DY - Earnings call transcript Q3 2019 | Dycom Industries, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Dycom Results Conference Call. At this time, all the participant lines are in a listen-only mode. Later we will conduct a question and answer session. Instructions will be given at that time. reminder, is a recorded. As Instructions] this being conference [Operator conference to your I like the over would now turn to Nielsen. host, Steven Please ahead. go

Steven Nielsen

you, call everyone. for Thank Quarter morning, to Results. Good you thank Fiscal I'd XXXX attending review to like conference our Third this Greg.

Slide X. to Going

the can main number call, this on page. our Drew Chief we will identified by which Relevant our our be on presentation. our have a slide Legal referring Chief Financial slides Tim During found to website's throughout Operating Today our will Officer. DeFerrari, Vilsoet, presentation Officer, we Estes, be call, Investor Center be Rick and Officer, Chief

will the turn to over I Rick Vilsoet. Now, call

Richard Vilsoet

to be Except the Act cause involve transition pursuant historical based information, made Company's XX-K the and unknown are including Exchange may and on XXXX management's Steve. risks provisions Company to with projections six Company's Securities statements fully The ended filings uncertainties the the periods you, the forecasted results. expectations, the to materially and Form and Safe management and Steve? forward-looking These Commission. which actual Those and are future the results XXXX. assumes more in for those Reform and January call XX, described to and Litigation report update uncertainties obligation on differ Company's in from risks forward-looking related Private months known no Securities for other periodic statements. the estimates Company Harbor are by Thank statements may forward-looking of of made during current this outlook

Steven Nielsen

Rick. Thanks,

and quarter X Slide review a to third of results. moving our Now

the that and revenue please presented prior we during results, year have from storm business and XXXX and during in acquired that the amounts our from comments, release a quarter. As revenues services quarter April restoration you quarter the review our certain exclude note

per Diluted EBITDA, will Net We Adjusted also Income, Adjusted Share. and Earnings reference Adjusted

$XXX.X See measures. in Organic for excluding and are our $XX.X of quarter ago of in year to reconciliation Non-GAAP of measures All XX.X%. Slides an services financial non-GAAP $X.X storm a was XX increased XX.X%. XX measures quarter the restoration the these million, Revenue increase through of measures. million million revenue, GAAP

wireline and As deployed Gross networks expenses an general quarter converged administrative gigabit in X four customers. were networks, networks, demand and and wireless/wireline XX.XX% we reflected wireless from revenue of margins were increase key X.XX%. this

of of of facility to restated ample and was quarter. and extended the million, ago these under our we increasing and Liquidity quarter, the credit October $XXX.X $XXX adjusted to per year XX.X% revolver facility availability cash credit adjusted produced the XXXX. share capacity to loan $XXX revenue in during term million to All diluted our as was and of million $X.XX, factors maturity our $XX.X EBITDA earnings or million compared and $X.XX amended

X Going generally to wireline slide sections bandwidth are individual provision number broad enabling X. to are industry networks designed to a of significant deploying networks country. Today, These of the gigabit participants consumers. major speeds across

are necessary these deployments opportunities set applications. latency technologies our bandwidth, facilitate deployment to industry a long to are significant high to of be wireline required The will wireless/wireline aggregate, that decades’ robust. industry to effort converged In networks broaden wireline opportunities. low fully deployments. addition, is wireless emerging what driving networks These in meaningfully continues deploy enable are expected of converged Total

across aerial of are in services the planning, being providing design, are program deployments. to customers. areas provided dozens fulfillment gigabit and construction We and These a engineering country and X management, metropolitan for number underground services of

initiatives specificity market-by-market on are continuing and multi-use wireless/wireline are basis. number managed reveal to a network addition, multi-year new have deployments. planned a secured that In we with of being Customers converged

of is and design, engineering maintenance services to several participants. planning, industry ability provide to Our and and particular integrated value procurement construction

As evolve. scale spending technologies competitively also customer deliver to strategies considerations, modulations with deployments, financial well strength network impact and may as prior and some network service our us deployment and our confident expect Tactical unparalleled that volatility to position we timing our timing. valuable normal large-scale customers. We remain

to moving Slide Now X.

