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- **创纪录季度表现**：营收14.1% YoY增长至$1.45 billion，调整后EBITDA margin达15.1%，现金流强劲。
- **战略收购加码**：$1.95 billion收购Power Solutions，切入$20 billion数据中立机房建设市场，2026年Q4起增厚利润。
- **BEAD项目启动**：15州获批，Louisiana Q2起拨付资金，预计Q2起贡献收入，当前$500 million服务合同待确认。
- **长期增长引擎**：数据中心电气服务4年CAGR 15%，2026年Q4起与Dycom光纤网络形成全链路协同，2027年摊销后EPS仍具吸引力。

**【CEO Summary Section】**
- **Record Q3 Financials**: Revenue of $1.45 billion (+14.1% YoY), Adjusted EBITDA of $219 million (+28.5%), and EPS of $3.63, all历史新高。调整后EBITDA margin为15.1%，同比提升169个基点。
- **Power Solutions收购**：总对价$1.95 billion，预计Q4完成，立即增厚Adjusted EBITDA margin和EPS。Power Solutions 2025年营收预计$1 billion，4年CAGR 15%， backlog超$1 billion，专注于数据中心电气服务（占90%营收）。
- **长期增长驱动**：$20 billion 5年数据中立机房网络建设地址市场，2026年Q2起贡献BEAD项目收入，已获$500 million服务维护合同。

**【CFO Financial Commentary】**
- **Q3财务亮点**：GAAP净利润$106 million，Diluted EPS $3.63。运营现金流$220 million，DSO 105天（同比减14天）。
- **收购财务细节**：$1.95 billion对价中$293 million为股票，余下现金支付。交易后净杠杆率<3x，12-18个月内降至2x。预计2027年非现金无形资产摊销$185 million，Non-GAAP调整后EPS剔除摊销。
- **全年指引上调**：营收$5.35-5.425 billion（+13.8%-15.4%），Q4营收$1.26-1.34 billion，调整后EBITDA $140-155 million。

**【Q&A Key Highlights】**
- **DSO改善**：14天同比提升，源于现金管理纪律。Power Solutions扩展至德州等高增长数据中心区域。
- **BEAD进展**：15州获批，Louisiana Q2起拨付资金，预计Q2起贡献收入，当前$500 million verbal awards未入 backlog。
- **数据中立机房市场**：DMV占美国30%数据中心容量，Power Solutions 90%营收来自数据中心新建设与升级。
- **收购协同效应**：结合Dycom光纤网络与Power Solutions电气服务，覆盖从核心网络到数据中心全链路，2026年Q4起贡献财务影响。

Dycom Industries, Inc. (DY) Q3 2026 Earnings Call Transcript

- **Record Q2 Performance**: 14.5% revenue growth to $1.38B, EBITDA up 29.8% to $205.5M, with 14.9% margin and DSOs improving to 108 days.
- **Backlog Strength**: $8B total backlog (+16.9% YoY), $4.6B next 12-month backlog (+20.2% YoY), including a major post-quarter FTTH award.
- **$20B Data Center Opportunity**: Hyperscaler network builds to drive growth, with 2027+ ramp-up and early wins in service & maintenance.
- **Margin Expansion**: 29.8% EBITDA growth reflects operational efficiency, with tax savings adding $50M to 2026 cash flow.
- **Customer Momentum**: AT&T/Lumen >38% of revenue, hyperscalers entering recurring revenue streams, and 50+ million incremental FTTH passings in 16 months.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue of $1.38 billion, up 14.5% YoY, driven by fiber-to-the-home (FTTH) builds, wireless activity, and hyperscaler projects.
- **Profitability**: Adjusted EBITDA of $205.5 million (14.9% margin), up 29.8% YoY, with DSOs improving to 108 days (down 9 days YoY).
- **Backlog Expansion**: Total backlog of $8 billion (up 16.9% YoY), with next 12-month backlog at $4.6 billion (up 20.2% YoY). Secured a major multi-state FTTH/service & maintenance award post-quarter.
- **Strategic Wins**: Extended FTTH agreements, new hyperscaler service/maintenance contracts, and wireless equipment replacement work exceeding expectations.
- **Market Outlook**: $20 billion+ addressable market for outside plant data center networks over 5 years, with 2027+ ramp-up for long-haul/middle-mile projects. Customers' FTTH passings exceed 125 million, with 50+ million incremental in 16 months.

**【CFO Financial Commentary】**
- **Earnings**: Net income $97.5 million, EPS $3.33 (vs. $3.03-$3.36 guidance). Non-GAAP EPS exceeded expectations due to cost control and tax benefits.
- **Cash Flow**: Operating cash flow $57.4 million, with $50 million tax savings from recent legislation.
- **Customer Concentration**: AT&T (27% of revenue), Lumen (11%), and 6 other customers >5% of revenue, reflecting diversified customer base.
- **Q3 Outlook**: Revenue $1.38-$1.43 billion, EBITDA $198-$213 million, EPS $3.03-$3.36.

