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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DY

DY fundamentals

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