DY - Earnings call transcript Q4 2022 | Dycom Industries, Inc.

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Operator

Good day and thank you for standing by. Welcome to the Dycom Industries Fourth Quarter 2022 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. today's recorded. that advised be conference maybe Please I to your like to conference over turn the host would now today, Mr. Steven Executive Nielsen, Officer. Chief President and sir. Please ahead, go

Steven Nielsen

Thank quarter fiscal thank results. like conference you, everyone. XXXX to for call fourth attending this Operator. to our review morning, Good you I'd

Today a our will Slide to presentation. website's Counsel. our call, throughout main Relevant slides to Investor identified the this which by can our will be call and Center have Going presentation we be be Drew number Financial during Chief General referring Ryan X, on slide we found on page. our Urness, DeFerrari, Officer;

I Now, the Ryan to Urness. over will turn call

Ryan Urness

Thank pursuant Reform Securities Steve. call Litigation forward-looking Safe this of the during are to XXXX. Private you, Act provided statements Harbor All made the provisions of

include do solely not future our or expectations, Forward-looking comments relate reflecting that assumptions events performance statements beliefs all or periods. to historical about

uncertainties differ our including Exchange update statements. cause described XX-K assume subject with statements We may Report on with X, actual risks filed projections, Securities U.S. the to current filings which Commission. no our Form Steve? March to any and XXXX, results those our obligation from Annual together Forward-looking to other forward-looking in are and risks materially

Steven Nielsen

Thanks, Ryan.

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

our customers fortitude GAAP difficult express To sincere employees my who website our non-GAAP served We of reconciliation refer measures. in our non-GAAP a review their our the accompanying certain with reference in report comments results, section I that begin, thanks we please note the you As of these real we to want today, to our and slides, in for quarterly to measures. times. measures to corresponding have

was organic $XXX.X the million, for XX.X%. an Now of quarter, increase revenue

robust were of networks, increase quarter. demand other and margins quarter. revenue. large large Included Liquidity of wireline gigabit this five of and tax of a reflected was decline continued incremental customer $X.XX impacts and or the two of per X.X% year-over-year $XX.X and per at quarter converged million, per DSO the to reflecting revenue, in the program. million networks, customers. the in And a were earnings heightened are customers, expenses of from $XXX.X effects during of of complexity in Gross top was share adjusted million Revenue $X.XX. earnings in X.X% with produced XX.XX% adjusted reflecting wireless/wireline share COVID General deployed costs these the networks, administrative at share declined adjusted our wireless of of we sequential solid of EBITDA of a revenue the fuel operating cash and half As of compared benefits $XXX.X year all factors of loss ago $X.XX days. five flow second

for $XX.X XXX,XXX shares we quarter, the During repurchased million.

represents across the Investment of country. includes Infrastructure underserved Jobs and in unprecedented of Increasing industry. rural continues average Act network construction participants the major Now and country. to in industry speeds are and deploy the $XX Slide set of to going level opportunities networks fiber increasing sections Today XG unserved This capacity is industry our belief for businesses services for access a America. view The to the billion and to both capacity high most an continues effectively to to participants over believe the revenue can broaden rural consumers deployments capacity appetite using support. their for upgrading meaningfully generally or either communications fiber directly that especially are These multiple wirelessly stated from networks network and single Industry to provision technologies. have constructing that significant designed broad or investment. single streams businesses individual cost consumers the a This of high to society, gigabit be networks to networks high deliver areas telecommunications we crucial fiber wireline X. across wireline enabling

states are Infrastructure of increasing Act. that initiation number will provide the even an addition, commencing In funding programs of networks, under for funding telecommunications prior

providing engineering These wireless to are aerial across customers. participants These in program and network design, numerous for gigabit geographic new wireless/wireline country and elements, emerging respond being entirely fulfillment deployments are and networks. as services to are networks and of increasing underground include services management, consisting We in the planning, wired deployments. initiatives. industry America multiple provided Fiber opportunities areas societal multi-use rural converged network deployment construction

Macroeconomic influence to equipment integrated to in plans. services volatility and demand and near-term provide continue increases cable intermediate may industry Broad supply may cause of to construction participants. effects constraints optic the related short maintenance customer in execution term. and for several the We planning, and delivery engineering and fiber design, procurement some

challenged, required In chassis long market how supply seen condition equipment. many Prices for increasing. tight in addition, It remains remains this for are around the particularly Furthermore, large the the remains for for country. capital labor to be truck equipment the automotive equipment regions and specialty chain persists.

