Dycom Industries Inc (DY) 2026 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Dycom Industries, Inc. 2026 年第三季業績電話會議。（操作人員指示）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, Vice President of Investor Relations and Corporate Communications. Please go ahead.

現在我謹將會議交給投資人關係和企業傳播副總裁卡莉·托馬索女士。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Dycom's third 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 third quarter results, along with certain outlook information. We also announced a definitive agreement to acquire Power Solutions, a premier data center electrical contractor in the Mid-Atlantic.

謝謝接線員，大家早安。歡迎參加 Dycom 2026 財年第三季業績電話會議。今天與我一同出席的有我們的總裁兼執行長丹·佩約維奇，以及我們的財務長德魯·德費拉里。今天早些時候，我們發布了 2026 財年第三季業績以及一些展望資訊。我們還宣布了一項最終協議，收購 Power Solutions，這是一家位於大西洋中部地區的頂級資料中心電氣承包商。

Both press releases and accompanying materials are available in the Investor Relations section of our website. These materials, which we will discuss during today's call include forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

新聞稿及相關資料均可在本公司網站的投資者關係欄位中找到。我們將在今天的電話會議中討論這些資料，其中包括根據 1995 年《私人證券訴訟改革法案》的安全港條款所作的前瞻性聲明。

Our discussion and 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.

我們的討論和這些陳述反映了我們對未來事件的預期、假設和信念，但存在風險和不確定性，可能導致實際結果與預期結果有重大差異。我們對此類風險和不確定性進行了詳細討論，相關文件已提交給美國證券交易委員會。

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 their most directly comparable GAAP measures can be found in our press release and accompanying materials.

前瞻性陳述僅代表截至今日的觀點，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提及一些非GAAP財務指標。有關這些措施的解釋以及與最直接可比較的 GAAP 措施的調整表，請參閱我們的新聞稿和隨附資料。

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

接下來，我會把電話交給丹‧佩約維奇。

Thank you, Callie. Good morning, everyone, and thank you for joining us. Today marks a pivotal moment for Dycom. We are announcing both a record-setting third quarter that reinforces our leadership in telecommunications infrastructure and our agreement to acquire Power Solutions that immediately positions Dycom at the heart of the explosive demand for digital and AI infrastructure.

謝謝你，卡莉。各位早安，感謝各位的參與。今天對 Dycom 來說是一個關鍵時刻。我們宣布，第三季業績創歷史新高，鞏固了我們在電信基礎設施領域的領先地位；同時，我們也宣布了收購 Power Solutions 的協議，這將使 Dycom 立即處於數位和人工智慧基礎設施爆炸式需求的核心地位。

I will start by reviewing our third quarter results and then move to further discuss our pending acquisition. Our third quarter performance was exceptional. We delivered all-time record revenue of $1.45 billion, an increase of 14.1% compared to Q3 FY 2025. Adjusted EBITDA was $219 million, and EPS was $3.63, both setting new all-time highs. Adjusted EBITDA margin was 15.1% and 169 basis points increase over the prior year, and our DSOs were 105 days, an improvement of 14 days year-over-year.

我將首先回顧我們第三季度的業績，然後再進一步討論我們即將進行的收購。我們第三季的業績非常出色。我們實現了創紀錄的 14.5 億美元收入，比 2025 財年第三季成長了 14.1%。調整後 EBITDA 為 2.19 億美元，每股收益為 3.63 美元，均創歷史新高。調整後的 EBITDA 利潤率為 15.1%，比上年增長 169 個基點；應收帳款週轉天數為 105 天，比上年改善 14 天。

Our backlog was $8.2 billion, an all-time high with strong diversified bookings throughout the quarter. As a result of our strong performance, we are increasing the midpoint of our full year revenue outlook expecting revenue of $5.35 billion to $5.425 billion, representing a range of 13.8% to 15.4% total growth over the prior year. This outlook excludes any results from the pending acquisition expected to close in our fiscal Q4 as the impact is dependent on the date of completion.

我們的積壓訂單金額為 82 億美元，創歷史新高，整個季度訂單量都十分強勁且多元化。由於我們業績強勁，我們將全年營收預期中位數上調至 53.5 億美元至 54.25 億美元，比上一年增長 13.8% 至 15.4%。該展望不包括預計本財年第四季完成的待決收購的任何結果，因為其影響取決於完成日期。

Looking forward, telecommunications demand drivers have never been stronger. Fiber-to-home builds continue at a fever pitch and will further accelerate next year. The demand for fiber infrastructure to support data center growth continues to strengthen at an incredible rate. Our strong market position is validated by deepening engagement across our customer base. We are seeing robust activity from our long-standing traditional carrier partners complemented by accelerating demand from the world's leading hyperscaler providers.

展望未來，電信需求驅動因素從未如此強勁。光纖到戶建設仍在如火如荼地進行，明年將進一步加速。為支援資料中心發展，對光纖基礎設施的需求正以驚人的速度持續成長。我們強大的市場地位透過不斷加深與客戶群的互動得到驗證。我們看到，長期合作的傳統營運商合作夥伴的業務活動十分活躍，同時，全球領先的超大規模資料中心供應商的需求也在加速成長。

We believe we are in the very early stages of a generational deployment of digital infrastructure and we project that the construction of new outside plant data center networks will begin a significant ramp up in calendar year 2026, leading to substantial growth throughout calendar 2027 and well into the future.

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，新的外部資料中心網路建設將在 2026 年開始大幅成長，並在 2027 年及以後持續大幅成長。

Crucially, these are highly complex, large-scale builds that require specialized expertise. This complexity favors Dycom. Given our scale, national footprint and sophisticated operational capabilities, we are exceptionally well positioned to capitalize on what we estimate to be a $20 billion addressable market for outside plant data center network construction over the next five years.

至關重要的是，這些都是高度複雜的大型建設項目，需要專門的專業知識。這種複雜性對Dycom有利。鑑於我們的規模、全國佈局和先進的營運能力，我們擁有得天獨厚的優勢，能夠充分利用我們預計在未來五年內規模達 200 億美元的外部資料中心網路建設市場。

I want to emphasize that this significant $20 billion opportunity is separate and distinct from any potential opportunities related to our pending acquisition, which provides an even broader and more substantial foundation for our future growth. Our wireless work remains strong, and the current build programs go through calendar 2027, positioning us well for future equipment upgrades or densification.

我想強調的是，這項價值 200 億美元的重大機會與我們即將進行的收購相關的任何潛在機會都是獨立且不同的，它為我們未來的成長提供了更廣泛、更實質的基礎。我們的無線業務仍然強勁，目前的建設計劃將持續到 2027 年，這使我們能夠很好地應對未來的設備升級或密度增加。

(inaudible) close to becoming a reality with revenue currently projected in Q2 of next fiscal year. Just yesterday, the NTIA announced that has approved final BEAD deployment plans for 15 states and three US territories and one state, Louisiana, officially has access to its BEAD funding. NTIA approval is one of the last steps before states can start signing contracts and projects can get underway.

（聽不清楚）即將成為現實，預計下一財年第二季將實現營收。就在昨天，NTIA宣布已批准15個州和3個美國領土的最終BEAD部署計劃，路易斯安那州正式獲得了BEAD資金。NTIA 的批准是各州開始簽署合約和計畫啟動前的最後步驟之一。

$29.5 billion in total spending is expected from the states and territories based on preliminary sub-grant results split between grants and sub-grant match amounts. Of that, $26 billion will be used to serve roughly two-third of total locations with fiber or HFC infrastructure, creating a large addressable market.

根據初步的子撥款結果，各州和地區預計將支出 295 億美元，其中子撥款和子撥款配套金額將分別計入撥款和子撥款配套金額。其中，260億美元將用於為約三分之二的地區提供光纖或HFC基礎設施，從而創造一個巨大的潛在市場。

And importantly, we are seeing the benefit of our positioning. We've already secured over $0.5 billion in verbal awards related to BEAD deployments, which is not yet reflected in our backlog. This speaks to our strong ability to capitalize on the significant spending on fiber and HFC networks over the next four-plus years.

更重要的是，我們正在看到我們這種市場定位帶來的好處。我們已經獲得了與 BEAD 部署相關的超過 5 億美元的口頭合同，但這尚未反映在我們的積壓訂單中。這說明我們有能力在未來四年多的時間裡，充分利用光纖和HFC網路的大量支出。

Lastly, underpinning it all, we continue to grow our service and maintenance business, which is a recurring and durable component of our annual revenue. Subsequent to the quarter, we executed additional service and maintenance agreements totaling over $500 million. While these agreements won't be in our backlog until next quarter, they demonstrate our ability to maintain our position as a service provider of choice while prioritizing profitable growth and shareholder returns.

最後，支撐這一切的是我們持續發展服務和維護業務，這是我們年度收入中一個經常性且穩定的組成部分。本季結束後，我們又簽署了總額超過 5 億美元的額外服務和維護協議。雖然這些協議要到下個季度才會進入我們的待辦事項清單，但它們表明我們有能力在優先考慮獲利成長和股東回報的同時，保持我們作為首選服務提供者的地位。

Transitioning to our pending acquisition of Power Solutions. The telecommunications infrastructure space continues to evolve as hyperscalers and other large data-driven technology companies drive the need for new and enhanced fiber networks to connect their data centers and data center campuses nationwide.

過渡到我們即將完成的 Power Solutions 的收購。隨著超大規模資料中心和其他大型資料驅動型技術公司推動對新型和增強型光纖網路的需求，以連接其遍布全國的資料中心和資料中心園區，電信基礎設施領域也在不斷發展。

These changes are creating new demand drivers around long-haul and middle-mile fiber networks and data center interconnects within campuses to address growing data usage, needed compute capacity and the AI race. With these new demand drivers, we developed relationships with a new customer set, technology companies with significant CapEx commitments to meet their evolving needs.

這些變化正在為長途和中程光纖網路以及園區內的資料中心互連創造新的需求驅動因素，以應對不斷增長的資料使用量、所需的運算能力以及人工智慧競賽。在這些新的需求驅動因素的影響下，我們與一群新的客戶群建立了聯繫，這些客戶是擁有大量資本支出承諾以滿足其不斷變化的需求的科技公司。

Analysts estimate that $6.7 trillion of CapEx will be cumulatively deployed in data center infrastructure globally from 2025 to 2030, including $100 billion for network infrastructure and $600 billion for labor. More than 40% of this spend will be deployed in the US, implying $240 billion of data center labor spent over the next five years alone.

分析師估計，從 2025 年到 2030 年，全球資料中心基礎設施累計資本支出將達到 6.7 兆美元，其中包括 1,000 億美元用於網路基礎設施，6,000 億美元用於勞動力。超過 40% 的支出將用於美國，這意味著僅未來五年，資料中心勞動成本就將達到 2,400 億美元。

In a short time, we have extended our reach to capitalize on this, ultimately bringing fiber inside-the-fence and inside the data centers to the meet me room. Bringing power solutions into the Dycom family is the logical and critical next step. It enables us to immediately offer a comprehensive service that extends from the core network to the heart of the data hall, providing full electrical and low voltage services throughout the data center.