We a overall XX.X%. services quarter in experience excluding to the customers. from with environment industry continue during the increases storm of restoration effects demand revenue, key four increased strong Organic

X.X% organically. $XXX.X third total or revenue. our XX.X% Our XXX.X% XX.X% $XX.X% top XX.X% our was customers of $XX.X was million, increasing or since grew all was third largest was Revenue largest XX.X%. organically. customer at the of five of quarter largest was customers from and AT&T X.X%. was XX.X% organically our have organically our revenue, grown Windstream grew $XXX.X quarter of of largest finally, Revenue top-five from Comcast CenturyLink AT&T four million decreased revenue. or XX% $XXX.X Comcast Windstream at grew million was million. other $XXX.X the note, Verizon X.X% is largest first while our customer was of was fourth And revenue. XXXX customer April million, customer organically. Verizon Dycom’s fifth or revenue. X%. second revenue customer. combined, of this organically, largest revenue customer or where our produced CenturyLink grew customers from Of

to organic reach double-digit network management that We geographic expand and growth encouraged program our we and continue are extend with our services. planning our have

of years, trend maintained. of converged deployment several wireless/wireline meaningfully the amount network extended must those we gigabit X maintenance of our believe the the outside deployments be parallel business, we increased last which and value our networks as long-term over in operations increase fact, plant and dramatically will In a that have

the backlog solid $X.XXX at performance total end to a backlog, $XXX approximately the July the X, decrease existing expected to of this over and Of renewed $X.XXX at Going million. of reflects billion was The $X.XXX months. XXXX new work. the billion billion quarter versus quarter, third we be completed in is the backlog as calculation book next end work XX of Slide

across broad opportunities a future array of substantial customers. anticipate to continue our We

locations in California, services construction were in Colorado. with Utah services we From CenturyLink Tennessee. For and agreement services construction Telecom, Verizon, a awarded a agreements TDS various construction in

Carolina. Jersey, fiber locating customers finally, various XX,XXX. Alabama. in increased to secured services and For Indiana, And we South quarter Wisconsin, agreements services California, rural Texas, and the Kentucky Headcount during in Tennessee New

I outlook. will call over financial Drew the review to turn for his and Now,

Andrew DeFerrari

and good morning, Steve, Thanks, everyone.

Contract X. QX revenues in revenue year points Slide organic million quarter million expense period. revenue last XXXX $XXX.X quarter. from restoration from to of acquired margins the of year basis prior XXXX $XX.X QX decreased at XXX points, four the year. Storm ago revenue. to services customers. business in million were XX.X% compared XX.X% were Going million Gross and increases the compared declined from Also revenue XX for was October of reflecting in million G&A growth contributed $X.X contributed and key XXXX. $X.X $XX.X was basis Adjusted or EBITDA QX to XX% revenue

Our share. non-GAAP in adjusted $X.XX was diluted EPS per QX XXXX

Slide X. Now, to going

revolver customer XXX from of million. $XXX million and QX $XX.X Liquidity increased and of sheet million. contract our outstanding facility We maximum for to agreement were strength the no The from accounts consisting end hand. into The of the continue revolver our was commitments on at five-year quarter, restated million In is new and receivable including credit a increased availability from operations credit of increase of $XXX ample balance at July financial quarter $XXX on reflected the profile with programs. collections of the quarter $XXX million $XXX we combined as net assets the to increased July large days This outstanding. – revenue agreement. Cash reflect impact October, the work, and as Our in on business. for the DSOs entered invoicing well the to from term sequential the ended timing new cash borrowings and amended loan and XXXX. storm the the used million

and collections were XXXX seasonal quarter patterns. invoicing the gross trend, balance substantial on based to January fiscal during we of expect current Based and million QX strong In proceeds from and anticipate recent for ending CapEx expenditures, maintain $XXX $XX.X ample liquidity disposal on We range was continue disposal year a proceeds expenditures million. capital million this we collection million Capital net of sheet. $XXX summary, in $XX.X to January normal XXXX. net during to

results year, actual These days expectations. and quarterly to seasonality daylight a January and fewer work due work Going payroll Each may weather, Slides by available the to including hours, taxes. January other XX. reduced inclement holidays, XX our have calendar outlook the on our quarter our impacted are to of on and our factors impact compared results restart the pronounced for

revenue. we total from margin adjusted $XXX quarter, to per X.X% from $XXX to to million. expect revenue to For to January range diluted adjusted EBITDA range X.X% and of share EPS $X.XX XXXX Non-GAAP million from $X.XX range the to

discount settlement adjusted debt on of million The XXXX before share-based amortization interest depreciation the non-cash quarter, $XX.X of expect also interest For income approximately million range expense tax is net compensation $XX.X effective $X.X million, and notes. rate approximately of expected the amortization million. from in $X.X G&A included of is Other QX of tax million. expense at of to $X.X $X $X.X any to excluding to XX.X% January expected effects million million, our the awards. of million Share-based we for in $X.X

to diluted Slide are, $X.XXX to non-GAAP from per share. $X.XX quarter, our billion ranges January and to Based revenues year-to-date expected results from quarter, range XX. for the which full which EPS October and going $X.XX expectations our year Now on the adjusted through our $X.XXX results, billion

