News Release

Dycom Industries, Inc. Announces Fiscal 2021 Second Quarter Results
August 26, 2020
PDF Version

 

PALM BEACH GARDENS, Fla., Aug. 26, 2020 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the second quarter and six months ended July 25, 2020.

Second Quarter Fiscal 2021 Highlights

  • Contract revenues of $823.9 million for the quarter ended July 25, 2020, compared to $884.2 million for the quarter ended July 27, 2019, a decrease of 6.8% on an organic basis.
  • Non-GAAP Adjusted EBITDA of $102.7 million, or 12.5% of contract revenues, for the quarter ended July 25, 2020, compared to $89.2 million, or 10.2% of contract revenues, for the quarter ended July 27, 2019. Non-GAAP Adjusted EBITDA for the quarter ended July 27, 2019 excludes $11.0 million of income before taxes reflecting the net benefit of a contract modification that increased revenues for services performed in prior periods, resulting in increased performance-based compensation.
  • On a GAAP basis, net income was $37.0 million, or $1.15 per common share diluted, for the quarter ended July 25, 2020, compared to $29.9 million, or $0.94 per common share diluted, for the quarter ended July 27, 2019. Non-GAAP Adjusted Net Income was $38.0 million, or $1.18 per common share diluted, for the quarter ended July 25, 2020, compared to $27.4 million, or $0.86 per common share diluted for the quarter ended July 27, 2019. Non-GAAP Adjusted Net Income for the quarter ended July 27, 2019 excludes net income of $7.3 million, or $0.23 per common share diluted, reflecting the after-tax net benefit of a contract modification that increased revenues for services performed in prior periods, resulting in increased performance-based compensation.
  • During the quarter ended July 25, 2020, the Company purchased $234.7 million aggregate principal amount of 0.75% convertible senior notes due September 2021 (the "Notes") for $224.4 million, including interest and fees. As a result, net income on a GAAP basis for the quarter ended July 25, 2020 includes a pre-tax loss of approximately $0.5 million.
  • Notional net debt was reduced by $94.0 million during the quarter. As of July 25, 2020, the Company had cash and equivalents of $22.5 million, borrowings on its revolving line of credit of $200.0 million, $433.1 million of term loans outstanding and $58.3 million aggregate principal amount of Notes outstanding.

Year-to-Date Fiscal 2021 Highlights

  • Contract revenues of $1.638 billion for the six months ended July 25, 2020, compared to $1.718 billion for the six months ended July 27, 2019. Contract revenues for the six months ended July 25, 2020 decreased 4.4% on an organic basis after excluding $4.7 million in contract revenues from storm restoration services for the six months ended July 27, 2019.
  • Non-GAAP Adjusted EBITDA of $172.5 million, or 10.5% of contract revenues, for the six months ended July 25, 2020, compared to $162.9 million, or 9.5% of contract revenues, for the six months ended July 27, 2019. Non-GAAP Adjusted EBITDA for the six months ended July 27, 2019 excludes $11.0 million of income before taxes reflecting the net benefit of a contract modification that increased revenues for services performed in prior periods, resulting in increased performance-based compensation.
  • On a GAAP basis, net income was $4.6 million, or $0.14 per common share diluted, for the six months ended July 25, 2020, compared to $44.2 million, or $1.39 per common share diluted, for the six months ended July 27, 2019. Non-GAAP Adjusted Net Income was $49.4 million, or $1.55 per common share diluted, for the six months ended July 25, 2020, compared to $44.3 million, or $1.39 per common share diluted, for the six months ended July 27, 2019. Non-GAAP Adjusted Net Income for the six months ended July 27, 2019 excludes net income of $7.3 million, or $0.23 per common share diluted, reflecting the after-tax net benefit of a contract modification that increased revenues for services performed in prior periods, resulting in increased performance-based compensation.

