Dycom Industries Inc (DY) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Dycom Industries Inc. fourth-quarter 2025 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Dycom Industries Inc. 2025 年第四季業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Ms. Callie Tomasso, Dycom's Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給 Dycom 投資者關係副總裁 Callie Tomasso 女士。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Dycom's fourth quarter fiscal 2025 results conference call. Joining me today are Dan Peyovich, our President and Chief Executive Officer; and Drew DeFerrari, our Chief Financial Officer.

謝謝接線員，大家早安。歡迎參加 Dycom 2025 財年第四季業績電話會議。今天與我一起的還有我們的總裁兼執行長 Dan Peyovich；以及我們的財務長 Drew DeFerrari。

Earlier this morning, we released our fiscal 2025 fourth quarter and annual results along with certain outlook information. We also announced our Board's authorization of a new $150 million stock repurchase program as our most recent share repurchase authorization has expired. The press releases and accompanying materials are available in the Investor Relations section of our website.

今天早些時候，我們發布了 2025 財年第四季和年度業績以及一些展望資訊。我們也宣布董事會批准一項新的 1.5 億美元股票回購計劃，因為我們最近的股票回購授權已經到期。新聞稿和隨附資料可在我們網站的投資者關係部分找到。

Today's discussion will include forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect our expectations, assumptions, and beliefs regarding future events and are subject to risks and uncertainties that could cause actual results to differ materially. A detailed discussion of these risks and uncertainties is included in our filings with the SEC.

今天的討論將包括根據 1995 年私人證券訴訟改革法的安全港條款所做出的前瞻性聲明。這些聲明反映了我們對未來事件的預期、假設和信念，並受可能導致實際結果大不相同的風險和不確定性的影響。我們向美國證券交易委員會提交的文件中包含了這些風險和不確定性的詳細討論。

Forward-looking statements are made as of today's date, and we undertake no obligation to update them. Additionally, we will reference certain non-GAAP financial measures during today's call. Explanations of these measures and reconciliations to the most directly comparable GAAP measures can be found in our press release and accompanying materials.

前瞻性陳述截至今天為止均已做出，我們不承擔更新這些陳述的義務。此外，我們將在今天的電話會議中參考某些非 GAAP 財務指標。這些指標的解釋以及與最直接可比較的 GAAP 指標的對帳可在我們的新聞稿和隨附資料中找到。

With that, I will turn the call over to Dan Peyovich.

說完這些，我會把電話轉給 Dan Peyovich。

Thanks, Callie, and good morning, everyone. Overall, I'm pleased with our performance in fiscal 2025. We delivered another solid year of growth and continued to focus on creating long-term shareholder value. I'll give a brief overview of our Q4 and fiscal 2025 results, and Drew will provide more color on our performance.

謝謝，Callie，大家早安。整體而言，我對我們 2025 財年的表現感到滿意。我們又實現了穩健的成長一年，並持續致力於創造長期股東價值。我將簡要介紹我們第四季和 2025 財年的業績，Drew 將對我們的業績提供更多介紹。

We close the year with a strong fourth quarter, generating revenues of $1.085 million and adjusted EBITDA of $116.4 million or 10.7% of revenue. We accomplished this against the backdrop of unforeseen weather challenges across the country, demonstrating the breadth and durability of our business.

我們以強勁的第四季度結束了這一財年，創造了 108.5 萬美元的收入，調整後的 EBITDA 為 1.164 億美元，佔收入的 10.7%。我們在全國面臨不可預見的天氣挑戰的背​​景下完成了這一目標，展示了我們業務的廣度和持久性。

Our fourth-quarter results punctuated another year of profitable growth for the company with fiscal 2025 revenues of $4.702 billion and an adjusted EBITDA margin of 12.3%. Over the past three years we have increased our revenues by 50% and expanded our EBITDA margin by approximately 450 basis points. In that same time period, we further diversified our customer base, shifting our top five customers to 55% of revenue in fiscal 2025 from 66% in fiscal 2022. Backlog at the end of the fiscal year was $7.8 billion with $4.6 billion expected to be completed over the next 12 months.

我們的第四季業績標誌著該公司另一年的獲利成長，2025 財年營收為 47.02 億美元，調整後 EBITDA 利潤率為 12.3%。在過去三年中，我們的收入增加了 50%，EBITDA 利潤率提高了約 450 個基點。在同一時期，我們進一步實現了客戶群多元化，前五大客戶的收入佔比從 2022 財年的 66% 降至 2025 財年的 55%。本財年末積壓訂單為 78 億美元，預計未來 12 個月內完成 46 億美元。

Finally, we remain committed to a balanced approach to capital allocation, prioritizing organic growth augmented by M&A and share repurchases. In fiscal 2025, we completed three acquisitions and repurchased 410,000 shares of our common stock, including 200,000 shares during the fourth quarter. Looking ahead, we believe Dycom remains uniquely positioned to capitalize on the significant tailwinds we see driving the industry.

最後，我們仍然致力於平衡的資本配置方法，優先考慮透過併購和股票回購來實現有機成長。2025 財年，我們完成了三次收購，回購了 41 萬股普通股，其中包括第四季的 20 萬股。展望未來，我們相信 Dycom 仍具有獨特的優勢，可以利用我們所看到的推動產業發展的重大順風。

As I said before, our strategy remains consistent. We've always sought to differentiate ourselves through our comprehensive footprint and by offering the highest level of service to our customers and communities. We're in every state and across markets whether rural, suburban, or metropolitan. We have relationships and understand the municipalities and the challenges at every stage of a project, and we're interfacing with customers on forward planning, advising on how they can get the highest throughput and how we can best augment their businesses so we can optimize value.

正如我之前所說，我們的策略保持一致。我們始終致力於透過全面的業務覆蓋以及為我們的客戶和社區提供最高水準的服務來實現差異化。我們的業務遍布每個州和各個市場，無論是農村、郊區或大都市。我們與市政當局建立了關係，了解市政當局以及專案每個階段所面臨的挑戰，並且我們與客戶進行前瞻性規劃，就如何獲得最高產量以及如何最好地擴大他們的業務提供建議，從而實現價值優化。

They have high aspirations and with projects becoming increasingly more complex, our proven capabilities and unmatched footprint position us with the scale and expertise to partner with them to support their digital infrastructure needs.

他們志向遠大，而且隨著專案變得越來越複雜，我們經過驗證的能力和無與倫比的足跡使我們擁有規模和專業知識來與他們合作，支持他們的數位基礎設施需求。

Let me take a minute now to walk you through some of the opportunities that we believe we are well positioned to realize and that will drive our performance going forward.

現在，請允許我花一點時間來向您介紹一些我們認為可以抓住的機遇，這些機會將推動我們未來的業績。

First, our customers continue to execute against their fiber-to-the-home programs and in calendar 2024, collectively added more than $35 million incremental passings to their plans, in addition to their already robust fiber-to-the-home builds.

首先，我們的客戶繼續執行他們的光纖到戶計劃，並在 2024 年，除了已經很強大的光纖到戶建設之外，總共為他們的計劃增加了超過 3500 萬美元的增量。

In several of our customers' most recent earnings calls, they reiterated their commitment to their fiber-to-the-home plans, and some mentioned opportunities for increased velocity of builds, while others again increased total expected passings. We believe fiber-to-the-home will continue to be a significant growth driver for our business in fiscal 2026.

在我們幾位客戶最近的財報電話會議上，他們重申了對光纖到戶計畫的承諾，一些客戶提到了提高建設速度的機會，而其他客戶則再次提高了預期總通過量。我們相信，光纖到府將繼續成為我們 2026 財年業務的重要成長動力。

During Q4 2025, we were awarded new markets for Verizon and also extended several existing agreements. These awards combine both maintenance and fiber-to-the-home, and we appreciate in our partnership with Verizon and their confidence in our ability to deliver as they increase their programs in calendar 2025.

2025 年第四季度，我們獲得了 Verizon 的新市場，同時也延長了多項現有協議。這些獎項結合了維護和光纖到戶，我們感謝與 Verizon 的合作，也感謝他們對我們的交付能力的信心，因為他們將在 2025 年增加他們的計劃。

Second, the intensity around new inter and intra-city high capacity, private, secure, redundant fiber infrastructure for hyperscalers continues. Our previously announced Lumen award related to the long-haul overpole work commenced in the fourth quarter and has begun ramping in Q1. In addition, customer dialogue around AI digital infrastructure needs remains robust.

