First Quarter Highlights Contract revenues of $1.142 billion, an increase of 9.3% Non-GAAP Adjusted EBITDA of $130.9 million, or 11.5% of contract revenues Net Income of $62.6 million, or $2.12 per common share diluted Repurchased 210,000 common shares for $29.8 million during the quarter PALM BEACH GARDENS, Fla., May 22, 2024 (GLOBE NEWSWIRE) -- Dycom Industries, Inc. (NYSE:DY) announced today its results for the first quarter ended April 27, 2024. Contract revenues increased 9.3% to $1.142 billion for the quarter ended April 27, 2024, compared to $1.045 billion in the year ago quarter. Contract revenues increased 2.5% on an organic basis after excluding $71.2 million of contract revenues from acquired businesses that were not owned during the year ago quarter. Non-GAAP Adjusted EBITDA increased to $130.9 million, or 11.5% of contract revenues, for the quarter ended April 27, 2024, compared to $113.5 million, or 10.9% of contract revenues, in the year ago quarter. Net income increased to $62.6 million, or $2.12 per common share diluted, for the quarter ended April 27, 2024, compared to $51.5 million, or $1.73 per common share diluted, in the year ago quarter. Results for the quarter ended April 27, 2024 include income tax benefits resulting from the vesting and exercise of share-based awards of $5.9 million, or $0.20 per common share diluted, compared to $2.7 million, or $0.09 per common share diluted, in the year ago quarter. During the quarter ended April 27, 2024, the Company repurchased 210,000 shares of its own common stock in open market transactions for $29.8 million at an average price of $141.84 per share. Outlook For the quarter ending July 27, 2024, the Company expects organic contract revenues to grow by high-single digits as a percentage of contract revenues compared to the quarter ended July 29, 2023. In addition, the Company expects approximately $70 million of acquired contract revenues for the quarter ending July 27, 2024. Non-GAAP Adjusted EBITDA as a percentage of contract revenues for the quarter ending July 27, 2024 is expected to increase 25 to 75 basis points compared to the quarter ended July 29, 2023. 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 2025 first quarter results on Wednesday, May 22, 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/BI1c2e72a7bcd9487582598a90de01968e. 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/pyhc9s3t. 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 quarter ending 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 RelationsEmail: (561) 627-7171 ---Tables Follow---   DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) Unaudited           April 27, 2024   January 27, 2024 ASSETS       Current assets:       Cash and equivalents $ 26,139   $ 101,086 Accounts receivable, net   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 and other intangible assets, net   423,773     420,945 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