    Net income on a GAAP basis for the six months ended July 25, 2020 includes a pre-tax goodwill impairment charge of $53.3 million recognized during the first quarter for a reporting unit that generated revenue of less than 4% of Dycom's consolidated revenue and did not incur losses in fiscal 2020.
  • During the six months ended July 25, 2020, the Company purchased $401.7 million aggregate principal amount of 0.75% convertible senior notes due September 2021 for $371.4 million, including interest and fees. As a result, net income on a GAAP basis for the six months ended July 25, 2020 includes a pre-tax gain of approximately $12.0 million.

Outlook

The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. Based on current conditions, the Company anticipates contract revenues and margins to range from in-line to modestly lower on a sequential basis for the quarter ending October 24, 2020, as compared to the quarter ended July 25, 2020. The Company believes the impact of the COVID-19 pandemic on its operating results, cash flows and financial condition is uncertain, unpredictable and may be outside of its control.

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 second quarter results on Wednesday, August 26, 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 (833) 519-1313 (United States) or (914) 800-3879 (International) with the conference ID 1448697, ten minutes before the conference call begins. 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 Friday, September 25, 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. These statements include those related to the outlook for the quarter ending October 24, 2020 found under the "Outlook" section of this release. 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 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, the Company's ability to effectively execute its business and capital plans, 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 of the Company's projects, the related impact to the Company's backlog from project cancellations, weather conditions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, the Company's ability to generate sufficient cash to service its indebtedness, restrictions imposed by the Company's credit agreement, 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.

---Tables Follow---

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

Unaudited
       
 

July 25, 2020

  

January 25, 2020

ASSETS

      

Current assets:

      

Cash and equivalents

$

22,535

  

$

54,560

Accounts receivable, net

897,833

  

817,245

Contract assets

257,893

  

253,005

Inventories

77,754

  

98,324

Income tax receivable

780

  

3,168

Other current assets

49,840

  

31,991

Total current assets

1,306,635

  

1,258,293
       

Property and equipment, net

315,604

  

376,610

Operating lease right-of-use assets

69,940

  

69,596

Goodwill and other intangible assets, net

402,011

  

465,694

Other

50,497

  

47,438

Total non-current assets

838,052

  

959,338

Total assets

$

2,144,687

  

$

2,217,631
       

LIABILITIES AND STOCKHOLDERS' EQUITY

      

Current liabilities:

      

Accounts payable

$

177,275

  

$

119,612

Current portion of debt

22,500

  

22,500

Contract liabilities

18,829

  

16,332

Accrued insurance claims

43,702

  

38,881

Operating lease liabilities

27,171

  

26,581

Income taxes payable

13,020

  

344

Other accrued liabilities

108,827

  

98,775

Total current liabilities

411,324

  

323,025
       

Long-term debt

665,533

  

844,401

Accrued insurance claims - non-current

67,303

  

56,026

Operating lease liabilities - non-current

43,418

  

43,606

Deferred tax liabilities, net - non-current

59,945

  

75,527

Other liabilities

23,416

  

6,442

Total liabilities

1,270,939

  

1,349,027
       

Total stockholders' equity

873,748

  

868,604

Total liabilities and stockholders' equity

$

2,144,687

  

$

2,217,631
       
 

 

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share amounts)

Unaudited
               
 

Quarter

  

Quarter

  

Six Months

  

Six Months
 

Ended

  

Ended

  

Ended

  

Ended
 

July 25, 2020

  

July 27, 2019

  

July 25, 2020

  

July 27, 2019

Contract revenues

$

823,921

  

$

884,221

  

$

1,638,244

  

$

1,717,964
               

Costs of earned revenues, excluding depreciation and
amortization1

657,953

  

720,382

  

1,338,159

  

1,422,150

General and administrative2,3

67,357

  

65,117

  

133,243

  

123,738

Depreciation and amortization

44,129

  

47,244

  

90,001

  

93,586

Goodwill impairment charge4

—

  

—

  

53,264

  

—

Total

769,439

  

832,743

  

1,614,667

  

