calculation of availability under the Senior Credit Facility, applicable cash and equivalents are netted against the funded debt amount. 7. DSO is calculated as the summation of current and non-current accounts receivable (including unbilled receivables), net of allowance for doubtful accounts, plus current contract assets, less contract liabilities, divided by average revenue per day during the respective quarter. Long-term contract assets are excluded from the calculation of DSO, as these amounts represent payments made to customers pursuant to long-term agreements and are recognized as a reduction of contract revenues over the period for which the related services are provided to the customers. 13 Customer #6 Brightspeed Frontier Ubiquity Windstream 5.9% 4.7% 3.8% 2.8% 2.0%

Exhibit 99.3

Explanation of Non-GAAP Financial Measures

•Notional Net Debt - Notional net debt is a Non-GAAP financial measure that is calculated by subtracting cash and equivalents from the aggregate face amount of outstanding debt. Management believes notional net debt is a helpful measure to assess the Company’s liquidity.


Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Non-GAAP Organic Contract Revenues
Unaudited
(Dollars in millions)

	Contract Revenues - GAAP		Revenues from an acquired business1		Revenues from storm restoration services		Non-GAAP - Organic Revenues			Growth (Decline) %
Quarter Ended									GAAP - %			Non-GAAP - Organic %
January 27, 2024	$	952.5	$	(57.5)	$	—	$	895.0		3.8	%		(2.5)	%
January 28, 2023	$	917.5	$	—	$	—	$	917.5

October 28, 2023	$	1,136.1	$	(45.2)	$	—	$	1,090.9		9.0	%		4.6	%
October 29, 2022	$	1,042.4	$	—	$	—	$	1,042.4

July 29, 2023	$	1,041.5	$	—	$	—	$	1,041.5		7.1	%		7.1	%
July 30, 2022	$	972.3	$	—	$	—	$	972.3

April 29, 2023	$	1,045.5	$	—	$	—	$	1,045.5		19.3	%		19.3	%
April 30, 2022	$	876.3	$	—	$	—	$	876.3

January 28, 2023	$	917.5	$	—	$	—	$	917.5		20.5	%		20.5	%
January 29, 2022	$	761.5	$	—	$	—	$	761.5

October 29, 2022	$	1,042.4	$	—	$	—	$	1,042.4		22.1	%		22.1	%
October 30, 2021	$	854.0	$	—	$	—	$	854.0

July 30, 2022	$	972.3	$	—	$	—	$	972.3		23.5	%		23.5	%
July 31, 2021	$	787.6	$	—	$	—	$	787.6

April 30, 2022	$	876.3	$	—	$	—	$	876.3		20.5	%		21.1	%
May 1, 2021	$	727.5	$	—	$	(3.9)	$	723.6

Note: Amounts above may not add due to rounding.


Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Non-GAAP Organic Contract Revenues - Certain Customers
Unaudited
(Dollars in millions)

	Contract Revenues - GAAP		Revenues from acquired businesses1			Non-GAAP - Organic Revenues		Growth (Decline) %
Quarter Ended					GAAP - %			Non-GAAP - Organic %

















Charter Communications
January 27, 2024	$	70.3	$	(33.3)		$	36.9	326.6	%	124.3	%
January 28, 2023	$	16.5	$	—		$	16.5










Top 5 Customers2
January 27, 2024	$	558.6	$	(33.3)		$	525.2	(7.4)	%	(13.0)	%
January 28, 2023	$	603.5	$	—		$	603.5

All Other Customers (excluding Top 5 Customers)
January 27, 2024	$	393.9	$	(24.1)		$	369.8	25.5	%	17.8	%
January 28, 2023	$	314.0	$	—		$	314.0

Note: Amounts above may not add due to rounding.


Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Non-GAAP Adjusted EBITDA
Unaudited
(Dollars in thousands)

	Quarter Ended
	January 27, 2024			January 28, 2023
Net income	$	23,418		$	24,809
Interest expense, net	15,002			11,561
Provision for income taxes	8,357			7,074
Depreciation and amortization	45,306			36,745
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")	92,083			80,189
Gain on sale of fixed assets	(4,618)			(2,768)
Stock-based compensation expense	6,217			5,654



Non-GAAP Adjusted EBITDA	$	93,682		$	83,075
Non-GAAP Adjusted EBITDA % of contract revenues	9.8		%	9.1		%

Note: Amounts above may not add due to rounding.

Notes to Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

1 Amount represents contract revenues from an acquired business that was not owned for the full period in both the current and comparable prior periods.

2 Top 5 Customers included Lumen, AT&T, Comcast, Charter, and Verizon for the quarter ended January 27, 2024 and AT&T, Lumen, Comcast, Frontier, and Verizon for the quarter ended January 28, 2023.

Document and Entity Information Document	Feb. 28, 2024
Document and Entity Information [Abstract]
Title of 12(b) Security	Common stock, par value $0.33 1/3 per share
Entity Central Index Key	0000067215
Entity Incorporation, State or Country Code	FL
Entity Registrant Name	DYCOM INDUSTRIES, INC.
Document Type	8-K
Document Period End Date	Feb. 28, 2024
City Area Code	561
Local Phone Number	627-7171
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity File Number	001-10613
Entity Tax Identification Number	59-1277135
Entity Address, Address Line One	11780 U.S. Highway One, Suite 600
Entity Address, City or Town	Palm Beach Gardens,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33408
Amendment Flag	false
Trading Symbol	DY
Security Exchange Name	NYSE