其次，針對超大規模企業，城市間和城市內的新型高容量、私人、安全、冗餘光纖基礎設施的建設力道仍在持續加大。我們先前宣布的與長途電線桿工作相關的流明獎已於第四季度開始，並已在第一季開始增加。此外，圍繞人工智慧數位基礎設施需求的客戶對話依然活躍。

Two ISPs recently announced their intent to build a total of more than 5,100 long-haul fiber route miles across the US to meet the growing demands of AI workloads, connect key data center locations, and provide a diverse path to other long-haul routes. During Q4 2025, we were awarded various long-haul route segments by our customers. These deployments will begin in calendar 2025.

兩家網路服務供應商最近宣布，他們打算在全美建造總計超過 5,100 英里的長途光纖路線，以滿足日益增長的 AI 工作負載需求、連接關鍵資料中心位置，並為其他長途路線提供多樣化的路徑。2025 年第四季度，我們的客戶授予了我們多條長程航線。這些部署將於 2025 年開始。

We maintain our belief that the most significant revenue opportunities for the long-haul market will occur in calendar 2026 and beyond. While the market remains competitive, the addressable opportunity is large, and we will continue to be disciplined and deliberate in how we evaluate projects, ensuring that our work is priced properly to deliver sustainable, profitable growth.

我們堅信長途市場最重要的收入機會將出現在 2026 年及以後。雖然市場競爭仍然激烈，但潛在機會巨大，我們將繼續嚴謹、慎重地評估項目，確保我們的工作定價合理，並實現可持續的獲利成長。

This market continues to expand as all the hyperscalers recently reaffirmed their commitment to capital expenditures for AI-related data centers and digital infrastructure, with several announcing increased levels of CapEx in calendar 2025.

由於所有超大規模企業最近都重申了對人工智慧相關資料中心和數位基礎設施的資本支出的承諾，並且其中一些企業宣佈在 2025 年增加資本支出水平，因此這個市場繼續擴大。

Third, state and federal programs are making progress against their goal to provide broadband to the rural areas of our country. It remains a bipartisan goal to bridge the country's digital divide despite the present uncertainty related to the BEAD program. Separate from BEAD, there continues to be substantial activity at the state level, with over $1 billion awarded across nine states for broadband infrastructure during the fourth quarter. Many states continue to award grants for both rural fiber-to-the-home and middle mile programs. We believe these state and federal programs present a significant opportunity for Dycom.

第三，州和聯邦計畫正在朝著為我國農村地區提供寬頻的目標取得進展。儘管目前 BEAD 計畫仍存在不確定性，但縮小國家的數位落差仍然是兩黨共同的目標。除 BEAD 之外，州一級也繼續進行大量活動，第四季度共有九個州獲得了超過 10 億美元的寬頻基礎設施撥款。許多州繼續為農村光纖到戶和中間一英里計畫提供補助。我們相信這些州和聯邦計劃為 Dycom 帶來了重大機會。

Lastly, we continue to add backlog to our service and maintenance work and highlight the importance of these programs as part of our core offerings to our customers. In addition, our AT&T wireless activity is ramping through the equipment replacement program, and the pace continues to meet our expectations.

最後，我們繼續增加服務和維護工作的積壓，並強調這些計劃作為我們向客戶提供的核心服務的一部分的重要性。此外，我們的 AT&T 無線業務正在透過設備更換計畫加速推進，其進展速度持續符合我們的預期。

I'd like now to turn to our outlook for fiscal 2026. We have demonstrated our ability to grow both organically and through acquisition and are confident in our strategy to continue that growth this year. To give you additional perspective, we are providing a full year revenue outlook for fiscal 2026 to provide insight into the opportunities we see for Dycom across our space and how we are positioned to capitalize on them.

現在我想談談我們對 2026 財年的展望。我們已經證明了我們透過有機成長和收購實現成長的能力，並且對我們的今年繼續成長的策略充滿信心。為了給您更多的視角，我們提供了 2026 財年的全年收入展望，以深入了解我們在 Dycom 領域看到的機會以及我們如何利用這些機會。

We expect fiscal 2026 total revenue to increase 10% to 13% over fiscal 2025. This expectation assumes our customers' fiber-to-the-home expansion programs and hyperscaler long-haul network projects proceed as planned, ramping of wireless equipment replacements, growth from recent maintenance awards, and other maintenance activity in line with expected run rates and normal seasonal factors.

我們預計 2026 財年總營收將比 2025 財年成長 10% 至 13%。這項預期假設我們客戶的光纖到戶擴展計劃和超大規模長途網路專案按計劃進行，無線設備更換的增加、最近維護獎勵的增長以及其他維護活動符合預期的運行率和正常的季節性因素。

Opportunities from BEAD are not included in our fiscal 2026 outlook, and we remain well positioned to realize revenue from this program once it begins. Of course, we'll adjust our expectations as we see these underlying drivers develop, but want to provide you with some additional insight into how we're thinking about growth in the coming year.

BEAD 帶來的機會未包含在我們的 2026 財年展望中，一旦該計劃啟動，我們仍然能夠從中實現收入。當然，隨著這些潛在驅動因素的發展，我們會調整我們的預期，但我們想為您提供一些關於我們如何看待來年成長的額外見解。

I would like to finish by highlighting our top goals for fiscal 2026. First and foremost, given the significant opportunities that I described earlier, we remain focused on providing long-term value for our shareholders and long-term opportunities for our people. We are purposeful in our pursuit of opportunities and willing to grow backlog by taking low margin, high risks contracts.

最後，我想強調一下我們 2026 財年的主要目標。首先，鑑於我先前描述的重大機遇，我們將繼續致力於為股東提供長期價值、為員工提供長期機會。我們有目的地尋求機會，並願意透過承接低利潤、高風險的合約來增加訂單量。

That patience and discipline has been evident over these past few years as we've driven top line growth while also expanding margins and broadening both our customer base and the types of programs and builds in our book of work.

過去幾年來，這種耐心和紀律顯而易見，因為我們在推動營收成長的同時，也擴大了利潤率，拓寬了我們的客戶群以及工作項目中的各種計劃和構建。

In addition, and as Drew will discuss, we saw improved free cash flow performance in fiscal 2025, and improving free cash flow continues to be a priority. Our teams made substantial progress this year in the invoicing cycle in converting earnings into cash flow, and we have good momentum going into the new year.

此外，正如德魯將要討論的那樣，我們看到 2025 財年的自由現金流表現有所改善，並且改善自由現金流仍然是我們的首要任務。今年，我們的團隊在將收益轉化為現金流的發票週期中取得了實質進展，並且我們在新的一年裡保持了良好的勢頭。

Finally, we've worked hard to differentiate our offering to our customers and communities and what I refer to as quality as a brand. That means delivering our work safely and at the highest level of quality in the field, but it goes much further than that.

最後，我們努力為客戶和社區提供差異化的產品和品牌品質。這意味著我們要安全地、以最高品質完成工作，但我們的目標遠不止於此。

We strive every day to be a partner that delivers quality throughout our engagement, from the first interactions with the customer or in a community to staying 10 steps ahead from day one to day done so our customers and all our stakeholders can have peace of mind knowing we deliver on our commitments.

我們每天都努力成為在整個合作過程中提供高品質服務的合作夥伴，從​​與客戶或在社區的第一次互動，到從第一天到最後都保持領先 10 步，以便我們的客戶和所有利益相關者能夠安心，知道我們會履行承諾。

We believe our customers recognize the difference in working with Dycom, and we continue to work hard to earn their business every day as we pursue our vision to be the people connecting America.

我們相信我們的客戶認識到與 Dycom 合作的不同之處，我們會繼續努力工作，每天贏得他們的業務，追求我們的願景——成為連結美國的人們。

Now I'll pass the call to Drew to review our financials.

現在我將把電話轉給德魯來審查我們的財務狀況。

Thanks, Dan, and good morning, everyone.

