Dycom Industries Inc (DY) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Dycom Industries, Inc. third-quarter 2025 results conference call. At this time, all paticipants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Dycom Industries, Inc. 2025 年第三季業績電話會議。此時，所有參與者都處於只聽模式。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Mr. Steven Nielsen, Chief Executive Officer. Please go ahead, sir.

我現在將會議交給執行長史蒂文·尼爾森先生。請繼續，先生。

Thank you, operator. Good morning, everyone. Thank you for attending this conference call to review our third quarter fiscal 2025 results.

謝謝你，接線生。大家早安。感謝您參加本次電話會議，回顧我們 2025 財年第三季的業績。

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.

轉到投影片 2。在本次電話會議中，我們將參考幻燈片演示文稿，該演示文稿可以在我們網站的投資者中心主頁上找到。在我們的簡報中，相關投影片將透過編號進行標識。

Today, we have on the call Dan Peyovich, our President and incoming Chief Executive Officer; Drew DeFerrari, our Chief Financial Officer; and Ryan Urness, our General Counsel.

今天，我們請來了我們的總裁兼即將上任的執行長 Dan Peyovich；德魯‧德法拉利 (Drew DeFerrari)，我們的財務長；以及我們的總法律顧問 Ryan Urness。

Now I will turn the call over to Ryan Urness.

現在我將把電話轉給瑞安·厄內斯。

Thank you, Steve. All forward-looking statements made during this conference call are provided pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all comments reflecting our expectations, assumptions or beliefs about future events. These forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from current projections, including those risks discussed in the company's filings with the US Securities and Exchange Commission.

謝謝你，史蒂夫。本次電話會議期間所做的所有前瞻性陳述均根據 1995 年《私人證券訴訟改革法案》的安全港條款提供。前瞻性陳述包括反映我們對未來事件的預期、假設或信念的所有評論。這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與當前預測有重大差異，包括該公司向美國證券交易委員會提交的文件中討論的風險。

Forward-looking statements are made solely as of the original broadcast date of this conference call, and we assume no obligation to update any forward-looking statements. Steve?

前瞻性陳述僅在本次電話會議的原始廣播日期作出，我們不承擔更新任何前瞻性陳述的義務。史蒂夫？

Thanks, Ryan. As announced last June, I'm retiring at the end of this month from Dycom, after over 30 years of service, 25 as CEO. This earnings call is my last. Accordingly, I will review this past quarter, Dan will review industry opportunities and operational highlights, while Drew will cover our financial performance and outlook. Dan and Drew will handle Q&A. After the Q&A, I will have a few final remarks.

謝謝，瑞安。正如去年 6 月宣布的那樣，我將於本月底從 Dycom 退休，此前我已在 Dycom 工作了 30 多年，其中擔任執行長 25 年。這次財報電話會議是我最後一次。因此，我將回顧上個季度，丹將回顧行業機會和營運亮點，而德魯將介紹我們的財務表現和前景。丹和德魯將負責問答。問答結束後，我將做最後的發言。

Before I review our third quarter results, I would like to thank my fellow employees for their hard work and dedication. Your efforts make Dycom the special place it is, and I'm so proud of what we have built together. To our directors, thanks for your wisdom, guidance and oversight over these last 25 years. I leave Dycom a much better leader because of you. To my fellow shareholders, your support as I have led our company has been invaluable. Thanks for the opportunity to benefit from your council in the market's discipline.

在回顧第三季業績之前，我要感謝我的同事們的辛勤工作和奉獻精神。你們的努力使 Dycom 成為一個特別的地方，我為我們共同建立的一切感到非常自豪。感謝我們的董事們在過去 25 年裡的智慧、指導和監督。因為你們，我讓 Dycom 成為了一個更好的領導者。對於我的股東們，你們對我領導公司的支持是無價的。感謝您有機會從市場紀律委員會中受益。

And finally, Dan, I'm so excited for you and Dycom as you and your strong team lead our company to a bright future. I firmly believe Dycom's opportunities have never been greater. And I leave Dycom well assured that you and your team will take full advantage of those opportunities to the great benefit of customers, employees and shareholders. You have my full confidence in the support of the entire company.

最後，Dan，我為你和 Dycom 感到非常興奮，因為你和你強大的團隊帶領我們公司走向光明的未來。我堅信 Dycom 的機會從未如此巨大。我在離開 Dycom 時深感放心，您和您的團隊將充分利用這些機會，為客戶、員工和股東帶來巨大利益。我對整個公司的支持充滿信心。

Now moving to slide 4 and a review of our third 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 slides 12 through 18 for a reconciliation of these non-GAAP measures to their corresponding GAAP measures.

現在轉到投影片 4，回顧我們第三季的業績。當我們審查我們的結果時，請注意，在我們今天的評論和隨附的幻燈片中，我們引用了某些非公認會計原則措施。我們請您參閱投影片 12 至 18，以了解這些非 GAAP 衡量標準與其對應 GAAP 衡量標準的調整。

Turning to the quarter. Revenue increased year-over-year to $1.272 billion, an increase of 12%. Organic revenue increased 7.6% and as we deploy gigabit wireline networks, wireless/wireline converged networks and wireless networks. This quarter reflected an increase in demand from three of our top five customers.

轉向季度。營收年增12%至12.72億美元。隨著我們部署千兆有線網絡、無線/有線融合網絡和無線網絡，有機收入增長了 7.6%。本季度反映了我們前五名客戶中三個的需求增加。

Non-GAAP gross margin was 20.8% of revenue and increased 45 basis points compared to Q3 of fiscal '24. Non-GAAP general and administrative expenses were 7.8% of revenue. And all of these factors generated adjusted EBITDA of $170.7 million or 13.4% of revenue and adjusted earnings per share of $2.68.

非 GAAP 毛利率佔營收的 20.8%，與 24 財年第三季相比增加了 45 個基點。非 GAAP 一般及管理費用佔收入的 7.8%。所有這些因素產生的調整後 EBITDA 為 1.707 億美元，佔營收的 13.4%，調整後每股收益為 2.68 美元。

Liquidity was strong at $462.8 million, and during the quarter, we completed the acquisition of Black & Veatch's public carrier wireless telecommunications infrastructure business.

流動性強勁，達到 4.628 億美元，在本季度，我們完成了對 Black & Veatch 公共營運商無線電信基礎設施業務的收購。

Now I will turn the call over to Dan for a business update.

現在我將把電話轉給 Dan 以了解業務最新情況。

Thank you, Steve, and good morning, everyone. I'd like to start by expressing my gratitude for the support and partnership Steve has provided throughout this transition. His guidance has firmly established our company as an industry leader.

謝謝你，史蒂夫，大家早安。首先，我要對史蒂夫在整個過渡過程中提供的支持和合作表示感謝。他的指導使我們公司牢固地確立了行業領導者的地位。

On behalf of the Board of Directors and all our employees across the country, I want to extend our deepest thanks to Steve for his dedication over the past 25 years.

我謹代表董事會和全國所有員工，對 Steve 在過去 25 年來的奉獻表示最深切的感謝。

I would like to welcome Kevin Wetherington, who joined as our new Chief Operating Officer in October. Kevin brings over 25 years of experience in leading national operations with large distributed workforces across the country. Kevin has already been out in the field with a number of our subsidiaries and met with customers as he steps into lead operations across Dycom. We're delighted to have him join our executive team.