在很短的時間內，我們擴大了覆蓋範圍，充分利用了這一點，最終將光纖引入圍欄內、資料中心內以及會議室。將電源解決方案納入 Dycom 產品線是合乎邏輯且至關重要的下一步。它使我們能夠立即提供從核心網路到資料中心核心的全面服務，為整個資料中心提供完整的電力和低壓服務。

This is a significant milestone for Dycom that enhances our position and capability to address the fast-growing digital infrastructure market. Extends our platform for long-term growth and does so in a way that is immediately accretive to our financial performance. Power Solutions is one of the largest providers of mission critical electrical infrastructure solutions for data centers and other vital industries in the greater Washington DC, Maryland, and Virginia area. Referred to as the DMV, it constitutes the world's largest data center region.

這對 Dycom 來說是一個重要的里程碑，它增強了我們在快速成長的數位基礎設施市場中的地位和能力。擴展我們的平台以實現長期成長，並以一種能夠立即提升我們財務表現的方式做到這一點。Power Solutions 是華盛頓特區、馬裡蘭州和維吉尼亞州地區最大的資料中心和其他重要產業關鍵電力基礎設施解決方案供應商之一。它被稱為 DMV（車輛管理區），是世界上最大的資料中心區域。

The acquisition will combine power solutions, leadership, and electrical infrastructure with Dycom's scale and expertise in fiber, putting us at the center of the powerful secular trends driving growth in digital infrastructure services and considerably enhancing our potential to generate meaningful long-term value creation for our customers and our shareholders.

此次收購將電力解決方案、領導地位和電氣基礎設施與 Dycom 在光纖領域的規模和專業知識相結合，使我們處於推動數位基礎設施服務成長的強大長期趨勢的中心，並大大增強我們為客戶和股東創造有意義的長期價值的潛力。

Let me briefly outline the transaction, and Drew will go into more detail. The total purchase price is $1.95 billion consisting of approximately $293 million payable in Dycom common stock and the remainder of the consideration payable in cash, subject to customary closing and post-closing adjustments. We expect to close the transaction this fiscal year.

我先簡單概述一下交易內容，德魯會詳細介紹。總收購價為 19.5 億美元，其中約 2.93 億美元以 Dycom 普通股支付，其餘對價以現金支付，並需進行慣例的交割和交割後調整。我們預計在本財年內完成這筆交易。

The transaction is expected to be immediately accreted to our adjusted EBITDA margin and adjusted diluted EPS and improves free cash flow for the combined company. Our long-term fiscal disciplines are unchanged, and the combined business is anticipated to provide a clear path to delever to 2 times net leverage in the next 12 to 18 months.

預計該交易將立即提高我們調整後的 EBITDA 利潤率和調整後的稀釋每股收益，並改善合併後公司的自由現金流。我們的長期財政紀律保持不變，預計合併後的業務將在未來 12 至 18 個月內為將淨槓桿率降至 2 倍提供明確的途徑。

Our solutions will further solidify Dycom's long-term growth potential in four significant ways. First, it will expand our exposure to rapidly growing mission critical data center demand by leveraging our solutions, deep expertise, and electrical infrastructure for data center construction, which comprises over 90% of its revenue.

我們的解決方案將從四個重要面向進一步鞏固 Dycom 的長期成長潛力。首先，我們將利用我們的解決方案、深厚的專業知識和資料中心建設的電力基礎設施，擴大我們對快速成長的關鍵任務資料中心需求的覆蓋範圍，這部分業務占公司收入的 90% 以上。

This complements Dycom's strong fiber network expertise and will enable us to capitalize on the substantial and critical infrastructure investment that is driving durable growth in the attractive DMV region and in the industry overall. Second, it will further diversify our services by adding power solutions, leading electrical contracting capabilities.

這與 Dycom 強大的光纖網路專業知識相輔相成，並將使我們能夠充分利用推動 DMV 地區乃至整個產業持續成長的重大關鍵基礎設施投資。其次，它將透過增加電力解決方案和領先的電氣承包能力，進一步實現服務多元化。

Third, it will unlock significant opportunity to scale power solutions, operations, and cross-sell services across digital infrastructure players, giving us the ability to extend our combined capabilities into additional targeted high growth regions and opportunities over time. And finally, it will add substantial skilled labor capacity, providing self-perform electrical contracting capabilities with a highly skilled workforce of over 2,800 employees, extending our capacity to execute large and complex projects.

第三，這將釋放巨大的機會，讓我們能夠擴大電力解決方案、營運規模，並在數位基礎設施參與者之間交叉銷售服務，使我們能夠隨著時間的推移，將我們的綜合能力擴展到其他目標高成長地區和機會。最後，它將增加大量熟練勞動力，使我們擁有超過 2800 名高技能員工的自主電氣承包能力，從而擴展我們執行大型複雜專案的能力。

Now I'd like to take a moment to give you more color on Power Solutions. The company has established itself as one of the largest electrical contractors in the greater DMV region. For more than 25 years, they have delivered high-quality execution and developed deep customer and end-user relationships.

現在我想花點時間，更詳細地介紹電源解決方案。該公司已成為大華盛頓特區地區最大的電氣承包商之一。25 年來，他們始終提供高品質的服務，並與客戶和最終用戶建立了深厚的聯繫。

We share similar cultures. Like Dycom, most of their operational leadership started their careers in the skilled trades and their commitment to safety, quality and operational excellence raises the bar with their customers. Their focus on and success in data center electrical solutions is unique.

我們擁有相似的文化。與 Dycom 一樣，他們的大多數營運領導都是從技術工種起家的，他們對安全、品質和卓越營運的承諾提高了客戶的標準。他們在資料中心電氣解決方案領域的專注和成功是獨一無二的。

As I mentioned, over 90% of their revenue year after year comes from data centers with repeat customers and end users. They differentiate in their ability to scale and deliver the highest level of service in a highly complex technical space. Power Solutions is a fantastic financial fit. They bring a track record of strong, profitable growth with an impressive 15% four-year revenue CAGR and EBITDA margins consistently in the mid- to high teens.

正如我之前提到的，他們每年超過 90% 的收入都來自擁有回頭客和最終用戶的資料中心。它們在高度複雜的技術領域中，憑藉其擴展能力和提供最高水準服務的能力脫穎而出。電力解決方案是一項非常合適的財務選擇。他們擁有強勁、獲利成長的良好記錄，四年營收複合年增長率高達 15%，EBITDA 利潤率也保持在 15% 到 25% 的水平。

With 2025 revenue expected to be approximately $1 billion, this is a high-quality, high-margin business that we expect to be immediately accretive to our performance. Power Solutions current backlog is over $1 billion, solidifying their strong position in the DMV region. The DMV is the largest data center region in the world, representing 27% of total operational capacity in the US markets today.

預計 2025 年收入將達到約 10 億美元，這是一個高品質、高利潤的業務，我們預計它將立即提升我們的業績。Power Solutions 目前的積壓訂單超過 10 億美元，鞏固了其在 DMV 地區的強勢地位。DMV地區是全球最大的資料中心區域，佔目前美國市場總營運容量的27%。

DMV is projected to capture 30% of US. data center capacity currently under construction and planned providing Dycom with substantial opportunities for growth in the world's fastest-growing data center region. In addition, data center infrastructure demand is poised for significant growth across the country providing opportunities to further scale our enterprise.

預計 DMV 地區將佔據美國目前正在建設和規劃中的資料中心容量的 30%，這將為 Dycom 在世界上成長最快的資料中心地區提供巨大的成長機會。此外，全國範圍內對資料中心基礎設施的需求預計將顯著增長，這將為我們進一步擴大企業規模提供機會。

While AI-led demand of infrastructure CapEx is reaching all-time highs, it's important to recognize that data consumption has been rising annually for decades. And with it, the need for additional compute capacity to include new data centers and the digital infrastructure to connect them. Backed by persistent underlying drivers, such as cloud migration, mobile usage and the Internet of Things, this trend is projected to continue well into the next decade as industry participants predict non AI-related data center construction will grow at a 16% CAGR through at least 2030.

雖然人工智慧驅動的基礎設施資本支出需求達到了歷史新高，但重要的是要認識到，數據消耗量幾十年來一直在逐年增長。隨之而來的是，需要增加運算能力，包括新建資料中心和連接這些資料中心的數位基礎設施。在雲端遷移、行動使用和物聯網等持續的潛在驅動因素的推動下，這一趨勢預計將持續到下一個十年，因為業內人士預測，到至少 2030 年，非人工智慧相關的資料中心建設將以 16% 的複合年增長率增長。

The expansion of Dycom's business adds to our enterprise strength, furthering our relationships and expanding opportunities with the hyperscalers and other technology companies. Combining our vast telecommunications infrastructure services, with Power Solutions, data center electrical expertise positions Dycom squarely in the center of the digital and AI infrastructure space.

Dycom 業務的擴張增強了我們的企業實力，加深了我們與超大規模資料中心和其他科技公司的關係，並拓展了合作機會。結合我們龐大的電信基礎設施服務、電力解決方案和資料中心電氣專業知識，Dycom 已穩居數位和人工智慧基礎設施領域的中心地位。

Finally, let's talk about execution. With the addition of Power Solutions talented team over 2,800 to our current team of over 16,100, we will have a combined highly skilled workforce of 19,000 people. This is a massive competitive differentiator that enables us to meet the growing needs across our collective customers.

最後，我們來談談執行方面。隨著 Power Solutions 的 2800 多名優秀員工加入我們現有的 16100 多名員工的團隊，我們將擁有 19,000 名高技能員工。這是一項巨大的競爭優勢，使我們能夠滿足所有客戶日益增長的需求。

Dycom's vast history of acquisitions means we've built a robust integration engine, the people, systems and processes already working to bring power solutions into our family. Our time-tested approach preserves the culture, autonomy and local leadership that make our acquired companies successful and apply Dycom scale, financial resources and operational expertise to both deliver results and drive further growth opportunities.

Dycom 豐富的收購歷史意味著我們已經建立了一個強大的整合引擎，人員、系統和流程已經能夠將電力解決方案納入我們的系統。我們久經考驗的方法保留了被收購公司取得成功的文化、自主性和本地領導力，並運用 Dycom 的規模、財務資源和營運專業知識，既能取得成果，又能推動進一步的成長機會。

Let me close by saying that we have never been more excited about Dycom's position and the opportunity set in front of us. Our diversified platform will be aligned to multiple attractive long-term growth vectors. We will benefit not only from the explosive demand for data center infrastructure and the fiber and electrical work that it requires, but also see continued strong growth from our other telecommunications demand drivers.

最後我想說的是，我們從未像現在這樣對 Dycom 的地位和擺在我們面前的機會感到如此興奮。我們的多元化平台將與多個具有吸引力的長期成長方向保持一致。我們不僅將受益於資料中心基礎設施及其所需的光纖和電力工程的爆炸性需求，還將受益於其他電信需求驅動因素的持續強勁成長。

Our commitment to our telecommunication services and our carrier customers is unchanged, and in fact, is emboldened by our expanded platform with this transaction. Our strategy is clear. And we work every day to raise the bar for our customers and communities. We continue our focus on creating long-term value for our shareholders and providing long-term opportunities for our people.

