Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jan. 25, 2014 | Mar. 03, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'DYCOM INDUSTRIES INC | ' |
Entity Central Index Key | '0000067215 | ' |
Current Fiscal Year End Date | '--07-26 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 33,791,915 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 25-Jan-14 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 25, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and equivalents | $16,344 | $18,607 |
Accounts receivable, net | 231,619 | 252,202 |
Costs and estimated earnings in excess of billings | 174,138 | 204,349 |
Inventories | 43,426 | 35,999 |
Deferred tax assets, net | 16,334 | 16,853 |
Income taxes receivable | 18,347 | 2,516 |
Other current assets | 16,142 | 10,608 |
Total current assets | 516,350 | 541,134 |
PROPERTY AND EQUIPMENT, NET | 203,639 | 202,703 |
GOODWILL | 267,810 | 267,810 |
INTANGIBLE ASSETS, NET | 115,243 | 125,275 |
OTHER | 16,852 | 17,286 |
TOTAL NON-CURRENT ASSETS | 603,544 | 613,074 |
TOTAL ASSETS | 1,119,894 | 1,154,208 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 52,315 | 77,954 |
Current portion of debt | 9,375 | 7,813 |
Billings in excess of costs and estimated earnings | 13,869 | 13,788 |
Accrued insurance claims | 32,638 | 29,069 |
Other accrued liabilities | 57,566 | 71,191 |
Total current liabilities | 165,763 | 199,815 |
LONG-TERM DEBT (including debt premium of $3.8 million at January 26, 2013) | 416,301 | 444,169 |
ACCRUED INSURANCE CLAIMS | 30,942 | 27,250 |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 49,003 | 48,612 |
OTHER LIABILITIES | 6,249 | 6,001 |
Total liabilities | 668,258 | 725,847 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value $1.00 per share: 1,000,000 shares authorized: no shares issued and outstanding | 0 | 0 |
Common stock, par value $0.33 1/3 per share: 150,000,000 shares authorized: 32,993,267 and 33,587,744 issued and outstanding, respectively | 11,263 | 11,088 |
Additional paid-in capital | 122,998 | 115,205 |
Accumulated other comprehensive income | -183 | 103 |
Retained earnings | 317,558 | 301,965 |
Total stockholders' equity | 451,636 | 428,361 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,119,894 | $1,154,208 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 |
In Millions, except Share data, unless otherwise specified | ||
LIABILITIES: | ' | ' |
Debt premium | $3.40 | $3.60 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.33 | $0.33 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 33,790,139 | 33,264,117 |
Common stock, outstanding (in shares) | 33,264,117 | 33,587,744 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
REVENUES: | ' | ' | ' | ' |
Contract revenues | $390,518 | $369,326 | $903,238 | $692,613 |
EXPENSES: | ' | ' | ' | ' |
Costs of earned revenues, excluding depreciation and amortization | 327,353 | 301,516 | 737,472 | 558,582 |
General and administrative (including stock-based compensation expense of $3.5 million and $2.5 million, respectively) | 38,562 | 38,827 | 81,637 | 67,652 |
Depreciation and amortization | 23,435 | 20,819 | 46,987 | 36,130 |
Total | 389,350 | 361,162 | 866,096 | 662,364 |
Interest expense, net | -6,800 | -5,748 | -13,686 | -9,946 |
Other income, net | 595 | 428 | 2,607 | 2,042 |
INCOME BEFORE INCOME TAXES | -5,037 | 2,844 | 26,063 | 22,345 |
PROVISION FOR INCOME TAXES: | ' | ' | ' | ' |
Current | -2,755 | 1,485 | 9,572 | 10,342 |
Deferred | 785 | -104 | 898 | -1,320 |
Total | -1,970 | 1,381 | 10,470 | 9,022 |
NET INCOME | ($3,067) | $1,463 | $15,593 | $13,323 |
Earnings Per Common Share: | ' | ' | ' | ' |
Basic earnings per common share | ($0.09) | $0.04 | $0.46 | $0.40 |
Diluted earnings per common share | ($0.09) | $0.04 | $0.45 | $0.40 |
SHARES USED IN COMPUTING EARNINGS PER COMMON SHARE: | ' | ' | ' | ' |
Basic | 33,836,099 | 32,780,667 | 33,629,884 | 32,935,305 |
Diluted | 33,836,099 | 33,514,416 | 34,767,945 | 33,607,180 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
EXPENSES: | ' | ' | ' | ' |
General and administrative, stock based compensation expense | $3.50 | $2.50 | $7 | $4.80 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME (LOSS) | ($3,067) | $1,463 | $15,593 | $13,323 |
Foreign currency translation (losses) gains | -226 | 11 | -286 | 13 |
COMPREHENSIVE INCOME (LOSS) | ($3,293) | $1,474 | $15,307 | $13,336 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $15,593 | $13,323 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 46,987 | 36,130 |
Bad debt expense, net | 498 | 32 |
Gain on sale of fixed assets | -2,435 | -2,407 |
Deferred income tax provision (benefit) | 898 | -1,320 |
Stock-based compensation | 7,049 | 4,762 |
Write off of Deferred Debt Issuance Cost | 0 | 321 |
Amortization of premium on long-term debt | -181 | -42 |
Amortization of debt issuance costs and other | 940 | 734 |
