Dycom Industries (DY) 20 Nov 242025 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Dycom Industries, Inc.

Third Quarter 2025 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 Mr. Officer. Executive Chief Nielsen, Steven Please go sir. ahead,

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

Slide to Going X.

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

over Now Ryan I will turn the call to Urness.

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

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

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

Ryan. Thanks,

Q&A. cover past final quarter, handle Dan Q&A, last have financial retiring this from the of performance our highlights, will of review will outlook. after will am and the end month call years and CEO. June, and remarks. Drew opportunities service, last. over a announced review XX This as will I Accordingly, After I Dycom, XX earnings at industry my I As while is Dan Drew this operational few will

work fellow thank would I results, employees quarter to third our review for hard their dedication. I my and Before like

built opportunity proud fellow we has over Dycom these place I finally, for believe to so much support directors, Dycom and company invaluable. strong Thanks it excited council the leader make opportunities bright and firmly your I I have last have team shareholders. market's my shareholders, never company greater. great wisdom, have am as assured take the oversight of so the To team is, our XX well and discipline. years. for And for And advantage opportunities and the because been in Dycom of your of and leave To I of thanks Dan, Your your that Dycom customers, been leave future. led will lead our guidance Dycom's better you your benefit our to those I special you what and from together. you. a employees I'm a benefit full as to your you efforts

You have my full confidence company. entire in the the support of

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

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

Turning Organic deploy increased Revenue quarter. of wireless and billion, wireline X.X% to year-over-year gigabit $X.XXX increase networks, converged to networks. as we revenue networks the wireless/wireline increased and an XX%.

to during margin or points were these was Black of fiscal of increase acquisition strong was XX.X% of per and X.X% the revenue. $XXX.X and all completed of Liquidity quarter, factors EBITDA public $XXX.X at from Veatch's telecommunications general customers. wireless business. carrier of adjusted million gross basis the XX.X% XX top share earnings $X.XX. reflected & in an quarter generated and of expenses And of X adjusted administrative X we QX This infrastructure Non-GAAP revenue revenue Non-GAAP and compared million, demand of increased 'XX. our of

Now business I Dan will a turn the call for to over update.

and across for Directors our for an company and guidance XX our transition. to years. the gratitude provided to firmly start expressing throughout industry past has morning, my good partnership His and Steve I'd Thank dedication our this to I everyone. by you, established his leader. like has want country, Steve the support as the employees all On extend thanks over the of behalf Board deepest of Steve,

who in years as of joined October. distributed our Chief Kevin like in over has I'd We're with leading XX Officer workforces executive already as been delighted lead our join the brings our Operating country. new Kevin welcome with have experience subsidiaries of steps out operations across national with team. across the a Kevin field to met Wetherington, to Dycom. large into in he him customers number and operations

with additional to another to capital results. with commitments transactions, quarter Moving both EBITDA. continued increase including year-over-year and our strategic past and to customers refinancings our capitalize increasing well day, delivered and in these are opportunities. see deliver customers encouraged we we believe quality We strong We by many to hard every and We're growth to also expectations. homes revenue expenditures of positioned some work on

high-capacity, awards private AI, to long-haul, and expansive services the our business, we early extensions Fiber-to-the-home a from broad of the new city opportunities maintenance centers inter including of a stages number of of are a and fiber with services set We're to of in intra as opportunities hyperscalers redundant about operations connect in these deployments low-latency and are with for of networks. national number new see AT&T the their work a customers both we significant and markets and core excited we look believe networks. data secured during We related quarter. part our increasing

execute quarter, expansion and fiber network services. inter we for to expectations network our capacity for the well, recent an participated a and integrate anticipated synergies. and additional wireless award of our The for comfortable and acquisition, revenue integration initial deployment on we is we and Lumen this modernization are continue the from hyperscalers. wireless intercity remain of acquisition During their provide to We with received seeing going in ramp

some unprecedented deployment We these opportunity. address represent of rural they difficult of for and the programs. be federal deployment a levels more not to underappreciated, Lastly, America generational the we programs in to magnitude state importance and and continue as locations see broadband believe support of should deploy

