News Release

Dycom Industries, Inc. Announces Fiscal 2021 First Quarter Results
May 19, 2020
PDF Version

PALM BEACH GARDENS, Fla., May 19, 2020 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended April 25, 2020.

First Quarter Fiscal 2021 Highlights

  • Contract revenues of $814.3 million for the quarter ended April 25, 2020, compared to $833.7 million for the quarter ended April 27, 2019. Contract revenues for the quarter ended April 25, 2020 decreased 1.8% on an organic basis after excluding $4.7 million in contract revenues from storm restoration services for the quarter ended April 27, 2019.
  • Non-GAAP Adjusted EBITDA of $69.9 million, or 8.6% of contract revenues, for the quarter ended April 25, 2020, compared to $73.6 million, or 8.8% of contract revenues, for the quarter ended April 27, 2019.
  • On a GAAP basis, net loss was $32.4 million, or a loss of $1.03 per common share, for the quarter ended April 25, 2020, compared to net income of $14.3 million, or $0.45 per common share diluted, for the quarter ended April 27, 2019. Non‑GAAP Adjusted Net Income was $11.4 million, or $0.36 per Non-GAAP Adjusted Diluted Share, for the quarter ended April 25, 2020, compared to Non-GAAP Adjusted Net Income of $16.9 million, or $0.53 per common share diluted, for the quarter ended April 27, 2019.

    Net loss on a GAAP basis for the quarter ended April 25, 2020 includes a pre-tax goodwill impairment charge of $53.3 million for a reporting unit that generated revenue of less than 4% of Dycom's consolidated revenue and did not incur losses in fiscal 2020. This reporting unit generates a substantial portion of its revenue and operating results from installation services inside third party premises. In response to the impact of the COVID-19 pandemic, certain of the Company's customers have modified their protocols to increase the self-installation of customer premise equipment by their subscribers. This is expected to result in a downturn in customer demand for the Company's in-home installation services for the duration of the COVID-19 pandemic, and possibly longer.

    Net loss on a GAAP basis for the quarter ended April 25, 2020 also includes a pre-tax gain of approximately $12.5 million related to the purchase of $167.0 million of principal amount of the Company's 0.75% convertible senior notes due September 2021 (the "Notes") for $147.0 million.
  • As of April 25, 2020, the Company had cash and equivalents of approximately $643.9 million, borrowings on its revolving line of credit of $675.0 million, $438.8 million of term loans outstanding and $293.0 million principal amount of Notes outstanding. On May 5, 2020, the Company announced a tender offer to purchase any and all of its outstanding Notes. The Company expects to fund purchases of the Notes tendered in the tender offer with cash on hand.

COVID-19

During the COVID-19 pandemic, Dycom's services have generally been considered essential in nature and have not been materially interrupted. As the situation continues to evolve, the Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including how it impacts the Company's customers, subcontractors, suppliers, vendors and employees, in addition to how the COVID-19 pandemic impacts the Company's ability to provide services to its customers. The Company believes the ultimate impact of the COVID-19 pandemic on its operating results, cash flows and financial condition is likely to be determined by factors which are uncertain, unpredictable and outside of its control. Given the significant uncertainty related to the duration and scope of the impact of COVID-19, the Company is not providing detailed financial guidance for the quarter ending July 25, 2020 or subsequent quarters at this time.

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 2021 first quarter results on Tuesday, May 19, 2020 at 9:00 a.m. Eastern time. A live webcast of the conference call and related materials will be available on the Company's Investor Center website at https://ir.dycomind.com. Parties interested in participating via telephone should dial (844) 721-7239 (United States) or (409) 207-6953 (International) with the participant code 8819885 ten minutes before the conference call begins and ask for the "Dycom Results" conference call. For those who cannot participate at the scheduled time, a replay of the live webcast and the related materials will be available at https://ir.dycomind.com until Thursday, June 18, 2020.

About Dycom Industries, Inc.

Dycom is a leading provider of specialty contracting services throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. 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 as contemplated by the 1995 Private Securities Litigation Reform Act. 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 the projected impact of COVID-19 on the Company's business operating results, cash flows and/or financial condition and the impacts of the measures the Company has taken in response to COVID-19, business and economic conditions and trends in the telecommunications industry affecting the Company's customers, customer capital budgets and spending priorities, 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, preliminary purchase price allocations of acquired businesses, expected benefits and synergies of acquisitions, the future impact of any acquisitions or dispositions, adjustments and cancellations related to the Company's backlog, weather conditions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the 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 forward-looking statements.