我熱烈歡迎 Kevin Wetherington，他於 10 月加入我們，擔任我們的新任營運長。Kevin 在領導全國營運方面擁有超過 25 年的經驗，在全國各地擁有大量分散的員工隊伍。Kevin 已經在我們的多家子公司進行了實地考察，並在領導 Dycom 的營運業務時會見了客戶。我們很高興他加入我們的執行團隊。

Moving to our results. We delivered another strong quarter with year-over-year growth in both revenue and EBITDA. We're encouraged to see continued and additional strategic transactions including refinancings and commitments to increase capital expenditures by many of our customers with some customers also increasing homes past expectations.

轉向我們的結果。我們再次實現強勁的季度業績，營收和 EBITDA 均較去年同期成長。我們很高興看到我們的許多客戶繼續進行額外的策略交易，包括再融資和增加資本支出的承諾，其中一些客戶還增加了超出預期的房屋。

We work hard to deliver quality every day, and we believe we are well positioned to capitalize on these opportunities. Fiber-to-the-home work and our maintenance and operations services are a core part of our business, and we secured both extensions and new awards in a number of markets for these services from AT&T during the quarter.

我們每天都在努力提供高品質的產品，我們相信我們有能力利用這些機會。光纖到戶工作以及我們的維護和營運服務是我們業務的核心部分，本季我們在許多市場上從 AT&T 獲得了這些服務的延期和新獎項。

We're excited about the increasing opportunities we see related to AI, including expansive new national deployments of high-capacity, low-latency inter and intra city networks. We believe we are in the early stages of a broad set of significant opportunities with a number of customers as hyperscalers look to connect their data centers with long-haul, private redundant fiber networks.

我們對與人工智慧相關的越來越多的機會感到興奮，包括在全國廣泛部署高容量、低延遲的城市間和城市內網路。我們相信，隨著超大規模企業希望將其資料中心與長途、私人冗餘光纖網路連接起來，我們正處於與許多客戶合作的一系列重大機會的早期階段。

During the quarter, we received an award from Lumen for the expansion of their inter and intercity fiber network to provide additional capacity for hyperscalers. The integration of our recent wireless acquisition is going well, and we are seeing a participated ramp in wireless network modernization and deployment services. We remain comfortable with our initial revenue expectations for this acquisition, and we continue to integrate and execute on anticipated synergies.

在本季度，我們因擴展其城際和城際光纖網路以為超大規模企業提供額外容量而獲得了 Lumen 的獎勵。我們最近收購的無線業務的整合進展順利，我們看到無線網路現代化和部署服務的參與度不斷提高。我們對此次收購的最初收入預期仍然滿意，並將繼續整合和執行預期的綜效。

Lastly, we continue to see unprecedented levels of federal and state support for rural broadband deployment programs. We believe the magnitude and importance of these programs should not be underappreciated, as they address some of the more difficult locations to deploy in America and represent a generational deployment opportunity. We continue to believe that we will see revenue opportunities from BEAD in the second half of calendar 2025, ramping into 2026.

最後，我們繼續看到聯邦和州對農村寬頻部署計劃的支持達到前所未有的水平。我們認為，這些計劃的規模和重要性不應被低估，因為它們解決了美國一些較難部署的地點，並代表了一代人的部署機會。我們仍然相信，我們將在 2025 年下半年看到 BEAD 的收入機會，並持續到 2026 年。

In summary, we executed well during the quarter and continue to capitalize on opportunities across our industry. We believe that the long-term value of our maintenance and operations business will continue to increase relative to our deployment of wireline and converged networks, as those deployments dramatically increase the amount of outside plant that must be extended and maintained.

總而言之，我們在本季表現良好，並繼續利用整個行業的機會。我們相信，相對於我們的有線和融合網路部署，我們的維護和營運業務的長期價值將繼續增加，因為這些部署大大增加了必須擴展和維護的外部設備的數量。

As customer projects increase in scope and complexity, our industry focus, scale and financial strength position us well to deliver valuable services and anticipate and meet the demand for our customers. We believe that we are building momentum in the markets we serve as we pursue our vision to connect America.

隨著客戶專案範圍和複雜性的增加，我們的行業重點、規模和財務實力使我們能夠很好地提供有價值的服務並預測和滿足客戶的需求。我們相信，在追求連結美國的願景的過程中，我們正在所服務的市場中累積動力。

I would like to acknowledge our 16,000 employees for their dedication to delivering for our customers safely every day. We've grown significantly over the past several years and have unprecedented opportunities ahead of us. Our results and continued success are because of you. Thank you.

我要感謝我們的 16,000 名員工每天致力於安全地為客戶提供服務。在過去的幾年裡，我們取得了顯著的發展，並面臨前所未有的機會。我們的成果和持續的成功都歸功於您。謝謝。

I'll pass the call to Drew for his financial review and outlook. Drew?

我會將電話轉給德魯，詢問他的財務審查和前景。德魯？

Thanks, Dan, and good morning, everyone. Going to slide 6. Contract revenues were $1.272 billion, an increase of 12% compared to Q3 '24. Organic revenue increased 7.6% after excluding revenue from acquired businesses each period, storm work for the current quarter and revenue from a change order and project closeout in the prior year quarter. A presentation of these amounts can be found in our press release and materials for today's call.

謝謝丹，大家早安。轉到投影片 6。合約營收為 12.72 億美元，比 24 年第三季成長 12%。扣除各時期收購業務的收入、本季的風暴工作以及上一年季度變更訂單和項目收尾的收入後，有機收入增長了 7.6%。這些金額的介紹可以在我們的新聞稿和今天電話會議的資料中找到。

Adjusted EBITDA was $170.7 million or 13.4% of contract revenues, an increase of 52 basis points compared to $143.2 million or 12.9% in Q3 '24. Gross margin improved 45 basis points to 20.8% of revenue compared to 20.4%. For comparative purposes, the prior year adjusted EBITDA and gross margin exclude the impacts of a change order and closeout of several projects reported in Q3 '24.

調整後 EBITDA 為 1.707 億美元，佔合約收入的 13.4%，與 2024 年第三季的 1.432 億美元或 12.9% 相比，增加了 52 個基點。毛利率提高了 45 個基點，佔營收的 20.8%，而去年同期為 20.4%。出於比較目的，上一年調整後的 EBITDA 和毛利率不包括 2024 年第三季報告的變更單和多個專案結清的影響。

G&A this quarter included incremental stock-based compensation of $7.1 million related to the CEO transition and acquisition integration costs of $4.2 million related to the Q3 '25 acquisition. Excluding these amounts, non-GAAP G&A expenses were 7.8% of revenue compared to 7.7% in Q3 '24.

本季的一般管理費用包括與執行長過渡相關的 710 萬美元的增量股票薪酬，以及與 25 年第三季收購相關的 420 萬美元的收購整合成本。排除這些金額，非 GAAP G&A 費用佔收入的 7.8%，而 2024 年第三季為 7.7%。

Non-GAAP net income increased to $2.68 per share compared to $2.23 per share in Q3 last year after excluding $0.59 for the change order and project closeout benefit last year in Q3.

扣除去年第三季變更單和專案收尾收益的 0.59 美元後，非公認會計準則淨利增至每股 2.68 美元，而去年第三季為每股 2.23 美元。

Going to slide 7. During the quarter, our top five customers combined produced 55.7% of revenue and grew organically 16.7%. AT&T was our largest customer at $265.6 million or 20.9% of revenue and grew organically 58.4%.