We XXXX. we that see believe half XXXX, BEAD from will in revenue second opportunities the continue ramping of calendar to into

capitalize during converged value executed quarter continue our and plant outside across the must our well believe relative we industry. In We networks, be the on the to deployment extended our will of wireline of business those as continue and increase to of operations amount summary, maintenance dramatically to long-term and that opportunities deployments maintained. increase and that

well pursue as vision and our for building the markets and we industry projects momentum customer America. the valuable increase financial are our scale in believe services focus, connect our As us anticipate deliver that position and scope demand to in strength meet We and to customers. we we serve complexity,

years our customers to have ahead their would safely acknowledge for day. significantly the delivering like We've to I employees us. of dedication past opportunities XX,XXX several for over every unprecedented and our grown

results continued Our of success are you. and you. because Thank

outlook. I'll review pass the his call to and Drew? financial Drew for

everyone. and Dan, good Thanks, morning,

$XXX.X billion, storm Slide were project change businesses $X.XXX current increase compared QX year revenues prior for work to Gross points quarter of Contract improved margin XX% compared Going XX.X% be $XXX.X points million can presentation quarter. revenue X. increase to basis from basis for call. EBITDA the and materials contract revenue XX each after an Organic acquired or XX to to an of our of compared closeout and today's order QX A found amounts 'XX. or revenue of a to of million and XX.X%. these the in was press period, X.X% release excluding Adjusted revenue 'XX. revenues, increased from XX.X% in XX.X% in

and exclude order impacts closeout of For gross reported and of a projects the prior change 'XX. margin purposes, comparative the year in QX adjusted EBITDA several

to related G&A acquisition and $X.X this integration to CEO quarter 'XX included incremental stock-based million acquisition. of million the the $X.X compensation costs of QX related transition

the of these were per Excluding income per in share increased Non-GAAP last to last to year G&A share to year after QX. closeout in $X.XX amounts, benefit 'XX. net X.X% excluding compared order change QX non-GAAP project compared in X.X% and QX $X.XX expenses revenue for $X.XX

Going to X. Slide

the second organically our at largest XX.X% $XXX.X AT&T our revenue of combined million largest grew X million was revenue or at XX.X% During $XXX.X grew XX.X% and top of XX.X%. customer XX.X%. Lumen quarter, customer of customers revenue. or was our organically and produced

revenue of of million at on largest third Xth customers million or Brightspeed decreased was $XX.X our and was basis. XX.X% million Comcast All Our XX.X% grew slightly X.X% finally, at an revenue X.X% $XXX.X and or X% of And was customer grew customer revenue. other or largest organic $XXX.X organically. organically.

this Going backlog, is an months. to approximately billion in July at Of X. billion $X.XXX quarter over the the Backlog Slide end the XX was of $X.XXX at versus be billion was billion. next Headcount $X XX,XXX. of completed to expected increase third $X.XXX XXXX,

to X. Going Slide

term was At QX, loan liquidity the Cash revolving sheet financial and equivalents credit we used were $XXX million $XXX for had borrowings, during and of $XXX.X balance acquisition which Our of $XX.X was quarter. million the strong. of funding facility end million. drawn position and million and remain

of $XXX notes had we senior million Additionally, outstanding.

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

QX. to were CapEx were of flows $XX.X of million. accounts expenditures assets million net and XXX combined proceeds, Going operating disposal in net were Capital The Cash activities and $XX.X Slide gross contract was DSOs XX. $XX.X receivable from days. million,

wireless a telecommunications for acquired we QX, business During cash. million infrastructure in $XXX

XX. Slide to Going

for QX revenues QX look total million revenues prior high As compared as entirety current 'XX. a ahead businesses both of to the expect of increase we and revenues the to digits single 'XX is we in $XXX.X contract quarters. approximately the million fourth for from of Included owned to not mid- in acquired year expectation quarter, contract percentage the $XX to

no acquired 'XX. For there from in comparison were these QX businesses purposes, revenues

increase revenues to organic are low of result, as a As contract to digit percentage expected revenues. mid-single a

as are conditions. QX factors due expected factors holidays, operating seasonal hours such on as reduced inclement workdays the for awards also and to normal additional winter impact well work costs reflects to daylight outlook work initiate earnings. weather a available of seasonal new Our number as to These fewer

includes million transition, $XX.X XX% $X.X related of diluted XX.X expense, expense, outlook 'XX, million to non-GAAP adjusted CEO XX QX of expectations compared expect million interest we about revenues a QX compensation, of EBITDA stock-based approximately million X.X% increase to percentage QX which million the rate the $X.X contract amortization effective of points Other incremental and expense $X.X 'XX. include income non-GAAP of in succession net tax basis For to shares.

dedicated we past service work As would over retirement. and value Dan grow wrap the team to to as like I I'm decades. long-term our to your on company leadership you well alongside the for you the dedicated in your and our focus personally I to excited X delivering Steve I and continue shareholders. wish thank for say to up, business

concludes Operator, prepared our remarks. this

call questions. open You may now the for

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

conference Steve, last Nice your call. on congrats quarter, and

startup the of you start-up actually programs. a just incremental you can out pick in where for Can related just you Drew, large about that bit up talked little you us? costs to flesh off, QX left

Yes, the Adam, thanks for question.