謝謝，丹，大家早安。

We finished fiscal 2025 strong, delivering solid top and bottom-line growth and margin expansion, while also investing in our business and returning capital to our shareholders through share repurchases.

我們以強勁的業績結束了 2025 財年，實現了穩健的營收和利潤增長以及利潤率擴大，同時還投資於我們的業務並透過股票回購向股東返還資本。

Fourth-quarter total contract revenues of $1.085 billion grew 13.9% over Q4 of last year. Revenues in the quarter reflected seasonality and were driven by continued execution of fiber-to-the-home programs, maintenance and operation services for customers, initial revenue contribution from fiber infrastructure programs for hyperscalers, and $67.9 million of storm restoration revenues.

第四季總合約營收為10.85億美元，較去年同期成長13.9%。本季度的收入反映了季節性，並受到持續執行光纖到府計劃、為客戶提供維護和營運服務、超大規模光纖基礎設施計劃的初始​​收入貢獻以及 6,790 萬美元的風暴恢復收入的推動。

For the full year, contract revenues increased 12.6% to $4.702 billion. Adjusted EBITDA of $116.4 million or 10.7% of contract revenues increased 89 basis points over Q4 '24, and exceeded our expectations for the quarter despite difficult winter weather conditions.

全年合約收入成長12.6%至47.02億美元。調整後的 EBITDA 為 1.164 億美元，佔合約收入的 10.7%，比 24 年第四季增加了 89 個基點，儘管冬季天氣條件惡劣，但仍超出了我們對本季的預期。

For the full year, adjusted EBITDA was $576.3 million and 12.3% of contract revenues, increasing approximately $95 million compared to $481.2 million in fiscal 2024. Fourth-quarter adjusted net income was $34.5 million and adjusted diluted EPS increased 48.1% to $1.17 per share.

全年調整後的 EBITDA 為 5.763 億美元，佔合約營收的 12.3%，較 2024 財年的 4.812 億美元增加約 9,500 萬美元。第四季調整後淨收入為 3,450 萬美元，調整後稀釋每股收益成長 48.1% 至每股 1.17 美元。

For the year, adjusted net income was $248.7 million and adjusted diluted EPS increased 24.5% to $8.44 per share compared to $6.78 in fiscal 2024 after excluding the impacts of a change order and close out of several projects in fiscal 2024.

全年調整後淨收入為 2.487 億美元，調整後稀釋每股收益 (不包括 2024 財年變更單和多個項目結束的影響) 為每股 8.44 美元，而 2024 財年的每股 6.78 美元則增長 24.5%。

For the fourth quarter, our top five customers were 56.7% of total revenue and grew 14.2%, and all other customers grew 13.5%. These metrics demonstrate the depth and breadth of our business, and we are pleased with the diversification and strong relationships across our customer base.

第四季度，我們前五大客戶佔總營收的 56.7%，成長 14.2%，所有其他客戶成長 13.5%。這些指標體現了我們業務的深度和廣度，我們對客戶群的多樣化和牢固的關係感到滿意。

AT&T was our largest customer at $251.4 million and grew 54.5% in total and 22.7% on an organic basis. Details on other customers are included in the presentation materials posted on our IR website.

AT&T 是我們最大的客戶，業務額為 2.514 億美元，整體成長 54.5%，有機成長 22.7%。有關其他客戶的詳細資訊包含在我們 IR 網站上發布的演示材料中。

Backlog at the end of Q4 was $7.76 billion, including $4.642 billion that is expected to be completed in the next 12 months. Operating cash flows were strong at $328.2 million in the quarter. The combined DSOs of accounts receivable and contract assets were 114 days, a reduction of 6 days compared to 120 days in Q4 '24.

第四季末的積壓訂單為 77.6 億美元，其中 46.42 億美元預計將在未來 12 個月內完成。本季經營現金流強勁，達 3.282 億美元。應收帳款和合約資產的合併應收帳款週轉天數為 114 天，較 24 年第四季的 120 天減少了 6 天。

For the full year, operating cash flows totaled $349.1 million. After annual capital expenditures, net of disposal proceeds, free cash flow increased 82% to $137.8 million for the full year. Strong cash flows remain a key focus area for the company in fiscal 2026.

全年經營現金流總計3.491億美元。扣除年度資本支出並扣除處置收益後，全年自由現金流成長 82%，至 1.378 億美元。強勁的現金流仍然是公司 2026 財年的重點領域。

During the quarter, we repaid $155 million of revolver borrowings and repurchased 200,000 shares of our common stock for $35.9 million bringing our total repurchases for the year to 410,000 shares for $65.6 million. This week, our Board of Directors approved a new $150 million authorization for share repurchases through August 2026. This authorization replaces the remaining amount from our prior authorization.

在本季度，我們償還了 1.55 億美元的循環借款，並以 3,590 萬美元的價格回購了 200,000 股普通股，使我們全年的總回購量達到 410,000 股，價值 6,560 萬美元。本週，我們的董事會批准了一項新的 1.5 億美元股票回購授權，授權期限至 2026 年 8 月。此項授權取代我們先前授權的剩餘金額。

As Dan highlighted, we're excited about the opportunities ahead of us and believe that an annual revenue outlook provides visibility into how we are positioning for the year ahead. For the full year of fiscal 2026, we expect total contract revenues to increase 10% to 13% compared to FY25 revenues.

正如丹所強調的，我們對未來的機會感到興奮，並相信年度收入前景可以讓我們了解未來一年的定位。對於 2026 財年全年，我們預計總合約營收將比 25 財年營收成長 10% 至 13%。

Fiscal 2026 will include 53 weeks of operations due to our fiscal calendar, with the extra week occurring in the fourth quarter when operations are normally seasonally impacted by winter weather. Fiscal 2025 included $114.2 million of revenue from storm restoration services completed in Q3 and Q4. We're pleased that we could help customers and communities that were impacted by the storms. We have not included any storm restoration revenues in the fiscal 2026 outlook.

根據我們的財政日曆，2026 財年將包括 53 週的運營，額外的一周發生在第四季度，該季度的運營通常會受到冬季天氣的季節性影響。2025 財年包括第三季和第四季完成的風暴復原服務的收入 1.142 億美元。我們很高興能夠幫助受到風暴影響的客戶和社區。我們沒有在 2026 財年展望中納入任何風暴恢復收入。

Finally, we expect capital expenditures, net of disposal proceeds to range from $220 million to $230 million for fiscal 2026. For our Q1 of fiscal 2026 outlook, we expect contract revenues of $1.16 billion to $1.2 billion, adjusted EBITDA of $130.6 million to $140.6 million, and diluted EPS of $1.50 to $1.73 per share.

最後，我們預計 2026 財年的資本支出（扣除處分收益）將介於 2.2 億美元至 2.3 億美元之間。對於 2026 財年第一季的展望，我們預計合約營收為 11.6 億美元至 12 億美元，調整後 EBITDA 為 1.306 億美元至 1.406 億美元，稀釋每股收益為 1.50 美元至 1.73 美元。

We believe we are well positioned for another successful year in fiscal 2026.

我們相信，我們已經做好準備，在 2026 財年再創輝煌。

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

接線員，我們的準備好的發言到此結束。現在您可以開始提問了。

(Operator Instructions) Frank Louthan, Raymond James & Associates.

（操作員指示）Frank Louthan，Raymond James 及同事。

Great, thank you. Just a quick clarification. So on the '26 guide, I want to be clear on the jumping off point. Is that on the reported revenue, including the $114 million from the storm growing 10% to 13% off of that? I just want to be clear on that. And then the 5,100 miles of long-haul build that you discussed, are those private bills that are announced or I assume that's not part of the Lumen activity that's going on? Thanks.

太好了，謝謝。只需快速澄清一下。因此，對於 '26 指南，我希望明確起點。這是根據報告的收入計算的嗎？其中包括因風暴而產生的 1.14 億美元，成長了 10% 到 13%？我只是想澄清這一點。然後，您討論的 5,100 英里的長途建設，這些是已宣布的私人法案嗎？或者我認為這不是正在進行的 Lumen 活動的一部分？謝謝。

Thanks, Frank. Good morning. On the first question related to the guide in addition to the $114 million of storm work that we had in fiscal 2025, but we're not including storm in the fiscal 2026 revenue outlook.