As our we well strength remain that to contend customers. us and our financial scale deliver we with these valuable confident position factors, services to

Slide to Moving X.

top revenue, organic increased utilities customers customers was increased or our AT&T Frontier of electric our is was and organically. year-over-year. of XX.X% from This from grown XXth five organically. in million customers. top was customer the at XX.X% $XX.X aggregate our organically. $XX.X quarter $XX.X top X.X% revenue increasing customers largest revenue. combined Demand fiber increased total two Frontier grew organically five million construction of XX.X% revenue, from quarter of of XX.X% customers All quarter fourth other $XXX.X quarter revenue second organically grown first XX.X% the five produced During top of quarter increased XX.X% This Dycom's where was or Lumen XX.X% consecutive the revenue. our all October Verizon our organically. customer have in Comcast was finally, organic or note, or third since from was XX.X% And $XXX excluding consecutive or XX.X% was AT&T. the grew customers million our largest customer. five revenue largest where fourth AT&T of of organically. million our revenue. was growth X.X% other $XX.X the revenues at XXXX, Revenue at largest have XX.X% customer million. our Comcast million. Of and of with

have extended expanded reach and geographic We our and our management services. program planning network

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

the approximately as X. of fourth quarter at booked reflects next the $X.XXX the new the was of billion solid billion completed in to flat. we work. work existing end and Backlog quarter, fourth during versus renewed $X.XXX Slide Backlog XXXX quarter Of going XX billion months. is backlog, $X.XXX October Now essentially performance the this at the end activity

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

agreements the from construction and California, we Wisconsin, maintenance and During Missouri, Indiana, Nevada, in received Ohio. quarter Texas, AT&T

For Massachusetts, Lumen for California, construction Michigan, Oregon, Comcast, and engineering and maintenance Maryland From agreements for Pennsylvania, an Georgia. Arkansas. Arizona Delaware, Washington, agreement and

in construction Idaho, California and to fiber a and agreement agreements utility Oregon Washington, locating XX,XXX. quarter line various Fiber, the increased in during and Ziply Virginia. Headcount For

for the call and Now review Drew financial over I'll outlook. to turn his

Drew DeFerrari

Thanks, Steve, and good morning, everyone.

QX company a quarter prior for of by In levels. including G&A of approximately XX periods. XXXX XX or impacted revenue in compared incremental X.Xx period. $X.XX QX declined per QX the improved to of XXXX revenue of basis an $XXX.X X.X% credits quarter. QX for and included to services filings margin benefits EBITDA, total lower X.X% in from $XX.X related higher the basis at as of compared $X.X in loss EBITDA expense increase restoration year year a the revenue million million Gross share Gross in COVID in non-GAAP interest due XXXX the in The X.X% for were X. to per year stock-based last the the impacted QX the and Slide this of in was improved also and the absences was the XX XX, net or after-tax cases weather month approximately decline to of the XXXX. QX levels and million historically of back revenues were significantly week XX.X% low $X.XX variance ago sales. taxes, and storm approximately operating during income reflects of increased from rapid approximately benefits, margins declined fiscal lower of amortization, non-GAAP to in week tax margin share second as to overall adjusted to none organic adjusted net in additional higher points quarter depreciation, the in asset of last XX.X% in have and revenue down QX offset per the of points half level The from net prior by or million year. adjusted for of COVID-related revenue compared peaked $X.X conditions. $XX.X expense leverage quarter. year gains February share higher adverse year. level the million the compensation of Non-GAAP was to winter Going on compared QX prior increased of to income and included the $X.XX than compared adjusted operations compared well Adjusted revenue income quarter. year. at to Contract productivity QX higher gross

Slide to X. going Now

loan, sheet $XXX.X million. ended the liquidity senior notes, million term of $XXX position borrowings. equivalents at million and was strong. $XXX and solid Our were and balance Cash million no revolver financial of We with remain $XXX.X quarter and

and by historical Our range followed our capital net opportunistic context growth, of prioritizes leverage. organic within M&A of repurchases the share allocation

Operating bringing and XX. cash robust year-to-date CapEx expenditures cash operating proceeds Going quarter, disposal at net Capital to of to were million. the million. $XX.X million $XXX.X were Slide $XX.X million in flows was flows gross $XXX.X

million. we CapEx from expect $XXX Looking to range to ahead $XXX fiscal net to XXXX, million

