Dycom Industries Reports $1.06 Billion in Working Capital

Dycom Industries, Inc. has recently released its 10-K report for the fiscal year ended January 28, 2023, filed on March 3, 2023. The company, headquartered in Palm Beach Gardens, Florida, provides specialty contracting services to the telecommunications infrastructure and utility industries in the United States. Dycom offers engineering, construction, maintenance, and installation services for telecommunications providers, cable multiple system operators, wireless carriers, and electric and gas utilities.

In the "Results of Operations" section, Dycom Industries reported a total working capital of $1,061.2 million as of January 27, 2024, compared to $1,040.6 million as of January 28, 2023. The company's sources of cash include operating activities, long-term debt, equity offerings, bank borrowings, proceeds from the sale of idle and surplus equipment and real property, and stock option proceeds. Net cash provided by operating activities during fiscal 2024 was $259.0 million, an increase from $164.8 million in fiscal 2023. Dycom's days sales outstanding (DSO) was 120 days as of January 27, 2024, compared to 108 days as of January 28, 2023.

In terms of capital resources, Dycom Industries intends to retain any earnings for use in the business and other capital allocation strategies, which may include investment in acquisitions and share repurchases. The company expects capital expenditures, net of disposals, to range from $220.0 million to $230.0 million during fiscal 2025 to support growth opportunities and the replacement of certain fleet assets.

Dycom Industries also provided details on its cash flows, reporting net cash provided by operating activities of $259.0 million during fiscal 2024, while net cash used in investing activities was $306.2 million and net cash used in financing activities was $75.9 million during the same period.

The company is party to a credit agreement with a revolving facility with a maximum revolver commitment of $650.0 million and a term loan facility in the principal amount of $350.0 million. The maturity of the Credit Agreement is April 1, 2026. As of January 27, 2024, Dycom was in compliance with the financial covenants of its Credit Agreement and had borrowing availability under its revolving facility of $602.5 million.

Today the company's shares have moved -1.8% to a price of $124.26. If you want to know more, read the company's complete 10-K report here.

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