Dycom Industries Inc (DY) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Dycom Industries Inc. first-quarter 2026 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Ms.

您好，感謝您的支持。歡迎參加 Dycom Industries Inc. 2026 年第一季業績電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給女士。

Callie Tomasso, Dycom's Vice President of Investor Relations. Please go ahead.

Callie Tomasso，Dycom 投資者關係副總裁。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Dycom's first quarter fiscal 2026 results conference call. Joining me today are Dan Peyovich, our President and Chief Executive Officer; and Drew DeFerrari, our Chief Financial Officer. Earlier this morning, we released our fiscal 2026 first quarter results. along with certain outlook information.

謝謝接線員，大家早安。歡迎參加 Dycom 2026 財年第一季業績電話會議。今天與我一起的還有我們的總裁兼執行長 Dan Peyovich 和我們的財務長 Drew DeFerrari。今天早些時候，我們發布了 2026 財年第一季業績以及一些展望資訊。

The press release and accompanying materials are available in the Investor Relations section of our website. 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.

新聞稿和隨附資料可在我們網站的投資者關係部分找到。今天的討論將包括根據 1995 年私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。這些聲明反映了我們對未來事件的預期、假設和信念，並受到可能導致實際結果大不相同的風險和不確定性的影響。

A detailed discussion of these risks and uncertainties is included in our filings with the SEC. 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.

我們向美國證券交易委員會提交的文件中詳細討論了這些風險和不確定性。前瞻性陳述是截至今日所做的，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公認會計準則財務指標。您可以在我們的新聞稿和隨附資料中找到這些指標的解釋以及與最直接可比較的 GAAP 指標的對帳。

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

說完這些，我會把電話轉給 Dan Peyovich。擔？

Thank you, Callie, and good morning, everyone, and thank you for joining us. We delivered a strong start to fiscal 2026 and continue to make progress against the goals I outlined at the start of the year. I'm pleased to report that we exceeded the high end of our guidance for the quarter on all metrics, including revenue, adjusted EBITDA and EPS.

謝謝你，Callie，大家早安，謝謝你們加入我們。我們為 2026 財年取得了良好的開端，並繼續朝著我在年初提出的目標前進。我很高興地報告，我們本季的所有指標都超出了預期上限，包括收入、調整後的 EBITDA 和 EPS。

Our first quarter revenue was $1.259 billion, a 10.2% increase over Q1 2025. Our adjusted EBITDA was $150.4 million, representing 11.9% of revenues and an increase of 14.9% over Q1 2025. In addition, we repurchased 200,000 shares or $30.2 million during the quarter. As a result of our strong performance and our view of the market today, we are increasing our revenue expectations for the year to a range of $5.29 billion to $5.425 billion.

我們第一季的營收為 12.59 億美元，比 2025 年第一季成長 10.2%。我們的調整後 EBITDA 為 1.504 億美元，佔營收的 11.9%，比 2025 年第一季成長 14.9%。此外，我們在本季回購了 20 萬股，價值 3,020 萬美元。由於我們強勁的業績以及對當今市場的看法，我們將今年的營收預期上調至 52.9 億美元至 54.25 億美元。

Despite the current macroeconomic uncertainty, we remain confident in the drivers of our industry and our ability to capitalize on the opportunities. This is evident in our record backlog of $8.1 billion including a record $4.7 billion of next 12-month backlog. We worked hard to diversify our customer base and the services we offer within the telecommunications and digital infrastructure space.

儘管當前宏觀經濟存在不確定性，但我們仍然對產業驅動力和利用機會的能力充滿信心。這體現在我們創紀錄的 81 億美元積壓訂單中，其中包括創紀錄的未來 12 個月 47 億美元的積壓訂單。我們努力實現客戶群和電信及數位基礎設施領域內提供的服務的多樣化。

This diversification offers us from the impact of any single customer or program. Underpinning each of these drivers and build programs is our service and maintenance business, which has grown significantly along with our revenue in recent years.

這種多樣化使我們免受任何單一客戶或計劃的影響。支撐這些驅動因素和建置計劃的是我們的服務和維護業務，近年來，該業務隨著我們的收入而大幅成長。

These services provide consistency and stability as other customers programs at and flow. The nature of the work within this business, that is day-to-day maintenance, restoration as well as accommodating road moves and other infrastructure work and extending networks in the greenfield developments. When taken at scale, creates consistency in the volume of work and associated revenue and margin.

這些服務與其他客戶的程序一樣，提供了一致性和穩定性。該業務的工作性質是日常維護、修復以及適應道路移動和其他基礎設施工作以及擴展綠地開發中的網路。當規模化時，可以使工作量和相關收入及利潤保持一致。

Our growth in this business comes from maintaining a newly installed plant from the fiber-to-the-home builds as well as securing additional markets from our customers. The work is sustainable as the agreements are typically two to four years in duration, and as a reminder, we only include contracts up to their current expiration dates in our backlog.

我們在該業務上的成長來自於維護光纖到戶建設中新安裝的工廠以及從客戶那裡獲得額外的市場。這項工作是可持續的，因為協議通常為期兩到四年，提醒一下，我們只將截至當前到期日的合約納入我們的積壓工作中。

In short, our service and maintenance business provides a stable base of recurring revenue. Our strategy is to build on our service and maintenance business while also capitalizing on other drivers, whether that's fiber-to-the-home deployments in urban, suburban and rural America, long haul, and middle mile networks, hyperscale at work inside the fence, wireless equipment replacements or other drivers. We continue to layer these programs into our business in alignment with our growth strategy.

簡而言之，我們的服務和維護業務提供了穩定的經常性收入基礎。我們的策略是建立在我們的服務和維護業務的基礎上，同時利用其他驅動因素，無論是美國城市、郊區和農村的光纖到戶部署、長途和中英里網絡、圍欄內的超大規模工作、無線設備更換還是其他驅動因素。我們將繼續根據我們的成長策略將這些計劃融入我們的業務中。

It's visible in the results from last year. It's visible on the results this quarter and is visible on the revised outlook we are providing for fiscal 2026. We've built Dycom to be resilient and nimble and we believe we've differentiated ourselves in the industry.

從去年的結果就可以看出這一點。這從本季的業績可以看出，也從我們為 2026 財年提供的修訂展望中可以看出。我們打造的 Dycom 具有彈性和靈活性，我們相信我們已經在行業中脫穎而出。

Increasing TAM in our industry, combined with the speed and commitment with which our customers are planning and executing their strategic plans means complexity has increased, and complexity favors Dycom. Our customers demand certainly of delivery.