I to will Steve. call back Now turn the

Steven Nielsen

Drew. Thanks,

to XX. strengths. environment on experienced Going Within a effects Slide our strong of industry and economy, we capitalized a the significant growing

relationships First customer we and maintained foremost, throughout markets. strong our

at win to extend attractive continue contracts an pricing. We

accelerate deployments market Secondly, portion at The to deployment operations connections. small are the are technologies of the well enhanced to Customers cells. enterprises. opportunities extensive of growth Fiber in and created the sales deploying chains, expanded to creating presence and business. capacity construction emerging has as is new Fiber capacity fiber opportunities supply expand Fiber-To-The-Home Telephone the country. are strengthening. and cells our firm forefront new Dramatically medium in relationships anticipation high-speed the provisioned. these are companies small and of support Wireless macro enable are drivers maintenance in build of value have process. in contemplation to many opportunities. us long-term as poised regions increasing. market industry deep increased evolving of consolidating Cable are of deployments remain deploying these and are operators the wireless customer and strength being through consumers the activity coverage they businesses to of have end-market speeds deployments to of and increasing and those for begun allowed X-gigabit be opportunities share A of of

for and dedicated with we company, are prospects believe as and we to to the this possess capabilities to are financial significant we spending remain confident and benefit our and experience increasingly management construction addition, remain and for customers initiatives. strategies context, encouraged and maintenance providing shareholders. the major planning, our environment meaningfully our uniquely of are in our our improving In our capitalize engineering strength We of employees We design, team integrated experience committed services. multi-year with grow an positioned business. industry our the Within procurement we of capital manage

Now, Greg, we open for will questions. call the

Operator

Your comes [Operator FBR. line ahead. Riley B. first from question Please from Instructions] the of go Rygiel Alex

Alex Rygiel

Thanks. Nice Steve. quarter,

Steven Nielsen

Thanks, Alex.

Alex Rygiel

Steve, XX% bridge between year-over-year. the month down me can you help backlog twelve to your difference being

organic positive XX% quarter fiscal a the Your in XX%? growth being guidance fourth to

Steven Nielsen

Sure.

growth of know, organic backwards is get to year. we service We have about a back. two-thirds that throughout the runrate, But as look our you happened agreements. for business coming which because the increased was master the renewals So,

We already subsequent occurred key to the that October renewals quarter. have have some

so, as that a problem. we see don’t And particular

Alex Rygiel

is an over kind then, last, of in DSOs one to big of DSOs That’s higher. you step-up industry that a each have phenomenon quarter. of kind And any and XXX just sequentially way trend? of reverse In managing Or that handful creeping Is years, there of just the through? to year-over-year. are the turning been that

Steven Nielsen

So, of there factors. couple near-term are

October. a had we strong So, very

So, clearly impact going that’s to the calculation. DSO

We to the quarter. end collect which we pretty of quarter, expect this significant had the billings towards also

in the And any the so, DSO quarter. to in don’t long-term October see movement significance we particular the

Alex Rygiel

helpful. Very you. Thank

Operator

from the Please Deutsche Chad Bank. comes question ahead. go from next line Your Dillard of

Chad Dillard

morning Hi, good guys.

Steven Nielsen

Good morning, Chad.

Chad Dillard

backdrop So, down coming the against the next about $X.X XX of backlog months billion.

from walk some the business calendar your what’s net the earnings perspective parts can And revenue into confidence being grow you moving and here? So, level of of to through able XXXX? maybe a

Steven Nielsen

time with the So, begin April just up our four growth that Chad, the to the that we first XX%. are we was double-digit had October XXXX organic reported encouraged quarter. over growth had We quarter across since customers. top-five That’s we’ve of

growth. also that our fourth double-digit quarter, And so, the guidance organic if midpoint you for look implies the at at

a we So, good see emerging business. trend in the

October I renewals it’s measure. wins we had agreements, not subsequent mentioned way backwards only to and some the We’ve are we’ve a under being to are look the As guiding to business. pleased we the so, we that impediment about had to But backlog service not Alex, nice quarter. calculate master some we concerned the in the are We an growth backlog quarter and double-digit to had the got at in quarter, growing same the midpoint January October execute.