我們對電信服務和營運商客戶的承諾不變，事實上，透過此次交易擴大的平台反而增強了我們對電信服務和營運商客戶的承諾。我們的策略很明確。我們每天都在努力提高對客戶和社區的服務標準。我們將繼續致力於為股東創造長期價值，並為員工提供長期發展機會。

We are thrilled to add the Power Solutions brand to the Dycom family of companies and welcome their strong leadership and teammates. I'd like to thank all our Dycom team members for your commitment to delivering excellence every day as we pursue our vision to be the people connecting America.

我們非常高興地將 Power Solutions 品牌納入 Dycom 公司大家庭，並歡迎他們強大的領導團隊和團隊成員。我要感謝 Dycom 團隊的所有成員，感謝你們每天致力於追求卓越，並努力實現我們成為連接美國的橋樑的願景。

And now I'd like to turn the call over to Drew for a financial review and further details on the pending acquisition.

現在我想把電話交給德魯，讓他對即將進行的收購進行財務審查並透露更多細節。

Thanks, Dan, and good morning, everyone. I echo the excitement about a record quarter and the pending acquisition of Power Solutions, which we expect to generate considerable long-term value for our shareholders. First, on the quarter. We are pleased that we outperformed the high end of our expectations for Q3, delivering solid top line and adjusted EBITDA growth and margin expansion.

謝謝你，丹，大家早安。我對創紀錄的季度業績以及即將完成的對 Power Solutions 的收購感到非常興奮，我們預計這將為我們的股東創造可觀的長期價值。首先，關於季度。我們很高興第三季業績超出預期上限，實現了穩健的營收成長、調整後 EBITDA 成長和利潤率擴張。

Third quarter total contract revenues of $1.452 billion grew 14.1% over Q3 of last year. Organic revenue grew 7.2%, revenues were driven by continued execution of fiber-to-the-home programs, wireless activity, fiber infrastructure programs for hyperscalers, and maintenance and operation services.

第三季合約總收入為 14.52 億美元，比去年第三季成長 14.1%。有機收入成長了 7.2%，營收成長主要得益於光纖到戶計畫的持續實施、無線業務、面向超大規模資料中心的光纖基礎設施計畫以及維護和營運服務。

Adjusted EBITDA of $219.4 million increased 28.5% over Q3 '25, and we outperformed the high end of our expectations. Adjusted EBITDA was 15.1% of contract revenues, an increase of 169 basis points as a percentage of contract revenues over Q3 '25 and as we performed well and continued to benefit from operating leverage. Net income was $106.4 million, and diluted EPS was $3.63 per share also exceeding the high end of our expectations.

經調整的 EBITDA 為 2.194 億美元，比 2025 年第三季成長了 28.5%，超出了我們預期的上限。調整後的 EBITDA 佔合約收入的 15.1%，比 2025 年第三季合約收入的百分比增加了 169 個基點，因為我們表現良好，並繼續受益於經營槓桿。淨利潤為 1.064 億美元，稀釋後每股收益為 3.63 美元，也超過了我們預期的上限。

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 revenue was $361.9 million and Lumen revenue was $170.3 million. Customers exceeding 5% of total revenues for the quarter or Brightspeed, Charter, Comcast, Frontier and Verizon.

我們對與客戶建立的牢固關係以及客戶群的多元化感到滿意。AT&T 和 Lumen 兩家公司當季的收入均超過了總收入的 10%。AT&T 的收入為 3.619 億美元，Lumen 的收入為 1.703 億美元。當季總收入超過 5% 的客戶，或 Brightspeed、Charter、Comcast、Frontier 和 Verizon 的客戶。

Backlog at the end of Q3 was $8.22 billion, including $4.99 billion that is expected to be completed in the next 12 months. As Dan highlighted, after the end of the quarter, we executed additional service and maintenance agreements, both renewals of existing markets and expansion into new markets that total over $500 million that will be reported in our Q4 backlog. Operating cash flows were strong at $220 million.

第三季末的積壓訂單為 82.2 億美元，其中 49.9 億美元預計將在未來 12 個月內完成。正如丹所強調的，在本季結束後，我們簽署了額外的服務和維護協議，包括現有市場的續約和新市場的拓展，總額超過 5 億美元，這些都將計入我們第四季的積壓訂單中。營運現金流強勁，達到 2.2 億美元。

The combined DSOs of accounts receivable and contract assets net improved to 105 days, a reduction of 14 days over Q3 25. We made great progress year-over-year, and strong cash flows remain a key focus area for the company. We are implementing a comprehensive ERP system to upgrade and standardize our information technology systems.

應收帳款和合約資產淨額合併後的DSO改善至105天，比第三季減少了14天。我們取得了長足的進步，強勁的現金流仍然是公司關注的重點領域。我們正在實施一套全面的ERP系統，以升級和標準化我們的資訊科技系統。

I am pleased to report that during Q3, we successfully completed the first phase of deployment across our business. We expect to complete additional phases during fiscal 2027, enabling further operational efficiencies and equipping our teams with the latest powerful technologies. We continue to observe strong demand across a diverse set of industry drivers creating significant opportunities for our company.

我很高興地報告，在第三季度，我們已成功完成公司內部部署的第一階段。我們預計將在 2027 財年完成其他階段，進一步提高營運效率，並為我們的團隊配備最新的強大技術。我們持續觀察到各行各業的強勁需求，這為公司創造了巨大的機會。

We have increased the midpoint of our revenue outlook for the year, and we expect our full year fiscal 2026 revenue to range from $5.35 billion to $5.425 billion, our outlook for Q4 reflects normal seasonal factors such as fewer available workdays due to the holidays, reduced daylight work hours and winter weather conditions.

我們提高了全年營收預期的中位數，預計 2026 財年全年營收將在 53.5 億美元至 54.25 億美元之間。我們對第四季度的預期反映了正常的季節性因素，例如假日導致工作日減少、日照時間縮短以及冬季天氣狀況。

For Q4, we expect contract revenues of $1.26 billion to $1.34 billion, adjusted EBITDA of $140 million to $155 million, and diluted EPS of $1.30 to $1.65 per share. Beginning in Q4, we expect to also report non-GAAP adjusted EPS excluding the impact of intangible amortization expense. Non-GAAP adjusted EPS, excluding the after-tax impact of intangible amortization expense is expected to range from $1.62 to $1.97 per share. Our outlook excludes any results from the pending acquisition and related financing. While we expect to close in our fiscal Q4 impacts are dependent on the timing of completion.

對於第四季度，我們預計合約收入為 12.6 億美元至 13.4 億美元，調整後 EBITDA 為 1.4 億美元至 1.55 億美元，稀釋後每股收益為 1.30 美元至 1.65 美元。從第四季開始，我們預計還將公佈不計入無形資產攤銷費用影響的非GAAP調整後每股盈餘。不計入無形資產攤銷費用的稅後影響，非GAAP調整後的每股盈餘預計在1.62美元至1.97美元之間。我們的展望不包括待完成的收購及相關融資所帶來的任何結果。雖然我們預計該專案將在第四財季完成，但其影響取決於完成時間。

Now moving to more detail on the pending acquisition. We are excited to bring Power Solutions into the Dycom family. The purchase price is $1.95 billion on a cash-free, debt-free basis and consists of approximately 1 million shares of Dycom common stock valued at approximately $293 million, and the remainder of the consideration is payable in cash, subject to customary closing and post-closing adjustments.

現在來詳細了解即將進行的收購。我們很高興將 Power Solutions 加入 Dycom 大家庭。此次收購價格為 19.5 億美元，以無現金、無債務為基礎，包括約 100 萬股 Dycom 普通股，價值約 2.93 億美元，其餘對價以現金支付，並需進行慣例的交割和交割後調整。

We anticipate the transaction to close before the end of our fiscal year of January 31, 2026. The purchase price represents a multiple of approximately 9.7 times Power Solutions trailing four quarters of adjusted EBITDA. The acquisition will be treated as an asset purchase for tax purposes and is expected to generate sizable tax-deductible intangible assets and goodwill.

我們預計該交易將在 2026 年 1 月 31 日（本財政年度結束日期）之前完成。收購價格約為 Power Solutions 過去四個季度調整後 EBITDA 的 9.7 倍。出於稅務目的，此次收購將被視為資產購買，預計將產生可觀的可抵扣稅款的無形資產和商譽。

The estimated net present value of the future cash benefit of the tax amortization further reduces the implied multiple paid by over 1 times based on the trailing four quarters of adjusted EBITDA for an estimated net multiple of approximately 8.5 times. We believe the purchase price and related future tax benefits support meaningful value creation for our shareholders.

根據過去四個季度的調整後 EBITDA，稅收攤銷未來現金收益的估計淨現值進一步降低了隱含支付倍數 1 倍以上，估計淨倍數約為 8.5 倍。我們相信，收購價格和相關的未來稅收優惠將為我們的股東創造有意義的價值。

We plan to fund the cash portion of the transaction with a mix of cash on hand, a committed $1 billion senior secured term loan A facility and proceeds from a committed $700 million senior secured 364-day bridge loan facility. Pro forma net leverage is expected to be below 3 times at closing, and the free cash flow profile of the combined business is anticipated to provide a clear path to delever to approximately 2 times net leverage in the next 12 to 18 months maintaining our financial flexibility for continued strategic growth.

我們計劃用手頭現金、已承諾的 10 億美元高級擔保定期貸款 A 類融資以及已承諾的 7 億美元高級擔保 364 天過渡貸款的收益來為本次交易的現金部分提供資金。預計合併後淨槓桿率在交易完成時將低於 3 倍，合併後業務的自由現金流狀況預計將在未來 12 至 18 個月內為將淨槓桿率降至約 2 倍提供明確的途徑，從而保持我們的財務靈活性，以實現持續的戰略增長。

Total borrowings for the acquisition will be determined at closing and the weighted average estimated interest rate based on SOFR plus a spread is expected to be under 6%. In the event, we borrow and maintain outstanding the committed debt amount of $1.7 billion for the entirety of fiscal 2027, we estimate incremental cash interest expense of approximately $96 million and noncash amortization of debt issue costs of approximately $5 million for fiscal 2027.

收購的總借款額將在交易完成時確定，根據 SOFR 加上利差計算的加權平均估計利率預計將低於 6%。如果我們在 2027 財年全年借入並維持 17 億美元的承諾債務，我們預計 2027 財年的新增現金利息支出約為 9,600 萬美元，非現金債務發行成本攤提約為 500 萬美元。

This transaction is directly aligned with Dycom's capital allocation priorities. It deploys capital in a high-return enterprise that enhances our scale capabilities and exposure to rapidly growing data center demand. It supports disciplined capital allocation by acquiring a business with a strong balance sheet.

此交易與Dycom的資本配置優先事項完全一致。它將資金投入高回報企業中，從而增強了我們的規模能力，並提高了我們對快速成長的資料中心需求的把握能力。它透過收購資產負債表穩健的企業，支持有紀律的資本配置。

It bolsters free cash flow generation, supporting continued high-return strategic investments and it extends Dycom's long-standing customer partnerships enabling comprehensive telecommunications and electrical infrastructure solutions. Power Solutions annual revenue is expected to be approximately $1 billion for calendar 2025, and -- the company's compounded annual revenue growth has been approximately 15% over the past four years, a trajectory that is expected to continue in calendar 2026.