$XX.XX for During repurchased at of shares QX XX.X share common per average we stock an million. price of XXX,XXX our

August The the has from a customer sequentially remaining authorization combined five improvement XXXX a authorization days new as prior million made contract Our receivable DSOs days substantial of accounts on were share program. QX through amount an assets net $XXX of approved Board and XXXX. XXX for This large authorization. progress of our at from a Directors we repurchases replaces

XX. Slide to going Now

company compared to mid year. compared ahead year. the last QX the as expect of ending to to a percentage revenues to increase revenues modestly April last of non-GAAP increase of contract XXXX, QX to percentage look high-single-digits XX, quarter as contract And we we EBITDA expects As to adjusted of contract revenues

and We XX.X income million. of expect rate shares diluted of XX% effective tax a approximately non-GAAP

Steve. turn I'll Now the back call to

Steven Nielsen

Drew. Thanks

Moving XX. to Slide

and solid significant on capitalized experienced activity we our strengths. quarter This

foremost, and First we customer our throughout markets. presence significant maintained

We are encouraged in our the by breadth business.

to are is anticipation consolidating operations us medium usage long-term well increasing increase evolving as market new increasing Increasingly, industry of rural to rural deploying speeds our growing the being of at the expand for and allowed has state communications connections. in and Wireless in fiber be expected deployments are speed and underway. are newly are portion businesses chains, the dramatically the gigabit small business. to this doing for build and sales Our forefront support to fiber Dramatically support is deploying presence companies provisioned Customers extensive enterprises, customer to consumers increase electric creating of are market Deployments value home and utilities same. opportunities. in maintenance consumer deployments these enable and opportunities scale are operators Telephone of of Federal networks construction available a are particularly capacity growth, activity as spectrum opportunities and is share process. bands data duration. of year. upstream. to the Cable to supply high

contend As and spending continue a pandemic, encouraged capital are with industry remain our our customers number to growing committed of COVID-XX we nation multi-year to that the initiatives.

our strategies our of dedicated company, the and capabilities the the in for team. employees confident management of experience prospects are We our

open Now the for questions. operator we call will

Operator

Thank you. [Operator Instructions].

Our first Rygiel Alex question from with B. Riley. comes

open. is line Your

Alex Rygiel

morning, Steve. Very you. nice Good quarter. Thank

Steven Nielsen

Alex. Hey, morning, good

Alex Rygiel

at up backlog is down backlog, is look year-over-year we backlog XX% when year-over-year. Steve, XX% total XX-month

bullish. very Can fiber help suggest be leading in of Your versus bullish environments out for bullish commentary? XXXX. there commentaries to fairly backlog on telco reconcile to spending indicators Many appears sort us you

Steven Nielsen

Sure Alex.

months our of agreements. business contracts So for with total a remaining. master backlog that Multiply we and up when a times estimate trailing come we the service those look know XX% run as of long-term back for about rate period. under is XX-month And number you

And It's kind sensitive so being backward also estimate. looking duration. of it's sensitive a to just to

to opposed forward-looking months, As that's that XX way in next it's right, the calculated.

an think So I estimate. of part it's just

and that a in the as that announced these, is we troublesome. And find we've fiber a I over quarters, say on something been the programs of talked last The agreements would duration has other don't little that bit number thing those the of a that November, that's shorter. couple we of couple about

There in climate. the that's lots when just increasing costs So cost is the are manage are and way having with there's of work we're shorter out duration increasing some comfortable there. backlog. economic prudent certainly a slightly current think to We that in

Alex Rygiel

follow-up, X.X%. your margins low expectations of a off witnessed years? you next few historical EBITDA And coming Helpful. over address year a for Can margins the that

Steven Nielsen

Again, this program, Alex, in an we've but had before. this the effect certainly challenging quarter. talked the customer in -- year about had We've it large the and

marketplace fourth X.X% then, that we've And quarter the And the And the top all to It best leverage. job were quarters done where can quarter, we the careful good that sure the that customer, Although in of go we gives operating we also well as commit, as get first balance a through resources encouraged organically, where we said our we're opportunity works be customers last number for we committing also that across opportunity as other given this by and each with to we quarter about October commit customer. diminish that year. typically us. to make so us every the significant grew well since in a historically, of the do that's if for as opportunities the we expect generate we gives that. fiscal serving we're broader the good time five top well, since customers nine where to five us growth as XX, to

Operator

Thank you.

