Q1 2025 Dycom Industries Inc Earnings Call Transcript
Key Points
- Revenue increased by 9.3% year-over-year to $1.142 billion, with organic revenue up by 2.5%.
- Gross margin improved by 95 basis points to 19.3% of revenue.
- Adjusted EBITDA rose to $130.9 million, representing 11.5% of revenue.
- Liquidity was solid at $573.6 million, with a pro forma liquidity of $707 million after a senior credit facility extension.
- Acquisitions expanded geographic footprint, including a recent acquisition extending operations to Alaska.
- General and administrative expenses increased to 8.3% of revenue, partly due to higher stock-based and performance-based compensation.
- Backlog decreased by $553 million to $6.364 billion compared to the previous quarter.
- Supply chain constraints persist, particularly in the availability of mid-duty chassis.
- Capital expenditures continue to rise, albeit at a moderating rate.
- Wireless construction revenue remains less than 4% of total revenue, with no significant growth expected in the near term.
Good day, and thank you for standing by, and welcome to Dycom Industries First Quarter Fiscal 2025 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your hosts today, Mr. Steven Nielsen, President and Chief Executive Officer. Please go ahead, sir.
Thank you, operator. Good morning, everyone. Thank you for attending this conference call to review our first quarter fiscal 2025 results. Going to Slide 2. During this call, we will be referring to a slide presentation, which can be found on our website's Investor Center main page. Relevant slides will be identified by number throughout our presentation. Today, we have on the call Andrew DeFerrari, our Chief Financial Officer; and Ryan Urness, our General Counsel.
Now I will turn over the call to Ryan Urness.
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