Disney district to consider backing major Orlando transit expansion
The Central Florida Tourism Oversight District, the governing entity for the land of Walt Disney World Resort, has proposed providing the Florida Department of Transportation funds for a key Sunshine Corridor study.
The district's board of supervisors on March 28 will consider approving $500,000 to support a project development & environment study for a shared rail corridor that will be utilized by both commuter rail SunRail and the Brightline intercity rail service. The Central Florida Tourism Oversight District oversees more than 25,000 acres across 24 landowners in Orange and Osceola counties, including The Walt Disney Co. (NYSE: DIS).
The study, which will cost $6 million, has already gotten commitments of $2 million each from the Florida Department of Transportation and Universal Destinations & Experiences, as well as $500,000 apiece from the city of Orlando, Seminole County and Osceola County.
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Click here to read the full story on the Orlando Business Journal's website.
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25 minutes ago
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ZIM Reports Financial Results for the Second Quarter of 2025
Reported Revenues of $1.64 Billion, Net Income of $24 million, Adjusted EBITDA1 of $472 Million and Adjusted EBIT1 of $149 Million2 Guidance Midpoints Increased: Full Year 2025 Guidance of Adjusted EBITDA of $1.8 Billion to $2.2 Billion and Adjusted EBIT of $550 Million to $950 Million3 Declared Dividend of $7 million, or $0.06 per Share HAIFA, Israel, Aug. 20, 2025 /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) ("ZIM" or the "Company") announced today its consolidated results for the three and six months ended June 30, 2025. Second Quarter 2025 Highlights Net income for the second quarter was $24 million (compared to $373 million in the second quarter of 2024), or diluted earnings per share of $0.194 (compared to $3.08 in the second quarter of 2024). Adjusted EBITDA for the second quarter was $472 million, a year-over-year decrease of 38%. Operating income (EBIT) for the second quarter was $149 million, compared to $468 million in the second quarter of 2024. Adjusted EBIT for the second quarter was $149 million, compared to $488 million in the second quarter of 2024. Revenues for the second quarter were $1.64 billion, a year-over-year decrease of 15%. Carried volume in the second quarter was 895 thousand TEUs, a year-over-year decrease of 6%. Average freight rate per TEU in the second quarter was $1,479, a year-over-year decrease of 12%. Net leverage ratio1 of 0.8x as of June 30, 2025, similar to net leverage ratio as of December 31, 2024; net debt1 of $3.03 billion as of June 30, 2025, compared to net debt of $2.88 billion as of December 31, 2024. Eli Glickman, ZIM President & CEO, stated, "Amid market disruptions and volatility, we continued to leverage our upscaled capacity and improved cost structure in Q2. In this highly uncertain market environment, our focus is controlling what we can to position ZIM for sustainable and profitable growth over the long term." Mr. Glickman added, "Our strength lies in the quality of our modern, competitive fleet and in our agile commercial strategy, which enables us to respond quickly to changes in demand across our global trade lanes. While we view our flexibility as critical in order to act dynamically, we also continue to seek attractive opportunities that will ensure our fleet remains cost effective moving forward. Overall, we are confident that our commitment to operational excellence, combined with the growing diversification in our geographic footprint, will drive even greater business resilience in the future." Mr. Glickman concluded, "Given our performance to date, we have increased the midpoints of our 2025 guidance ranges. We now expect full year Adjusted EBITDA between $1.8 billion and $2.2 billion and Adjusted EBIT between $550 million and $950 million. We intend to draw on our transformed fleet and improved cost structure to continue to create long-term value for our shareholders even in the face of challenging and unpredictable market dynamics." Summary of Key Financial and Operational Results Q2-25 Q2-24 H1-25 H1-24 Carried volume (K-TEUs)............................... 895 952 1,839 1,799 Average freight rate ($/TEU)........................... 1,479 1,674 1,632 1,569 Total Revenues ($ in millions)......................... 1,636 1,933 3,642 3,495 Operating income (EBIT) ($ in millions).......... 149 468 613 635 Profit before income tax ($ in millions)............ 49 375 430 471 Net income ($ in millions)............................... 24 373 320 465 Adjusted EBITDA ($ in millions)..................... 472 766 1,251 1,193 Adjusted EBIT ($ in millions)........................... 149 488 612 655 Net income margin (%) 1 19 9 13 Adjusted EBITDA margin (%)......................... 29 40 34 34 Adjusted EBIT margin (%).............................. 9 25 17 19 Diluted earnings per share ($)........................ 0.19 3.08 2.64 3.83 Net cash generated from operating activities($ in millions)................................................... 441 777 1,296 1,103 Free cash flow1 ($ in millions)......................... 426 712 1,213 1,015JUN-30-25 DEC-31-24 Net debt ($ in millions).................................... 