8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 22, 2018

DYCOM INDUSTRIES, INC.

(Exact name of Registrant as specified in its charter)

Florida	001-10613	59-1277135
(State or other jurisdiction of incorporation)	(Commission file number)	(I.R.S. employer identification no.)
	11780 U.S. Highway One, Suite 600,
	Palm Beach Gardens, Florida 33408
	(Address of principal executive offices) (Zip Code)
	(561) 627-7171
	(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

o    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On May 22, 2018, Dycom Industries, Inc. (the “Company”) issued a press release reporting fiscal 2019 first quarter results. The Company also provided forward guidance. Additionally, on May 22, 2018, the Company made available related materials to be discussed during the Company’s webcast and conference call referred to in such press release. A copy of the press release and related conference call materials are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

The press release and related materials contain the financial measures of Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted Diluted Earnings per Common Share, Non-GAAP Adjusted Diluted Shares, and certain amounts relating to organic contract revenue, which are Non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Non-GAAP Adjusted EBITDA, defined by the Company as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items, is not a recognized term under generally accepted accounting principles (“GAAP”) and does not purport to be an alternative to net income, operating cash flows, or a measure of earnings. Non-GAAP Adjusted Net Income is not a recognized term under GAAP and does not purport to be an alternative to GAAP net income. Non-GAAP Adjusted Diluted Earnings per Common Share is not a recognized term under GAAP and does not purport to be an alternative to GAAP diluted earnings per common share. Non-GAAP Adjusted Diluted Shares is not a recognized term under GAAP and does not purport to be an alternative to GAAP diluted shares. Organic contract revenue is not a recognized term under GAAP and does not purport to be an alternative to GAAP contract revenue. Because all companies do not use identical calculations, the presentation of these Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. The Company believes these Non-GAAP financial measures provide information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods.

The information in the preceding paragraphs, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933 (the “Securities Act”) if such subsequent filing specifically references this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

On May 22, 2018, the Company issued a press release reporting fiscal 2019 first quarter results. The Company also provided forward guidance. Additionally, on May 22, 2018, the Company made available related materials to be discussed during the Company’s webcast and conference call referred to in such press release. A copy of the press release and related conference call materials are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

The press release and related materials contain the financial measures of Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted Diluted Earnings per Common Share, Non-GAAP Adjusted Diluted Shares, and certain amounts relating to organic contract revenue, which are Non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Non-GAAP Adjusted EBITDA, defined by the Company as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items, is not a recognized term under GAAP and does not purport to be an alternative to net income, operating cash flows, or a measure of earnings. Non-GAAP Adjusted Net Income is not a recognized term under GAAP and does not purport to be an alternative to GAAP net income. Non-GAAP Adjusted Diluted Earnings per Common Share is not a recognized term under GAAP and does not purport to be an alternative to GAAP diluted earnings per common share. Non-GAAP Adjusted Diluted Shares is not a recognized term under GAAP and does not purport to be an alternative to GAAP diluted shares. Organic contract revenue is not a recognized term under GAAP and does not purport to be an alternative to GAAP contract revenue. Because all companies do not use identical calculations, the presentation of these Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. The Company believes these Non-GAAP financial measures provide information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods.

The information in the preceding paragraphs, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act if such subsequent filing specifically references this Current Report on Form 8-K.

Forward Looking Statements

This Current Report on Form 8-K contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements include those related to the outlook for the quarter ending July 28, 2018 and fiscal 2019 found under the “Outlook” and “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures” sections of the press release. Forward-looking statements are based on management’s current expectations, estimates and projections. These statements are subject to risks and uncertainties that may cause actual results for completed periods and periods in the future to differ materially from the results projected or implied in any forward-looking statements contained in this Current Report on Form 8-K. The most significant of these risks and uncertainties are described in the Company’s Transition Report on Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and include business and economic conditions and trends in the telecommunications industry affecting the Company’s customers, fluctuations in customer capital budgets and spending priorities, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, preliminary purchase price allocations of acquired businesses, expected benefits and synergies of acquisitions, the future impact of any acquisitions or dispositions, adjustments and cancellations related to the Company’s backlog, weather conditions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. These filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov. The Company does not undertake to update forward-looking statements except as required by law.

Item 9.01 Financial Statement and Exhibits.

(d) Exhibits

99.1	Press release dated May 22, 2018 by Dycom Industries, Inc. reporting fiscal 2019 first quarter results.
99.2	Slide presentation relating to the webcast and conference call to be held on May 22, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 22, 2018

DYCOM INDUSTRIES, INC. (Registrant)
By:	/s/ Richard B. Vilsoet
Name:	Richard B. Vilsoet
Title:	Vice President, General Counsel and Corporate Secretary

EX-99.1

Exhibit 99.1

N E W S  R E L E A S E

FOR IMMEDIATE RELEASE Contact: Steven E. Nielsen, President and CEO H. Andrew DeFerrari, Senior Vice President and CFO (561) 627-7171

May 22, 2018

DYCOM INDUSTRIES, INC. ANNOUNCES FISCAL 2019 FIRST QUARTER RESULTS, PROVIDES GUIDANCE FOR THE NEXT FISCAL QUARTER AND LOWERS EXPECTATIONS FOR THE FULL FISCAL YEAR

Palm Beach Gardens, Florida, May 22, 2018 - Dycom Industries, Inc. (NYSE: DY) announced today its results for the

first quarter endedApril 28, 2018. The Company reported:

• Contract revenues of $731.4 million for the quarter ended April 28, 2018, compared to $786.3 million for the quarter ended April 29, 2017. Contract revenues for the quarter ended April 28, 2018 decreased 10.0% on an organic basis. Organic revenue excludes $14.8 million of contract revenues from storm restoration services in the current period and contract revenues from acquired businesses that were not owned for the entire period in both the current and prior year quarter. Total contract revenues from acquired businesses were $15.4 million for the quarter ended April 28, 2018, compared to $7.1 million for the quarter ended April 29, 2017.

• Non-GAAP Adjusted EBITDA of $73.7 million, or 10.1% of contract revenues, for the quarter ended April 28, 2018, compared to $108.2 million, or 13.8% of contract revenues, for the quarter ended April 29, 2017.

• On a GAAP basis, net income was $17.2 million, or $0.53 per common share diluted, for the quarter ended April 28, 2018, compared to net income of $38.8 million, or $1.22 per common share diluted, for the quarter ended April 29, 2017. Non-GAAP Adjusted Net Income was $20.6 million, or $0.65 per Non-GAAP Adjusted Diluted Share, for the quarter ended April 28, 2018, compared to Non-GAAP Adjusted Net Income of $41.6 million, or $1.30 per common share diluted, for the quarter ended April 29, 2017.