我們產業中 TAM 的增加，加上我們的客戶規劃和執行其策略計畫的速度和承諾，意味著複雜性的增加，而複雜性對 Dycom 有利。我們的客戶要求確定交貨。

They demand certainty of quality, and they want a partner they can trust every step of the way. Many customers have and continue to consolidate their vendors, shifting more and more work to proven partners with national reach. This shift, just like the increasing complexity of the work they need done, favors Dycom. Transitioning to the broader economy.

他們要求品質的確定性，並且希望有一個在每一步都可以信賴的合作夥伴。許多客戶已經並將繼續整合他們的供應商，將越來越多的工作轉移給具有全國影響力的可靠合作夥伴。這種轉變，就像他們需要完成的工作日益複雜一樣，對 Dycom 有利。轉型為更廣泛的經濟領域。

While recent tariffs and international trade actions have created volatility and market uncertainty, we believe that the impact to Dycom and to our customers current build plans will be negligible. We continue to track this closely and have discussed it with many customers, telecommunications equipment manufacturers and our equipment suppliers.

雖然最近的關稅和國際貿易行動造成了市場波動和不確定性，但我們相信，對 Dycom 和我們客戶目前建設計劃的影響將可以忽略不計。我們將繼續密切關注此事，並與許多客戶、電信設備製造商和我們的設備供應商進行討論。

While there will be cost increases in some equipment components that come from offshore, the bulk of the components in these builds are produced in the United States. Since labor represents the majority of build costs, tariff implications are diluted as a percentage of the overall build and as such, we are not anticipating any impact to our current builds.

雖然一些來自海外的設備零件成本會增加，但這些設備的大部分零件都是在美國生產的。由於勞動力成本佔建築成本的大部分，關稅影響在整體建築中所佔比例被稀釋，因此，我們預計這不會對我們目前的建築產生任何影響。

Specific to our equipment suppliers. While there are some tariff implications, we believe that the percentage increases are manageable without impacting our margins or our customers programs. Of course, the policies and actions around tariffs and international trade are fluid, and there can be impacts different from what we anticipate today.

特定於我們的設備供應商。雖然會對關稅產生一些影響，但我們認為百分比的成長是可控的，不會影響我們的利潤或客戶計畫。當然，圍繞關稅和國際貿易的政策和行動是不斷變化的，其影響可能與我們今天預期的不同。

Importantly, against this backdrop, demand drivers in our business remain robust. First, many of our customers recently reconfirmed or increased their fiber-to-the-home targets. As I shared during our last call, the increase in fiber-to-the-home passing is a key driver for our revenue growth, and we delivered on that during the first quarter. We continue to see fiber-to-the-home ramping as many of these programs accelerate.

重要的是，在這種背景下，我們業務的需求驅動力依然強勁。首先，我們的許多客戶最近重新確認或增加了他們的光纖到戶目標。正如我在上次電話會議中分享的那樣，光纖到戶的增加是我們收入成長的關鍵驅動力，我們在第一季實現了這一目標。隨著許多此類項目的加速推進，我們繼續看到光纖到戶的蓬勃發展。

While we added a number of new projects to our backlog this quarter, I would point to several notable awards with Verizon for both fiber-to-the-home and maintenance works with Windstream for both fiber-to-the-home and maintenance work as well as fiber-to-the-home awards with Lumos.

雖然我們本季在積壓項目中增加了一些新項目，但我要指出的是與 Verizon 簽訂的幾個值得注意的獎項，包括光纖到戶和維護工程、與 Windstream 簽訂的光纖到戶和維護工程以及與 Lumos 簽訂的光纖到戶獎。

Second, fiber demand related to data centers continues to grow. Opportunities to build long-haul and middle mile routes to meet the needs of AI infrastructure are increasing, and we are underway and executing well on the Lumen overall project. All the hyperscalers reiterated or increased their CapEx budgets and commitment to AI infrastructure on their most recent calls, and we continue to see these long-haul and middle mile networks as a significant addressable market over the long term.

其次，與資料中心相關的光纖需求持續成長。建造長途和中途路線以滿足人工智慧基礎設施需求的機會正在增加，我們正在順利進行 Lumen 整體專案。所有超大規模企業在最近的電話會議上都重申或增加了他們的資本支出預算和對人工智慧基礎設施的承諾，我們繼續將這些長途和中英里網路視為長期重要的可尋址市場。

While this driver is still in its early days, we are pleased to have received a substantial multiyear award from an ISP for middle mile network. We expect this recently awarded work to commence later this fiscal year with revenue ramping in fiscal 2027.

雖然這個驅動因素仍處於早期階段，但我們很高興從中間一英里網路的 ISP 那裡獲得了一筆數量可觀的多年期獎項。我們預計這項最近授予的工作將於本財年稍後開始，收入將在 2027 財年大幅增加。

Beyond the opportunities for long-haul and middle-mile routes, we are seeing and having discussions to move inside the fence to work directly with hyper-scalers. Generally, this work brings fiber from the BEAD vaults in the right of way directly into the data centers and includes connecting data centers via underground networks within clusters.

除了長途和中程航線的機會之外，我們還看到並正在討論在圍欄內直接與超大規模企業合作。一般來說，這項工作將光纖從 BEAD 保險庫直接引入資料中心，並包括透過叢集內的地下網路連接資料中心。

These BEAD vaults are typically where the backhaul work we performed for our ISP customers terminates. We were notified of an award from a hyper-scaler related to this work that will commence this year, but is not yet in backlog. Entry into this scope further expands our TAM and provides another opportunity for us to leverage our skill set, add value directly for the hyperscalers and further diversify our capabilities as a provider of digital infrastructure services.

這些 BEAD 保管庫通常是我們為 ISP 客戶執行的回程工作的終止點。我們收到了來自超大規模企業的通知，該獎項與這項工作有關，將於今年開始，但目前尚未積壓。進入這一範圍進一步擴大了我們的 TAM，並為我們提供了另一個機會來利用我們的技能，直接為超大規模企業增加價值，並進一步豐富我們作為數位基礎設施服務提供者的能力。

Third, while the final construct of the BEAD program remains unknown, additional states that published sub-grant awards with a heavy lean toward fiber structure. We continue to believe that there will be considerable opportunities for us in fiscal 2027 with the possibility of awards in the second half of this year.

第三，雖然 BEAD 計畫的最終結構仍不清楚，但其他州發布的子撥款獎項在很大程度上傾向於光纖結構。我們仍然相信，2027 財年我們將面臨相當大的機遇，並且有可能在今年下半年獲得獎勵。

As we noted during our last call, we have not included revenue from beef in our updated financial outlook for fiscal 2026. Importantly, while the beat opportunity is significant, we believe the other drivers in our space provide robust ongoing opportunities to support our continued growth in the years to come. Fourth, we maintain our focus on our service and maintenance business and added meaningful awards this quarter.