The information included in this press release does not constitute an offer to purchase nor a solicitation of an offer to sell the Company's convertible notes. The Company filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the "SEC") on May 5, 2020 related to a tender offer for its outstanding convertible notes. The tender offer is being made only pursuant to such Offer to Purchase and other related materials filed with the SEC as part of the Schedule TO, in each case as may be amended or supplemented. The Tender Offer Statement (including an Offer to Purchase and other tender offer documents) contain important information, including the terms and conditions of the tender offer, that should be read carefully before any decision is made with respect to the tender offer. Those materials are available to holders of the Company's convertible notes at no expense upon request directed to the information agent for the tender offer, D.F. King & Co., Inc., by calling (866) 530-8635 (toll-free), (212) 269-5550 (collect) or by email at dycom@dfking.com. In addition, all of the materials (and all other tender offer documents filed with the SEC) are available at no charge on the SEC's website at www.sec.gov.

---Tables Follow---

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

Unaudited
       
 

April 25, 2020

  

January 25, 2020

ASSETS

      

Current assets:

      

Cash and equivalents

$

643,876

  

$

54,560

Accounts receivable, net

870,791

  

817,245

Contract assets

275,001

  

253,005

Inventories

92,622

  

98,324

Income tax receivable

—

  

3,168

Other current assets

48,585

  

31,991

Total current assets

1,930,875

  

1,258,293
       

Property and equipment, net

350,452

  

376,610

Operating lease right-of-use assets

71,680

  

69,596

Goodwill and other intangible assets, net

407,187

  

465,694

Other

52,670

  

47,438

Total non-current assets

881,989

  

959,338

Total assets

$

2,812,864

  

$

2,217,631
       

LIABILITIES AND STOCKHOLDERS' EQUITY

      

Current liabilities:

      

Accounts payable

$

194,417

  

$

119,612

Current portion of debt

22,500

  

22,500

Contract liabilities

24,566

  

16,332

Accrued insurance claims

41,977

  

38,881

Operating lease liabilities

29,392

  

26,581

Income taxes payable

8,694

  

344

Other accrued liabilities

106,748

  

98,775

Total current liabilities

428,294

  

323,025
       

Long-term debt

1,363,857

  

844,401

Accrued insurance claims - non-current

66,913

  

56,026

Operating lease liabilities - non-current

42,964

  

43,606

Deferred tax liabilities, net - non-current

66,041

  

75,527

Other liabilities

10,901

  

6,442

Total liabilities

1,978,970

  

1,349,027
       

Total stockholders' equity

833,894

  

868,604

Total liabilities and stockholders' equity

$

2,812,864

  

$

2,217,631
       

 

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share amounts)

Unaudited
       
 

Quarter

  

Quarter
 

Ended

  

Ended
 

April 25, 2020

  

April 27, 2019

Contract revenues

$

814,322

  

$

833,743
       

Costs of earned revenues, excluding depreciation and amortization1

680,206

  

701,767

General and administrative2,3

65,887

  

58,622

Depreciation and amortization

45,871

  

46,341

Goodwill impairment charge4

53,264

  

—

Total

845,228

  

806,730
       

Interest expense, net5

(12,457)

  

(12,233)

Gain on debt extinguishment6

12,504

  

—

Other income, net

1,118

  

5,698

(Loss) income before income taxes

(29,741)

  

20,478
       

Provision for income taxes7

2,677

  

6,199
       

Net (loss) income

$

(32,418)

  

$

14,279
       

(Loss) earnings per common share:

      
       

Basic (loss) earnings per common share

$

(1.03)

  

$

0.45
       

Diluted (loss) earnings per common share

$

(1.03)

  

$

0.45
       

Shares used in computing (loss) earnings per common share:

Basic

31,603,498

  

31,451,809
       

Diluted8

31,603,498

  

31,786,459
       

 

 

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 DECLINE %'s
                       
 

Contract Revenues - GAAP

  

Revenues from acquired businesses10

  

Revenues from storm restoration services

  

Non-GAAP

- Organic Contract Revenues

  

GAAP - Decline

%

  

Non-GAAP - Organic Decline %

Quarter Ended April 25, 2020

$

814,322

  

$

—

  

$

—

  

$

814,322

  

(2.3)%

  

(1.8)%
                       

Quarter Ended April 27, 2019

$

833,743

  

$

—

  

$

(4,716)

  

$

829,027

        
                                           

 

 

NET (LOSS) INCOME AND NON-GAAP ADJUSTED EBITDA
       
 

Quarter

  

Quarter
 

Ended

  

Ended
 

April 25, 2020

  

April 27, 2019

Reconciliation of net (loss) income to Non-GAAP Adjusted EBITDA:

      

Net (loss) income

$

(32,418)

  

$

14,279

Interest expense, net

12,457

  

12,233

Provision for income taxes

2,677

  

6,199

Depreciation and amortization

45,871

  

46,341

Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")

28,587

  

79,052

Gain on sale of fixed assets

(1,788)

  

(6,738)