3,031 2,876 Financial and Operating Results for the Second Quarter Ended June 30, 2025Total revenues were $1.64 billion for the second quarter of 2025, compared to $1.93 billion for the second quarter of 2024, mainly driven by the decrease in freight rates and carried volume. ZIM carried 895 thousand TEUs in the second quarter of 2025, compared to 952 thousand TEUs in the second quarter of 2024. The average freight rate per TEU was $1,479 for the second quarter of 2025, compared to $1,674 for the second quarter of 2024. Operating income (EBIT) for the second quarter of 2025 was $149 million, compared to $468 million for the second quarter of 2024. The decrease was driven primarily by the above-mentioned decrease in revenues. Net income for the second quarter of 2025 was $24 million, compared to $373 million for the second quarter of 2024, also mainly driven by the above-mentioned decrease in revenues. Adjusted EBITDA for the second quarter of 2025 was $472 million, compared to $766 million for the second quarter of 2024. Adjusted EBIT was $149 million for the second quarter of 2025, compared to $488 million for the second quarter of 2024. Adjusted EBITDA and Adjusted EBIT margins for the second quarter of 2025 were 29% and 9%, respectively. This compares to 40% and 25% for the second quarter of 2024, respectively. Net cash generated from operating activities was $441 million for the second quarter of 2025, compared to $777 million for the second quarter of 2024. Financial and Operating Results for the Six Months Ended June 30, 2025Total revenues were $3.64 billion for the first half of 2025, compared to $3.49 billion for the first half of 2024, primarily driven by the increase in freight rates and carried volume. ZIM carried 1,839 thousand TEUs in the first half of 2025, compared to 1,799 thousand TEUs in the first half of 2024. The average freight rate per TEU was $1,632 for the first half of 2025, compared to $1,569 for the first half of 2024. Operating income (EBIT) for the first half of 2025 was $613 million, compared to $635 million for the first half of 2024. The decrease in operating income for the first half of 2025 was primarily driven by the increase in depreciation and operating expenses, offset by the above-mentioned increase in revenues. Net income for the first half of 2025 was $320 million, compared to $465 million for the first half of 2024, mainly driven by the above-mentioned factors driving the change in EBIT, as well as the accounting of income taxes. Adjusted EBITDA was $1.25 billion for the first half of 2025, compared to $1.19 billion for the first half of 2024. Adjusted EBIT was $612 million for the first half of 2025, compared to $655 million for the first half of 2024. Adjusted EBITDA and Adjusted EBIT margins for the first half of 2025 were 34% and 17%, respectively. This compares to 34% and 19% for the first half of 2024. Net cash generated from operating activities was $1.30 billion for the first half of 2025, compared to $1.10 billion for the first half of 2024. Liquidity, Cash Flows and Capital AllocationZIM's total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) decreased by $270 million from $3.14 billion as of December 31, 2024 to $2.87 billion as of June 30, 2025. Capital expenditures totaled $24 million for the second quarter of 2025, compared to $66 million for the second quarter of 2024. Net debt position as of June 30, 2025, was $3.03 billion compared to $2.88 billion as of December 31, 2024, an increase of $155 million. ZIM's net leverage ratio as of June 30, 2025, was 0.8x, similar to its net leverage ratio as of December 31, 2024. Second Quarter 2025 DividendIn accordance with the Company's dividend policy, the Company's Board of Directors declared a regular cash dividend of approximately $7 million, or $0.06 per ordinary share, reflecting approximately 30% of second quarter 2025 net income. The dividend will be paid on September 9, 2025, to holders of record of ZIM ordinary shares as of September 2, 2025. All future dividends are subject to the discretion of Company's Board of Directors and to the restrictions provided by Israeli law. Use of Non-IFRS Measures in the Company's 2025 GuidanceA reconciliation of the Company's non-IFRS financial measures included in its full-year 2025 guidance to corresponding IFRS measures is not available on a forward-looking basis. In particular, the Company has not reconciled Adjusted EBITDA and Adjusted EBIT because the various reconciling items between such non-IFRS financial measures and the corresponding IFRS measures cannot be determined without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject to frequent change. Full-Year 2025 Guidance The Company revised its full year guidance and now expects to generate Adjusted EBITDA between $1.8 billion and $2.2 billion and Adjusted EBIT between $550 million and $950 million. Previously, the Company expected to generate Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million. Conference Call DetailsManagement will host a conference call and webcast (along with a slide presentation) to review the results and provide a corporate update today at 8:00 AM ET. The call (and slide presentation) will be available via live webcast through ZIM's website, located at the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website. About ZIM Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with established operations in more than 100 countries serving approximately 33,000 customers in over 330 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at Forward-Looking Statements The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about the Company, may include projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company's current expectations and projections about future events or results. There are important factors that could cause the Company's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: our expectations regarding