Chad Dillard

to And switching helpful. over margins. then, just That’s

we to at, are implying – As forward? quarter historical, compare little like looks how I bit margins think about I seems to I as that your you go of look just how it that want like, X%. the a light. incremental trajectory are we it that what January the guide, about incremental think understand, in like EBITDA to it’s

Steven Nielsen

Sure.

good had help We didn’t EBITDA but in get Florence. our Hurricane a from look we That’s we margins at the at if quarter, low-end. range. any the thing, October So, certainly

substantial was have the in Mid-Atlantic. wet We there. in pretty the Carolinas, operations It

I the pretty Texas think has you been have wet. news. seen

I historically wet. think

in And Mid-Atlantic so of that last And wet impacted the had weather. week again. week the a view prudent are we We taking just October a quarter.

don’t In weekend quarter ourselves we as worked the just what have uncertain work fact, to up weather want the of some have do. is But things of make our most ahead businesses to in to last year. get of we

Chad Dillard

it. Got

here? we in beyond how we I to through that starting If Okay. margins, I think of see this like the pick we guess, up incremental think – about maybe cycle quarter as should mean, terms

Steven Nielsen

Sure.

encouraging almost think growth So, better. was top-five, better a I October And becomes I that’s always us about customer is also have manage we number We that And what to growth got quarter we grows distributed. working began growing as we initiatives double-digit outlook on across the sequentially, there XX%. had customer do. that We the our is had are and when opportunities fourth the to there quarter. one to that that nicely effort better. got that, others But, We grow, we’ve think, that gives can that year-over-year always execute as you a of doubles, into factor some for substantially.

Chad Dillard

queue. jump in Thanks Great. I’ll helpful. That’s guys. back

Operator

question from next the go line Your Afzal comes from Please Tahira KeyBanc. of ahead.

Tahira Afzal

Hi, on congrats track. Steve, being on back

Steven Nielsen

Tahira. Thanks,

Tahira Afzal

Steve, in point on obviously, maybe started and to to surprise forward? a the pretty that just we terms the assume, question based in Verizon, is nice in your of commentary we we but a this nice step-up. inflection see continue regards Should step-up that, point an step-up, a from this

Steven Nielsen

business. customers’ lot were across we mean, all to business. our continue continuing There grow again, in hard growth our guidance, I the has business, once work that at been we organic you meet the quarter look a fourth of of to double-digit growth if work needs. to the hard to But whole

Tahira Afzal

Got it.

prospects could $XXX have Okay, types seeing quarters grow if you for look going then, above you forward which Steve. When see Verizon, Verizon? And we back that are look for I in what at you of historically, had those AT&T million. quarters

Steven Nielsen

look think, we quarter. guiding the implied, are the at is clearly, Tahira, grow overall in continue got all if to think your fourth customers. not fourth the growth double-digits rate the customers you quarter, Well, second once But that to - to I with again, across you your beyond

Tahira Afzal

it. Got

Okay, Steve.

the mean, year? back in revenue scenario we could growth sometime I next So, mid-teens type be of

Steven Nielsen

next year. to guiding We not are

organic time growth. pleased are We XXXX had that for October we since the first double-digit

Tahira Afzal

Steve. Got it, Thanks a lot.

Operator

Please comes ahead. the Adam of from next from Thompson Your question Thalhimer line Davis. go

Adam Thalhimer

good Hey, guys. morning

Steven Nielsen

Adam. Hey,

Adam Thalhimer

the I printed think the you watermark can the you am the that’s quarter, environment last for comment on that general? high curious you bidding cycle? And Steve, backlog in just do

Steven Nielsen

our are we is a lot Adam. fair there, So, out getting work of share. We there think

for relationship We renewals. more. hard the to as some We of expansion October encouraging to always get some subsequent had wins some are an geographies working a into new and quarter

So, up, as we of of runrates service have the to Adam, agreements, I nature because Once go be we think to revaluation duration growth. good the term more again, continue master able will see the may remaining have opportunity. these of as you and

good I environment. but say So, the way to one feel am here we about another, or not

Adam Thalhimer

the you to But was November? wins are what quantify in the – able

Steven Nielsen

below As we But break industry. we on down you in going the by with Adam, backlog what’s total know, never encouraged customer. are