Non-GAAP Adjusted Net Income for the quarters ended April 28, 2018 and April 29, 2017 excludes $4.7 million and $4.4 million, respectively, of pre-tax interest expense for the non-cash amortization of the debt discount associated with the Company’s 0.75% convertible senior notes due September 2021 (the “Notes”). Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share for the quarter ended April 28, 2018 exclude the GAAP dilutive effect of approximately 0.6 million weighted shares from the Notes, as the Company has a note hedge in effect to offset the economic dilution of additional shares up to an average quarterly share price of $130.43 per share.

Outlook

The Company is revising its financial guidance for the 2019 fiscal year ending January 26, 2019 to reflect the actual results for the quarter ended April 28, 2018 and the anticipated timing of activity on large customer programs and the related impacts on revenues and margins. The Company’s previous guidance and its current expectations for fiscal 2019 are as follows:

	Previous Guidance	Revised Guidance
	Fiscal 2019*	Fiscal 2019
Contract revenues	$3.30 - $3.50 billion	$3.23 - $3.43 billion
Diluted Earnings per Common Share - GAAP	$4.78 - $5.70	$3.81 - $4.70
Non-GAAP Adjusted Diluted Earnings per Common Share	$5.22 - $6.14	$4.26 - $5.15
Non-GAAP Adjusted EBITDA % of revenue	13.6% - 14.1%	12.4% - 12.9%

*For a reconciliation of the prior Fiscal 2019 Diluted Earnings per Common Share guidance to the prior Non-GAAP Adjusted Diluted Earnings per Common Share guidance and a reconciliation of the prior Fiscal 2019 Net income guidance to the prior Non-GAAP Adjusted

1

EBITDA guidance, see Exhibit 99.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 28, 2018.

The Company is also providing its outlook for the quarter ending July 28, 2018 and currently expects the following:

	Quarter Ending July 28, 2018
Contract revenues	$830 - $860 million
Diluted Earnings per Common Share - GAAP	$1.02 - $1.17
Non-GAAP Adjusted Diluted Earnings per Common Share	$1.13 - $1.28
Non-GAAP Adjusted EBITDA % of revenue	12.4% - 12.8%

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, the Company may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures directly following the press release tables.

Conference Call Information and Other Selected Data

A conference call to review the Company’s results will be hosted at 9:00 a.m. (ET), Tuesday, May 22, 2018; call (800) 230-1059 (United States) or (612) 234-9959 (International) ten minutes before the conference call begins and ask for the “Dycom Results” conference call. A live webcast of the conference call and related materials will be available at www.dycomind.com. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and related materials will be available shortly after the call at www.dycomind.com until Thursday, June 21, 2018.

About Dycom Industries, Inc.

Dycom is a leading provider of specialty contracting services throughout the United States and in Canada. These services include program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.

Forward Looking Information

This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements include statements related to the outlook for the fiscal quarter ending July 28, 2018 and fiscal 2019 found under the “Outlook” and “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures” sections of this release. Forward looking statements are based on management’s current expectations, estimates and projections. These statements are subject to risks and uncertainties that may cause actual results for completed periods and periods in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. The most significant of these risks and uncertainties are described in the Company’s Transition Report on Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and include business and economic conditions and trends in the telecommunications industry affecting the Company’s customers, customer capital budgets and spending priorities, the adequacy of the Company’s insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company’s assets may be impaired, preliminary purchase price allocations of acquired businesses, expected benefits and synergies of acquisitions, the future impact of any acquisitions or dispositions, adjustments and cancellations related to the Company’s backlog, weather conditions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements.

---Tables Follow---

2

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Unaudited
	April 28, 2018		January 28, 2017
ASSETS
Current assets:
Cash and equivalents	$	57,946	$	84,029
Accounts receivable, net (a)	644,980		318,684
Contract assets (a)	101,163		369,472
Inventories	84,260		79,039
Income tax receivable	15,568		13,852
Other current assets	32,165		39,710
Total current assets	936,082		904,786
Property and equipment, net	416,258		414,768
Goodwill and other intangible assets, net	503,915		493,212
Other	26,755		28,190
Total non-current assets	946,928		936,170
Total assets	$	1,883,010	$	1,840,956
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	112,200	$	92,361
Current portion of debt	28,875		26,469
Contract liabilities	5,730		6,480
Accrued insurance claims	40,182		53,890
Income taxes payable	1,902		755
Other accrued liabilities	86,971		79,657
Total current liabilities	275,860		259,612
Long-term debt	731,736		733,843
Accrued insurance claims	59,865		59,385
Deferred tax liabilities, net non-current	62,817		57,428
Other liabilities	5,750		5,692
Total liabilities	1,136,028		1,115,960
Total stockholders’ equity	746,982		724,996
Total liabilities and stockholders’ equity	$	1,883,010	$	1,840,956
(a) The Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) effective January 28, 2018, the first day of fiscal 2019. The adoption of ASU 2014-09 resulted in balance sheet classification changes for amounts that have not been invoiced to customers but for which the Company has satisfied the performance obligation and has an unconditional right to receive payment. Prior to adoption, amounts not invoiced to customers were included in the Company’s contract asset, historically referred to as Costs and Estimated Earnings in Excess of Billings, regardless of rights to payment. Upon adoption of ASU 2014-09, these amounts of unbilled receivables are included in accounts receivable, net. The amount of unbilled receivables included in accounts receivable, net as of April 28, 2018 was $318.0 million.

3

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share amounts)
Unaudited
	Quarter Ended			Quarter Ended
	April 28, 2018			April 29, 2017
Contract revenues	$	731,375		$	786,338
Costs of earned revenues, excluding depreciation and amortization	599,573			621,475
General and administrative expenses (a)	62,283			61,317
Depreciation and amortization	43,355			37,411
Total	705,211			720,203
Interest expense, net (b)	(10,166		)	(9,382		)
Other income, net	7,711			4,793
Income before income taxes	23,709			61,546
Provision for income taxes	6,478			22,750
Net income	$	17,231		$	38,796
Earnings per common share:
Basic earnings per common share	$	0.55		$	1.24
Diluted earnings per common share	$	0.53		$	1.22
Shares used in computing earnings per common share:
Basic	31,190,366			31,357,124
Diluted (c)	32,407,914			31,909,926
(a) Includes stock-based compensation expense of $4.9 million for each of the quarters ended April 28, 2018 and April 29, 2017.
(b) Includes pre-tax interest expense for non-cash amortization of the debt discount associated with the Notes of approximately $4.7 million and $4.4 million for the quarters ended April 28, 2018 and April 29, 2017, respectively.
(c) During the quarter ended April 28, 2018, the Company’s average stock price exceeded the conversion price of its Notes of $96.89. As a result, diluted shares used in computing diluted earnings per common share for the quarter ended April 28, 2018 includes approximately 0.6 million weighted shares of potential dilution from the embedded conversion feature in the Notes.