general market conditions as a result of the current geopolitical instability, developments and further escalation of events, including, but not limited to, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, and the hostilities between Israel and Iran and Iranian-backed proxies, the political and military instability in the Middle East and the war between Russia and Ukraine, among others; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates, imposition and/or increase or decrease in tariffs or other charges imposed on import, export or trade (including by USTR) as a result of geopolitical and other events; our expectations regarding trends related to the global container shipping industry, including with respect to fluctuations in vessel and container supply, industry consolidation, demand for containerized shipping services, bunker and alternative fuel prices and supply, charter and freights rates, container values and other factors affecting supply and demand; our plans regarding our business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to adequately respond to political, economic and military instability in Israel, the Middle East and elsewhere, and our ability to maintain business continuity as an Israeli-incorporated company in times of emergency; our ability to effectively handle cyber-security threats and recover from cyber-security incidents, including in connection with the war between Israel and Iran and Iranian-backed proxies; our anticipated ability to obtain additional financing in the future to fund expenditures; our expectation of modifications with respect to our and other shipping companies' operating fleet and lines, including the utilization of larger vessels within certain trade zones and modifications made in light of environmental regulations; the expected benefits of our cooperation agreements and strategic partnerships; formation of new alliances among global carriers, changes in and disintegration of existing alliances and collaborations, including alliances and collaborations to which we are not a party to; our anticipated insurance costs; our expectations regarding the availability of crew; our expectations regarding our environmental and regulatory conditions, including extreme weather events, changes in laws and regulations or actions taken by regulatory authorities, and the expected effect of such regulations; our expectations regarding potential liability from current or future litigation; our plans regarding hedging activities; our ability to pay dividends in accordance with our dividend policy; our expectations regarding our competition and ability to compete effectively; and other risks and uncertainties detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission (SEC), including under the caption "Risk Factors" in its 2024 Annual Report filed with the SEC on March 12, 2025. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law. The Company prepares its financial statements in accordance with IFRS Accounting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB). Use of Non-IFRS Financial MeasuresThe Company presents non-IFRS measures as additional performance measures as the Company believes that it enables the comparison of operating performance between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with IFRS as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service requirements or other commitments, including capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, the non-IFRS financial measures presented by the Company may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated. Adjusted EBITDA is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies. Adjusted EBIT is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies. Free cash flow is a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net. Net debt is a non-IFRS financial measure which we define as face value of short- and long-term debt, minus cash and cash equivalents, bank deposits and other investment instruments. We refer to this measure as net cash when cash and cash equivalents, bank deposits and other investment instruments exceed the face value of short- and long-term debt. Net leverage ratio is a non-IFRS financial measure which we define as net debt (see above) divided by Adjusted EBITDA for the last twelve-month period. When our net debt is less than zero, we report the net leverage ratio as zero. See the reconciliation of net income to Adjusted EBIT and Adjusted EBITDA and net cash generated from operating activities to free cash flow in the tables provided below. 1 See disclosure regarding "Use of Non-IFRS Financial Measures."2. Operating income (EBIT) for Q2 2025 was $149 million. A reconciliation to Adjusted EBIT is provided in the tables below.3 The Company does not provide IFRS guidance because it cannot be determined without unreasonable effort. See disclosure regarding "Use of Non-IFRS Measures in the Company's 2025 Guidance."4 The number of shares used to calculate the diluted earnings per share is 120,508,193. The number of outstanding shares as of June 30, 2025 was 120,457,510. Investor Relations: Elana HolzmanZIM Integrated Shipping Services Ltd.+ Leon BermanThe IGB Group212-477-8438lberman@ Media: Avner ShatsZIM Integrated Shipping Services Ltd.