它增強了自由現金流的產生，支持持續的高回報策略投資，並擴展了 Dycom 的長期客戶合作夥伴關係，從而能夠提供全面的電信和電力基礎設施解決方案。Power Solutions 預計 2025 年的年營收約為 10 億美元，而該公司過去四年的複合年收入成長率約為 15%，預計這一成長趨勢將在 2026 年繼續保持。

Total backlog for the company currently exceeds $1 billion, giving us confidence in their continued growth. The anticipated results of Power Solutions are expected to be immediately accretive to Dycom's adjusted EBITDA margin and adjusted diluted EPS, excluding noncash intangible amortization expense. Power Solutions has consistently delivered adjusted EBITDA margins in the mid- to high teens, and we expect this level of profitability to be sustained in calendar 2026.

該公司目前的總訂單積壓超過 10 億美元，這讓我們對其持續成長充滿信心。預計 Power Solutions 的預期業績將立即提升 Dycom 的調整後 EBITDA 利潤率和調整後攤薄每股收益（不包括非現金無形資產攤銷費用）。Power Solutions 的調整後 EBITDA 利潤率一直保持在 15% 到 10% 之間，我們預計這一盈利水準將在 2026 年繼續保持。

We see opportunities for synergies over time, but we have not yet included any of these potential benefits in our outlook. As I mentioned earlier, the transaction is expected to generate sizable intangible assets that will be determined upon the closing of the transaction and amortized on an accelerated basis.

我們看到了隨著時間的推移可能出現的協同效應機會，但我們尚未將這些潛在收益納入我們的展望中。正如我之前提到的，該交易預計將產生可觀的無形資產，這些資產將在交易完成時確定，並按加速攤銷方式進行攤銷。

Our preliminary estimate of noncash amortization expense from the acquisition is approximately $185 million in fiscal 2027 and declines annually thereafter. Beginning in Q4, we expect to present non-GAAP adjusted EPS that will exclude intangible amortization expense. Our estimates of all of these expected results are preliminary and subject to change as we work to complete the transaction.

我們初步估計，此次收購產生的非現金攤銷費用在 2027 財年約為 1.85 億美元，此後逐年下降。從第四季開始，我們預計將公佈非GAAP調整後的每股盈餘，該收益將不包括無形資產攤銷費用。我們對所有這些預期結果的估計都是初步的，隨著我們努力完成交易，這些估計可能會改變。

The acquisition of Power Solutions positions Dycom for accelerated growth in digital and data center infrastructure services. We are honored to welcome Power Solutions employees to Dycom, where together, we will continue to be dedicated to serving customers and connecting America. This is a significant milestone for our company, and we are confident in our ability to execute our strategy as we pursue the opportunities ahead.

收購 Power Solutions 將使 Dycom 在數位和資料中心基礎設施服務領域加速成長。我們非常榮幸地歡迎 Power Solutions 的員工加入 Dycom，我們將攜手並進，繼續致力於服務客戶，連結美國。這對公司來說是一個重要的里程碑，我們有信心在追求未來機會的過程中，執行我們的策略。

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

操作員，我們準備好的發言到此結束。現在您可以開始提問了。

(Operator Instructions)

（操作說明）

Frank Louthan, Raymond James & Associates.

Frank Louthan，Raymond James & Associates。

Great. Quickly, the 14-day improvement on the DSOs. Is that -- are we at a new normal there? Or was there something in the quarter that helped? And then looking forward, what do you think about expansion of Power Solution to Texas, other areas with some significant data center activity. What are your thoughts on kind of future growth plans for them with your scale?

偉大的。DSO 迅速改善了 14 天。那是──我們那裡已經進入了一種新的常態嗎？或者說，這個季度有什麼因素起到了幫助作用嗎？展望未來，您如何看待 Power Solution 向德州以及其他資料中心活動較活躍的地區擴張？以你們的規模，你們對他們未來的發展計畫有什麼想法？

Good morning, Frank, as we talked about when we started the year, cash improvement was definitely a priority and something that we were focused on. And you've seen that improvement throughout quarter-over-quarter. Honestly, we're very pleased with the 14-day year-over-year improvement in DSOs.

早安，弗蘭克。正如我們年初討論的那樣，改善現金流絕對是我們的首要任務，也是我們關注的重點。而且，每個季度的情況都表明，這種改善勢頭正在增強。說實話，我們對DSO年比改善14天感到非常滿意。

We've had significant efforts and strong disciplines that we've built into the business. We do feel good that we're in a much better place overall. It's not always going to be perfect, but we certainly like the range that we're in going forward.

我們投入了大量精力，並建立了嚴格的紀律，這些都融入業務中。我們感覺很好，因為我們整體情況比以前好多了。事情不一定會總是完美無缺，但我們對目前的發展方向感到非常滿意。

Shifting to Power Solutions. Obviously, a lot to talk about there. A large part of this is really about adding skilled workforce to what Dycom has today. Over the years, we've gotten closer and closer with the hyperscalers, closer and closer to the data centers. I think it was a couple of quarters ago, we started talking about going inside-the-fence.

轉向電力解決方案。顯然，那裡有很多值得討論的話題。這其中很大一部分實際上是為了在 Dycom 目前擁有的人員基礎上增加技術熟練的員工。多年來，我們與超大規模資料中心營運商的關係越來越密切，與資料中心的關係也越來越密切。我想大概是幾個季度前，我們開始討論進入圍欄內比賽的事情。

This really is just that next natural step for inside-the-fence, and now we're just crossing over the wall to bring skilled services to really meet the growing demands of hyperscalers and the growing demands of data. I talked about it in the prepared remarks, and I just want to reiterate again, data center -- sorry, excuse me, data consumption has been growing significantly for decades. That's nothing new. Data center growth has been nothing new for decades that's continued.

對於內部人員來說，這確實是順理成章的下一步，現在我們只是翻過這堵牆，提供熟練的服務，以真正滿足超大規模企業和數據日益增長的需求。我在準備好的發言稿中談到了這一點，我只想再次重申，資料中心——抱歉，應該說是資料消耗——幾十年來一直在顯著增長。這沒什麼新鮮的。資料中心的發展已經持續了幾十年，這早已不是什麼新鮮事。

What we see around AI, obviously, is a huge influx and a huge inflection point, but there is this really built-in data center growth underneath it all. We see that on our side of the business with the telecommunications infrastructure, and we certainly see that on the power side as well. When you bring those together and -- at the end of the day or over that entirety of the skilled workforce, I would say it this way, the AI race runs straight through the skilled workforce. That's how we're positioning Dycom for our next 10 years of growth plus, and that's how we're positioning ourselves with our customers.

顯然，人工智慧領域正在經歷巨大的發展和巨大的轉折點，但這一切背後其實蘊藏著資料中心發展的內在動力。我們在電信基礎設施業務方面看到了這一點，在電力方面也同樣看到了這一點。當你把這些因素綜合起來，最終——或者說，就整個技術工人隊伍而言，我會這樣說，人工智慧競賽直接影響技術工人隊伍。這就是我們為 Dycom 未來 10 年甚至更長的成長所做的定位，也是我們與客戶建立聯繫的方式。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Great, good morning. Thanks for taking my question. So if I can ask one more on Power. Are there some anchor customers that Power has that you already have relationships with and other opportunities with the new build? Or is it more also retrofit in O&M?

太好了，早安。謝謝您回答我的問題。那麼，關於權力，我還能再問一個問題嗎？Power公司目前有哪些核心客戶，你們已經與他們建立了合作關係？在新項目中還有哪些機會？或者說，它更多也屬於維運改造範疇？

They -- primarily, they're contracted general contractors, so not customers that we have today, but the end user is very much aligned with hyperscalers that we've moved inside-the-fence with and expanded our capabilities and expanded what we're doing today. So certainly, overlap in the end users is pleased to get some customer diversification, of course, as well.

他們——主要是簽約的總承包商，所以不是我們今天的客戶，但最終用戶與我們已經合作並擴展了我們能力和業務範圍的超大規模資料中心營運商非常契合。當然，最終用戶重疊的部分也樂於獲得一些客戶多元化。

They -- a few things that are unique about our solutions, we've been looking at this space for some time. I think I've mentioned before, in my past career, I started on my first data center in 1998 and pretty much built them for over two decades. The -- what you normally see with the electrical -- whether it's electrical, mechanical and just a lot of these skilled workforce is it's only going to be a portion and usually a much smaller portion, 25%, maybe 35% of the work is going to be data center specific.

它們——我們的解決方案有一些獨特之處，我們已經在這個領域研究了一段時間了。我想我之前提到過，在我過去的職業生涯中，我從 1998 年開始建立我的第一個資料中心，並且在接下來的二十多年裡幾乎一直在建造資料中心。通常情況下，無論是電氣、機械或其他技術工人，只有一小部分工作（通常是很小的一部分，25% 到 35%）是專門針對資料中心的。

What really attracted us to Power Solutions. First and foremost was the culture. This is a fantastic leadership team, many of who came up to the trades, great cultural fit with Dycom. You talked about it being accretive cross metrics. But importantly and uniquely, 90% of the revenue year-over-year has come from the data centers themselves.

真正吸引我們選擇 Power Solutions 的原因是什麼？首先也是最重要的因素是文化。這是一個非常優秀的領導團隊，其中許多人都是從基層做起的，與 Dycom 的企業文化非常契合。你提到過它是累加的交叉指標。但更重要的是，也是獨一無二的，90% 的年度收入都來自資料中心本身。

To your question, the majority of that is new data center builds, but they also do renewals as well, they go in and retrofit and upgrade data centers in addition to that. So we're excited about that concentration. They're also in the largest data center market in the world. And certainly, one of the largest electrical infrastructure providers in that market and is projected to grow to really consume over 30% of the future growth in the US data centers. So positioned well for future growth, Sangita, positioned well from how much data center work they do and the scope and coverage across customers and across end users is also positive.

關於你的問題，其中大部分是新建資料中心，但他們也會進行更新改造，除此之外，他們還會對資料中心進行改造和升級。所以我們對這種集中化感到興奮。他們也身處全球最大的資料中心市場。而且，該公司是該市場最大的電力基礎設施供應商之一，預計未來將佔據美國資料中心未來成長的 30% 以上。因此，Sangita 已做好充分準備迎接未來的成長，其資料中心業務量以及覆蓋客戶和最終用戶的範圍和程度也為其發展奠定了良好的基礎。

Great. And then can I ask one on BEAD? You said the NTIA approval was one of the last step. What is the last step. And given that space approved yesterday or day before, like you mentioned, what is the likelihood that the revenue comes before fiscal second quarter for you guys?