1,639,474
               

Interest expense, net5

(7,853)

  

(12,878)

  

(20,310)

  

(25,111)

(Loss) gain on debt extinguishment6

(458)

  

—

  

12,046

  

—

Other income, net

3,097

  

4,006

  

4,214

  

9,705

Income before income taxes

49,268

  

42,606

  

19,527

  

63,084
               

Provision for income taxes7

12,244

  

12,710

  

14,921

  

18,909
               

Net income

$

37,024

  

$

29,896

  

$

4,606

  

$

44,175
               

Earnings per common share:

              
               

Basic earnings per common share

$

1.17

  

$

0.95

  

$

0.15

  

$

1.40
               

Diluted earnings per common share

$

1.15

  

$

0.94

  

$

0.14

  

$

1.39
               

Shares used in computing earnings per common share:

              

Basic

31,750,547

  

31,487,011

  

31,677,012

  

31,469,401
               

Diluted

32,128,098

  

31,820,296

  

31,947,346

  

31,803,368
               
 

 

 

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 storm restoration services

  

Non-GAAP
- Organic Contract Revenues

  

GAAP - Decline
%

  

Non-GAAP - Organic Decline %

Quarter Ended July 25, 2020

$

823,921

  

$

—

  

$

823,921

  

(6.8)%

  

(6.8)%
                   

Quarter Ended July 27, 2019

$

884,221

  

$

—

  

$

884,221

        
                   

Six Months Ended July 25, 2020

$

1,638,244

  

$

—

  

$

1,638,244

  

(4.6)%

  

(4.4)%
                   

Six Months Ended July 27, 2019

$

1,717,964

  

$

(4,716)

  

$

1,713,248

        

 

 

NET INCOME AND NON-GAAP ADJUSTED EBITDA
               
 

Quarter

  

Quarter

  

Six Months

  

Six Months
 

Ended

  

Ended

  

Ended

  

Ended
 

July 25, 2020

  

July 27, 2019

  

July 25, 2020

  

July 27, 2019

Reconciliation of net income to Non-GAAP Adjusted EBITDA:

              

Net income

$

37,024

  

$

29,896

  

$

4,606

  

$

44,175

Interest expense, net

7,853

  

12,878

  

20,310

  

25,111

Provision for income taxes

12,244

  

12,710

  

14,921

  

18,909

Depreciation and amortization

44,129

  

47,244

  

90,001

  

93,586

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

101,250

  

102,728

  

129,838

  

181,781

Gain on sale of fixed assets

(3,418)

  

(4,806)

  

(5,206)

  

(11,544)

Stock-based compensation expense

4,373

  

2,277

  

6,694

  

5,756

Goodwill impairment charge4

—

  

—

  

53,264

  

—

Loss (gain) on debt extinguishment6

458

  

—

  

(12,046)

  

—

Charge for warranty costs1

—

  

—

  

—

  

8,200

Recovery of previously reserved accounts receivable and contract assets3

—

  

—

  

—

  

(10,345)

Non-GAAP Adjusted EBITDA

$

102,663

  

$

100,199

  

$

172,544

  

$

173,848

Non-GAAP Adjusted EBITDA % of contract revenues

12.5%

  

11.3%

  

10.5%

  

10.1%
               

Non-GAAP Adjusted EBITDA, excluding contract
modification8

    

$

89,239

      

$

162,888

Non-GAAP Adjusted EBITDA, excluding contract
modification % of contract revenues8

    

10.2%

      

9.5%

 

 

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 INCOME, NON-GAAP ADJUSTED NET INCOME, DILUTED EARNINGS PER COMMON SHARE, AND
NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE
               
 

Quarter

  

Quarter

  

Six Months

  

Six Months
 

Ended

  

Ended

  

Ended

  

Ended
 

July 25, 2020

  

July 27, 2019

  

July 25, 2020

  

July 27, 2019

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

             

Net income

$

37,024

  

$

29,896

  

$

4,606

  