+972-4-865-2520media@ CONSOLIDATED BALANCE SHEET (Unaudited)(U.S. dollars in millions) June 30December 31202520242024 AssetsVessels 5,825.04,917.25,733.0 Containers and handling equipment 1,058.0906.71,013.3 Other tangible assets 109.191.897.7 Intangible assets 109.9105.7109.8 Investments in associates 33.328.425.4 Other investments 1,137.6772.01,080.9 Other receivables 50.476.661.0 Deferred tax assets 7.72.57.5 Total non-current assets 8,331.06,900.98,128.6 Inventories 199.3187.7212.2 Trade and other receivables 794.61,030.9933.6 Other investments 585.7699.1800.4 Cash and cash equivalents 1,187.1889.81,314.7 Total current assets 2,766.72,807.53,260.9 Total assets 11,097.79,708.411,389.5 EquityShare capital and reserves 2,046.42,016.72,032.7 Retained earnings 1,851.0872.42,004.2 Equity attributable to owners of the Company 3,897.42,889.14,036.9 Non-controlling interests 4.32.45.8 Total equity 3,901.72,891.54,042.7 LiabilitiesLease liabilities 4,647.44,000.14,600.6 Loans and other liabilities 52.365.259.9 Employee benefits 60.942.547.5 Deferred tax liabilities 130.95.727.6 Total non-current liabilities 4,891.54,113.54,735.6 Trade and other payables 641.7610.3736.2 Provisions 93.687.996.6 Contract liabilities 353.7475.1408.9 Lease liabilities 1,167.61,481.91,321.7 Loans and other liabilities 47.948.247.8 Total current liabilities 2,304.52,703.42,611.2 Total liabilities 7,196.06,816.97,346.8 Total equity and liabilities 11,097.79,708.411,389.5 CONSOLIDATED INCOME STATEMENTS (Unaudited) (U.S. dollars in millions, except per share data) Six Months endedJune 30Three Months endedJune 30Year ended December 3120252024202520242024 Income from voyages and related services 3,642.33,494.61,635.71,932.68,427.4 Cost of voyages and related services:Operating expenses and cost of services (2,260.6)(2,214.1)(1,098.0)(1,133.3)(4,513.2) Depreciation (627.7)(532.8)(316.9)(275.1)(1,130.2) Gross profit 754.0747.7220.8524.22,784.0 Other operating income 27.825.615.319.646.6 Other operating expenses (0.2)(0.6)(0.2)(0.6)(0.8) General and administrative expenses (163.2)(133.8)(84.2)(73.0)(296.1) Share of loss of associates (4.9)(4.0)(2.5)(1.9)(6.4) Results from operating activities 613.5634.9149.2468.32,527.3 Finance income 69.761.229.722.5149.2 Finance expenses (253.4)(224.9)(129.6)(115.9)(471.5) Net finance expenses (183.7)(163.7)(99.9)(93.4)(322.3) Profit before income taxes 429.8471.249.3374.92,205.0 Income taxes (110.0)(6.3)(25.6)(2.1)(51.2) Profit for the period 319.8464.923.7372.82,153.8 Attributable to:Owners of the Company 318.1461.622.8371.32,147.7 Non-controlling interests 1.73.30.91.56.1 Profit for the period 319.8464.923.7372.82,153.8 Earnings per share (US$)Basic earnings per 1 ordinary share 2.643.840.193.0817.84 Diluted earnings per 1 ordinary share 2.643.830.193.0817.82 Weighted average number of shares for earnings per share calculation:Basic 120,448,448120,324,186120,457,512120,341,086120,357,315 Diluted 120,511,122120,454,311120,508,193120,456,342120,492,425 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(U.S. dollars in millions)Six months endedJune 30Three months ended June 30Year ended December 3120252024202520242024 Cash flows from operating activitiesProfit for the period 319.8464.923.7372.82,153.8 Adjustments for:Depreciation and amortization 639.0538.6323.1278.01,142.5 Net finance expenses 183.7163.799.993.4342.4 Share of losses and change in fair value of investees 0.14.0(2.3)1.96.4 Capital gain, net (22.6)(25.5)(10.7)(19.5)(43.9) Income taxes 110.06.325.62.151.2 Other non-cash items 2.13.01.71.510.91,232.11,155.0461.0730.23,663.3 Change in inventories 12.9(8.4)18.29.6(32.9) Change in trade and other receivables 139.7(447.0)(42.1)(210.8)(352.9) Change in trade and other payables including contract liabilities (154.3)331.8(28.1)198.5357.8 Change in provisions and employee benefits 11.427.310.024.135.49.7(96.3)(42.0)21.47.4 Dividends received from associates 1.01.23.1 Interest received 61.939.831.517.897.3 Income taxes received (paid) (8.7)3.2(9.2)7.4(18.4) Net cash generated from operating activities 1,296.01,102.9441.3776.83,752.7 Cash flows from investing activitiesProceeds from sale of tangible assets, intangible assets, and interest in investees 19.03.29.11.718.7 Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees (102.4)(90.8)(24.4)(66.4)(214.1) Disposal of investment instruments, net 37.7315.150.9116.185.8 Loans granted to investees (3.9)(2.8)(2.0)(1.6)(6.1) Change in other receivables 15.315.47.97.731.6 Change in other investments (mainly deposits), net 133.899.7(1.1)(139.1) Net cash generated from (used in) investing activities 99.5240.1141.256.4(223.2) Cash flows from financing activitiesRepayment of lease liabilities and borrowings (810.0)(1,117.0)(349.6)(480.3)(2,082.6) Dividend paid to non-controlling interests (3.8)(3.7)(3.6)(3.3)(4.0) Dividend paid to owners of the Company (471.0)(27.7)(471.0)(27.7)(579.2) Interest paid (241.6)(221.6)(119.9)(117.9)(465.6) Net cash used in financing activities (1,526.4)(1,370.0)(944.1)(629.2)(3,131.4) Net change in cash and cash equivalents (130.9)(27.0)(361.6)204.0398.1 Cash and cash equivalents at beginning of the period 1,314.7921.51,546.1687.9921.5 Effect of exchange rate fluctuation on cash held 3.3(4.7)2.6(2.1)(4.9) Cash and cash equivalents at the end of the period 1,187.1889.81,187.1889.81,314.7 RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*(U.S. dollars in millions)Six months endedJune 30Three months endedJune 302025202420252024 Net income 32046524373 Financial expenses, net 18416410093 Income taxes 1106262 Operating income (EBIT) 613635149468 Capital loss (gain), beyond the ordinary course of business (2) Expenses related to legal contingencies 2020 Adjusted EBIT 612655149488 Adjusted EBIT margin 17 %19 %9 %25 % * The table above may contain slight summation differences due to OF NET INCOME TO ADJUSTED EBITDA*(U.S. dollars in millions)Six months endedJune 30Three months ended June 302025202420252024 Net income 32046524373 Financial expenses, net 18416410093 Income taxes 1106262 Depreciation and amortization 639539323278 EBITDA 1,2531,173472746 Capital loss (gain), beyond the ordinary course of business (2) Expenses related to legal contingencies 2020 Adjusted EBITDA 1,2511,193472766 Net income margin 9 %13 %1 %19 % Adjusted EBITDA margin 34 %34 %29 %40 % * The table above may contain slight summation differences due to OF NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE CASH FLOW*(U.S. dollars in millions)Six months endedJune 30Three months endedJune 302025202420252024 Net cash generated from operating activities 1,2961,103441777 Capital expenditures, net (83)(88)(15)(65) Free cash flow 1,2131,015426712 * The table above may contain slight summation differences due to rounding. 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25 minutes ago
