DY - Earnings call 4 2024 | Dycom Industries, Inc.

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Operator

Good day, and thank you for standing by. Welcome to Dycom Industries Fourth Quarter Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Mr. Steven Nielsen, President and Chief Executive Officer. sir. ahead, go Please

Steven Nielsen

Good to Thank fiscal review operator. this XXXX for conference call our morning, you, you everyone. attending results. Thank fourth quarter

Slide to X. Going

During throughout Center main a Relevant slides referring be this identified on page. will by be which number found Investor presentation, presentation. can to website's our will call, we our slide be

we Ryan Urness, and have Financial Chief Officer; on Today, General the Counsel. our call Drew DeFerrari, our

call the over Ryan turn will I Now Urness. to

Ryan Urness

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

Forward-looking from statements statements Exchange beliefs are reflecting projections, discussed risks current results which company's expectations, forward-looking about risks to assumptions actual and uncertainties, including with and those include or Securities all the the comments U.S. subject may Commission. in These materially future filings differ events. cause our to

to conference Steve? of Forward-looking we assume statements broadcast original are obligation date any the made as and call, of update forward-looking this solely no statements.

Steven Nielsen

Thanks, Ryan.

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

As section a non-GAAP note to you our the in their report GAAP today and We website our we that accompanying these non-GAAP to please we slides, our comments the refer reference measures. quarterly in reconciliation certain review of for of results, measures. corresponding measures

X.X%. Now year-over-year Revenue increase to declined increased Organic for revenue quarter. of the $XXX.X million, X.X%. an

weather our as latter part sections of effect reflected an Organic results broad was demand below not deployed country wireless/wireline of of customers. wireless significant we of lower weather slightly weather experience our did in the networks, converged year-over-year pronounced this wireline increase winter As the winter last expectations quarter gigabit X and top was during we of significant networks across from to revenue particularly January. X our The on due January. end the networks, the

January's increased 'XX. of per weather Gross were also revenue margin compared from declined by fiscal notably of and affected Margins the business December. fourth day XX quarter points XX.X% as basis was to revenue

and all and to or or adjusted quarter General X.X% of in of EBITDA $XX.X administrative $XX.X share compared revenue expenses produced per revenue of earnings factors these year-ago X.X% the X.X% of revenue and $X.XX. of million million were of

strong flow cash at $XXX.X robust quarter very was Liquidity in $XXX.X the Operating at million. million. was

net was quarter the the XXXX. ratio Our leverage X.XX, lowest -- since of

common During the $XX.X million. our quarter, of repurchased stock we shares XXX,XXX for

gigabit individual Now wireline country. across Slide networks to the or participants consumers constructing Today, of broad generally upgrading XG going X. networks businesses industry significant These major and either using to are network sections speeds to provision directly are or designed wireline technologies. wirelessly

most multiple opportunities enabling stated to to meaningfully investment. Industry deploy view high-capacity single effectively to high-capacity revenue both that network of services the can participants fiber set appetite that the networks industry's deployments, and increasing is have industry. broaden fiber for a consumers a we believe their This streams cost our fiber and continues from belief deliver for the single businesses, effort

includes over telecommunications The society, Act the and communications ultimately increases underserved networks billion investment expect be meaningfully $XX for unserved the especially and access rural This to that in of level the BEAD continues support country we rural represents to and rural an America. the will high-capacity [indiscernible] for infrastructure of to construction program. addressed. unprecedented areas market across under be Jobs crucial

territories BEAD proposals. and their submitted states All have initial

state completed, has XX funding. or this required completed one XX week, XX steps more steps, of can XX. allocated others state are of all a the early completed its XX% request Once all have be of X As while

funding the telecommunications networks will the that even prior states addition, initiation of all substantially Act. provide In have under for to programs Infrastructure commenced funding

are fulfillment wired the deployments converged being services engineering entirely program numerous multiuse and geographic of These services networks and wireless planning, elements include wireless/wireline providing gigabit construction provided and aerial, customers. country areas multiple management, to network across consisting and These underground are design, in deployments. We for networks.

respond Fiber rural opportunities to societal emerging participants network as are America initiatives. deployment new industry increasing in

engineering participants. We and design, services maintenance provide construction planning, continue procurement to several and and integrated to industry