So as and awards. past, on have out, we've of new pleased as Dan well. done number announced extensions. And We're awards we've called in Lumen the as the award a new to

of costs And us. some so been we've are that -- new got areas for these a we've number

quarter next expected ramp some costs are up there in So year. the as into we

I is recent continue other there The on would we ramp the acquisition. thing add to

got so a little cost well. we've of And bit there as

about what talk versus Lumen acquisition, you total went Veatch up the in the got & can the the then because think. the opportunity, quarter basically I Lumen from by backlog you Black AI And

This is Dan.

believe size we the Certainly data not come that as the view very our point fair the partners share. deal. opportunity that of got we're really, start this want to what's the centers. backlog our our continue of for to I We're including of kind going we first, to excited out to AI there. Lumen So And revenue

and being their of but lot significant the country partnership the of with a having surge customers, to have in lot data centers other extend conversations the activity, this believe could conversations to to across with started, look really a this come. As Lumen with the get significant and opportunity. hyperscalers having of be hyperscalers years And this this connect as we potential long-haul to see and excited new a

Our next Alex BofA. from from Waters question will come

noted think I bit seems It it's XXXX. if the in XQ. kind from 'XX Maybe could quarter Maybe script, and BEAD you think I just noted of last when that XH first more? you little a a little your just Dan, here, was off opportunity it describe bit changed like

over just about was the in still of in second can a how probably we see the construction the fiber that that's for revenue that quarter in announcements time sub-brand from cyber. the but We'll excited start. And made talking billion XXXX, we to good being ramp plays quarter, in Louisiana we that that talked XXXX. ended see certainly see We're out, be amounts that believe up frame. XX% fees, what about third yesterday. the half, everybody it And Louisiana being all Certainly $X with of contributed saw would collectively, Last being on. some significant

out, So we it how see ramp XXXX, timing, of but XXXX. and excited to we'll on half in plays still back see believe

on just what from Okay. was Perfect. about kind of could just seems all going expectations are Maybe kind like And bucket. the then customers and seeing other maybe that what year-on-year. of you're these down X% talk It customers you the forward?

a question. No, Yes. it's good

in we lot So We're the have and $XX are we it, show we moving number have the the and out there. X. range. million on way top the a customers, the in look now, of at X, how customers X it, very we of breadth slide with and way all we customers of we that's look X it a at are pleased The and understand our that of

and overall affect those folks it as So move numbers. out, in does the

So it, if XX% XX look to customers, really of about top we you quarter. our XX% like revenue. at increased this represents They at look which the

guide. a feel that's we better So

next B. Rygiel Alex question Riley Our Securities. come from from will

great Alex. on is this you thank best first, run, and for to want wishing Min Steve, the I retirement. This in the just actually you long for

just with just the on question expecting of can new So like funding, to has Trump terms change thoughts under update -- administration? your -- do support. the much in administration you're not in terms under first funding of any obviously, my looks a you it But provide Trump just BEAD really

say good those for coming out. the discrimination, for I'd from some customers, we thing likely The our administration would around our first are The is neutrality, seeing things industry. stance good new digital be net

Internet power say it, us continue. we too will support getting administration way that bulk was for when really out early rural of would rural bipartisan the was is supported into What of a broadband for getting believe of and course, previous to at all every same no we passed both coming and America homes, speculate it, On that. of to current in BEAD as high-speed we to still continue the that ago. home XX it they're is doubt look There's priority, out to COVID homes that years the

that to happen. that's going believe So strongly

what how exactly these there. of Some But participation to Colorado believe questions are around we're and going some in times. seeing play all and those We the out. timing it's again, early awards, good

around is And Excellent. just Veatch Also, the can you provide & the any kind Black wireless integration so far? what your detail how in quarter? going of were of revenues

is replacement the Sure. little The bit expected. a ramping they're well. work The going for we equipment up than that is integration doing quicker

for for like we'd the been and And acquisition see and jelling is team So to it's that. ramped a well overall, up getting good year. us next

in here I'll Yes. And well. Min, is jump Drew. as this

So $X.X we there. quarter in costs of had integration about the million

as QX nice there. but ramp coming cost in we're We modest up expect well, a some seeing

And total were your wireless what revenues? Okay.

over -- revenue quarter. for X.X% And wireless the of around revenues just

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

the in the appreciate all career I on years. the the help call earnings congratulations and over Steve, last finish here.