謝謝，弗蘭克。早安.第一個問題與指南有關，除了我們在 2025 財年進行的 1.14 億美元的風暴工作外，我們沒有將風暴工作納入 2026 財年的收入預期中。

Moving to your second question, 5,100 miles, that's public statements from other customers other than Lumen, and again we're just trying to show the breadth of the hyperscaler opportunity. Obviously, Lumen's been quite vocal about it. We're very excited to be working on the overpole work which we've already started. We actually have crews out there today pulling fiber on that project, but there are a number of other opportunities we're talking about with our customers.

回到你的第二個問題，5,100 英里，這是 Lumen 以外的其他客戶的公開聲明，我們再次試圖展示超大規模機會的廣度。顯然，Lumen 對此非常直言不諱。我們非常高興能夠從事已經開始的極地工作。事實上，今天我們的工作人員正在為該專案拉光纖，但我們也正在與客戶討論許多其他機會。

We're talking to hyperscalers themselves. Really, we're in early innings overall, so we just wanted to kind of signal that, hey, there's a lot of work out there, a lot of opportunity. We're in there at the beginning, but we see this playing out over a multi-year period.

我們正在與超大規模企業本身進行交流。實際上，總的來說，我們還處於早期階段，所以我們只是想表明，嘿，還有很多工作要做，還有很多機會。我們剛開始涉足這一領域，但我們認為這一領域將會在多年內逐漸顯現出來。

Okay, great. And just one quick other quick clarification on the Verizon, the new Verizon business, is that expansion of the FiOS network or can you give us a little bit more color on the nature of this new awards? Thanks.

好的，太好了。另外，您還想快速澄清一下 Verizon，新的 Verizon 業務是否是 FiOS 網路的擴展，或者您能否向我們詳細介紹這個新獎項的性質？謝謝。

Sure, so some of those are extending current awards. Those awards themselves include both service and maintenance work as well as fiber-to-the-home. None of this is related to the previous Fiber One program. This is all the more typical fiber-to-the-home work. We also added additional markets and again, those are a combination of both the maintenance work and fiber-to-the-home.

當然，其中一些是延長現有獎項。這些獎項本身包括服務和維護工作以及光纖到府。這一切都與先前的 Fiber One 計劃無關。這是更典型的光纖到府工作。我們還增加了額外的市場，這些都是維護工作和光纖到府的結合。

Great, thank you very much.

太好了，非常感謝。

Alex Waters, BofA.

美國銀行的亞歷克斯·沃特斯（Alex Waters）。

Hey, guys, thanks so much for taking my question. Maybe first, thanks for providing the 2026 revenue bogey, but could you maybe just talk about your expectations for margins throughout the year? And then secondly, I mean, obviously very strong performance from Black & Veatch in 4Q. Does this change the way you guys kind of think about that previous revenue guidance you gave back in 2Q, 3Q this past year? Thanks so much.

嘿，夥計們，非常感謝你們回答我的問題。首先，感謝您提供 2026 年的收入預期，但您能否談談您對全年利潤率的預期？其次，我的意思是，Black＆Veatch 在第四季度的表現顯然非常強勁。這是否會改變你們對去年第二季、第三季所給予的營收預期的看法？非常感謝。

Hi, good morning, Alex. So for 2026, we're just providing revenue. Obviously Drew, just as we have in the past, has provided the Q1 outlook that would include EBITDA. When we look at margins overall, we're very pleased -- again, I talked about it in my comments, very pleased with what we've done over the last three years.

嗨，早上好，亞歷克斯。所以對於 2026 年，我們只提供收入。顯然，就像我們過去所做的那樣，德魯提供了包括 EBITDA 在內的第一季展望。當我們看整體利潤率時，我們非常高興——我再次在評論中談到了這一點，並對我們在過去三年中所做的工作感到非常滿意。

I would think about margins going forward -- as we look at margins going forward, I would think about it -- we continue to work in the business, looking for efficiencies, investing in innovation, and doing everything we can to try and certainly increase margins from that perspective. I would also look to operating leverage as we continue to grow. Now sometimes we're going to use that and reinvest it back into the business. Sometimes we're going to invest in innovation. Sometimes we're going to invest it in growth.

我會考慮未來的利潤率——當我們考慮未來的利潤率時，我會考慮——我們將繼續努力經營，尋求效率，投資創新，並盡我們所能，從這個角度嘗試提高利潤率。隨著我們繼續發展，我也會關注經營槓桿。現在有時我們會使用它並將其重新投資到業務中。有時我們會投資創新。有時我們會將其投資於成長。

Other times it will fall through the bottom line. We're not seeing any downward pressure in margins, but again that's something we're going to give a specific full year outlook on.

有時它就會跌破底線。我們沒有看到利潤率有任何下行壓力，但我們會對此給予具體的全年展望。

Oh, and then sorry, on your Black & Veatch question, so yeah, it ramped up a little bit faster this Q4 than we had anticipated. What that's really doing is just pulling some work forward, so we still feel good about that initial projection that we gave for this year of $250 million to $275 million.

哦，抱歉，關於您關於 Black & Veatch 的問題，是的，第四季度的成長速度比我們預期的要快一些。這實際上只是推動了一些工作，因此我們仍然對今年 2.5 億至 2.75 億美元的初步預測感到滿意。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks. Good morning. Why don't you just give us some sense of how the organic revenues in the quarter were relative to your expectations, excluding the storm work? I'm not sure if the storm work was done like in November early before you gave the guidance, you already kind of knew what it was. Just trying to gauge if there was more kind of core customer activity than you thought because the 7.5% roughly organic growth was higher than you had forecasted.

謝謝。早安.為什麼不向我們介紹一下，除去風暴工作，本季的有機收入與您的預期相比如何？我不確定在您給予指導之前，風暴工作是否在 11 月初就已完成，那時您已經知道它是什麼了。只是想判斷是否有比您想像的更多的核心客戶活動，因為大約 7.5% 的自然成長率高於您的預測。

So just trying to separate whether that was the storm mark or if actually the core underlying business was a bit better. And similarly for Q1, can you give us any help on the sort of organic assumption there because it seems like it might be implying a decline?

因此，只是試圖區分這是否是風暴標誌，或者實際上核心基礎業務是否更好一些。同樣，對於第一季度，您能否為我們提供有關有機假設的幫助，因為它似乎可能意味著下降？

Thanks, Steve. Let me start and then Drew can add additional colors. So the first part of the storm, that work happened throughout the quarter. So no, we didn't have insight into that in its entirety when we gave the initial outlook. And then the other thing I would add is obviously, there was a lot going on. We had the fires in California. We had a number of -- we had 10 inches of snow in New Orleans, for example.

謝謝，史蒂夫。讓我開始，然後德魯可以添加其他顏色。因此，風暴的第一部分，這項工作發生在整個季度。所以，當我們給出初步展望時，我們並沒有完全了解這一點。然後我想補充的另一件事是，顯然發生了很多事情。加州發生了火災。例如，新奧爾良的降雪量就達 10 英吋。

Obviously, we didn't anticipate that. So you had both. You had the storm work coming back from the hurricanes that we experienced last season. That was on a positive, but you had a bunch of debits on the other side, and that's really the aggregate of both, which is how you see it play out.

顯然，我們沒有預料到這一點。所以你兩者皆有。我們上個季節經歷的颶風過後，你們的風暴工作又回來了。這是積極的一面，但另一方面，你也有很多的借方，而這實際上是兩者的總和，這就是你所看到的結果。

And then Steven, as far as Q1 goes, as we highlighted the last few quarters, we did have a couple of customers that started the year strong last year and then slowed. We're still lapping those kind of higher periods in the front half of this year, but I think that's one of the considerations when we look at the full year and how we're positioning for the full year that we would expect the work to pick up further after Q1.