轉到投影片 7。本季度，我們的前五名客戶合計產生了 55.7% 的收入，有機成長 16.7%。AT&T 是我們最大的客戶，營收達 2.656 億美元，佔營收的 20.9%，有機成長 58.4%。

Lumen was our second largest customer at $146.4 million or 11.5% of revenue. Our third largest customer was $104.9 million or 8.2% of revenue and grew 50.2% organically. Comcast was at $102.7 million or 8.1% of revenue. And finally, Brightspeed was our fifth largest customer at $88.6 million or 7% of revenue and grew 43.3% organically. All other customers decreased slightly on an organic basis.

Lumen 是我們的第二大客戶，營收達 1.464 億美元，佔營收的 11.5%。我們的第三大客戶為 1.049 億美元，佔營收的 8.2%，有機成長 50.2%。康卡斯特的營收為 1.027 億美元，佔營收的 8.1%。最後，Brightspeed 是我們的第五大客戶，營收為 8,860 萬美元，佔營收的 7%，有機成長 43.3%。所有其他客戶有機數量略有下降。

Going to slide 8. Backlog at the end of the third quarter was $7.856 billion versus $6.834 billion at July 2024, an increase of over $1 billion. Of this backlog, approximately $4.467 billion is expected to be completed in the next 12 months. Headcount was 15,980.

轉到投影片 8。第三季末的積壓訂單為 78.56 億美元，而 2024 年 7 月的積壓訂單為 68.34 億美元，增加了超過 10 億美元。其中，約 44.67 億美元預計將在未來 12 個月內完成。員工總數為 15,980 人。

Going to slide 9. Our financial position and balance sheet remain strong. Cash and equivalents were $15.3 million and liquidity was $462.8 million. At the end of Q3, we had $450 million of term loan and $155 million of drawn revolving credit facility borrowings, which was used for acquisition funding during the quarter. Additionally, we had $500 million of senior notes outstanding.

轉到投影片 9。我們的財務狀況和資產負債表依然強勁。現金及等價物為 1,530 萬美元，流動資金為 4.628 億美元。截至第三季末，我們擁有 4.5 億美元的定期貸款和 1.55 億美元的循環信貸額度借款，這些貸款用於本季的收購融資。此外，我們還有 5 億美元的優先票據未償付。

Our capital allocation continues to prioritize organic growth, followed by M&A and opportunistic share repurchases within the context of a historical range of net leverage.

我們的資本配置繼續優先考慮有機成長，其次是在歷史淨槓桿範圍內的併購和機會性股票回購。

Going to slide 10. Cash flows from operating activities were $65.8 million in Q3. The combined DSOs of accounts receivable and net contract assets were 119 days. Capital expenditures were $66.4 million, net of disposal proceeds, and gross CapEx was $74.6 million. During Q3, we acquired a wireless telecommunications infrastructure business for $150 million in cash.

轉到投影片 10。第三季經營活動現金流量為 6,580 萬美元。應收帳款和淨合約資產的合併 DSO 為 119 天。扣除處分收益後，資本支出為 6,640 萬美元，總資本支出為 7,460 萬美元。第三季度，我們以 1.5 億美元現金收購了無線電信基礎設施業務。

Going to slide 11. As we look ahead to the fourth quarter, we expect total contract revenues to increase mid- to high single digits as a percentage of contract revenues compared to $952.5 million in Q4 '24. Included in the expectation for Q4 '25 is approximately $35 million of revenues from acquired businesses not owned for the entirety of both the current and prior year quarters.

轉到投影片 11。展望第四季度，我們預計總合約收入佔合約收入的百分比將比 2024 年第四季的 9.525 億美元成長中高個位數。25 年第 4 季的預期包括來自本季和去年整個季度未擁有的收購業務的約 3,500 萬美元收入。

For comparison purposes, there were no acquired revenues from these businesses in Q4 '24. As a result, organic revenues are expected to increase low to mid-single digit as a percentage of contract revenues.

出於比較目的，24 年第 4 季沒有從這些業務中獲得收入。因此，有機收入佔合約收入的百分比預計將增長到中個位數。

Our outlook for Q4 reflects normal seasonal factors such as fewer available workdays due to the holidays, reduced daylight work hours and inclement winter weather conditions. These seasonal factors as well as additional operating costs to initiate work on a number of new awards are also expected to impact earnings.

我們對第四季度的展望反映了正常的季節性因素，例如假期導致的可用工作日減少、白天工作時間減少以及冬季惡劣的天氣條件。這些季節性因素以及啟動許多新獎項的額外營運成本預計也會影響收益。

For Q4 '25, we expect non-GAAP adjusted EBITDA percentage of contract revenues to increase approximately 25 basis points compared to 9.8% in Q4 '24. Other expectations about the Q4 outlook include $9.9 million of amortization expense, $9.3 million of stock-based compensation, which includes $2.1 million of incremental expense related to the CEO succession transition, $16.5 million of net interest expense, a 26% non-GAAP effective income tax rate and 29.5 million diluted shares.

對於 25 年第 4 季度，我們預計非 GAAP 調整後 EBITDA 佔合約收入的百分比將增加約 25 個基點，而 24 年第 4 季為 9.8%。第四季度前景的其他預期包括990 萬美元的攤銷費用、930 萬美元的股票薪酬（其中包括與執行長繼任過渡相關的210 萬美元的增量費用）、1,650 萬美元的淨利息費用、26% 的非公認會計準則有效收入稅率和2,950萬股稀釋股份。

As I wrap up, I would like to personally say thank you to Steve for your leadership and dedicated service to the company over the past three decades. I wish you well in your retirement. I'm excited to work alongside Dan and our dedicated team as we continue to grow the business and focus on delivering long-term value for our shareholders.

最後，我想親自向史蒂夫表示感謝，感謝您在過去三十年中對公司的領導和竭誠服務。祝您退休後一切順利。我很高興能與丹和我們敬業的團隊一起工作，我們將繼續發展業務並專注於為股東創造長期價值。

Operator, this concludes our prepared remarks. You may now open the call for questions.

接線員，我們準備好的發言到此結束。您現在可以發起提問。

(Operator Instructions) Adam Thalhimer, Thompson Davis.

（操作員說明）Adam Thalhimer、Thompson Davis。

Hey, good morning, guys. Nice quarter, and Steve, congrats on your last conference call. Drew, can you actually just pick up where you left off, you talked about start-up incremental costs in Q4 related to the startup of large programs. Can you just flesh that out a little bit for us?

嘿，早上好，夥計們。不錯的季度，史蒂夫，恭喜你上次的電話會議。德魯，您實際上可以從上次停下的地方繼續嗎？能為我們具體說明一下嗎？

Yes, Adam, thanks for the question. So as we've done in the past, we've announced new awards. We're pleased to have a number of new awards and extensions. And as Dan called out on the Lumen award as well. And so we've got some costs that we've been -- these are a number of new areas for us. So there are some costs expected in the quarter as we ramp up into next year. The other thing I would add there is we continue to ramp on the recent acquisition. And so we've got a little bit of cost there as well.

是的，亞當，謝謝你的提問。正如我們過去所做的那樣，我們宣布了新的獎項。我們很高興獲得許多新的獎項和延期。丹也對流明獎表示讚賞。因此，我們已經付出了一些成本——這些對我們來說是一些新領域。因此，隨著我們進入明年，預計本季會產生一些成本。我要補充的另一件事是我們繼續加強最近的收購力道。所以我們也有一點成本。

And then can you talk about the what you got from Lumen in the quarter versus the total Lumen AI opportunity, because the backlog went up basically by the Black & Veatch acquisition, I think.