Stabilizing well influence of plans. some macroeconomic conditions may the industry execution

supply regions moderating In still for has equipment continue chassis increase are improved in but labor improving, addition, the market and although is the chains for also Prices capital constrained. equipment at rate. somewhat a many country. Automotive around supply mid-duty to the of

calendar expect two of For customers increase of deployments this the year, XXXX. weighted first pace whose significant towards the we expenditures more to heavily several including capital year half customers, were

despite our from two We from winter that are revenue these October our quarter January to increased seasonality, encouraged customers actually quarter.

organic We continue. growth see in More resuming to trend quarter. July expect we generally, our this

are deliver markets to and rates improving us financial encouraged rates, position to interest our investment. support lower scale strength X this that substantially customers. these months financial future than well and we with valuable Overall, ago if to confident industry context, we by long-term remain our lower service sustained, expect Within

to X. Moving Slide

During revenue increased the quarter, X.X%.

was X XX.X% increased customers million. was organic X top growth combined grew organically. customer at largest or our of organically. eighth decreasing of of of revenue, Lumen X quarter Our Lumen customers. other revenue produced with All XX.X% top from our XX.X%. XX% our $XXX.X XX.X% Lumen. organically Demand customers consecutive This increased

sequentially X In at a $XXX.X million. customer AT&T weak XX.X% of first the largest second quarters. our grew revenue quarter, time or was for AT&T seasonally total in

Comcast from Revenue of third revenue. was customer. Dycom's XX.X% $XX.X largest Comcast was or million

revenue. customer $XX.X largest at fourth Charter our XXX.X% was of million grew organically. X.X% or Charter

And fifth customer X.X% finally, or our million was Verizon at largest $XX.X revenue. of

have was is two XXth of our This where quarter excluding all customers XX.X% year. customers, consecutive was the aggregate, other total customers in the grown top front-end X addition, In growth whose spending excluding revenue last loaded organically. after

was Of note, from fiber construction the quarter. in utilities electric revenue $XX.X million

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

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

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

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

During the received and construction we a Frontier, quarter, from Florida. agreement in maintenance

New construction Various Maryland, maintenance And Ohio, Pennsylvania, Mississippi, the Ohio, in agreements in Kansas, line Brightspeed, Jersey, and rural Headcount Virginia, Missouri, Louisiana, Jersey, Indiana, agreements XX,XXX. North Washington, and utility of various and District fiber For and South California New was Tennessee Kentucky, Michigan, in agreements Virginia Columbia. North construction Carolina. locating and Carolina.

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

H. DeFerrari

good morning, and Steve, everyone. Thanks,

QX. were business end X. Slide the our broad below was million, in due of to X.X% part compared latter our of to decreased year. revenues Revenue of Contract and last was Going the significant $XXX.X the $XX.X increase slightly QX of from country acquired sections January. to winter revenue across million recently expectations during lower an X.X% Organic weather

end was or increased in $XX.X to points our EBITDA $XX.X Adjusted X.X% EBITDA 'XX. of QX the of revenues million basis expectations. million and Adjusted contract or lower XX compared X.X% reached

of QX basis compared Gross revenue to XX.X% XX points XX.X% in 'XX. margins to improved

in winter greater results January. impacted a weather QX, in but expect improvement experienced by We were the adverse

share $X.XX G&A of per per was income better share plus adjusted than compensation million X.X% year. X.X% million and change higher in to on $X.XX to expected sales, expense $X.X as was QX income compared came last in in of depreciation The in in increase reflects by offset and the compared revenue well 'XX. earnings $XX.X Net of asset higher tax and expense. stock-based million EBITDA expense gains interest higher amortization, as higher $X.X QX

Slide X. Going to

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

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

combined to $XX.X proceeds, XXX XXXX days. net gross Slide year million, flows $XX.X were of contract and Capital operating assets at net Cash was in XX. and million fiscal Going were of were disposal receivable QX. CapEx by expenditures net the expenditures million. Capital were million. DSOs activities strong full of The $XXX.X provided $XXX.X accounts for

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

During common shares QX, of million. for repurchased $XX.X we our stock XXX,XXX

XX. Going to Slide

expenditures XXXX. expect year quarter, first 'XX. were of whose to as As from contract toward April we in we This revenue QX customers capital certain weighted revenues half from last to ending slightly of lower the line the to XXXX, first QX that revenues compared to included calendar of a range organic percentage more reflects ahead heavily range XX, look

addition expect the revenues. revenues, organic approximately million range acquired to In of we of $XX

