Slide 1: Q2 2025 Results
VYDYCOM The people connecting America® 24 Quarter 2025 Results August 21, 2024
Slide 2: Participants and Agenda
Participants Steven E. Nielsen Chief Executive Officer Daniel S. Peyovich President and Chief Operating Officer H. Andrew DeFerrari Chief Financial Officer Ryan F. Urness General Counsel Agenda Q2 2025 Overview Industry Update Financial and Operational Highlights Outlook Closing Remarks Q&A 2
Slide 3: Important Information
Important Information Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the outlook for the quarter ending October 26,
Slide 4: Q2 2025 Overview
Q2 2025 Overview Announced Planned Leadership Transition Financial Highlights • On November 30, 2024, Steven E. Nielsen will retire as Chief Executive Officer $ Millions, Except EPS Q2-25 Q2-24 Y/Y • Daniel S. Peyovich, currently President and Chief Operating Officer, will succeed him in the CEO rol
Slide 5: Recent Acquisition
Recent Acquisition In August 2024, Dycom acquired Black & Veatch’s public carrier wireless telecommunications infrastructure business for $150 million in cash • The acquired business provides wireless construction services primarily in the states of New York, New Jersey, Missouri, Kansas, Colorado,
Slide 6: Industry Update
Industry Update An increasing number of diverse industry participants are constructing or upgrading wireline networks throughout the country to enable the delivery of gigabit network speeds to consumers and businesses In addition, the advent of AI data centers has sparked the highest level of intere
Slide 7: Contract Revenues
Contract Revenues Top 5 Customers - Percentage of Total Contract Revenues $ Millions Top 5 customer concentration reduced to 54.9% in Q2 2025 compared to 59.2% in Q2 2024 Fiber construction revenue from electric utilities was $88.7 million in Q2 2025 Q2 2025 Organic Growth: Non-GAAP Organic Growth (
Slide 8: Backlog, Awards and Employee Headcount
Backlog, Awards and Employee Headcount Backlog4 Employee Headcount $ Billions Selected Q2 2025 Awards and Extensions: Customer Description of Services Area Term (in years) Verizon Construction NY 2 Brightspeed Construction OH, PA, NJ, VA, NC 2 Comcast Maintenance & Construction Nationwide 3 AT&T Uti
Slide 9: Financial Highlights
Financial Highlights Contract Revenues Non-GAAP Adjusted EBITDA Non-GAAP Adjusted Diluted EPS 12.6% 13.2% Non-GAAP Adjusted EBITDA % of Contract Revenues • Contract revenues of $1.203 billion increased 15.5% year-over-year • Organic contract revenues increased 9.2% year-over-year after excluding $65
Slide 10: Debt and Liquidity Overview
Debt and Liquidity Overview Debt maturity profile and liquidity provide financial flexibility • Strong liquidity of $622.0 million at Q2 2025 • In May 2024, amended Senior Credit Facility to expand term loan capacity and extend maturity to January 2029 • Capital allocation prioritizes organic growth
Slide 11: Cash Flow Overview
Cash Flow Overview • Operating cash flow used to support sequential growth during Q2 2025 • Days Sales Outstanding (“DSO”)7 were 117 days, an increase of 7 days sequentially • Gross capital expenditures were $65.4 million and disposal proceeds were $9.5 million for Q2 2025 • In Q2 2025, acquired a t
Slide 12: Outlook for Quarter Ending October 26, 2024 (Q3 2025)
Outlook for Quarter Ending October 26, 2024 (Q3 2025) Q3 2025 Outlook: CONTRACT REVENUES Increase mid- to high single digit as a percentage of contract revenues, compared to $1.136 billion for Q3 2024 Included in the expectation for the current quarter is approximately $75 million of acquired revenu
Slide 13: Closing Remarks
Closing Remarks We maintain significant customer presence throughout our markets and are encouraged by the increasing breadth in our business Our extensive market presence has allowed us to be at the forefront of evolving industry opportunities • Telephone companies are deploying FTTH to enable giga
Slide 14: Notes
Notes 1. Organic growth (decline) % from businesses that are included for the entire period in both the current and comparable prior period, adjusted for contract revenues from storm restoration services, and for the additional week of operations during the fourth quarter as a result of the Company’
Slide 15: Non-GAAP Reconciliations Q2 2025
Non-GAAP Reconciliations Q2 2025 15
Slide 16: Explanation of Non-GAAP Financial Measures
Explanation of Non-GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, it may use or discuss Non-G
Slide 17: Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures Non-GAAP Organic Contract Revenues Unaudited $ Millions Contract Revenues Non-GAAP - Growth (Decline) % Revenues - from Acquired Organic Non-GAAP - Quarter Ended GAAP Businesses1 Revenues GAAP - % Organic % July 27,
Slide 18: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Non-GAAP Organic Contract Revenues – Selected Customers Unaudited $ Millions Revenues Growth (Decline) % Contract from Non-GAAP - Revenues – Acquired Organic Non-GAAP - Quarter Ended GAAP Businesses1 Reve
Slide 19: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Non-GAAP Adjusted EBITDA Non-GAAP Adjusted Net Income Unaudited Unaudited $ Millions $ and Shares Millions, Except EPS Quarter Quarter Quarter Quarter Ended Ended Ended Ended July 27, 2024 July 29, 2023 J
Slide 20: Notes to Reconciliation of Non-GAAP Financial Measures
Notes to Reconciliation of Non-GAAP Financial Measures 1 Amounts represents contract revenues from acquired businesses that were not owned for the full period in both the current and comparable prior periods. 2 Top 5 customers for the quarter ended July 27, 2024 were AT&T, Lumen, Comcast, Customer #
Slide 21: The People Connecting America
® The People Connecting America