<p>戴康工业（Dycom Industries ((DY)））已召开其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<p>戴康工业最新的财报电话会议传达了明显的乐观情绪，管理层详细介绍了创纪录的收入、扩大的利润率和激增的自由现金流，以及创纪录的订单积压。高管们在乐观的同时，坦诚讨论了来自劳动力扩张、天气、资金时机和收购相关杠杆的短期压力，将其框定为可管理的，面对强劲的长期增长驱动因素。</p>
<h2>创纪录的季度收入和强劲的有机增长</h2>
<p>戴康在第四季度实现了约 14.6 亿美元的创纪录合同收入，比去年增长 34.4%。有机收入增长 16.6%，显示出需求的强劲不仅仅是由收购驱动，并强调了公司将大量订单积压转化为实际销售的健康能力。</p>
<h2>创纪录的全年财务表现</h2>
<p>在 2026 财年，戴康实现了创纪录的收入 55.5 亿美元，同比增长 17.9%，有机增长为 6.5%。调整后的息税折旧摊销前利润（EBITDA）达到 7.377 亿美元，利润率为 13.3%，扩大了 105 个基点，而调整后的稀释每股收益（EPS）几乎增长了 30%，达到 11.97 美元，突显了强劲的经营杠杆。</p>
<h2>显著的自由现金流和经营现金流改善</h2>
<p>现金生成表现突出，自由现金流激增至 4.353 亿美元，比去年增长超过三倍。全年经营现金流达到 6.425 亿美元，其中第四季度增长 27.7%，达到 4.19 亿美元，销售天数改善了 13 天，降至 101 天，表明回款情况更好。</p>
<h2>利润率扩张和调整后 EBITDA 增长</h2>
<p>在本季度，调整后的 EBITDA 上升至 1.624 亿美元，同比增长近 40%。调整后的 EBITDA 利润率提高至 11.1%，增加了约 41 个基点，展示了戴康在扩大收入和吸收增长投资的同时，提升盈利能力的能力。</p>
<h2>创纪录的订单积压和健康的账单比</h2>
<p>戴康以约 95 亿美元的创纪录订单积压结束了这一年，其中约 63 亿美元预计将在 12 个月内转化。账单比为 1.3 倍（总计）和 1.2 倍（有机），为未来的工作提供了强大的可见性，支持管理层的增长叙述。</p>
<h2>战略收购和进入数据中心/建筑系统</h2>
<p>在 12 月底收购的 Power Solutions，交易金额约为 19.5 亿美元，立即将戴康扩展到数据中心和建筑系统市场。在短期内，该业务贡献了 9580 万美元的收入和 1110 万美元的调整后 EBITDA，管理层强调了吸引人的交叉销售潜力。</p>
<h2>雄心勃勃的 2027 财年展望</h2>
<p>管理层概述了一个激进的 2027 财年框架，目标收入在 68.5 亿至 71.5 亿美元之间，暗示总增长在 20% 高位和中到高个位数的有机增长。他们还预测调整后的 EBITDA 利润率将继续扩大，包括建筑系统部门的中位数利润率随着 Power Solutions 的扩展而达到中十位数。</p>
<h2>市场顺风和项目机会</h2>
<p>高管们指出，行业顺风强劲，客户计划增加近 600 万条光纤到户的通道。他们还提到与 BEAD 相关的口头授奖不断增加，以及超大规模资本支出急剧上升，这些都支持戴康在长途、中间段和 “围栏内” 数据中心的机会。</p>
<h2>来自天气和劳动力增加的短期利润压力</h2>
<p>公司承认，本季度的利润受到大量招聘和严重冬季风暴的影响，降低了现场生产力。管理层预计，随着新员工的逐步增加，短期内会有一些稀释，但将这些成本视为必要的投资，以捕捉核心市场中不断扩大的需求。</p>
<h2>BEAD 资金和时机不确定性</h2>
<p>尽管 BEAD 宽带计划是未来的重要催化剂，但戴康强调资金的推出仍然不均衡，许多口头授奖尚未成为正式合同。公司预计初步的 BEAD 收入将在第二季度开始，并在 2027 年实现更有意义的增长，但时机仍然是一个关键变量。</p>
<h2>无线设备更换收入的下降</h2>
<p>管理层指出，随着无线设备更换计划的逐步结束，收入结构发生了变化。他们预计这一项在 2027 财年将下降约 1 亿美元，并在 2028 财年进一步下降，这将对通信收入形成压力，必须通过其他增长驱动因素来抵消。</p>
<h2>最近收购带来的杠杆增加</h2>
<p>Power Solutions 的收购将调整后的净杠杆推高至约 2.3 倍的 EBITDA，较近期水平有所上升。戴康制定了一个去杠杆计划，目标是在 12 个月内降至约 2.0 倍，得益于强劲的现金生成和严格的资本配置。</p>
<h2>较高的 SG&amp;A 和一次性交易成本</h2>
<p>第四季度的管理和行政费用因约 1800 万美元的交易和收购相关成本以及排除在调整指标之外的无形资产摊销而上升。这些一次性和整合相关项目对报告的盈利能力产生了压力，但预计随着时间的推移会有所缓和。</p>
<h2>持续的营运资本强度</h2>
<p>尽管有显著改善，戴康的综合应收账款天数为 101 天，突显了其合同模式的营运资本密集特性。管理层强调继续关注账单和收款流程，以维持现金转化的增长，并支持公司扩张时的资产负债表。</p>
<h2>前瞻性指导和财务状况</h2>
<p>对于 2027 财年，Dycom 指导合同收入为 68.5 亿至 71.5 亿美元，其中通信业务为 57 亿至 59 亿美元，建筑系统为 11.5 亿至 12.5 亿美元，同时预计 EBITDA 利润率将持续扩张，无线替代收入将下降 1 亿美元。第一季度的指导预计收入为 16.4 亿至 17.1 亿美元，调整后的 EBITDA 最高可达 2.2 亿美元，得益于 95.4 亿美元的订单积压、充足的流动性以及将杠杆率降低至 2.0 倍的计划。</p>
<p>Dycom 的财报电话会议描绘了一个公司在利用长期增长趋势的同时，管理短期整合、天气和项目过渡带来的波动。凭借创纪录的业绩、在数据中心和宽带基础设施中的深入布局以及强劲的订单积压，管理层认为当前的投资阶段最终应转化为更强的利润率和现金流。</p>

戴康工业