EBITDA adjusted revenues non-GAAP points contract expect also basis percentage to XX to year. of as QX We last compared XX to of increase

$X.X of million rate XX% tax and we XX.X shares. of income Additionally, effective million interest expense, expense, $XX.X amortization expect million net a diluted

the quarter look XX, July XXXX, we growth expect revenue organic ending to As ahead to we resume.

turn call Now I Steve. the back to will

Steven Nielsen

Drew. Thanks,

XX. Slide to Moving

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

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

our are in by We breadth business. the encouraged

are deployments speeds scale and are and gigabit this for to market data electric Federal increasing upstream. us companies networks consumer extensive Wireless high-speed doing . Telephone available activity in year. construction the opportunities. enable support are be provisioned spectrum for being state forefront of communications deploying to Our particularly consumers same. industry Rural growing, presence Dramatically bands is dramatically evolving is the allowed at utilities increased usage of has duration. fiber-to-the-home continues and -- connections. rural

market Capacity creating increasing underway. deployments our share and increasing Cable value supply business. are fiber opportunities for are of operators long-term maintenance America. Customers and projects are operations consolidating expansion growth the rural chains, in

spending that are economic our improved industry nation We our initiatives many experience are committed multiyear conditions. as capital pleased of to and customers

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

call Now open operator, questions. the we will for

Operator

question from first Davis. from our Adam come Thalhimer will Thompson, And Instructions] [Operator

Adam Thalhimer

saying guide. flat sure is want to down just QX Are understand the organic slightly I to year-over-year? make that I revenue you

Steven Nielsen

Adam. correct, that's Yes,

Adam Thalhimer

The awards the right. significant. they I All could look crack customers into if curious Brightspeed X year? this was top

Steven Nielsen

and the done. business we done have with a the got They've in Adam, of work extension. work accelerate. see We lots of pleased get number to that opportunities We're commitment usual time. of territories those for renewals of long do period those Brightspeed to as were for a

outlook crack certainly, good we Whether say. hard year. But have X, top they a for that this to

Adam Thalhimer

revenue the I'm back organic in getting growth And of kind Okay. QX. single-digit high of to the envelope,

the curious if Just would magnitude you back flip comment of to that on positive.

Steven Nielsen

Yes.

from customers we're I -- But that quarter. to probably Adam, last second would think, dropped did the $XXX to have specificity two with not what significant aware about I of million. say is you're kind April guiding I would that and July that year we

so that And not conducive organic is growth. certainly having headwind more . on-trend to

Adam Thalhimer

All both right. one. up year? Last customers Do see cable you this

Steven Nielsen

footprint areas rural trying doing in edge both into to where they're Again, out capacity they're America. expansion. their They're

it both have to that relative that think the that material. on great opportunities. is not all really happy I sure depends other. We're one I'm

Operator

Our Markets. next from question comes from Sangita Capital Jain KeyBanc

Sangita Jain

Steve, you on follow to if just can up guidance. I ask the

out. usually X You quarters give don't guidance

of? trying So to elimination see may function in terms mentioned? more that headwind just Is that the I'm seeing? of that spending customer just what of you that Or just you're is be that clarity a

Steven Nielsen

Well, to one, cycles. we This business like is inflection people. points, a have that think does you're I calling when help

year's and that good flat growth. detailed a quarters to customer which when would frequent we've plan, had of so we had to build about thought folks helpful organic we And this given discussions, feel discussions it couple of about of be kind we've

the primarily talking observation. we that So were we was what provided or -- I think why

year thing we the pleased we unusual -- a The in front we're that both last of of year. did this in in April We July. sequentially. the that think customers will a down quarter was have that little in grew other did happen again, that is, they again in slow half And couple that bit and

the was purpose. that think I So

Sangita Jain

were on I anticipating. from XQ stronger if revenue acquisition. than It what one looks more can we ask was And Great. you contribution like

than XQ we what guide also is F were Your higher thinking.

that to if acquisition you trying would to like may that there's in Just outperforming anything of the versus be out terms the see -- point expectations?