Adam Thalhimer

And then on we more Drew, you little then, was for and we you a head there cash X.X could think think for into also, at ticked got as provide from do talked expense color you down you interest flow QX. hoping I QX XXXX? the Do about X.X you think I – or

Andrew DeFerrari

Yes, so, and we can in during we improve on done comments, fourth made quarter. collections we think get invoicing talked did quarter the Adam, about, flow, the on the we the substantial on as cash we as

far we as a expand rates as term did ticked new entered did then As bit over – agreement, couple up little we the quarters as the have And past we interest, loan. into the of well.

laid And we out. where it so, that’s

Steven Nielsen

Yes, that the offset the under spreads was came in. facility new

So, get on some the spreads. did we relief we some did – get

Adam Thalhimer

Okay. Thanks.

Operator

from Dilts next go is open. line And disconnected go comes the Fritzsche Wells from Your line Jennifer, Noelle Noelle Stifel. has Please question Please Jennifer of from Fargo. line of the line. on to go We’ll your ahead. her ahead.

Steven Nielsen

mute. You on may be

Jennifer Fritzsche

Sorry, I was.

and Steve, cost much to – different of looking cliché, is ahead like just know, call don’t picture for seems the I’d business you your initiatives? if effort? your that? it What the I wireless ways Sorry. contribution FirstNet the in of can you was out cost time to to did, am secondly, And revenue the comment Thanks. related automate how to but AT&T much for on that was business? I question. you taking missed this. then, streamline of how guys for bigger I terms Thank question. business you a kind could your And sorry But ways specifically, of thinking parse if for spent, the

Steven Nielsen

Sure. Jennifer. Thanks,

So, under customer, the see growing was overall, specifically of go that total faster whole revenue are we that we encouraged business. but wireline wireless I X% And we just say business. the by would will than

seeing as AT&T commented are publicly expand. is FirstNet We to initiative has beginning the

that. talked seeing has other activity. There participants have been about are who an We industry

are opportunities And side, five next great think that years, are beginning so, a the number In the next take how on workforce. to then, we in the small we encouraged a think, bring will And and of in particularly I mean, cell up And the we both for are there point. change technologies I our there. project we you wireless Jennifer, last of advantage five is safety, in more it field productivity, management. XX. more over manage there probably I we has enhancements than years the deploying,

be nice beneficiary to we deploying. of a able to a to part it’s So, be of technology that – the are

Jennifer Fritzsche

once they continue I could do AT&T million to color don’t and contributor what next homes, a say, fiber if their like? hit I want well, summer, And a where as give is completing you seems of it XX there. to from it build seems wireless more it. am Got have But work talks you just to as like understand hearing they about AT&T lot on

Steven Nielsen

our signing that program that wireline see I penetration very think, that, think they where selling be enabling part as of a pleased well are economic like of they service to they, wireless we good are are they And we we for programs deployment. a lots about always getting looking as performance successfully of what, their cell There enhance needs that through close customers new capital, we no, up. have And analog is that while we the growing. they Yes, that network with that competing subscribers services are to seem overtime, as and is rates is the comment generally fiber encouraged we of deployments. that are to know through high that very they everybody small portion the

we will see out. to So, have down road the just that how plays

Jennifer Fritzsche

you. Thank

Operator

ahead. line the again from Dilts Stifel. try Please will we And of Noelle go

Noelle Dilts

Thank you.

Apologies. out. My Sorry about that. cut line

Steven Nielsen

maybe more been you’ve have And fiber, on been then, it Noelle, reliable. have

Noelle Dilts

Maybe so.

Steven Nielsen

Okay.

Noelle Dilts

timing then, the I So, today. Steve, mention are it you are margins? how of release to kind this productivity you curious the And permits maybe work pace of of the and to step-up going improvement just on not help crew and comment presentation in if drive take some of will through? you some relates did there seeing for improved permitting could thinking that am about as it if and you what

Steven Nielsen

we $XX quarter. go will and So, had back growth services, Organically, year-over-year. July nice over were in million sequential quarter the from Noelle, look, I say, a up we think, we ex the storm little

work doesn’t effort. work continuing more We mean are work. that So, to we we clearly, to to go had to not getting done. do But opportunity are can means, More that better. we’ve always work hard expand more

to trends to in we encouraged we are work continuing business. the the better. make So, But are by hard them