正如我們在上次電話會議中指出的那樣，我們沒有將牛肉收入納入 2026 財年的最新財務展望中。重要的是，雖然最佳機會很重要，但我們相信，我們領域的其他驅動因素將提供強勁的持續機會，以支持我們在未來幾年的持續成長。第四，我們繼續專注於服務和維護業務，並在本季度增加了有意義的獎項。

The day-to-day connection with our customers and our national footprint to serve these contracts enable further differentiation in the depth of our relationships and the scope and scale of our operations. Lastly, our wireless equipment replacement works, both organic and from our acquisition last year continues to deliver above expectations.

我們與客戶保持日常聯繫，並且我們在全國範圍內為這些合約提供服務，這使得我們之間的關係深度以及業務範圍和規模進一步差異化。最後，我們的無線設備更換工作（包括內部更換和去年收購的更換）持續超出預期。

While we are not updating specific wireless guidance for the fiscal 2026 outlook, we believe this work will well outperform the original expectations we gave at the close of the transaction, and we have included this in our Q2 guidance and full year outlook. I'd like to shift to discussing our progress on the goals I outlined at the start of the fiscal year. We remain focused on providing long-term value for our shareholders and long-term opportunities for our people.

雖然我們沒有更新 2026 財年展望的具體無線指導，但我們相信這項工作將遠遠超出我們在交易結束時給出的原始預期，並且我們已將其納入第二季度指導和全年展望中。我想轉而討論我們在實現財政年度開始時所概述的目標方面取得的進展。我們始終致力於為股東提供長期價值，為員工提供長期機會。

Our approach to pursuit is consistent and disciplined with backlog that properly balances risk and return profiles to create value for our shareholders. We have proven our ability to capitalize on the opportunity set and that our customers value what Dycom brings with record backlog this quarter, and the new market awards across drivers I mentioned earlier.

我們的追求方法是一致且嚴謹的，透過適當平衡風險和回報狀況來為股東創造價值。我們已經證明了我們有能力利用這些機會，我們的客戶重視 Dycom 本季創紀錄的積壓訂單以及我之前提到的針對驅動因素的新市場獎項。

Our teams continue their focus on improving free cash flow and while our progress may not be linear, we expect to continue to improve our cash flow throughout the year. In summary, we have a well-defined strategy, clear objectives and explicit metrics to track our progress along the way. We are investing with intention and getting the outcomes and returns we expect.

我們的團隊繼續致力於改善自由現金流，雖然我們的進展可能不是線性的，但我們預計全年將繼續改善我們的現金流。總而言之，我們有一個明確的策略、清晰的目標和明確的指標來追蹤我們的進展。我們有目的地進行投資並獲得了我們期望的結果和回報。

We've demonstrated our ability to execute and capitalize on our strategy and on the increasing TAM in our industry. Despite some tariffs and macroeconomic uncertainty, our customers are steadfast in their fiber-to-the-home and hyper-scaler build programs, and we continue to see multiyear opportunities for growth.

我們已經證明了我們執行和利用策略以及行業不斷增長的 TAM 的能力。儘管存在一些關稅和宏觀經濟不確定性，我們的客戶仍然堅定地實施光纖到戶和超大規模建設計劃，並且我們繼續看到多年的成長機會。

We've expanded our services inside the fence with hyperscalers, opening us up to entirely new opportunities and further demonstrating the broad diversification of telecommunication and digital infrastructure verticals we serve.

我們透過超大規模企業擴展了圍欄內的服務，為我們開闢了全新的機遇，並進一步展示了我們所服務的電信和數位基礎設施垂直領域的廣泛多樣化。

And we continue to deliver at a level that allows us to increase our revenue expectations for the year, and we believe raises the bar in the industry. I'd like to thank our nearly 16,000 teammates for their commitment to working safely every day, and for delivering another strong quarter.

我們將繼續保持這樣的水平，這使我們能夠提高今年的收入預期，並且我們相信這將提高該行業的標準。我要感謝我們近 16,000 名隊友，感謝他們每天致力於安全工作，並再次創造了強勁的季度業績。

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 in America.

我們相信我們的客戶認識到與 Dycom 合作的不同之處，我們將繼續努力每天贏得他們的業務，追求我們的願景，即成為美國人民之間的聯繫橋樑。

With that, I'll pass the call to Drew.

說完，我就把電話轉給德魯。

Thanks, Dan, and good morning, everyone. We are pleased that we outperformed the high end of our expectations for Q1, delivering solid top line and adjusted EBITDA growth and margin expansion while also returning capital to our shareholders through share repurchases.

謝謝，丹，大家早安。我們很高興看到第一季的業績超出了預期上限，實現了穩健的營收和調整後 EBITDA 成長以及利潤率擴大，同時也透過股票回購向股東返還資本。

First quarter total contract revenues of $1.259 billion grew 10.2% over Q1 of last year. Revenues in the quarter were driven by continued execution of fiber-to-the home programs, wireless activity, higher maintenance and operations services and initial revenue contribution from fiber infrastructure programs for hyperscalers.

第一季總合約營收為 12.59 億美元，比去年第一季成長 10.2%。本季的收入主要得益於光纖到戶計畫的持續執行、無線活動、更高的維護和營運服務以及超大規模光纖基礎設施計畫的初始收入貢獻。

Adjusted EBITDA of $150.4 million or 11.9% of contract revenues increased 49 basis points as a percentage of contract revenues over Q1 '25 and exceeded the high end of our expectations for the quarter. Net income was $61 million and diluted EPS was $2.09 per share, also exceeding the high end of our expectations.

調整後的 EBITDA 為 1.504 億美元，佔合約收入的 11.9%，比 2025 年第一季增加了 49 個基點，超過了我們對本季的預期上限。淨收入為 6,100 萬美元，稀釋每股收益為 2.09 美元，也超出了我們預期的高端。

Results for the quarter included income tax benefits resulting from the vesting and exercise of share-based awards of $2.2 million or $0.08 per share compared to $5.9 million or $0.20 per share in Q1 last year. We are pleased with the strength of our relationships and diversification across our customer base. We had one customer, AT&T, that exceeded 10% of total revenues. AT&T was at $325.1 million for the quarter.