4

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES
(Dollars in thousands)
Unaudited
CONTRACT REVENUES, NON-GAAP ORGANIC CONTRACT REVENUES, AND DECLINE %’s
	Contract Revenues - GAAP		Revenues from acquired businesses (a)			Revenues from storm restoration services			Non-GAAP - Organic Contract Revenues		GAAP - Decline %		Non-GAAP - Organic Decline %
Quarter Ended April 28, 2018	$	731,375	$	(15,391	)	$	(14,848	)	$	701,136	(7.0	)%	(10.0	)%
Quarter Ended April 29, 2017	$	786,338	$	(7,145	)	$	—		$	779,193
(a) Amounts for the quarters ended April 28, 2018 and April 29, 2017 represent contract revenues from acquired businesses that were not owned for the full period in both the current and prior year periods.

NON-GAAP ADJUSTED EBITDA
	Quarter Ended			Quarter Ended
	April 28, 2018			April 29, 2017
Reconciliation of net income to Non-GAAP Adjusted EBITDA:
Net income	$	17,231		$	38,796
Interest expense, net	10,166			9,382
Provision for income taxes	6,478			22,750
Depreciation and amortization expense	43,355			37,411
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”)	77,230			108,339
Gain on sale of fixed assets	(8,415		)	(5,048		)
Stock-based compensation expense	4,863			4,915
Non-GAAP Adjusted EBITDA	$	73,678		$	108,206
Contract revenues	$	731,375		$	786,338
Non-GAAP Adjusted EBITDA as % of Contract Revenues	10.1		%	13.8		%

5

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)
(Dollars in thousands, except share amounts)
Unaudited
NET INCOME, NON-GAAP ADJUSTED NET INCOME, NET INCOME PER COMMON SHARE, NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE, AND NON-GAAP ADJUSTED DILUTED SHARES
	Quarter Ended			Quarter Ended
	April 28, 2018			April 29, 2017
Reconciliation of Non-GAAP Adjusted Net Income:
Net income	$	17,231		$	38,796
Adjustments:
Pre-tax non-cash amortization of debt discount on Notes	4,672			4,425
Tax impact of non-cash amortization of debt discount on Notes	(1,275		)	(1,644		)
Total adjustments, net of tax	3,397			2,781
Non-GAAP Adjusted Net Income	$	20,628		$	41,577
Reconciliation of Non-GAAP Adjusted Diluted Earnings per Common Share:
Net income per common share	$	0.53		$	1.22
Total adjustments, net of tax and dilutive share effect of Notes (a)	0.12			0.09
Non-GAAP Adjusted Diluted Earnings per Common Share	$	0.65		$	1.30
Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share:
Diluted shares - GAAP	32,407,914			31,909,926
Adjustment for economic benefit of note hedge related to Notes (a)	(614,999		)	—
Non-GAAP Adjusted Diluted Shares (a)	31,792,915			31,909,926
(a) The Company has a note hedge in effect to offset the economic dilution of additional shares from the Notes up to an average quarterly share price of $130.43 per share. Non-GAAP Adjusted Diluted Shares excludes the GAAP dilutive share effect of the Notes.
Amounts in table above may not add due to rounding.

6

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)
(Dollars in thousands, except share amounts)
Unaudited
OUTLOOK - DILUTED EARNINGS PER COMMON SHARE AND NON-GAAP ADJUSTED DILUTED EARNINGS PER COMMON SHARE
		Quarter Ending
	Fiscal 2019	July 28, 2018
Diluted earnings per common share - GAAP (a)	$3.81 - $4.70	$1.02 - $1.17
Adjustment
Addback of after-tax non-cash amortization of debt discount and Q1-19 dilutive share effect of Notes (b)(c)	$0.45	$0.11
Non-GAAP Adjusted Diluted Earnings per Common Share	$4.26 - $5.15	$1.13 - $1.28
Diluted shares - in millions (c)	31.9	31.9
(a) The Company currently expects an effective tax rate of 27.5% before the tax effects of the settlement of share-based awards.
(b) The Company expects to recognize approximately $19.1 million and $4.8 million in pre-tax interest expense during fiscal 2019 and the quarter ending July 28, 2018, respectively, for non-cash amortization of the debt discount associated with the Notes. The addback for fiscal 2019 also includes approximately $0.01 for the Q1-19 Non-GAAP impact of the dilutive share effect of the Notes.
(c) Actual GAAP diluted shares will include any dilutive effect of the Notes based on the average share price during the respective period. The Company has a note hedge in effect to offset the economic dilution of additional shares from the Notes up to an average quarterly price of $130.43 per share. Accordingly, for Non-GAAP Adjusted Diluted Earnings per Common Share calculations, the Company expects to present results per share that exclude the dilutive effect of the Notes, if any, based on the expected effect of the note hedge.

RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA BASED ON THE MIDPOINT OF EARNINGS PER COMMON SHARE (“EPS”) REVISED GUIDANCE FOR FISCAL 2019 AND QUARTER ENDING JULY 28, 2018
				Quarter Ending
	Fiscal 2019			July 28, 2018
	(at midpoint of EPS guidance)
Net income	$	136		$	35.0
Interest expense, net	42			10.5
Provision for income taxes	52			13.3
Depreciation and amortization	180			45.2
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”)	410			103.9
Gain on sale of fixed assets	(16		)	(4.1		)
Stock-based compensation expense	26			6.6
Non-GAAP Adjusted EBITDA	$	420		$	106.4
Contract revenues (at midpoint of guidance)	$	3,330		$	845
Non-GAAP Adjusted EBITDA % of Contract Revenues (at midpoint of guidance)	12.6		%	12.6		%
Amounts in tables above may not add due to rounding.

7

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO COMPARABLE GAAP FINANCIAL MEASURES (CONTINUED)

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-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes that the presentation of certain Non-GAAP financial measures in these materials provides information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period reported with the Company’s performance in prior periods. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non-GAAP financial measures used in this release as follows:

• Non-GAAP Organic Contract Revenues - contract revenues from businesses that are included for the entire period in both the current and prior year periods, excluding contract revenues from storm restoration services. Non-GAAP Organic Contract Revenue growth (decline) is calculated as the percentage change in Non-GAAP Organic Contract Revenues over those of the comparable prior year period. Management believes organic growth (decline) is a helpful measure for comparing the Company’s revenue performance with prior periods.

• Non-GAAP Adjusted EBITDA - net income before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items. Management believes Non-GAAP Adjusted EBITDA is a helpful measure for comparing the Company’s operating performance with prior periods as well as with the performance of other companies with different capital structures or tax rates.

• Non-GAAP Adjusted Net Income - GAAP net income before non-cash amortization of the debt discount and the related tax impact and certain non-recurring items.