Steven Fisher UBS. comes Our with next from question

Your line open. is

Steven Fisher

much. very Thanks

impact included about incremental the last comments what and the an did the to actual quarter. supply there seeing is you you QX in saw having that was So the impact What chain you're as macro and relative you start quarter, of that QX? same already, in this

Steven Nielsen

I look I network things before, sometimes elements Steve, made supply, the this resin spoken are certain that in think we've out been -- about of and spoken an plastic think there black short, odd are are Yes, elements issue. short has they're in we've that

to is be I think particular always allocation larger the an the size a mismatch the what's fiber for think optic you cable, need exact versus have customers of issue, I become cable has can generally less project that there a although as available. that for

just to purchases, that million those For fleet worth don't I in our smaller we've a allocations, more were example, for equipment it purchases, not able it's seen $XX volatile. has fleet better been it our think acquire And quarter. bit have customers, ideal, of little I like it's was. in become but would in we own the say, than about

it kind months weren't we six had order, able spend even think, I that to ago, though money. on we of

behind So better, us, or the not just not industry, everybody. us it's behind but not

Steven Fisher

near-term be year-over-year the may of to be a perspective, you are investments opportunity the potential as related moderate margins? is might making now inflation being ask wondering next in much a may seeing that Okay. that's what hiring the headwind investments as labor dollar margins ahead perhaps seeing that? anticipating passing years? Are of a a how on that through X% get wanted in are of a way that inflation now strong kind of labor it a growth the margin guess, you calculations, ahead dollar? Are of bit I quarter, labor of to drag that just over dilutive? pricing a you're for to are And little this, you you bit making factor you I about able to couple also you And growth from And in the

Steven Nielsen

Sure.

broadly, actively -- So through -- door. particularly I and in we it more we're the -- everybody bring hires than to the positions, training. the look else more semi-skilled people industry, think no different economy, and around probably We're and new recruiting costs in

had XXX in the brought XXX, we During new employees. quarter, we where weeks

it. organic able low we're do growth. We had So to double-digit nice,

it So more capacity, it's we're create but than able expensive little was. a to

this to Steve, impacts you're typically, offset inside inflation. wage of when want we've been your you pushing always productivity be, you the so and I to workforce, identified it, think And through before, existing

what you've confident we the to So the and be in then at do to the importantly, look need better as cost it. or that we And got you commit we into agreed that that to And the meet probably future, spend is to continue you'll forward sure you how of you that get forward about to And one ability to on the you customers. very needs. make we customers, call to to got lots curve about more careful do arrangement as be that secure where past; as commitments have to I that. time to their make capacity you

an to day-to-day a to view in good the we're good we price that the we an because have that are service. reflecting a hard, working opportunity what of as sure see across points get make industry, position but really we're country, we're right costs current think so the ability to I I position a much almost in -- the think the to provide in

Operator

you. Thank

Our Eastman Capital next comes Keybanc question with Sean Markets. from

open. is line Your

Sean Eastman

on just Good to I'd in hone and the guidance Steve like for the Drew. first morning, margin quarter.

what great. around things other helpful the to point improvement or be finer the factors just understand trend fuel, what versus like underlying and then margins, it'd a that'd be on bridge of put inefficiencies, in you like that, what's could year-over-year is Firstly, modest means really sort labor

Steven Nielsen

with mean, I Well, this of I means, thinking. think respect I've -- modestly it's seen Sean, people were I where from think to line in what where kind morning, with what

then that terms definite of different don't substantially a I Drew And the folks view are. -- in a bridge. So where we think have

Drew DeFerrari

talk just start some indicator. that the be you QX, year-over-year, XX would in we quarter. points, thought was of higher it slightly Fuel, example, for Sean, we Yes, and than to about it about give basis

And I so be will turn we're as item. would Steve other had of Steve, customer it actively then piece, There's the you. watching that lessening mentioned, as large back a program effect line to and