然後您能否談談本季度從 Lumen 獲得的收益與 Lumen AI 總機會的比較，因為我認為，積壓訂單基本上是由於 Black & Veatch 收購而增加的。

Hi, good morning, Adam. This is Dan. So first, we're not going to size the revenue of our backlog opportunity including the Lumen AI deal. We're very excited to continue our partners there. Certainly believe that we got our fair share. And really, I want to point out that we view this as kind of the start of what's to come for the data centers.

嗨，早上好，亞當。這是丹.因此，首先，我們不會評估包括 Lumen AI 交易在內的積壓訂單機會的收入規模。我們很高興能在那裡繼續我們的合作夥伴。當然相信我們得到了我們應有的份額。事實上，我想指出的是，我們認為這只是資料中心未來發展的開始。

As the hyperscalers look to connect and extend their data centers across the country and this new surge of long-haul activity, we really see this as being a significant potential opportunity. And excited to have the partnership with Lumen to get this started, but having a lot of conversations with other customers, having a lot of conversations with hyperscalers and believe this could be significant in the years to come.

隨著超大規模企業希望在全國範圍內連接和擴展其資料中心，以及長途活動的新一輪激增，我們確實認為這是一個重要的潛在機會。很高興與 Lumen 建立合作夥伴關係來開始這項工作，但與其他客戶進行了很多對話，與超大規模企業進行了很多對話，並相信這在未來幾年可能會產生重大影響。

Alex Waters, BofA.

亞歷克斯沃特斯，美國銀行。

Hi, good morning. Thanks so much for taking my question. Maybe just first off here, Dan, I think in your script, you noted the BEAD opportunity kind of 2H '25 and 2026. It seems like it's changed a little bit from last quarter when I think it was noted 2Q. Maybe if you could just describe that a little bit more?

嗨，早安。非常感謝您提出我的問題。也許首先，丹，我想在你的腳本中，你注意到了 2H '25 和 2026 年的 BEAD 機會。與上個季度相比，情況似乎發生了一些變化，我認為這是在第二季度注意到的。也許您可以再描述一下嗎？

Last quarter, we talked about was being in the second half, the third quarter of 2025, we still believe that we can see revenue in that time frame. We're just talking about probably the significant ramp being in 2026. And everybody saw Louisiana made some announcements yesterday. Certainly excited to see that 95% of that ended up being cyber.

上個季度，我們談到的是 2025 年下半年、第三季度，我們仍然相信我們可以在那個時間範圍內看到收入。我們只是在談論 2026 年可能會出現顯著的成長。大家都看到路易斯安那州昨天發布了一些公告。當然很高興看到其中 95% 最終都透過網路實現。

We'll see how it all plays out, but certainly a good start. And collectively, with what the amounts that would be contributed from the sub-brand fees, that's over $1 billion in fiber construction for Louisiana on. So excited to see how it plays out, and we'll see on timing, but we still believe back half of 2025, ramp in 2026.

我們將看看這一切如何展開，但這肯定是一個好的開始。加上子品牌費用貢獻的金額，路易斯安那州的光纖建設費用總計超過 10 億美元。很高興看到它如何發揮作用，我們將拭​​目以待，但我們仍然相信 2025 年下半年，2026 年將實現成長。

Okay. Perfect. Thanks. And then maybe just on kind of the all other customers bucket. It seems like that was down 9% year-on-year. Maybe just could you talk about what you're seeing from these customers and kind of what the expectations are going forward?

好的。完美的。謝謝。然後也許只是所有其他客戶的一種。看起來比去年同期下降了9%。也許您能談談您從這些客戶身上看到的情況以及未來的期望嗎？

Yes. No, it's a good question. So the way we look at it, and we understand that's how we show it on the slide there. The way we look at it, we have a lot of customers that are moving in and out of the top five. We're very pleased with the breadth of our customers, and we have a number of customers now, six, seven and eight are all in the $80 million range. So as those folks move in and out, it does affect the overall numbers. So we really like to look at it, if you look at the top 10 customers, which represents about 75% of our revenue. They increased 17% this quarter. So we feel that's a better guide.

是的。不，這是一個好問題。所以我們看待它的方式，我們理解這就是我們在幻燈片上展示它的方式。從我們的角度來看，我們有很多客戶在前五名之間進進出出。我們對客戶的廣泛程度感到非常滿意，現在我們有很多客戶，六、七、八個客戶的價值都在 8000 萬美元左右。因此，當這些人進出時，確實會影響總體數字。所以我們真的很喜歡看看前 10 名的客戶，它們約占我們收入的 75%。本季成長了 17%。所以我們認為這是一個更好的指南。

Alex Rygiel, B. Riley Securities.

Alex Rygiel，B. Riley 證券公司。

Hi. Good morning. This is actually Min on for Alex. Steve, first, I want to thank you for this great and the long run, just wishing you the best in retirement. So my first question has to do with -- just in terms of the BEAD funding, obviously, it looks like you're not really expecting much change in terms of funding support. But can you just provide any update on your thoughts just under the Trump administration -- under a new Trump administration?

你好。早安.這其實是阿歷克斯的敏。史蒂夫，首先，我要感謝你的偉大和長期的貢獻，祝你退休後一切順利。所以我的第一個問題與——就 BEAD 資金而言，顯然，您似乎並不真正期望資金支持方面有太大變化。但您能否提供有關您在川普政府執政期間（新川普政府執政期間）的最新想法？

Yes. Good morning, Min. The first thing I'd say is we are seeing some things coming out. The likely stance from the new administration around net neutrality, digital discrimination, those would be good for our customers, good for our industry.

是的。早上好，敏。我要說的第一件事是我們正在看到一些事情的出現。新政府可能圍繞網路中立、數位歧視採取的立場，這些對我們的客戶、對我們的產業都有好處。

On the bulk of it, of course, for all of it, still too early for us to speculate that. What we would continue to say bipartisan support when BEAD was passed both the current and previous administration supported getting broadband to rural homes, and we believe that will continue.

當然，就大部分而言，對我們來說，推測這一點還為時過早。當 BEAD 通過時，我們將繼續說兩黨的支持，現任和前任政府都支持為農村家庭提供寬頻，我們相信這種情況將繼續下去。

There's no doubt they're coming out of COVID that high-speed Internet is a priority, getting that out to rural homes into every home in America is really we look at it the same way as power was 90 years ago. So strongly believe that that's going to happen. Some questions around timing and exactly how it's going to play out. But again, some of these early awards, what we're seeing in Colorado and the participation there. We believe those are all good times.

毫無疑問，他們從新冠疫情中走出來，認為高速互聯網是當務之急，讓高速互聯網進入農村家庭，進入美國的每個家庭，我們看待它的方式就像 90 年前的電力一樣。因此堅信這將會發生。關於時間安排以及具體如何進行的一些問題。但同樣，其中一些早期獎項，我們在科羅拉多州看到的以及那裡的參與。我們相信這些都是美好時光。

Excellent. Also can you just provide any kind of detail around how the integration of Black & Veatch is going so far? And what were your wireless revenues in the quarter?

出色的。另外，您能否提供有關 Black & Veatch 整合目前進展的任何細節？該季度您的無線收入是多少？

Sure. The integration is going well. The work that they're doing for the equipment replacement is ramping up a little bit quicker than we expected. So we'd like to see that. And overall, it's been a good acquisition for us and the team is jelling well and getting ramped up for next year.