• Non-GAAP Adjusted Diluted Earnings per Common Share and Non-GAAP Adjusted Diluted Shares - Non-GAAP Adjusted Net Income divided by Non-GAAP Adjusted Diluted Shares outstanding. The Company has a note hedge in effect to offset the economic dilution of additional shares from the Notes up to an average quarterly share price of $130.43. The measure of Non-GAAP Adjusted Diluted shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share excludes dilution from the Notes. Management believes that the calculation of Non-GAAP Adjusted Diluted shares to reflect the note hedge will be useful to investors because it provides insight into the offsetting economic effect of the hedge against potential conversion of the Notes.

Management excludes or adjusts each of the items identified below from Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted Earnings per Common Share:

• Non-cash amortization of the debt discount - The Company’s Notes were allocated between debt and equity components. The difference between the principal amount and the carrying amount of the liability component of the Notes represents a debt discount. The debt discount is being amortized over the term of the Notes but does not result in periodic cash interest payments. The Company has excluded the non-cash amortization of the debt discount from its Non-GAAP financial measures because it believes it is useful to analyze the component of interest expense for the Notes that will be paid in cash. The exclusion of the non-cash amortization from the Company’s Non-GAAP financial measures provides management with a consistent measure for assessing financial results.

• Tax impact of adjusted results - The tax impact of adjusted results reflects the Company’s effective tax rate used for financial planning for the applicable period.

8

EX-99.2

Exhibit 99.2 1st Quarter Fiscal 2019 May 22, 2018 Results Conference Call

Forward Looking Statements, Non‐GAAP Financial  Measures and Other Information This presentation contains “forward‐looking statements”. Other than statements of historical facts, all statements contained in  this presentation, including statements regarding the Company’s future financial position, future revenue, prospects, plans and  objectives of management, are forward‐looking statements. Words such as “outlook,” “believe,” “expect,” “anticipate,”  “estimate,” “intend,” “should,” “could,” “project,” and  similar expressions, as well as statements in future tense, identify  forward‐looking statements. You should not consider forward‐looking statements as a guarantee of future performance or  results. Forward‐looking statements are based on information available at the time those statements are made and/or  management’s good faith belief at that time  with respect to future events. Such statements are subject to risks and  uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward‐looking statements. Important factors, assumptions, uncertainties, and risks that could cause such differences are  discussed in our Transition Report on Form 10‐K filed with the Securities and Exchange Commission (“SEC”) on  March 2, 2018 and other filings with the SEC. The forward‐looking statements in this presentation are expressly qualified in  their entirety by this cautionary statement. The Company undertakes no obligation to update these forward‐looking statements  to reflect new information, or events or circumstances arising after such date. This presentation includes certain “Non‐GAAP” financial measures as defined by Regulation G of the SEC. As required by the  SEC, we have provided a reconciliation of those measures to the most directly comparable GAAP measures on the Regulation G  slides included as slides 13 through 21 of this presentation. Non‐GAAP financial measures should be considered in addition to,  but not as a substitute for, our reported GAAP results. 2

Participants and Agenda Participants  Steven E. Nielsen President & Chief Executive Officer Timothy R. Estes Chief Operating Officer  H. Andrew DeFerrari Chief Financial Officer Richard B. Vilsoet General Counsel Agenda Introduction and Q1‐19 Overview Industry Update Financial & Operational Highlights Outlook Conclusion Q&A 33

Q1‐19 Overview and Highlights  Strengthening market opportunities despite near‐term revenue declines  Contract revenues of $731.4 million in Q1‐19, included $14.8 million of revenue from storm restoration services. Excluding revenues from storm restoration services and acquired businesses, revenues declined 10.0% organically.  Operating performance impacted by prolonged winter weather throughout the quarter and costs incurred associated with the initiation of large customer programs  Non‐GAAP Adjusted EBITDA for the quarter ended April 28, 2018 of $73.7 million, or 10.1% of revenue, compared to $108.2 million, or 13.8% of revenue for the quarter ended April 29, 2017  Non‐GAAP Adjusted Diluted EPS of $0.65 per share  for the quarter ended April 28, 2018, compared to $1.30 per share for the quarter ended April 29, 2017  Acquired certain assets and liabilities of a communications construction and maintenance services provider in the Midwest for $20.9 million in March 2018  Solid operating cash flows and liquidity  Operating cash flows of $24.6 million in Q1‐19  Liquidity of $459.3 million at the end of Q1‐19 consisting of cash of $57.9 million and $401.4 million of availability under our credit facility. No outstanding revolver borrowings at the end of Q1‐19. See “Regulation G Disclosure” slides 13‐21 for a reconciliation of GAAP to Non‐GAAP financial measures. 4

Industry Update  Industry increasing network bandwidth dramatically  Major industry participants deploying significant 1 gigabit wireline networks  Emerging wireless technologies are driving significant wireline deployments  Wireline deployments necessary to facilitate expected decades long deployment of  fully converged wireless/wireline networks that will enable high bandwidth low  latency applications  Industry effort required to deploy these converged networks continues to  meaningfully broaden our set of opportunities   Total industry developments in aggregate are robust   Delivering valuable service to customers   Currently providing services for 1 gigabit full deployments across the country in  dozens of metropolitan areas to a number of customers   Have secured and are actively working on a number of converged wireless/wireline  multi‐use networks  Customers are revealing with more specificity multi‐year initiatives that are being  implemented and managed locally  Our ability to provide integrated planning, engineering and design, procurement and  construction and maintenance services provides value to several industry participants  Dycom’s scale, market position and financial strength position it well as opportunities  continue to expand 5

Revenue Highlights Organic % adjusted for revenues from acquired businesses and storm restoration services, when applicable.   Q1‐19 organic decline of 10.0%  Top 5 customers decreased 8.8%  organically, impacted by the moderation  in spending by two large customers  All other customers decreased 14.2%  organically (a) (b) (b) (a) Organic % growth adjusted for additional week in Q4‐16 (b) Due to the change in the Company’s fiscal year end,  the  Company’s fiscal 2018 six month transition  period consisted of Q1‐18 and Q2‐18.  Top 5 customers in the quarters ended  April 28, 2018 and April 29, 2017 represented  78.8% and 78.4% of revenues, respectively  Strong organic growth with Verizon at 82.7% Dycom’s ability to gain share and expand geographic reach meaningfully increases the long‐term value  of our maintenance and operations business  See “Regulation G Disclosure” slides 13‐21 for a reconciliation of GAAP to Non‐GAAP financial measures. 6

