Dycom Industries Inc (DY) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Dycom Industries, Inc second quarter 2026 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 2026 年第二季業績電話會議。（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 second quarter fiscal 2026 results conference call.

謝謝接線員，大家早安。歡迎參加 Dycom 2026 財年第二季業績電話會議。

Joining me today are Dan Peyovich, our President and Chief Executive Officer; and Drew DeFerrari, our Chief Financial Officer.

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。

Earlier this morning, we released our fiscal 2026 second quarter results, along with certain outlook information. 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 provision 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.

今天早些時候，我們發布了 2026 財年第二季業績以及一些展望資訊。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》的安全港條款做出的前瞻性聲明。這些聲明反映了我們對未來事件的預期、假設和信念，並受到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詳細討論了這些風險和不確定性。

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.

說完這些，我會把電話轉給 Dan Peyovich。

Thank you, Kelly, and good morning, everyone. We appreciate you joining us today. This quarter, we demonstrated the power of our strategy as we continue to execute against the rapidly expanding addressable market. We delivered a quarter of record revenue within our range of expectations and record EBITDA and EPS that exceeded our expectations, a direct result of operating leverage, increased efficiencies and a disciplined focus on operational excellence.

謝謝你，凱利，大家早安。感謝您今天加入我們。本季度，我們展示了我們策略的威力，我們繼續針對快速擴張的潛在市場實施策略。我們實現了本季創紀錄的收入，符合我們的預期，EBITDA 和 EPS 也超出了我們的預期，這是經營槓桿、效率提高和對卓越營運的嚴格關注的直接結果。

Our revenue for the quarter was $1.38 billion, a 14.5% increase over the prior year. This top line growth, combined with our strategic initiatives, drove adjusted EBITDA to $205.5 million, representing a 14.9% margin and 29.8% increase over the prior year. Our commitment to efficient cash flow management also paid off, as we improved our DSOs by nine days year-over-year, ending the quarter at 108 days. We finished the quarter with a total backlog of $8 billion and next 12 months backlog of $4.6 billion. This represents a year-over-year increase of 16.9% and 20.2%, respectively. We continue to cultivate a healthy pipeline and diverse customer and program opportunities.

本季我們的營收為 13.8 億美元，比上年成長 14.5%。這項營收成長，加上我們的策略舉措，推動調整後的 EBITDA 達到 2.055 億美元，利潤率比上年增長 14.9%，增幅為 29.8%。我們對高效現金流管理的承諾也得到了回報，因為我們的 DSO 同比去年減少了 9 天，本季末為 108 天。本季末，我們的總積壓訂單金額為 80 億美元，未來 12 個月的積壓訂單金額為 46 億美元。分別比去年同期成長16.9%和20.2%。我們將繼續培養健康的管道和多樣化的客戶和專案機會。

As a reminder, the size and complexity of these opportunities can lead to short-term variation in reported backlog resulting from the timing of when contracts are signed. With that in mind, shortly after the quarter is closed, we secured a significant new award for both service and maintenance and fiber-to-the-home works across numerous states. This award will be reported in our Q3 backlog, and it's a clear testament to Dycom's breadth of capabilities across our national footprint.

需要提醒的是，這些機會的規模和複雜性可能會導致報告的積壓訂單因簽訂合約的時間而出現短期變化。考慮到這一點，本季結束後不久，我們獲得了一項重要的新獎項，涉及多個州的服務和維護以及光纖到府工程。該獎項將在我們第三季的積壓訂單中報告，它清楚地證明了 Dycom 在全國範圍內的廣泛能力。

We continue to see a marketplace of unprecedented opportunity as our customers' ambitious plans grow. The increasing addressable market, coupled with our proven ability to execute, bolster our confidence to achieve our full year growth target. As a result, we are reaffirming our fiscal '26 revenue outlook range of $5.29 billion to $5.425 billion. Demand for digital infrastructure is accelerating and Dycom is uniquely positioned to lead.

隨著客戶的雄心勃勃的計劃不斷增長，我們繼續看到一個充滿前所未有的機會的市場。不斷成長的潛在市場，加上我們已證實的執行能力，增強了我們實現全年成長目標的信心。因此，我們重申 26 財年的營收預期範圍為 52.9 億至 54.25 億美元。對數位基礎設施的需求正在加速成長，而 Dycom 具有獨特的領先優勢。

Our customers are actively seeking partners with the scale and national reach to meet their ambitious goals. Shortly after the Q1 earnings call, AT&T and Lumen announced AT&T's acquisition, the majority of Lumen's mass market segment. With this announcement, both companies affirmed their heart fiber to the home build projections for calendar '25, and AT&T increased their total expected fiber to the home passings to 60 million, an increase of 10 million from their prior expectations, now incorporating the Lumen footprint.

我們的客戶正在積極尋求具有規模和全國影響力的合作夥伴，以實現其雄心勃勃的目標。在第一季財報電話會議後不久，AT&T 和 Lumen 宣布 AT&T 收購 Lumen 的大部分大眾市場部分。透過此公告，兩家公司確認了 2025 年光纖到戶建設預測，AT&T 將光纖到府總預期增加到 6,000 萬，比先前的預期增加了 1,000 萬，現在已將 Lumen 的覆蓋範圍納入其中。

Collectively, our customers' fiber to the home build plans comprise over 125 million passings, more than 50 million of which are incremental in the past 16 months. While the pace of these builds is not always linear, the opportunities for continued growth over the coming years are significant, and we continue to believe it will extend well beyond 2030. It's important to note that beyond the market growth we're anticipating, we also expect to realize incremental opportunities driven by the shift we've seen among our customers to consolidate their engineering, construction and service and maintenance partners. We continue to strengthen our portfolio, and this quarter, extended fiber to the home agreements and secure new fiber to the home markets across numerous customers.

整體而言，我們的客戶光纖到府建設計畫已超過 1.25 億次，其中超過 5,000 萬次是在過去 16 個月內新增的。雖然這些建設的速度並不總是線性的，但未來幾年持續成長的機會是巨大的，我們仍然相信它將延續到 2030 年以後。值得注意的是，除了我們預期的市場成長之外，我們還希望實現由客戶轉變所驅動的增量機會，以整合他們的工程、建築、服務和維護合作夥伴。我們繼續加強我們的產品組合，本季度，我們擴展了光纖到府協議，並為眾多客戶開拓了新的光纖到府市場。

Our service and maintenance business is the cornerstone of our strategy, providing stability and recurring revenue stream. It continues to grow with meaningful new awards that extend our footprint and deepen our customer relationships. The infrastructure we build today becomes the service and maintenance work of tomorrow. We believe our ability to rapidly respond to our customers' needs across all 50 states is unmatched, and this business provides a strong foundation for all our other demand drivers.

我們的服務和維護業務是我們策略的基石，提供穩定性和經常性的收入來源。我們不斷成長，獲得許多有意義的新獎項，擴大我們的業務範圍並加深與客戶的關係。我們今天建造的基礎設施將成為明天的服務和維護工作。我們相信，我們快速回應全美 50 個州客戶需求的能力是無與倫比的，這項業務為我們所有其他需求驅動因素提供了堅實的基礎。

During the quarter, we attended key service and maintenance agreements and were awarded new markets by multiple customers. In the wireless space, there is optimism that new spectrum availability and emerging AI workloads will spur further wireless equipment upgrades and densification. Our current equipment replacement work continued to deliver above expectations and positions us well for future wireless opportunities as these trends develop.

在本季度，我們達成了重要的服務和維護協議，並獲得了多個客戶的新市場。在無線領域，人們樂觀地認為，新的頻譜可用性和新興的人工智慧工作負載將進一步刺激無線設備的升級和密集化。我們目前的設備更換工作持續超出預期，並隨著這些趨勢的發展，為我們未來的無線機會做好了準備。

Shifting to BEAD. We anticipate we'll get more clarity on the program in the coming months when the NTIA provides its final approval on the individual state plans. We're encouraged by the discussions we're hearing in early announcements from several states, which continue to emphasize fiber infrastructure as a preferred solution. We believe that once the plans are finalized, there will be significant opportunity for Dycom. As we said, we haven't included any potential revenue from the BEAD program in our current outlook. Our projections for growth in the coming years are supported by other strong demand drivers within the industry, and we believe these existing opportunities provide a substantial foundation for our anticipated growth.