Stock-based compensation expense

2,322

  

3,479

Goodwill impairment charge4

53,264

  

—

Gain on debt extinguishment6

(12,504)

  

—

Charge for warranty costs1

—

  

8,200

Recovery of previously reserved accounts receivable and contract assets3

—

  

(10,345)

Non-GAAP Adjusted EBITDA

$

69,881

  

$

73,648
       

Contract revenues

$

814,322

  

$

833,743

Non-GAAP Adjusted EBITDA % of contract revenues

8.6%

  

8.8%

 

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)

(Dollars in thousands, except share amounts)

Unaudited
       

NET (LOSS) INCOME, NON-GAAP ADJUSTED NET INCOME, DILUTED (LOSS) EARNINGS PER COMMON SHARE, NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE, AND NON-GAAP ADJUSTED DILUTED SHARES
       
 

Quarter

  

Quarter
 

Ended

  

Ended
 

April 25, 2020

  

April 27, 2019

Reconciliation of net (loss) income to Non-GAAP Adjusted Net Income:

      

Net (loss) income

$

(32,418)

  

$

14,279
       

Pre-Tax Adjustments:

      

Non-cash amortization of debt discount on Notes

4,341

  

4,932

Goodwill impairment charge4

53,264

  

—

Gain on debt extinguishment6

(12,504)

  

—

Charge for warranty costs1

—

  

8,200

Recovery of previously reserved accounts receivable and contract assets3

—

  

(10,345)
       

Tax Adjustments:

      

Tax expense for the vesting and exercise of share-based awards

450

  

638

Tax effect from net operating loss carryback under enacted CARES Act7

(2,631)

  

—

Tax effect of pre-tax adjustments

896

  

(766)

Total adjustments, net of tax

43,816

  

2,659
       

Non-GAAP Adjusted Net Income

$

11,398

  

$

16,938
       

Reconciliation of diluted (loss) earnings per common share to Non-GAAP Adjusted Diluted Earnings per Common Share:

      

GAAP diluted (loss) earnings per common share

$

(1.03)

  

$

0.45

Total adjustments, net of tax

1.39

  

0.08

Non-GAAP Adjusted Diluted Earnings per Common Share

$

0.36

  

$

0.53
       

Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share:

      

GAAP diluted shares

31,603,498

  

31,786,459

Adjustment for dilutive common stock equivalents8

163,118

  

—

Non-GAAP Adjusted Diluted Shares

31,766,616

  

31,786,459
       

Amounts in table above may not add due to rounding.

 

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 growth is calculated as the percentage change in Non-GAAP Organic Contract Revenues over those of the comparable prior year periods. Management believes organic growth is a helpful measure for comparing the Company's revenue performance with prior periods.
  • Non-GAAP Adjusted EBITDA - net income (loss) 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.
  • Non-GAAP Adjusted Net Income - GAAP net income (loss) before the non-cash amortization of the debt discount and the related tax impact, certain tax impacts resulting from vesting and exercise of share-based awards, and certain non-recurring items.
  • Non-GAAP Adjusted Diluted Earnings per Common Share and Non-GAAP Adjusted Diluted Shares - Non-GAAP Adjusted Net Income divided by Non-GAAP Adjusted Diluted Shares outstanding. Non-GAAP Adjusted Diluted Shares includes the dilutive impact of common stock equivalents related to share-based awards that are excluded from the computation of net loss per common share on a GAAP basis as their effect would be anti-dilutive.

Management excludes or adjusts each of the items identified below from Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings per Common Share:

