Dycom Industries 8K Results of Operations and Financial Condition | DY 29 Feb 12

Exhibit 99.2

Fiscal 2012

2nd Quarter Presentation

February 29, 2012

Participants

Steven E. Nielsen
President & Chief Executive Officer

Timothy R. Estes

Chief Operating Officer

H. Andrew DeFerrari
Chief Financial Officer

Richard B. Vilsoet
General Counsel

Forward-Looking Statements and
Non-GAAP Information

Fiscal 2012 second quarter results are unaudited. This presentation contains “forward-looking statements”
which are statements relating to future events, future financial performance, strategies, expectations, and
competitive environment. All statements, other than statements of historical facts, contained in this
presentation, including statements regarding our future financial position, future revenue, prospects, plans and
objectives of management, are forward-looking statements. Words such as “believe,” “expect,” “anticipate,”
“estimate,” “intend,” “forecast,” “may,” “should,” “could,” “project,” “looking ahead” and similar expressions, as
well as statements in future tense, identify forward-looking statements. You should not read forward looking
statements as a guarantee of future performance or results. They will not necessarily be accurate indications of
whether or at what time such performance or results will be achieved. Forward-looking statements are based
on information available at the time those statements are made and/or management’s good faith belief at that
time with respect to future events. Such statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those expressed in or suggested by the forward-looking
statements. Important factors that could cause such differences include, but are not limited to factors described
under Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended July 30, 2011,
and other risks outlined in the Company’s periodic filings with the Securities and Exchange Commission
(“SEC”). The forward-looking statements in this presentation are expressly qualified in their entirety by this
cautionary statement. 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. We believe that the
presentation of certain Non-GAAP financial measures provides information that is useful to investors because it
allows for a more direct comparison of our performance for the period with our performance in the comparable
prior-year periods. 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 as slides 11 through 15 of this
presentation. We caution that Non-GAAP financial measures should be considered in addition to, but not as a
substitute for, our reported GAAP results.

Q2-2012 Overview

n Contract revenue of $267.4 million as compared to $218.2 million in the
prior year quarter

n Contract revenue grew organically 19.2%, highest organic growth in over 7 years

n Adjusted EBITDA of $24.7 million in Q2-12 grew 52.5% compared to Q2-11

n GAAP net income of $0.10 per share diluted compared to Non-GAAP net loss per
share diluted of $(0.03) in Q2-11

n Record Backlog of $1.819 billion and largest sequential increase in 6 years

Note: The organic revenue percentage of 19.2% excludes revenues from businesses acquired during the second quarter of fiscal 2011
from each period. Non-GAAP net loss per share diluted of $(0.03) in Q2-11 is adjusted for after-tax acquisition related costs and loss
on debt extinguishment. See “Regulation G Disclosure” slides 11-15 for a reconciliation of GAAP to Non-GAAP financial measures.

n Top 5 customers from Q2-12 represented 58.3% of
revenue in Q2-12 compared to 61.0% of revenue
in Q2-11

Ø CenturyLink became Dycom’s largest customer
for the first time at 14.5% of total revenues

Ø Verizon’s organic growth in excess of 57% year-
over-year

Ø Windstream more than doubled year-over-year
with organic growth of 115%

n Organic revenue growth of 19.2%, excluding revenue
from businesses acquired during the second quarter
of fiscal 2011 from each period:

Ø Revenue from Top 5 customers up 14.9%

Ø Combined revenue from other customers up
25.8%

Ø Communication Services and NeoCom, acquired
during Q2-11, contributed aggregate revenues of
$13.6 million during the quarter

* For comparison purposes, CenturyLink includes combined revenues from CenturyTel, Inc. and Qwest Communications International, Inc. for each period presented.

Additionally, Windstream Corporation includes revenues from Kentucky Data Link, Inc. for each period presented.

Note: See “Regulation G Disclosure” slides 11 -15 for a reconciliation of GAAP to Non-GAAP financial measures.