<p>戴康工业在第四季度的财报电话会议上表现强劲，报告创纪录的收入为 14.6 亿美元，同比增长 34.4%，全年收入为 55.5 亿美元，增长 17.9%。公司实现了显著的自由现金流，达到 4.353 亿美元，并且创下了 95 亿美元的历史最高订单积压。管理层预计 2027 财年的激进增长，目标收入在 68.5 亿至 71.5 亿美元之间。然而，他们承认由于劳动力增加和天气影响，近期的利润率面临压力，同时无线设备更换收入有所下降。最近收购的 Power Solutions 预计将增强增长机会</p>

<p>Dycom Industries ((DY)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>戴康工业（Dycom Industries ((DY)））已召开其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks Premium 上享受 70% 的折扣</h3>
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<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
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<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>Dycom Industries’ latest earnings call struck a distinctly upbeat tone as management detailed record revenue, expanding margins, and surging free cash flow alongside a record backlog. Executives balanced this optimism with frank discussion of near-term pressures from workforce ramp-up, weather, funding timing and acquisition-related leverage, framing them as manageable against powerful secular growth drivers.</p>
<div class="lb-trans"><p>戴康工业最新的财报电话会议传达了明显的乐观情绪，管理层详细介绍了创纪录的收入、扩大的利润率和激增的自由现金流，以及创纪录的订单积压。高管们在乐观的同时，坦诚讨论了来自劳动力扩张、天气、资金时机和收购相关杠杆的短期压力，将其框定为可管理的，面对强劲的长期增长驱动因素。</p>
</div><h2>Record Quarterly Revenue and Strong Organic Growth</h2>
<div class="lb-trans"><h2>创纪录的季度收入和强劲的有机增长</h2>
</div><p>Dycom delivered record fourth-quarter contract revenue of about $1.46 billion, a 34.4% jump from a year earlier. Organic revenue grew 16.6%, showing that demand strength is not just acquisition-driven and underscoring healthy conversion of the company’s sizable backlog into realized sales.</p>
<div class="lb-trans"><p>戴康在第四季度实现了约 14.6 亿美元的创纪录合同收入，比去年增长 34.4%。有机收入增长 16.6%，显示出需求的强劲不仅仅是由收购驱动，并强调了公司将大量订单积压转化为实际销售的健康能力。</p>
</div><h2>Record Full-Year Financial Performance</h2>
<div class="lb-trans"><h2>创纪录的全年财务表现</h2>
</div><p>For fiscal 2026, Dycom posted record revenue of $5.55 billion, up 17.9% year over year, with organic growth of 6.5%. Adjusted EBITDA reached $737.7 million for a 13.3% margin, expanding 105 basis points, while adjusted diluted EPS climbed nearly 30% to $11.97, highlighting strong operating leverage.</p>
<div class="lb-trans"><p>在 2026 财年，戴康实现了创纪录的收入 55.5 亿美元，同比增长 17.9%，有机增长为 6.5%。调整后的息税折旧摊销前利润（EBITDA）达到 7.377 亿美元，利润率为 13.3%，扩大了 105 个基点，而调整后的稀释每股收益（EPS）几乎增长了 30%，达到 11.97 美元，突显了强劲的经营杠杆。</p>
</div><h2>Significant Free Cash Flow and Operating Cash Improvement</h2>
<div class="lb-trans"><h2>显著的自由现金流和经营现金流改善</h2>
</div><p>Cash generation was a standout as free cash flow surged to $435.3 million, more than tripling versus the prior year. Full-year operating cash flow hit $642.5 million, including a 27.7% increase in Q4 to $419 million, as days sales outstanding improved by 13 days to 101, signaling better collections.</p>