Steven Nielsen

Sean; Yes, of quarter forecasting I the the best where quarter. mean the the to is this margin, is last weather comes month other in the when it quarter a thing,

is don't And a screens, know always to on looking a it's fine I where was it than point know it. oil higher you So yesterday. folks I morning, at this obviously, challenge but are it's put some then trading

wanted where And a could where it we barrel proven on factor, be with so goes take we now, feel now, to might comfortable if prices perspective view but a we of energy where struck fuel. our to -- go a $XXX we've right

Sean Eastman

puts if that And is other What the think, other that Okay, stays consider or bridge how are XXXX that how margins the super are takes have be been at complex over of fuel guess middle helpful. and should -- where it there there? we're in months XX ex average, would we've consider, to program. kind mean average? right back drag factors customer where fiscal running last there is year-over-year? maybe some talked into the other coming running think historical that historical I to we as I a about of -- are much now, about XX% I the we

Steven Nielsen

on that some concept employees peak adjusted modestly this and efficiency. for as utilization, almost a Yes, customer that it program. when fine the behind a kind XXX you Sean his to be Drew I an I is point looked comments, the quarantine think on. at current the But as impact large basis in difficult had put in had of was we just well certainly clearly, quarter; mentioned at think have

in are how be certainly the which have five you quarantine the crews working foreman on they during and in impact time are somewhere the has were could organized we of folks five an that that If period off.

a I was factor. So also think that

have a and looking In back. sustainable can sure mean in it actively, then both it we go as want But do not for we've returns. the settle by good do those of we here commit the we're we're before. I day day we obviously, we science, where with to a committing to a and them, think art, client, through managed terms down capacity, places where terms job I for before of we're That's arrangement field earlier, fuel, and to in to prefer make Sean, been I it as ourselves but good a where in mentioned and

Sean Eastman

Okay, appreciate insights. great. over there. I the it turn I'll

Operator

you. Thank

Davis. Our Adam next Thalhimer [sic] question from comes with Thomas

open. is line Your

Adam Thalhimer

Actually, I did shorter said question, first Alex's that, something mean response what in wanted ask you to by the duration question my Steve? contracts, you to

Steven Nielsen

about on before prior talked we this calls. Adam, And

we've have about. to because often been book great it you any Adam to recession, what draw, a time don't extend have we forward a that, to right, earnings normal don't So be. that environment. forward two-year recession around And offering would a happy a a don't less inputs, there always been customer's you more some if around situation likely to economic a We're cycle costs We're growth is, longer, where agreement business. customers a have go see In have be where have the you some that. done going in with discussions and industry with cost are they're try to lengthening if not have forward a in through in go with where that periods in tempting environment, terms. to we're try dislocation backlog, idea we're of careful about, which in analogy through certain convince offering good I temporary you you the of that it's take certainty to happy cost different that we And your talk cost or them when talk perhaps happy have what agreement, would you to to that three-year might

it, year doing two be of a would or later make successful, when backlog situation, we're this booking work. when that to similar we not but that the we only that it's we're in so sure want case, a And take what will to sign kind contemplates the it

Adam Thalhimer

general, if also up talk it's about environment just you and could high-level, in now bidding pricing? And a the in Okay.

Steven Nielsen

we pricing as say the Well, and talk always we've ways attractive. bucket. acceptable said, attractive Adam, we're about two in that only would I

So quarter, we're home out the opportunity we the of what is signing customers to had up feel lot number announced good there. fiber programs, just when talked and There We of that a we're committing, about for. last that when you would else expectations through thought through their like nobody of increase three their two additional the up who an to announce expectations done We customers XXXX. home get to to took fiber or had they'd what XXXX.

So only of fiber that coming infrastructure opportunity. there's customers, who but others lot in a interested It's and in industry. not funds, have from been also networks historically traditional are the creating not

Adam Thalhimer

Good QX. color. in Thanks. Good luck

Steven Nielsen

Adam. Thanks,

Operator

Thank you.

from question D.A. Brent with Thielman next Our Davidson. comes

Your open. line is

Brent Thielman

the for few outlook growth A customers for entirely me is that guest is kind big of select contribute here? quarter start brand expectation? seeing could see first band to a the Are growth that's definitely the on contingent you in customers Is embedded question that quarter? of scenario in a encouraging. just Steve, first of a -- here wider broadening sort where and we

Steven Nielsen

mean, customers. our mean, had growth I fourth I the certainly we quarter, Brent, good Well, throughout year, last below and top in five