Backlog and Awards Financial charts ‐ $ in millions (a) (a) (a) (a) (a) Due to the change in the Company’s fiscal year end,  the  Company’s fiscal 2018 six month transition period consisted of Q1‐18 and Q2‐18. Selected Current Awards and Extensions Approximate  Customers  Description Area Term (in years) Verizon Engineering & Construction Services Various 2‐3 Comcast Construction & Maintenance Services Michigan, Pennsylvania, Florida 1‐2 AT&T Wireless Services Georgia 2 CenturyLink Engineering Services Oregon, Montana, Arizona, Wyoming, Virginia 1‐2 AT&T Locating Services California 3 Notes: Our backlog estimates represent amounts under master service agreements and other contractual agreements for services projected to be performed over the terms of contracts. These estimates are generally based on  contract terms and assessments regarding the timing of the services to be provided. In the case of master service agreements, backlog is calculated based on the work performed in the preceding twelve month period, when available.  When estimating backlog for newly initiated master service agreements and other long and short term contracts, we also consider the anticipated scope of the contract and information received from the customer in the procurement  process. A significant majority of our backlog estimates comprise services under master service agreements and other long term contracts. Backlog is not a measure defined by United States generally accepted accounting principles;  however, it is a common measurement used in our industry. Our methodology for determining backlog may not be comparable to the methodologies used by others. 7

Financial Highlights Financial charts ‐ $ in millions, except earnings per share amounts  As a % of Contract Revenues      13.8%                         10.1%  Revenues of $731.4 million in Q1‐19 declined organically 10.0% from the year‐ago quarterly period  Moderation in Q1‐19 from two large customers and declines from certain other customers  Storm restoration services contributed $14.8 million of revenue during Q1‐19   Acquired businesses contributed $15.4 million in Q1‐19, compared to $7.1 million in the quarter ended  April 29, 2017  Non‐GAAP Adjusted EBITDA at 10.1% in Q1‐19, down from 13.8% in the year‐ago quarterly period. Adjusted EBITDA %  impacted by prolonged winter weather and costs incurred associated with the initiation of large customer programs.  Non‐GAAP Adjusted Diluted EPS of $0.65 in Q1‐19, compared to $1.30 in the quarter ended April 29, 2017 8 See “Regulation G Disclosure” slides 13‐21 for a reconciliation of GAAP to Non‐GAAP financial measures

Liquidity Overview Financial tables ‐ $ in millions Strong balance sheet and liquidity Robust operating cash flows * (a) Availability on Revolver presented net of $48.6 million L/C’s under the Senior Credit Facility at  each of January 27, 2018 and April 28, 2018  Balance sheet reflects the strength of our business  Solid operating cash flows of $24.6 million during the quarter  ended April 28, 2018  Liquidity of $459.3 million at the end of Q1‐19   DSO of 92 days decreased sequentially from          consisting of availability under our Credit Facility and  January 27, 2018 cash on hand  Capital expenditures, net of disposals at $26.5 million for the  quarter ended April 28, 2018  Acquired certain assets and liabilities of a communications  construction and maintenance services provider in the  Midwest for $20.9 million in March 2018 *DSO is calculated as the summation of current accounts receivable (including unbilled receivables), plus contract assets, less  contract liabilities (formerly referred to as billings in excess of costs and estimated earnings) divided by average revenue per day  during the respective quarter.   9

Annual Outlook for Fiscal Year Ending  January 26, 2019 (Fiscal 2019) Financial table‐ $ in millions, except earnings per share amounts (% as a percent of contract revenues, except as noted for Effective Income Tax Rate) Fiscal 2019 Outlook Other Expectations Trailing 4  Trailing 4  Quarters Ended  Outlook Quarters Ended  Outlook Jan. 27, 2018 Fiscal 2019 Jan. 27, 2018 Fiscal 2019 Contract Revenues $ 2,978 $ 3,230 ‐ $ 3,430 Depreciation $ 138.1 $ 155 ‐ $ 160 Amortization $ 24.6 $ 23 Share‐based compensation $ 23.1 $ 25 ‐ $ 26 (Amount is included in General & Administrative  Diluted Earnings per Common Share – GAAP $ 4.74 $ 3.81 ‐ $ 4.70  Expense) Non‐GAAP Adjusted Interest Expense $ 20.6 $ 23 ‐ $ 24 (Excludes non‐cash amortization of debt discount  of $18.1 million for Trailing 4 Quarters Ended  Non‐GAAP Adjusted Diluted Earnings per Common  $ 3.88 $ 4.26 ‐ $ 5.15  Jan. 27, 2018 and $19.1 million for FY‐19) Share Other Income, net $ 17.1 $ 11 ‐ $ 13 (Includes gain on sales of fixed assets of $18.9  million for Trailing 4 Quarters Ended Jan. 27, 2018  and expectation of $15 ‐ $17 million in FY‐19) Non‐GAAP Adjusted EBITDA % 12.9% 12.4% ‐ 12.9%  Non‐GAAP Adjusted Effective Income Tax  37.0% 27.5% Rate (as a % of Adjusted Non‐GAAP Income  before Taxes) Adjusted Diluted Shares –Non‐GAAP 31.8 million 31.9 million  Revenue outlook for Fiscal 2019 reflects our expectations of the following:  Accelerating fiber deployments for emerging wireless technologies    Increasing wireless services  Solid demand from several large customers reflecting 1 gigabit deployments and fiber deep cable capacity projects  Outlook for Fiscal 2019 reflects actual results for Q1‐19 and the anticipated timing of activity on large customer programs and the related  impacts on revenues and margins See “Regulation G Disclosure” slides 13‐21 for a reconciliation of GAAP to Non‐GAAP financial measures.  10

Looking Ahead to the Quarter Ending  July 28, 2018 (Q2‐2019) Financial table‐ $ in millions, except earnings per share amounts (% as a percent of contract revenues, except as noted for Effective Income Tax Rate) Q2‐19 Outlook Other Expectations Outlook ‐ Outlook ‐ Quarter Ending  Quarter Ending  Quarter Ended  July 28, 2018  Quarter Ended  July 28, 2018  July 29, 2017 (Q2‐2019) July 29, 2017 (Q2‐2019) Contract Revenues $ 780.2 $ 830 ‐ $ 860  Depreciation $ 34.0 $ 39.0 ‐ $ 39.8  Amortization $ 6.3 $ 5.8  Share‐based compensation $ 4.9 $ 6.6  (Amount is included in General & Administrative  Expense) Diluted Earnings per Common Share – GAAP $ 1.38 $ 1.02 ‐ $ 1.17  Non‐GAAP Adjusted Interest Expense $ 5.2 $ 5.8  (Excludes non‐cash amortization of debt discount  of $4.5 million for the Quarter Ended July 29, 2017  and expectations of $4.8 million in Q2‐19) Non‐GAAP Adjusted Diluted Earnings per Common  $ 1.47 $ 1.13 ‐ $ 1.28  Other Income, net $ 6.0 $ 2.9 ‐ $ 3.5  Share (Includes Gain on sales of fixed assets of $6.6  million for the Quarter Ended July 29, 2017 and  expectation of $3.8 ‐ $4.4 million in Q2‐19) Non‐GAAP Adjusted Effective Income Tax Rate  37.4% 27.5% Non‐GAAP Adjusted EBITDA % 15.1% 12.4% ‐ 12.8%  (as a % of Adjusted Non‐GAAP Income before  Taxes) Adjusted Diluted Shares –Non‐GAAP 31.7 million 31.9 million  Revenue outlook for Q2‐2019 reflects our expectations of the following:  Accelerating fiber deployments for emerging wireless technologies    Wireless services begin to ramp  Solid demand from several large customers reflecting 1 gigabit deployments and fiber deep cable capacity projects  See “Regulation G Disclosure” slides 13‐21 for a reconciliation of GAAP to Non‐GAAP financial measures.  11