偉大的。那我可以在BEAD問一個問題嗎？您說過獲得 NTIA 批准是最後幾個步驟之一。最後一步是什麼？鑑於空間審批是昨天或前天批准的，正如你所提到的，你們在第二財季之前獲得收入的可能性有多大？

So the last step is the actual funding that happens. And that did happen with Louisiana yesterday in the news. So exciting to see that progress. I think it affirms our Q2, and you heard in the prepared remarks, you heard us talk about, we have over $0.5 billion in verbal awards already. That number is increasing quite quickly.

所以最後一步就是實際的資金到位。昨天路易斯安那州的新聞就報導了這件事。看到這樣的進展真是令人興奮。我認為這證實了我們第二季的預期，正如你們在準備好的演講稿中聽到的，我們談到，我們已經獲得了超過 5 億美元的口頭承諾。這個數字成長得相當快。

In fact, so we do feel good about starting to see revenue in Q2. Again, there is going to be a ramp to it. It's not going to be all at once and expect to see awards if not in this Q4 certainly in Q1.

事實上，我們對第二季開始看到收入成長感到樂觀。同樣，那裡會建一個坡道。不會一下子全部公佈，即使不是第四季度，也肯定會在第一季看到獎項。

Great, thank you so much.

太好了，非常感謝。

Alex Waters, Bank of America.

Alex Waters，美國銀行。

Hey, good morning guys, thanks so much for taking my question. Maybe just first off, Dan, you kind of hit on it in your prepared remarks, but with the $20 billion data center TAM that you guys gave, gosh, a couple of quarters ago. Can you just talk about perhaps how additive this acquisition is to that? And then secondly, just thinking about kind of the skilled labor force and the synergies there between the existing Dycom labor base. Can you just talk about that, too?

嘿，各位早安，非常感謝你們回答我的問題。首先，丹，你在準備好的發言稿中已經提到了這一點，但你們幾個季度前給出的資料中心市場規模為 200 億美元。您能否談談此次收購對現有模式的增強作用？其次，也要考慮熟練勞動力以及與現有 Dycom 勞動力基礎之間的協同效應。能也談談這方面嗎？

Happy to -- Alex, listen, there's been a lot of press from our customers that really reinforced the $20 billion addressable market that we talked about over the next five years. Specific to the outside plant, right? That's inside-the-fence work, it's long haul, it's middle mile, completely separate and distinct and what we will see with Power Solutions joining the Dycom family.

樂意效勞－Alex，聽著，我們客戶的許多回饋都印證了我們先前提到的未來五年內200億美元的潛在市場規模。特指室外植物，對吧？這是圍牆內的工作，是漫長的旅程，是中間環節，完全獨立且截然不同，而隨著 Power Solutions 加入 Dycom 大家庭，我們將看到這一點。

So that $20 billion, we really believe is a conservative number and continues to grow. And we didn't mention it specifically because we had a lot to talk about. But we did have additional awards this quarter in that space as well. So excited there. This acquisition and the opportunity of -- just expand that in multiple ways. One, we have cross-sell opportunities with the hyperscalers.

因此，我們認為 200 億美元是一個保守的數字，而且這個數字還會繼續成長。我們沒有刻意提及此事，因為我們有很多事情要談。但本季我們在該領域也獲得了其他獎項。我太興奮了。這次收購以及由此帶來的機會——可以從多個方面加以拓展。第一，我們有與超大規模資料中心進行交叉銷售的機會。

We can have a different level of conversation on how ultimately, we meet the needs that they have, which everybody knows are significant. And really, even in the most conservative estimate of what the AI rates could yield even in the most conservative estimates is -- we're talking about a massive infrastructure.

我們可以就如何最終滿足他們的需求展開更高層次的對話，每個人都知道他們的需求非常重要。即使按照最保守的估計，人工智慧的發展速度也足以帶來龐大的基礎設施。

I would say that the companies are going to succeed in the AI rates are the ones that are positioned to deliver on that infrastructure. And we've set Dycom squarely in the center of that going forward. So the $20 billion on -- if you bring it into the data center side, so I mentioned they're in the largest market in the world, certainly the largest market in the US over 27% of total data center capacity right now is in the and the growth prospects in front of that are significant.

我認為，那些能夠提供相應基礎設施的公司，才能在人工智慧領域取得成功。而我們已將 Dycom 置於未來發展的核心。所以，如果把這 200 億美元投入到資料中心領域，正如我之前提到的，他們身處全球最大的市場，當然也是美國最大的市場，目前超過 27% 的資料中心總容量都位於美國，而且未來的成長前景十分廣闊。

There's a lot of different numbers out there about what that addressable market could be, Alex. I think the one that I quoted in my prepared remarks is the one that we like $240 billion on labor in the next five years in the US alone to meet at infrastructure needs. Obviously, that's a significant number. Again, that's going to be heavily weighted to the DMV market.

Alex，關於潛在市場規模，有許多不同的數據。我認為我在準備好的演講稿中引用的報告指出，光是在美國，未來五年就需要投入 2,400 億美元用於勞動力，以滿足基礎設施需求。顯然，這是一個相當大的數字。同樣，這將主要取決於車輛管理部門（DMV）市場。

So we think we're set up well. So the skilled workforce, again, this is what attracts us to power solutions, and this is where we differentiate overall. We have one of the largest distributed skilled workforces in the country. We're across all 50 states, meeting the needs across numerous customers, certainly our carrier customers, certainly the hyperscaler customers. This adds to that collective. Now there's certainly a different skill set, right?

所以我們認為我們已經做好了充分的準備。所以，熟練的勞動力，這正是吸引我們進入電力解決方案領域的原因，也是我們整體脫穎而出的地方。我們擁有全國規模最大的分散式技術工人隊伍之一。我們的業務遍及美國所有 50 個州，滿足眾多客戶的需求，尤其是我們的營運商客戶和超大規模資料中心客戶。這也為這個集體增添了力量。當然，所需的技能肯定有所不同，對吧？

They're going to come into the electrical components inside, but ultimately, when you're mobilizing a skilled workforce of this size to do projects, this kind of complexity in this kind of magnitude, how you manage that, how you do it are very, very similar.

它們最終會進入內部的電子元件，但歸根結底，當你調動如此規模的熟練勞動力來完成如此複雜、如此大規模的項目時，你如何管理、如何實施這些項目，都是非常非常相似的。

So we feel extremely comfortable about the match. We feel extremely comfortable about the discipline and the strategy we have about continuing to build that workforce as we grow together. And again, just really excited to bring the power solutions into the Dycom family and excited to get to spend more time as we look to grow the business collectively.

所以我們對這場比賽感到非常有信心。我們對自身在共同發展過程中不斷壯大員工隊伍的紀律和策略感到非常有信心。再次強調，我非常高興能將電力解決方案帶入 Dycom 大家庭，也很高興能有更多的時間與大家一起努力，共同發展業務。

Perfect, thanks, Dan.

太好了，謝謝你，丹。

Richard Choe, JPMorgan.

Richard Choe，摩根大通。

I just have two questions. One, regarding the fourth quarter guidance, the revenue range is a little bit wider than previous quarters. I just wanted to get a sense of what -- the puts and takes there might be as you look into the fourth quarter? And then on Power Solutions, can you give a sense of what the contracts are like and in terms of the $1 billion in backlog.

我只有兩個問題。第一，關於第四季業績預期，營收範圍比前幾季略寬。我只是想了解一下，當您展望第四季時，可能會有哪些買入和賣出的機會？那麼關於電力解決方案，您能否介紹一下合約狀況以及10億美元的積壓訂單狀況？

Absolutely. So on Q4 revenue range coming into Q4, as you know, is a seasonal quarter for us. I've often talked about how if you think about the lower end of the range and the higher end of the range in a normal quarter, looking at the speed of some of these programs. And I want to come back to a fiber to the home and make sure that we get enough air time. The fiber-to-the-home programs continue to increase.

絕對地。所以，正如您所知，第四季度是我們的季節性季度，因此第四季度的收入範圍也比較明確。我經常談到，如果你考慮正常季度的低端範圍和高端範圍，看看這些程序的速度。我希望恢復光纖到戶，並確保我們有足夠的通話時間。光纖到府專案持續成長。

We've seen that. That's a large part of the outperformance that we had in this quarter is the growth that we saw in fiber-to-home builds. And we see that increasing considerably as we look towards next year. Many of our customers continue to reiterate that growth, continue to reiterate what their plans to build our -- so that's performing very well.

我們已經看到了這一點。本季業績優異很大程度上得益於光纖到府建設的成長。展望明年，我們預計這一數字將大幅成長。我們的許多客戶不斷重申成長，並不斷重申他們建立我們業務的計劃——所以這方面表現得非常好。

That, in large part, is how fast those programs go, how quickly we move into that is how we think about the range, the top and the bottom and the midpoint. As you look at Q4, we felt that we needed to add something in considering the seasonality. We've also got holidays that are midweek again this year, which we know from last year, we're going to have a lot of folks that are taking extended periods of time of all that's factored in. So the range is just a little bit lighter. But as you know, we did move up the midpoint considerably.

在很大程度上，這些程式運行的速度，以及我們進入那種狀態的速度，都取決於我們如何看待範圍、頂部、底部和中點。展望第四季度，考慮到季節性因素，我們覺得需要增加一些內容。今年我們的假期又安排在周中了，根據去年的情況來看，考慮到各種因素，今年會有很多人請較長的假期。所以，這個系列的重量級產品重量略輕。但如你所知，我們確實大幅提高了中點。

I think the second question is on what kind of -- how the contract -- so again, because over 90% of the work is in the data center space, what that means is they have dozens and dozens of data centers that they're working on at one time. Those are typically going to be a relative finite fill over that work. They could be generally six or 12 months that they're spending doing work out in the field.

我認為第二個問題是關於合約的類型——合約是如何簽訂的——因為超過 90% 的工作都在資料中心領域，這意味著他們同時要負責數十個資料中心的專案。通常情況下，這些填充量在工作範圍內是相對有限的。他們通常會花六個月或十二個月的時間在外地工作。

And these are massive crew sizes that are coming in to build these over a very quick period of time, highly sophisticated, highly complex work that Power Solutions, again, has proven time and time again that they really deliver at the highest level in their space. I'll point to their 15% growth CAGR over the last four years and our confidence in being able to continue that next year.

而且，這些龐大的施工團隊要在很短的時間內完成這些高度複雜、精密的工程，Power Solutions 已經一次又一次地證明，他們在自己的領域內確實達到了最高水準。我會指出他們過去四年15%的複合年增長率，並且我們有信心明年能夠繼續保持這一成長勢頭。

The contracts themselves, like I said, they're with the general contractors. So a little bit different from how we look at our work. And again, there's other synergies that we see in the business as we think about it. They're not going to have the same kind of seasonality. They are more capital light than the telecommunications business where the equipment costs for us are more significant. So more -- really more piece of that optimized Dycom as whole going forward.

正如我所說，合約本身是與總承包商簽訂的。所以這和我們看待工作的方式有點不同。此外，我們仔細思考後發現，業務中還有其他綜效。它們的季節性不會像其他植物那麼明顯。與電信業相比，電信業的資本投入相對較少，因為電信業的設備成本對我們來說更為重大。所以，未來我們將更多地——真正地，更多地參與到這個經過優化的 Dycom 整體中來。

And following up on the kind of new markets for Power Solutions. I think with (inaudible), there's been a long history and steady demand, and it continues to see that. But as you look to new markets, I think there is some worry with some of these builds that some new markets are going to be long-term markets and others are going to maybe not have the same gravity and long-term strength that an (inaudible) will.

