Slide 1: Q3 2022 Results
November 23, 2021Q3 2022 Results Exhibit 99.2
Slide 2: Agenda and Participants
• Q3 2022 Overview • Industry Update • Financial & Operational Highlights • Outlook • Closing Remarks • Q&A Participants Agenda 2 Steven E. Nielsen President & Chief Executive Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel
Slide 3: Caution Concerning Forward-Looking Statements
Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements include those related to the outlook for the quarter ending January 29, 2022 found within this presentation. Thes
Slide 4: Q3 2022 Overview
4Q3 2022 Overview Contract Revenues Contract revenues of $854.0 million increased 6.6% organically after excluding $8.9 million of revenues from storm restoration services in the year ago period Operating Performance Non-GAAP Adjusted EBITDA of $83.1 million, or 9.7% of contract revenues, compared t
Slide 5: Industry Update
5Industry Update Major industry participants constructing or upgrading significant wireline networks across broad sections of the country generally designed to provision 1 gigabit network speeds directly to consumers or wirelessly using 5G technologies Industry participants have stated their belief
Slide 6: Contract Revenues by Customer
Contract Revenues 6 Q3 2022 Organic Growth (Decline): 6.6% (3.5)% 32.5% Total Customers Top 5 Customers2 All Other Customers 68.3% 118.6% AT&T Frontier Top 5 customers represented 65.4% and 71.6% of contract revenues in Q3 2022 and Q3 2021, respectively2 Fiber construction revenue from electric util
Slide 7: Backlog, Awards and Employees
7Backlog, Awards and Employees Selected Q3 2022 Awards and Extensions: Customer Description of Services Area Term Frontier Fiber Construction CA, TX, IN, NY, CT, FL 2 years Consolidated Communications Construction & Maintenance NH 3 years Windstream Construction OH, PA, NY, KY, AL 2-3 years Lumen Co
Slide 8: Financial Highlights
Financial Highlights 8 As % of Contract Revenues Contact revenues of $854.0 million increased 6.6% organically after excluding $8.9 million of revenues from storm restoration services in the year ago period Non-GAAP Adjusted EBITDA of $83.1 million, or 9.7% of contract revenues Non-GAAP Adjusted Dil
Slide 9: Debt and Liquidity Overview
9Debt and Liquidity Overview 2021 Convertible Notes repaid in full at maturity in September 2021; notional net debt reduced by $60.0 million during Q3 2022 Solid liquidity of $314.7 million at Q3 2022 Capital allocation prioritizes organic growth, followed by opportunistic share repurchases and M&A,
Slide 10: Cash Flow Overview
10Cash Flow Overview Strong operating cash flows of $104.3 million Capital expenditures, net of disposals, for fiscal 2022 expected to range from $135 million to $150 million, an increase of $10 million to $25 million compared to the high end of $125 million in the prior outlook provided in Q2 2022
Slide 11: Outlook for Quarter Ending January 29, 2022 (Q4 2022)
Contract revenues Increase modestly from Non-GAAP Organic Contract Revenues of $691.8 million for the quarter ended January 30, 2021 Non-GAAP Organic Contract Revenues for the quarter ended January 30, 2021 excluded $5.7 million in contract revenues from storm restoration services and $53.2 million
Slide 12: Closing Remarks
12Closing Remarks Our extensive market presence has allowed us to be at the forefront of evolving industry opportunities Telephone companies are deploying FTTH to enable 1 gigabit high speed connections and, increasingly, rural electric utilities are doing the same Dramatically increased speeds to c
Slide 13: Notes
Notes 13 1) Organic growth (decline) % adjusted for revenues from storm restoration services, and for the additional week of operations during the fourth quarter as a result of the Company’s 52/53 week fiscal year, when applicable. 2) Top 5 customers included AT&T, Comcast, Lumen, Verizon, and Front