當然。整合進展順利。他們正在做的設備更換工作比我們預期的要快一些。所以我們希望看到這一點。總的來說，這對我們來說是一次很好的收購，團隊凝聚力很好，並為明年做好了準備。

Yes. And Min, this is Drew. I'll jump in here as well. So we had about $4.2 million of integration costs in the quarter there. We expect some modest cost coming up in Q4 as well, but we're seeing a nice ramp there.

是的。敏，這是德魯。我也跳到這裡來。因此，本季我們的整合成本約為 420 萬美元。我們預計第四季度成本也會有所上升，但我們看到了一個不錯的成長。

Okay. And what were your total wireless revenues?

好的。您的無線總收入是多少？

And wireless revenues around -- just over 4.5% of revenue for the quarter.

無線收入僅佔本季營收的 4.5% 以上。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Great. Thank you. Steve, congratulations on the career and finish in the last earnings call here. I appreciate all the help over the years. So I just wanted to check on as far as the guide, I assume any potential storm cleanup revenue is not in the guide. But can you give us an idea of what you think that impact will be on the fourth quarter? Will it be more or less do you think from Q3? And any impact to to the regular business from -- related to the storms?

偉大的。謝謝。史蒂夫，祝賀你的職業生涯並在最後一次財報電話會議上結束。我感謝多年來所有的幫助。所以我只是想檢查一下指南，我認為指南中沒有任何潛在的風暴清理收入。但您能否告訴我們您認為這將對第四季產生什麼影響？您認為從第三季開始會增加還是減少？風暴對正常業務有何影響？

Yes. Frank, this is Drew. Thanks for the question. So certainly, our first focus on the storm work is helping our customers get service restored in these areas. We had about $46 million in Q3. That number has tapered off quite a bit as we roll into Q4. So not reflecting that, not calling out specific storm work in the guide at this point.

是的。法蘭克，這是德魯。謝謝你的提問。因此，我們對風暴工作的首要關注點是幫助我們的客戶恢復這些地區的服務。第三季我們的營收約為 4,600 萬美元。隨著進入第四季度，這個數字已經逐漸減少。因此，目前沒有反映這一點，也沒有在指南中指出具體的風暴工作。

And then as far as disruption in Q3, I would tell you we had four storms affecting our areas. So there is a little bit of trade-off of work there that the normally scheduled work that would have gotten done. But as we're moving into Q4, there's not really that displacement in the period.

至於第三季的中斷，我會告訴你，我們的地區有四場風暴影響。因此，與正常安排的工作本來可以完成的工作相比，需要進行一些權衡。但隨著我們進入第四季度，這段時期內並沒有真正的位移。

Okay. Thank you. And as far as some of these AI builds that you're seeing, is relative to maybe a few months ago, are you seeing these be more substantially related to larger long-haul projects versus short spurs off of networks that we maybe have seen previously?

好的。謝謝。就您所看到的一些人工智慧建置而言，可能是相對於幾個月前而言，您是否認為這些與大型長途專案與我們之前可能見過的網路短期刺激有更密切的關係？

Frank, quarter-over-quarter, we've just seen certainly more and more information, more and more of the hyperscalers talking about the need, certainly committing CapEx and future CapEx towards the endeavor. I think exactly how the shape of the curve plays out remains to be seen. But the conversations that we're having certainly have to do with long haul, they need to -- ultimately, they're trying to increase their capacity. They're looking for redundancy. When we think about redundancy, if that's redundancy of routes, that could be significant from a long-haul perspective.

弗蘭克，每個季度我們都看到越來越多的信息，越來越多的超大規模企業在談論這一需求，當然也將資本支出和未來的資本支出投入到這項努力中。我認為曲線的形狀到底如何發揮還有待觀察。但我們正在進行的對話肯定與長期有關，他們需要——最終，他們正在努力增加他們的能力。他們正在尋找裁員。當我們考慮冗餘時，如果這是航線的冗餘，那麼從長途運輸的角度來看，這可能很重要。

And then you have connection of the existing data centers. But as they kind of get the power side figured out and are building new data centers, we've got extensions to the new data centers as well. So all combined, we believe that not only is it going to be a significant opportunity in the shorter term, we still think that they're going to continue as they build those out that it could be there for a number of years.

然後你就可以連接現有的資料中心。但隨著他們解決了電力方面的問題並正在建造新的資料中心，我們也對新的資料中心進行了擴展。因此，綜合起來，我們相信這不僅在短期內將是一個重大機會，而且我們仍然認為他們將繼續發展這些機會，並可能持續多年。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Thank you so much for taking my question. So if I can ask one on GigaPower. I think you showed up for the first time as your top 10 customers. Can you talk a little bit more about how you see that growing in the near term?

非常感謝您回答我的問題。那麼我是否可以在 GigaPower 上詢問一下。我認為您是第一次出現在您的前 10 名客戶中。能多談談您對近期成長的看法嗎？

Yes. So we've been working with GigaPower for a couple of years now. Very much enjoy our relationship there. The project is going well. As I mentioned before, some of these customers move in and out with the breadth of our business now, it just so happened in this quarter, they moved into the top 10. So pleased with that and continue -- we'll continue with those builds.

是的。我們與 GigaPower 合作已經有幾年了。非常享受我們在那裡的關係。該專案進展順利。正如我之前提到的，其中一些客戶現在隨著我們業務的廣度而進出，就在本季度發生了，他們進入了前十名。對此感到非常滿意並繼續下去——我們將繼續進行這些構建。

Great. And on your Lumen work and any other data center type work that you're looking at, is there a difference in how you price them or a margin profile for those versus your standard fiber, fiber-to-the-home type work?

偉大的。對於您的 Lumen 工作和您正在關注的任何其他資料中心類型的工作，您的定價方式或這些工作的利潤狀況與您的標準光纖、光纖到府類型的工作是否存在差異？

Yes. Thanks, Sangita. The first thing I would say is we're certainly not going to talk about pricing kind of theory on the call. What I would tell you is we look at the opportunities, we look at the risk, we look at the size of the opportunities, we're putting all those things together.

是的。謝謝，桑吉塔。我要說的第一件事是我們肯定不會在電話會議上談論定價理論。我要告訴你的是，我們著眼於機會，我們著眼於風險，我們著眼於機會的大小，我們將所有這些事情放在一起。

Again, I do want to just reinforce that we're excited about the Lumen award, but the opportunity that's out in front of us in the data center space is significant. And in addition to that, we still have, as everybody noted this quarter, Verizon and Frontier, the transaction got approved by the shareholders.

我確實想再次強調，我們對 Lumen 獎感到興奮，但資料中心領域擺在我們面前的機會是巨大的。除此之外，正如大家在本季指出的那樣，我們還有 Verizon 和 Frontier，該交易已獲得股東批准。

What they've talked about now is adding an incremental 7 million to 12 million passings from what we saw before. So if you look prior to third quarter, there's already over 9 million passings added incremental this year, another 7 million to 12 million. we'll see what AT&T says in their upcoming call on December 3, that could be another 10 million to 15 million.

他們現在談論的是在我們之前看到的基礎上增加 700 萬到 1200 萬次通過。因此，如果你看看第三季之前的情況，你會發現今年已經增加了超過 900 萬次的增量，另外還有 700 萬到 1200 萬次。我們將看看 AT&T 在 12 月 3 日即將舉行的電話會議中的說法，這可能是另外 1000 萬到 1500 萬。

So significant opportunities still there. We're very much excited about the opportunity to continue to fiber-the-home passing, and it's just great to see our customers continue to add CapEx and increase some of these homes past.