So even was quarter XX%. the fourth in it

electric that's so bunch utility. XX% had We whole customers. with And of a rural

this they continue our aggressive think for had in get much would like would years I and of how customer, probably thereafter. opportunities. you see broad done year, be largest lots tell growth we So to several of very with that to to continue terms I we've they

we good momentum. that's think had where I something So

than Brent four actually January for since the had we been years it's customer. our think I quarter October top three-and-a-half, quarter a larger

So terms where expectations that's going expect helpful. are see do we there of others forward. growth then turn And to in clearly, some

our C-band see also in them. that with growth the our for rather smaller, largest year for a seeing but deployment wireless, We we going for are but only others drivers a couple our portion other is option of So, growth than has XXX good are but predominantly with which the not the largest yes, customer, deployment think that we And customer, really and opportunities lots there's in on. wireless business, this fiber.

Brent Thielman

the And those Steve, that happens turn are now? a you top within within right of few anticipating five customers

Steven Nielsen

had but not Well, top quarter, prior we quarters. dramatic the of certainly two pretty in five growth, had this that only

to like We customers. disclose have opportunities going going us not you Brent. would continue think about talking to, you two, do but some I'm opportunities with get and we're to expect not with specific we're sure five them and that. When our individual to down there's to others competition I

Brent Thielman

Okay insights typical fair you then can moving RDOF moving any it the that permitting execution. of then and sort and into kind the enough. to all work the stuff? contracts, offer unique debt advancing pace of Steve Any is or the challenges funds, of to engineering pre-construction

Steven Nielsen

keep Well, requires the of of in is or first We credit final forms provisionally of various $X following, original The this other been letters that's collateral, about step, step, carefully; track stages. Brent, which of resulted been been RDOF of X course, the billion, billion. is Phase that we've fairly auction approved. in awards there's about $X

build substantial structure be going moving, RDOF, we've deployed. the because is of it networks. And a as there it fully but talked of out was to capital needed about amount So recipient's before, that the to of is not was

they're they with started receive are engineering And to are some fully where for and They've already going confident, have the they so RDOF. customers, approved process. working highly through we not construction, the but been

north deployments probably through. was great $XX say, this $XXX same business. the million. would that And kind rural impact mean, with rural utility of of in million. it years high-level ago, it's they're America probably this working of that's year; I five we've electric south although it was So factors growth clearly I had

special type So of we've work work forward. had relative some good But that we growth do. about nothing there growth and that to going expected good other

Brent Thielman

we that think later can you into move momentum Do year? Okay. pick up the as

Steven Nielsen

not to it limit would I RDOF. Yes,

received awards. . I number RDOF, small of some one rural think state we're just programs, actually subset of have about There's is initiatives a

other think I programs one in those state of or we more see the of expect to Virginia opportunities.

new got customers As course, the of a from in the and mean, And And I the are or required business, rural investors X of isn't that question much yet. the there the since are a billion some on. needs I in seen existing enhanced terms there's activity Infrastructure there's earlier, as some match, smaller mentioned, players, as going into private probably XXs. of activity potential with a industry in there's, I lot I've I the Tier stepping or number either even market. owned, is marketplace know, owned, which about $XX late Act, of

a there's on. going So lot

Operator

Instructions]. [Operator you. Thank

Our from with Stifel. question next Dilts comes Noelle

Your line is open.

Noelle Dilts

in was A the was wondering you're and to investments could taking Thanks. to question. rural if historical those RDOF an issue? morning, much doing good markets? you given areas talk of wondering my that's in Hi, make you of I of But incremental what too I works deployments, presence has answered. rural of lot Are there some thanks for or kind for your about support been not about having

Steven Nielsen

confident Noelle was you come with could Yes, and I question. up a

time. a each So other known we've long

So let talk about broadly. it more me

compared an a So in electric we've for good a number country about electric years number a one, presence utility, of -- to long of the market RDOF there's had portion now. nothing special an rural where

So there's nothing particularly special there.

we're customer. about areas historically existing doing or where customers geographically a in for adjacent but in the one we with to work always either we've another of spread that's we and areas, as better, seeing can think that's we've out disciplined presence of I encouraging pretty do the things had do, been encouraging we new things or customers, is, one more always opportunities it got where

new existing our a And awards, or states in no states. picked talked cases, we we where in seven for wrapping areas. customer. those I up another about some in adjacent customer work business program required, seven in So had some up we customer In were with that either facilities one

redeploy the to to this able existing were over new staff we opportunity. facilities so and And

just given perspective, good geographic in in a And of rural from breadth America, so a not think place the also. I only urban, in business, this we're in case America suburban the but

to likelihood we that commit in mean again, Now, and we'll if that the we're But it places, work, does that it we places successful. doesn't we're where be that go about increases commit can that enough careful those everywhere. mean we're in do