本季業績包括因歸屬和行使股權獎勵而產生的所得稅收益 220 萬美元或每股 0.08 美元，而去年第一季為 590 萬美元或每股 0.20 美元。我們對我們與客戶群的牢固關係和多樣化感到非常滿意。我們有一個客戶，AT＆T，其收入佔總收入的 10％ 以上。AT&T 本季的營收為 3.251 億美元。

Customers exceeding 5% of total revenues for the quarter were Brightspeed, Charter, Comcast, Frontier, Lumen, Verizon and an unnamed customer. This presentation of our customer base, combined with our annual revenue outlook provides insight into our performance, balanced with attention to customer preferences and competitive considerations.

本季總收入超過 5% 的客戶包括 Brightspeed、Charter、Comcast、Frontier、Lumen、Verizon 和一位未具名的客戶。我們的客戶群介​​紹以及年度收入展望讓我們能夠深入了解我們的業績，同時兼顧客戶偏好和競爭考慮。

We had solid bookings across a broad range of customers in the quarter. Backlog at the end of Q1 was $8.127 billion, including $4.685 billion that is expected to be completed in the next 12 months. Operating cash flows used in the quarter were $54 million, supporting the growth in revenue and reflected seasonal uses of cash.

本季度，我們獲得了廣泛客戶的穩定預訂。第一季末的積壓訂單為 81.27 億美元，其中 46.85 億美元預計將在未來 12 個月內完成。本季使用的經營現金流為 5,400 萬美元，支持了收入的成長並反映了季節性的現金使用。

The combined DSOs of accounts receivable and contract assets net were 111 days, a reduction of three days sequentially from Q4 '25 and Strong cash flows remain a key focus area for the company, and we continue to see opportunities for improvement.

應收帳款和合約資產淨值的合併 DSO 為 111 天，比 25 年第四季環比減少 3 天，強勁的現金流仍然是公司關注的重點領域，我們繼續看到改進的機會。

During the quarter, we repurchased 200,000 shares of our common stock for $30.2 million generating solid shareholder returns is a priority, and we will remain opportunistic in our approach towards capital allocation. We are closely monitoring the recent actions on tariffs and international trade. All of Dycom's business operations are based in the United States. And while these actions have created volatility and market uncertainty, we believe the impact of Dycom and to the customers current build plans will be negligible.

在本季度，我們以 3,020 萬美元回購了 200,000 股普通股，為股東帶來穩健的回報是我們的首要任務，我們將繼續在資本配置方面採取機會主義的做法。我們正在密切關注近期關稅和國際貿易的行動。Dycom 的所有業務運作都在美國。儘管這些舉措造成了市場波動和不確定性，但我們相信，對 Dycom 和客戶目前建設計劃的影響將可以忽略不計。

We're observing increasing momentum across industry drivers, creating significant opportunities for our company. Building on our strong first quarter results and a favorable demand outlook, we are increasing our full year fiscal 2026 expected range of contract revenues.

我們觀察到各行業驅動因素的動能都在增強，這為我們公司創造了重大機會。基於我們強勁的第一季業績和良好的需求前景，我們提高了 2026 財年全年合約收入的預期範圍。

We now expect total contract revenues to range from $5.29 billion to $5.425 billion, representing a range of 12.5% to 15.4% total growth over the prior year. For our Q2 of fiscal 2026 outlook, we expect contract revenues of $1.38 billion to $1.43 billion, adjusted EBITDA of $185 million to $200 million, and diluted EPS of $2.74 to $3.05 per share. Additional financial outlook metrics can be found in the presentation materials posted to our IR website.

我們現在預計總合約收入將在 52.9 億美元至 54.25 億美元之間，比上一年增長 12.5% 至 15.4%。對於 2026 財年第二季的展望，我們預計合約營收為 13.8 億美元至 14.3 億美元，調整後 EBITDA 為 1.85 億美元至 2 億美元，稀釋每股收益為 2.74 美元至 3.05 美元。您可以在發佈到我們 IR 網站的簡報資料中找到其他財務前景指標。

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)

（操作員指示）

Alex Waters, BofA.

美國銀行的亞歷克斯·沃特斯（Alex Waters）。

Hey, good morning. Thanks so much for taking my question. Maybe first off, Dan, you noted the kind of strong performance of Black & Veatch. Is this more of a pull forward of activity or have you seen kind of a larger opportunity set here? And then secondly, just on the maintenance side. You noted it a couple of times in your opening remarks, but could you help size that business for us for Dycom?

嘿，早安。非常感謝您回答我的問題。丹，首先，您注意到了 Black & Veatch 的強勁表​​現。這是否更像是一種活動的推動，還是您在這裡看到了更大的機會？其次，僅就維護方面而言。您在開場白中多次提到這一點，但您能幫助我們為 Dycom 確定該業務的規模嗎？

Good morning Alex. On Black & Veatch, the wireless acquisition, that's a little bit of both, a little bit of a pull forward, but mostly ramping much quicker than expected and work is going extremely well. The business is well integrated into our overall operations and excited about how they've done this quarter and the projection ahead.

早安，亞歷克斯。對於 Black & Veatch 無線業務的收購，兩者兼而有之，稍微向前推進了一點，但總體而言，進展比預期的要快得多，而且工作進展非常順利。該業務已很好地融入我們的整體運營，我們對本季的表現和未來的預測感到興奮。

On the maintenance side, absolutely. As I talked about, service and maintenance underpins the drivers in our business, certainly a core part of our strategy that goes back a long way. It really enables the other drivers, as you've seen. And if you look at our backlog, that growth is not only in service and maintenance but across many drivers.

從維護方面來說，絕對是如此。正如我所說的，服務和維護是我們業務的驅動力，當然也是我們長期以來策略的核心部分。如您所見，它確實支援其他驅動程式。如果你看看我們的積壓訂單，你會發現成長不僅來自服務和維護，還來自許多驅動因素。

So very different today than maybe a few years ago. Recurring revenue, I think that's a very important point, longer-term contracts. And even though in our backlog, we only project them until the end of the current agreement, it's quite common that we get to renew those.

今天的情況與幾年前相比有很大不同。經常性收入，我認為這是非常重要的一點，長期合約。儘管在我們的積壓工作中，我們只將它們預測到當前協議結束，但我們續簽這些協議是很常見的。

So that consistency when you take it at scale, and the scale that we have across the entirety of the United States and across many, many customers, really gives us embedded operations, and we can leverage that. We can leverage that into customer builds, we can certainly leverage that in opportunities. we leverage it and how we look at our labor and our labor forces and our ability to respond ultimately to our customers increasing demands. Yeah, specifically about size. What I would say, we don't give specifics, Alex, but it's historically been over 50% of our business.