Excess tax benefit from share-based awards | -2,297 | -610 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 20,084 | 27,528 |
Costs and estimated earnings in excess of billings, net | 30,292 | 39,753 |
Other current assets and inventory | -13,194 | -3,518 |
Other assets | -718 | -187 |
Income taxes receivable/payable | -15,513 | -906 |
Accounts payable | -15,586 | -11,897 |
Accrued liabilities, insurance claims, and other liabilities | -4,551 | -10,455 |
Net cash provided by operating activities | 67,866 | 91,241 |
INVESTING ACTIVITIES: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -314,771 |
Capital expenditures | -49,240 | -29,029 |
Proceeds from sale of assets | 4,964 | 2,845 |
Changes in restricted cash | -305 | -31 |
Net cash used in investing activities | -44,581 | -340,986 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 0 | 93,825 |
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 0 | 125,000 |
Proceeds from borrowings on Senior Credit Agreement | 221,000 | 180,500 |
Principal payments on Senior Credit Agreement | -247,125 | -160,500 |
Debt Issuance Cost | 0 | -6,409 |
Repurchases of common stock | -9,999 | -15,203 |
Exercise of stock options and other | 11,869 | 2,890 |
Restricted stock tax withholdings | -3,590 | -885 |
Excess tax benefit from share-based awards | 2,297 | 610 |
Principal payments on capital lease obligations | 0 | -74 |
Net cash provided by financing activities | -25,548 | 219,754 |
Net (decrease) increase in cash and equivalents | -2,263 | -29,991 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 18,607 | 52,581 |
CASH AND EQUIVALENTS AT END OF PERIOD | 16,344 | 22,590 |
Cash paid during the period for: | ' | ' |
Interest | 12,972 | 8,854 |
Income taxes | 25,517 | 11,239 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | 4,461 | 2,471 |
Accrued costs for debt issuance included in accounts payable and accrued liabilities at period end | 0 | 130 |
Accrued remaining purchase price of acquisition included in accrued liabilities at period end | $0 | $4,710 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS Consolidated Statement of Cash Flows (Parenthetical) (7.125% Senior Subordinated Notes Due 2021 Senior Subordinated Notes, USD $) | Jan. 25, 2014 | Jul. 27, 2013 | Dec. 12, 2012 |
Debt, interest rate (in percent) | 0.00% | 7.13% | ' |
Debt premium | $3,426,000 | $3,607,000 | $3,800,000 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jan. 25, 2014 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
Basis of Presentation and Accounting Policies | |
Basis of Presentation - Dycom Industries, Inc. and its wholly-owned subsidiaries (collectively, "Dycom" or the "Company") is a leading provider of specialty contracting services throughout the United States and in Canada. These services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. | |
The accompanying unaudited condensed consolidated financial statements of Dycom have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The condensed consolidated financial statements and accompanying notes reflect all adjustments, consisting of only normal recurring accruals that are, in the opinion of management, necessary for a fair presentation of such statements. Operating results for the interim period are not necessarily indicative of the results expected for any other interim period or for the full fiscal year. These condensed consolidated financial statements and accompanying notes should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the Company's audited financial statements for the year ended July 27, 2013 included in the Company's 2013 Annual Report on Form 10-K, filed with the SEC on September 13, 2013. | |
The condensed consolidated financial statements include the accounts of the Company. All significant transactions and balances between Dycom Industries, Inc. and its subsidiaries have been eliminated. | |
All of the Company's operating segments have been aggregated into one reporting segment due to their similar economic characteristics, customers, service distribution methods, and the nature of their services and production processes. The Company's services are provided by its subsidiaries throughout the United States and Canada. Revenues from services provided in Canada were approximately $2.1 million and $5.4 million during the three and six months ended January 25, 2014, respectively, and $2.5 million and $6.4 million during the three and six months ended January 26, 2013, respectively. The Company had no material long-lived assets in Canada at January 25, 2014 or July 27, 2013. | |
Acquisitions - On December 3, 2012, the Company acquired substantially all of the telecommunications infrastructure services subsidiaries of Quanta Services, Inc. Additionally, during the fourth quarter of fiscal 2013, the Company acquired Sage Telecommunications Corp of Colorado, LLC and certain assets of a tower construction and maintenance company. The results of operations of these businesses are included in the accompanying condensed consolidated financial statements from their dates of acquisition. | |