轉向 BEAD。我們預計，在未來幾個月內，當國家電信和資訊管理局 (NTIA) 對各州的計劃給予最終批准時，我們將對該計劃有更清晰的了解。我們從幾個州的早期公告中聽到的討論中感到鼓舞，這些州繼續強調光纖基礎設施是首選解決方案。我們相信，一旦計劃最終確定，Dycom 將面臨巨大的機會。正如我們所說，我們目前的展望中沒有包括 BEAD 計劃的任何潛在收入。我們對未來幾年的成長預測得到了業界其他強勁需求驅動因素的支持，我們相信這些現有的機會為我們預期的成長提供了堅實的基礎。

The demand for digital infrastructure that powers the AI revolution continues to grow at an incredible rate. We're seeing this first hand in the market. The top hyperscalers have once again collectively raised their capital expenditure expectations for this year and next, driven by significant increases in AI-related investments across the country. The trend is just beginning. Analysts estimate that by 2035, US power demand from AI data centers will grow more than 30-fold, reaching 123 gigawatts from just 4 gigawatts in 2024.

推動人工智慧革命的數位基礎設施需求持續以驚人的速度成長。我們在市場上親眼目睹了這一點。受全國人工智慧相關投資大幅增加的推動，頂級超大規模企業再次集體提高了今年和明年的資本支出預期。這一趨勢才剛開始。分析師估計，到 2035 年，美國人工智慧資料中心的電力需求將成長 30 倍以上，從 2024 年的 4 吉瓦達到 123 吉瓦。

This translates to an estimated $1 trillion or more of investment in US data center infrastructure alone. While a large portion of that will go to power infrastructure and the data center buildings themselves, a massive amount of fiber infrastructure will be required. This includes connecting new data centers and upgrading existing pathways to meet the current and future needs of AI. Specifically, this means the need for substantial increases in fiber capacity, the build-out of ultra-low latency networks, diverse routing to ensure uptime and a shift toward building data centers at the edge to support inference and agentic AI.

這意味著僅在美國資料中心基礎設施的投資就將達到 1 兆美元甚至更多。雖然其中很大一部分將用於電力基礎設施和資料中心建築本身，但仍需要大量的光纖基礎設施。這包括連接新的資料中心和升級現有路徑以滿足人工智慧當前和未來的需求。具體來說，這意味著需要大幅增加光纖容量、建立超低延遲網路、多樣化路由以確保正常運行時間，以及轉向建立邊緣資料中心以支援推理和代理 AI。

This presents a significant opportunity for Dycom, and we believe we are uniquely positioned to capitalize on. Our combination of scale and focused expertise is a distinct advantage given the complexity of these builds and the speed of delivery required. We believe this build cycle will extend deep into the next decade with annual investments increasing over time. We estimate the addressable market for Dycom from the spend on outside plant data center network infrastructure is over $20 billion for the next five years alone, with spend backloaded over that period and likely increasing further as we enter the next decade.

這為 Dycom 帶來了重大機遇，我們相信我們擁有獨特的優勢來利用這一機會。考慮到這些構建的複雜性和所需的交付速度，我們的規模和專業知識的結合具有明顯的優勢。我們相信，這個建設週期將延續到下一個十年，每年的投資將隨著時間的推移而增加。我們估計，僅在未來五年內，Dycom 在外部工廠資料中心網路基礎設施方面的支出就將超過 200 億美元，並且在此期間支出將有所增加，並且隨著進入下一個十年，支出可能會進一步增加。

Our engagement with both the carriers and hyperscalers on this front is only increasing. We believe we are in the very early stages of a generational deployment of digital infrastructure, and we expect construction of outside plant data center networks to ramp up in calendar year 2026 with significant growth in 2027 and beyond.

我們與營運商和超大規模企業在這方面的合作正在不斷增加。我們相信，我們正處於數位基礎設施世代部署的早期階段，我們預計外部工廠資料中心網路的建設將在 2026 年加速，並在 2027 年及以後實現顯著增長。

On this front, I am pleased to report that during the quarter, we were awarded another inside defense opportunity with the hyperscaler. Separately, we were also awarded a service and maintenance agreement with a different hyperscaler. While we can't go into specifics, this represents an opportunity for recurring revenue and involves work that is not performed or managed by our traditional carrier customers. Our success is fundamentally tied to our highly skilled workforce.

在這方面，我很高興地報告，在本季度，我們獲得了與超大規模企業合作的另一個內部防禦機會。另外，我們也與另一家超大規模企業簽訂了服務和維護協議。雖然我們無法詳細說明，但這代表著經常性收入的機會，並涉及我們的傳統營運商客戶未執行或管理的工作。我們的成功從根本上與我們高技能的勞動力息息相關。

We've built a time-tested approach that we believe is a key differentiator for Dycom. We are intensely focused on developing our own talent. We invest significantly in recruiting, training and retaining our workforce, providing clear career path and a commitment to upskilling and promoting from within, which is a key part of our culture. Exemplifying this, most of our operational leaders started in the field, which gives us an unmatched level of deep hands on expertise.

我們建立了一種經過時間考驗的方法，我們相信這是 Dycom 的關鍵差異化因素。我們非常注重培養自己的人才。我們在招募、培訓和留住員工方面投入了大量資金，提供清晰的職業發展道路，並致力於提升員工技能和內部晉升，這是我們文化的重要組成部分。例如，我們的大多數營運領導者都是從該領域開始的，這使我們擁有無與倫比的深厚實踐專業知識。

It's important to gain a clear understanding of growth opportunities and customer needs, and we are in constant conversation with our customers and other industry partners to ensure we stay one step ahead with our labor forces as well as our fleet and equipment. Our strategy means we have right people and the right equipment at the ready to execute our customers' ambitious plans now and in the future, and we believe provides a strong competitive advantage in a demanding market.

清楚地了解成長機會和客戶需求非常重要，我們不斷與客戶和其他行業合作夥伴進行對話，以確保我們的勞動力以及車隊和設備始終領先一步。我們的策略意味著我們擁有合適的人才和合適的設備，隨時準備好執行客戶現在和將來的雄心勃勃的計劃，並且我們相信這在苛刻的市場中提供了強大的競爭優勢。

Moving to the macroeconomic environment. The passing of the big beautiful Bill Act has spurred additional investment by our customers. Several has stated they intend to accelerate their already rapid pace of investment by reinvesting capital from cash tax savings into their bills in the coming years. Additionally, other positive policy initiatives are underway with the primary focus of streamlining permitting processes across infrastructure centers. Specific to digital infrastructure, as proposed, these initiatives would reduce cost of deployment for networks and accelerate both ramp and build cycles. Lastly, while tariffs continue to be fluid, we are not seeing significant impacts on our business or our customers' forecasted those programs. We're watching this closely and have regular discussions throughout the supply chain.

轉向宏觀經濟環境。《美麗比爾法案》的通過刺激了我們客戶的額外投資。有些人表示，他們打算在未來幾年將現金稅收節省的資金重新投資到他們的帳單中，以加快他們已經很快的投資步伐。此外，其他積極的政策措施也在進行中，主要重點是簡化基礎設施中心的許可流程。具體到數位基礎設施，正如所提議的，這些舉措將降低網路部署成本並加快建設週期。最後，雖然關稅持續波動，但我們並未看到對我們的業務或客戶預測的這些計劃產生重大影響。我們正在密切關注此事，並在整個供應鏈中定期進行討論。

In summary, our strategy is clear. And this quarter, we made significant progress against our goals. We meaningfully improved our margins through operating leverage and by driving operational efficiency and our focus on effective cash flow management has led to lower DSOs and an increased operating cash flow. We've also continued to build a diverse backlog that strengthens the right balance between risk and shareholder returns. Most importantly, we've capitalized on strong growth opportunities, driving a 14.5% increase in revenue over the prior year. Throughout all this, we've maintained a level of service for our customers and communities that we believe sets the industry standard from Day 1 to day done.