Steven Nielsen

we that closed primarily The the in Southeast. the acquisition acquisition is -- August last --

the had rest but Southeast as perhaps of the much difficult Now the some not as country. weather,

I And think quarter. fourth helpful the so to was that

quarter, first additional acquisition small we close the a February. In in did

they that's from do or we'll probably that Bigum. addition of And so there's as XX hope contribution grow job we a finding point because to that that why in capital. trend basis than a businesses right acquire and good faster XX we the that acquisition ones And we deploy

Sangita Jain

It can on just it. back if the -- as allocation is, acquisition. mentioned shares acquisition. your in you latest as the nearly in bought more much since not Got some like squeeze quarter, you And authorization I looks one capital

Just think kind is is? given of of want to as see comfortable leverage your as allocation where capital it you

Steven Nielsen

Yes.

we as highest industry, able think, I we've And our foremost, scale is to Sangita, allocate customers. with business capital. want to grow the us to always and Organic to given said, in best always able our be customers and to -- capital growth of the first grow to them. use with look be I think we

part capacity. industry of We are a significant

So one. number going be that's to always

On basis, an then versus number repurchases And going not to we're a relative M&A. always two, evaluate science. a share it's art,

million $XX $XXX fiscal million on of basis where the was it we acquisition. about the from repurchase year ended interesting is the year, And points end just We the down net XX what's at year an shares. we just concluded spent think to before. under that I leverage spent

question, So ability think, and as to the have we I invest create certainly do both value ahead. to to your we look growth

Operator

will from Waters from next come Our BofA. Alex question

Alexander Waters

you Maybe largest the in XX then a in really can is and Steve, provides last couple of the you next talk backlog runway total we've bit the the just you about seen both that the and years. the little backlog, first, noted more XXXX. XXXX months Maybe just

a it's tower half the business, of wireless construction about segment, heard And then ramp a of on terms but a of in couple smaller secondly, maybe the just XXXX of potential I talking second we just in portion the companies work. know your

get your I there. to wanted thoughts So just

Steven Nielsen

Sure.

bigger. tightly I think, bigger, intermediate gotten perform numbers how with we with and way about Alex, correlated think growth. we've we the in general, the as always exactly gotten revenue the is for It's in backlog, near have it not term. But

of don't with outlook with BEAD And so that the for caveat I in supportive the 'XX think what's our anything program. and that's associated 'XX that's have we backlog

we of the by as states as activity to expect, state BEAD do to that we grants, that I year, the the as And backlog. an be that reflect think in will this and opportunity finalized some there balance of get awards are the begin through state issue

quarter. we expecting not As growth, see now, to tower We mentioned, it what you less than in But wireless, to are intermediate they term. right anytime may the least activity see X% sooner near the about, don't respect With companies in at than do. soon. significant growing the we're talking any

Operator

And James. next from come from question our will Louthan Frank Raymond

Frank Louthan

out mean Steve, you mentioned going front-end two less Or you it of explain little more you a headwind in year? a the second year? last customers that going bit? through the half. Does called last those pattern it a even is to they weighted? year, Can Was that declined similar be be more have that are to that to

to the build -- And expecting there of back impacted any them back? that that the bounce like they from that? of in -- decline a category bit what's more were then those of pulled all Were them? sort guys, by your or other weather anything general caused that the a trend Or

Steven Nielsen

with Yes, Frank, a the real from respect we activity things year, think throughout perspective, picking I shape the of year. up I I think the to see think

So if recall, last very we year, weather. you essentially, little had

was it think all and about weather back year's front-end winter that based word of loading XXx, just at ahead on think we had some that was They and -- I than the up much because transcript I the And last weather. came lack got for expected. talked I customers. we caused looked better

think half here. see the of July, I in pattern from we April year. we'll that as growth we back into continues think a I see the hope more And and I seasonal mentioned,

So a year. more normal I think

respect group a And customers, to small then with very of customers. eclectic it's

way co-ops So everything say to over say from on rural us the I were And underindexed still electric would No or good small telephone companies. to that there. opportunities they weather. for

that the BEAD fund state program they coming of again, think, they're in advantage taking of on I all the money now later. right can really anticipation focused

Operator

will Thielman from Our D.A. Brent come next question Davidson. from

Brent Thielman

the your infer quarter? of I have outlook those the were the just given despite I on weather you get the Just interesting, operating leverage -- you not thought Can mean, for margins expectations you're Is outperforming? for Steve, margins. thought within towards January. you'd we quarter the the issues might the was it in getting end