Accounting Period - The Company uses a fiscal year ending on the last Saturday in July. | |
Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Significant estimates made by management include revenue recognition of long-term contracts, including estimates of costs to complete, accruals for self-insurance claims, provision for income taxes, accruals for legal matters and other contingencies, the fair value of reporting units for goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, preliminary purchase price allocations of businesses acquired, stock-based compensation expense for performance-based stock awards, asset lives used in computing depreciation and amortization, and allowance for doubtful accounts. At the time they are made, the Company believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. | |
Significant Accounting Policies | |
There have been no material changes to the Company's significant accounting policies and critical accounting estimates described in the Company's Annual Report on Form 10-K for the year ended July 27, 2013. | |
Restricted Cash - As of January 25, 2014 and July 27, 2013, the Company had approximately $4.0 million and $3.7 million, respectively, in restricted cash which is held as collateral in support of the Company's insurance obligations. Restricted cash is included in other current assets and other assets in the condensed consolidated balance sheets and changes in restricted cash are reported in cash flows used in investing activities in the condensed consolidated statements of cash flows. | |
Fair Value of Financial Instruments - ASC Topic 820, Fair Value Measurements and Disclosures ("ASC Topic 820") requires that assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: (1) Level 1 - Quoted market prices in active markets for identical assets or liabilities; (2) Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data; and (3) Level 3 - Unobservable inputs not corroborated by market data which require the reporting entity's own assumptions. The Company's financial instruments consist primarily of cash and equivalents, restricted cash, accounts receivables, income taxes receivable and payable, accounts payable and certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for the Company's outstanding 7.125% senior subordinated notes due 2021 (the "2021 Notes") which are categorized as Level 2 as of January 25, 2014 and July 27, 2013, based on observable market-based inputs. See Note 10, Debt, for further information regarding the fair value of the 2021 Notes. The Company's cash and equivalents are categorized as Level 1 as of January 25, 2014 and July 27, 2013, based on quoted market prices in active markets for identical assets. During the three and six months ended January 25, 2014 and January 26, 2013, the Company had no non-recurring fair value measurements of assets or liabilities subsequent to their initial recognition. | |
Recently Issued Accounting Pronouncements | |
Adoption of New Accounting Pronouncements | |
In July 2012, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment ("ASU 2012-02"). ASU 2012-02 permits entities first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test pursuant to ASC Subtopic 350-30. If the entity determines that it is more likely than not that such asset is not impaired based on its qualitative assessment, no further testing is required. The Company adopted ASU 2012-02 in fiscal 2014 and it did not have a material effect on the Company's condensed consolidated financial statements. | |
Accounting Standards Not Yet Adopted | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force) ("ASU 2013-04"). ASU 2013-04 provides guidance related to the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU 2013-04 will be effective for the Company's fiscal years beginning fiscal 2015 and interim reporting periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's condensed consolidated financial statements. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). ASU 2013-11 is intended to end inconsistent practices regarding the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from the dis-allowance of a tax position. ASU 2013-11 will be effective for the Company's fiscal years beginning fiscal 2015 and interim periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's condensed consolidated financial statements. |
Computation_of_Earnings_Per_Co
Computation of Earnings Per Common Share | 6 Months Ended | |||||||||||||||
Jan. 25, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Earnings Per Common Share | ' | |||||||||||||||