如此重要的機會仍然存在。我們對繼續光纖入戶的機會感到非常興奮，很高興看到我們的客戶繼續增加資本支出並增加其中一些家庭的過去。

So significant opportunities. And then, of course, we got asked about BEAD before, not just BEAD all of the funding, the world, whether it's the state programs, whether it's BEAD and whether it's everything else. We still see that, that is going to continue to shape well as we look forward to next year. And when we combine all three of those opportunities, again, we look forward at the business and just see tons of growth potential, and we're going to work hard to see if we can capitalize on that.

如此重要的機會。當然，我們之前也被問到過關於 BEAD 的問題，不僅僅是 BEAD 所有的資金，全世界，是否是國家計劃，是否是 BEAD 以及是否是其他一切。我們仍然看到，正如我們期待明年的那樣，這種情況將繼續良好。當我們將這三個機會再次結合時，我們對業務充滿期待，並看到了巨大的成長潛力，我們將努力工作，看看我們是否可以利用這一點。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬 (Eric Luebchow)，富國銀行。

Great. Thanks for taking the question. Steve, best of luck on the next stage into retirement. So just to -- just to kind of talk about some of the large opportunities you have, the AI data center build, the BEAD program potentially picking up. Dan, maybe you could talk about whether you'll kind of have to ramp up your labor force to meet all this demand into the next year or so? And any color on what the environment is like for hiring new employees, whether they're direct Dycom employees or subcontractors?

偉大的。感謝您提出問題。史蒂夫，祝你在退休的下一階段好運。所以只是想談談你所擁有的一些巨大機會，人工智慧資料中心的建設，BEAD 計劃可能會出現。丹，也許你可以談談是否需要增加勞動力來滿足明年左右的所有需求？招募新員工的環境如何，無論他們是 Dycom 的直接員工還是分包商？

Appreciate the question. The first thing I'd say we're strategic and disciplined in the way that we look at talent. We're making investments in training programs. We're making investments in facilities and something we're always trying to stay ahead of. We don't stock up a ton of labor ahead of opportunities. We really want to wait to see how the opportunities develop. What I would point out a couple of years ago, we grew almost 22% in one year.

感謝這個問題。首先我要說的是，我們在看待人才方面具有策略性和紀律性。我們正在對培訓計劃進行投資。我們正在對設施進行投資，並一直努力保持領先地位。我們不會在機會到來之前儲備大量勞動力。我們真的想等著看機會如何發展。我幾年前就指出過，我們在一年內成長了近 22%。

Really proud of the job that our teams did to stay ahead of that from a labor perspective. We'll see how everything shakes out. To your point, we have a lot of factors that are coming together and we got to see what that shape looks like. But we feel confident that our teams can stay ahead of it. Certainly, it takes significant effort, but we feel good about our position there.

我們的團隊為從勞動力角度保持領先所做的工作感到非常自豪。我們會看到一切如何發生。就你的觀點而言，我們有很多因素綜合在一起，我們必須看看這個形狀是什麼樣的。但我們相信我們的團隊能夠保持領先地位。當然，這需要付出巨大的努力，但我們對我們在那裡的地位感到滿意。

And then sorry, same question -- mix for subcontractors. That depends on project by project, geography by geography. And sometimes during the time of the project, we might start with more subcontractors to begin, and we might work in towards our labor forces. So always foresee a mix there.

然後抱歉，同樣的問題 - 為分包商混合。這取決於專案的不同、地理位置的不同。有時在專案期間，我們可能會從更多的分包商開始，並且我們可能會為我們的勞動力而努力。所以總是預見那裡會有混合。

Got you. And I think the last earnings call, you mentioned that some of your smaller customers, you expect that they may slow a little bit near term as they we're kind of assessing opportunities under the BEAD program in their core market. So I just wanted to see if you think that's still the case over the next couple of quarters as we get more clarity on state awards from BEAD and any -- how that how that has tracked so far versus the expectations you laid out last quarter?

明白你了。我認為在上次財報電話會議上，您提到您的一些小型客戶，您預計他們的業務近期可能會放緩一些，因為我們正在評估其核心市場的 BEAD 計劃下的機會。因此，我只是想看看您是否認為在接下來的幾個季度中仍然如此，因為我們對BEAD 和任何其他國家獎項的情況有了更清晰的了解——到目前為止，與您上季度提出的預期相比，情況如何？

Sure. Yes. So this quarter, we did see just a little bit come down from our co-ops when we look at it sequentially quarter-over-quarter. And we really do believe that, that has to do with them waiting to see how BEAD is going to shake out and what their funding lives. Again, looking at the Louisiana results, good to see some of our co-op customers in that mix as they pick up some of that work, we think that, that revenue is going to continue to move forward.

當然。是的。因此，本季度，當我們按季度環比查看時，我們確實看到合作社的業績略有下降。我們確實相信，這與他們等待觀察 BEAD 將如何擺脫困境以及他們的資金生活有關。再次，看看路易斯安那州的結果，很高興看到我們的一些合作社客戶參與其中，因為他們接受了一些工作，我們認為，收入將繼續向前發展。

(Operator Instructions) Jean Ramirez, D.A. Davidson.

（操作員說明）Jean Ramirez，D.A.戴維森。

Thank you. Just want to clarify, your cost of revenue and G&A -- SG&A for the next quarter, is it in line or with 3Q, or is there going to be a bit of a step-up like you mentioned earlier?

謝謝。只是想澄清一下，您下個季度的收入和一般行政費用成本 - SG&A，是否與第三季度一致，或者是否會像您之前提到的那樣有所提高？

Thanks, Jean, this is Drew. So Q4 is going certainly from a margin -- gross margin perspective be impacted by the Q4 conditions around available workdays, available work hours, weather -- winter weather conditions as well. And so typically, we see some sequential impacts associated with that. And then from a G&A perspective, there are certain seasonal costs that come through there as well as the business seasonally comes in. There are certain costs there that come down. But it's something that we tightly manage.

謝謝，吉恩，這是德魯。因此，第四季度的毛利率肯定會受到第四季度可用工作日、可用工作時間、天氣以及冬季天氣條件的影響。因此，我們通常會看到一些與之相關的連續影響。然後從一般行政費用的角度來看，存在一定的季節性成本以及業務的季節性收入。那裡的某些成本會下降。但這是我們嚴格管理的事情。

Thank you. And regarding the BEAD's program, -- can you clarify whether you -- when will you actually start -- I guess the better question is, from your talks with your clients, when do you expect the actual building of fiber deployment will it be more towards the end of next fiscal year and going into 2026? Or would it -- or are you seeing more immediate turnarounds given how fast the BEAD program expected to accelerate now that we've passed the second phase. Any color on that?

謝謝。關於 BEAD 的計劃，您能否澄清一下您何時真正開始，我想更好的問題是，從您與客戶的談話來看，您預計什麼時候實際建設光纖部署？年？或者，考慮到我們已經通過了第二階段，BEAD 計劃預計會加速多久，您是否會看到更直接的轉變。那上面有什麼顏色嗎？

For sure. Thanks, Jean. This is Dan. So again, I think Louisiana is kind of first out of the gate. Those are preliminary awards. So we've got to see when they get to the actual awards. This is something we're tracking both with our customers. We're talking to the different state run programs as well. There's a lot of engineering to be done. There's a lot of permitting to be done.