Noelle Dilts

is across of cost and think, companies on key from the seeing Are increases? how and willing I is comment retain labor been industry that’s challenging. and has you just real so, And retaining If of price Okay. absorbing can to inflation? number we’ve are – heard and different to you kind labor attract they a any of customers finding industries doing number people? what And, absorb Dycom

Steven Nielsen

Sure.

growing any time, we extension, is growing. look, in by industry the So, are

excess again, So, in year-over-year, of grew once $XX million. of we kind

environment spot there are unusual together where You be some not that needs. meet to unemployment with customers’ are is shortages putting going your resources different skillsets. in to It’s that of

training active have programs. We

recruiting. active recruiting. onboarding gone and have online We’ve We to

cost work. an attractive of we out we our So are are recruiting employer we people come think for process. taking to And to

other So, that if you our of over parts easy. hard will history. time need. never and that we a you something work employer, in that the it, through good It’s talent at But work attract are it’s you

Noelle Dilts

revenues? utility fill top Okay. and facilities you Thanks. Drew the chance, And any that could customers out and

Andrew DeFerrari

at X.X%. facility X.X%, iSource nine was ten was number Charter X%. electrical other seven at number Communications and Frontier was and locating Crown Thanks, X% XX.X%, at and Energy was was at Telco number at eight XX.X%, was was Castle was Sure. Dominion at at X.X% number was number X.X%, Noelle. six X.X%, cable

Noelle Dilts

you. Thank

Operator

go from from of comes question Lake. Please the next Mitrani line Sylvan ahead. Alan Your

Alan Mitrani

Steve, are rates you you seems looks you. it the the came It can pretty you out a disappointing. are the talk say we couple today about are as housing thank last from seeing they or pretty like even rapid slowdown where permits seeing market? in months your what Can Hi, like given do will to the And think of the build. the economy have you XG a XG housing can and I and business? you into coming you year? you But realize as trickle think your the get the that middle next to market general you the have starts fiber impact business do year?

Steven Nielsen

extend Clearly, sub-divisions. into networks Alan, we new

So, smaller ago, market some of housing there is obviously it certainly than impact. fifteen a ten, the business portion the It’s much was because years is smaller.

other other the you housing-sensitive. highlighted not as programs are also that On have a hand, large we number of

we smaller And But housing is the than the so, direct the of impact business, in it on sure following the it. impact past. was are

last For wireless had example, cycle, the in we business. the

So, housing or the business. no has on little clearly, direct that impact portion of

Alan Mitrani

give buy of the quarter. lot of personnel? Okay. quarter late like in on with was changes Verizon. workforce. disruption to any or the realize DSOs, obviously them others there them the also interface to they because looks shift is But general with I trying a your in and of off And some or it the Is the their Verizon out in of are employees lay then, of towards

Steven Nielsen

way, that not about Alan. big program. a would it It’s think I

number a ramping up. are large have It’s of not programs that We unusual.

We done We ability the get it systems in towards have with the invoicing processes new through to Although new work to confident feel place. substantially pretty day some of to and into line. that end need we the to did every quarter. back get get put hard

Alan Mitrani

million come Okay. And only then you on stock bought buyback, XX stocks quarter looks the in. about it this like

extra the have capacity. You

flow of quarters M&A couple you perspective? Can us are you going on business the that your good quarters. next grow or buyback how from stock You thoughts give have cash to - or can

Steven Nielsen

buybacks. clear, Yes, repurchase do the We shares we be did Alan, in the quarter. not any have to

and million said, As Once that we’ve to million again, $XX business. care are organic the $XX we sequentially. make take growth always year-over-year of the of sure we going

sure So we do to want that. make that we

relative share of will back look as will lot area of We feel assessment work based stock a we comfortable repurchases in M&A on as, we the that our kind on bought years. We versus what the over and returns.

So, always first take something business and we of But and care are it’s we of foremost, take the care the considering. customers.

Alan Mitrani

Thank you.

Operator

sir, this further time, are And at there Instructions] [Operator no questions.

Steven Nielsen

Thanksgiving you of wish All on to everyone in. the and all appreciate are again to our dialing restoring the Thank for still a to thank hurricanes. right. work Well, we’ll working talk service your end folks happy that you. We you due February. you all hard We at

Operator

gentlemen, that Executive using participation your for your for Thank today. conference you does and for Ladies conclude AT&T and Teleconference.

disconnect. You may now

Dycom Industries (DY) 20 Nov 182019 Q3 Earnings call transcript