然後史蒂文，就第一季而言，正如我們過去幾個季度所強調的那樣，我們確實有幾個客戶去年開局強勁，但隨後放緩。我們在今年上半年仍然處於這種較高的時期，但我認為這是我們展望全年以及我們如何定位全年時的考慮因素之一，我們預計第一季後工作將進一步回升。

Q1 is also one of those quarters, a little bit difficult to call sometimes because it's typically back-end loaded. As the work ramps into the spring, we've got some new awards as well, and the acquired businesses are still ramping this year. There has been a little bit of difficult weather at the beginning of February here. The news reports a lot of things about the polar vortex and other things impacting, so we just want to be mindful of that.

Q1 也是這樣的一個季度，有時有點難以預測，因為它通常是後端加載的。隨著春季工作的開展，我們也獲得了一些新的獎項，而且收購的業務今年仍在蓬勃發展。二月初這裡的天氣有些惡劣。新聞報導了很多關於極地渦旋和其他影響的事情，所以我們要注意這一點。

Okay, that's helpful. And then maybe we can get caught up in a lot of these quarter-to-quarter numbers which are still important, but I'm just kind of wondering if on the big picture perspective here, as you talked about in the beginning of the comments, a lot of your customers are stepping up and getting more positive about their investment plans.

好的，這很有幫助。然後，也許我們可以關注許多仍然重要的季度數據，但我只是想知道，從大局來看，正如您在評論開始時所說的那樣，您的許多客戶是否都在加大投資計劃的力度，並變得更加積極。

So I guess I'm just curious if you see this as a result of those increasing plans by our customers? Do you think this will be a longer-than-expected investment cycle or perhaps faster growth in kind of a similar period than you might have thought previously before these kind of announcements?

所以我想知道您是否認為這是我們客戶增加計劃的結果？您是否認為這將是一個比預期更長的投資週期，或者在類似的時期內實現比您在發布此類公告之前所想像的更快的增長？

And Steven, just so I'm clear, are you talking about longer than the year that we gave the outlook for? Is that the question?

史蒂文，為了讓我清楚一點，你談論的時間是不是比我們給的展望時間還要長？這是問題嗎？

Yeah, just thinking about the big picture over the next few years of how this is going to play out. I mean, is this going to be now a -- do you have more visibility over a greater number of years, or do you think it's just that's going to basically represent just faster growth opportunities and a better organic growth rate for you?

是的，只是在思考未來幾年這一切將如何發展。我的意思是，這是否會成為——您在更多年內擁有更大的可見性，或者您認為這基本上只代表著更快的成長機會和更好的有機成長率？

I'm just trying to think again about -- we're talking about kind of mid-single digit, upper maybe, mid- to upper single-digit growth organic, near term, but should this be an accelerating growth market over the next several years and you now have more visibility to that as a result of some of these announcements.

我只是試著再想一想——我們談論的是短期內中等個位數、可能偏高、中等到偏高個位數的有機增長，但是在未來幾年這是否應該是一個加速增長的市場，而現在通過這些公告，你們對此有了更多的了解。

Yeah, and I think that's part of why we gave the full year outlook on revenue. As you mentioned, sometimes quarterly results might not indicate what really the trajectory of the business and the trajectory of the capital coming into the business can be. And so if we look at the fiber-to-the-home and we've talked about it before, over $35 million passings added incremental by our customers last year. That's a significant number, we talked about what kind of impact that can have.

是的，我認為這也是我們給出全年收入預期的原因之一。正如您所說，有時季度業績可能無法真正反映出業務的發展軌跡和進入業務的資本的發展軌跡。因此，如果我們看一下光纖到戶，我們之前就討論過它，去年我們的客戶增加了超過 3500 萬美元的增量。這是一個重要的數字，我們討論了它會產生什麼樣的影響。

You're certainly seeing that in the projection we're giving for this year as those customers ramp up. For the most part they've talked about those being multi-year, going out all the way to 2030 in a lot of cases. So we see that playing out over a longer term. I talked a little bit about the hyperscaler side, like I said, I'm very happy to be in the early innings there doing work as we speak.

隨著客戶數量的增加，您肯定會在我們今年的預測中看到這一點。他們大部分談論的是多年期目標，很多情況下會延續到 2030 年。因此，我們認為這將在較長時期內發揮作用。我談了一些關於超大規模方面的事情，就像我說的，我很高興能夠在那裡開始工作。

We still think that's very early innings. I mean, we're not even -- haven't even got a second batter up to the plate, so to speak. We think that's going to be at least five years of opportunity, and we'll have to see how the TAM plays out exactly. I think a lot of people have seen -- there's been industry reports out there talking about $100 billion of addressable market over a five or so year period.

我們仍然認為這只是個開始。我的意思是，我們甚至沒有——可以這麼說，甚至還沒有第二個擊球手上場。我們認為這將是至少五年的機遇，我們必須看看 TAM 具體如何發揮作用。我想很多人都已經看過——有產業報告談論五年左右時間內 1000 億美元的潛在市場。

Again, we'll see exactly what those numbers are, but regardless, we think that it's going to be a significant investment even after DeepSeek. The hyperscalers came back quite quickly and still committed to their capital allocation, still going to be over $300 billion in CapEx this year. Again, we've got to see exactly how that moves into our space, but when we look at that over this year, like I said, early innings just ramping into some programs, but as you get into 2026, calendar '26, and after we do expect that to continue to ramp.

再次，我們將確切地了解這些數字，但無論如何，我們認為即使在 DeepSeek 之後，這也將是一項重大投資。超大規模企業很快就恢復了元氣，並且仍然致力於資本配置，今年的資本支出仍將超過 3,000 億美元。再說一遍，我們必須確切地看看它是如何進入我們的領域的，但是當我們回顧今年的情況時，就像我說的，早期階段只是在一些項目中逐漸增加，但是當你進入 2026 年，也就是日曆 26 年之後，我們確實預計它會繼續增加。

And then the last is, the state and federal programs. There's work that we're doing today, and I think it's important, and I put it in my comments, the states continue to fund. There's a billion dollars of funding issued in Q4 related to state programs reaching rural America. There's other federal programs that are happening. A lot of that is coming through our business. A lot of it's coming through active contracts.

最後是州和聯邦計劃。我們今天正在進行一些工作，我認為這很重要，而且我在我的評論中提到了這一點，各州將繼續提供資金。第四季已發放 10 億美元資金用於實施覆蓋美國農村地區的州政府計畫。還有其他聯邦計劃正在實施中。其中很多都是透過我們的業務實現的。其中很多是透過有效合約實現的。

There's other things and opportunities that we're pursuing, but again that's going to be a multi-year to get that satisfied, whatever it ultimately evolves to. But I'll go back to comments we've been making for some time. We still think 80% of addresses in the country are going to get fiber and high-speed internet of some sort, and that's going to be done mostly by private capital. Everything that we're hearing reinforces that, so we're optimistic and excited about our position, how we're set up to capitalize, and to the results that we've been able to provide so far.

我們也正在追求其他的事情和機會，但無論最終結果如何，都需要花費多年的時間才能實現。但我還是要回顧我們一段時間以來所發表的評論。我們仍然認為，全國 80% 的地址都將獲得某種形式的光纖和高速互聯網，而這主要將由私人資本實現。我們所聽到的一切都證實了這一點，因此我們對我們的地位、我們如何利用以及我們迄今為止所能提供的成果感到樂觀和興奮。

Perfect. Thank you.

完美的。謝謝。

Eric Luebchow, Wells Fargo.

富國銀行的 Eric Luebchow。

All right, great, thanks for taking the question. Dan, I wanted to dive a little more into the AI data center opportunity. You made a comment that a lot of the work you're doing now is really over pole work, presumably for Lumen. If you look at the conversations you're having, and it sounded like maybe you booked some additional deals in the fourth quarter.

好的，太好了，感謝您回答這個問題。丹，我想更深入地探討人工智慧資料中心的機會。您評論說，您現在所做的很多工作實際上都是在桿上工作，大概是為了 Lumen 而做的。如果你看一下你們之間的對話，聽起來你們可能在第四季達成了一些額外的交易。

I mean, are you seeing a bigger opportunity coming with new routes that might be a little bit more construction and labor intensive and maybe even a bigger, addressable revenue market for you? And have you started to work down the path of diversifying that away from just Lumen but talking directly to hyperscalers itself perform or other operators out there who have announced some pretty large wins so far?