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Dycom Industries, Inc. Reports Fiscal 2026 Second Quarter Results
Second Quarter Highlights(All metrics compared to the second quarter of fiscal 2025) Record Contract Revenues of $1.378 billion, up 14.5% Record GAAP Diluted EPS of $3.33, up 35.4% compared to Q2 2025 Non-GAAP Diluted EPS Record Net Income of $97.5 million, up 42.5% Record Adjusted EBITDA of $205.5 million, up 29.8% and representing 14.9% of contract revenues Operating Cash Flows of $57.4 million Backlog of $8.0 billion as of July 26, 2025 WEST PALM BEACH, Fla., Aug. 20, 2025 (GLOBE NEWSWIRE) -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the second quarter ended July 26, 2025. 'Dycom's first-half performance confirms the strength of our strategy, disciplined execution and ability to capitalize on a rapidly expanding market. This quarter, we delivered record revenue within our range of expectations and record earnings that exceeded our expectations. We meaningfully improved margins through operational efficiency and operating leverage, and strengthened our financial position through measured cash flow management,' said Dan Peyovich, Dycom's President and Chief Executive Officer. 'The demand for digital infrastructure is accelerating, and Dycom's breadth and proven execution set us up to lead. Our customers are actively seeking partners with the scale and national reach to meet their ambitious goals. We are well positioned to achieve our full-year growth target and remain squarely focused on creating long-term value for our shareholders and providing long-term opportunities for our people. I want to personally thank all our teammates for their dedication to safety, quality, and to each other every single day. Their hard work is the foundation of our success.' Second Quarter Results Contract revenues increased 14.5% to $1.378 billion for the quarter ended July 26, 2025, compared to $1.203 billion for the prior year quarter. On an organic basis, contract revenues increased 3.4% after excluding contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year quarters. Total contract revenues from acquired businesses were $139.8 million for the quarter ended July 26, 2025, compared to $5.7 million for the prior year quarter. Non-GAAP Adjusted EBITDA increased to $205.5 million, or 14.9% of contract revenues, for the quarter ended July 26, 2025, compared to $158.3 million, or 13.2% of contract revenues, for the prior year quarter. On a GAAP basis, net income increased to $97.5 million, or $3.33 per common share diluted, for the quarter ended July 26, 2025, compared to $68.4 million, or $2.32 per common share diluted, for the prior year quarter. Non-GAAP Adjusted Net Income was $72.5 million, or $2.46 per common share diluted, for the prior year quarter. Year-to-Date Results Contract revenues increased 12.4% to $2.637 billion for the six months ended July 26, 2025, compared to $2.345 billion for the prior year period. On an organic basis, contract revenues increased 2.1% after excluding contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods. Total contract revenues from acquired businesses were $256.6 million for the six months ended July 26, 2025, compared to $13.5 million for the prior year period. Non-GAAP Adjusted EBITDA increased to $355.9 million, or 13.5% of contract revenues, for the six months ended July 26, 2025, compared to $289.2 million, or 12.3% of contract revenues, for the prior year period. On a GAAP basis, net income increased to $158.5 million, or $5.42 per common share diluted, for the six months ended July 26, 2025, compared to $131.0 million, or $4.44 per common share diluted, for the prior year period. Non-GAAP Adjusted Net Income was $135.0 million, or $4.58 per common share diluted for the prior year period. During the six months ended July 26, 2025, the Company repurchased 200,000 shares of its common stock in open markettransactions for $30.2 million at an average price of $150.93 per share. Outlook Fiscal 2026 Annual Outlook We continue to expect total contract revenues for fiscal 2026 to range from $5.290 billion to $5.425 billion, representing a range of 12.5% to 15.4% total growth over the prior year. Fiscal 2026 will include 53 weeks of operations due to our fiscal calendar, with the extra week occurring in the Company's fiscal fourth quarter when operations are normally seasonally impacted by winter weather. Additionally, fiscal 2025 included $114.2 million of storm restoration services and we have not included storm restoration revenues in the fiscal 2026 outlook. Third Quarter Fiscal 2026 Outlook For the quarter ending October 25, 2025, the Company expects the following: Contract revenues $1.38 billion to $1.43 billion Non-GAAP Adjusted EBITDA $198 million to $213 million Diluted Earnings per Common Share $3.03 to $3.36 For additional information regarding the Company's outlook, please see the presentation