<div class="lb-trans"><p>现金生成表现突出，自由现金流激增至 4.353 亿美元，比去年增长超过三倍。全年经营现金流达到 6.425 亿美元，其中第四季度增长 27.7%，达到 4.19 亿美元，销售天数改善了 13 天，降至 101 天，表明回款情况更好。</p>
</div><h2>Margin Expansion and Adjusted EBITDA Growth</h2>
<div class="lb-trans"><h2>利润率扩张和调整后 EBITDA 增长</h2>
</div><p>In the quarter, adjusted EBITDA rose to $162.4 million, up nearly 40% year over year. The adjusted EBITDA margin improved to 11.1%, adding roughly 41 basis points, demonstrating Dycom’s ability to expand profitability even while scaling revenue and absorbing growth investments.</p>
<div class="lb-trans"><p>在本季度，调整后的 EBITDA 上升至 1.624 亿美元，同比增长近 40%。调整后的 EBITDA 利润率提高至 11.1%，增加了约 41 个基点，展示了戴康在扩大收入和吸收增长投资的同时，提升盈利能力的能力。</p>
</div><h2>Record Backlog and Healthy Book-to-Bill</h2>
<div class="lb-trans"><h2>创纪录的订单积压和健康的账单比</h2>
</div><p>Dycom ended the year with a record backlog of about $9.5 billion, including roughly $6.3 billion expected to convert within 12 months. Book-to-bill stood at 1.3x on a total basis and 1.2x organically, providing strong visibility into future work and supporting management’s growth narrative.</p>
<div class="lb-trans"><p>戴康以约 95 亿美元的创纪录订单积压结束了这一年，其中约 63 亿美元预计将在 12 个月内转化。账单比为 1.3 倍（总计）和 1.2 倍（有机），为未来的工作提供了强大的可见性，支持管理层的增长叙述。</p>
</div><h2>Strategic Acquisition and Entry into Data Center/Building Systems</h2>
<div class="lb-trans"><h2>战略收购和进入数据中心/建筑系统</h2>
</div><p>The late-December acquisition of Power Solutions, purchased for about $1.95 billion, immediately expanded Dycom into data center and building systems markets. In a short initial period, the business contributed $95.8 million of revenue and $11.1 million of adjusted EBITDA, and management highlighted attractive cross-selling potential.</p>
<div class="lb-trans"><p>在 12 月底收购的 Power Solutions，交易金额约为 19.5 亿美元，立即将戴康扩展到数据中心和建筑系统市场。在短期内，该业务贡献了 9580 万美元的收入和 1110 万美元的调整后 EBITDA，管理层强调了吸引人的交叉销售潜力。</p>
</div><h2>Ambitious FY2027 Outlook</h2>
<div class="lb-trans"><h2>雄心勃勃的 2027 财年展望</h2>
</div><p>Management outlined an aggressive fiscal 2027 framework targeting revenue between $6.85 billion and $7.15 billion, implying high-20s total growth and mid- to high-single-digit organic gains. They also forecast continued adjusted EBITDA margin expansion, including mid-teens margins in the Building Systems segment as Power Solutions scales.</p>
<div class="lb-trans"><p>管理层概述了一个激进的 2027 财年框架，目标收入在 68.5 亿至 71.5 亿美元之间，暗示总增长在 20% 高位和中到高个位数的有机增长。他们还预测调整后的 EBITDA 利润率将继续扩大，包括建筑系统部门的中位数利润率随着 Power Solutions 的扩展而达到中十位数。</p>
</div><h2>Market Tailwinds and Program Opportunities</h2>
<div class="lb-trans"><h2>市场顺风和项目机会</h2>
