Slide 1: Investor Presentation August 2024
,,DYCOM The people connecting America® Investor Presentation August 2024
Slide 2: Important Information
Important Information 2 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 3: Who We Are
3 Nationwide footprint with 15,900+ employees across 560+ field offices throughout all 50 states Significant scale $4.2 Billion of contract revenues & $505 Million of Adjusted EBITDA in fiscal 2024 Durable customer relationships with well established, leading telecommunications providers that span d
Slide 4: Intensely Focused on Telecommunications Market
Intensely Focused on Telecommunications Market 4 Program Management From the smallest town to the largest city, we manage telecommunications projects that connect America Engineering Our integrated engineering teams work hand-in-hand with construction and logistics teams throughout the full lifecycl
Slide 5: Fiscal 2024 Highlights
Fiscal 2024 Highlights 5 FY 2024 FY 2023 Y/Y Contract Revenues $4,176 $3,808 9.6% Organic Revenue Growth2 6.9% Adjusted EBITDA $505 $366 37.9% Adjusted EBITDA % 12.1% 9.6% Diluted EPS $7.37 $4.74 55.5% Operating Performance • Revenue growth and margin expansion • Total Backlog1 of $6.834 billion as
Slide 6: Recent Acquisition
Recent Acquisition 6 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 7: Telecommunications Industry Overview
Telecommunications Industry Overview 7 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
Slide 8: Strong Secular Trend Around High-Speed Connectivity
Strong Secular Trend Around High-Speed Connectivity 8 Dramatically increased speeds for consumers are being provisioned and consumer data usage is growing - Nick Jeffery, CEO Frontier Communications - August 2024 • In 2Q24, the percentage of Power Users consuming 1 TB or more per month increased 17%
Slide 9: Multiple Industry Tailwinds Driving Sustainable Growth
Multiple Industry Tailwinds Driving Sustainable Growth 9 Increasing amounts of capital are being attracted to the deployment and operations of high-capacity telecommunications infrastructure driven by strong consumer demand Fiber to the Home Deployments and Cable Capacity Expansion Projects Fiber de
Slide 10: Key Driver: Fiber to the Home Deployments
0 50 100 150 Passings as of 2023 Homes Available - Urban and Suburban Homes Available - Urban, Suburban & Rural U .S . H o m e s w it h F ib e r P a ss in g s (a ) (i n M il li o n s) Key Driver: Fiber to the Home Deployments 10 Increasing consumer demand for bandwidth continues to drive fiber deplo
Slide 11: Key Driver: Fiber to the Home Deployments (continued)
Key Driver: Fiber to the Home Deployments (continued) 11 Massive fiber investment presents significant opportunities for sustained growth Analyst research indicates the number of homes passed with fiber will exceed 10 million in 2025 and remain at this rate for several years Fiber capex continues to
Slide 12: Key Driver: US Government Spending on Communications Infrastructure
Key Driver: US Government Spending on Communications Infrastructure 12 BEAD Funding Allocations by State Source: NTIA Internet for All: State Allocation Totals Select US Government Programs: Broadband, Equity, Access and Deployment (BEAD) Program Provides over $40 billion for the construction of rur
Slide 13: Key Driver: Wireless Deployments
Key Driver: Wireless Deployments 13 Wireless construction activity in support of newly available spectrum bands and fixed wireless access continues this year • Wireless networks are deploying additional spectrum bands and equipment to more broadly and efficiently provision higher broadband services
Slide 14: Key Driver: Increased Fiber Capacity for Artificial Intelligence (AI)
Key Driver: Increased Fiber Capacity for Artificial Intelligence (AI) 14 AI data centers driving demand for broad new national deployments of high-capacity, low latency intercity networks and metro fiber rings • Hyperscalers may serve as a new source of capital to our industry for the dramatic expan
Slide 15: Local Credibility, National Capability
Local Credibility, National Capability 15 Dycom combines local knowledge with national reach Operating Subsidiaries Corporate headquarters Subsidiary headquarters Branch location
Slide 16: Durable Customer Relationships
Durable Customer Relationships 16 Increasing customer breadth and opportunity; well-established investment grade customers comprise a substantial portion of revenue
Slide 17: Anchored by Long-Term Agreements
Anchored by Long-Term Agreements 17 FY 2024 Revenue by Contract Type • Dycom is party to hundreds of MSA’s and other agreements with customers that extend for periods of one or more years • Generally multiple agreements maintained with each customer • Master Service Agreements (MSA’s) are multi-year
Slide 18: 10+ Years of Robust Cash Flow Generation
10+ Years of Robust Cash Flow Generation 18 Prudent approach to capital allocation: • $651 million invested in share repurchases • $375 million invested in business acquisitions • $1,411 million in CapEx, net of disposals Fiscal 2014 – Fiscal 2024 Strong operating cash flows of $2.201 billion over 1
Slide 19: Firm and Strengthening End Market Opportunities
Firm and Strengthening End Market Opportunities 19 • Telephone companies are deploying FTTH to enable gigabit high speed connections and rural electric utilities are doing the same • Dramatically increased speeds for consumers are being provisioned and consumer data usage is growing, particularly up
Slide 20: Financial Update
Financial Update
Slide 21: Annual Trends
Annual Trends Contract Revenues Non-GAAP Adjusted EBITDA $4,176 $505 $3,808 3 $3,131 | a Fr 2022 Fy 2023 Fr 2024 Fy 2022 Fy 2023 Fy 2024 ME Non-GAAP Adjusted EBITDA =teeNon-GAAP Adjusted EBITDA % Non-GAAP Organic Growth (Decline) % Non-GAAP Adjusted Diluted EPS? $7.37 21.8% $4.74 6.9% (0.2)%, $1.52
Slide 22: Quarterly Trends
Quarterly Trends Contract Revenues Non-GAAP Adjusted EBITDA 5 $1,203 dal $158 = $1,002 $1,045 $1,042 $2236 Suan | | | L I i I ' . 032023 042023 Q12024 22024 3.2024 042028 A122 022025 32023 42023 Qi 2024 22024 32024 Q42024 Q12025 22025 EE Non-GAAP Adjusted EBITDA —teeNon-GAAP Adjusted EBITDA % Non-GA
Slide 23: Debt and Liquidity Overview
Debt and Liquidity Overview 23 • 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, followed by M&A and opportunistic share repurchases, within t
Slide 24: Cash Flow Overview
Cash Flow Overview 24 • Operating cash flow used to support sequential growth during Q2 2025 • Days Sales Outstanding (“DSO”)6 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
Slide 25: Capital Allocated to Maximize Returns
Capital Allocated to Maximize Returns Invest in Organic Growth Focus on organic growth opportunities through strategic capital investments in the business Pursue Complementary Acquisitions Selectively acquire businesses that further strengthen our customer relationships, geographic scope, and techni
Slide 26: Committed to Sustainability
Committed to Sustainability 26 We believe that addressing sustainability risks and opportunities through our corporate strategy and operations allows us to best serve our stakeholders People Safety Environment Employees are our most important resource and are at the heart of everything we do. We str
Slide 27: Questions and Answers
an Question! and Ae a Answers _
Slide 28: Outlook slide used on August 21, 2024 conference call
28 This slide was used on August 21, 2024 in connection with the Company’s conference call for its fiscal 2025 second quarter results. This information is provided for your reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date or
Slide 29: Notes
Notes 29 1. The Company’s backlog represents an estimate of services to be performed pursuant to master service agreements and other contractual agreements over the terms of those contracts. These estimates are based on contract terms and evaluations regarding the timing of the services to be provid
Slide 30: The People Connecting America
The People Connecting America ®