我的意思是，您是否看到新航線帶來的更大機遇，這些新航線可能需要更多的建設和勞動力密集型，甚至可能為您帶來更大的可獲得收入的市場？您是否已經開始著手實現多元化，不再僅僅與 Lumen 合作，而是直接與超大規模提供商本身的表現或其他迄今為止已經宣布了一些相當大的勝利的運營商進行交談？

That's exactly right, Eric, and a really good point. This opportunity continues to increase. The conversations have not lost steam. I mentioned before, even when DeepSeek came out, the conversations didn't slow down and in fact have only increased. What Lumen had in that first set of projects that they issued was existing conduit. That's not common on larger scale long-haul builds.

艾瑞克，你說得完全正確，這是一個非常好的觀點。這種機會還在不斷增加。對話仍未失去熱情。我之前提到過，即使 DeepSeek 推出後，對話量也沒有減少，事實上只有增加。Lumen 在發布的第一批​​專案中擁有的是現有的管道。這在大規模長途建設中並不常見。

Certainly, there's some infill work and there's available routes that our customers, the ISPs, are talking about. They're negotiating with the hyperscalers directly. But the appetite is much larger than that. And so, we're seeing it play out in conversations. We are talking to hyperscalers themselves. We're certainly talking to a number of customers and we're seeing a number of different opportunities.

當然，我們的客戶（ISP）正在談論一些填充工作和可用路線。他們正在直接與超大規模企業進行談判。但胃口遠比這大得多。所以，我們在對話中看到它發揮作用。我們正在與超大規模企業本身進行交流。我們確實正在與許多客戶進行交談，並看到許多不同的機會。

Sometimes those come in bigger chunks, sometimes they come in smaller chunks, sometimes they come by route or segment. So that really just depends on the way it's coming through the hyperscalers themselves and through our customers. So again, what I would say is we still believe the opportunity over time is massive. Exactly the timing and how it comes into the industry, we're going to have to pay attention to and there's things in the news and conversations out there that maybe one hyperscaler pulls back from some data centers, maybe another one adds some.

有時它們以較大的塊形式出現，有時它們以較小的塊形式出現，有時它們按路線或段出現。所以這實際上取決於它透過超大規模器本身和我們的客戶實現的方式。所以我想說的是，我們仍然相信，隨著時間的推移，機會是巨大的。我們必須關注它的確切時機和進入行業的方式，而且在新聞和對話中也會出現這樣的情況：也許一個超大規模企業會撤出一些資料中心，也許另一個會增加一些。

We would suggest that the opportunity is so large coming into our space. The need is there to get these high capacity, low latency networks. They want the redundancy. They want these private routes as it plays out over time. That's a lot of miles. That's thousands and thousands of miles. It's something that we're paying very close attention to, highly active in conversations, and we'll continue to talk about it as it plays out over time.

我們認為，我們的領域蘊藏著巨大的機會。我們需要這些高容量、低延遲的網路。他們想要裁員。隨著時間的推移，他們希望這些私人路線能夠順利實施。這可是好長的距離啊。那可是幾千幾萬英哩啊。我們對此密切關注，積極參與討論，並將繼續討論其後續進展。

Great, thanks, Dan. And Drew, you made a comment about a focus on free cash flow this year, and I know it's obviously lumpy from quarter to quarter, but maybe you could talk about your ability to generate cash this year? And also there may be a question for Dan just on capital allocation, how are you thinking about potential tuck-in acquisitions, what the pipeline looks like versus buying back your stock, given the authorization that you announced today? Thanks.

太好了，謝謝，丹。德魯，您談到了今年對自由現金流的關注，我知道各個季度之間的自由現金流顯然是不一致的，但您能否談談今年公司創造現金的能力？另外，可能還有個關於資本配置的問題要問丹，考慮到您今天宣布的授權，您如何考慮潛在的附加收購，與回購股票相比，通路是什麼樣的？謝謝。

Sure, thanks, Eric. So I'll take the first one. So as far as free cash flow, it continues to be a focus for us. We made solid progress by the teams. Pleased to see that the DSOs improved by 6 days year over year. I think what's important to note here too is that net leverage is low at about 1.5 times, and so substantial room to grow the business and maintain comfortable net leverage overall.

當然，謝謝，艾瑞克。因此我選擇第一個。因此，就自由現金流而言，它仍然是我們關注的重點。我們各隊取得了紮實的進步。很高興看到 DSO 同比去年減少了 6 天。我認為這裡還需要注意的是淨槓桿率較低，約為 1.5 倍，因此業務成長空間巨大，並且總體上保持舒適的淨槓桿率。

Working on DSO every day, we've got -- working on more timely conversion of the work completed into an invoice and then obviously process for payment. And then the other area, focused on the capital expenditures. We provided the outlook there. This year we spent about $211 million net, we see that going to $220 million to $230 million next year. So happy to invest in growth and replacement of assets and would certainly invest more there as we see more growth opportunities as we look ahead, but we'll take a prudent approach on that and go from there.

我們每天都在處理 DSO，致力於更及時地將已完成的工作轉換為發票，然後顯然處理付款。然後另一個領域重點是資本支出。我們在那裡提供了展望。今年我們的淨支出約為 2.11 億美元，預計明年將達到 2.2 億至 2.3 億美元。我們很高興投資於資產的成長和替換，而且隨著我們看到未來更多的成長機會，我們肯定會在那裡投入更多，但我們會對此採取謹慎的態度並從那裡開始。

And just commenting on capital allocation. So as I talked about before, we did three acquisitions last year. We're obviously active in the pipeline looking. They've got to fit our strategy. They have to fit our culture. Where those opportunities come up, there's certainly something that we would be entertaining and talking about.

只是對資本配置進行評論。正如我之前所說的，我們去年進行了三次收購。顯然，我們正在積極尋找管道。它們必須符合我們的策略。它們必須適應我們的文化。當這些機會出現時，我們肯定會有一些事情要考慮和討論。

But if you look at last year and if you look at this year, a lot of similar things. We've got a lot of growth. We need to make sure that we've got capital set up for that growth. We continue to innovate, but we want to stay ahead of the curve. We're investing in AI in our own business.

但如果你回顧去年和今年，你會發現有很多類似的事情。我們取得了巨大的進步。我們需要確保我們已經為這一增長做好了準備。我們不斷創新，但我們希望保持領先地位。我們正在自己的業務中投資人工智慧。

We're certainly investing in safety and quality, and you heard me talk about this concept of quality of the brand. We want to stay out in front of our customers. We want to deliver absolute best-in-class performance from the very beginning to the very end of a project, and that does take capital. It takes capital to make sure that we're ahead of that curve so that we can deliver it, another level of service and another level of value to our customers which we believe that they appreciate and that they see.

我們確實在投資安全和質量，你們也聽我談論了品牌品質的概念。我們希望在客戶面前保持領先地位。我們希望從專案開始到結束都提供絕對一流的性能，而這需要資金。我們需要資本來確保我們走在這條曲線的前面，這樣我們才能向客戶提供更高水準的服務和更高水準的價值，我們相信他們會欣賞並看到這一點。

So we have to balance those two and then as those come together, then we look for share repurchases and again, we're active this last quarter, we were active last year, it's certainly something that we're going to continue to look at going forward where it makes sense. So a little bit of a balance, but again, we're excited about 10% to 13% growth year over year this year, especially when you add in $114 million of storm work. So we're going to make sure that we can prioritize that first and then the other two will follow.

因此，我們必須平衡這兩者，然後當它們結合在一起時，我們就會尋求股票回購，而且，我們在上個季度很活躍，去年也很活躍，這當然是我們將繼續關注的事情，只要它是有意義的。因此有點平衡，但是，我們對今年同比增長 10％ 至 13％ 感到非常興奮，尤其是當你加上 1.14 億美元的防風工作時。因此，我們要確保能夠先優先考慮這一點，然後再考慮另外兩個問題。

And then Eric, if I could just add one -- yeah, thanks Eric, and if I could just add one more point relative to the CapEx, I think if you look year over year, we obviously have increased the spending there and so that's come through as increased appreciation as well, so that's a trend as we continue to step up on the CapEx.