  • Non-cash amortization of debt discount on Notes - The Company's Notes were allocated between debt and equity components. The difference between the principal amount and the carrying amount of the liability component of the Notes represents a debt discount. The debt discount is being amortized over the term of the Notes but does not result in periodic cash interest payments. The Company excludes the non-cash amortization of the debt discount from its Non-GAAP financial measures because it believes it is useful to analyze the component of interest expense for the Notes that will be paid in cash. The exclusion of the non-cash amortization from the Company's Non-GAAP financial measures provides management with a consistent measure for assessing financial results.
  • Goodwill impairment charge - The Company incurred a goodwill impairment charge of $53.3 million for a reporting unit that performs installation services inside third party premises. Management believes excluding the goodwill impairment charge from the Company's Non-GAAP financial measures assists investors' overall understanding of the Company's current financial performance and provides management with a consistent measure for assessing the current and historical financial results.
  • Gain on debt extinguishment - The Company incurred a pre-tax gain of approximately $12.5 million related to the purchase of $167.0 million of principal amount of the Company's 0.75% convertible senior notes due September 2021 for $147.0 million during the quarter ended April 25, 2020. Management believes excluding the gain on debt extinguishment from the Company's Non-GAAP financial measures assists investors' overall understanding of the Company's current financial performance and provides management with a consistent measure for assessing the current and historical financial results.
  • Charge for warranty costs - During the quarter ended April 27, 2019, the Company recorded an $8.2 million pre-tax charge for estimated warranty costs for work performed for a customer in prior periods. The Company excludes the impact of this charge from its Non-GAAP financial measures because the Company believes it is not indicative of its underlying results in the current period.
  • Recovery of previously reserved accounts receivable and contract assets - During the quarter ended April 27, 2019, the Company recognized $10.3 million of pre-tax income from the recovery of previously reserved accounts receivable and contract assets based on collections from a customer. The Company excludes the impact of this recovery from its Non-GAAP financial measures because the Company believes it is not indicative of its underlying results.
  • Tax impact of the vesting and exercise of share-based awards - The Company excludes certain tax impacts resulting from the vesting and exercise of share-based awards as these amounts may vary significantly from period to period. Excluding these amounts from the Company's Non-GAAP financial measures provides management with a more consistent measure for assessing financial results.
  • Tax effect from a net operating loss carryback under enacted CARES Act - For the quarter ended April 25, 2020, the Company recognized an income tax benefit of $2.6 million from a net operating loss carryback under the enacted U.S. Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The Company excludes this impact because the Company believes it is not indicative of the Company's underlying results or ongoing operations.
  • Tax impact of pre-tax adjustments - The tax impact of pre-tax adjustments reflects the Company's estimated tax impact of specific adjustments and the effective tax rate used for financial planning for the applicable period.

Notes

1 During the quarter ended April 27, 2019, the Company recorded an $8.2 million pre-tax charge for estimated warranty costs for work performed for a customer in prior periods.

2 Includes stock-based compensation expense of $2.3 million and $3.5 million for the quarters ended April 25, 2020 and April 27, 2019, respectively.

3 During the quarter ended April 27, 2019, the Company recognized $10.3 million of pre-tax income from the recovery of previously reserved accounts receivable and contract assets based on collections from a customer.

4 The Company incurred a goodwill impairment charge of $53.3 million during the quarter ended April 25, 2020 for a reporting unit that performs installation services inside third party premises.

5 Includes pre-tax interest expense for non-cash amortization of the debt discount associated with the Notes of $4.3 million and $4.9 million for the quarters ended April 25, 2020 and April 27, 2019, respectively.

6 During the quarter ended April 25, 2020, the Company recognized a gain on debt extinguishment of $12.5 million in connection with its purchase of $167.0 million aggregate principal amount of its 0.75% convertible senior notes due September 2021 for $147.0 million.

7 For the quarter ended April 25, 2020, the Company recognized an income tax benefit of $2.6 million from a net operating loss carryback under the enacted CARES Act. For the quarters ended April 25, 2020 and April 27, 2019, the provision for income taxes also includes $0.5 million and $0.6 million, respectively, of income tax expense for the vesting and exercise of share-based awards.

8 Diluted shares for the quarter ended April 25, 2020 excludes common stock equivalents related to share-based awards as their effect would be anti-dilutive.

 

SOURCE Dycom Industries, Inc.

For further information: Steven E. Nielsen, President and CEO, H. Andrew DeFerrari, Senior Vice President and CFO, Callie A. Tomasso, Investor Relations, (561) 627-7171

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Last Updated: Feb 22, 2021

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Category Examples of What We May Collect Collected
A. Identifiers A real name, alias, postal address, unique personal identifier, online identifier, Internet Protocol (IP) address, email address, account name. YES
B. Personal information categories listed in the California Customer Records statute (Cal. Civ. Code § 1798.80(e)). A name, address, telephone number, education, employment. Some personal information included in this category may overlap with other categories. YES
C. Protected classification characteristics under California or federal law. Age (40 years or older), race, color, ancestry, national origin, religion or creed, marital status, sex (including gender, gender identity, gender expression, pregnancy or childbirth and related medical conditions), veteran or military status. YES
D. Commercial information. Records of personal property, products or services purchased, obtained, or considered, or other purchasing or consuming histories or tendencies. NO
E. Biometric information. Genetic, physiological, behavioral, and biological characteristics, such as DNA sequences, fingerprints, facial geometry, voiceprints, iris or retina scans, and sleep, health or exercise data. NO
F. Internet or other similar network activity. Browsing history, search history, information on a consumer’s interaction with a website, application, or advertisement. YES
G. Geolocation data. Physical location or movements. NO
H. Sensory data Audio, electronic, visual, thermal, olfactory, or similar information. NO
I. Professional or employment-related information. Current or past job history or performance evaluations. YES
J. Non-public education information (per the Family Educational Rights and Privacy Act (20 U.S.C. Section 1232g, 34 C.F.R. Part 99)). Education records directly related to a student maintained by an educational institution or party acting on its behalf, such as grades, transcripts, class lists, student schedules, student identification codes, student financial information, or student disciplinary records. NO
K. Inferences drawn from other personal information. Profile reflecting a person’s preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes. NO