因此，當你從規模上看，以及我們在整個美國和眾多客戶中所擁有的規模時，這種一致性確實為我們提供了嵌入式運營，我們可以利用這一點。我們可以將其利用到客戶構建中，我們當然可以在機會中利用它。我們利用它以及我們如何看待我們的勞動力和勞動力以及我們最終響應客戶日益增長的需求的能力。是的，特別是關於尺寸。我想說的是，亞歷克斯，我們沒有給出具體細節，但從歷史上看，這占我們業務的 50% 以上。

Perfect thank you so much.

非常好，非常感謝。

Thank you.

謝謝。

Richard Choe, JPMorgan

摩根大通的 Richard Choe

I wanted to follow up a little bit on the second quarter guidance. Is that the continuation of the strength from the wireless side or do you see new projects kind of ramping up and helping contribute to that?

我想稍微跟進一下第二季的指導。這是無線方面優勢的延續嗎？還是說，您認為新專案的出現會對此做出貢獻？

Good morning, Richard. First, I talked last quarter about fiber to the home builds and how they're ramping our customers. Now I think the total -- if you look back a little over a year, the total is over [45 million] incremental passings that they've added. And as you've heard on many of our calls, we've been fortunate to be part of those programs that are increasing and also win new markets. So Richard, as we look out over the years, certainly for Q1, those programs went a little bit quicker than we expected.

早上好，理查德。首先，我在上個季度談到了光纖到府的建設以及它們如何增加我們的客戶。現在我認為總數——如果你回顧一下一年多一點的時間，總數已經超過了他們增加的 [4500 萬] 例增量死亡人數。正如您在我們的許多電話會議中聽到的那樣，我們很幸運能夠參與這些不斷增長並贏得新市場的項目。所以理查德，回顧這些年，當然對於第一季來說，這些項目的進展比我們預期的要快一些。

And as we look towards the rest of the year, that certainly will be included in our outlook. The second part is absolutely the wireless business, as I mentioned, is going very well, integrating very well and ramping more quickly. So that very much helped in our Q1 results. It's very much part of the Q2 outlook and certainly the outlook for the full year.

當我們展望今年剩餘時間時，這肯定會包括在我們的展望中。第二部分絕對是無線業務，正如我所提到的，進展非常順利，整合得很好，而且發展得更快。這對我們的第一季業績非常有幫助。這在很大程度上是第二季展望的一部分，當然也是全年展望的一部分。

And you mentioned a little bit on the CapEx from your equipment suppliers and that being manageable. I know it could be a little confusing given all the changes we've kind of seen. But is there any potential or idea of maybe pulling forward some of the spending before the tariffs hit or maybe it's too late. Any kind of thoughts there?

您提到了設備供應商的資本支出，而這些支出是可控的。我知道，考慮到我們所看到的所有變化，這可能會有點令人困惑。但是，是否有可能或想法在關稅生效之前提前增加部分支出，或者可能為時已晚。有什麼想法嗎？

So Richard, our strategy around the equipment that we purchased in order to do the work and of course, as you know, our customers buy the bulk of what we actually install. But for our equipment manufacturers, it's always been something we've been very strategic about. As you saw coming through COVID, we were able to stay ahead of that from an equipment perspective, even though when there were significant shortages.

所以理查德，我們的策略圍繞著我們為完成工作而購買的設備，當然，如你所知，我們的客戶購買了我們實際安裝的大部分設備。但對於我們的設備製造商來說，這一直是我們非常重視的策略問題。正如您在 COVID 期間所看到的，儘管存在嚴重短缺，但從設備角度來看，我們仍然能夠保持領先地位。

And even then when costs increased considerably for some of those pieces of equipment, in this particular case, we feel really good about where we are with the growth that we've had, we've been spending a lot of time projecting and working with our equipment manufacturers to make sure we can enable that growth.

即使某些設備的成本大幅增加，在這種特殊情況下，我們對所取得的成長感到非常滿意，我們花了大量時間進行預測並與設備製造商合作，以確保我們能夠實現這種成長。

I would add, we do that on the labor side as well, right? We want to make sure that neither of those are going to impede our customers' big plans and aspirations. So we feel good about where we're at. The tariffs impacts are real, right, for things that are coming in from outside of the United States, we're in constant conversations with the manufacturers. When you look at in the entirety, when you build up the whole model, what it cost to pass a home or to put in a foot of of fiber on the long haul, it's a very small component. So we feel that it's very manageable going forward and feel good about the size of our current fleet and our ability to adapt to that.

我想補充一下，我們在勞動力方面也是這樣做的，對嗎？我們希望確保這些都不會阻礙我們客戶的宏偉計劃和願望。因此我們對目前的狀況感到滿意。關稅的影響是真實存在的，對於來自美國境外的商品，我們一直在與製造商對話。當你從整體上看，當你建立整個模型時，傳輸一個家庭或長距離鋪設一英尺光纖的成本，只是一個非常小的部分。因此，我們認為未來一切都非常可控，並且對我們目前的船隊規模和適應能力感到滿意。

Great. Thank you.

偉大的。謝謝。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks. Good morning. Just a follow-up on some of the cost angles there. It was nice to see the year-over-year margin improvement I guess was there anything unusual with the cost this quarter or mix or execution that was contributing to that year-over-year growth? And just curious if there's any reason to think we won't see continued kind of year-over-year margin improvement for the balance of the year.

謝謝。早安.這只是對一些成本角度的後續關注。很高興看到利潤率同比有所提高，我想問一下本季的成本、組合或執行方面是否存在什麼異常，導致了同比增長？我只是好奇是否有理由認為我們不會看到今年剩餘時間的利潤率繼續同比提高。

Hi, good morning, Steve. First, operating leverage is what I would focus on. So I talked about last quarter, we're pretty strategic about how we're investing in the business to make sure we can stay ahead of growth, make sure we can continue to deliver at the level that we've been delivering for our customers and the communities and certainly for our shareholders. So at times, we're investing in the business, and it doesn't drop through. And other times, we're able to pass that through down to the bottom line.

嗨，早上好，史蒂夫。首先，我要注意的是經營槓桿。正如我在上個季度談到的，我們對業務投資非常有策略性，以確保我們能夠保持領先的成長速度，確保我們能夠繼續為我們的客戶、社群以及股東提供我們一直以來提供的服務。所以有時，我們會對某項業務進行投資，但業務不會失敗。其他時候，我們能夠將其傳遞到底線。

So operating leverage is a big part of that increase. As we look forward towards the year, and I think Drew mentioned this a little bit, we do see opportunities for continued margin growth, working very hard to achieve that. And again, most of that would come from operating leverage. We're always -- I should know, we're always working on efficiencies of the business, so I don't want that to be mistaken. We spent a lot of time on safety, a lot of time on quality, a lot of time on production, really up the training rigor across the business.