Computation of Earnings Per Common Share | ||||||||||||||||
For the three months ended January 25, 2014, all common stock equivalents related to stock options and unvested restricted shares and restricted share units were excluded from the diluted loss per share calculation as their effect would be anti-dilutive due to the Company's net loss for the period. The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
January 25, 2014 | January 26, 2013 | January 25, 2014 | January 26, 2013 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Net income (loss) available to common stockholders (numerator) | $ | (3,067 | ) | $ | 1,463 | $ | 15,593 | $ | 13,323 | |||||||
Weighted-average number of common shares (denominator) | 33,836,099 | 32,780,667 | 33,629,884 | 32,935,305 | ||||||||||||
Basic earnings (loss) per common share | $ | (0.09 | ) | $ | 0.04 | $ | 0.46 | $ | 0.4 | |||||||
Weighted-average number of common shares | 33,836,099 | 32,780,667 | 33,629,884 | 32,935,305 | ||||||||||||
Potential common stock arising from stock options, and unvested restricted share units | — | 733,749 | 1,138,061 | 671,875 | ||||||||||||
Total shares-diluted (denominator) | 33,836,099 | 33,514,416 | 34,767,945 | 33,607,180 | ||||||||||||
Diluted earnings (loss) per common share | $ | (0.09 | ) | $ | 0.04 | $ | 0.45 | $ | 0.4 | |||||||
Anti-dilutive weighted shares excluded from the calculation of earnings (loss) per share | 3,440,300 | 1,289,661 | 753,914 | 1,483,241 | ||||||||||||
Acquisitions
Acquisitions | 6 Months Ended | ||||||||
Jan. 25, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure | ' | ||||||||
Acquisitions | |||||||||
On December 3, 2012, Dycom acquired substantially all of the telecommunications infrastructure services subsidiaries (the "Acquired Subsidiaries") of Quanta Services, Inc. for the sum of $275.0 million in cash, an adjustment of approximately $40.4 million for working capital received in excess of a target amount, and approximately $3.7 million for other specified items. The acquisition was funded through a combination of borrowings under a new $400 million credit facility and cash on hand. On December 12, 2012, Dycom Investments, Inc., a wholly-owned subsidiary of the Company, issued $90.0 million of 7.125% senior subordinated notes due 2021 and used the net proceeds to repay approximately $90.0 million of the credit facility borrowings. See Note 10, Debt, for further information regarding the Company's debt financing. | |||||||||
The Acquired Subsidiaries provide specialty contracting services, including engineering, construction, maintenance and installation services to telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. Principal business facilities are located in Arizona, California, Florida, Georgia, Minnesota, New York, Pennsylvania, and Washington. | |||||||||
During the fourth quarter of fiscal 2013, the Company acquired Sage Telecommunications Corp of Colorado, LLC ("Sage") and certain assets of a tower construction and maintenance company for a total of $11.3 million, net of cash acquired. Goodwill of $5.0 million, resulting from the acquisitions made during the fourth quarter of fiscal 2013, is expected to be deductible for tax purposes. Sage provides telecommunications construction and project management services primarily for cable operators in the Western United States. These acquisitions were not material to the Company. | |||||||||
The purchase prices of these businesses acquired have been allocated to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair values on the respective dates of acquisition. Purchase price in excess of fair value of the separately identifiable assets acquired and the liabilities assumed have been allocated to goodwill. Purchase price allocations are based on information regarding the fair value of assets acquired and liabilities assumed as of the dates of acquisition. Management determined the fair values used in the purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, contract backlog amounts, if applicable, and expected royalty rates for trademarks and trade names as well as certain other assumptions. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. For the Acquired Subsidiaries, the fair values used in the purchase price allocation for intangible assets were determined with the assistance of an independent valuation specialist. The allocation of the purchase price of the Acquired Subsidiaries was completed during the fourth quarter of fiscal 2013. Purchase price allocations of businesses acquired during the fourth quarter of fiscal 2013 are preliminary and are expected to be completed during fiscal 2014 when the valuations for intangible assets and other amounts are finalized. Additional information, which existed as of the acquisition dates but was unknown by the Company, may become known to the Company during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. Adjustments in the purchase price allocations may require an adjustment of the amounts allocated to goodwill. | |||||||||