Backlog and Awards

Current Awards and Extensions

Customers	Description	Area	Approximate Term (in years)
nAT&T	Wireless Construction Services	Georgia, Florida	3
nCenturyLink	Construction and Maintenance Services	Oregon, Washington, Utah, Ohio, Tennessee, Pennsylvania, New Jersey, Virginia, North Carolina, South Carolina	2
nWindstream	Construction and Maintenance Services	Alabama, Georgia, North Carolina, South Carolina	2
nFrontier	Construction and Maintenance Services	West Virginia	3
nSaskTel	Construction and Maintenance Services	Saskatchewan, Canada	2
nVarious	Rural broadband	Wyoming, Missouri, Kentucky, Tennessee, North Carolina, South Carolina	1-2

Record backlog at $1.819 billion

Summary Results

($ in millions, except per share data)	Q2-11 (Non-GAAP)	Q2-12
Net Income (Loss)	$ (1.2)	$ 3.5
Fully Diluted EPS	$(0.03)	$0.10

Organic revenue growth of 19.2%, highest growth in over 7 years

Adjusted EBITDA growth from improved performance

EPS of $0.10 per common share diluted

Revenue from Telecommunications customers 83.8% of total

Note: The organic revenue percentage of 19.2% excludes revenues from
businesses acquired in Q2-11 from each period. See “Regulation G
Disclosure” slides 11-15 for a reconciliation of GAAP to Non-GAAP financial
measures.

Adjusted EBITDA-
Non-GAAP as a %
of revenues

7.4%

9.2%

Selected Information

(a) Amounts may not foot due to rounding.

(b) Percentages disclosed under the financial amounts for Q2-12 and Q2-11 represent the percentage of contract revenues for the applicable
period.

Q2-12

Q2-11

Change (a)

($ in millions)(b)

Contract Revenues

$267.4

$218.2

$49.2

Cost of Earned Revenues

$220.2

82.4%

$181.6

83.2%

$38.6

(0.9)%

General & Administrative -
(Non-GAAP Q2-11)

$24.3

9.1%

$21.6

9.9%

$2.7

(0.8)%

Depreciation & Amortization

$15.5

5.8%

$15.8

7.2%

$(0.3)

(1.4)%

Interest expense

$4.2

1.6%

$3.8

1.7%

$0.4

(0.2)%

Other Income, net

$2.4

0.9%

$2.2

1.0%

$0.2

(0.1)%

Net income (loss) - (Non-
GAAP Q2-11)

$3.5

1.3%

$(1.2)

(0.6)%

$4.7

1.9%

Adjusted EBITDA - Non-
GAAP

$24.7

9.2%

$16.2

7.4%

$8.5

1.8%

Organic revenue growth of 19.2%,
excluding revenue from businesses acquired in Q2-11
in each period

nGrowth within existing contracts

nRural broadband projects

Adjusted EBITDA % grew over 180
basis points as a % of revenue to
$24.7 million in Q2-12

nImproved labor efficiency

nCost control and greater leverage of
general & administrative costs

Note: See “Regulation G Disclosure” slides 11-15 for a reconciliation of GAAP to Non-GAAP financial measures.

Cash Flow and Liquidity

Strong operating cash flows and
targeted capital spending support growth

nCash Flow from Operations of $51.4 million

nCombined days sales outstanding on trade
receivables and net unbilled revenues were
63 days in Q2-12

nCapital expenditures, net of disposals, of
$20.1 million

Balance Sheet Strength

nCash and equivalents at $86.2 million,
increased $41.4 million since Q4-11

nAmple liquidity from cash on hand and
$185.9 million of availability under Senior
Credit Agreement

Summary

n End market opportunities driving organic growth

} Industry participants aggressively extending or deploying
fiber networks to provide wireless backhaul services

} Broadband stimulus funding meaningfully increasing network
construction for rural service providers