materials available on the Company's website posted in connection with the conference call discussed below. Use 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, slide presentations, conference calls, and webcasts, it 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 2026 second quarter results on Wednesday, August 20, 2025 at 9:00 a.m. ET. Interested parties may participate in the question and answer session of the conference call by registering at Upon registration, participants will receive a dial-in number and unique PIN to access the call. Participants are encouraged to join approximately ten minutes prior to the scheduled start time. For all other attendees, a live listen-only audio webcast of the call, including an accompanying slide presentation, can be accessed directly at A replay of the live webcast and the related materials will be available on the Company's Investor Center website at for approximately 120 days following the event. About Dycom Industries, Inc. Dycom is a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries 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, as well as other construction and maintenance services for electric and gas utilities. Forward Looking Information This press release contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the Company's current assumptions regarding future business and financial performance, including, but not limited to, those statements found under the 'Outlook' section of this press release. Forward-looking statements are based on management's expectations, estimates and projections, are made solely as of the date these statements are made, and are subject to both known and unknown risks and uncertainties that may cause the actual results and occurrences discussed in these forward-looking statements to differ materially from those referenced or implied in the forward-looking statements contained in this press release. The most significant of these known 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 future economic conditions and trends including the potential impacts of an inflationary economic environment, changes in government policies and laws affecting our business, including related to funding for infrastructure projects and tariff policies or changes to tax laws, changes to customer capital budgets and spending priorities, the availability and cost of materials, equipment and labor necessary to perform our work, the adequacy of the Company's insurance and other reserves and allowances for credit losses, whether the carrying value of the Company's assets may be impaired, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company's projects, the impact to the Company's backlog from project cancellations or postponements, the impacts of pandemics and public health emergencies, the impact of varying climate and weather conditions, the anticipated outcome of other contingent events, including litigation or regulatory actions involving the Company, potential liabilities or other adverse effects arising from occupational health, safety, and other regulatory matters, the adequacy of our liquidity, the availability of financing to address our financials needs, the Company's ability to generate sufficient cash to service its indebtedness, the impact of restrictions imposed by the Company's credit agreement, and 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 its forward-looking statements. For more information, contact:Callie Tomasso, Vice President Investor RelationsEmail: investorrelations@ (561) 627-7171 ---Tables Follow--- DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) Unaudited July 26,2025 January 25,2025 ASSETS Current assets: Cash and equivalents $ 28,460 $ 92,670 Accounts receivable, net 1,587,961 1,373,738 Contract assets 119,655 63,375 Inventories 122,560 127,255 Income tax receivable 35,838 2,963 Other current assets 44,448 34,629 Total current assets 1,938,922 1,694,630 Property and equipment, net 564,678 541,921 Operating lease right-of-use assets 112,128 112,151 Goodwill and other intangible assets, net 528,484 550,076 Other assets 75,712 46,589 Total assets $ 3,219,924 $ 2,945,367 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 264,908 $ 223,490 Current portion of debt 20,000 10,000 Contract liabilities 69,897 73,548 Accrued insurance claims 46,345 46,686 Operating lease liabilities 39,217 35,823 Income taxes payable — 30,636 Other accrued liabilities 172,335 166,970 Total current liabilities 612,702 587,153 Long-term debt 1,009,058 933,212 Accrued insurance claims - non-current 54,602 49,836 Operating lease liabilities - non-current 78,575 76,928 Deferred tax liabilities, net - non-current 67,678 32,172 Other liabilities 27,578 26,969 Total liabilities 1,850,193 1,706,270 Total stockholders' equity 1,369,731 1,239,097 Total liabilities and stockholders' equity $ 3,219,924 $ 2,945,367 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 26, 2025 July 27, 2024 July 26, 2025 July 27, 2024 Contract revenues $ 1,377,944 $ 1,203,059 $ 2,636,551 $ 2,345,482 Costs of earned revenues, excluding depreciation and amortization 1,070,450 952,882 2,081,562 1,874,518 General and administrative1 106,794 99,583 210,519 194,138 Depreciation and amortization 60,854 46,572 119,243 91,777 Total 1,238,098 1,099,037 2,411,324 2,160,433 Interest expense, net (15,558 ) (14,657 ) (29,603 ) (27,490 ) Loss on debt extinguishment2 — (965 ) — (965 ) Other income, net 6,830 6,419 14,093 15,669 Income before income taxes 131,118 94,819 209,717 172,263 Provision for income taxes3 33,635 26,419 51,187 41,309 Net income $ 97,483 $ 68,400 $ 158,530 $ 130,954 Earnings per common share: Basic earnings