So I any give it idea Will to be guide, more -- not cleanup the But regular you do far as the assume that storms? QX? of quarter? just impact to you the from fourth can the on as guide. potential be related will business impact on to any an I less think, you revenue check from think wanted And to or what is the us in storm

Frank, Thanks is question. Drew. this Yes. the for

$XX restored QX. is million customers quite number off focus service areas. get tapered first these QX. had the into in as has storm our roll That We our a certainly, in we work helping on bit about So

as So in in not reflecting tell we guide out you the affecting as work areas. would that, at not storms calling had then this storm specific And QX, disruption our point. I far four

there displacement that we're But of bit have that there's of trade-off as that period. normally is in QX, work a the not moving done. into scheduled gotten little there work So would the really

to AI builds related is seen versus maybe larger a these spurs substantially previously? And seeing, as few projects you we far seeing be relative to these you're that ago, short months more are off of networks have of some as Okay. that maybe long-haul

Frank, and talking certainly hyperscalers CapEx quarter-over-quarter, the towards information, of we've more the about and more need, just more seen endeavor. certainly committing future CapEx more the and

routes, we to the trying I think with redundancy, plays significant figured you extensions long-haul seen. we're new be a centers. increase new perspective. looking of how out But have curve remains having connection to from be conversations to power redundancy are their if for data -- and side certainly the they ultimately, that's the exactly they're data shape as capacity. When But centers, redundancy. kind of haul, And data that the get long have existing they of the to got as think of building need out centers could then They're the well. do about we've to that

a not believe be term, combined, in that to all the think we still So those that could we it be out opportunity is they to as build significant of continue for a it number that years. there shorter they're only going going

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

ask on can GigaPower. I if one So

Can the you showed up see time think talk bit that as more growing your how XX term? for you I first a the top near in customers. you about little

Yes.

well. been now. Very The So for enjoy a GigaPower is working there. project years relationship of going we've much with our couple

XX. top As and breadth happened I our move into they with this these the so just mentioned of out business it in the now, customers before, some in moved of quarter,

those that So pleased continue and we'll with continue with builds. --

any price that how difference them those fiber, looking standard your is profile margin you're fiber-to-the-home work on for work type and or in your center other you work? And a at, Lumen there type Great. a versus data

Thanks, Yes. Sangita.

this pricing The certainly the the is on we want at call. look first I would look reinforce going at we're we're thing we Frontier, but now data about X to together. have, risk, talked they've size kind saw out in of quarter, the would passings opportunities, the excited of award, million say What we an to not that in And approved at talk opportunity us those about opportunities, Again, What of all look addition theory by Verizon I that's we Lumen everybody we're and we is the do the I significant. the is adding the just that, still in to got to center is noted you XX space front shareholders. putting the the million from what transaction tell as things before. about incremental

prior quarter, over already X, their incremental that XX million. XX you if third there's So passings call see year, to to be million XX million. December another look million to we'll AT&T X could another this says added what million in on upcoming X

still opportunity significant very there. excited see continue some past. and to these So opportunities it's our to to much of great increase customers just fiber-the-home and CapEx add to We're passing, homes continue the about

again, and potential, look can all the next business three going capitalize whether We forward of if So just the And we of and world, of then, and BEAD well opportunities, funding, And state is we're we growth whether as work the shape that when those it's significant not opportunities. it's asked that, that. at BEAD hard to of see course, to to before, forward tons it's going just we combine the everything we programs, continue we year. to else. see got still all look BEAD on whether see about to

from next our comes And Wells Fargo. question Luebchow from Eric

best the Steve, luck next stage of on retirement. Great. into

kind to up. into kind you'll the just color have, subcontractors? could or talk is to opportunities of up or -- environment you the new about large you the center force ramp hiring picking potentially the direct all of demand any your to for just employees, bead the Dan, maybe so? year have employees labor like to on AI about Dycom And whether program data they're some this talk meet build, So what of next whether

question. the Appreciate

we disciplined see ton stay of I of. and would XX% We in We're don't The a first we're investments our that thing in lot that a year. training opportunities of X how stay to way Really we factors up we opportunities. ago, labor see we to your that everything in a years how out. trying job to facilities the teams at about are and look from We're always Certainly, ahead but talent. We'll together looks want say shakes see really ahead point, We in our that confident I'd that of proud perspective. teams To it. have can point the of got we're ahead we strategic investments wait we the and making feel did making to What almost programs. takes of of coming feel to our significant couple ahead that stock there. shape grew what But develop. out labor stay of good position like. it a something effort,

on project sorry, same for That depends question then geography by geography. mix And project, subcontractors. by --

the And of with we begin, we work labor the to start forces. time and more in might sometimes might during subcontractors our towards project,

a foresee mix always So there.