因此，經營槓桿是這一成長的重要組成部分。展望新的一年，我想德魯也提到了這一點，我們確實看到了利潤率持續成長的機會，我們正在努力實現這一目標。而且，其中大部分將來自經營槓桿。我們始終—我應該知道，我們始終致力於提高業務效率，所以我不想被誤解。我們在安全上花了很多時間，在品質上花了很多時間，在生產上花了很多時間，真正提高了整個企業的培訓嚴謹性。

Again, this all comes back to making sure we could stay ahead of labor and deliver the quality for our customers. But at the end of the day, if you think about our margin opportunities right now, the bulk is going to be for operating leverage.

再次強調，這一切都是為了確保我們能夠保持勞動力領先地位並為客戶提供高品質的產品。但歸根究底，如果你考慮我們現在的利潤機會，大部分將來自於經營槓桿。

Great. And then it sounded like you reiterated your comments and message on BEAD, no change there. It seems like this quarter and the guidance tells us that you really don't need to deliver double-digit growth since you don't have anything in your revenues for it. I'm just curious what you're hearing on that program and how you see the importance of it for your business in the next couple of years, just in case as the policy landscape evolves, if it gets further diminished. Just kind of want to curious to see how you're thinking about it for the next couple of years.

偉大的。然後聽起來你重申了你對 BEAD 的評論和訊息，沒有什麼變化。看起來這個季度和指導意見告訴我們，你真的不需要實現兩位數的成長，因為你的收入中沒有任何成長。我只是好奇您對該計劃有何了解，以及您如何看待它對未來幾年您的業務的重要性，以防隨著政策環境的變化，該計劃進一步被削弱。我只是有點好奇想知道你對未來幾年有什麼想法。

I think you hit on the key message there. It's not in our outlook today. When you think about the other drivers, we think about the growth of our service and maintenance business that we've grown along with our revenue these past few years. We feel really good about our growth prospects you see that in the outlook for this year. And I think we feel good about opportunities that go well beyond this year regardless of that said, we continue to believe bed is going to be a real opportunity.

我認為您觸及了關鍵訊息。這不在我們今天的展望中。當您考慮其他驅動因素時，我們會想到過去幾年來隨著收入的增長而增長的服務和維護業務。我們對我們的成長前景感到非常樂觀，您可以從今年的展望中看到這一點。我認為，我們對今年以後的機會感到樂觀，無論如何，我們仍然相信床將是一個真正的機會。

Everybody is expecting to hear something probably in mid-June or July. So hopefully, by next quarter, we can provide a little bit more clarity -- we're talking to the broadband offices weekly. Certainly, we're talking to many of the subgrantees and potential subgrantees constantly. There's still a lot of bullishness that a lot of fiber is going to get installed in rural America for the BEAD program. But as I noted, really, that's going to be calendar '26 or fiscal '27.

每個人都期待在六月中旬或七月聽到一些消息。因此，希望到下個季度，我們可以提供更清晰的訊息——我們每週都會與寬頻辦公室進行溝通。當然，我們不斷地與許多分受助者和潛在的分受助者進行交談。人們仍然看好美國農村地區將透過 BEAD 計畫安裝大量光纖。但正如我所說，這實際上將是 26 年日曆或 27 年財政年度。

We'll continue to update, Steve, but I think the important takeaway is it's really not needed for a current growth curve. We'd love to have it. We still think there's going to be plenty of rural opportunities with or without BEAD.

我們會繼續更新，史蒂夫，但我認為重要的一點是，對於當前的成長曲線來說，這確實沒有必要。我們非常希望擁有它。我們仍然認為，無論有沒有 BEAD，農村地區都會有很多機會。

Perfect. Thanks very much.

完美的。非常感謝。

Thank you.

謝謝。

Frank Louthan, Raymond James & Associates.

洛森 (Frank Louthan)，雷蒙詹姆斯 (Raymond James) 及合夥人。

Great, thank you. Looking at your backlog, is the pace that you're working through the backlog change from how it's trended historically or things moving any faster? And can you give us an idea of the current organic growth rate and what percentage of your backlog is it represents organic growth? Thanks.

太好了，謝謝。查看您的積壓工作，您處理積壓工作的速度與歷史趨勢相比是否有所變化，或者進展是否更快？您能否向我們介紹一下目前的有機成長率以及您的積壓訂單中有多少百分比代表了有機成長？謝謝。

Yeah, the first part, Frank I think just touching on backlog overall that I'd like to highlight is the diversification. So across customers, across programs, and across drivers. We do feel like we have a really good mix across multiple opportunities and really what we look forward to our potential growth in the future, more opportunities out there to continue that diversification.

是的，第一部分，弗蘭克，我想強調的是，我只是談到總體積壓問題，那就是多樣化。因此，跨客戶、跨程式、跨驅動程式。我們確實覺得我們在多個機會方面擁有非常好的組合，並且我們真正期待的是未來的潛在成長，還有更多機會可以繼續多樣化。

So, that's the first point I'd make on backlog. As far as organic growth, I'll let Drew talk about that a little bit, but if I can just make a couple points, one, we continue to see long term opportunities for organic grow to, when you think about the businesses and the reason that we've really been highlighting our overall growth, when you think about the business, like the wireless business we recently acquired, we're investing huge amounts of capital into that business.

所以，這是我關於積壓問題要提出的第一點。至於有機成長，我會讓德魯稍微談論一下，但如果我可以提出幾點，第一，我們繼續看到有機增長的長期機會，當你考慮業務時，以及我們真正強調整體增長的原因，當你考慮業務時，比如我們最近收購的無線業務，我們正在向該業務投入大量資金。

We're growing it significantly. We're doing a lot of work to make that more efficient and more effective. So this isn't a situation where we're just adding another layer to the cake that came in operating at a certain level and comes into the business. And I can tell you when Drew and myself and the rest of the leadership team are having conversations, we don't differentiate internally about where we're going to invest. We're looking for the right kind of opportunities with the right kind of returns for our shareholders.

我們正在大幅增長它。我們正在做大量工作以使其更有效率、更有效。因此，這並不是說我們只是在一定層面上為業務添加另一層蛋糕。我可以告訴你，當德魯和我以及其他領導團隊進行對話時，我們不會在內部區分我們要投資的地方。我們正在尋找合適的機會，為股東帶來合適的回報。

And whether it's organic or inorganic doesn't matter. The point is that all of those opportunities were growing. So we feel good about, obviously the overall growth this year. We feel good about our opportunities for continued organic growth, and I'll let Drew touch on any of the numbers.

