Dycom Industries 8K Dycom Announces Fiscal 2010 Third Quarter Results | DY 27 May 10

Exhibit 99.2

3rd Quarter Presentation

May 26, 2010

Participants

Steven E. Nielsen
President & Chief Executive Officer

H. Andrew DeFerrari
Chief Financial Officer

Richard B. Vilsoet
General Counsel

Forward-Looking Statements and Non-
GAAP Information

This presentation contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements with respect to the
Company’s fiscal 2010 fourth quarter results. The words “believe,” “expect,” “anticipate,”
“estimate,” “intend,” “forecast,” “may,” “should”, “could”, “project,” “outlook” and similar
expressions, including statements regarding backlog, identify forward-looking statements.
These forward-looking statements are based on management’s current expectations,
estimates and projections and speak only as of the date of this presentation. Forward-
looking statements are subject to known and unknown risks and uncertainties that may
cause actual results in the future to differ materially from the results projected or implied in
any forward-looking statements contained in this presentation. The factors that could affect
future results and could cause these results to differ materially from those expressed in the
forward-looking statements include, but are not limited to, those described under Item 1A,
“Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended July 25,
2009, and other risks outlined in the Company’s periodic filings with the Securities and
Exchange Commission (“SEC”). Except as required by law, the Company may not update
forward-looking statements even though its situation may change in the future.

This presentation includes certain “Non-GAAP” financial measures as defined by SEC
rules. As required by the SEC we have provided a reconciliation of those measures to the
most directly comparable GAAP measures on the Regulation G slides included at slides 10
through 12 of this presentation.

Q3-2010 Overview

n Contract revenue of $231.6 million in Q3-10 increased 7.1%
sequentially from Q2-10

n Revenue trends improving in later half of the quarter

n Non-GAAP Q3-10 results of $0.02 per share

n Strong liquidity at April 24, 2010

n $4.5 million in share repurchases

Note: See “Regulation G Disclosure” slide 10 for a reconciliation of GAAP to Non-GAAP financial measures.

Revenue Summary

n Top 5 customers represented 64.8% of
revenue in Q3-10 and 61.7% of
revenue in Q3-09

n Revenue decline in Top 5 customers
5.6% and decline at all other
customers 17.3%

n Organic revenue trend improving in
total

n Excluding Verizon, other customers in
the Top 5 combined grew organically
3.6% in Q3-10

* For comparison purposes, CenturyLink includes combined revenues from CenturyTel, Inc. and Embarq Corporation for each period presented.

Note: See “Regulation G Disclosure” slide 12 for a reconciliation of GAAP to Non-GAAP financial measures.

** Organic revenue change excludes revenue from storm restoration work.

Backlog and Employees

Current Contract Awards and Extensions

Customers	Area	Description	Approximate Term (in years)
nAT&T	Georgia South Carolina	Construction services	3
nComcast	Illinois	Installation services	3
nVerizon	Northeast, Mid Atlantic	Engineering services	3
nCharter	Tennessee	Construction and maintenance services	2
nVarious	Kentucky, Kansas, Colorado	Rural fiber construction services	1

Summary Results

Note: See “Regulation G Disclosure” slide 10 for a reconciliation of GAAP to Non-GAAP financial measures.

Selected Financial Information

n Year-over-year organic revenue decline
of 8.0% (excluding $5.9 million of
revenue in Q3-09 for storm restoration
services)

n Cost of earned revenues as a
percentage of revenue impacted by
difficult weather conditions and higher
prices of gasoline

n G&A unchanged year-over-year

n Depreciation & amortization declined
due to the sale of assets and from
assets becoming full depreciated

n Other income, net - Non-GAAP
increased as more assets were sold at
generally higher prices in Q3-10

(a) See “Regulation G Disclosure” slides 10 and 12 for a reconciliation of GAAP to Non-GAAP financial measures.

(b) Amounts may not foot due to rounding.

Cash Flow and Liquidity

n Cash flows used to fund operations as
activity level increased during the
quarter

n Combined days sales outstanding on
trade receivables and net unbilled
revenues were 61 days in each of Q3-
10 and Q3-09 (a)

n Capital expenditures, net of disposals
at $6.9 million

n Strong financial profile

n Debt less cash was $19.3 million at the
end of Q3-10 compared to cash net of
debt of $0.2 million as of Q2-10

n In compliance with debt covenants as
of April 24, 2010

(a) Days sales outstanding is calculated as the summation of current accounts receivable,
plus costs and estimated earnings in excess of billings, less billings in excess of costs and
estimated earnings, divided by average revenue per day during the respective quarter.

Summary

n Economic environment showing signs of improvement

n Solid customer relationships

n Market share growing as customers consolidate vendors

n At the forefront of evolving industry opportunities including those resulting from
industry mergers and acquisitions

n Encouraged by deployment of new technologies to consumers and businesses by
cable operators

n Responding to an increasing number of industry participants for wireless backhaul
services

n Looking ahead to the fourth quarter of fiscal 2010 we expect:

} Total revenue trend that continues to improve with a sequential increase in
excess of 10%, after excluding the incremental week required by our 52/53
week fiscal calendar

} Margins which improve

} Effective tax rate approximately 50% of pre-tax results

Appendix: Regulation G Disclosure

Amounts may not foot due to rounding.

(a) Year-over-year growth (decline) percentage is calculated as follows: (i) revenues in the quarterly period less (ii) revenues in the comparative prior year quarterly period; divided by (ii)
revenues in the comparative prior year quarterly period

3rd Quarter Presentation

May 26, 2010

Dycom Industries (DY) 8-KDycom Announces Fiscal 2010 Third Quarter Results