last we're their near some kind BEAD term slow of market. expect And a you bit may core little earnings under as in the you. I the Got smaller call, they that program assessing of your you they mentioned think that opportunities customers,

from just next -- the and versus to awards wanted you case so you quarter? out think the the how on still see any couple more So BEAD that's we how has quarters of state laid I tracked that expectations clarity if that over last get as far

Sure. Yes.

revenue to to of in funding continue looking move results, forward. some lives. see Louisiana do really that, to see customers did shake that good them that come do that, little Again, just we is at out is our with up from think how to see has co-op some BEAD bit as we believe look quarter, down pick to mix waiting going work, co-ops to quarter-over-quarter. our and of And the a that it this when what their at sequentially that So we we going they

Instructions] from next [Operator come from Davidson. will our Gene And question D.A. Ramirez

revenue your SG&A -- mentioned you is clarify, it line to of earlier? to is of with a or a and in next like XQ, or want be G&A quarter, there bit Just going step-up cost for the

this Gene, Thanks, is Drew.

by certainly from QX going is workdays, -- available margin winter hours, QX conditions as a the impacted work weather available gross be around margin So weather perspective conditions -- well.

so there associated There some we manage. And costs But G&A it's costs sequential are from certain as typically, we through perspective, something certain tightly as the that impacts And with well down. come see then that. seasonal a there business come in. that are seasonally there that comes

on your And fiber the with of -- regarding when you -- deployment actually be will clients, to passed year you better the you guess more accelerate program, can -- towards BEAD's that from program and whether immediate how building the I now Any expected expect second when would you turnarounds do fast into the BEAD going your clarify we've actual it next the question end you is, given XXXX? fiscal seeing of color the -- it start Or will talks that? or are more phase.

Gene. Dan. Thanks, is sure. This For

out Louisiana again, gate. is the are think So preliminary of awards. Those I kind first of

be well. actual run different our done. talking done. see be of So customers. awards. permitting with This we've state to engineering a when to as get programs they we're tracking to lot There's the something to a lot is got to both There's of the We're

time really we up. that time about opportunities back why customers get as after that's that to then half, of start there's our when ramping from get into start and think see themselves talking potential we XXXX in those to some calendar latter that programs the there revenue some awards, we'll through XXXX, is ramp to And to So half cycle. even and really

weighted? just the be number, taking compared see to or -- next the going some of XX-month half that I you parsing is backlog. year? similarities the backlog But question. we're do what this cadence second what back if And the backlog organic rate you're would more it through again, Will be not year? to Or burn guess out

Yes, I'll there. jump in

then see benefits happy disaggregate pleased see months the the correlated we there to the growth. the well it's So that total the with past, is point other as the that talked XX And just XX-month going the would We're as backlog. I to of not think announced, nice reiterate we're we've as being the that tightly as in timing revenue the higher thing that, next said, awards add increase. as looking we -- overall as That just about I well would number I always a number we're that not that. in next the We're starting to both is ahead.

Our next Avi question from UBS. comes Jaroslawicz from

Just wanted to here. unpack down, QX slight deceleration slow into what's driving the organic growth

Drew. is This Avi,I'll that. Sure. jump in on

out We've weather, the work that time. see as of you et grow I ahead the of We're there's then period in that much year into half how stronger total days, just mentioned, a certainly, are We had provided half we the as our high where we call with last not organic on year. we're And you of as in heading. had in of the to and this one, So can bit front that that of we some customers. cetera, outlook, amounts our of with hours, slower we've ourselves get growth. constraints to the strong called certain mid- We're available had QX, the QX outlook. single-digit growth -- pleased in during going just as a back a little mid to

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

longest CEO, have This is, to think, CEO been my how to Steve. maybe going relationship, I like long given Congratulations, you've you're separation anxiety,

may I too. relationship, investor have not longest much The separation as And anxiety.