總結一下，我們的策略很明確。本季度，我們在實現目標方面取得了重大進展。我們透過經營槓桿和提高營運效率顯著提高了利潤率，並且我們專注於有效的現金流管理，從而降低了 DSO 並增加了經營現金流。我們也持續建立多樣化的積壓訂單，以加強風險和股東回報之間的適當平衡。最重要的是，我們抓住了強勁的成長機會，營收較前一年成長了 14.5%。在這一切過程中，我們始終為客戶和社區保持著一定的服務水平，我們相信，從第一天到結束，我們都為行業樹立了標準。

Looking ahead to the second half of the year, our commitment to this strategy remains unwavering. We've already secured meaningful awards in our service and maintenance business, which bolsters our other demand drivers. The overall addressable market is robust and the industry growth ahead of us across numerous drivers is unprecedented. We are well positioned to achieve our full year growth target and remain squarely focused on creating long-term value for our shareholders providing long-term opportunities for our people.

展望下半年，我們對這項戰略的承諾依然堅定不移。我們已經在服務和維護業務中獲得了有意義的獎項，這增強了我們的其他需求驅動力。整體潛在市場強勁，在眾多驅動因素的影響下，我們面臨的產業成長是前所未有的。我們已準備好實現全年成長目標，並將繼續專注於為股東創造長期價值，為員工提供長期機會。

I want to personally thank all our teammates for their dedication to safety, quality and to each other every single day. I'd also like to thank our customers for their continued trust and confidence in our team's capabilities. We are steadfast in our commitment to constantly raise the bar to meet and exceed their expectations as we pursue our vision to be the people connecting America.

我要親自感謝我們所有的隊友每天對安全、品質和彼此的奉獻。我還要感謝客戶對我們團隊能力的持續信任與信心。我們堅定不移地致力於不斷提高標準以滿足並超越他們的期望，追求成為連結美國的人們這個願景。

With that, I'll turn the call over to Drew for a financial review.

說完這些，我將把電話轉給德魯進行財務審查。

Thanks, Dan, and good morning, everyone.Total contract revenues of $1.378 billion grew 14.5% over Q2 of last year. Revenues were driven by continued execution of fiber-to-the-home programs, wireless activity, maintenance and operation services and initial revenue contribution from fiber infrastructure programs for hyperscalers. e

謝謝，丹，大家早安。總合約營收為 13.78 億美元，比去年第二季成長 14.5%。收入主要來自光纖到府計畫的持續執行、無線活動、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。 e

Adjusted EBITDA of $205.5 million increased 29.8% over Q2 '25, and we outperformed the high end of our expectations. Adjusted EBITDA was 14.9% of contract revenues, an increase of 175 basis points as a percentage of contract revenues over Q2 '25 as we performed well and continued to benefit from operating leverage in the quarter. Net income was $97.5 million and diluted EPS was $3.33 per share, also exceeding the high end of our expectations. We are pleased with the strength of our relationships and diversification across our customer base. AT&T and Lumen each exceeded 10% of total revenues for the quarter. AT&T was at $373 million, and Lumen was at $155.4 million of revenue. Customers exceeding 5% of total revenues for the quarter were Brightspeed, Charter, Comcast, Frontier, Verizon and an unnamed customer.

調整後的 EBITDA 為 2.055 億美元，較 2025 年第二季成長 29.8%，超出了我們的預期上限。調整後的 EBITDA 佔合約收入的 14.9%，與 2025 年第二季相比，合約收入百分比增加了 175 個基點，因為我們在本季度表現良好並繼續受益於經營槓桿。淨收入為 9,750 萬美元，稀釋每股收益為 3.33 美元，也超出了我們預期的高端。我們對我們與客戶群的牢固關係和多樣化感到非常滿意。AT&T 和 Lumen 在本季的總收入中均佔比超過 10%。AT&T 的營收為 3.73 億美元，Lumen 的營收為 1.554 億美元。本季總收入超過 5% 的客戶包括 Brightspeed、Charter、Comcast、Frontier、Verizon 和一位未具名的客戶。

Backlog at the end of Q2 was $7.989 billion, including $4.604 billion that is expected to be completed in the next 12 months. As Dan highlighted, subsequent to the end of the quarter, we secured a significant new award for both service and maintenance and fiber-to-the-home work across numerous states that will be reported in our Q3 backlog.

第二季末的積壓訂單為 79.89 億美元，其中 46.04 億美元預計將在未來 12 個月內完成。正如丹所強調的，在本季度結束後，我們獲得了一項重要的新獎項，涉及多個州的服務和維護以及光纖到戶工作，這些獎項將在我們的第三季度積壓工作中報告。

Operating cash flows of $57.4 million were solid in the quarter. The combined DSOs of accounts receivable and contract assets net improved to 108 days, a reduction of 9 days from Q2 '25. We are pleased with this year-over-year reduction and continue to see opportunities for further improvement as strong cash flows remain a key focus area for the company.

本季經營現金流穩健，為 5,740 萬美元。應收帳款和合約資產淨值的合併 DSO 改善至 108 天，比 2025 年第二季減少 9 天。我們對這一同比下降感到滿意，並繼續看到進一步改善的機會，因為強勁的現金流仍然是公司的重點領域。

Recent corporate tax legislation is expected to have positive impacts on our customers and Dycom. Specifically, the legislation reinstates 100% bonus depreciation for property acquired and placed in service earlier this year and restores immediate deductibility of domestic research and experimental expenditures. These pro investment policies are expected to provide a significant increase in cash flow for many of our customers, leading to incremental capital spending and an uplift in fiber broadband deployment. For Dycom, we also expect a free cash flow benefit this year from a reduction in our cash tax payments by approximately $50 million compared to the amount that would have been required prior to enactment of the legislation. We're observing strong demand across a diverse set of industry drivers, creating significant opportunities for our company.

預計最近的企業稅法案將對我們的客戶和 Dycom 產生積極影響。具體而言，該法案恢復了今年稍早購置並投入使用的財產的 100% 獎金折舊，並恢復了國內研究和實驗支出的立即扣除額。這些有利於投資的政策預計將為我們的許多客戶帶來顯著的現金流成長，從而增加資本支出並促進光纖寬頻的部署。對於 Dycom 而言，我們也預計今年我們的現金稅款將比該法案頒布之前要求的金額減少約 5000 萬美元，從而帶來自由現金流收益。我們觀察到多種行業驅動因素的強勁需求，這為我們公司創造了重大機會。

We are reaffirming our full year fiscal 2026 revenue outlook range of $5.29 billion to $5.425 billion. For our Q3 of fiscal 2026 outlook, we expect contract revenues of $1.38 billion to $1.43 billion, adjusted EBITDA of $198 million to $213 million and diluted EPS of $3.03 to $3.36 per share.

我們重申 2026 財年全年營收預期範圍為 52.9 億至 54.25 億美元。對於 2026 財年第三季的展望，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 1.98 億美元至 2.13 億美元，稀釋每股收益為 3.03 美元至 3.36 美元。

With our 15,800 employees dedicated to serving customers and connecting America, we are confident in our ability to execute our strategy, and we look forward to the opportunities ahead.

我們擁有 15,800 名員工，致力於服務客戶、連結美國，我們對執行策略的能力充滿信心，並期待未來的機會。

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）

Richard Choe, JPMorgan.

摩根大通的理查喬。

Hi, I wanted to go over for the second quarter kind of what, I guess, didn't come through and led to the low end of guidance for revenue. And then also for given the third quarter guidance and full year guidance, what should the rest of the year look like? And is there going to be less seasonality in the fourth quarter, given where the guidance ranges are.