HOW WE USE YOUR INFORMATION

We and our service providers may use Personal Information for the following purposes:

  • To respond to your inquiries.
  • To provide email alerts for which you sign up.
  • To provide investor materials requested by you or required by applicable law to be sent to you.
  • To manage any contractual relationship between us.
  • To process orders from our customers and deliver products and services.
  • To market and promote our products and services.
  • To present our website and related content to you.
  • To evaluate and make improvements to our website or social media presences.
  • To diagnose and fix problems with our website.
  • To secure our website and to prevent or detect criminal, unlawful, or harassing actions or conduct.
  • To provide product updates, news, and event information.
  • If you apply for a job, to evaluate your skills and experience, to verify previous employment, and to conduct background checks (as permitted by law).
  • If you apply for a job, to evaluate your skills and experience, to verify previous employment, and to conduct background checks (as permitted by law).

On other occasions where we ask you for consent, we will use the information for the purposes we provide at that time. You have the right to withdraw your consent at any time; however, we may have other legal grounds for storing and/or using your information, including those identified above.

SHARING AND DISCLOSURE OF PERSONAL INFORMATION

We do not sell your Personal Information. We may share your Personal Information as follows:

  • Subsidiaries. We may share Personal Information with our subsidiaries so they can respond to any inquiries or provide requested services.
  • Service Providers. We may disclose Personal Information to third party vendors, contractors or agents who perform functions on our behalf (“Service Providers”). For example, we may contract with Service Providers to provide certain services, such as providing data storage and management, analytics services, marketing services, employee benefits services, payroll services, or payment processing services. We only provide our Service Providers with Personal Information necessary for them to perform these services on our behalf. Each Service Provider must agree to use commercially reasonable security procedures and practices, appropriate to the nature of the information involved, to protect your Personal Information from unauthorized acquisition, access, use, or disclosure. Service Providers may only use the Personal Information they obtain from us or collect on our behalf to provide services to us.
  • Business Transfers. If we are acquired by, or merged with, another entity, if substantially all of our assets are transferred to another entity, or as part of a bankruptcy proceeding, or if we are evaluating or in negotiations with respect to any such transaction, we may transfer, or make available, the Personal Information we have collected from you to the other entity or resulting legal entity.
  • Legal Process. We also may disclose the Personal Information we collect from you: to comply with applicable laws and regulations, a government investigation, a judicial proceeding, a court order, or other legal process (such as in response to a subpoena); or to respond to discovery requests or present evidence in a legal proceeding in which we are involved.
  • To Protect Us and Others. We also may disclose the Personal Information we collect from you where we believe such disclosure is needed to investigate, prevent, or take action regarding illegal activities, suspected fraud, situations involving potential threats to the safety of any person, suspected violations of this Privacy Statement, and suspected violations of any applicable terms and conditions.
  • Aggregated and De-Identified Information. We may share aggregate or de-identified Personal Information with our service providers and/or affiliated companies for marketing, advertising, research, or similar purposes.
  • Job Applications. If you apply for a job position, some of your Personal Information may be shared with third parties in order to confirm your education, work history, and references, and to obtain background checks and credit reports if permitted by law.

In the 12 months preceding the Last Updated dated of this Privacy Statement, we have disclosed the following categories of Personal Information for a business purpose as described above:

Category A: Identifiers.
Category B: California Customer Records personal information categories.
Category C: Protected classification characteristics under California or federal law.
Category F: Internet or other similar network activity.
Category I: Professional or employment-related information.

CHILDREN’S PRIVACY

Our Sites, our products, and our services are not directed to children under the age of 13. Further, we do not knowingly collect Personal Information from children under the age of 13. If you become aware that your child has provided personally identifiable information without your consent and/or is under the age of 13, please contact us at privacy@dycomind.com. If we become aware that we have unknowingly collected Personal Information from a child under the age of 13, we will take commercially reasonable efforts to delete such information from our records.

YOUR PRIVACY CHOICES

You may opt-out of receiving email communications and other marketing materials from us (or any third-party email marketing service we may use) via links provided in each email (usually at the bottom of the email).

USER-GENERATED CONTENT

You may be able to post content on our social media pages, including your comments, photos, or other information. Information you provide or post to any third party sites is subject to that site’s privacy policy and practices. If you post such content on social media pages, all of the information or content that you post may be visible to other visitors or users and we cannot prevent such information from being used by others. Please carefully consider your content before posting. Further, please note that all such content is subject to removal if it violates any applicable law, poses a security risk, infringes the rights of someone else, or constitutes a threat, defamation, or harassment.