Steven Nielsen

about I and what more was then I we the way Brent, from expected. December of at One business year ahead for being is And think Yes. would day. years plan that stands that looked January. than out last it to say when as each those outstanding. difficult for a time were last trajectory looked November, really XX looked period, bit was And the we at thought or we January we we the of years December back little per on over

day a XX%, X.X% seasonal was bit about January, year had December and only at decline We into from X%, per over. a this much little more

that's I what So think really happened.

clearly, so when compared had normal year was pattern of you a have that a that on pattern comps an to different. revenue somewhat year-over-year effect And last very

then under kind that trajectory, you've got have And utilization reduced have when and some -- you you when clearly, of productivity.

to so little bit there point, leverage. less is And operating your a

Brent Thielman

Yes.

just issues. moving Steve, the you're in Okay. [ in it could saw things are color. well. That's flat the organic seems next may have the most I here drives -- be Because in absent of or on view and that seeing you quarter, down some nice like sounds us quarter just walk pretty comparison or But in along ] April. you difficult growth what underlying April? customer great really know base you like across trends some really guess a the it I weather

Steven Nielsen

Yes.

compare. don't -- did the had I year, think by have million. get I where We've of not tough last almost quarter beat Brent, if a here January guidance you we again, we our organic think, remember growth, to $XXX Actually, want ahead we just

think So we the we about ahead quarter. of a we don't that compare. we if feel tough But put ourselves. us, I good had And get behind to want

Brent Thielman

Yes. quarter. what decline, what regions I Verizon and guess the Understood, of operating clarity was more Steve. one, helpful. from could versus maybe impact just I I Last just be you sort guess, Any you're of was that other talk a noticeable the mean it weather degree expected the here would them? in to for you -- there about

Steven Nielsen

Yes.

we've to been can balance impact do customer in and think, But we the is negative Northeast. pleased beyond the get Brent, for the say pleased on large this margins. is I what closing Verizon out program it to that we work of and the do

so it's And than going country. be overall little to more the a affected seasonally

Operator

from And Fisher our come Steven from next question UBS. will

Steven Fisher

just of you and specificity XX% up. in to growth don't too full But a out like know expectations, seems I underlying might revenue it go is try extent and your XX% to what way, mean much To here. to reflective growth gauge, volume double-digit what expecting your 'XX with CapEx. I you're wanted some in there revenue expectations be? the year want I about set

know the that revenues nearly earlier year-end your backlog correlate, but XX% XX-month were question over doesn't X always backlog. perfectly actual And you years, your I year to an said last full the above

year? for burn for seems the put is revenues XX-month Or book unusual you unusually So like when it year. that growth for full in it you add anything a see the all there double-digit your Because that is moment? and high range at backlog into together, would year-end reason the some this you

Steven Nielsen

that fourth Well, to the year, respect recall to [ guiding I the first flat quarter. for think, off, ] full with we're

by X a just bit of in you I quarter when be think may have that math. the So little the calculation, Steve, aggressive, that

we thinking is in things do have balance a think way difficult of And pick slow the for when the we're I and the about guidance which I of will year, we growth the growth periods to as get we about thinking we comps, quarter, think is see the the year. of why the tend that general time those beyond comps in as organic principle of up. second balance provided resumption where the

it that to sure pandemic equipment. had make get we been of recall tough the extend the enough our could On did useful during lives the assets our we that CapEx, of because

So we sooner. held on to might things sold that have we

A is that really And all so not maintenance that to CapEx. growth increase going deferred of portion be CapEx. of is

have now. that, pleased for And the part, correlation And tight I access a order of as fact, between to we're wouldn't right million equipment $XX CapEx tie your having implies. better most we're on in question But as we equipment.

Steven Fisher

flow, quarter think, cash I Okay. year-over-year. That's X a was helpful. XX the by up day, And they're And there. very improved but about then DSOs obviously, still days, on the it nice

kind at how to do Should playing year see where the So XXX is this sort more that normalized fiscal the out level back from DSO Or levels? you this we trend a of the moment? perspective? are of

Steven Nielsen

lower. complex. working we're Yes. DSO. fiber better I to When realize ourselves is how customers opportunities it with and working it some have simplify every get hard wouldn't up And we We're much to call them. administratively in. of as I capital to think working with DSO large bring we normalized. real We're programs, make the effort the tied that, they're our We day both at on hard, these behind administrative

also customers, on customers be different Different we DSO. extent think improvement And can helpful with have some the resuming to that of DSO that I growth have profiles.