你好，我想談談第二季的情況，我猜是哪些方面沒有實現，導致收入預期較低。那麼，考慮到第三季的指引和全年的指引，今年剩餘時間的指引應該是什麼樣子？考慮到指導範圍，第四季的季節性是否會減弱？

Richard. To start with, we're very pleased with our performance on both revenue and certainly margin and cash flow improvement for Q2. If you look at revenue, we talked earlier in the year about how these different programs from the customers, especially the fiber to the home programs. There are different stages of ramp. I think commonly, people think that the programs themselves are at some kind of plan. But for the most part, the programs are ramping. How those ramps come together is really going to impact the quarter. So in the short term, as we've talked about in the short term, it doesn't really mean anything other than just the modulation of the programs themselves. In the long term, as you heard in my prepared remarks, over 50 million incremental passings in the last 16 months added by our customers.

理查德。首先，我們對第二季的營收、利潤率和現金流改善表現非常滿意。如果你看一下收入，我們在今年早些時候討論過這些來自客戶的不同計劃，特別是光纖到戶計劃。斜坡有不同的階段。我認為，人們通常認為這些程序本身是按照某種計劃進行的。但總體而言，這些項目正在逐步推進。這些坡道如何結合在一起確實會對本季產生影響。因此，從短期來看，正如我們在短期內討論的那樣，除了對程式本身進行調整之外，它實際上沒有任何意義。從長遠來看，正如您在我準備好的演講中所聽到的，在過去 16 個月中，我們的客戶增加了 5,000 多萬例死亡病例。

We continue to capitalize not only extending current agreements, but adding in new agreements, especially for fiber to the home builds. So very optimistic about that. You see that in our reaffirming the full year guide. You see that certainly in our backlog overall. I would point to the next 12-month backlog, up 20% a little over 20% year-over-year. So a lot of momentum in the business, highly optimistic about how we conclude the year. I think a little bit of leveling between Q3 and Q4 and the outlook. But again, if you look at the margins and our employed to maintain that, you see that in Q3 outlook as well.

我們不僅會繼續利用現有協議的擴展，還會增加新的協議，特別是光纖到戶建設協議。我對此非常樂觀。您可以在我們重申的全年指南中看到這一點。您肯定會在我們的整體積壓工作中看到這一點。我想指出的是，未來 12 個月的積壓訂單將比去年同期成長 20% 以上。因此，業務發展勢頭強勁，我們對今年的業績非常樂觀。我認為第三季和第四季以及前景會略有趨於平穩。但是，如果您再看一下利潤率以及我們為維持利潤率所採取的措施，您也會在第三季的前景中看到這一點。

And to follow up on the margins, I mean, really high in guidance again for the next quarter. Should we expect this level of margins kind of going forward? And what has the change been because margins has generally been a little bit more modest than this?

為了跟進利潤率，我的意思是，下一季的指導再次非常高。我們是否應該預期這種利潤水準會持續下去？由於利潤率總體上比這略低一些，因此發生了哪些變化？

Yeah. You've seen our margins improving over time really for some time now. We're very pleased with the outperform that we had comes from a couple of things. One, operating leverage, of course, I've talked about that. Sometimes it comes through drops to the bottom line. Other times, we're strategically reinvesting that to continue to propel our growth. But what I'd really like to point out this quarter is the operational efficiencies we're building into the business. If you look at the incremental margin increase, a large part of that comes from the work that we've been putting in the discipline that we have out in the field, our ability to execute deliver the quality of product that we're delivering time and time again for our customers. We think that differentiates us in the industry.

是的。一段時間以來，您已經看到我們的利潤率確實在不斷提高。我們對所取得的優異表現感到非常滿意，這得益於以下幾點。第一，當然是經營槓桿，我已經談過了。有時它會透過下降達到底線。其他時候，我們會進行策略性再投資，以繼續推動我們的成長。但本季我真正想指出的是我們正在為業務打造的營運效率。如果你看一下增量利潤的成長，你會發現其中很大一部分來自於我們在該領域所投入的工作，以及我們一次又一次為客戶交付優質產品的能力。我們認為這使我們在行業中脫穎而出。

But as you can see as well, it's really starting to come through to margins. So if you think about margins, if you think about cash flow, we look at those as durable outcomes over time. It's not always going to be linear. We do have seasonality that comes into play. But the short answer to your question is, yes, we strongly believe in the margins we've been able to produce, the return to our shareholders. And I would add that as we look towards the future, we see further opportunity for improvement there.

但正如您所看到的，它確實開始影響利潤。因此，如果您考慮利潤率，如果您考慮現金流，我們會將其視為長期持久的結果。它並不總是線性的。我們確實受到季節性的影響。但對你的問題的簡短回答是，是的，我們堅信我們能夠創造的利潤，為股東帶來回報。我想補充一點，展望未來，我們看到了進一步改進的機會。

Great thank you.

非常感謝。

Alex Waters, BofA.

美國銀行的亞歷克斯·沃特斯（Alex Waters）。

Hey, good morning, guys. Thanks for taking my question. Maybe just number one, backing off of Richard's question here. With the 2Q performance, was it kind of the smaller private guys that maybe are slipping a little bit into the second half of the year here? And then maybe just on the wireless side, obviously, really strong quarter in terms of revenues. How should we kind of expect this business to continue to ramp and even into kind of calendar 2026 here?

嘿，大家早安。感謝您回答我的問題。也許只是第一點，迴避理查德的問題。從第二季的表現來看，小型私人企業是否可能在今年下半年出現一些下滑？然後也許僅在無線方面，顯然，從收入來看，本季表現非常強勁。我們該如何期待這項業務繼續成長，甚至到 2026 年？

Sure. On revenue, so as I mentioned, Alex, the programs just as much as we like to think that these are all very linear things or linear and increasing. You're stacking up, in some cases, tens of thousands of individual work orders. So if you look at it on a micro level, quarter-over-quarter, month-over-month, there is actually more movement than you would expect. We had a couple of customers that the programs were a little bit lighter in Q2. As you can see, as we look out for the full year, maintaining our full year guide that we still see a lot of growth there. And I really just like to point to, there's a ton of momentum in the business, a ton of momentum both on backlog certainly on performance, 14.5% at our size and continued growth is considerable.

當然。關於收入，正如我所提到的，亞歷克斯，這些項目就像我們喜歡認為的那樣，都是非常線性的事情，或者線性且不斷增長。在某些情況下，你會堆積數以萬計的單獨工作訂單。因此，如果從微觀層面來看，按季度、按月來看，實際上的變化比你預期的要大。我們有幾個客戶的程式在第二季稍微輕鬆了一些。正如您所看到的，當我們展望全年時，我們維持全年指南，我們仍然看到很大的成長。我真的想指出的是，我們的業務發展勢頭強勁，無論是積壓訂單還是業績，都保持著強勁勢頭，以我們的規模而言，14.5% 的增長速度以及持續的增長勢頭是相當可觀的。

And we see that continuing. We certainly see that continuing on what you see for the next two quarters, but we see significant opportunities to continue that growth well into next year. On wireless, specifically, that's been great work for us. It's been ahead of expectations. I would tell you that the aggregate amount of what we acquired, that total business has increased. So it's not just a pull forward. We're actually going to do more work. So by the way, we will also lap. I think we just quite literally hit the one-year mark from acquiring that business. So we will lap next quarter to bring that inside as organic. But great business will continue to perform certainly this year, and that program has at least two more years on it.

我們看到這種情況還在繼續。我們當然認為這種趨勢將在未來兩個季度持續下去，但我們也看到了明年繼續保持這種成長的巨大機會。具體來說，在無線領域，我們做得非常出色。這已經超出了預期。我想告訴你，我們收購的總額、總業務量都有所增加。所以這不僅僅是向前拉。我們實際上要做更多的工作。順便說一下，我們也會跑圈圈。我認為我們收購該業務剛剛過了一年。因此，我們將在下個季度將其有機地納入其中。但今年，出色的業務肯定會繼續表現，而且該計劃至少還能持續兩年。

And then just a quick follow-up on the wireless. Is it mainly just the work that you're doing, or are you seeing any kind of incremental deployments from the carriers?