The purchase price of the Acquired Subsidiaries is allocated as follows and reflects the elimination of intercompany balances (dollars in millions): | |||||||||
Assets | |||||||||
Cash and equivalents | $ | 0.2 | |||||||
Accounts receivable, net | 112.2 | ||||||||
Costs and estimated earnings in excess of billings | 61.5 | ||||||||
Inventories | 9 | ||||||||
Other current assets | 1.6 | ||||||||
Property and equipment | 33.3 | ||||||||
Goodwill | 87.9 | ||||||||
Intangibles - customer relationships | 70.3 | ||||||||
Intangibles - backlog | 15.3 | ||||||||
Intangibles - trade names | 5 | ||||||||
Other assets | 2.3 | ||||||||
Total assets | 398.6 | ||||||||
Liabilities | |||||||||
Accounts payable | 42.1 | ||||||||
Billings in excess of costs and estimated earnings | 10.3 | ||||||||
Accrued and other liabilities | 27.1 | ||||||||
Total liabilities | 79.5 | ||||||||
Net Assets Acquired | $ | 319.1 | |||||||
Goodwill of $87.9 million and amortizing intangible assets of $90.6 million related to the Acquired Subsidiaries is expected to be deductible for tax purposes. See Note 7, Goodwill and Intangible Assets, for further information on amortization and estimated useful lives of intangible assets acquired. | |||||||||
The results of operations of businesses acquired are included in the accompanying condensed consolidated financial statements from their dates of acquisition. For the three and six months ended January 25, 2014 the Acquired Subsidiaries earned revenues of $106.3 million and $256.5 million, respectively, and recognized intangible amortization expense of $3.1 million and $6.6 million, respectively. Inclusive of charges allocated for management costs, the Acquired Subsidiaries had an immaterial net loss for the three months ended January 25, 2014 and net income of approximately $4.0 million for the six months ended January 25, 2014. For the three and six months ended January 26, 2013 the Acquired Subsidiaries earned revenues of $75.9 million, recognized intangible amortization expense of $3.4 million, and their net income, inclusive of charges allocated for management costs, was immaterial. | |||||||||
The following unaudited pro forma information presents the Company's consolidated results of operations as if the acquisition of the Acquired Subsidiaries had occurred on July 31, 2011, the first day of the Company's 2012 fiscal year. The pro forma results include certain adjustments, including depreciation and amortization expense based on the estimated fair value of the assets acquired, interest expense related to the Company's debt financing of the transaction, and the income tax impact of these adjustments. Pro forma earnings during the three and six months ended January 26, 2013 have been adjusted to reflect amortization and depreciation as if the acquisition had occurred on July 31, 2011. This includes the impact of amortization expense, including customer relationships and contract backlog which is being recognized on an accelerated basis related to the expected economic benefit. Additionally, pro forma results reflect depreciation expense which is recognized over the estimated useful lives of the related property and equipment. The unaudited pro forma information is not necessarily indicative of the results of operations of the combined companies had the acquisition occurred at the beginning of the periods presented nor is it indicative of future results. | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
January 26, 2013 | January 26, 2013 | ||||||||
(Dollars in thousands, except per share amounts) | |||||||||
Pro forma contract revenues | $ | 421,588 | $ | 921,254 | |||||
Pro forma income before income taxes | $ | 7,546 | $ | 44,049 | |||||
Pro forma net income | $ | 4,528 | $ | 26,430 | |||||
Pro forma earnings per share: | |||||||||
Basic | $ | 0.14 | $ | 0.8 | |||||
Diluted | $ | 0.14 | $ | 0.79 | |||||
Accounts_Receivable
Accounts Receivable | 6 Months Ended | |||||||
Jan. 25, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts Receivable | ||||||||
Accounts receivable consists of the following: | ||||||||
January 25, 2014 | July 27, 2013 | |||||||
(Dollars in thousands) | ||||||||
Contract billings | $ | 218,483 | $ | 239,498 | ||||
Retainage and other receivables | 13,744 | 12,833 | ||||||
Total | 232,227 | 252,331 | ||||||
Less: allowance for doubtful accounts | (608 | ) | (129 | ) | ||||
Accounts receivable, net | $ | 231,619 | $ | 252,202 | ||||