per common share $ 3.37 $ 2.35 $ 5.48 $ 4.50 Diluted earnings per common share $ 3.33 $ 2.32 $ 5.42 $ 4.44 Shares used in computing earnings per common share: Basic 28,941,976 29,096,224 28,936,188 29,105,081 Diluted 29,242,455 29,435,895 29,253,040 29,508,906 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURESTO COMPARABLE GAAP FINANCIAL MEASURES (Dollars in thousands) Unaudited CONTRACT REVENUES, NON-GAAP ORGANIC CONTRACT REVENUES, AND GROWTH % Quarter Quarter Six Months Six Months Ended Ended Ended Ended July 26, 2025 July 27, 2024 July 26, 2025 July 27, 2024 Contract Revenues - GAAP $ 1,377,944 $ 1,203,059 $ 2,636,551 $ 2,345,482 Contract Revenues - GAAP Growth % 14.5 % 12.4 % Contract Revenues - GAAP $ 1,377,944 $ 1,203,059 $ 2,636,551 $ 2,345,482 Revenues from acquired businesses4 (139,766 ) (5,732 ) (256,575 ) (13,529 ) Non-GAAP Organic Contract Revenues $ 1,238,178 $ 1,197,327 $ 2,379,976 $ 2,331,953 Non-GAAP Organic Contract Revenues Growth % 3.4 % 2.1 % NET INCOME AND NON-GAAP ADJUSTED EBITDA Quarter Quarter Six Months Six Months Ended Ended Ended Ended July 26, 2025 July 27, 2024 July 26, 2025 July 27, 2024 Reconciliation of net income to Non-GAAP Adjusted EBITDA: Net income $ 97,483 $ 68,400 $ 158,530 $ 130,954 Interest expense, net 15,558 14,657 29,603 27,490 Provision for income taxes 33,635 26,419 51,187 41,309 Depreciation and amortization 60,854 46,572 119,243 91,777 EBITDA 207,530 156,048 358,563 291,530 Gain on sale of fixed assets (10,103 ) (8,160 ) (19,875 ) (20,564 ) Stock-based compensation expense 8,100 9,482 17,199 17,305 Loss on debt extinguishment2 — 965 — 965 Non-GAAP Adjusted EBITDA $ 205,527 $ 158,335 $ 355,887 $ 289,236 Non-GAAP Adjusted EBITDA % of contract revenues 14.9 % 13.2 % 13.5 % 12.3 % DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURESTO 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 26, 2025 July 27, 2024 July 26, 2025 July 27, 2024 Reconciliation of net income to Non-GAAP Adjusted Net Income: Net income $ 97,483 $ 68,400 $ 158,530 $ 130,954 Pre-Tax Adjustments: Loss on debt extinguishment2 — 965 — 965 Stock-based compensation modification5 — 2,231 — 2,231 Tax Adjustments: Tax impact of pre-tax adjustments — 899 — 899 Total adjustments, net of tax — 4,095 — 4,095 Non-GAAP Adjusted Net Income $ 97,483 $ 72,495 $ 158,530 $ 135,049 Reconciliation of diluted earnings per common share to Non-GAAP Adjusted Diluted Earnings per Common Share: GAAP diluted earnings per common share $ 3.33 $ 2.32 $ 5.42 $ 4.44 Total adjustments, net of tax — 0.14 — 0.14 Non-GAAP Adjusted Diluted Earnings per Common Share $ 3.33 $ 2.46 $ 5.42 $ 4.58 Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share 29,242,455 29,435,895 29,253,040 29,508,906 Amounts in tables above may not add due to rounding. DYCOM INDUSTRIES, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURESTO 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, slide presentations, conference calls, 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 entirety of both the current and prior year periods, excluding certain non-recurring items. Non-GAAP Organic Contract Revenue change percentage is calculated as the change in Non-GAAP Organic Contract Revenues from the comparable prior year period divided by the comparable prior year period Non-GAAP Organic Contract Revenues. Management believes Non-GAAP Organic Contract Revenues is a helpful measure for comparing the Company's revenue performance with prior periods. Non-GAAP Adjusted EBITDA - EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for 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 certain non-recurring items and the related tax impact. 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. Management excludes or adjusts each of the items identified below from Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings per Common Share: Loss on debt extinguishment - Loss on debt extinguishment includes the write-off of deferred financing fees in connection with the amendment of the Company's credit agreement during the quarter ended July 27, 2024. Management believes excluding the loss 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. Stock-based compensation modification - In connection with the Company's CEO succession plan and transition completed in November 2024, the Company incurred stock-based compensation modification expense. The Company excludes the impact of the modification because the Company believes it is not indicative of its 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 Includes stock-based compensation expense of $8.1 million and $9.5 million for the quarters ended July 26, 2025 and July 27, 2024, respectively, and $17.2 million and $17.3 million for the six months ended July 26, 2025 and July 27, 2024, respectively. 2 During the quarter ended July 27, 2024, the Company recognized a loss on debt extinguishment of approximately $1.0 million in connection with the amendment of its credit agreement. 3 Provision for income taxes includes tax benefits resulting from the vesting and exercise of share-based awards of approximately $0.6 million and $0.1 million for the quarters ended July 26, 2025 and July 27, 2024, respectively, and approximately $2.8 million and $6.0 million for the six months ended July 26, 2025 and July 27, 2024, respectively. 4 Amounts represent contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods. 5 In connection with the Company's CEO succession plan and transition completed in November 2024, the Company incurred stock-based compensation modification expense of $2.2 million during the quarter and six months ended July 27, 2024 related to previously issued equity awards.