並繼續探索電力解決方案的新市場類型。我認為（聽不清楚）有著悠久的歷史和穩定的需求，而且這種需求還在繼續。但當你展望新市場時，我認為其中一些建設項目存在一些擔憂，即一些新市場將成為長期市場，而另一些市場可能不會像（聽不清楚）那樣具有相同的吸引力和長期實力。

So Dallas and Atlanta and maybe certain markets seem that way, but there's others that are less certain or on that outcome. Can you give us a little sense on how you would think about expansion to new markets?

所以達拉斯、亞特蘭大以及某些其他市場看起來是這樣，但其他一些市場的結果則不太確定。能否簡要談談您如何考慮拓展新市場？

Yes. And I think I missed that in one of the earlier questions, so thanks for bringing it up again, Richard. The first thing I would say is all of this is centered around our strategy for long-term shareholder returns. As we think about all of these parts and pieces they come together, as we think about the significant acquisition. We're thinking of multi -- multiyears out into the outer decades about how this can be accretive and how it has strong value creation overall.

是的。我想我之前在某個問題中漏掉了這一點，所以謝謝你再次提出來，理查德。首先我想說的是，這一切都是圍繞著我們實現股東長期回報的策略而展開的。當我們思考所有這些部分時，它們就會組合在一起，當我們思考這項重大收購時。我們正在考慮未來幾十年甚至更長的發展，探討這如何能夠帶來成長，以及它如何創造整體上的巨大價值。

We're -- hopefully, people have seen were not ones to move quickly and react to things. We want to be very thoughtful about how we grow that business and how we grow the business that we've been growing for some time now. As we look at other markets, there's a number of different factors. The first is Power Solutions is in the largest market. It's a proven market. It's got a large skilled workforce.

希望大家已經看到了，我們不是那種會迅速行動並對事情做出反應的人。我們希望認真思考如何發展這項業務，以及如何發展我們已經發展了一段時間的業務。當我們考察其他市場時，會發現許多不同的因素。首先，Power Solutions 處於最大的市場。這是一個經過驗證的市場。它擁有大量技術熟練的勞動力。

And as we talked about, it's got huge growth opportunities even if we just stay there. So we can continue to work with them to expand. We're going to bring our balance sheet behind. We're going to bring relationship on equipment. And as I said, there's going to be other ways that we can leverage combined relationships even if we just stay in that greater [DMV] space.

正如我們之前討論過的，即使我們只是待在那裡，它也擁有巨大的發展機會。這樣我們就可以繼續與他們合作，拓展業務。我們將把資產負債表調整到後面。我們將把關係建立在設備之上。正如我所說，即使我們只留在更大的[DMV]領域，我們也可以找到其他方法來利用合併後的關係。

At the same time, we will certainly look at other M&A opportunities on how we can leverage the whole of the enterprise. And that could include moving to new areas. Of course, we will factor in what -- where that is in the growth cycle, how long in that can continue to grow. As you know, there are many markets in the country that have been growing for a long time and have continued growth, maybe not as large as DMV, but still significant opportunities. All of that is part of the strategic discussions that we've been under some time and excited to continue to further that as we think full.

同時，我們一定會考慮如何利用整個企業的優勢，尋找其他併購機會。這可能包括搬遷到新的地區。當然，我們會考慮以下因素——它在成長週期中的位置，以及它還能持續成長多久。如您所知，國內有很多市場已經持續增長了很長時間，並且仍在繼續增長，也許規模不如 DMV 地區那麼大，但仍然蘊藏著巨大的機會。所有這些都是我們一段時間以來一直在進行的策略討論的一部分，我們很高興能夠繼續深入探討這些討論，並充分思考。

So I would just end it great opportunities, organic growth, great opportunities for combined growth, bringing our customers together and certainly, we'll be looking at M&A as well.

最後我想總結一下：巨大的機遇，有機成長，以及透過整合客戶實現成長的巨大機遇，當然，我們也會考慮併購。

Yes. Sorry to follow up on it, but it was just something that weren't relatively clear.

是的。很抱歉再問這個問題，但有些事情確實不太清楚。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

Congrats on the deal here. Just, Dan, relative to the 90% of Power Systems revenues coming from data centers. I'm curious what that mix was, say, five years ago when the revenues if you work backwards, we're probably around $500 million, was it still 90% data centers then when we were sort of in a different stage of data center development? And if not, what happened -- what was the rest of the business then? What happened to it?

恭喜你達成這筆交易。丹，就電力系統公司 90% 的收入來自資料中心這一事實而言，情況就不同了。我很好奇五年前的業務組成是怎樣的，如果按時間倒推，我們的收入大概在 5 億美元左右，當時資料中心是否仍佔 90%？那時我們正處於資料中心發展的另一個階段。如果不是這樣，那後來發生了什麼事──剩下的業務又是怎麼進行的？它怎麼了？

Because I guess, obviously, today, it's great to have 90% be focused on data centers, and I know you view this data center opportunity, as many of us do for many years, but just thinking about -- because you mentioned long-term shareholder value, what is this business set up to do beyond the data center market?

因為我想，很顯然，如今 90% 的公司都專注於資料中心，這當然很好。我知道您和我們許多人一樣，多年來一直在關注資料中心帶來的機會。但是，既然您提到了長期股東價值，那麼除了資料中心市場之外，這家公司還打算做什麼？

The key point around this is working in data centers is a highly complex mission-critical environment. So it's a unique skill set. It requires training, it requires a sensitivity to both the speed. And again, Steven, as you know, I spent a couple of decades in the space, contracted to many electrical contractors. I mean we really understand how this whole space works effectively.

關鍵在於，資料中心的工作環境高度複雜，而且是任務至關重要的。所以這是一項獨特的技能。這需要訓練，需要對速度有敏銳的感知。還有一點，史蒂文，正如你所知，我在這個領域工作了二十多年，曾與許多電氣承包商合作。我的意思是，我們真的非常了解這個領域是如何有效運作的。

But if you think about it, it's about how significantly are to build and deliver on that work. To answer your question directly, I don't have the exact number on where they were five years ago, but yes, in general, in the general term, they've been at 90-ish percent, certainly the sort of the revenue for a long time in that space. And I think that's where they differentiate their ability to handle that complexity.

但仔細想想，關鍵在於我們能在多大程度上完成這項工作。直接回答你的問題，我沒有他們五年前的確切數字，但總的來說，總體而言，他們的收入一直保持在 90% 左右，這在業內算是相當長的一段時間了。我認為這就是他們處理這種複雜性的能力差異。

You've heard me say many times that complexity favors Dycom. It favors power solutions as well, and that's what attracted us to them. And we think that together, we're even better poised to address the growing needs of the customer set broadly. So it is unique when you think about electrical contractors, for sure, it's unique that they're so concentrated. That is absolutely a benefit and something that separates our ability as we look forward and certainly, again, made it very attractive for us as we started having conversations with Power Solutions.

我已經說過很多次了，複雜情況有利於 Dycom。它也偏愛電力解決方案，這正是吸引我們的地方。我們認為，攜手合作，我們更有能力滿足廣大客戶群日益增長的需求。所以，當你想到電氣承包商時，你會發現他們非常獨特，他們的集中程度確實很獨特。這絕對是一個優勢，也是我們展望未來時能夠脫穎而出的原因，當然，這也再次讓我們在與 Power Solutions 開始洽談時感到非常有吸引力。

Great. And just maybe to talk about the $500 million of service and maintenance agreements that you talked about after the quarter. Can you just put maybe that into context a little bit? You're doing around $1.5 billion of new awards per quarter.

偉大的。或許還可以談談您在季度末提到的價值 5 億美元的服務和維護協議。能稍微解釋一下這句話的背景嗎？你們每季新增獎金總額約 15 億美元。

Is the point here that, I'd say, 30% of awards on service is an indication of the importance and growing mix of service and maintenance? Or is it that you're an indication that you're setting up for another strong quarter of bookings already in Q4? Or is it both?

這裡的關鍵在於，我認為，30% 的服務獎項表明了服務和維護的重要性及其日益增長的綜合作用？或者，這是否表明你們已經在為第四季度強勁的預訂量做好準備？或者兩者都是？

So a few points to make. One, pleased overall with our book-to-bill. This -- we had significant service and maintenance awards within the backlog that we reported in the quarter as well. I didn't call them out specifically. Like I said, we've kind of got a lot of things to talk about and we have to pick -- the reason we called this out twofold: one, to essentially the importance of service and maintenance as we think about our business and think about how we move forward.

有幾點要說明。整體而言，我對訂單結算情況非常滿意。此外，我們本季報告的積壓訂單中還有大量的服務和維護獎項。我沒有點名批評他們。正如我所說，我們有很多事情要談，我們必須有所選擇——我們之所以提出這個問題，有兩個原因：第一，服務和維護的重要性，因為我們要思考我們的業務以及我們如何向前發展。

Two, it really shows our scale and our ability to continue to be in front of this work with our customers and how we can solve for their growing needs as they install more fiber around the country. So it sets us up well for all of those things.

第二，這充分展現了我們的規模和能力，使我們能夠繼續走在行業前沿，與客戶攜手合作，滿足他們在全國各地安裝更多光纖時不斷增長的需求。所以這讓我們能夠很好地應對所有這些事情。

I also want to point out, again, our back -- our total backlog different from a lot of the peer set or of other competitors because of the nature of the timing of our agreements, we're just continuing to try and show that it's not always going to be perfectly timed to the quarter, very pleased with the all-time high. I would certainly point to the next 12 months of $5 billion, again, another all-time high and really shows the overall momentum of the business. So yes, to answer your last question, definitely sets us up well for backlog as we think about coming into Q4, I wanted to point that out. But really, this is about cementing where we are in the service and maintenance space.

我還要再次指出，我們的積壓訂單——我們的總積壓訂單量與許多同行或其他競爭對手不同，因為我們的協議簽訂時間比較特殊，我們只是繼續努力證明，協議簽訂時間並不總是能與季度完美契合，我們對創歷史新高感到非常滿意。我肯定會指出，未來 12 個月的營收將達到 50 億美元，再次創下歷史新高，這充分展現了公司整體的發展動能。所以，是的，回答你的最後一個問題，這無疑為我們應對第四季度的積壓訂單做好了充分的準備，我想指出這一點。但實際上，這關乎鞏固我們在服務和維護領域的地位。

Perfect. Thanks very much.

完美的。非常感謝。

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

Hey, good morning, guys. Congrats on the record results and the acquisition.

嘿，大家早安。恭喜你們取得創紀錄的業績並完成收購。

Thank you.

謝謝。

First of all, on the organic business, is it too early to talk about fiscal '27 and maybe broad strokes for revenue growth and margin improvement?