Conclusion Firm and strengthening end market opportunities  Fiber deployments in contemplation of emerging wireless technologies have begun in  many regions of the country. A significant number of new project initiations are occurring.   Wireless construction activity in support of expanded coverage and capacity is poised to  accelerate.  Telephone companies are deploying FTTH to enable video offerings and 1 gigabit  connections. This activity has begun to increase.  Cable operators continuing to deploy fiber to small and medium businesses and  enterprises. Fiber deep deployments to expand capacity, new build opportunities and  overall cable capital expenditures are increasing.  Customers are consolidating supply chains creating opportunities for market share growth  and increasing the long‐term value of our maintenance business. We are increasingly  providing integrated planning, engineering and design, procurement and construction and  maintenance services for our customers. Encouraged that industry participants are committed to multi‐year capital spending  initiatives; these initiatives are increasing in numbers across multiple customers 12

Appendix: Regulation G Disclosure Explanation of Non‐GAAP 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‐GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. The Company believes  that the presentation of certain Non‐GAAP financial measures in these materials provides information that is useful to investors because it allows for a more direct comparison of the  Company’s performance for the period reported with the Company’s performance in prior periods. The Company cautions that Non‐GAAP financial measures should be considered in addition  to, but not as a substitute for, the Company’s reported GAAP results. Management defines the Non‐GAAP financial measures used in this presentation as follows: • Non‐GAAP Organic Contract Revenues ‐ contract revenues from businesses that are included for the entire period in both the current and prior year periods, excluding contract revenues  from storm restoration services. Non‐GAAP Organic Contract Revenue growth (decline) is calculated as the percentage change in Non‐GAAP Organic Contract Revenues over those of the  comparable prior year period. Management believes organic growth (decline) is a helpful measure for comparing the Company’s revenue performance with prior periods.  • Non‐GAAP Adjusted EBITDA ‐ net income before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock‐based compensation expense, and certain non‐recurring  items. Management believes Non‐GAAP Adjusted EBITDA is a helpful measure for comparing the Company’s operating performance with prior periods as well as with the performance of  other companies with different capital structures or tax rates.  • Non‐GAAP Adjusted Net Income ‐ GAAP net income before non‐cash amortization of the debt discount and the related tax impact, certain tax impacts resulting from vesting and exercise of  share‐based awards, certain tax impacts of tax reform, and certain non‐recurring items.  • Non‐GAAP Adjusted Diluted Earnings per Common Share and Non‐GAAP Adjusted Diluted Shares ‐ Non‐GAAP Adjusted Net Income divided by Non‐GAAP Adjusted Diluted Shares  outstanding. The Company has a note hedge in effect to offset the economic dilution of additional shares from the Notes up to an average quarterly share price of $130.43. The measure  of Non‐GAAP Adjusted Diluted shares used in computing Non‐GAAP Adjusted Diluted Earnings per Common Share excludes dilution from the Notes. Management believes that the  calculation of Non‐GAAP Adjusted Diluted shares to reflect the note hedge will be useful to investors because it provides insight into the offsetting economic effect of the hedge against  potential conversion of the Notes. Management excludes or adjusts each of the items identified below from Non‐GAAP Adjusted Net Income and Non‐GAAP Adjusted Diluted Earnings per Common Share:  • Non‐cash amortization of the debt discount ‐ The Company’s Notes were allocated between debt and equity components. The difference between the principal amount and the carrying  amount of the liability component of the Notes represents a debt discount. The debt discount is being amortized over the term of the Notes but does not result in periodic cash interest  payments. The Company has excluded the non‐cash amortization of the debt discount from its Non‐GAAP financial measures because it believes it is useful to analyze the component of  interest expense for the Notes that will be paid in cash. The exclusion of the non‐cash amortization from the Company’s Non‐GAAP financial measures provides management with a  consistent measure for assessing financial results. • Tax impact from Tax Reform ‐ During the quarter ended January 27, 2018, the Company recognized an income tax benefit of approximately $32.2 million resulting from tax reform,  primarily due to a reduction of net deferred tax liabilities. The Company has excluded this impact because it is a significant change in the U.S. federal corporate tax rate and because the  Company believes it is not indicative of the Company’s underlying results or ongoing operations. • Tax impact of excess tax benefits as a result of ASU 2016‐09 ‐ ASU 2016‐09, Improvements to Employee Share‐Based Payment Accounting (“ASU 2016‐09”) became effective for the  Company July 30, 2017, the first day of the 2018 transition period, and changed the treatment of windfalls (or shortfalls) arising from the vesting and exercise of share‐based awards. Prior  to ASU 2016‐09, these amounts were recorded as an adjustment to additional paid‐in capital. With the adoption of ASU 2016‐09, these amounts are now captured in the Company’s  provision for income taxes. The Company excluded the impact of approximately $6.9 million of excess tax benefits during the quarter ended January 27, 2018 from its provision for income  taxes in its Non‐GAAP measures as this amount may vary significantly from period to period and excluding this amount from the Company’s Non‐GAAP financial measures provides  management with a more consistent measure for assessing financial results. • Tax impact of adjusted results ‐ The tax impact of adjusted results reflects the Company’s effective tax rate used for financial planning for the applicable period. 13

Appendix: Regulation G Disclosure Reconciliation of Non‐GAAP Financial Measures to Comparable GAAP Financial Measures Non‐GAAP Organic Contract Revenue Unaudited  ($ in millions)  (a) Q4‐16 contained 14 weeks as a result of our 52/53 week fiscal year as compared to 13 weeks in all other quarterly periods presented herein. The Q4‐16 Non‐GAAP  adjustment is calculated independently for each comparative period as (i) contract revenues less, (ii) contract revenues from acquired businesses in each applicable  period, (iii) divided by 14 weeks.   Use of Non‐GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In our quarterly results releases, trend schedules,  conference calls, slide presentations, and webcasts, we may use or discuss Non‐GAAP financial measures, as defined by Regulation Gof the SEC. See Explanation of Non‐GAAP  Measures on slide 13.  14