然後 Eric，如果我可以補充一點 - 是的，謝謝 Eric，如果我可以補充一點與資本支出相關的內容，我認為，如果你逐年看，我們顯然增加了這方面的支出，因此這也體現為價值的增加，所以這是一個趨勢，因為我們會繼續增加資本支出。

We would expect some increases there. And then the other area and it's in the outlook and it's in our filings, the non-cash amortization has increased it's about $12 million a quarter now relative to the acquisitions that we've done and so I just wanted to point that out in our outlook.

我們預計那裡會有一些增長。然後是另一個領域，它在展望中，也在我們的文件中，相對於我們所做的收購，非現金攤銷已經增加，現在每季度約為 1200 萬美元，所以我只是想在我們的展望中指出這一點。

Great. Thank you both.

偉大的。謝謝你們兩位。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Thank you. Good morning and thanks for taking my question. So two brief ones for you, one on the headcount that you have in your slide deck, just wondering if there's anything to read into the sequential reduction in headcount this quarter?

謝謝。早上好，感謝您回答我的問題。所以我想向您簡單問兩點，一是關於您在幻燈片中介紹的員工人數，我想知道您是否能從本季度員工人數的連續減少中看出一些端倪？

Nothing to read there, we use a mix of in-house labor and subcontractors. Sometimes that mix varies. The nature of the projects themselves can change that. So we feel really good about, one, how we're set up just from a discipline standpoint on our labor and our employment opportunities; and two, we feel really good about being able to support the growth that's in front of us.

沒什麼好讀的，我們使用內部勞動力和分包商混合使用。有時，這種混合會改變。項目本身的性質可以改變這一點。因此，我們對於以下幾點感到非常滿意：第一，從紀律的角度來看，我們的勞動力和就業機會已經建立；其次，我們對能夠支持眼前的成長感到非常高興。

Got it. And then one on -- I know we've talked a lot about fiber already on this call, so I was wondering if you can talk about if you're seeing any radio replacement work beyond the work that you're doing currently with the Black & Veatch acquisition?

知道了。然後一個問題——我知道我們在這次電話會議中已經討論了很多關於光纖的問題，所以我想知道您是否可以談談除了目前收購 Black & Veatch 所做的工作之外，您是否還看到了任何無線電替換工作？

So important to remember, we have a wireless business that existed and it has been around for certainly more than 10 years prior to that business. So that is still operating. We're still doing work there including some equipment replacements and then of course as we talked about the wireless acquisition that we did, a heavy round of equipment places that we're ramping into right now.

需要記住的是，我們有一個無線業務，並且它在該業務之前已經存在了 10 多年。因此它仍在運作。我們仍在那裡開展工作，包括更換一些設備，當然，正如我們談到的我們所做的無線收購，我們現在正在加緊進行一輪大規模的設備安裝。

Today, that's really our focus. We do a little bit of work outside of that, but that is certainly a core part of what we're doing, and we want to make sure that we can deliver and execute on that program as it ramps into these next few years.

今天，這才是我們真正的重點。除此之外，我們還做了一些工作，但這無疑是我們工作的核心部分，我們希望確保能夠在未來幾年內交付和執行該計劃。

Got it. Thank you.

知道了。謝謝。

Adam Thalhimer, Thompson Davis.

亞當塔希默、湯普森戴維斯。

Nice quarter, nice outlook.

不錯的季度，不錯的前景。

Thank you.

謝謝。

I wanted to ask about Windstream, which is talking about doubling the pace of their fiber deployments this year. Is that something you could benefit from, or does the merger with Unity possibly impact the relationship?

我想問一下 Windstream 的情況，該公司正在考慮今年將其光纖部署速度提高一倍。這對你們有好處嗎？或者與 Unity 的合併是否可能對雙方關係產生影響？

So Windstream's been a long-time customer of ours. Even in the prior years we continue to do work for them and have some strong relationships there. We have to see how it plays out, but we believe that we're well positioned. As they, like many others, talk about ramping up and look to ramp up their fiber-to-the-home program in the coming years. So we feel like we're well positioned.

Windstream 一直是我們的長期客戶。即使在前幾年，我們也繼續為他們工作，並建立了牢固的關係。我們必須觀察事情如何發展，但我們相信我們已做好準備。與許多其他人一樣，他們也在談論加強力，並期待在未來幾年加大光纖到戶計畫的力度。因此，我們覺得自己處於有利地位。

And then Drew, maybe a quick one on Q1 cash flow. I'm wondering if that could be a little better than normal seasonality just given all the storm work from Q4?

然後，Drew，讓我們來快速談談第一季的現金流。我想知道，考慮到第四季度的所有風暴工作，這是否會比正常季節性好一點？

Yeah, Adam, thanks. It could be there, but seasonality does always play a big factor in Q1. The work ramps kind of in the back half of the quarter, and so typically we do consume some operating cash flow in that period of time.

是的，亞當，謝謝。可能是存在，但季節性在第一季始終起著重要作用。工作量在季度後半段逐漸增加，因此我們通常在那段時間會消耗一些營運現金流。

Last one for me. Just curious, I think Gigapower was in the top 10 for the second quarter in a row. Curiou what the outlook is there.

對我來說是最後一個。只是好奇，我認為 Gigapower 連續第二個季度進入前十名。好奇那裡的前景如何。

Definitely appreciate the opportunities we've had with Gigapower and appreciate their trust in us to be able to execute for them. Not anything that we can talk about in detail to the program other than it's been successful for us thus far, and we hope that we continue to deliver for them.

非常感謝與 Gigapower 合作的機會，也感謝他們對我們的信任，讓我們能夠為他們提供服務。關於該計劃，我們無法詳細談論任何事情，除了到目前為止該計劃對我們來說是成功的，我們希望繼續為他們提供服務。

I'll turn it over. Thanks, guys.

我把它翻過來。謝謝大家。

Alan Mitrani, Sylvan Lake Asset Management.

艾倫‧米特拉尼 (Alan Mitrani)，Sylvan Lake Asset Management 總裁。

Hi, thank you. I just have a few clean-up questions. Can you tell us what the -- and then a bigger one, can you tell us what the gross CapEx was for the quarter?

你好，謝謝。我只是有幾個清理問題。您能告訴我們—然後一個更大的問題，您能告訴我們本季的總資本支出是多少嗎？

Sure, Alan, it was just over $68 million.

當然，艾倫，總額略高於 6800 萬美元。

Okay, and what about the cadence for the CapEx for the year? For this coming year?

好的，那麼今年的資本支出節奏如何？今年呢？

Yeah, I mean, we've got a lot of things on order now. You'll see it in the filing, but we've got a little over $80 million kind of order right now. It comes in, we've got more to order beyond that to meet our outlook, and I think you'll see typical spend as we have it during the year.

是的，我的意思是，我們現在已經訂購了很多東西。您會在文件中看到，我們目前的訂單金額略高於 8000 萬美元。到了那時，我們還有更多訂單要訂購才能滿足我們的預期，我想你會看到我們今年的典型支出。

Okay, and then what were the wireless revenues this quarter?

好的，那麼本季的無線收入是多少？

Yeah, it was a little over 7%, Alan.

是的，略高於 7%，艾倫。

Okay. Great. And then, I'm trying to just to be clear, are you -- you're guiding with no storm revenues this year, which I understand, which is great, conservative. And then did you say that you were guiding for no BEAD revenues as well for the year or did I mishear that?

好的。偉大的。然後，我只是想說清楚，您今年的預測是沒有風暴收入，我理解這是非常保守的。然後您是否說過您預計今年也不會有 BEAD 收入，還是我聽錯了？

No, that's correct. So we -- again, the outlook is on top of the storm revenue from last year, but we are not including storm revenue for FY26 outlook, and we are also not including any BEAD dollars or opportunities in the outlook for FY26. Just a couple comments on the first is we're having a lot of conversations both with the potentially awarded sub grantees and also continued with the state broadband offices.

不，正確。因此，我們 — — 再次強調，該展望是基於去年的風暴收入，但我們沒有將 2026 財年展望中的風暴收入包括在內，也沒有將任何 BEAD 美元或機會納入 2026 財年展望中。關於第一點，我只想說，我們正在與可能獲得中標的分包商進行大量對話，同時也在與州寬頻辦公室繼續溝通。

There's a little bit of a pause for some of the sub grantees that are waiting for the final -- for the awards to be finalized. We'll see exactly what that timeline plays out if the new administration puts their fingerprints on the program. But the rest of the states are still -- all systems go as far as figuring out exactly how it's going to play out in the polo.