Operator

Instructions] B. Rygiel Securities. from our next Riley [Operator from And question Alex come will

Alexander Rygiel

and to its work As -- BEAD the you stream? program, to your it when anticipate way funding you relates into this do assuming income

Steven Nielsen

that point, calendar consensus in as we'll is see I we half year, begin mean get in may think of but growth this the at the opportunities I the the see that opportunities. second not industry into opportunities to 'XX. 'XX we revenue for real the into

has state the gotten As we way through. our all in one said comments,

XX% queued one them up to are the begin XX have another and money So only make that left. request There's awards. step or can behind XX theoretically, they of that

that's think I a reasonable So expectation. certainly

Alexander Rygiel

program why year-over-year margins even step discuss and another could outlook improvement talk improving the And be provide how kind BEAD are line color of for on margins and taken your you affected a and XXXX? more then some by about margin despite XXXX top or Can bit headwinds.

Steven Nielsen

Yes.

we pleased the good tough period That time suppressed year you're X% So had Alex, large traditionally that We're was as a others, below company or growth. of customer where We've margins us. I performed. program and know that a over aware had had it the hanging but that. slowed last think X%. still organic down through we've behind year, worked I on Yes,

Anytime field. we broadly growth, operating more working ways distributed We're to the on efficient we get get organic in leverage. better be always new

working improvements everything So from business, in the through operating dispatch to safety and quality.

I better think to business we're the so forward look book growth. And trying more we build as margins of into to

With had amount significant respect working to ago. XX programs in of the BEAD, pretty we a experience on years stimulus

rural in we in think be we I America saw no we're business that margins at did historically, that we of any that at and rest this reason see for time or than the programs what different. those the then better in saw we to

Operator

question from come Lake Mitrani And Sylvan Asset Management. from our Alan next will

Alan Mitrani

a of to seems all out. in? you It stock-based that your question. get and about off these SG&A base is about they low talk think, that year, about percent coming Alex' I Can you excluding SG&A, start since of even your can fixed as breaking started comp, on up revenues me as following Just projects the as leverage XX

Steven Nielsen

doing outcome. driving we've across think processes One, there's things a of that been I Alan, back-office Yes, been number that standardize projects to of the have company. a couple

that back can out costs think we We take continue business. coming that office the those. to do more we of There's

distributed our we when distributed subsidiary. broadly also addition, in across growth, broadly it's get think I

level not are G&A units only are also or getting holding inside to it pretty getting So leverage we or significantly. corporate that while business company continuing individual level operating grow

Alan Mitrani

to sounds forward it's and programs it something strategic continue from your that going the these government all growth. as business and recovery starts could that's and of like planned So benefit

Steven Nielsen

no the that we of portion even better. that look have We Yes. some reason G&A controls forward maintain see commitments expense, we tight pretty we good make to and can't as significant do over

Alan Mitrani

took other Great. And environment then then backlog, lot seen, inflationary the companies inflation given projects On going years and strategic not to a multiple somewhat we've got guys you they of were on and in big one forced the cost. more. eat

that seemingly, through. now your pricing hadn't has last it's guys starting backlog of someone pick and You the pointed to think over the some years, high as really I up out, cycled as of been number

you where that you the that Would characterize now is seeing years? you feel couple it what the over go of of you're want next backlog like margins more way pricing and representative to

Steven Nielsen

took contracts us some and it environment. sure through of that work our time they increased the portfolio to Well, certainly existing make reflected cost adequately

it some time. took So

think more I always there's of we've substantial through but worked -- we that. a do there, portion to

So I helpful. think been that's

were and that I inflation. we as talked 'XX, in 'XX where about saw think we to there risks

to We also that we worked ability pricing we we or to to with more our customers of extent revisit risk, than that costs took duration if protection on elevate some type formulaic make the sure some expected. had that continue to

with shorter-term right right think preserve going I at then more contracts pricing our to ability that and was our probably reflected we the forward. than costs were others, in strategy comfortable times, meant the to That get

Operator

closing lines. turn Nielsen remarks. no I'd am the further questions now Steven showing to I And any for our phone conference over back like from to

Steven Nielsen

appreciate Thank May. speaking we we you. and attention Well, on the month of look you to time the and forward to call, everybody's in

Operator

for you. Thank concludes Thank participation. today's This conference call. your you

You now wonderful disconnect. Everyone, have a day.

Dycom Industries (DY) 28 Feb 242024 Q4 Earnings call transcript