Key Partners
- AT&T, Verizon, Lumen, Comcast as MSA customers (FACT).
- ~40 operating companies / field offices nationwide (FACT).
- Materials & equipment suppliers for fiber/wireless builds (FACT).
- Subcontractors for surge capacity (INFERENCE from industry MSA model).
- Power Solutions data-center customers (DMV hub) (FACT).
- Electric and gas utilities for locating & construction (FACT).
Key Activities
- Program management, planning, engineering & design (FACT).
- Aerial, underground and wireless construction (FACT).
- Maintenance, fulfillment and operations services (FACT).
- Underground facility locating for utilities (FACT).
- Building Systems electrical for data centers (FACT).
- M&A integration (Power Solutions Dec 2025) (FACT).
Key Resources
- ~19,556 employees at Jan 31, 2026 (FACT).
- Hundreds of field offices / ~40 operating cos (FACT).
- PPE net $575M; fleet & construction gear (FACT).
- MSA relationships with top U.S. carriers (FACT).
- Power Solutions skilled electrical workforce 2,900+ (FACT).
- FY2026 operating cash flow $642.5M; cash $709M (FACT).
Value Propositions
- Nationwide specialty contracting scale (FACT).
- End-to-end — design → build → maintain (FACT).
- FTTH, middle-mile and wireless programs (FACT).
- Underground locating for utilities (FACT).
- Data-center electrical via Power Solutions (FACT).
- Safety / quality reputation with top carriers (INFERENCE).
Customer Relationships
- Multi-year MSAs and long-term contracts (FACT).
- Highly concentrated top-customer accounts (FACT).
- Program / field management embedded with carriers (INFERENCE).
- Backlog $9.54B as relationship pipeline (FACT).
- Power Solutions critical-facility relationships (FACT).
- Safety & quality as trust currency (INFERENCE).
Channels
- Direct enterprise / MSA sales to carriers (FACT).
- Utility procurement & locate ticket systems (FACT).
- Regional operating companies as delivery channel (FACT).
- Power Solutions data-center channel (DMV) (FACT).
- No consumer retail channel (FACT).
- IR / brand site for reputation only (SECONDARY).
Customer Segments
- Telephone companies / fiber builders (AT&T, Lumen) (FACT).
- Cable MSOs (Comcast, Charter historically) (FACT).
- Wireless carriers (FACT).
- Electric & gas utilities (FACT).
- Data-center / critical-facility owners (Building Systems) (FACT).
- Highly concentrated — top names = majority of revenue (FACT).
Cost Structure
- Costs of earned revenues ex-D&A $4.41B (FACT).
- G&A $445.5M incl. SBC (FACT).
- D&A $269.6M (FACT).
- Interest expense net $66.5M; LT debt $2.81B (FACT).
- Acquisition/integration costs $18.8M in Q4 FY26 (FACT).
- Net CapEx ~$207M; FCF $435.3M (FACT).
Revenue Streams
- FY2026 contract revenues $5.546B (+17.9%) (FACT).
- Communications $5.450B · Building Systems $95.8M (FACT).
- Revenue recognized as services performed under MSAs (FACT).
- FY2026 net income $281.2M · EPS $9.56 (FACT).
- FY2026 Adj. EBITDA $737.7M · 13.3% margin (FACT).
- ~$425M approx. op. profit before interest (INFERENCE).