Appendix: Regulation G Disclosure Reconciliation of Non‐GAAP Financial Measures to Comparable GAAP Financial Measures Non‐GAAP Organic Contract Revenue – certain customers Unaudited ($ in millions)  All customers  Total Contract  Top 5 Customers  (excluding Top 5  Revenue combined* Customers) Verizon GAAP Contract Revenue Quarter ended April 28, 2018 (Q1‐19)$             731.4 $                 576.7 $                 154.7 $  122.1 Quarter ended April 29, 2017 (Q3‐17)$             786.3 $                 607.4 $                 178.9 $    66.8 GAAP Contract Revenue ‐ % Changes (7.0)% (5.1)% (13.5)% 82.8% Non‐GAAP Adjustments Q1‐19 ‐ Revenue from businesses acquired in Q1‐19 and Q3‐17$              (15.4) $                  (12.1) $                    (3.3) $     (0.1) Q1‐19 ‐ Revenue from storm restoration services$              (14.8) $                  (14.8) $                      ‐ $       ‐ Q3‐17 ‐ Revenue from a business acquired in Q3‐17$                (7.1) $                    (4.7) $                    (2.4) $     (0.1) Non‐GAAP Organic Contract Revenue Quarter ended April 28, 2018 (Q1‐19)$             701.1 $                 549.7 $                 151.4 $  122.0 Quarter ended April 29, 2017 (Q3‐17)$             779.2 $                 602.7 $                 176.5 $    66.8 Non‐GAAP Organic Contract Revenue ‐ % Changes Organic Contract Revenue % Change  (10.0)% (8.8)% (14.2)% 82.7% * Includes AT&T, Comcast, Verizon, CenturyLink, and Charter in both quarters ended April 28, 2018 and April 29, 2017. Note: Amounts above may not add due to rounding. Use of Non‐GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In our quarterly results releases, trend schedules,  conference calls, slide presentations, and webcasts, we may use or discuss Non‐GAAP financial measures, as defined by Regulation Gof the SEC. See Explanation of  Non‐GAAP Measures on slide 13. 15

Appendix: Regulation G Disclosure Reconciliation of Non‐GAAP Financial Measures to Comparable GAAP Financial Measures Non‐GAAP Adjusted EBITDA Unaudited  ($ in 000's)  Quarter Ended April 28, 2018 April 29, 2017 Q1‐19 Q3‐17 Reconciliation of net income to Non‐GAAP Adjusted EBITDA: Net income  $                  17,231 $                 38,796 Interest expense, net                     10,166                       9,382 Provision for income taxes                       6,478                    22,750 Depreciation and amortization                     43,355                    37,411    Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")                     77,230                  108,339 Gain on sale of fixed assets                      (8,415)                     (5,048) Stock‐based compensation expense                       4,863                       4,915    Non‐GAAP Adjusted EBITDA $                  73,678 $               108,206 Contract Revenues $               731,375 $               786,338    Non‐GAAP Adjusted EBITDA as a % of Contract Revenues 10.1% 13.8% Notes: Amounts above may not add due to rounding.  Use of Non‐GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In our quarterly results releases, trend schedules,  conference calls, slide presentations, and webcasts, we may use or discuss Non‐GAAP financial measures, as defined by Regulation Gof the SEC. See Explanation of  Non‐GAAP Measures on slide 13.  16

Appendix: Regulation G Disclosure Reconciliation of Non‐GAAP Financial Measures to Comparable GAAP Financial Measures Non‐GAAP Adjusted Net Income and Non‐GAAP Adjusted Diluted Earnings Per Share Unaudited ($ in 000's, except per share amounts)  Quarter Ended April 28, 2018 April 29, 2017 Q1‐19 Q3‐17 Reconciling  Adjusted  Reconciling  Adjusted  GAAP Items Non‐GAAP GAAP Items Non‐GAAP Contract revenues  $  731,375 $             ‐ $  731,375 $ ‐786,338 $             $  786,338 Cost of earned revenues, excluding      depreciation and amortization      599,573                ‐     599,573     621,475                ‐     621,475 General and administrative expenses        62,283                ‐        62,283       61,317                ‐        61,317 Depreciation and amortization        43,355                ‐        43,355       37,411                ‐        37,411 Total      705,211                ‐     705,211     720,203                ‐      720,203 Interest expense, net (a)       (10,166)           4,672         (5,494)        (9,382)           4,425         (4,957) Other income, net          7,711                ‐          7,711         4,793                ‐          4,793 Income before income taxes        23,709           4,672        28,381       61,546           4,425        65,971 Provision for income taxes  (b)          6,478           1,275          7,753       22,750           1,644        24,394 Net income $     17,231 $       3,397 $    20,628 $    38,796 $       2,781 $    41,577 Diluted earnings per share $         0.53 $          0.12 $         0.65 $        1.22 $          0.09 $         1.30 (c) Shares used in computing Diluted EPS (in 000's)  :        32,408             (615)        31,793       31,910        31,910 Note: Amounts above may not add due to rounding.   a) Non‐GAAP Adjusted Interest Expense excludes the non‐cash amortization  of the debt discount associated with the Company's 0.75% convertible senior notes due September 2021 (the  "Notes").  b) Adjusted Non‐GAAP provision for income taxes excludes the tax related impact of the debt discount associated with the Notes (see footnote (a) above). c) Diluted shares used in computing expected GAAP Diluted Earnings per Common Share includes approximately 0.6 million common shares from the dilutive effect of the Notes based on  the average share price during the quarter ended April 28, 2018. The Company has a note hedge in effect to offset the economic dilution of additional shares from the Notes up to an  average quarterly share price of $130.43 per share. Non‐GAAP Adjusted Diluted Shares excludes the GAAP dilutive effect of the Notes based on the expected effect of the note hedge.  See the Company's Form 8‐K previously filed with the Securities and Exchange Commission on September 28, 2015 for further information regarding the Notes and note hedge. Use of Non‐GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In our quarterly results releases, trend schedules,  conference calls, slide presentations, and webcasts, we may use or discuss Non‐GAAP financial measures, as defined by Regulation Gof the SEC. See Explanation of  Non‐GAAP Measures on slide 13.  17

