Exhibit 99.2 Dycom Q3 2021 Results November 24, 2020
Participants Agenda Steven E. Nielsen • Q3 2021 Overview President & Chief Executive Officer • Industry Update H. Andrew DeFerrari Chief Financial Officer • Financial & Operational Highlights Ryan F. Urness General Counsel • Outlook • Closing Remarks • Q&A 2
Important Information Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements include those related to the outlook for the quarter ending January 30, 2021 found within this presentation. These statements are subject to change. Forward looking statements are based on management’s current expectations, estimates and projections. These statements are subject to risks and uncertainties that may cause actual results for completed periods and periods in the future to differ materially from the results projected or implied in any forward-looking statements contained in this presentation. The most significant of these risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include the projected impact of COVID-19 on the Company’s business operating results, cash flows and/or financial condition and the impacts of the measures the Company has taken in response to COVID-19, the Company’s ability to effectively execute its business and capital plans, business and economic conditions and trends in the telecommunications industry affecting the Company’s customers, customer capital budgets and spending priorities, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, preliminary purchase price allocations of acquired businesses, expected benefits and synergies of acquisitions, the future impact of any acquisitions or dispositions, adjustments and cancellations of the Company’s projects, the related impact to the Company’s backlog from project cancellations, weather conditions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, the Company’s ability to generate sufficient cash to service its indebtedness, restrictions imposed by the Company’s credit agreement, and the other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update forward-looking statements. Non-GAAP Financial Measures This presentation includes certain “Non-GAAP” financial measures as defined by Regulation G of the SEC. As required by the SEC, an explanation of the Non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP financial measures are provided in the Company’s Form 8-K filed with the SEC on November 24, 2020 and on the Company’s Investor Center website at https://ir.dycomind.com. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. 3
Contract Revenues Q3 2021 Overview Contract Revenues Q3 2021 revenues of $810.3 million decreased 9.4% on an organic basis after excluding $8.9 million of revenues from storm restoration services for Q3 2021 Operating performance Non-GAAP Adjusted EBITDA for Q3 2021 of $92.8 million, or 11.5% of contract revenues, compared to $91.7 million, or 10.4% of contract revenues, for Q3 2020 Non-GAAP Adjusted Non-GAAP Adjusted Diluted Earnings per Common Share of $1.06 for Q3 2021, compared to $0.88 for Diluted EPS Q3 2020 Liquidity Strong liquidity of $587.1 million at Q3 2021 Reduced notional net debt by $110.1 million during Q3 2021 and by $467.4 million since Q3 2020 4
Industry Update Industry Increasing Network Bandwidth Dramatically Major industry participants constructing or upgrading significant wireline networks across broad sections of the country generally designed to provision 1 gigabit network speeds directly to consumers or wirelessly using 5G technologies Industry effort to deploy high capacity fiber networks continues to meaningfully broaden Dycom’s set of opportunities Access to high capacity telecommunications increasingly crucial to society in the time of the COVID-19 pandemic, especially in rural America where dramatically increased rural network investment will be required to support work from home, telemedicine, distance learning and other newly essential applications Dycom’s scale and financial strength position it well to deliver valuable services to its customers Dycom is currently providing services for 1 gigabit full deployments and converged wireless/wireline multi-use network deployments across the country in dozens of metropolitan areas to several customers, including customers with stated aspirations to initiate broad fiber deployments as well as customers who appear to be contemplating the resumption of broad deployments and with whom current activity is increasing Potential fiber network deployment opportunities are increasing in rural America as new industry participants respond to emerging societal incentives Dycom’s ability to provide integrated planning, engineering and design, procurement and construction and maintenance services is of particular value to several industry participants COVID-19 Near Term Impacts Macro-economic effects and uncertainty may influence some customer plans Customers continue to be focused on the possible macro-economic effects of the pandemic on their business with particular focus on SMB dislocations and overall consumer confidence and credit worthiness Some uncertainty is seen in the overall municipal environment as authorities continue to manage the general effects of the pandemic on permitting and inspection processes and the impacts of potential business limitations due to recent nationwide increase in COVID-19 infections 5
Contract Revenues 2 Formerly known as CenturyLink, Inc. Q3 2021 Organic growth (decline): Top 5 customers represented 71.6% and 77.3% of contract (9.4)% (15.4)% 11.1% revenues in Q3 2021 and Q3 2020, respectively Total Customers Top 5 Customers All Other Customers Q3 2021 % of contract revenues from customers #6 through #10: 9.0% 2.4% 2.3% 2.3% 1.6% 0.9% Comcast Customer #6 Frontier Charter Dominion Energy NiSource 6
Backlog and Awards Selected Q3 2021 Awards and Extensions: Contracts executed subsequent to Q3 2021 resulted Customer Description Area Term in bookings in excess of $740 million of backlog that will be incorporated in the Q4 2021 calculation AT&T Maintenance Services IN, OH, KY, TN, AL, GA, FL 3 years Locating Services GA 3 years Frontier Engineering & Construction Services NY Various Rural Fiber Services MN, OK, TN, MS 1 year 7