} Cable operators deploying fiber to small and medium
businesses

} Wireless carriers upgrading from 3G to 4G technologies

} Telephone companies deploying FTTX to enable video
offerings

} Footprint expansion with customers as market share
increases

n Increased market share has expanded the portion of revenues
that is recurring

Looking Ahead

n Revenue which grows high-single digit to low-double digits as a percent of prior year’s
quarterly revenue, after excluding Q4-11 storm work of $14.1 million for the Q4-12 comparison

n Margins and earnings which reflect operating efficiencies at higher revenue levels

n Strong cash flows dedicated as projected returns direct towards supporting organic growth,
accretive acquisition opportunities and share repurchases

n Confident that solid operating trends will continue for a sustained period

Q3 - 2012:

n Revenue which grows high-single digit to low-double digits as a percent of Q3-11
quarterly revenue

n Gross margins which improve year-over-year by approximately 100 bps

n General and administrative expenses influenced by performance based incentive plans and
equity awards resulting in a sequential quarterly increase approaching 10%

n Depreciation and amortization which increase slightly on a sequential basis

n Other income which increases over $2.0 million year-over-year reflecting increased asset
sales and pricing

n Fully diluted share count which increases modestly on a sequential basis

Appendix: Regulation G Disclosure

The above table presents the Non-GAAP financial measure of Adjusted EBITDA for the three and six months ended January 28, 2012 and January
29, 2011 and a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure. Adjusted EBITDA is a Non-GAAP financial
measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The Company defines Adjusted EBITDA as
earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, loss on debt
extinguishment and acquisition-related costs. The Company believes this Non-GAAP financial measure provides information that is useful to the
Company’s investors. The Company believes that this information is helpful in understanding period-over-period operating results separate and apart
from items that may, or could, have a disproportionate positive or negative impact on the Company’s results of operations in any particular period.
Additionally, the Company uses this Non-GAAP financial measure to evaluate its past performance and prospects for future performance. Adjusted
EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income, operating cash flows, or a measure of
earnings. Because all companies do not use identical calculations, this presentation of Non-GAAP financial measures may not be comparable to other
similarly titled measures of other companies. These tables present a reconciliation of Adjusted EBITDA to the most directly comparable GAAP
measure.

Appendix: Regulation G Disclosure

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

(b) For comparison purposes, CenturyLink includes combined revenues from CenturyTel, Inc. and Qwest Communications International, Inc. for each period presented.
Additionally, Windstream Corporation includes revenues from Kentucky Data Link, Inc. for each period presented.

Amounts may not foot due to rounding.

Appendix: Regulation G Disclosure

Amounts may not foot due to rounding.

(a) Non-GAAP adjustments in Q2-12, Q3-11 and Q2-11 reflect revenues from businesses acquired during Q2-11. Non-GAAP adjustments in Q1-12 reflect storm
restoration revenues ($3.7 million) and revenues from businesses acquired during Q2-11 ($14.5 million). Non-GAAP adjustments in Q4-11 reflect storm restoration
revenues ($14.1 million) and revenues from businesses acquired during Q2-11 ($14.1 million). Non-GAAP adjustments in Q4-10 result from the Company’s 52/53
week fiscal year. The Q4-10 Non-GAAP adjustments reflect the impact of the additional week in Q4-10 and are calculated by dividing contract revenues by 14 weeks.
The result, representing one week of contract revenues, is subtracted from the GAAP-contract revenues to calculate 13 weeks of revenue for Q4-10 on a Non-GAAP
basis for comparison purposes. Non-GAAP adjustments in Q3-09, Q2-09, and Q1-09 reflect storm restoration revenues recognized during those periods.

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

Appendix: Regulation G Disclosure

Fiscal 2012

2nd Quarter Presentation

February 29, 2012

Dycom Industries (DY) 8-KResults of Operations and Financial Condition