$

44,175
               

Pre-Tax Adjustments:

              

Non-cash amortization of debt discount on Notes

1,748

  

5,015

  

6,089

  

9,947

Loss (gain) on debt extinguishment6

458

  

—

  

(12,046)

  

—

Goodwill impairment charge4

—

  

—

  

53,264

  

—

Charge for warranty costs1

—

  

—

  

—

  

8,200

Recovery of previously reserved accounts receivable and contract assets3

—

  

—

  

—

  

(10,345)
               

Tax Adjustments:

              

Tax impact of the vesting and exercise of share-based awards

(658)

  

—

  

(208)

  

638

Tax effect from net operating loss carryback under enacted CARES Act7

—

  

—

  

(2,631)

  

—

Tax impact related to previous tax year filing

—

  

1,092

  

—

  

1,092

Tax impact of pre-tax adjustments

(607)

  

(1,379)

  

289

  

(2,145)

Total adjustments, net of tax

941

  

4,728

  

44,757

  

7,387
               

Non-GAAP Adjusted Net Income

$

37,965

  

$

34,624

  

$

49,363

  

$

51,562
               

Non-GAAP Adjusted Net Income, excluding contract modification8

    

$

27,373

      

$

44,311
               

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

              

GAAP diluted earnings per common share

$

1.15

  

$

0.94

  

$

0.14

  

$

1.39

Total adjustments, net of tax

0.03

  

0.15

  

1.40

  

0.23

Non-GAAP Adjusted Diluted Earnings per Common Share

$

1.18

  

$

1.09

  

$

1.55

  

$

1.62
               

Non-GAAP Adjusted Diluted Earnings per Common Share,
excluding contract modification8

    

$

0.86

      

$

1.39
               

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

32,128,098

  

31,820,296

  

31,947,346

  

31,803,368
               

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 (decline) growth is calculated as the percentage change in Non-GAAP Organic Contract Revenues over those of the comparable prior year periods. Management believes organic (decline) growth 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.
  • Non-GAAP Adjusted Net Income - GAAP net income 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. Management believes Non-GAAP Adjusted Net Income is a helpful measure for comparing the Company's operating performance with prior periods.
  • Non-GAAP Adjusted Diluted Earnings per Common Share - Non-GAAP Adjusted Net Income divided by weighted average diluted shares outstanding.
  • 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 long-term debt. Management believes notional net debt is a helpful measure to assess the Company's liquidity.

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.
  • (Loss) gain on debt extinguishment - During the quarter ended July 25, 2020, the Company incurred a loss on debt extinguishment of $0.5 million in connection with its purchase of $234.7 million aggregate principal amount of 0.75% convertible senior notes due September 2021 for $224.4 million, including interest and fees. Additionally, 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 0.75% convertible senior notes due September 2021 for $147.0 million, including interest and fees. Management believes excluding the (loss) 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 six month ended July 27, 2019, the Company recorded an $8.2 million pre-tax charge in the first quarter 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 six months ended July 27, 2019, the Company recognized $10.3 million of pre-tax income from the recovery of previously reserved accounts receivable and contract assets in the first quarter 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 six months ended July 25, 2020, the Company recognized an income tax benefit of $2.6 million during the first quarter 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 previous tax year filing - During the quarter and six months ended July 27, 2019, the Company recognized an income tax expense of $1.1 million on a previous tax year filing. 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 six months ended July 27, 2019, the Company recorded an $8.2 million pre-tax charge in the first quarter for estimated warranty costs for work performed for a customer in prior periods.

2 Includes stock-based compensation expense of $4.4 million and $2.3 million for the quarters ended July 25, 2020 and July 27, 2019, respectively, and $6.7 million and $5.8 million for the six months ended July 25, 2020 and July 27, 2019, respectively.

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

4 The Company incurred a goodwill impairment charge of $53.3 million during the six months ended July 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 $1.7 million and $5.0 million for the quarters ended July 25, 2020 and July 27, 2019, respectively, and $6.1 million and $9.9 million for the six months ended July 25, 2020 and July 27, 2019, respectively.