Financial Highlights As % of Contract Revenues Q3 2021 revenues of $810.3 million decreased 9.4% on an organic basis after excluding $8.9 million of revenues from storm restoration services for Q3 2021 Non-GAAP Adjusted EBITDA of $92.8 million, or 11.5% of revenue, and Non-GAAP Adjusted Diluted EPS of $1.06 for Q3 2021 reflecting solid operating performance Non-GAAP Adjusted Diluted EPS increase for Q3 2021 resulted from higher Adjusted EBITDA, lower depreciation and interest expense, and higher other income from asset sales, offset in part by higher income tax expense 8
Liquidity Overview $ Millions Q2 2021 Q3 2021 Debt Summary 0.75% Convertible Senior Notes, mature Sept 2021: $ 58.3 $ 58.3 Senior Credit Facility, matures Oct 2023:4 Term Loan Facilities 433.1 427.5 Revolving Facility 200.0 85.0 Total Notional Amount of Debt $ 691.4 $ 570.8 Less: Cash and Equivalents 22.5 12.0 Notional Net Debt7 $ 668.9 $ 558.7 ($467.4) $ Millions Q3 2020 Q3 2021 Cash Flow Summary Cash provided by (used in) operating activities $ (24.0) $ 111.9 Capital expenditures, net of disposals $ (14.5) $ (3.5) (Repayments) Borrowings on Senior Credit Facility $ 38.0 $ (120.6) Other financing & investing activities, net $ (0.2) $ 1.6 7 7 7 Total Days Sales Outstanding ("DSO")6 128 127 Reduced notional net debt by $467.4 million since Q3 2020, including a Robust operating cash flows of $111.9 million during Q3 2021 and Q3 2021 reduction of $110.1 million $279.4 million year-to-date from prudent working capital management During Q3-2021: DSOs of 127 at Q3 2021, compared to DSOs of 128 at Q3 2020 . Generated solid free cash flow Capital expenditures, net of disposals for fiscal 2021 anticipated at . Repaid $115.0 million on Revolver $45 - $55 million, a $15 million reduction from prior outlook . Repaid $5.6 million of Term Loan borrowings Strong liquidity5 of $587.1 million at Q3 2021 9
Outlook For the quarter ending January 30, 2021 (which includes an additional week of operations due to the Company’s 52/53 week fiscal year), the Company expects modestly lower contract revenues with margins that range from in-line to modestly higher, as compared to the quarter ended January 25, 2020 The Company believes the impact of the COVID-19 pandemic on its operating results, cash flows and financial condition is uncertain, unpredictable and could affect its ability to achieve these expected financial results 10
Closing Remarks Solid end market activity despite challenging economic backdrop Fiber deployments enabling new wireless technologies are underway in many regions of the country Telephone companies are deploying FTTH to enable 1 gigabit high speed connections Cable operators are deploying fiber to small and medium businesses and enterprises, partly in anticipation of the customer sales process; deployments to expand capacity as well as new build opportunities are underway Dramatically increased speeds to consumers are being provisioned and consumer data usage is growing, particularly upstream Customers are consolidating supply chains creating opportunities for market share growth and increasing the long- term value of Dycom’s maintenance and operations business Dycom is increasingly providing integrated planning, engineering and design, procurement and construction and maintenance services for wired and converged wireless/wireline networks Remain encouraged that Dycom’s major customers continue to be committed to multi-year capital spending initiatives 11
Notes 1) Organic growth (decline) % adjusted for revenues from acquired businesses and storm restoration services, when applicable. 2) Formerly known as CenturyLink, Inc. 3) The Company’s backlog represents an estimate of services to be performed pursuant to master service agreements and other contractual agreements over the terms of those contracts. These estimates are based on contract terms and evaluations regarding the timing of the services to be provided. In the case of master service agreements, backlog is estimated based on the work performed in the preceding 12 month period, when available. When estimating backlog for newly initiated master service agreements and other long and short-term contracts, the Company also considers the anticipated scope of the contract and information received from the customer during the procurement process. A significant majority of the Company’s backlog comprises services under master service agreements and other long-term contracts. Backlog is not a measure defined by United States generally accepted accounting principles (“GAAP”) and should be considered in addition to, but not as a substitute for, GAAP results. Participants in the Company’s industry often disclose a calculation of their backlog; however, the Company’s methodology for determining backlog may not be comparable to the methodologies used by others. Dycom utilizes the calculation of backlog to assist in measuring aggregate awards under existing contractual relationships with its customers. The Company believes its backlog disclosures will assist investors in better understanding this estimate of the services to be performed pursuant to awards by its customers under existing contractual relationships. 4) As of both October 24, 2020 and July 25, 2020, the Company had $52.2 million of standby letters of credit outstanding under the Senior Credit Facility. 5) Liquidity represents the sum of the Company’s availability on its revolving facility as defined by the Company’s Senior Credit Facility and available cash and equivalents. 6) DSO is calculated as the summation of current and non-current accounts receivable (including unbilled receivables), net of allowance for doubtful accounts, plus current contract assets, less contract liabilities (formerly referred to as billings in excess of costs and estimated earnings) divided by average revenue per day during the respective quarter. Long-term contract assets are excluded from the calculation of DSO, as these amounts represent payments made to customers pursuant to long-term agreements and are recognized as a reduction of contract revenues over the period for which the related services are provided to the customers. 7) Notional net debt as of Q3 2020, Q4 2020 and Q1 2021 consisted of the following: $ Millions Q3 2020 Q4 2020 Q1 2021 Debt Summary 0.75% Convertible Senior Notes, mature Sept 2021: $ 485.0 $ 460.0 $ 293.0 Senior Credit Facility, matures Oct 2023:4 Term Loan Facilities 450.0 444.4 438.8 Revolving Facility 103.0 - 675.0 Total Notional Amount of Debt $ 1,038.0 $ 904.4 $ 1,406.7 Less: Cash and Equivalents 11.8 54.6 643.9 Notional Net Debt $ 1,026.2 $ 849.8 $ 762.9 12