</div><p>Executives pointed to robust industry tailwinds, citing customer plans for nearly 6 million additional fiber-to-the-home passings. They also noted growing BEAD-related verbal awards and sharply higher hyperscaler capital spending, which together support Dycom’s long-haul, middle-mile and “inside-the-fence” data center opportunities.</p>
<div class="lb-trans"><p>高管们指出，行业顺风强劲，客户计划增加近 600 万条光纤到户的通道。他们还提到与 BEAD 相关的口头授奖不断增加，以及超大规模资本支出急剧上升，这些都支持戴康在长途、中间段和 “围栏内” 数据中心的机会。</p>
</div><h2>Short-Term Margin Pressure from Weather and Workforce Additions</h2>
<div class="lb-trans"><h2>来自天气和劳动力增加的短期利润压力</h2>
</div><p>The company acknowledged that margins in the quarter were dampened by heavy hiring and severe winter storms that reduced field productivity. Management expects some near-term dilution as new employees ramp, but framed these costs as necessary investments to capture expanding demand across its core markets.</p>
<div class="lb-trans"><p>公司承认，本季度的利润受到大量招聘和严重冬季风暴的影响，降低了现场生产力。管理层预计，随着新员工的逐步增加，短期内会有一些稀释，但将这些成本视为必要的投资，以捕捉核心市场中不断扩大的需求。</p>
</div><h2>BEAD Funding and Timing Uncertainty</h2>
<div class="lb-trans"><h2>BEAD 资金和时机不确定性</h2>
</div><p>While the BEAD broadband program is a major future catalyst, Dycom stressed that funding rollout remains uneven and many verbal awards have yet to become formal contracts. The company anticipates initial BEAD revenue beginning in the second quarter and a more meaningful ramp into 2027, but timing remains a key variable.</p>
<div class="lb-trans"><p>尽管 BEAD 宽带计划是未来的重要催化剂，但戴康强调资金的推出仍然不均衡，许多口头授奖尚未成为正式合同。公司预计初步的 BEAD 收入将在第二季度开始，并在 2027 年实现更有意义的增长，但时机仍然是一个关键变量。</p>
</div><h2>Decline in Wireless Equipment Replacement Revenue Ahead</h2>
<div class="lb-trans"><h2>无线设备更换收入的下降</h2>
</div><p>Management flagged a shift in revenue mix as wireless equipment replacement programs begin to roll off. They expect this line to decline by roughly $100 million in fiscal 2027, with a further step-down in fiscal 2028, creating a headwind for Communications revenue that must be offset by other growth drivers.</p>
<div class="lb-trans"><p>管理层指出，随着无线设备更换计划的逐步结束，收入结构发生了变化。他们预计这一项在 2027 财年将下降约 1 亿美元，并在 2028 财年进一步下降，这将对通信收入形成压力，必须通过其他增长驱动因素来抵消。</p>
</div><h2>Increased Leverage from Recent Acquisition</h2>
<div class="lb-trans"><h2>最近收购带来的杠杆增加</h2>
</div><p>The Power Solutions acquisition pushed pro forma net leverage to about 2.3 times adjusted EBITDA, elevated versus recent levels. Dycom laid out a deleveraging plan targeting roughly 2.0 times within 12 months, supported by strong cash generation and disciplined capital allocation.</p>
<div class="lb-trans"><p>Power Solutions 的收购将调整后的净杠杆推高至约 2.3 倍的 EBITDA，较近期水平有所上升。戴康制定了一个去杠杆计划，目标是在 12 个月内降至约 2.0 倍，得益于强劲的现金生成和严格的资本配置。</p>