**【Q&A Key Highlights】**
- **Revenue Seasonality**: Q3/Q4 flattish, with 2027+ acceleration for data center networks. Q2 margin outperformance due to operational efficiency, not one-time items.
- **Wireless Growth**: Equipment replacement work ahead of schedule, with 2+ years of visibility. ORAN densification potential as 5G adoption accelerates.
- **Recurring Revenue**: Service & maintenance >50% of revenue, growing via new awards and FTTH-to-service pipeline. Hyperscaler service contracts add recurring streams.
- **Data Center Opportunity**: $20 billion+ pipeline for hyperscaler networks, with early wins but significant 2027+ upside. Inside defense work contributes to long-term growth.
- **Tax Benefits**: $50 million cash tax savings in 2026, enabling reinvestment in growth and shareholder returns.

Dycom Industries, Inc. (DY) Q2 2026 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q1 2026 revenue up 10.2% YoY to $1.259 billion, driven by FTTH, wireless, and hyperscaler projects.
- **Backlog Soars to $8.1B**: Record levels reflect diversified wins across FTTH, hyperscaler networks, and maintenance contracts.
- **FY26 Guidance Raised**: $5.29–5.425 billion revenue (12.5%–15.4% YoY growth), fueled by expanded customer programs.
- **Profitability Improves**: Adjusted EBITDA margin expanded 49 bps to 11.9%, with EPS beating expectations at $2.09.
- **Strategic Wins in Hyperscale**: New multiyear hyperscaler awards for middle-mile and inside-fence work, opening $10B+ TAM.
- **Stable Maintenance Engine**: >50% of revenue from long-term contracts, providing consistent cash flow resilience.

**【CEO Opening Remarks】**
- Q1 2026 revenue reached $1.259 billion, up 10.2% YoY, driven by fiber-to-the-home (FTTH) deployments, wireless work, and hyperscaler infrastructure projects.
- Adjusted EBITDA of $150.4 million (11.9% of revenue) exceeded expectations, with a 14.9% YoY increase.
- Record backlog of $8.1 billion reflects diversified growth across FTTH, hyperscaler networks, and service/maintenance contracts.
- FY26 revenue guidance raised to $5.29–5.425 billion (12.5%–15.4% YoY growth), driven by expanded FTTH targets and hyperscaler investments.

**【CFO Financial Highlights】**
- Diluted EPS of $2.09 beat expectations, supported by $61 million net income and tax benefits from share-based awards.
- Operating cash flow used $54 million, with DSO improving to 111 days (down 3 days QoQ).
- $30.2 million share buybacks in Q1, with plans to remain opportunistic in capital allocation.
- FY26 Q2 outlook: $1.38–1.43 billion revenue, $185–200 million EBITDA, and $2.74–3.05 EPS.

**【Q&A Key Takeaways】**
- **Wireless Growth**: Black & Veatch acquisition (wireless equipment replacement) contributed significantly, with work ramping faster than expected.
- **Maintenance Business**: Represents >50% of revenue, providing stable cash flow through long-term contracts (2–4 years).
- **Tariff Impact**: Minimal impact on current builds, as labor costs dominate and key equipment sourced domestically.
- **BEAD Program**: Potential $4.7 billion in rural broadband opportunities, though not included in FY26 guidance.
- **Hyperscaler Expansion**: New awards for middle-mile networks and inside-fence data center connections, signaling TAM expansion.
- **Free Cash Flow**: Focus on DSO reduction and capital efficiency, with FY26 CapEx guided at $220–230 million.

Dycom Industries, Inc. (DY) Q1 2026 Earnings Call Transcript

- **Revenue Growth Momentum**: 12.6% FY25 increase to $4.7B, with 10-13% 2026 outlook driven by fiber-to-the-home and hyperscaler builds.
- **Profitability Expansion**: 450 bps margin improvement over three years,2025,.
- **Cash Flow Strength**: 82% free cash flow growth to $137.8M.
- **Hyperscaler Opportunity**: 5,100 route miles announced,2025, with long-haul work ramping in 2026.
- **Wireless Stability**: 7% Q4 revenue,2025, with equipment replacement program on track.

**CEO Opening Remarks**
- Fiscal 2025 revenue grew 12.6% to $4.702 billion, with adjusted EBITDA margin expanding 450 basis points over three years.
- 2026 revenue outlook of 10-13% growth driven by fiber-to-the-home, hyperscaler long-haul projects, and wireless equipment replacements.
- Backlog of $7.8 billion at year-end, with $4.6 billion expected to be completed in 12 months.

**CFO Financial Highlights**
- Q4 2025 adjusted EBITDA of $116.4 million (10.7% of revenue), up 89 basis points year-over-year.
- Full-year free cash flow increased 82% to $137.8 million, with DSOs improving 6 days to 114 days.
- 2026 capital expenditures projected at $220-230 million, supporting growth initiatives.

**Q&A Key Takeaways**
- Hyperscaler long-haul opportunities remain early-stage but accelerating, with 5,100 route miles announced by ISPs.
- BEAD program delays expected to impact 2026 contributions, though state-level broadband grants added $1 billion Q4.
- Wireless business (7% of Q4 revenue) remains stable, with Black & Veatch equipment replacement program on track.
- SG&A growth reflects investment in scale, with operating leverage expected over time.

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