seems the revenues. over about about. the the you for Do and obviously, at you're -- I Is this X working these forward out talk been costs We and to the can term, We talking thing with some foresee Dan noticed, revenue some like least appreciate I than year starting you of last it. slowdown, realize there's than besides SG&A? that expense look -- next years, and growing excess faster it's acquisitions, short up SG&A about ramp faster the to that is transition, multiple see I'm it been year, team. for that taking talking or obviously, year there's One

jump I'll Alan, in Yes, on is that. This Drew.

think called about that I integration of comp and costs in incremental period stock did $X.X about highlighted some some costs, then million $X.X have million. incremental So out, you'd the we We there.

out, we're If slightly you those strip up year-over-year. only

out I would would what be able are been to opportunities that of think the something we've in get past, we'll there, and we with to outlook some say leverage continue. and would expect Happy continue and been I in what the manage as that to we've tightly operating to it. able see just I is, grow the G&A., that

last the fairly as revenues you've in the these $X a little seems $X revenue, AI. big given anticipate over of always job. next next revenue of about like It situations billion coming to the the been the you years? is setup at past, had contained new in it? I'm next you're where more the you talking where in guys with have billion Yes. has jump, handle way step-up BEAD plus about that the SG&A acquisitions to been also Is in terms and talking we're of you've that not done envision and percent to growing next looking the couple opportunities ability these the instead years I'm spending of the just a more and few

question. the for Thanks Dan. is this Alan,

Hopefully, see first homes today, So talked the heard been over me entirely to off, passed. that's and conversation hopefully strategically, about opportunities, increasing out Again, and which They've about the some customers to next And excited we're have working quarter-over-quarter year in combinations. very the program. continues G&A you of funding their the We from always to then you BEAD that's absolutely, We play that. managing we I active something very opportunity, else add going grow the and data think center to right? conversation. on been other come. years that

hard see to be We're opportunities there. can them. on So if appear the capitalize growth work to going to we

always But a potential talk you of lot and people the matching in Elon talk, about with the realize of the of And little clawbacks. the fear is a the coming or being the that off, and you're about sort view Great. just on lastly, to allocation talk the the what works of canceled that talk just there's further pole. totem spending delay ability with the then through -- Can that. new Starlink, bit and obviously, down some Musk you been can or I push government BEAD terms guys, on you state, administration, about how your funding

pending the technologies. Well, of I That's think always administration predates conversation the first that been the the change. thing on alternative part

lot is through pretty gone out of plays state. always think that you states a working their a All sub-grantee XX see of So brought satellite, well. be the as So have can't the a the far how include money working bodes about They're I by call now. for ball Louisiana some part is states But billion that percentage economic -- when along. over going And that's coming to fiber. over play sense that new the in homes, that we've Obviously, come out it what's X process. an Phase standpoint. on We'll Again, because state just be of many thought from everything most Over XX% with remains administration. scripted. now all going small to would and the we out to on showing very to talked $X them are you going make

months. going think a . learn coming we're lot I the So all to in here

comes next from Thompson from our Thalhimer Adam And question Davis.

new AT&T, were any there? those quarter, the the in there And wireless or awards were states in wireline?

Dan. yes, we markets This Adam. well. as to Thanks, new up some fortunate were pick Those And were wireline. Yes. is

in awards was not extensions. This wireless and the new just out Adam, did we that. Yes, list

more And do it. for sequentially I drove was Verizon then QX. like pulled crews you I decline considering builds? Or Got territories curious the sequential down want than to what those expected they stores? in FiOS if from more was

Yes. related Not to work. storm

go that's Verizon. do they us. bit relationship getting that through be a combination, we about go excited a see believe for Certainly continue As talked And for we the slower. before, the for I little faster, little nod they and and builds, sometimes positive you know, work these going a like that Frontier we the to our them getting to about sometimes bit

I I think lastly, there just any a see $X.X in B&V in but I the Okay. costs didn't And had QX, were integration then note of guidance. million

those not... So are

No, Adam.

So than them of a expect for it to they're call would actual if out come this The bit costs ahead was wasn't modest and $X.X through. going QX but quarter, purposes in higher out that calling in little of we'll meaningful, we originally, was had got guided time. thought we notable integration cost million. we We've some

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thank our forward Steve. everybody of Thank care. on you We you, joining updating the look annual We wishes, for results this February. best to last week and Take morning.

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

You may now disconnect. Everyone, have day. a wonderful