無論它是有機的還是無機的都無關緊要。關鍵是所有這些機會都在成長。因此，我們對今年的整體成長感到滿意。我們對持續有機成長的機會充滿信心，我會讓德魯談談任何數字。

Yes, Frank, good morning. So organic growth was slightly positive this quarter. We did disclose it. So you'll see that. And then if you recall from last quarter, I called out that last year, at the beginning of the year, we had a couple of customers that had a busier start and then they slowed later in the year. And so we're lapping those quarters in the first and second quarter of this year. so we see opportunities for organic growth to continue to grow from here.

是的，弗蘭克，早安。因此本季有機成長略有正成長。我們確實披露了這一點。所以你會看到這一點。如果你還記得上個季度的情況，我說過，去年年初，我們有幾個客戶一開始比較忙，但到了年底就慢了下來。因此，我們在今年第一季和第二季重疊了這兩個季度。因此，我們看到了從現在開始繼續有機成長的機會。

Frank, I think you mentioned burn rate too. I apologize I didn't hit that one, but still feel good about the pace of our business and we don't see any big changes there.

法蘭克，我想你也提到了燃燒率。我很抱歉沒有做到這一點，但我仍然對我們的業務節奏感到滿意，我們沒有看到任何重大變化。

Okay, great, thank you.

好的，太好了，謝謝。

Thank you.

謝謝。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Thank you. Good morning. Thanks for taking my questions. So one, I have on your guidance raise. So if we look at 1Q results on the 2Q guide, I'm wondering if that implies some conservatism in your full year guidance range in the sense that you may not be factoring in the full impact of the extra week? Or if there's something else that we are missing? I know you referenced some pull forward.

謝謝。早安.感謝您回答我的問題。因此，我對你的指導有所提升。因此，如果我們根據第二季度指南來查看第一季的結果，我想知道這是否意味著您在全年指導範圍內採取了一些保守態度，即您可能沒有將額外一周的全部影響都考慮進去？或者我們還遺漏了什麼？我知道您提到了一些向前拉動。

Good morning, thank you. We certainly included the extra week in the year. And it's important to note. So one, yeah, we've included the outperformance in Q1. We certainly looked at Q2. But as you look across the scope of our business, we have hundreds, in fact, thousands of projects. And of course, when we project that we projected project by project, they don't all move in the same direction at the same time.

早安，謝謝。我們當然會在一年內增加額外的一周。值得注意。是的，我們把第一季的優異表現納入其中。我們當然關注第二季。但當你縱觀我們的業務範圍時，你會發現我們有數百個，實際上數千個項目。當然，當我們逐一計畫地進行規劃時，它們並不會同時朝著同一個方向發展。

So we spent a lot of time about that. We feel really good about the growth and the increase in the outlook that we gave for the year and the increase in the outlooks for of Q2 and believe one is achievable, and there's opportunities for our continued growth.

所以我們花了很多時間在這上面。我們對今年的成長前景以及第二季前景的提高感到非常滿意，並相信這是可以實現的，而且我們還有繼續成長的機會。

Great. And then I'll follow up on your commentary around your expanded O&M business. Longer time, do you think that can reduce your capital intensity and be more like a free cash flow accretion event over time? How should we think about that?

偉大的。然後我會跟進您對擴展的 O&M 業務的評論。從長遠來看，您是否認為這可以降低您的資本密集度，並且隨著時間的推移更像是自由現金流增值事件？我們該如何看待這個問題？

Yes, Sangita, I appreciate the question. So free cash flow continues to be a priority for the company. Pleased that we had DSO improvement in the quarter. We work hard at that, and we'll continue to. We're not satisfied yet with where we're at there.

是的，桑吉塔，我很感謝你的提問。因此，自由現金流仍然是公司的首要任務。很高興看到本季我們的 DSO 有所改善。我們正在為此努力，並將繼續努力。我們對目前的狀況還不滿意。

Just from a CapEx perspective, we did have a busier start to the year or an active start to the year, I should say, around that. We do still see the range of total our net CapEx for the year in that $220 million to $230 million range, and we're working hard at the operating cash flow.

僅從資本支出的角度來看，我們應該說，今年的開局確實比較繁忙，或者說是比較活躍。我們確實看到今年的淨資本支出總額在 2.2 億美元至 2.3 億美元之間，我們正在努力實現營運現金流。

Great, appreciate that.

太好了，非常感謝。

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Hey, good morning guys. Congrats on the beat.

嘿，大家早安。恭喜你獲勝。

Hey, good morning.

嘿，早安。

Hey Dan, I wanted to follow up on you're talking kind of fast. It sounded like there were two incremental awards. One was for middle mile fiber for data centers and one was for inside of the fence work for a hyper-scaler customer. Were those both awarded after the quarter? And are they in the revenue guide?

嘿，丹，我想跟進一下你說話的速度。聽起來好像有兩個增量獎項。一個是用於資料中心的中間一英里光纖，另一個是用於超大規模客戶的圍欄內部工作。這兩個獎項都是在本季結束後頒發的嗎？它們在收入指南中嗎？

Thanks, Adam, and good point. So I appreciate the opportunity to highlight it. So the first one is for a customer other than Lumen women, that's middle mile at work to enable the AI infrastructure for hyperscalers. So different customer, a great opportunity, multiyear. We're very excited to partner with the customer there. The second is separate.

謝謝，亞當，你的觀點很好。因此我很感激有機會強調這一點。因此，第一個是針對 Lumen 女性以外的客戶，即工作中的中間一英里，為超大規模企業提供 AI 基礎設施。因此，不同的客戶，是一個很好的機會，多年的。我們非常高興能與那裡的客戶合作。第二個是分開的。

So that one is included in our backlog. And the second one, the inside defense work that I talked about. The important point I was trying to make is this is a new opportunity set for us. It's work that we do all the time. But moving from the right away and inside the fence, quite literally inside the fence into these data centers and data center clusters, is a new scope.

因此，這個已包含在我們的待辦事項中。第二點，就是我剛才說的內線防守工作。我想強調的重點是，這對我們來說是一個新的機會。這是我們一直在做的工作。但是從右邊移動到圍欄內部，確切地說是從圍欄內部移動到這些資料中心和資料中心集群，是一個新的範圍。

So work that we know now well, this really comes out of the evolution of us spending years now with the hyperscalers. And myself, personally, of course, I spent a couple of decades working with hyperscalers building these data centers.

所以我們現在所熟知的工作，實際上是我們多年來與超大規模企業共同努力的結果。當然，就我個人而言，我花了幾十年的時間與超大規模企業合作建造這些資料中心。

So things that we feel really good about, but it is a good opportunity set and one that we hope to be able to expand in future years and certainly in future quarters. The reason I noted about the award itself is this one is just a little unique.