LINKS TO THIRD PARTY WEBSITES OR PLATFORMS

Our website may contain links to third party websites or platforms. These links are provided for your convenience. We are not responsible for and have no control over the content on these other websites or platforms. The inclusion of a link on our website is not an endorsement. Please note that when you click on one of these links, you will leave our website and will be subject to the policies and privacy practices of the other website or platform, which may differ significantly from our Privacy Statement. Please review such third parties’ privacy policies before providing any Personal Information to them.

We make no representations or warranties, express or implied, regarding the content of any of these linked websites or platforms. WE EXPRESSLY DISCLAIM ANY AND ALL LIABILITY FOR YOUR INTERACTION WITH SUCH THIRD PARTY WEBSITES OR PLATFORMS.

SECURITY OF YOUR INFORMATION

We use commercially reasonable security safeguards to help protect Personal Information from unauthorized access, alteration, loss, or disclosure. Despite these efforts, please understand that no system is perfect and we cannot guarantee that unauthorized access, theft, or loss of data will not occur. Please advise us immediately at privacy@dycomind.com of any incident involving Personal Information in our custody or control.

CHANGES TO THIS PRIVACY STATEMENT

We may revise this Privacy Statement at any time without advance notice to you. The most current version of our Privacy Statement will be posted on our website. Once posted, any changes to the Privacy Statement are effective immediately upon posting unless otherwise specifically noted. By continuing to access or use our Sites or otherwise provide any information to us after any changes are posted, you agree to be bound by the terms of the revised Privacy Statement.

SEVERABILITY

The provisions of this Privacy Statement are intended to be severable. If for any reason any provision of this Privacy Statement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.

CHOICE OF LAW, JURISDICTION, AND VENUE

This Privacy Statement, your use of our Sites, and your provision of Personal Information to us shall be governed by and interpreted in accordance with the applicable laws of the United States and the State of Florida without giving effect to any choice of law or conflict of law provision or rule. By accessing or using our Sites or otherwise providing information to us, visitors from outside of the United States acknowledge that their access and/or use is subject to the laws and regulations of the United States and the State of Florida and waive any claims that may arise under other laws.

Any disputes arising from this Privacy Statement or your access to or use of our Sites shall be subject to the exclusive jurisdiction of the state and federal courts of the State of Florida and venue shall lie in Palm Beach County. By accessing or using any of our Sites or by providing your Personal Information to us, you consent and submit to the personal jurisdiction of such courts for such purposes and waive any and all objections as to jurisdiction or venue in such courts.

CALIFORNIA PRIVACY RIGHTS

The California Consumer Privacy Act (CCPA), California’s “Shine the Light” law, and the California Online Privacy Protection Act provide consumers who are California residents with specific rights regarding their Personal Information. If you are a California resident, this section describes your rights and explains how to exercise those rights.

Right to Information. Subject to certain limits, you may ask us to provide the following information for the 12-month period preceding your request:

  1. The categories of Personal Information we collected about you;
  2. The categories of sources from which the Personal Information was collected;
  3. The business or commercial purpose for collecting the Personal Information;
  4. The categories of third parties with whom we shared the Personal Information;
  5. If we disclosed Personal Information for a business purpose, a list of the disclosures including the Personal Information categories that each category of recipient received; and
  6. The specific pieces of Personal Information we collected about you.

We do not provide these information rights for Personal Information that we obtain through a business-to-business (B2B) relationship.

Right to Delete. You also have the right to ask us to delete any Personal Information that we have collected about you, subject to certain limitations under CCPA. We may deny your deletion request if the information is necessary for us or our service providers to, among other things, provide a good or service you requested, take actions reasonably anticipated in the context of our business relationship with you, perform a contract we have with you, detect and protect against security incidents or illegal activity, comply with a legal obligation, or exercise a right provided for by law.

Right to Nondiscrimination. We will not discriminate against you if you exercise your privacy rights under California law, including by:

  • Denying you goods or services.
  • Charging you different prices or rates for goods or services, including through granting discounts or other benefits, or imposing penalties.
  • Providing you a different level or quality of goods or services.
  • Suggesting that you may receive a different price or rate for goods or services or a different level or quality of goods or services.

However, the CCPA permits us to offer you certain financial incentives that can result in different prices, rates, or quality levels, which are related to your Personal Information’s value. We do not currently offer financial incentives in exchange for Personal Information we collect.

Submission of Requests for Information or to Delete. If you are a California resident, you may submit a request for information or a request to delete by:

Calling us at (844) 533-1258.

Emailing us at privacy@dycomind.com – please provide your name, telephone number, and type of request (that is, a request for categories of information, a request for specific pieces of information, and/or a request to delete).