6 During the quarter ended July 25, 2020, the Company purchased $234.7 million aggregate principal amount of its Notes for $224.4 million, including interest and fees. The purchase price was allocated between the debt and equity components of the Notes. Based on the net carrying amount of the Notes, the Company recognized a net loss on debt extinguishment of $0.5 million after the write-off of associated debt issuance costs. The Company also recognized the equity component of the settlement of the Notes.

During the quarter ended April 25, 2020, the Company purchased $167.0 million aggregate principal amount of its Notes for $147.0 million, including interest and fees. The purchase price was allocated between the debt and equity components of the Notes. Based on the net carrying amount of the Notes, the Company recognized a net gain on debt extinguishment of $12.5 million after the write-off of associated debt issuance costs. The Company also recognized the equity component of the settlement of the Notes.

7 For the quarter and six months ended July 25, 2020, the provision for income taxes includes $0.7 million and $0.2 million, respectively, of income tax benefit for the vesting and exercise of share-based awards. Additionally, for the six months ended July 25, 2020, the Company recognized an income tax benefit of $2.6 million during the first quarter from a net operating loss carryback under the enacted CARES Act.

For the six months ended July 27, 2019, the provision for income taxes includes $0.6 million of income tax expense for the vesting and exercise of share-based awards. Additionally, for the quarter and six months ended July 27, 2019, the provision for income taxes includes $1.1 million of income tax expense related to a previous tax year filing.

8 During the quarter ended July 27, 2019, the Company entered into a contract modification that increased revenue produced by a large customer program. As a result, the Company recognized $11.8 million of contract revenues for services performed in prior periods, $0.8 million of related performance-based compensation expense, and $1.0 million of stock-based compensation. On an after-tax basis, these items contributed approximately $7.3 million to net income, or $0.23 per common share diluted, for the quarter and six months ended July 27, 2019. These amounts are excluded from the calculations of Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings per Common Share for the quarter and six months ended July 27, 2019.

 

SOURCE Dycom Industries, Inc.

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

Privacy Statement

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Last Updated: Feb 22, 2021

The privacy and security of your information is important to us. This Privacy Statement explains how Dycom Industries, Inc. (“Dycom,” “we” or “us”) collects, uses, and shares your information. This Privacy Statement applies to information collected by us through any means, including through our website and our social media pages or accounts (collectively, “Sites”), through our subsidiaries, and through other third parties.

By visiting or using our Sites, contacting us or otherwise providing information to us, you consent to our collection, use, storage, and sharing of your information as described in this Privacy Statement. If you disagree with anything in this Privacy Statement, you should not visit or use our Sites or provide your information to us.

If you are under 13 years of age, please do not use our Sites and do not send us any information about yourself.

If you are a California resident, you may have additional rights as described below in the section entitled “CALIFORNIA PRIVACY RIGHTS.”

If you are outside the United States, by using our Sites or by providing your information to us, you consent to have your Personal Information transferred to and stored in the United States.

INFORMATION WE COLLECT

We collect certain information that identifies, relates to, describes, and is reasonably capable of being associated with a particular consumer or household (“Personal Information”). Personal Information does not include publicly available information in government records or de-identified, anonymized, or aggregated consumer information.

We collect Personal Information and other information from or about you in a few different ways. Specifically, we may collect or receive information: (1) directly from you through information you provide; (2) indirectly from you by observing your actions on our website; and (3) from third parties such as Google, Facebook, and Instagram. Each of these is discussed in more detail below.