一些分項資助者稍有停頓，等待最終獎項的最終確定。如果新政府在該計劃上簽字，我們將確切地看到時間表如何進行。但其他州仍在——所有系統都在努力弄清楚馬球比賽究竟將如何進行。

So we'll certainly have more updates in the future, but that's an opportunity in the plus column, and we still think that a large part of that is going to be fiber once it gets finalized in each state. Each state's going to vary a little bit. But we still believe that's a real opportunity. Small potential for the back half of this year, probably more likely for FY26, calendar '26.

因此我們將來肯定會有更多的更新，但這是一個有利的機會，而且我們仍然認為，一旦在每個州最終確定下來，其中很大一部分將是光纖。每個州都會有些許差異。但我們仍然相信這是一個真正的機會。今年下半年的可能性很小，但 2026 財年、2026 年曆年的可能性更大。

Calendar '26, right. And do you have any BEAD work in your backlog, though?

日曆 '26，對吧。但是，您的積壓工作中是否有任何 BEAD 工作？

No, all the customers that -- all the potential customers that we're talking to, they're not at a place to issue the awards yet.

不，我們正在交談的所有客戶——所有潛在客戶，他們還沒有到頒獎的地方。

Got it. Okay, perfect.

知道了。好的，完美。

But again, sorry, Alan, conversations that we are in now, and we do expect to have some opportunities for those RFPs once they issue them.

但是，艾倫，再次抱歉，我們現在正在進行對話，我們確實希望在發布這些 RFP 後能夠有一些機會。

Okay, great. And then Drew, you talked about depreciation and amortization going up obviously because you're spending money. Can you give us, I mean, you were at a little under $53 million this past quarter. Do you expect that to ramp ratably this coming year -- I mean last year? But basically, or is there a step function?

好的，太好了。然後德魯，你談到折舊和攤銷顯然會增加，因為你在花錢。您能否告訴我們，我的意思是，上個季度您的收入略低於 5300 萬美元。您是否預計明年（我是說去年）這數字會大幅上升？但基本上，或者有一個階躍函數？

Two things, Alan. And we provided this in last quarter's 10-Q as well, the outlook on the amortization for the full year, but that's running about. This is just on the non-cash amortization. It's about $12 million a quarter and then on the depreciation, the depreciation has increased last year over the year before. And so as that -- I'm sorry, the CapEx, rather has increased and so that's caused the step-up and then we've got it going up again this year as well and so I would expect that to kind of increase throughout the year.

有兩件事，艾倫。我們也在上個季度的 10-Q 報告中提供了全年攤銷的展望，但這還只是個開始。這只是非現金攤提。每季約為 1,200 萬美元，就折舊而言，去年的折舊比前年有所增加。因此 — — 抱歉，資本支出反而增加了，所以才導致了成本的上升，然後今年我們又讓它上升了，所以我預計全年都會有所增加。

Okay, yeah, it looks like with the acquisitions you did, the amortization of intangibles, you're adding about [$1] in the quarter, something like that in terms of non-cash EPS. If you look at cash EPS versus non-cash, some years obviously you have a lot of acquisitions this past year. You did a bunch so that should impact the non-cash earnings number meaningfully, so the cash flow will be better.

好的，是的，看起來，透過你們所做的收購，無形資產的攤銷，你們在本季度增加了大約 [1 美元]，就非現金每股收益而言，大概是這樣。如果你比較現金每股盈餘與非現金每股盈餘，你會發現有些年份你去年顯然進行了大量收購。你做了很多事情，這應該會對非現金收益數字產生重大影響，因此現金流會更好。

The other thing, Alan, just back on the CapEx, we did have good disposal proceeds throughout the year and so that's just another point to emphasize there. We had about $200 million gross CapEx and then off of that was call it $38 million, $39 million of disposal proceeds, so those were strong results.

另一件事，艾倫，回到資本支出問題上，我們全年確實獲得了良好的處置收益，所以這只是需要強調的另一點。我們的總資本支出約為 2 億美元，其中還有 3,800 萬美元、3,900 萬美元的處置收益，所以這些都是強勁的業績。

Okay, we'll take a look at that. Dan, I want to ask a bigger question in terms of -- and I asked it the other quarter to Steve, but your SG&A expense, the company's SG&A expense has grown faster than revenues the last couple of years. You're talking about getting operating leverage on the margins. It doesn't sound like we're going to see it much from the gross margins this year.

好的，我們會看看的。丹，我想問一個更大的問題——我上個季度問過史蒂夫，你的銷售、一般和行政費用，公司的銷售、一般和行政費用在過去幾年的增長速度超過了收入。你說的是在利潤率上獲得經營槓桿。從今年的毛利率來看，我們似乎不會看到太多這樣的變化。

Based on the way you're talking, it seems like there's going to be obviously a lower gross margin first quarter given some of the spend, and then you need a bigger ramp for the year to get gross margin expansion. So help me understand, I want to know if the SG&A expense, are you going to look to grow that at some point slower or in line with revenues so you get some of that operating leverage? Do we see that this year? When does that come in?

根據您的談話方式，考慮到部分支出，似乎第一季的毛利率顯然會較低，然後您需要在全年有更大的成長來實現毛利率的擴大。所以請幫我理解一下，我想知道如果是銷售、一般和行政費用，您是否會考慮在某個時候以較慢的速度或與收入保持一致的速度增長，以便獲得一些經營槓桿？今年我們能看到這一點嗎？什麼時候進來的？

Yeah, Alan, if you look at the growth that we've had over the last few years, I talked about it in my early comments, 50% growth in three years' time. As you can imagine, you have to invest considerably in the business to make sure that you're set up to be able to do that and to do it well. On top of that, we've been bringing in acquisitions, making sure that we integrate the acquisitions the right way as we ramp them into the business.

是的，艾倫，如果你看看我們過去幾年的成長，我在之前的評論中談到了這一點，三年內成長了 50％。你可以想像，你必須在業務上投入大量資金，以確保你有能力做到這一點，並且能夠做得很好。除此之外，我們也持續進行收購，確保在將收購的企業融入業務的過程中以正確的方式進行整合。

And then of course, we're always trying to improve our service delivery for our customers, so there's parts and pieces to that. Obviously, it's something that we always want to work on, something we're very conscious of and spend a lot of time internally in discussions about. But first and foremost, we need to make sure that we can be set up for the growth that's ahead of us.

當然，我們一直在努力改善我們為客戶提供的服務，所以這是一個循序漸進的過程。顯然，這是我們一直想要努力的事情，我們非常清楚這一點，並且花費了大量時間進行內部討論。但首先也是最重要的，我們需要確保為未來的成長做好準備。

And over time, we certainly believe that dollars will drop through from operating leverage. Right now we need to make sure that we can grow the business responsibly and continue to deliver at the level that we do for our customers.

隨著時間的推移，我們確實相信美元會因經營槓桿而下降。現在，我們需要確保能夠負責任地發展業務，並繼續為客戶提供我們所需的服務。

And then Alan, just a point to make here, I mean, and I'm sure you're focused on it too, but just take a look at the stock compensation expense. So we did have some transition costs that were there during the year that we call out on our materials.

然後艾倫，我只想在這裡指出一點，我的意思是，我相信你也關注這一點，但請看一下股票薪酬費用。因此，我們在這一年中確實產生了一些過渡成本，這些成本體現在我們的材料中。

Okay, thank you.

好的，謝謝。

Thank you. And I am showing no further questions from our phone lines. I now like to turn the conference back to Mr. Dan Peyovich for closing remarks.

謝謝。我沒有從電話線提出其他問題。現在，我想請 Dan Peyovich 先生致閉幕詞。

Thank you, operator. We thank everybody for joining this morning. Look forward to updating you on our first-quarter results. Be safe and be well.

謝謝您，接線生。我們感謝大家今天早上的參與。期待向您報告我們的第一季業績。祝平安、健康。

Thank you. This concludes 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。