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    Alan Mitrani • Sylvan Lake Asset Management

    Alan Mitrani's questions to Dycom Industries Inc (DY) leadership

    Alan Mitrani's questions to Dycom Industries Inc (DY) leadership • Q4 2025

    Question

    Alan Mitrani asked several clarifying questions on metrics like Q4 gross CapEx and wireless revenue, the exclusion of BEAD funding from guidance, and the trend in SG&A expense relative to revenue growth.

    Answer

    CFO H. DeFerrari provided the metrics: Q4 gross CapEx was over $68 million and wireless revenue was just over 7%. President and CEO Daniel Peyovich confirmed that neither storm revenue nor BEAD funding are included in the fiscal 2026 outlook. Regarding SG&A, Peyovich explained that significant investment was necessary to support 50% revenue growth over three years and integrate acquisitions, but they expect operating leverage over time.

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    Alan Mitrani's questions to Dycom Industries Inc (DY) leadership • Q3 2025

    Question

    Alan Mitrani questioned the trend of SG&A expenses growing faster than revenue, asked if current spending is positioning the company for a major revenue increase from AI and BEAD, and inquired about the risk of BEAD funding being delayed or canceled.

    Answer

    CFO H. DeFerrari clarified that after excluding one-time CEO transition and acquisition costs, SG&A was only up slightly and that he expects to gain operating leverage as revenues grow. President & incoming CEO Daniel Peyovich affirmed that the company is excited about the combined growth opportunities from data centers, increased customer CapEx, and BEAD funding. On BEAD's durability, Peyovich highlighted that states are far along in the process and that there is strong bipartisan support for rural broadband deployment.

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