</div><h2>Higher SG&amp;A and One-Time Transaction Costs</h2>
<div class="lb-trans"><h2>较高的 SG&amp;A 和一次性交易成本</h2>
</div><p>Fourth-quarter general and administrative expenses were lifted by around $18 million of transaction and acquisition-related costs, as well as intangible amortization excluded from adjusted metrics. These one-time and integration-related items weighed on reported profitability but are expected to moderate over time.</p>
<div class="lb-trans"><p>第四季度的管理和行政费用因约 1800 万美元的交易和收购相关成本以及排除在调整指标之外的无形资产摊销而上升。这些一次性和整合相关项目对报告的盈利能力产生了压力，但预计随着时间的推移会有所缓和。</p>
</div><h2>Persistent Working Capital Intensity</h2>
<div class="lb-trans"><h2>持续的营运资本强度</h2>
</div><p>Despite notable improvement, Dycom’s combined DSO of 101 days underlines the working capital-intensive nature of its contract model. Management emphasized continued focus on billing and collections processes to sustain cash conversion gains and support the balance sheet as the company scales.</p>
<div class="lb-trans"><p>尽管有显著改善，戴康的综合应收账款天数为 101 天，突显了其合同模式的营运资本密集特性。管理层强调继续关注账单和收款流程，以维持现金转化的增长，并支持公司扩张时的资产负债表。</p>
</div><h2>Forward-Looking Guidance and Financial Position</h2>
<div class="lb-trans"><h2>前瞻性指导和财务状况</h2>
</div><p>For fiscal 2027, Dycom guided contract revenues of $6.85 billion to $7.15 billion, with Communications at $5.7 billion to $5.9 billion and Building Systems at $1.15 billion to $1.25 billion, alongside ongoing EBITDA margin expansion and a $100 million drop in wireless replacement revenue. First-quarter guidance calls for $1.64 billion to $1.71 billion of revenue and up to $220 million of adjusted EBITDA, backed by a $9.54 billion backlog, ample liquidity and a plan to trim leverage toward 2.0 times.</p>
<div class="lb-trans"><p>对于 2027 财年，Dycom 指导合同收入为 68.5 亿至 71.5 亿美元，其中通信业务为 57 亿至 59 亿美元，建筑系统为 11.5 亿至 12.5 亿美元，同时预计 EBITDA 利润率将持续扩张，无线替代收入将下降 1 亿美元。第一季度的指导预计收入为 16.4 亿至 17.1 亿美元，调整后的 EBITDA 最高可达 2.2 亿美元，得益于 95.4 亿美元的订单积压、充足的流动性以及将杠杆率降低至 2.0 倍的计划。</p>
</div><p>Dycom’s earnings call painted the picture of a company leaning into long-term growth trends while managing near-term bumps from integration, weather and program transitions. With record results, a deepening presence in data centers and broadband infrastructure, and a robust backlog, management made the case that the current investment phase should ultimately translate into stronger margins and cash flow.</p>
<div class="lb-trans"><p>Dycom 的财报电话会议描绘了一个公司在利用长期增长趋势的同时，管理短期整合、天气和项目过渡带来的波动。凭借创纪录的业绩、在数据中心和宽带基础设施中的深入布局以及强劲的订单积压，管理层认为当前的投资阶段最终应转化为更强的利润率和现金流。</p>
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戴康工业的财报电话会议传达了对增长路径的信心