There were no material accounts receivable amounts representing claims or others similar items subject to uncertainty as of January 25, 2014 or July 27, 2013. The Company expects to collect the outstanding balance of accounts receivable, net, including retainage amounts, within the next twelve months. | ||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the failure of its customers to make required payments. During the three and six months ended January 25, 2014 and January 26, 2013, write-offs to the allowance for doubtful accounts, net of recoveries, were not material. |
Costs_and_Estimated_Earnings_i
Costs and Estimated Earnings in Excess of Billings | 6 Months Ended | |||||||
Jan. 25, 2014 | ||||||||
Contractors [Abstract] | ' | |||||||
Costs and Estimated Earnings on Contracts in Excess of Billings | ' | |||||||
Costs and Estimated Earnings in Excess of Billings | ||||||||
Costs and estimated earnings in excess of billings ("CIEB") includes revenue for services from contracts based both on the units-of-delivery and the cost-to-cost measures of the percentage of completion method and consists of the following: | ||||||||
January 25, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Costs incurred on contracts in progress | $ | 198,485 | $ | 208,250 | ||||
Estimated to date earnings | 44,394 | 49,150 | ||||||
Total costs and estimated earnings | 242,879 | 257,400 | ||||||
Less: billings to date | (82,610 | ) | (66,839 | ) | ||||
$ | 160,269 | $ | 190,561 | |||||
Included in the accompanying condensed consolidated balance sheets under the captions: | ||||||||
Costs and estimated earnings in excess of billings | $ | 174,138 | $ | 204,349 | ||||
Billings in excess of costs and estimated earnings | (13,869 | ) | (13,788 | ) | ||||
$ | 160,269 | $ | 190,561 | |||||
As of January 25, 2014, the Company expects that substantially all of its CIEB will be billed to customers and collected in the normal course of business within the next twelve months. Additionally, there were no material CIEB amounts representing claims or other similar items subject to uncertainty as of January 25, 2014 or July 27, 2013. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | |||||||||||||||
Jan. 25, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||
Property and Equipment | ' | |||||||||||||||
Property and Equipment | ||||||||||||||||
Property and equipment consists of the following: | ||||||||||||||||
General Useful Lives | January 25, | July 27, | ||||||||||||||
2014 | 2013 | |||||||||||||||
(Years) | (Dollars in thousands) | |||||||||||||||
Land | — | $ | 3,479 | $ | 3,479 | |||||||||||
Buildings | Oct-35 | 11,567 | 11,449 | |||||||||||||
Leasehold improvements | 15-Jan | 5,355 | 5,154 | |||||||||||||
Vehicles | 5-Jan | 272,828 | 258,211 | |||||||||||||
Computer hardware and software | 10-Mar | 71,223 | 64,191 | |||||||||||||
Office furniture and equipment | 7-Feb | 8,240 | 7,915 | |||||||||||||
Equipment and machinery | 10-Jan | 178,624 | 171,742 | |||||||||||||
Total | 551,316 | 522,141 | ||||||||||||||
Less: accumulated depreciation | (347,677 | ) | (319,438 | ) | ||||||||||||
Property and equipment, net | $ | 203,639 | $ | 202,703 | ||||||||||||
Depreciation expense and repairs and maintenance were as follows: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
January 25, | January 26, | January 25, | January 26, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Depreciation expense | $ | 18,657 | $ | 15,868 | $ | 37,058 | $ | 29,588 | ||||||||
Repairs and maintenance expense | $ | 5,245 | $ | 4,376 | $ | 11,239 | $ | 8,188 | ||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||
Jan. 25, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Intangible Assets | ' | ||||||||
Goodwill and Intangible Assets | |||||||||
Goodwill | |||||||||
The Company's goodwill and other indefinite-lived intangible assets are assessed annually for impairment as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The Company's goodwill resides in multiple reporting units. The profitability of individual reporting units may suffer periodically from downturns in customer demand and other factors resulting from the cyclical nature of the Company's business, the high level of competition existing within the Company's industry, the concentration of the Company's revenues from a limited number of customers, and the level of overall economic activity, including in particular construction and housing activity. During times of slowing economic conditions, the Company's customers may reduce capital expenditures and defer or cancel pending projects. Individual reporting units may be more impacted by these factors than the Company as a whole. As a result, demand for the services of one or more of the Company's reporting units could decline, resulting in an impairment of goodwill or intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. There were no changes in the carrying amount of goodwill for the six months ended January 25, 2014. | |||||||||