一定。謝謝，讓。這是丹.再說一次，我認為路易斯安那州是第一個走出大門的。這些是初步獎項。所以我們必須看看他們何時獲得實際獎項。這是我們與客戶一起追蹤的事情。我們也在與不同的州政府運作的計畫進行交談。有很多工程要做。有很多許可要做。

So there is some time even from when we get to start talking to our customers about potential opportunities and awards, there's time after that to really get through that cycle. And that's why we think that we'll really start to see some revenue in the back half, latter half of calendar 2025, and then ramping into 2026 as those programs themselves ramp up.

因此，即使從我們開始與客戶討論潛在的機會和獎項開始，也有一段時間，之後還有一段時間來真正度過這個週期。這就是為什麼我們認為我們將在 2025 年下半年真正開始看到一些收入，然後隨著這些計劃本身的增加而進入 2026 年。

And just again, going back to the backlog question. I guess you're not parsing out what would be organic backlog. But if we're taking that 12-month number, what is the cadence of the backlog -- or the burn rate through next year? Will it be more second half weighted? Or do you see some similarities compared to this year?

再次回到積壓問題。我猜你沒有分析出什麼是有機積壓。但如果我們採用 12 個月的數字，積壓的節奏是多少，或是明年的燒錢率是多少？後半段會加重嗎？或者你覺得與今年有什麼相似之處嗎？

Yes, I'll jump in there. So pleased with the awards that we announced, the benefits that we see there both in the next 12 months as well as the total backlog. We're not going to disaggregate the timing of that. We're just -- I would just reiterate that we're happy to see that increase. And then the other thing I would add is that, as we've talked about in the past, it's not always tightly correlated to the revenue growth. That being said, I think the higher overall number as well as the next 12-month number is a nice starting point as we're looking ahead.

是的，我會跳進去。我們對我們宣布的獎項、未來 12 個月內看到的效益以及總積壓訂單感到非常滿意。我們不會分解其時間安排。我們只是——我只是重申，我們很高興看到這一增長。我要補充的另一件事是，正如我們過去討論的那樣，它並不總是與收入成長緊密相關。話雖這麼說，我認為較高的總體數字以及接下來 12 個月的數字是我們展望未來的一個很好的起點。

Got it. Well, appreciate your time. Thank you so much and Steve, congratulations and best of luck for your new next sector.

知道了。嗯，感謝您的時間。非常感謝你和史蒂夫，祝賀你的下一個新領域好運。

Avi Jaroslawicz, UBS.

阿維·雅羅斯瓦維奇，瑞銀集團。

Hi. Good morning, guys. Thanks for the taking the question. Just wanted to unpack what's driving the organic growth slow down, slight deceleration into Q4 here.

你好。早安，夥計們。感謝您提出問題。只是想了解推動有機成長放緩的原因，第四季略有減速。

Sure. This is Drew. Avi,I'll jump in on that. So one, we had a strong Q3 as we've provided in our outlook, we see mid- to high single-digit total growth in that little to mid organic growth. We've had some customers. We called this out on the last call that had a stronger front half of the year that are a bit slower in the back half of the year.

當然。這是德魯。阿維，我會加入進來。因此，正如我們在展望中所提供的那樣，我們的第三季度表現強勁，我們認為在小到中的有機增長中，總增長將達到中到高個位數。我們已經有一些客戶了。我們在上一次電話會議中指出了這一點，該電話會議上半年表現強勁，下半年則稍慢一些。

And then certainly, as you -- as we work into our Q4, as I mentioned, with the available days, hours, et cetera, and weather, there's just certain amounts of constraints of how much you can grow during that period of time. We're pleased with where we're heading. We're just not going to get ahead of ourselves in the outlook.

當然，正如我所提到的，當我們進入第四季度時，由於可用的天數、時間等以及天氣，在那段時間內您的增長量會受到一定程度的限制。我們對我們的前進方向感到滿意。我們只是不會在前景上超前。

Alan Mitrani, Sylvan Lake Asset Management.

艾倫‧米特拉尼 (Alan Mitrani)，西爾萬湖資產管理公司。

Thank you. Congratulations, Steve. This is, I think, my longest CEO relationship, given how long you've been CEO, like separation anxiety, you're going to have to maybe

謝謝。恭喜，史蒂夫。我認為，這是我最長的 CEO 關係，考慮到你擔任 CEO 的時間有多長，就像分離焦慮一樣，你可能不得不

The longest investor relationship, too. And I may not have as much separation anxiety.

也是最長的投資關係。而且我可能沒有那麼多分離焦慮。

We appreciate it. We look forward to working with Dan and the team. One thing that I noticed, besides the slowdown, obviously, at least short term, is the SG&A expense for last year and for this year, it seems like it's growing faster than the revenues. Is that can you talk about -- I realize there's been some transition, there's been multiple acquisitions, and I'm talking about taking out some of these excess costs that you're talking about. Do you see foresee over the next year or two years, obviously, revenue starting to ramp up faster than SG&A?

我們很感激。我們期待與丹和團隊合作。我注意到的一件事是，除了經濟放緩之外，至少在短期內，去年和今年的銷售管理費用 (SG&A) 支出似乎比收入的成長更快。你能談談嗎——我意識到已經發生了一些轉變，進行了多次收購，我正在談論消除你所說的一些超額成本。您是否預期在未來一兩年內，收入的成長速度將明顯快於銷售管理費用（SG&A）？

Yes, Alan, I'll jump in on that. This is Drew. So I think you'd highlighted there. We did have some incremental costs in the period that we called out, about $7.1 million of stock comp and then some incremental integration costs, about $4.2 million. If you strip those out, we're only up slightly year-over-year. I think what I would say is, as we've been able to grow in the past, we've been able to get some operating leverage out of G&A, and that would be something that I would expect to continue. Happy with what we see in the outlook and the opportunities that are there, and we'll just continue to tightly manage it.

是的，艾倫，我會加入進來。這是德魯。所以我認為你已經強調了這一點。在我們呼籲的期間，我們確實有一些增量成本，大約 710 萬美元的庫存補償，然後是一些增量整合成本，大約 420 萬美元。如果剔除這些因素，我們的增幅僅比去年同期略有上升。我想我想說的是，由於我們過去一直在發展，我們已經能夠從 G&A 中獲得一些營運槓桿，我希望這種情況能夠繼續下去。我們對前景和機會感到滿意，我們將繼續嚴格管理它。

Yes. It seems like in the past, you've had these situations where you're spending a little more to anticipate the next big revenue jump, given the BEAD is coming and also these acquisitions and new opportunities with AI. Is that the setup that we're looking at over the next couple of years the way you envision it? I'm not talking about as a percent of revenue, SG&A has always been fairly contained and you guys have done the next job. I'm talking about more just the next step-up in terms of growing the ability to handle $5 billion to $6 billion plus in revenues instead of where you've been in the last few years?

是的。過去，你似乎遇到過這樣的情況：考慮到 BEAD 即將到來，以及這些收購和人工智慧帶來的新機會，你需要多花一點錢來預測下一次收入的大幅成長。這就是我們未來幾年所考慮的設定嗎？我不是說佔收入的百分比，SG&A 一直相當有限，你們已經完成了下一項工作。我所說的只是下一步的提升，即提高處理 50 億至 60 億美元以上收入的能力，而不是過去幾年的水平？

Alan, this is Dan. Thanks for the question. So absolutely, first off, we're always working on G&A and I entirely managing that. Hopefully, you heard from me today, very excited about the opportunities, right? We see the data center opportunity, which continues to grow quarter-over-quarter conversation over conversation. We talked about the customers have been very active strategically, some of the combinations. They've been increasing their homes passed.