To protect your privacy and security, we will also take reasonable steps to verify your identity before providing your Personal Information and before deleting your information. Only you or someone legally authorized to act on your behalf may make a verifiable request related to your Personal Information. If you want to authorize someone else to make a request on your behalf, please contact us at privacy@dycomind.com and provide your name, telephone number, the name of the person you want to authorize to make a request, and the type of request the person is authorized to make (that is, a request for categories of information, a request for specific pieces of information, and/or a request to delete). We will contact you if we need more information.

Responses to Requests. We do not charge a fee to respond to your request unless it is repetitive (more than twice in a 12-month period) or excessive. We generally will respond to your request within 45 days of its receipt. If we need more time to respond, we will inform you of the reason and we may take up to an additional 45 days to respond.

CONTACT US

If you have any questions or comments about this Privacy Statement, please contact us at:

Email:

privacy@dycomind.com

Mail:

Dycom Industries, Inc.
Attn: Privacy
11780 U.S. Highway 1, Suite 600
Palm Beach Gardens, FL 33408

Terms of Use

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Last Updated: Feb 18, 2021

The Dycom Industries, Inc. (“Dycom”) website (“Site”) comprises various web pages operated by Dycom. Please read the following terms (“Terms”) carefully before using the Site. The Site is offered to you conditioned on your acceptance of these Terms. By visiting the Site, you agree to be bound by these Terms.

Dycom reserves the right to modify the Terms at any time. Please look at the “Last Updated” legend at the top of this page to see when the Terms were last revised. Any changes to the Terms will become effective when we post the revised Terms on the Site. Visiting or using the Site following these changes means that you accept the revised Terms.

Privacy Statement

Please carefully review Dycom’s Privacy Statement click here, which is incorporated into these Terms. By using the Site, you expressly consent to the collection, use, and disclosure of your information as described in the Privacy Statement click here.

Ownership

All content on the Site, including, but not limited to, designs, text, graphics, pictures, video, information, applications, software, computer code, sound and other files, and their selection and arrangement (the “Site Content”), is the property of Dycom, its subsidiaries, or its licensors, who reserve all rights to the Site Content. The Site Content is protected by copyright, trademark, and other intellectual property laws and treaties.

You may not: (a) remove or modify any copyright or other proprietary notices contained on the Site Content, including on any copies you make of the Site Content; (b) cause, permit or authorize the modification, translation, reverse engineering, decompiling, reverse compiling, reverse assembling, disassembling or hacking of any code, applications or software on the Site; (c) use any data mining, robots, scraping, or similar data-gathering or extraction methods; (d) transmit any worms or viruses or any code of a destructive nature, including code that corrupts, disrupts, damages, or destroys data, software, or hardware; (e) provide, transfer, sell, lease, license, sublicense, distribute, disclose, or make available, or permit the use of the Site Content by a third party; or (f) upload, frame, sell, or republish Site Content on any Internet, intranet or extranet site or incorporate the information in any electronic database or compilation, without Dycom’s prior written permission.

Dycom owns the DYCOM trademark and other Dycom indicia of source used on the Site (the “Dycom Marks”). In addition, Dycom’s subsidiaries own their respective trademarks and service marks displayed on the Site (the “Dycom Subsidiary Marks”). You may not use the Dycom Marks, the Dycom Subsidiary Marks, or any third-party trademarks or service marks displayed on the Site (“Third-Party Marks”), in connection with any product or service, nor in any manner that is likely to cause confusion about whether Dycom, a subsidiary of Dycom or the applicable third party is affiliated with, or the source, sponsor, or endorser of, any product or service. In addition, you may not use the Dycom Marks, the Dycom Subsidiary Marks, or any Third-Party Marks in any manner that disparages or discredits Dycom, a Dycom subsidiary, or the applicable third party.

Links to Third-Party Websites

The Site may contain links to websites controlled by third parties and websites controlled by Dycom’s subsidiaries (collectively, “Other Sites”). If you decide to access Other Sites from the Site, you do so at your own risk. Dycom does not endorse or take responsibility for the content on Other Sites or the availability of Other Sites, and you agree that Dycom is not liable for any loss or damage that you may suffer by visiting or using Other Sites. You are responsible for reading and complying with the terms of use and, if applicable, privacy policies that govern your use of Other Sites.

Disclaimer

THE SITE IS DISTRIBUTED AND TRANSMITTED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE. DYCOM MAKES NO WARRANTY THAT THE SITE WILL BE UNINTERRUPTED, TIMELY, SECURE, ACCURATE OR ERROR-FREE, THAT THE SITE OR DYCOM’S SERVER IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT THE SITE WILL BE AVAILABLE. YOUR USE OF THE SITE CONTENT, AND ANY RELIANCE UPON IT, IS AT YOUR SOLE RISK. CHANGES ARE PERIODICALLY MADE TO THE INFORMATION ON THE SITE. DYCOM MAY MAKE IMPROVEMENTS OR OTHER CHANGES TO THE SITE AT ANY TIME.