首先，關於有機業務，現在談論 2027 財年以及收入成長和利潤率改善的總體目標是否為時過早？

On the new business, we gave an outlook for that 15% growth is based on their CAGR. So you have that side, we're not going to give you a lot of detail overall in the business yet. We will, of course, as we come towards the end of the year, just like we did last year. The point I made last quarter, and you saw that come through this quarter with a 7.2% organic growth.

對於這項新業務，我們預測其複合年增長率將達到 15%。所以，關於這方面，我們暫時不會透露太多關於業務整體的細節。當然，隨著年底臨近，我們會像去年一樣，繼續推進這項工作。我上個季度提出的觀點，你們也在本季透過 7.2% 的有機成長率得到了體現。

And of course, now that the wireless business that we did, that's fully in the business as we think about Q4 going to be strong organic growth to lead to get to the numbers that we showed for Q4. That sets us up very well coming into FY '27, calendar 2026. So we're excited about how we're positioned there.

當然，現在我們開展的無線業務已經全面展開，我們認為第四季將實現強勁的內生成長，從而達到我們第四季公佈的業績目標。這為我們進入 2027 財年（2026 年）奠定了非常好的基礎。所以我們對我們在那裡的定位感到非常興奮。

We're excited about the diversification within the telecommunications business, how we are picking up already starting to talk about BEAD awards. How we are continuing to increase the amount of work that we're doing with hyperscalers and these all middle mile and inside-the-fence opportunities.

我們對電信業務的多元化感到興奮，我們已經開始討論 BEAD 獎項了。我們正在不斷增加與超大規模資料中心營運商的合作，以及所有這些中間環節和內部合作機會。

As we talked about the wireless work is performing well. So just all of those growth drivers continue to be strong, continue to -- we continue to capitalize on the opportunity set. You can see we're also improving margins as we go and all that sets us up well looking into next year.

正如我們之前討論的，無線連線工作進展順利。因此，所有這些成長動力依然強勁，我們將繼續抓住機會。你可以看到，我們的利潤率也在不斷提高，所有這些都為我們展望明年奠定了良好的基礎。

Sounds good. And then, Dan, can you give a little bit more background on the acquisition? How do the discussion start with Power Solutions?

聽起來不錯。那麼，丹，你能再詳細介紹一下這次收購的背景嗎？如何與電力解決部門展開討論？

Yes. It's our strategy, as I talked about, it's always been centered around long-term shareholder returns, long-term opportunities for our people. It would be no surprise that anybody has been in the seat nearly a year that as we took to seat. We did a top-down strategic review of the business and where we are in conversations that we've been having for some time. Part of that has been, as these hyperscalers relationships have developed as we've gotten closer and closer to the data centers is what is the next natural step.

是的。正如我剛才所說，我們的策略始終以股東的長期回報和員工的長期發展機會為中心。毫不奇怪，在我們就職時，已經在這個職位上待了將近一年了。我們對公司業務進行了自上而下的策略審查，並分析了我們先前一直在進行的對話的進展。部分原因是，隨著我們與資料中心越來越接近，這些超大規模資料中心之間的關係也隨之發展，下一步自然而然就是如何發展。

And this really made a lot of sense because we're already there. We're already on the campus. We're already working with the end users. We already have a skilled workforce doing highly complex work. This is just really a matter of crossing into the wall, crossing the wall and moving into the data center itself.

這真的很有道理，因為我們已經身處其中了。我們已經到校園裡了。我們已經開始與最終用戶合作了。我們已經擁有一支技術精湛的員工隊伍，能夠勝任高度複雜的工作。這其實就是穿過這堵牆，翻過這堵牆，然後進入資料中心本身的問題。

This is a space that we know and understand extremely well. We understand how the projects flow. We understand the landscape from a competitive set. So as we looked for different opportunities when we first met Power Solutions, it really came down to the culture and the relationships.

這是一個我們非常了解和熟悉的領域。我們了解專案的運作流程。我們從競爭的角度了解市場格局。所以，當我們第一次接觸 Power Solutions 時，在尋找各種機會的過程中，最終讓我們決定加入的其實是他們的企業文化和人際關係。

That is so incredibly important to us, and that's really been the cornerstone of the success that we've had and the acquisitions we've done over the decades and certainly that we've done over the last few years as well. It comes down to culture. If you get the right fit, if you get the right mindset around how we can grow together and how we can lever further into growth together, that's where you really start to see the magic start to happen, so to speak.

這對我們來說極為重要，這確實是我們過去幾十年，尤其是近年來成功和收購的基石。歸根究底，這是文化問題。如果彼此契合，如果大家對如何共同成長以及如何進一步促進共同成長有了正確的認識，那麼可以說，奇蹟就開始發生了。

So again, incredibly impressed with the strength of the leadership team with Power Solutions incredibly impressed with everybody that we've met so far. They run a fantastic operation. They're going to fit extremely well with our existing subsidiaries, and really embolden us on how we think about growth in the next decade.

所以，再次強調，我對 Power Solutions 領導團隊的實力印象深刻，對我們迄今為止遇到的每個人都印象深刻。他們的運作非常出色。它們將與我們現有的子公司完美契合，並真正增強我們對未來十年成長的信心。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Great, thanks for, taking the question. So Dan, as you think about kind of the landscape and the data center contracting space, I mean, could you maybe just talk a little bit about how concentrated it is? Is it still pretty fragmented? And do you see more opportunity there to do future M&A maybe compare and contrasted to your traditional telecom business where you see more opportunity over time to gain scale?

太好了，謝謝你回答這個問題。丹，當你思考資料中心承包領域的現況時，你能不能談談它的集中程度？現在還是相當分散嗎？您是否認為未來在電信領域有更多併購機會？與您傳統的電信業務相比，您是否認為隨著時間的推移，電信業務有更多機會實現規模擴張？

Eric, this acquisition for us really widens the aperture as we think about our place in digital infrastructure as we move forward. And as I said earlier, this puts us squarely in the middle of -- and I want to be clear, it's not just about AI there's a natural cadence. There's a natural growth that occurs on whether it's the telecommunications infrastructure or whether it's the data centers themselves. So we're stepping further into that. And believe that there's significant upside opportunity in addition.

艾瑞克，這次收購確實拓寬了我們的視野，讓我們在思考未來發展中，在數位基礎設施領域所扮演的角色時，能夠更清晰地認識自己。正如我之前所說，這使我們正好處於——我想明確一點，這不僅僅是關於人工智慧，而是一個自然的節奏。無論是電信基礎設施還是資料中心本身，都會出現自然成長。所以我們正在進一步深入研究這個領域。而且我認為還有很大的上漲空間。

As I'm sure everybody has seen -- there's been a number of acquisitions in this space. again, Power Solutions is unique in both the size that they have and the presence that they have in a very large region, the growth that they've had and the concentration in the data center, proven expertise that they have overall. But it is -- continue to be a fragmented space.

我相信大家都看到了，這個領域已經發生了不少收購案。再次強調，Power Solutions的獨特之處在於其規模、在廣闊區域的影響力、取得的成長以及在資料中心領域的專注度，還有其整體上久經考驗的專業技術。但它仍然是一個碎片化的空間。

There are not very many contractors and against all this in my past core, not a lot of contractors that are covering across all data center markets or even the majority of data center markets. So there are opportunities out there. There are definitely opportunities to continue to think about that and how we move if there's opportunities for us to grow organically with our new business, there's also opportunity to continue on from an M&A front.

承包商不多，而且與我過去的核心業務相反，很少有承包商能夠涵蓋所有資料中心市場，甚至涵蓋大多數資料中心市場。所以機會還是有的。當然，我們有機會繼續思考這個問題以及我們的發展方向，例如，如果我們的新業務有機會實現有機成長，我們也有機會繼續透過併購來實現成長。

So all of that is front and center to what we're thinking about. We're excited to move into this. We're certainly focused on integration and have built a strong integration engine ticket ahead of it and looking towards that close, towards the end of the year, where we will certainly come out and give a lot more insight in how we're thinking about the business and growth opportunities.

所以，這一切都是我們目前思考的重點。我們很興奮能搬進這個領域。我們當然非常重視整合，並且已經為此建立了一個強大的整合引擎方案。展望年底，我們一定會公佈更多細節，深入探討我們對業務和成長機會的看法。

Great. And maybe just one follow-up for me. You touched on the BEAD program a little bit earlier. We've seen, I think a vast majority of the awards have gone to fiber and a lot of the capital will be fiber-related. Have you seen any of BEAD rewards go into your backlog at this point?

偉大的。或許我還需要補充一點。您之前稍微提到過 BEAD 項目。我們看到，我認為絕大多數獎項都頒給了光纖，而且許多資金也將與光纖相關。到目前為止，您是否看到任何 BEAD 獎勵進入了您的待辦事項清單？

I know you've talked about Q2 as kind of a starting point for revenue contributions. But just wondering if you've been having conversations and you're starting to see demand flow in already so that you can get started in Q2?

我知道你曾經把第二季當作營收貢獻的起點。我只是想知道你們是否已經開始進行洽談，是否已經開始看到需求流入，以便你們能在第二季啟動專案？

Yes. So about two-third to date, two-third of the locations are going to be served by either fiber or HFC infrastructure. So we're excited about that. It really lined up well with how we've been thinking about it to date. That addressable market is probably going to be in the neighborhood of $20 billion to include the matches from the sub-brands, so significant spending to do over the next four or five years.

是的。因此，到目前為止，大約三分之二的地點將由光纖或HFC基礎設施提供服務。我們對此感到很興奮。這和我們迄今為止的想法非常吻合。如果將子品牌的匹配項也包括在內，那麼這個潛在市場規模可能在 200 億美元左右，因此在未來四到五年內需要進行大量支出。

We are front and center there. We've been talking to the states for years. We've been talking to our customers for years. I mentioned in the prepared remarks, we have well over $500 million in verbal awards today. We don't have any in our backlog but significant opportunities that now as the funding starts to flow that we hope to move from verbal into backlog for next quarter.

我們處於最前線中心位置。我們與各州進行對話已經很多年了。我們與客戶溝通已有多年。我在事先準備好的演講稿中提到，今天我們口頭承諾的金額已經超過 5 億美元。我們目前沒有積壓訂單，但隨著資金開始到位，我們有一些重要的機會，希望在下個季度將口頭承諾轉化為實際訂單。

Brent Thielman, D.A. Davidson & Company.

布倫特·蒂爾曼，D.A.戴維森公司。

Great, thanks. Yes, I had a question just on the margin progression, mid- to high teens is notable, Dan, but I want to understand how those margins have progressed over the last few years what you think is sustainable? And I guess, as a follow-up to that, can you sort of quantify the cash conversion cycle related to the acquisition, especially as we think about the business sort of driving deleveraging efforts.

太好了，謝謝。是的，我有個關於利潤率成長的問題，十幾到十幾的利潤率確實值得關注，丹，但我更想了解過去幾年利潤率的成長情況，你認為這種成長是可持續的嗎？我想，作為後續問題，您能否量化一下與此次收購相關的現金轉換週期，尤其是在我們考慮該業務推動去槓桿化努力的情況下。

Happy to -- on margin progression. So in that business, absolutely, they get operating leverage just as we do in the business. So growth certainly helps from a margin contribution. They've been strong margin for a long period of time and to find somebody that's accretive to our strong margin profile, again, something that we're very pleased with overall. We certainly believe that to be able to maintain strong margins.