As a result of the fiscal 2013 annual impairment analysis, the Company concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit. However, the UtiliQuest reporting unit, having a goodwill balance of approximately $35.6 million and an indefinite-lived trade name of $4.7 million, has been at lower operating levels as compared to historical periods. Key fair value assumptions used in the fiscal 2013 impairment analysis of the UtiliQuest reporting unit included (a) a discount rate of 11.5% based on the Company's best estimate of the weighted average cost of capital adjusted for risks associated with the reporting unit; (b) terminal value based on a terminal growth rate of 2.0%; and (c) seven expected years of cash flow before the terminal value. Recent operating performance, along with assumptions for specific customer and industry opportunities, were considered in the key assumptions used during the fiscal 2013 impairment analysis. The Company determined during the fiscal 2013 impairment assessment that the fair value of the UtiliQuest reporting unit exceeded its carrying value by approximately 20%. Management has determined the goodwill balance of this reporting unit may have an increased likelihood of impairment if a downturn in customer demand were to occur, or if the reporting unit were not able to execute against customer opportunities, and the long-term outlook for their cash flows were adversely impacted. Furthermore, changes in the long-term outlook may result in changes to other valuation assumptions. Factors monitored by the Company which could result in a change to the reporting unit’s estimates include the outcome of customer requests for proposals and subsequent awards, strategies of competitors, labor market conditions and levels of overall economic activity, including construction and housing activity. During the six months ended January 25, 2014, there were no events that caused a material reduction in the estimated fair value of the reporting unit. As of January 25, 2014, the Company believes the goodwill and indefinite-lived intangible asset is recoverable for all of its reporting units; however, there can be no assurances that the goodwill and indefinite-lived intangible asset will not be impaired in future periods. | |||||||||
Intangible Assets | |||||||||
The Company's intangible assets consist of the following: | |||||||||
January 25, | July 27, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Gross amount: | |||||||||
Customer relationships | $ | 164,394 | $ | 164,497 | |||||
Contract backlog | 15,285 | 15,285 | |||||||
Trade names | 8,200 | 8,200 | |||||||
UtiliQuest trade name | 4,700 | 4,700 | |||||||
Non-compete agreements | 400 | 400 | |||||||
192,979 | 193,082 | ||||||||
Accumulated amortization: | |||||||||
Customer relationships | 62,620 | 56,219 | |||||||
Contract backlog | 12,276 | 9,433 | |||||||
Trade names | 2,716 | 2,071 | |||||||
Non-compete agreements | 124 | 84 | |||||||
Net Intangible Assets | $ | 115,243 | $ | 125,275 | |||||
Amortization of the Company's customer relationships and contract backlog intangible assets is recognized on an accelerated basis as a function of the expected economic benefit. Amortization for the Company's other finite-lived intangibles is recognized on a straight-line basis over the estimated useful life of the intangible asset. Amortization expense for finite-lived intangible assets was $4.8 million and $5.0 million for the three months ended January 25, 2014 and January 26, 2013, respectively, and $9.9 million and $6.5 million for the six months ended January 25, 2014 and January 26, 2013, respectively. Amortization expense for the three and six months ended January 26, 2013 includes expense from the amortizing intangibles of the Acquired Subsidiaries from the date of acquisition. | |||||||||
Estimated total amortization expense for the remainder of fiscal 2014 and each of the five succeeding fiscal years is as follows: | |||||||||
Period | Amount | ||||||||
(Dollars in thousands) | |||||||||
Six months ending July 26, 2014 | $8,185 | ||||||||
2015 | $15,027 | ||||||||
2016 | $14,276 | ||||||||
2017 | $12,885 | ||||||||
2018 | $10,697 | ||||||||
2019 | $8,395 | ||||||||
Thereafter | $41,078 | ||||||||
As of January 25, 2014, the Company believes that the carrying amounts of its intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and the assets may be impaired. |
Accrued_Insurance_Claims
Accrued Insurance Claims | 6 Months Ended |
Jan. 25, 2014 | |
Accrued Insurance Claims [Abstract] | ' |
Accrued Insurance Claims | ' |
Accrued Insurance Claims | |