Information You Provide

You may provide information to us in a number of ways:

  • If you submit an inquiry through our website, we collect your name, email address, telephone number, and any other information you provide.
  • When you sign up for Dycom email alerts, you are redirected to our service provider’s site where our service provider collects your name, email, telephone number and company name, if provided. This information may be shared with us. You may unsubscribe to the alerts at any time by clicking the “unsubscribe” link that is included in each email alert.
  • If you request investor materials, you are redirected to our service provider’s site where our service provider collects your name, email, and other contact information you provide.
  • If you post information on our social media pages, that information may be collected and used by us (as well as other users of those sites and the public generally). Please do not post any information on any site that allows strangers to identify or locate you or that you otherwise do not want to share with the public.
  • When you submit a resume or application for employment, any information you provide will be collected and we may also obtain additional information through references, former employers, background checks, and credit reports.

Please note that, if you are visiting our website from a location outside of the United States, you will be connected through and to servers located in the United States. All information you provide will be maintained in our web server(s) and internal systems located in the United States.

Information Indirectly Collected from You

Cookies and Other Technologies. We automatically collect information from you using cookies and other technologies on our website.

Cookies are small text files offered to your computer by servers in order to keep track of your browser as you navigate our website. We may use cookies and similar technologies to identify who you are and may use them when you visit our website or click on links in our emails. Cookies also enable us to remember your user preferences for our website. Cookies and other technologies may also be used for site maintenance and analysis, performing network communications, authenticating users, and protecting against fraud and theft.

You can block or remove cookies using your Internet browser’s settings. Each browser is different, so check the “Help” menu of your browser to learn how to change your cookie preferences. To manage flash cookies, please see Flash Player Help. If you block or remove cookies, you may not be able to use certain functionality or access certain content on our website.

Clear GIFs (a.k.a. web beacons, web bugs or pixel tags), are tiny graphics with a unique identifier, similar in function to cookies. Clear GIFs are embedded invisibly on web pages. We may use clear GIFs, in connection with our website to, among other things, track the activities of visitors, help us manage content, and compile statistics about usage of the website. We and our third party service providers may also use clear GIFs in HTML emails to our clients, to help us track email response rates, identify when our emails are viewed, and track whether our emails are forwarded.

“Do Not Track” is a privacy setting that users can set in certain web browsers. If turned on, this setting requests that website not track information about users. At this time, we do not respond to “Do Not Track” browser settings or signals.

Traffic Data. We automatically track and collect general log information when you visit our website, including your: (a) Internet Protocol (IP) address; (b) browser type; (c) operating system; (d) time of visit; (e) the referring website page; and (f) the pages you visit on our website (collectively “Traffic Data“). Traffic Data does not personally identify you. We use the Traffic Data to report aggregated website activity and to better understand the needs of our users so we can make informed decisions regarding the content and design of our website. We may collect Traffic Data through various technologies including, but not limited to, cookies, IP addresses, and clear GIFs (Graphics Interchange Format, a software technology also known as a pixel tag).

Third Party Websites and Social Media Services. Our website may include links to third party websites or social media services where you may be able to post comments, reviews or other information. We may monitor comments and reviews regarding us, our products, or our Sites that you publicly post on social media or customer review sites. In addition, please note that your use of these third party websites or social media services may result in those sites collecting information about you. We are not responsible for these third party websites or social media services and you should review their privacy policies to make sure you understand the information that may be collected, used, and shared by those sites.

Information from Third Parties

Our Subsidiaries’ Websites. Our website includes links to our subsidiaries’ websites. If you submit information through any of those websites, it may be shared with us. Any information shared with us by our subsidiaries will be governed by this Privacy Statement.

Social Media Sites. To the extent you post information on our social media sites, we may collect such information. We may also receive Personal Information about you from certain social media sites such as Facebook, Instagram, and LinkedIn.

Third Party Analytics Services. We may work with third party analytics services such as Google Analytics to help us understand how our Sites are being used, such as tracking the number and frequency of visits to our website. These analytics services may use cookies and other technologies to collect this information. We receive reports of aggregated data from these services, but we do not receive Personal Information about individual users.

Categories of Information Collected

In the 12 months preceding the Last Updated date of this Privacy Statement, we have collected or received the following categories of Personal Information about consumers:

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.