然後對無線問題進行快速跟進。這主要是您正在做的工作嗎，還是您是否看到運營商的任何形式的增量部署？

Yeah, it continues to be the equipment replacement, and as we said, great work for us, sets us up really well. And you heard in my prepared remarks, we will see kind of timing potentials around densification, but it's great to see some commentary there, some optimism coming through. I think we're very well positioned to be able to pivot into that if it does come through.

是的，它繼續進行設備更換，正如我們所說，這對我們來說是一項偉大的工作，為我們提供了很好的保障。正如您在我準備好的演講中所聽到的，我們將看到圍繞緻密化的一些時間潛力，但很高興看到一些評論和一些樂觀情緒。我認為，如果這個目標真的實現，我們就有充分的條件來應對。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great thank you. Can you give us an update on the percentage of your revenue of your current business that's recurring in nature, recurring revenue? And then where do you see that going over the next couple of years? How much higher can that go? And then can you give us an idea of the data center opportunity that's embedded in your backlog?

非常感謝。您能否向我們介紹一下您目前業務中經常性收入（即經常性收入）所佔的百分比？那麼，您認為未來幾年內這一趨勢將如何發展？還能漲多少？然後能否向我們介紹一下您積壓訂單中所蘊含的資料中心機會？

Yeah. I'm going to read your comment on recurring, Frank. I think you're talking about our service and maintenance business. The bulk of our work over 80% is on MSAs. So technically, it's repeatable. But we talked last quarter about specifically the service and maintenance business, which historically has been more half of our business. We had both in the quarter, you heard me talk about additional awards, extensions, also new market awards, and it's a really important point. As we continue to put more plants in ground as we continue to expand into new markets, that only grows.

是的。我要閱讀你關於重複的評論，弗蘭克。我想您說的是我們的服務和維護業務。我們 80% 以上的工作都是關於 MSA 的。所以從技術上來說，它是可重複的。但我們在上個季度特別討論了服務和維護業務，從歷史上看，這占我們業務的一半以上。您聽到我談論了本季的額外獎項、延期以及新市場獎項，這是非常重要的一點。隨著我們繼續種植更多的植物並繼續擴大新市場，這一數字只會增長。

And as I said in the call, the fiber that we're putting in the ground today is the maintenance work of tomorrow. And that really is the case. So we're very pleased with that. I talked about subsequent to the quarter, another large award. That also includes service and maintenance. So overall, there's a large amount of repeatable recurring opportunity. And when we see that continuing to grow over time. And then on the hyperscaler side, you also heard now some service and maintenance work coming there. So again, another opportunity for recurring revenue. And as you heard, one, in just generally sizing the market, we thought that was important for investors. As we get more and more insight, we're having more conversations.

正如我在電話中所說，我們今天鋪設的光纖是明天的維護工作。事實確實如此。所以我們對此感到非常高興。我談到了本季之後的另一個大獎。這也包括服務和維護。因此總體而言，存在大量可重複的機會。我們看到它隨著時間的推移而不斷增長。然後在超大規模方面，您現在也聽說了一些服務和維護工作正在進行中。所以，這又是一個獲得經常性收入的機會。正如您所聽到的，首先，我們認為整體市場規模對投資者來說很重要。隨著我們獲得越來越多的見解，我們的對話也越來越多。

Our confidence in the opportunity set there grows, $20 billion over the next five years. We really think it's just a starting point. If you would ask six months ago, that number would have been less. I think 6 months from now, the way these are trending, that number is going to be even more. So I think that $20 billion is conservative. And I believe that Dycom is very well positioned to be able to continue to capitalize. The breadth that we have, the relationships with both our carrier customers and the hyperscalers, and ultimately, that all of our customers collectively, they want a national partner. They want a scale partner that can continue to execute and deliver on expectations time and time again. So there's a need to be filled. So excited about that. I'm not sure if I answered your question entirely on the data center side, but we capitalize well, Frank, and believe we can continue to do that in the future.

我們對那裡蘊藏的機會越來越有信心，未來五年將達到 200 億美元。我們確實認為這只是一個起點。如果你六個月前問的話，這個數字會更少。我認為從現在起 6 個月後，按照這樣的趨勢，這個數字還會更多。所以我認為200億美元是保守的。我相信 Dycom 已做好準備，能夠繼續獲得資本回報。我們的業務廣度、與營運商客戶和超大規模客戶的關係，以及最終我們所有的客戶都希望有一個全國性的合作夥伴。他們想要一個能夠持續執行並一次又一次滿足期望的規模合作夥伴。因此需要填補。我對此感到非常興奮。我不確定我是否完全回答了你關於資料中心方面的問題，但是弗蘭克，我們很好地利用了這一點，並相信我們將來可以繼續這樣做。

All right. Great. And then are you able to update your backlog with the recent award that you have given this idea of the magnitude of that?

好的。偉大的。然後，您能否根據您最近獲得的獎項來更新您的積壓工作，並說明這項獎項的重要性？

Yeah. We don't like to size specific opportunities. But what I would say is we have a very strong backlog quarter in Q3 shaping up already.

是的。我們不喜歡對特定的機會進行量化。但我想說的是，我們第三季的積壓訂單已經非常強勁。

All right, great, that's helpful. Thank you very much.

好的，太好了，這很有幫助。非常感謝。

Sangita Jain from KeyBanc.

KeyBanc 的 Sangita Jain。

Hi, good morning. Thank you for taking my questions. So can I ask one on the inside defense data center opportunity. You mentioned one last quarter. I just want to know if that made it into bookings in 2Q? And how the opportunity that you mentioned today compares size one that you mentioned last quarter?

嗨，早安。感謝您回答我的問題。那我可以問一個關於內部國防資料中心機會的問題嗎？您上個季度提到過一個。我只是想知道這是否已計入第二季的預訂量？您今天提到的機會與上個季度提到的機會相比如何？

Absolutely. So that's correct. Sangita, the last quarter in our backlog, we had we had awards for inside finance work. This quarter, we have new awards. I would point out, these are different in different places. I can't be too specific, but they're different places. So it's not just extending something that we already had. And we really see we're just very early in kind of entering into that opportunity set. And important to point out, the conversations that we're having with the hyperscalers, it is they're looking for somebody like Dycom to come in across multiple geographies across data center campuses to really give them that level of certainty that they're looking for. So we're pleased with the awards. Still very early game there.

絕對地。這是正確的。桑吉塔，在我們積壓的最後一個季度，我們獲得了內部財務工作的獎勵。本季度，我們設立了新的獎項。我想指出的是，不同地方的情況有所不同。我不能說得太具體，但它們是不同的地方。所以它不僅僅是擴展我們已經擁有的東西。我們確實看到我們才剛進入這個機會期。需要指出的是，我們與超大規模資料中心營運商的對話表明，他們正在尋找像 Dycom 這樣能夠跨越資料中心園區的多個地區的公司，以真正為他們提供他們所尋求的確定性。因此我們對所獲獎項感到非常高興。那裡的遊戲還很早。

Did you book the one from last quarter in this quarter? And just like you expect to book the one that you just talked about next quarter?

您在本季度預訂了上個季度的那個嗎？就像您預計下個季度預訂剛才談到的那個一樣？

So the backlog that we've showed for Q2 includes all of the inside defense awards that we have today.

因此，我們展示的第二季積壓訂單包括我們今天獲得的所有內線防守獎項。

Okay. Got it. And then just a follow-up on the comment in your presentation about the significant new award. I know you don't want to quantify it, but how should we think about that? Is it MSA related? Is it something different? Just curious because you pointed it out.