艾倫，這是丹。謝謝你的提問。所以絕對，首先，我們一直在處理一般行政費用，而我完全負責管理它。希望您今天收到我的來信，對這些機會感到非常興奮，對嗎？我們看到了資料中心的機會，該機會逐季度持續成長。我們談到了客戶在策略上非常積極的一些組合。他們一直在增加他們的家園。

Again, we think that's something else that's going to hopefully play out next year and in the years to come. And then you add to that BEAD and other funding program. So the growth opportunities appear to be there. We're going to work hard to see if we can capitalize on them.

同樣，我們認為這將是明年和未來幾年有望實現的其他事情。然後添加到 BEAD 和其他資助計劃中。因此，成長機會似乎就在那裡。我們將努力工作，看看是否可以利用它們。

Great. And then lastly, there's been a lot of talk, obviously, with the new administration, Elon Musk and Starlink, and you guys, people talk about the potential always the fear of BEAD being canceled or some sort of spending clawbacks. Can you talk about -- I realize you're further down on the totem pole. But can you just talk a little bit about how that works in terms of the allocation funding coming through the state, the matching with the government and the ability to delay or push that off, just what your view is on that.

偉大的。最後，顯然，新政府、伊隆馬斯克和 Starlink，以及你們，人們談論了很多潛在的問題，總是擔心 BEAD 被取消或某種支出回扣。你能談談嗎——我意識到你在圖騰柱上的位置更靠後。但您能否簡單談談這在國家分配資金、與政府的匹配以及推遲或推遲的能力方面是如何運作的，以及您對此的看法。

Well, I think the first thing on the alternative technologies. That's always been part of the conversation that predates the pending administration change. So we've always thought that that would play a part because for some homes, it just is what's going to make the most sense from an economic standpoint. We'll see how that plays out state over state. Again, with Louisiana coming out and showing a very small percentage of satellite, I think that bodes well.

嗯，我認為首先是替代技術。在待決的政府更迭之前，這一直是對話的一部分。所以我們一直認為這會發揮作用，因為對某些家庭來說，從經濟角度來看，這才是最有意義的。我們將看看它是如何在州與州之間發揮作用的。同樣，路易斯安那州出來並顯示出非常小的衛星比例，我認為這是個好兆頭。

Over 95% is going to be fiber. And as we talked about over $1 billion when you include the money brought in by So a lot remains to be scripted. Obviously, you can't call the ball on everything that's going to come out of the new administration. But the states are pretty far along. All 50 states have gone through Phase 2 now. They're all working -- many of them now working on their sub-grantee process. So I think we're all going to learn a lot here in the coming months.

超過 95% 是纖維。正如我們所討論的，如果算上 10 億美元的資金，那麼還有很多事情要寫。顯然，你無法掌控新政府將要採取的一切措施。但各州仍相差甚遠。現在所有 50 個州都已完成第二階段。他們都在工作——其中許多人現在正在處理他們的子受資助者流程。所以我認為在接下來的幾個月裡我們都會在這裡學到很多東西。

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Hey, guys. Thanks for taking the follow-up. AT&T, the awards in the quarter, were those wireless or wireline? And were there any new states in there?

嘿，夥計們。感謝您的關注。AT&T，本季的獎項是無線還是有線？那裡有新的州嗎？

Yes. Thanks, Adam. This is Dan. Those were wireline. And yes, we were fortunate to pick up some new markets as well.

是的。謝謝，亞當。這是丹.那些是有線的。是的，我們也很幸運地開拓了一些新市場。

Yes, Adam, we did not list out the wireless in that. This was just new awards and extensions.

是的，亞當，我們沒有在其中列出無線功能。這只是新的獎項和延期。

Got it. And then Verizon was down sequentially more than I expected in Q3. I was curious if you pulled crews like from those territories for stores? Or what drove the sequential decline considering they want to do more FiOS builds?

知道了。然後 Verizon 在第三季的連續下滑幅度超出了我的預期。我很好奇你們是否會從這些地區抽調人員去商店？或者考慮到他們想要進行更多 FiOS 構建，是什麼導致了連續下降？

Yes. Not related to storm work. As you know, these builds, sometimes they go a little bit faster, sometimes they go a little bit slower. Certainly excited about our relationship and the work that we continue to do for Verizon. And like I talked about before, we see that them getting through and getting the nod for the Frontier combination, we believe that's going to be a positive for us.

是的。與風暴工作無關。如您所知，這些構建有時會快一點，有時會慢一點。當然，我們對我們的關係以及我們繼續為 Verizon 所做的工作感到興奮。就像我之前談到的，我們看到他們通過了 Frontier 組合並獲得了認可，我們相信這對我們來說是積極的。

Okay. And then just lastly, I think I had a note there were $2.5 million of B&V integration costs in Q4, but I didn't see any in the guidance. So are those not --

好的。最後，我想我注意到第四季度的 B&V 整合成本為 250 萬美元，但我在指南中沒有看到任何成本。那些不是嗎？--

No, Adam. So originally, we had guided a little bit higher than we thought was going to come through. The actual integration cost in Q3 was $4.2 million. We've got some modest costs that we would expect in this quarter, and we'll call them out if they're meaningful, but it wasn't notable for purposes of calling out ahead of time.

不，亞當。所以最初，我們的指引比我們想像的還要高。第三季的實際整合成本為 420 萬美元。我們預計本季會有一些適度的成本，如果它們有意義，我們會指出這些成本，但出於提前提出的目的，這並不值得注意。

Thank you. And I'm showing no further questions from our phone lines. I'd now like to turn the conference back to management for closing remarks.

謝謝。我的電話線路上沒有再提出任何問題。現在我想將會議轉回管理階層進行閉幕致詞。

Thanks, operator. To conclude this, my final call, I have a special word for all of the Dycom team. Since last June, I've traveled across the country to thank hundreds of you in person for all you have done for me. I left each visit in awe of your dedication to our customers. Your strong desire to excel, your commitment to the well-being of your fellow employees and most importantly, your integrity doing the right thing even when no one is watching.

謝謝，接線生。最後，我要向所有 Dycom 團隊的成員說幾句話作為結束語。自去年六月以來，我走遍全國，親自感謝數百人為我所做的一切。每次訪問結束時，我都對你們對客戶的奉獻精神感到敬畏。你對卓越的強烈渴望，你對同事福祉的承諾，最重要的是，你的正直，即使沒有人在場，也能做正確的事。

In leaving Dycom, I have always tried to live up to an agent Chinese proper. It says, a leader is best when the people barely know he exists. When his work is done is an fulfilled, they will say, we did it ourselves. And you really did. Today, my work for Dycom is done, my aim for the company fulfilled. Remember, in everything serve customers skillfully, deliver results with discipline, accountable in all you do. Thanks so much. It's been great.

在離開 Dycom 的過程中，我一直努力不辜負中國代理商的期望。它說，當人們幾乎不知道他存在時，領導者是最好的。當他的工作完成時，他們會說，我們自己完成了。而你確實做到了。今天，我在 Dycom 的工作已經完成，我對公司的目標也達成了。請記住，在一切事情上都要熟練地為客戶服務，有紀律地交付結果，對你所做的一切負責。非常感謝。太棒了。

Thank you, and best wishes, Steve. We thank everybody for joining this morning. We look forward to updating you on our annual results the last week of February. Take care.

謝謝你，並致以最美好的祝愿，史蒂夫。我們感謝大家今天早上的加入。我們期待在二月的最後一週向您通報我們年度業績的最新情況。小心。

Thank you. This does conclude today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。