所以我們對這些事情感到非常高興，但這是一個很好的機會，我們希望能夠在未來幾年，當然還有未來的幾個季度擴大這個機會。我之所以關注這個獎項本身，是因為這個獎項有點獨特。

We have an MSA for the work. They won't issue the PO technically until we're about to start. So that work is not included in backlog, but we do anticipate that work to happen this year.

我們有一份針對該項工作的 MSA。從技術上講，直到我們即將開始時，他們才會發出採購訂單。因此，這項工作不包括在積壓工作中，但我們確實預計這項工作將在今年完成。

Got it. And are you working inside of the walls of the data center or is it more connecting? When you look at a data center campus, it's more connecting the data centers within the campus.

知道了。您是在資料中心內部工作還是在進行更多的連線？當您查看資料中心園區時，它會更多地連接園區內的資料中心。

Absolutely. So typically, we're going to take the work that we do for the carriers to evolve in the right way that we referred to as the meet me vault. From that point, is more typically where our work is. Again, that's on the carrier side. So this is work that the carriers themselves would not typically do.

絕對地。因此，通常情況下，我們會採取為承運商所做的工作，以正確的方式發展，我們稱之為「meet me vault」。從那時起，這更典型地就是我們的工作所在。再次強調，這是業者方面的事。所以這是承運人自己通常不會做的工作。

Now we're going to take it from that Vault actually inside fence and ultimately, inside the data centers to land. We won't be taking it in the data center holes into the racks themselves. But we will terminate inside the data center walls. So the good scope opportunity. We also will connect data centers where they have multiple data centers in one cluster or on one set of sites.

現在我們要把它從保險庫中取出，放在圍欄內，最後放在資料中心內著陸。我們不會將其帶入資料中心機架本身的孔中。但我們將在資料中心牆內終止。因此這是一個良好的機會。我們還將連接在一個叢集或一組站點中擁有多個資料中心的資料中心。

We have an opportunity to connect those as well. So again, great opportunity for us, one that we're excited about and certainly appreciate the work that we've done and we'll continue to do for the hyper-scalers.

我們也有機會將它們聯繫起來。所以，這對我們來說是一個很好的機會，我們對此感到非常興奮，並且非常欣賞我們所做的工作，我們將繼續為超大規模企業服務。

All right, great, thanks for the color.

好的，太好了，謝謝你的顏色。

(Operator Instructions)

（操作員指示）

Jean Veliz, D.A. Davidson.

吉恩·維利茲、D.A.戴維森。

Good morning, and congrats on the quarter.

早安，恭喜本季取得佳績。

Morning. Thank you.

早晨。謝謝。

Regarding the Charter Cox acquisition following the Verizon and Frontier acquisition, does that further -- does further customer consolidation drive more business?

關於繼 Verizon 和 Frontier 收購之後對 Charter Cox 的收購，這是否會進一步——進一步的客戶整合是否會推動更多業務？

So historically, and I think it's a little, you're breaking up just a little bit, but I think you're talking about Verizon Frontier, and then, crossing additional milestones. So typically when we think about customer consolidation, that's been a positive for us. One, larger customers typically want a national player like us to be able to work across many of their locations.

所以從歷史上看，我認為這有點，你們只是稍微分手了一點，但我認為你們談論的是 Verizon Frontier，然後跨越額外的里程碑。因此，通常當我們考慮客戶整合時，這對我們來說是正面的。首先，較大的客戶通常希望像我們這樣的全國性企業能夠在他們的許多地點開展業務。

And two, anytime there's capital infusion and and consolidation like that, generally speaking, there's going to be more opportunities, more investment, overall. So generally, yeah, we think that's a positive for us historically it has been, and again, customers we've been working with for a long time and we're excited about their combination.

其次，任何時候只要有資本注入和類似的整合，整體而言，就會有更多的機會和更多的投資。所以總的來說，是的，我們認為從歷史上看，這對我們來說是積極的，而且我們已經與客戶合作了很長時間，我們對他們的結合感到非常興奮。

Great, thank you. I appreciate the time.

太好了，謝謝。我很感激你抽出時間。

[Laura Mayer], B. Riley Securities.

[Laura Mayer]，B. Riley 證券。

Hi, thanks for taking the question.

你好，謝謝你回答這個問題。

Good morning.

早安.

So I was wondering as it relates to government layoffs have you seen this affect the approval process at all? And are you seeing any early benefits of deregulation?

所以我想知道，就政府裁員而言，您是否發現這對審批流程有任何影響？您是否看到了放鬆管制帶來的任何早期好處？

So again, something that these days is quite fluid, and we're following very closely. If you're referring to the potential for easing permitting, that would obviously be a positive for the industry. I think there are a lot of opportunities. We talk a lot about bed and some of the potential pullbacks. But to your point, there are a lot of things that could further enable expansion for our customers.

所以，最近有些事情非常不穩定，我們正在密切關注。如果您指的是放寬許可的可能性，那顯然對行業來說是一件好事。我認為有很多機會。我們談論了很多關於床和一些潛在的缺點。但正如您所說，有很多事情可以進一步幫助我們的客戶實現擴展。

If you look at bonus depreciation in the latest bill, that would obviously be a positive for our customers, and they've talked about how that could increase spending. So there are a lot of potential positives and we'll see how it plays out something we're watching closely every day.

如果你看一下最新法案中的獎金折舊，這顯然對我們的客戶來說是件好事，而且他們已經討論了這將如何增加支出。因此有很多潛在的積極因素，我們將看看它如何發揮作用，這是我們每天密切關注的事情。

Okay, thanks. I'll pass it on.

好的，謝謝。我會傳達的。

Thank you. And that does conclude our question-and-answer session for today's call. I'd now like to turn the conference back to Mr. Dan Peyovich for any closing remarks.

謝謝。今天電話會議的問答環節到此結束。現在，我想請丹·佩約維奇先生致閉幕詞。

Yeah, I'd like to thank everyone for joining us this morning and look forward to seeing you next quarter. Be safe and be well.Thank you. And this does conclude our conference. Thank you for participating, and you may now disconnect. Everyone, have a wonderful day.

是的，我感謝大家今天上午的參加，並期待下個季度見到你們。祝您平安健康。謝謝。我們的會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家有美好的一天。

Thank you, and this does conclude our conference. Thank you for participating and you may now disconnect. Everyone, have a wonderful day.

謝謝大家，我們的會議到此結束。感謝您的參與，您現在可以斷開連接。祝大家有美好的一天。