好的。知道了。然後，我想跟進您在演講中關於這一重要新獎項的評論。我知道你不想量化它，但我們該如何考慮呢？它與 MSA 有關嗎？有什麼不同嗎？只是因為你指出了這一點，所以很好奇。

Absolutely. So this is a long-term customer that we know well. Very pleased to said, it is multi-stay multiyear includes both fiber-to-the-home work with an aggressive build schedule, as you would imagine, which is common across all of our customers and also service and maintenance work. So very pleased with the award. It is significant, and we'll hit our backlog in this coming quarter.

絕對地。這是我們非常了解的長期客戶。非常高興地說，這是一項長期工作，包括光纖到府工作和積極的建設計劃，正如您所想像的，這對我們所有的客戶以及服務和維護工作來說都很常見。我對這個獎項感到非常高興。這很重要，我們將在下個季度完成積壓的工作。

Great thank you so much.

太好了非常感謝。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

I'm great. Thanks for taking the question. And Dan, I'm curious talking to some of your larger carrier customers that have benefited from tax reform in the recent bill. Are you having early conversations about accelerating work with them? Is reinvest some of the cash tax savings into the business. And do you think that shows up more next year in subsequent years versus the second half? I am not sure there'll be a whole lot they can do in such a short period of time. But how do you think that flows in some of these incremental builds that you talked about that we've heard about from tax reform?

我很好。感謝您回答這個問題。丹，我很好奇想和你們一些從最近的法案中的稅收改革中受益的大型運營商客戶談談。您是否正在與他們就加快工作進度進行早期對話？將部分現金稅節省再投資到業務中。您認為明年和隨後幾年相比，這種情況會更加明顯嗎？我不確定他們能在這麼短的時間內做很多事情。但是，您認為這會如何影響您談到的我們從稅改中聽到的一些漸進式建設呢？

It's an excellent point, Eric. And again, I would go back to so many of these programs are still in some level of ramp. There's very few that are up on plan. Many of our customers have continued to increase absent, and I'll certainly get to the tax reform. But even absent that, we continue to see increases in expected passing some of our customers. So many of the programs are already ramping. To answer your question directly, yes, we've had customers that certainly publicly have talked about reinvesting that capital. We think most of that will come through starting next calendar year, but already having many of those conversations. And it really just goes in line with a lot of the current conversations around ramp and opportunities. So I can't say enough about the momentum there, our ability to capitalize on that and really believe that those are going to come through, again, not only in the back half of this year but coming into next year.

這是一個很好的觀點，艾瑞克。再次，我想說，其中許多項目仍處於某種程度的上升階段。很少有事情能夠按照計劃進行。我們的許多客戶缺席率持續增加，我肯定會進行稅務改革。但即使沒有這種情況，我們仍然看到預期部分客戶的增加。許多項目已開始加速推進。直接回答您的問題，是的，我們有一些客戶確實公開談論過重新投資這些資本。我們認為大部分內容將從明年開始實現，但目前已經進行了許多這樣的對話。這實際上與當前有關坡道和機會的許多討論一致。因此，我無法充分錶達那裡的勢頭，我們利用這一勢頭的能力，並真的相信這些勢頭不僅在今年下半年，而且在明年都會再次實現。

Okay. Great. Just one follow-up here. I know you mentioned your DSOs have improved a lot. You see continued room to improve them. So as we think about operating cost potentially ramping, how are you prioritizing potential, I know we invested in the businesses number one, but opportunities in the M&A market to acquire other platforms versus buying back your own stock? What are you seeing out there today? And how are you thinking about allocating excess capital?

好的。偉大的。這裡僅需跟進一次。我知道您提到您的 DSO 已經有了很大的改進。您會看到它們還有繼續改進的空間。因此，當我們考慮營運成本可能增加時，您如何優先考慮潛力，我知道我們投資了第一大業務，但在併購市場上收購其他平台的機會與回購自己的股票相比如何？今天你在那裡看到了什麼？您考慮如何分配過剩資本？

Yeah. First, we said from the outset, part of our overall strategy that improving our cash is a priority. It's something we've been working hard on in the business, building in discipline, always looking for opportunities for improvement, and you see that our DSOs improved nine days year-over-year, that's significant in our space. Very happy with our results and believe that there's more opportunity there to include operating cash flow as well. As far as reinvesting as we've talked about, the first thing is just for the growth. We've got so considerable growth coming into the business in the back half of this year.

是的。首先，我們從一開始就說過，改善現金狀況是我們整體策略的首要任務。這是我們一直在業務中努力的事情，建立紀律，始終尋找改進的機會，你會看到我們的 DSO 同比去年提高了 9 天，這在我們的領域具有重要意義。對我們的結果非常滿意，並相信還有更多機會實現營運現金流。就我們談到的再投資而言，首要的就是成長。今年下半年我們的業務取得了顯著的成長。

I talked about the momentum, making sure that we can stay ahead overall is always going to be the first priority. To your point, yes, absolutely. We have an appetite for M&A. You've seen that we've been active there over the past couple of years now. It really comes down to the opportunities out there fit our strategy, do they fit in our culture and where those make sense, and we can create additional value for our shareholders. That's absolutely something that we're showing interest in and spending time in that space. And then as you mentioned, we balance that against share repurchases when those make sense.

我談到了勢頭，確保我們能夠保持領先地位始終是首要任務。就你的觀點而言，是的，絕對是。我們對併購很有興趣。你已經看到，過去幾年我們一直在那裡活躍。這實際上取決於現有的機會是否適合我們的策略，是否適合我們的文化，以及這些機會是否有意義，以及我們是否可以為股東創造額外的價值。這絕對是我們感興趣並且願意花時間研究的事情。然後，正如您所提到的，當股票回購合理時，我們會進行平衡。

Thanks, Dan.

謝謝，丹。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks. Good morning. Just to start on the revenues, I'm curious about the visibility you have to the Q4 revenues at this point. What are the go gets from here that you still need to book that hit those implied Q4 numbers? And what are the types of things that are driving the accelerating growth later in the year? Is it really just that first half, second half comparisons from last year on the fiber-to-the-home programs, or is it more that you've got these data center wins that are driving that?

謝謝。早安.首先談談收入，我很好奇您目前對第四季收入的了解程度。您還需要做什麼才能達到隱含的第四季數字？那麼，哪些因素將推動今年稍後的加速成長？這真的只是與去年上半年和下半年的光纖到戶計畫進行比較嗎，還是更多的是這些資料中心的成功推動了這項計畫？

Yeah. Thanks, Steve. Good question. So one, we're not going to give a whole guide for we've obviously given the full year revenue guidance. So I don't think math is too difficult to figure out where we're trending, and where we're heading. What I would tell you is its confidence in the business. We've done very well with awards this year. You've seen that we've not only been able to increase incrementally our backlog, both next 12 and full year as we moved along. But we've increased our margins within that as well. So we're competing well. We're capitalizing well on opportunities.

是的。謝謝，史蒂夫。好問題。因此，首先，我們不會提供完整的指南，因為我們顯然已經給出了全年收入指導。因此，我認為透過數學來弄清楚我們的趨勢和前進的方向並不太難。我想告訴你的是它對業務的信心。我們今年在獎項方面表現非常出色。你已經看到，隨著我們的進展，我們不僅能夠逐步增加積壓訂單，而且能夠增加未來 12 年和全年的積壓訂單。但我們的利潤率也隨之增加。所以我們的競爭很激烈。我們正在充分利用機會。

And as I said, so many of these programs are ramping. fiber to the home, still plenty of opportunity to continue to ramp that, continue the opportunity for us to secure additional markets. If you look towards the back half of the year, there's not something that we're out there trying to go capture that we don't have visibility to today. So that gives us confidence in the overall number. There's obviously weather that can happen in Q4. So we think about that. You've got the extra week that's included in there. That obviously been a part in the overall number. But again, a lot of momentum, a lot of confidence overall. We feel good about how we're set up, and how we're positioned, and how we've been showing our ability to capitalize.