Appendix: Regulation G Disclosure Reconciliation of Non‐GAAP Financial Measures to Comparable GAAP Financial Measures Non‐GAAP Adjusted EBITDA Unaudited  ($ in 000's)  Trailing 4  Quarter Ended Quarters Ended  January 27, 2018 October 28, 2017 July 29, 2017 April 29, 2017 January 27, 2018  Q2‐18 Q1‐18 Q4‐17 Q3‐17 Reconciliation of net income to Non‐GAAP Adjusted EBITDA: Net income  $            151,339 $                  40,059 $                 28,776 $                43,708 $                 38,796 Interest expense, net                  38,677                       9,853                       9,707                     9,735                      9,382 Provision (benefit) for income taxes                  26,592                    (37,888)                    15,603                   26,127                    22,750 Depreciation and amortization               162,707                     42,401                    42,651                   40,244                    37,411    Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")               379,315                     54,425                    96,737                 119,814                  108,339 Gain on sale of fixed assets                (18,910)                         (722)                     (6,495)                    (6,645)                     (5,048) Stock‐based compensation expense                  23,066                       5,897                       7,380                     4,874                      4,915    Non‐GAAP Adjusted EBITDA $            383,471 $                  59,600 $                 97,622 $             118,043 $              108,206 Contract Revenues $         2,977,874 $               655,133 $               756,215 $             780,188 $              786,338    Non‐GAAP Adjusted EBITDA as a % of Contract Revenues 12.9% 9.1% 12.9% 15.1% 13.8% Notes: Amounts above may not add due to rounding.  Use of Non‐GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In our quarterly results releases, trend schedules,  conference calls, slide presentations, and webcasts, we may use or discuss Non‐GAAP financial measures, as defined by Regulation Gof the SEC. See Explanation of  Non‐GAAP Measures on slide 13.  18

Appendix: Regulation G Disclosure Reconciliation of Non‐GAAP Financial Measures to Comparable GAAP Financial Measures Non‐GAAP Adjusted Net Income and Non‐GAAP Adjusted Diluted Earnings Per Share Unaudited ($ in 000's, except per share amounts)  Note: Amounts above may not add due to rounding.   a) Amounts include amortization of $6.2 million in Q3‐17, $6.3 million in Q4‐17, $6.3 million in Q1‐18 and $5.8 million in Q2‐18, altogether $24.6 million for the 4 Quarters Ended  January 27, 2018.   b) Non‐GAAP Adjusted Interest Expense excludes the non‐cash amortization of the debt discount associated with the Notes.  c) For both the Trailing 4 Quarters Ended January 27, 2018 and the quarter ended January 27, 2018, Adjusted Non‐GAAP provision for income taxes excludes: (i) an income  tax benefit of  $32.2 million resulting from tax reform , primarily due to the re‐measurement of the Company's net deferred tax liabilities at a lower U.S. federal corporate income tax rate; (ii) income  tax benefit of $6.9 million from the vesting and exercise of share‐based awards in accordance with ASU 2016‐09, Improvements to Employee Share‐Based Payment Accounting ("ASU  2016‐09"); and (iii) the tax related impact of the debt discount associated with the Notes (see footnote (b) above). d) Shares used in computing Diluted earnings per share for the Trailing 4 Quarters Ended January 27, 2018 is equal to the average diluted shares outstanding in the four trailing quarters.  For the quarter ended January 27, 2018, diluted shares used in computing expected GAAP Diluted Earnings per Common Share includes approximately 0.4 million common shares from  the dilutive effect of the Notes based on the average share price during the quarter ended January 27, 2018. The Company has a note hedge in effect to offset the economic dilution of  additional shares from the Notes up to an average quarterly share price of $130.43 per share. Non‐GAAP Adjusted Diluted Shares excludes the GAAP dilutive effect of the Notes based  on the expected effect of the note hedge. See the Company's Form 8‐K previously filed with the Securities and Exchange Commission on September 28, 2015 for further information  regarding the Notes and note hedge. Use of Non‐GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In our quarterly results releases, trend schedules,  conference calls, slide presentations, and webcasts, we may use or discuss Non‐GAAP financial measures, as defined by Regulation Gof the SEC. See Explanation of  Non‐GAAP Measures on slide 13.  19

Appendix: Regulation G Disclosure Reconciliation of Non‐GAAP Financial Measures to Comparable GAAP Financial Measures Outlook –Non‐GAAP Diluted Earnings per Common Share for Fiscal 2019 and Quarter Ending July 28, 2018 (Q2-19) Unaudited Quarter Ending  July 28, 2018 Fiscal 2019 (Q2‐19) Diluted earnings per common share – GAAP (a) $3.81 ‐ $4.70  $1.02 ‐ $1.17  Adjustment for addback of after‐tax non‐cash amortization of debt discount and Q1‐19  dilutive share effect of Notes (b)(c) $  0.45  $  0.11  Non‐GAAP Adjusted Diluted Earnings per Common Share  $4.26 ‐ $5.15  $1.13 ‐ $1.28 Diluted shares (in millions) (c) 31.9 31.9 (a) The Company currently expects an effective tax rate of 27.5% before the tax effects of the settlement of share‐based awards. (b) The Company expects to recognize approximately $19.1 million and $4.8 million in pre‐tax interest expense during fiscal 2019 and the quarter ending  July 28, 2018, respectively, for non‐cash amortization of the debt discount associated with the Notes. The addback for fiscal 2019 also includes  approximately $0.01 for the Q1‐19 Non‐GAAP impact of the dilutive share effect of the Notes. (c) Actual GAAP diluted shares will include any applicable dilutive effect of the Notes based on the average share price during the respective period. The  Company has a note hedge in effect to offset the economic dilution of additional shares from the Notes up to an average quarterly price of $130.43 per  share. Accordingly, for Non‐GAAP Adjusted Diluted Earnings per Common Share calculations, the Company expects to present results per share that  exclude the dilutive share effect of the Notes, if applicable, based on the expected effect of the note hedge. Note: Amounts above may not add due to rounding.   Use of Non‐GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In our quarterly results releases, trend schedules,  conference calls, slide presentations, and webcasts, we may use or discuss Non‐GAAP financial measures, as defined by Regulation Gof the SEC. See Explanation of  20 Non‐GAAP Measures on slide 13. 

Appendix: Regulation G Disclosure Reconciliation of Non‐GAAP Financial Measures to Comparable GAAP Financial Measures Reconciliation of Net Income to Non‐GAAP Adjusted EBITDA based on the Midpoint of Earnings per Common Share ("EPS") Guidance for Fiscal 2019 and  Quarter Ending July 28, 2019 (Q2‐19)  (Dollars in millions) Unaudited Quarter Ending  July 28, 2018  Fiscal 2019 (Q2‐19) Net income $(at midpoint 136   of$35.0 EPS guidance) Interest expense, net 42                       10.5  Provision for income taxes 52                       13.3  Depreciation and amortization 180                       45.2  Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")                 410                    103.9  Gain on sale of fixed assets (16)                      (4.1) Stock‐based compensation expense 26                         6.6  Non‐GAAP Adjusted EBITDA $                 420  $                   106.4  Contract Revenues (at midpoint of guidance) $              3,330  $                       845  Non‐GAAP Adjusted EBITDA % of Contract Revenues (at midpoint of guidance) 12.6% 12.6% Note: Amounts above may not add due to rounding.   Use of Non‐GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In our quarterly results releases, trend schedules,  conference calls, slide presentations, and webcasts, we may use or discuss Non‐GAAP financial measures, as defined by Regulation Gof the SEC. See Explanation of  21 Non‐GAAP Measures on slide 13. 

1st Quarter Fiscal 2019 May 22, 2018 Results Conference Call