很高興——關於利潤成長。所以，在那個行業裡，他們當然也能像我們一樣獲得經營槓桿。因此，成長確實有助於提高利潤率。他們長期以來一直保持著強勁的利潤率，而且能夠找到一個能夠進一步提升我們強勁利潤率的公司，這一點我們總體上非常滿意。我們當然相信能夠維持較高的利潤率。

It's not always going to be -- just like our business is not always going to be perfect, depends on exactly how the projects stack depends on what the growth curve looks like. But that mid- to high teens is a good range to think about and certainly how we're thinking about next year and how we're thinking about the deal.

情況並非總是如此——就像我們的業務並非總是完美無缺一樣，這取決於專案的安排以及成長曲線的走向。但十幾到二十幾歲是一個值得考慮的範圍，當然，這也是我們對明年以及對這筆交易的看法。

On cash conversion cycle, again, this is a positive from a cash perspective for us. Their DSOs are typically in the 60-plus day range. So that will be a positive impact for overall. And again, strong operating cash. And from a free cash flow, they're not as capital as intensive as I mentioned. So really, when you look across the fundamentals and the deal really does come down to the fundamentals, the fundamentals are strong all the way across the board.

從現金週轉週期來看，這對我們來說也是一個正面的現金流狀況。他們的應收帳款週轉天數通常在 60 天以上。所以這對整體而言將產生正面影響。而且，營運現金流依然強勁。從自由現金流來看，它們的資本密集度並不像我之前提到的那麼高。所以說，當你審視基本面時，你會發現這筆交易最終還是取決於基本面，而各個方面的基本面都非常強勁。

Okay. And maybe one more, if I could. Your inside-the-fence strategy, maybe you could argue, at least for the core Dycom business is kind of early days. I know starting from a relatively low point. Does this accelerate it as you leverage these customer relationships, the Power Solutions has such that we could see some revenue synergies with that strategy as you sort of combine the two companies?

好的。如果可以的話，也許還能再來一個。或許你可以說，你採取的「圍牆內」策略，至少對於 Dycom 的核心業務而言，還處於早期階段。我知道我的起點相對較低。透過利用這些客戶關係，Power Solutions 是否能夠加速這一進程？這樣一來，隨著兩家公司的合併，我們是否能夠透過該策略看到一些收入綜效？

Absolutely, absolutely. Really a cornerstone to how we thought about this acquisition. Those relationships have continued to build and get stronger, and it's with more than one hyperscaler. I should be specific about that. But we continue to do more and more work.

當然，當然。這確實是我們考慮此次收購的基石。這些關係持續發展並不斷加強，而且涉及不只一家超大規模資料中心營運商。我應該把這一點說得更具體一些。但我們會繼續做越來越多的工作。

We are doing work in the same DMV region where Power Solutions operates. So you absolutely can start talking about synergies, you can start talking about how can we collectively together provide more -- even more value for the end users than we would apart.

我們在 Power Solutions 所在的 DMV 地區開展工作。所以，你們完全可以開始討論協同效應，可以開始討論我們如何共同為最終用戶提供比我們各自為戰時更多的價值。

We can talk about what that means for again, there's so much growth in that space that's out front of hyperscalers. The question is who's going to be there to meet that. And I said before, the companies that are going to succeed in the (inaudible) are the ones that are positioned to deliver on the infrastructure.

我們可以再次討論這意味著什麼，在這個領域，超大規模資料中心的發展潛力巨大。問題是，誰會到場迎接這項挑戰。我之前說過，那些能夠在（聽不清楚）領域中取得成功的公司，就是那些能夠提供基礎建設的公司。

We're already well positioned, and that's why we've continued to move closer and further inside-the-fence. This just takes us another step even further, right? It makes those relationships even stronger. And if you think about it from a long-term perspective, the opportunities just get much, much broader and deeper overall.

我們已經佔據了有利位置，所以我們才繼續向圍欄內推進。這豈不是讓我們更進一步了嗎？這會讓彼此的關係更加牢固。從長遠來看，機會總體上會變得更加廣泛和深入。

Got it. Okay, thank you.

知道了。好的，謝謝。

[Laura Maher], B. Riley Securities.

[Laura Maher]，B. Riley Securities。

Hi, good morning. Thanks for taking the question. My first question, Verizon recently announced potential large layoffs. Is this related to any kind of project that Dycom's involved with?

您好，早安。感謝您回答這個問題。我的第一個問題是，Verizon 最近宣布可能大規模裁員。這是否與Dycom參與的任何專案有關？

I'll just say we're following the news. Verizon has been a great customer for us for a long time and continue to do a significant amount of work for them. We see that continuing overall, we haven't seen impacts or yet on what their new CEO, and congrats to Dan, for taking the help. We haven't seen anything on our side of the business and look forward to just continue to part with them and make sure that we can meet their needs to set up other builds.

我只能說，我們一直在關注新聞。Verizon 一直是我們的重要客戶，我們一直為他們做了很多工作。我們看到這種情況總體上仍在持續，我們還沒有看到對他們的新執行長產生任何影響，祝賀丹接受了幫助。我們這邊目前還沒有看到任何進展，期待繼續與他們合作，確保我們能夠滿足他們的需求，以便開展其他專案。

Okay. Great. And then in regard to the latest fiber build-out, how much more sophisticated is this build-out and the support of the growth of AI versus the previous fiber build-out that was driven by the Internet?

好的。偉大的。那麼，就最新的光纖建設而言，與先前由互聯網驅動的光纖建設相比，這次的建設和對人工智慧發展的支持程度要高多少呢？

Just so I'm correct, are you talking about the work the Power Solutions does or?

為了確保我理解正確，您指的是 Power Solutions 公司所做的工作嗎？

No. Just the fiber work in general, not necessarily Power Solutions.

不。僅指光纖相關工作，不一定是電力解決方案。

Yes, Yes. If you think about -- and again, I'll say it for again, complexity really favors Dycom. If you think about these long-haul and middle mile routes, this high-capacity, high-density fiber bundles -- they are more complex. They are more difficult to install. They are more -- they require a lot more sophistication in how you're thinking about the work planning the work, getting out front of the work.

是的，是的。如果你仔細想想——我再說一遍，複雜性對 Dycom 非常有利。如果你考慮這些長途和中程線路，這些高容量、高密度的光纖束——它們就更複雜了。它們安裝起來更困難。它們更複雜——它們要求你在思考工作、計劃工作、提前做好工作等方面有更成熟的思維方式。

That's where we specialize. That's where we differentiate. So it's been a positive for us. We were really, I would say, first at that, but certainly first inning and getting out there to do that work. We've been out doing overpulls, now with Lumen for the bulk of the year. And so we really have a ton of experience and a ton of lessons there that position us well to continue that.

這是我們的專長所在。這就是我們的優勢。所以這對我們來說是件好事。我想說，我們在這方面確實是第一，但肯定是在第一局就全力以赴。今年大部分時間我們都在進行超負荷的拉力測試，現在主要和 Lumen 合作。因此，我們在那裡積累了豐富的經驗和教訓，這使我們能夠更好地繼續這項工作。

And we continue to book further awards there and across customers. we talked about the calendar 2027 is really being a ramping period, but I don't want that to be mistaken. There's -- we're doing significant work today. We think there's going to be significant work next year. It's just when you think about new construction, that is not over pulling the existing conduits.

我們繼續為那裡的客戶以及其他客戶預訂更多獎勵機票。我們之前討論過，2027 年將是成長期，但我不想讓這一點被誤解。今天我們要做重要的工作。我們認為明年會有很多工作要做。只是在考慮新建工程時，要注意不要過度拉伸現有的管道。

New construction takes a while to get planned to get permitted and to really build that work plan itself for crew continuity and the flow work. So excited about all that. We think it's going to continue to build over time and a fantastic driver to augment the other extremely busy drivers in the business.

新建工程需要一段時間進行規劃、獲得許可，並真正制定工作計劃，以確保施工團隊的連續性和工作流程的順利進行。對此我感到非常興奮。我們認為隨著時間的推移，它將繼續發展壯大，並成為補充業內其他繁忙司機的絕佳動力。

Thank you, and I'm showing no further questions from our phone lines. I'd now like to turn the conference back over to Mr. Dan Peyovich for closing remarks.

謝謝，我們的電話線路目前沒有其他問題。現在我謹將會議交還給丹‧佩約維奇先生，請他作閉幕致詞。

Absolutely. I'd just like to again comment on the strength of the demand drivers in the telecommunications space. Obviously, with the acquisition announcement today, we spend a lot of time talking about that, but I want to make sure that we really recognize that these demand drivers continue to be strong, whether it's fiber-to-the-home.

絕對地。我想再次談談電信領域需求驅動因素的強勁勢頭。顯然，隨著今天收購公告的發布，我們花了很多時間談論這件事，但我希望確保我們真正認識到，這些需求驅動因素仍然強勁，無論是光纖到府還是其他方面。

Now the world is coming even stronger with BEAD work. Our service and maintenance continues to grow. We serve our customers well across the business. I'm excited to continue to do that. As we think about the acquisition, really, this just makes us stronger for all of our customers and widens the opportunity set across all of our customers to make sure that we can meet their needs, because it's an active space, the amount of infrastructure that needs to get built in the coming years and in the coming decades is significant.

如今，珠飾工藝在世界各地越來越受歡迎。我們的服務和維護工作持續發展壯大。我們在各個業務領域都為客戶提供優質服務。我很期待繼續做這件事。當我們考慮此次收購時，實際上，這只會讓我們更強大，更好地服務所有客戶，並擴大我們所有客戶的機會範圍，以確保我們能夠滿足他們的需求，因為這是一個活躍的領域，未來幾年和未來幾十年需要建設的基礎設施數量巨大。

And as we talked about, really generational level of deployment. We're excited and honored to be partnered to our customers and want to make sure that we can stay in front of all that. We think that this acquisition and all the work that we've been doing to make Dycom stronger to become more efficient. Really, at the end of the day, it's about our customers.

正如我們之前討論的，這實際上是代際層面的部署。我們非常興奮和榮幸能與客戶建立合作夥伴關係，並希望確保我們能夠始終保持領先地位。我們認為，此次收購以及我們為增強 Dycom 的實力、提高其效率所做的一切努力，都將使 Dycom 更加強大、更有效率。說到底，一切都以客戶為中心。

It's about serving them well and serving our community as well. So thanks to them, thanks to all of the Dycom employees for their hard work in continuing to differentiate us and to our future Power Solutions partners excited to get to the close and to welcome you officially to the family. Thank you all for joining the call today. Look forward to seeing you next quarter. Be safe and be well.

這既是為了更好地服務他們，也是為了更好地服務我們的社區。所以，感謝他們，感謝所有 Dycom 員工的辛勤工作，使我們不斷脫穎而出；也感謝我們未來的電力解決方案合作夥伴，很高興即將完成交易，並正式歡迎你們加入我們這個大家庭。感謝各位今天參加電話會議。期待下個季度再見你。注意安全，保重身體。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。