正如我所說，許多此類專案正在加速推進。光纖到戶計畫仍有足夠的機會繼續推進，繼續為我們贏得更多市場提供機會。如果你展望下半年，你會發現，我們所試圖捕捉到的一切，今天都已經看得見了。因此，這讓我們對總體數字充滿信心。顯然，第四季可能會出現一些天氣變化。所以我們考慮這一點。您獲得了其中包含的額外一周時間。這顯然是總數的一部分。但整體而言，勢頭強勁，信心十足。我們對我們的設置、定位以及我們展現的資本化能力感到滿意。

That's very helpful. And then just a bigger picture question on margins. Just curious, it feels like they compare to a year ago or so, perhaps back at the time, it seemed like it was more of a revenue growth opportunity. And now in recent quarters, the narrative around margins is really evolving and filtering through as you deliver on that. And it sounds like operational leverage and efficiencies. I guess I'm curious, number one, how should we think about this evolution of the margin narrative? Is it more is my impression correct that there's maybe more of a margin narrative than you were thinking, say, a year ago.

這非常有幫助。然後是關於利潤率的一個更大的問題。只是好奇，感覺與一年前相比，也許在當時，這似乎更像是一個收入成長機會。最近幾個季度，隨著利潤率的實現，有關利潤率的敘述正在不斷演變和滲透。這聽起來像是營運槓桿和效率。我想我很好奇，首先，我們應該如何看待邊緣敘事的這種演變？我的印像是否正確？也許現在的邊際敘述比你一年前想像的還要多。

And are you getting if that's correct, are you getting better efficiencies than you would have thought, is perhaps the growth happening at a more manageable pace that you can better align the headcount with the need. So the operating leverage is coming through better than you might have thought. And then just thinking about how we actually model this, is it given the talk about operating leverage, should we be looking at this on an incremental margin basis year-over-year? Is it a number of basis points year-over-year in terms of margin improvement? Just kind of curious how to I know that's a lot, but just curious how to think about the margins in a bigger picture sense.

如果這是正確的，您是否獲得了比您想像的更好的效率，也許成長正在以更易於管理的速度進行，以便您可以更好地根據需求調整員工人數。因此，經營槓桿的效果比你想像的還要好。然後想想我們實際上如何對此進行建模，考慮到經營槓桿，我們是否應該以逐年遞增的利潤率來看待這個問題？就利潤率提高而言，這是否比去年同期增加了幾個基點？我只是有點好奇，我知道這很多，但只是好奇如何從更大的角度來看待利潤。

So obviously, pleased with our margin performance. We talked about throughout the year, the opportunities for continued margin improvement and growth. As you mentioned, we talked about two different ways. One, certainly operating leverage that is coming to the business. You can see that in the margins. Sometimes, Steve, we do reinvest that. So important just you can't straight line it out. And the other part is, it's not always linear on all of the incremental margin improvement.

顯然，我們對我們的利潤表現感到滿意。我們全年都在談論利潤率持續提高和成長的機會。正如您所說，我們討論了兩種不同的方式。第一，肯定是經營槓桿為企業帶來的利益。您可以在邊緣處看到這一點。史蒂夫，有時候我們確實會重新投資。它非常重要，但你無法直接將其表達出來。另一方面，所有增量利潤率的提高並不總是呈線性關係。

All that said, on the efficiencies, these are things that we've been working behind the scenes, under the hood, on for some time as they come through the business now and you see them coming to the bottom line. We're certainly happy to talk more about them. We don't want to get ahead of ourselves as we work on different parts of the business, but we feel strong and confident in our ability to continue performance in those in that margin range.

綜上所述，關於效率，這些都是我們在幕後、暗中已經努力了一段時間的事情，現在它們已經滲透到業務中，你可以看到它們正在影響最終結果。我們當然很樂意進一步談論它們。在處理業務的不同部分時，我們不想超越自己，但我們對自己在該利潤範圍內繼續表現的能力充滿信心。

Again, not always going to be linear, you got to include the seasonality, but we do see continued opportunities further drive efficiencies that will result in further margin improvement. So we feel good about where we are from a margin perspective. We feel good about the opportunities to continue improving that over time.

同樣，這並不總是線性的，你必須考慮季節性，但我們確實看到持續的機會進一步推動效率，從而進一步提高利潤率。因此，從利潤率的角度來看，我們對目前的狀況感到滿意。我們很高興有機會隨著時間的推移繼續改善這一點。

Okay, thanks, congrats on those margins.

好的，謝謝，恭喜你取得這些利潤。

Brent Thielman, DA Davidson.

布倫特·蒂爾曼，DA 戴維森。

Hey, great, thanks. Good morning. Hey Dan, you talked before about expecting certain middle mile work to commence later in the fiscal year, I think, ramping into next fiscal year, maybe just a progress update on that. And other long-haul middle mile opportunities you see potentially on the horizon?

嘿，太好了，謝謝。早安.嘿，丹，你之前談到預計某些中間一英里的工作將在本財政年度晚些時候開始，我想，這將持續到下一個財政年度，也許只是對此進行進度更新。您還認為未來可能出現其他長途中途運輸機會嗎？

No. Really good question, and that's why we really wanted to size the total opportunity. That's that $20 billion that we talked about. We thought it was important to put a number to that. I'll take just a quick moment to talk about what's in that number. So it's something that we built from the bottom up. We're looking at route miles across the United States, connecting data center campuses, both long-haul, middle mile, that includes opportunities for new routes includes replacing some existing routes as we talked about some of the infrastructure that doesn't have the capacity, can't get the latency that's needed as we continue this AI evolution includes this inside defense work, smaller component of the $20 billion, but that's included in that number as well.

不。這真是個好問題，這也是我們真正想要評估整體機會的原因。這就是我們談論的200億美元。我們認為對此進行量化是很重要的。我將花一點時間來討論一下這個數字的含義。所以這是我們從底層開始建造的。我們正在研究橫跨美國的路線里程，連接資料中心園區，包括長途和中間一英里，其中包括新路線的機會，包括替換一些現有路線，正如我們所討論的一些基礎設施，它們沒有容量，無法獲得所需的延遲，因為我們繼續進行這個人工智慧演進，包括內部國防工作，這是 200 億美元中較小的一部分，但也包括在這個人工智慧數字中。

And we really think that that's conservative, that it's going to continue to grow. To your point, we've capitalized on that with several awards and opportunities. I mentioned quickly and briefly that the Lumen overpull work is going well. It takes a while to ramp into these programs. They're highly complex over long distances, going through municipalities that can have complicated permitting and so each of the opportunities does take multiple months to ramp. So we're still very early, and it's happy to be working on those projects, happy to continue to add that to our backlog. But I would really think about those heating up from a contribution standpoint next year. And really 2027 is when we think that a lot of those opportunities are going to come online in a significant way.

我們確實認為這是保守的，它將繼續增長。正如您所說，我們已經利用了這一點，並獲得了多個獎項和機會。我快速而簡短地提到，Lumen 過度拉動工作進展順利。需要花一些時間來熟悉這些程序。這些項目非常複雜，而且距離很長，需要經過一些市政當局，而這些市政當局的許可程序可能很複雜，因此每個項目都需要花費數月的時間才能完成。所以我們還處於早期階段，很高興能夠從事這些項目，很高興能夠繼續將其添加到我們的積壓工作中。但我真的會從貢獻的角度來考慮明年的升溫。我們認為，到 2027 年，許多這樣的機會將會以重大的方式出現。

Okay. I guess one more on the margins, I mean, fantastic performance here. But Dan, is these things get underway in a bigger way, particularly the inside defense initiatives, other things around long haul. Do we need to consider that in terms of having an accretive or dilutive impact to the margins? How should we approach that, especially as these things become a bigger piece of the revenue pie.

好的。我想還有一個在邊緣，我的意思是，這裡的表現非常出色。但是丹，這些事情會以更大的規模展開，特別是內部防禦計劃和其他長期計劃。我們是否需要考慮這對利潤率產生增值或稀釋的影響？我們應該如何處理這個問題，特別是當這些東西成為收入中更大的一部分時。

Yeah. So it's competitive, right? There's a lot of press around the AI evolution, a lot of press around these long-haul middle mile networks. And that's been the same on the fiber to the home. That's been the same with our customers who are highly sophisticated for a long time. We've shown our ability to compete there. I've mentioned for that across all the work because of market dynamics and how we look at it from resources, from equipment needs, return on capital that all of our margins are in a similar range. So I wouldn't model those differently or separate them out. We believe that we can continue to capitalize and be in similar range that we've seen across other business drivers.

