Financial Data and Key Metrics Changes - Dycom reported record fourth quarter revenue of $1.46 billion, a 34.4% increase compared to Q4 FY 2025, with organic revenue growth of 16.6% [7][28] - Adjusted EBITDA was $162.4 million, with an adjusted EBITDA margin of 11.1%, reflecting a 41 basis point increase year-over-year [8][29] - For the full fiscal year, total revenue reached $5.55 billion, a 17.9% increase compared to FY 2025, with organic revenue growth of 6.5% [9][32] - Non-GAAP adjusted diluted EPS was $11.97, a 29.7% year-over-year increase [9] Business Line Data and Key Metrics Changes - The Communications segment generated $1.362 billion in revenue, driven by fiber-to-the-home programs and maintenance services, with adjusted EBITDA increasing 30% to $151.3 million [30] - The Building Systems segment, including Power Solutions, reported revenue of $95.8 million and adjusted EBITDA of $11.1 million, with results impacted by seasonal holidays [31] Market Data and Key Metrics Changes - Dycom concluded the year with a record total backlog of $9.5 billion, with $6.3 billion expected to be completed in the next 12 months [11][31] - The book-to-bill ratio for the year was 1.3 times in total and 1.2 times on an organic basis, indicating strong demand for services [11] Company Strategy and Development Direction - The acquisition of Power Solutions positions Dycom at the intersection of digital infrastructure and the data center market, broadening its total addressable market [5][10] - The company is focused on four core strategic priorities: talent and workforce development, expansion of the Building Systems segment, margin expansion, and operating cash flow optimization [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust demand for Communications services, particularly fiber-to-the-home deployments, and anticipates continued growth in FY 2027 [12][14] - For FY 2027, total revenue is expected to range from $6.85 billion to $7.15 billion, representing a year-over-year growth of approximately 23.6%-29% [12][36] Other Important Information - Dycom's cash and equivalents at the end of the quarter were $709.2 million, with total liquidity of $1.46 billion [34] - The company has a clear path to deleveraging to approximately 2 times net leverage over the next 12 months [35] Q&A Session Summary Question: Plans to increase the scope of work inside Power Solutions - Management indicated that the integration of Power Solutions is going well, with significant growth opportunities anticipated, and cross-selling efforts are already taking flight [42][43] Question: Organic growth surprises in Q4 - Management noted no pull forwards in organic growth, highlighting strong overall demand despite challenges from winter weather [47][48] Question: Long-haul and middle-mile work progress - Management believes the $20 billion addressable market is conservative, with increasing demand from hyperscalers and a ramp-up expected in 2027 [52][53] Question: BEAD program timelines and revenue opportunities - Management expects some revenue opportunities to begin in Q2, with significant momentum anticipated in calendar 2027 [56][57] Question: Current growth rate at Power Solutions - Management stated that Power Solutions is expected to grow at a rate of 15%-25%, with a focus on responsible growth and maintaining service quality [71][73]