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IonQ Fortifies Quantum Leadership with Groundbreaking Patents, Surpassing 1,000 Total IP Assets
COLLEGE PARK, Md.--(BUSINESS WIRE)--IonQ (NYSE: IONQ), the leading commercial quantum computing and quantum networking company, today announced significant advancements in its intellectual property portfolio. This milestone is highlighted by the issuance of new U.S. patents that further solidify its technological advantage in trapped-ion quantum computing. These new patents contribute to IonQ's rapidly expanding IP estate, which now totals over 1,000 licensed, owned, or controlled patents as well as patent applications. "IonQ's robust and growing portfolio of patents is a direct result of the strategy set forth years ago, which entails developing and owning quantum technologies across multiple industries and applications," said Niccolo de Masi, Chairman and CEO of IonQ. "These patents position IonQ to continue to develop scalable, high-performance, cost effective systems that accelerate the timeline for unparalleled commercial quantum advantage." IonQ has made deliberate, strategic technological and architectural choices to uniquely balance the core elements of commercial advantage: performance, scale, and enterprise-grade capabilities. 1 Its most recent patent grants further build upon IonQ's existing technical achievements, which include quantum circuit optimization, improved gate operations, reduced noise, error mitigation techniques, and multi-beam improvements. 1 IonQ's latest patents underscore the company's commitment to advancing the fundamental building blocks of quantum systems, from precision control to scalable architectures. Two exemplary patents highlight the company's innovative prowess in trapped-ion quantum computing and quantum networking. Secure Long-Distance Quantum Networking: This patent enables portable quantum memory packages to store and connect photons to help build secure, long-distance quantum communication networks. US 12,260,113 - PORTABLE QUANTUM MEMORY PACKAGE FOR QUANTUM NETWORK NODES - Issued March 25, 2025 This patent relates to a quantum repeater comprising quantum memories configured to receive a photon to be stored in the quantum memories or provide a photon to a recipient outside of the outer package. Quantum memories provide a method of receiving, storing, and providing quantum information. In some cases, quantum memories may be deployed for use in large-scale optical fiber networks and/or quantum entanglement networks, for example as quantum repeaters, that store and effectively connect distributed entangled particles to provide secure, long-distance communications. Self-Aligned Fabrication Process: This patent introduces a self-aligning process to transport light and couple photonic layers inside quantum memory devices. US 12,265,254 - SELF-ALIGNED FABRICATION PROCESS FOR COUPLING OF PHOTONIC WAVEGUIDE - Issued April 1, 2025 This patent relates to a quantum memory device comprising a 3D photonic structure configured to transport light between an optical fiber and the quantum memories, wherein the 3D photonic structure comprises photonic waveguide layers that have been photonically coupled via a self-aligned fabrication process. Accurate 3D alignment (e.g., nanometer-scale alignment) of multiple photonic materials may be obtained via self-aligned fabrication processes of this disclosure without the need for finely tuned alignment procedures. "Our technical achievements and patents provide a clear indication of how IonQ's research and development teams are driving the production of scalable, high-performance, enterprise-grade systems,' said Dean Kassmann, SVP of Engineering & Technology at IonQ. 'These patents signal to the industry our strong technical innovations and our strategic, well-considered path towards performance that provides commercial quantum advantage over classical computing." By continuously strengthening its IP, IonQ is not only protecting its core advancements but also laying the groundwork for future generations of quantum systems. The company's recent acquisitions have further broadened the scope of patents owned by IonQ as depicted in the attached overview of its intellectual property portfolio. About IonQ IonQ, Inc. [NYSE: IONQ] is the leading commercial quantum computing and networking company, delivering high-performance systems aimed at solving the world's most complex problems. IonQ's current generation quantum computers, IonQ Forte and IonQ Forte Enterprise, are the latest in a line of cutting-edge systems that have been helping customers and partners such as Amazon Web Services, AstraZeneca, and NVIDIA achieve 20x performance results. The company is accelerating its technology roadmap and intends to deliver the world's most powerful quantum computers with 2 million qubits by 2030 to accelerate innovation in drug discovery, materials science, financial modeling, logistics, cybersecurity, and defense. IonQ's advancements in quantum networking also positions the company as a leader in building the quantum internet. The company's innovative technology and rapid growth were recognized in Newsweek's 2025 Excellence Index 1000, Forbes' 2025 Most Successful Mid-Cap Companies list, and Built In's 2025 100 Best Midsize Places to Work in Washington DC and Seattle, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at IonQ Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including but not limited to the terms 'accelerating,' 'advancements,' 'building,' 'continues,' 'deepening,' 'delivering,' 'driving,' 'expanding,' 'growth,' 'intends,' 'intent,' 'ongoing,' 'optimizing,' and other similar expressions, are intended to identify forward-looking statements. These statements include those related to the IonQ's quantum computing capabilities and plans; IonQ's technology driving commercial quantum advantage in the future; the necessity, effectiveness, and future impacts of IonQ's offerings available today; and the scalability, fidelity, efficiency, viability, accessibility, effectiveness, importance, reliability, performance, speed, impact, practicality, feasibility, and commercial-readiness of IonQ's offerings. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: IonQ's ability to implement its technical roadmap; changes in the competitive industries in which IonQ operates, including development of competing technologies; IonQ's inability to attract and retain key personnel; or IonQ's ability to deliver, and customers' ability to generate, value from IonQ's offerings. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company's filings, including but not limited to those described in the 'Risk Factors' section of IonQ's filings with the U.S. Securities and Exchange Commission, including but not limited to the Company's most recent Annual Report on Form 10-K and reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.
