Dycom Industries Inc. (NYSE:DY) Q2 2021 Earnings Conference Call - Final Transcript
Aug 26, 2020 • 09:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to the Dycom Industries' Second Quarter 2021 Results Conference Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Mr. Steven Nielsen, President and Chief Executive Officer. Please go ahead, sir.
Steven E. Nielsen
Thank you, operator.
Good morning, everyone. I'd like to thank you for attending this conference call to review our second quarter fiscal 2021 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 Drew DeFerrari, our Chief Financial Officer; and Ryan Urness, our General Counsel.
Now I will turn the call over to Ryan Urness.
Ryan F. Urness
Thank you, Steve.
The statements made during this call may be forward looking in nature and are provided pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all comments reflecting our expectations, assumptions or beliefs about future events or performance that do not relate solely to historical periods. Forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from our current projections, including those risks described in our Annual Report on Form 10-K filed March 2, 2020, and our other filings with the US Securities and Exchange Commission. We assume no obligation to update any forward-looking statements.
Steven E. Nielsen
Now moving to slide 4 and a review of our second quarter results. As we review our results, please note that in our comments today and in the accompanying slides, we reference certain non-GAAP measures. We refer you to the quarterly report section of our website for a reconciliation of these non-GAAP measures to their corresponding GAAP measures.
To begin, I want to express my sincere hope that everyone listening to this call as well as their families are healthy and safe. We are living in truly unprecedented time for our country. I could not be prouder of our employees as they continue to serve our customers with real fortitude in difficult times. They have my thanks.
Now, for the quarter, revenue was $823.9 million, a decrease of 6.8%. As we deployed 1 gigabit wireline networks, wireless/wireline converged networks and wireless networks, this quarter reflected an increase in demand from two of our top five customers.
Gross margins were 20.1% of revenue, reflecting strong overall performance, offset in part by the continued impacts of the complexity of a large customer program. Of note, gross margins last exceeded 20% in the October quarter of calendar 2017. General and administrative expenses were 8.2%.
And all of these factors produced adjusted EBITDA of $102.7 million or 12.5% of revenue and adjusted diluted earnings per share of $1.18 compared to $0.86 in the year-ago quarter. Please note that adjusted diluted earnings per share in the year-ago quarter excludes $0.23 resulting from the net effect