Noelle Dilts

thinking call they mentioned of year? AT&T's the in that half given wireless really the the year. how Thanks, that's comments then consistent the their Is ramping with you're just wireless during back helpful. really on work of about side, pace the on And

Steven Nielsen

down it number less down We're a little I it quarter seeing months of year ago. a been think would was a quarter. AT&T have six with including this that bit wireless or this than But was customers, pickup

I got for meet have facilities. good objectives. lot already in all So But XXXX, business, think through opportunities the there's our we're -- to we've footprint, get again, their done a we XXXX customers there, existing where wireless that within

Operator

Mitrani We have Lake with from a question Sylvan Management. Asset Alan

open. is line Your

Alan Mitrani

you after the Steve, really call whole the on said that you. you million the XXX backlog backlog. And thank came was about last of in bunch work plus didn't a in quarter, like talked about think Hi, and expand. I

through? -- just So things that how other that? is didn't the I'm building because Alex's come when I'm relates on to just question comes, wondering list-off is wondering it

Steven Nielsen

with. Alan, who out you Well, we was it that I had think was million. figure one, talked can $XXX probably -- number about And

have you're to thinking depends what about, continue good We right. And activity. booking it

over XX out there. of be But there's In the phases. plenty utility talked projects about and are months the arrangement, certainly billion total it our before. this healthy. customer area in And mean, is north So can backlog, we've opportunity again, electric different. rural depending quite of The the on business, I X backlog oftentimes, next the awarded

back XX% the project a go guess we bunch a But to earlier, us period to particularly we they negotiate to it a more and have you where of issued in XXX time We've are uncertain time. have or I miles little receive at particularly in X,XXX the mile like go the might ahead I several way could happy doing you that probably they the bit mentioned at last whole customer forward of those it as costs a a completed arrangement, a years. just we're try could So past. the entire would and over been time. than

ago I'm backlog, was yet this So back growth three we quarters And you if think -- you had quarter. I'm -- it, if down. about organic double-digit two, total look

of it's time. correlated short over it's So correlated, but periods closely

Alan Mitrani

realize of you that's to ramp-up was to start on specifically, quarter haven't you Comcast on finally I I cable companies, that are next Charter saw spending years seen, top competition, how regionally just the the cable Comcast Also and cable how guys hit going wise back that. year the helpful. CapEx. that the and out something have others years mean, weather mean, two? wise Omicron this on in low Seeing fast see spending? And some Okay, appreciate in I in numbers, a and dropping to the five. quarter given and was expecting the two, had they're I or go they telcos maybe I it of have the it we your announcements to are

Steven Nielsen

think had that And with calls their split think industry was about cost so demand factor certainly I effect terms you all the cable think they you a of a in I lots got increase in I about the in in customer, talked pandemic about in hit year-over-year specific nodes capacity if they network won't of they think of on from a XXXX, to about business. but right if and the XXXX. and general, it investment, basis, less talk

be those reaction, competitors operator call and one there about talked think the do the following their home what mean on had their sounds front news competitors was what sure the named seeing name networks you're there of competitors. two like are I in by well. they cable the to I marketplace. they're industry I their and making reads will in quite clearly think cable fiber saying it who

approaches it. So they're There are to seriously. taking it different

think what they're from and read rather program, They make construction clearly decades, I some business a a the technical are we're more But always, competed technical and as need impacts. work. more But for oriented, fierce do. program they than as to heavy near they'll from Some saying, there what term transition competitors. we to you what type for they're construction I to may I'm that be do intermediate sure do of

Operator

And Nielsen over Steven back turn to this to the time, call you. questions. I'd I'm Thank like other no At showing for closing remarks.

Steven Nielsen

your Well, speaking on look call and time Thank attention next the we at to end thank you. forward of and we you everybody May. to for our

Operator

conference you today's for concludes Thank participating. This call.

great a You have disconnect. day. may Everyone now

Dycom Industries (DY) 2 Mar 222022 Q4 Earnings call transcript