是的。所以很有競爭力，對吧？媒體對人工智慧的發展和這些長途中間一英里網路都進行了大量的報導。光纖到府也同樣如此。這對於我們長期以來高度成熟的客戶來說也是如此。我們已經證明了我們在那裡競爭的能力。我在所有工作中都提到過，由於市場動態以及我們從資源、設備需求、資本回報率的角度來看，我們所有的利潤率都在相似的範圍內。所以我不會對它們進行不同的建模或將它們分開。我們相信，我們可以繼續利用這一點，並達到與其他業務驅動因素相似的範圍。

Very good, thank you.

非常好，謝謝。

(Operator Instructions)

（操作員指示）

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Good morning, guys. I wanted to ask one more about the large August award. When does that work actually start?

大家早安。我還想再問一個關於八月大獎的問題。這項工作實際上什麼時候開始？

We are heavily into planning that work as we speak right now, Adam. We do think that there will be some contribution this year, but really that's a multiyear program. Think about that, in large part, contributing next calendar year, next fiscal year for us. But we will be done today in something that we're working hard on with that customers to speak.

亞當，我們現在正全力籌劃這項工作。我們確實認為今年會有一些貢獻，但這實際上是一個多年的計劃。想想看，這在很大程度上為我們下個日曆年、下個財政年度做出了貢獻。但我們今天將完成一些我們正在努力與客戶溝通的事情。

Got it. And then as you think about the percentage of your revenue from hyperscalers or maybe we'll call it data centers more broadly, what was that percentage in Q2? And where do you think that can go?

知道了。然後，當您考慮來自超大規模資料中心的收入百分比，或者我們將其更廣泛地稱為資料中心時，第二季的百分比是多少？您認為這會有什麼結果呢？

Not giving a breakout on backlog or breaking out the revenue run across the different drivers. As I mentioned, it's still very early innings. So we're happy to be again, we believe, first on the field or certainly among the first on the field. Really out there, we've if you look at that work, we've been working on that for probably 7, 8 months now. I think that puts us ahead of a lot of folks in the space. So we've got a lot of lessons learned over that period of time. Really have a handle and understanding around that, not only that worth, but that or type the long-haul middle-mile networks. So we think that sets us up well for continuing opportunity and continued growth. But again, think about those contributing in a much more material way starting next year.

沒有給出積壓訂單的細分情況，也沒有列出不同驅動因素所帶來的收入變化。正如我所提到的，現在還只是很早的階段。因此，我們相信，我們很高興能夠再次成為賽場上的第一名，或者肯定是賽場上的第一名之一。真的，如果你看一下這項工作，你會發現我們已經為此工作了大約 7、8 個月。我認為這使我們領先於該領域的許多人。所以我們在那段時間學到了很多教訓。真正掌握並理解這一點，不僅在於其價值，還在於其或長距離中距離網路的類型。因此我們認為這為我們繼續掌握機會、持續成長奠定了基礎。但是，再想想那些從明年開始以更實質的方式做出貢獻的人。

Got it. And then just lastly, the hyperscaler, I think there was a service and maintenance contract that wasn't traditional telecom, did I hear that right, Dan?

知道了。最後，對於超大規模企業，我認為有一個服務和維護合同，它不是傳統的電信合同，我聽得對嗎，丹？

Yeah. And I think the point I was trying to make there is that this is independent of work that we do. We do have some work for our carriers or traditional customers that -- where they have contracts with hyperscalers. And I was really trying to differentiate, this is not competing in that space, this is not back to work. This is a completely new service line for us, a new opportunity set with hyperscalers, where we can go direct, do some work that that hopefully over time can be perpetual year-over-year, but it is a service and maintenance type work for some of their networks.

是的。我認為我想要表達的觀點是，這與我們所做的工作無關。我們確實為我們的營運商或傳統客戶開展了一些工作——他們與超大規模企業簽訂了合約。我確實想區分一下，這不是在那個領域競爭，這不是重返工作崗位。對我們來說，這是一條全新的服務線，是與超​​大規模企業合作的全新機遇，我們可以直接開展一些工作，希望這些工作隨著時間的推移可以逐年持續下去，但對於他們的某些網絡來說，這是一項服務和維護類型的工作。

Great, thank you.

太好了，謝謝。

Liam Burke, B. Riley.

利亞姆伯克、B.萊利。

Thank you. Good morning. Your operating cash flow year-over-year was very strong. You highlighted DSOs, better margins. Typically, the second half of the year flips, and that's where you really have stronger cash flow. Is there anything to expect differently than the way the cadence has been from previous years?

謝謝。早安.您的經營現金流較去年同期非常強勁。您強調了 DSO，即更好的利潤率。通常情況下，下半年會出現轉機，這時你的現金流就會真正增強。與前幾年相比，今年的節奏有什麼不同嗎？

Liam, thanks for the question. This is Drew. So no, we expect the same type of seasonality in the operating cash flow. We're pleased with how we performed in Q2, and that's a direct result of improving on the DSOs. And then just to mention, I highlighted it in my comments, but on the new tax legislation, we would have had about another $50 million or so of cash taxes in the back half of the year that we won't have to make now. So that's helpful as well.

利亞姆，謝謝你的提問。這是德魯。所以，我們預期經營現金流將呈現同樣的季節性。我們對第二季的表現感到滿意，這是 DSO 改進的直接結果。然後順便提一下，我在我的評論中強調過，但根據新的稅收立法，我們在今年下半年將有大約 5000 萬美元左右的現金稅，而現在我們不必繳納這些稅。這也同樣有幫助。

Great. Dan, you talked about the pipeline opportunities as we move into the third quarter. You highlighted some awards. But is there anything that's contributing to the growth in pipeline opportunities, or is it across the board?

偉大的。丹，您談到了我們進入第三季時的管道機會。您強調了一些獎項。但是，有什麼因素促進了通路機會的成長，還是所有因素都促進了通路機會的成長？

Thanks, Liam. It really comes down to momentum, right? That's not just momentum for Dycom, it's momentum in our space. These builds continue to grow the opportunities continue to favor Dycom with our size, scale, our customer relationships, quite frankly, our proven ability to deliver time and time again. Our goal is to make sure that we're always 1 step ahead of our customers and make sure that we can execute on their ever-growing expectations. And you're seeing that in our continued awards. You're seeing that in our opportunity to improve margins over time as well. So we're really just excited about our position in the landscape in front of us. And I would just point out that while we're confident in the back half of the year, we see a lot of growth opportunity going into next year.

謝謝，利亞姆。這真的取決於動力，對嗎？這不僅是 Dycom 的發展動力，也是我們整個領域的發展動力。這些建設繼續增長，機會繼續青睞 Dycom，因為我們的規模、範圍、我們的客戶關係，坦白說，我們一次又一次地證明了交付的能力。我們的目標是確保我們始終領先客戶一步，並確保我們能夠滿足他們不斷增長的期望。您可以從我們不斷獲得的獎項中看到這一點。您也會看到，我們有機會隨著時間的推移提高利潤率。因此，我們對於自己在眼前的情況中所處的位置感到非常興奮。我只想指出，雖然我們對今年下半年充滿信心，但我們認為明年仍有許多成長機會。

Great. Thank you.

偉大的。謝謝。

Dan. Thank you, Drew.

擔。謝謝你，德魯。

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

今天會議的問答環節到此結束。現在，我想將電話轉回給丹·佩約維奇先生，請他做最後發言。

Thank you, everyone, for attending this quarter. We look forward to seeing you next quarter. Be safe, and be well.

感謝大家參加本季。我們期待下個季度見到您。保重，保重。

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

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