Limitation of Liability

YOU AGREE THAT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES ARE DYCOM, ITS AFFILIATES, OR ITS OR THEIR RESPECTIVE OFFICERS, MANAGERS, EMPLOYEES, AGENTS, LICENSORS OR REPRESENTATIVES LIABLE FOR ANY CONSEQUENTIAL, INDIRECT, INCIDENTAL, SPECIAL, OR PUNITIVE DAMAGES, LOSS OF BUSINESS REVENUE, PROFITS, OR DATA, WHETHER IN AN ACTION UNDER CONTRACT, NEGLIGENCE OR ANY OTHER THEORY, ARISING OUT OF OR RELATING TO YOUR USE OF OR INABILITY TO USE THE SITE, OR YOUR RELIANCE ON ANY ADVICE, INFORMATION, OR SITE CONTENT, EVEN IF DYCOM HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. YOU ALSO AGREE THAT DYCOM IS NOT LIABLE TO YOU OR ANY THIRD PARTY UNDER ANY THEORY FOR ANY LOSS OR DAMAGE TO (1) YOUR COMPUTER SYSTEM, HANDHELD DEVICE OR ANY OTHER STORAGE/PLAYBACK DEVICE USED BY YOU TO STORE OR DISPLAY THE SITE CONTENT OR (2) ANY DATA ON YOUR COMPUTER SYSTEM, HANDHELD DEVICE, OR ANY OTHER STORAGE/PLAYBACK DEVICE USED BY YOU TO STORE OR DISPLAY THE SITE CONTENT, AND YOU SHALL BE SOLELY RESPONSIBLE FOR ANY SUCH LOSS OR DAMAGE. YOU SPECIFICALLY ACKNOWLEDGE THAT DOWN-TIME, LOSS OF CONTENT, AND COMPUTER VIRUSES ARE RISKS INHERENT IN THE USE OF THE INTERNET AND SOFTWARE PRODUCTS, AND YOU AGREE TO ASSUME RESPONSIBILITY FOR ANY HARM OR DAMAGES OF ANY KIND OR CHARACTER WHATSOEVER RESULTING FROM THESE POSSIBLE HARMS. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE SITE, OR WITH ANY OF THESE TERMS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SITE.

Stock Information and Third-Party Resources

We provide certain information related to our stock, which may include, without limitation, stock quote, analyst coverage, and earnings estimates of third parties. This information may be provided by third parties and is for informational purposes only, and is not intended for trading purposes. If you are contemplating trading in Dycom securities, we advise you to seek independent professional advice before making any investment decisions. Dycom does not warrant or guarantee, and has not taken any steps to verify, the adequacy, timeliness, accuracy or completeness of the information or data provided, and under no circumstances will Dycom be liable for any inaccuracies or omissions in any such information or data, any delays or errors in the transmission thereof, or any loss or damages caused by reliance on such items. Dycom shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Forward-Looking Statements

The Site contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Words such as “outlook,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “should,” “could,” “project,” and similar expressions, as well as statements in future tense, identify forward-looking statements. These forward-looking statements speak only as of the time they were made using various underlying assumptions and are subject to a numerous risks, contingencies and uncertainties. We disclaim any obligation to update these statements unless required by securities law. See Dycom’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission for a more complete discussion.

General

No information contained in the Site constitutes or shall be deemed to constitute an offer to sell, or a solicitation of an offer to buy, any securities of Dycom.

These Terms, including the Privacy Statement, which is fully incorporated in it, are governed by and will be construed under the laws of the State of Florida, without giving effect to any principles of conflicts of laws.

You agree that no joint venture, partnership, employment, or agency relationship exists between you and Dycom as a result of these Terms or your use of the Site. These Terms and the Site are subject to existing laws and legal process, and nothing contained in these Terms is in derogation of Dycom’s right to comply with governmental, court and law enforcement requests or requirements relating to your use of the Site or information provided to or gathered by Dycom with respect to such use. If any part of these Terms is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth above, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the Terms shall continue in effect.

Unless otherwise specified herein, these Terms, including the Privacy Statement, constitute the entire agreement between you and Dycom with respect to the Site and the Terms supersede all prior or contemporaneous communications and proposals, whether electronic, oral or written, between you and Dycom with respect to the Site. A printed version of these Terms and of any notice given in electronic form is admissible in judicial or administrative proceedings based upon or relating to these Terms to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.

Contact Us

Please contact Dycom at info@dycomind.com with any questions or to report any violations of these Terms. We reserve the right to report violations and unauthorized use of the Site to appropriate authorities.