The Company retains the risk of loss, up to certain limits, for claims relating to automobile liability, general liability, workers’ compensation, employee group health, and locate damages. With respect to losses occurring in fiscal 2014, the Company retains the risk of loss up to $1.0 million on a per occurrence basis for automobile liability, general liability and workers’ compensation. These retention amounts are applicable to all of the states in which the Company operates, except with respect to workers’ compensation insurance in three states in which the Company participates in a state-sponsored insurance fund. Aggregate stop loss coverage for automobile liability, general liability and workers’ compensation claims is $56.3 million for fiscal 2014. The risk of loss for insured claims of the Acquired Subsidiaries outstanding, or incurred but not reported, as of the date of acquisition has been retained by Quanta Services, Inc. | |
The Company is party to a stop-loss agreement for losses under its employee health plan. The Company retains the risk of loss, on an annual basis, of the first $250,000 of claims per participant. In addition, the Company retains the risk of loss for the first $550,000 of claim amounts that aggregate across all participants having claims that exceed $250,000. | |
The liability for total accrued insurance claims and related processing costs was $63.6 million and $56.3 million at January 25, 2014 and July 27, 2013, respectively, of which, $30.9 million and $27.3 million, respectively, is reflected within non-current liabilities in the condensed consolidated financial statements. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 6 Months Ended | |||||||
Jan. 25, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other Accrued Liabilities | ||||||||
Other accrued liabilities consist of the following: | ||||||||
January 25, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Accrued payroll and related taxes | $ | 14,959 | $ | 19,940 | ||||
Accrued employee benefit and incentive plan costs | 9,727 | 15,325 | ||||||
Accrued construction costs | 18,992 | 20,883 | ||||||
Accrued interest and related bank fees | 864 | 937 | ||||||
Other current liabilities | 13,024 | 14,106 | ||||||
Total other accrued liabilities | $ | 57,566 | $ | 71,191 | ||||
Other current liabilities within the above table includes income taxes payable of $2.3 million as of July 27, 2013. |
Debt
Debt | 6 Months Ended | |||||||
Jan. 25, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The Company’s outstanding indebtedness consists of the following: | ||||||||
January 25, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Borrowings on senior Credit Agreement (matures December 2017) | $ | 26,000 | $ | 49,000 | ||||
Senior Credit Agreement Term Loan (matures December 2017) | 118,750 | 121,875 | ||||||
7.125% senior subordinated notes (matures January 2021) | 277,500 | 277,500 | ||||||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,426 | 3,607 | ||||||
425,676 | 451,982 | |||||||
Less: current portion | (9,375 | ) | (7,813 | ) | ||||
Long-term debt | $ | 416,301 | $ | 444,169 | ||||
Senior Subordinated Notes Due 2021 | ||||||||
On January 25, 2014 and July 27, 2013, Dycom Investments, Inc., a wholly-owned subsidiary of the Company, had outstanding an aggregate principal amount of $277.5 million of 7.125% senior subordinated notes due 2021 that were issued under an indenture dated January 21, 2011 (the "Indenture"). In addition, the 2021 Notes had a debt premium of $3.4 million and $3.6 million as of January 25, 2014 and July 27, 2013, respectively. | ||||||||
The 2021 Notes are guaranteed by Dycom and substantially all of the Company's subsidiaries. For additional information regarding these guarantees see Note 19, Supplemental Consolidating Financial Statements. The Indenture contains covenants that limit, among other things, the Company's ability to incur additional debt and issue preferred stock, make certain restricted payments, consummate specified asset sales, enter into transactions with affiliates, incur liens, impose restrictions on the ability of the Company's subsidiaries to pay dividends or make payments to the Company and its restricted subsidiaries, merge or consolidate with another person, and dispose of all or substantially all of its assets. | ||||||||
The Company determined that the fair value of the 2021 Notes as of January 25, 2014 was approximately $298.7 million, based on quoted market prices, compared to a $280.9 million carrying value (including the debt premium of $3.4 million). As of July 27, 2013, the fair value of the 2021 Notes was $292.4 million compared to a carrying value of $281.1 million (including the debt premium of $3.6 million). | ||||||||
Senior Credit Agreement | ||||||||
Dycom Industries, Inc. and certain of its subsidiaries are party to a credit agreement with various lenders (the "Credit Agreement") which matures in December 2017. The Credit Agreement provides for a $275 million revolving facility and a $125 million term loan (the "Term Loan"). The Company had outstanding revolver borrowings under the Credit Agreement of $26.0 million and $49.0 million as of January 25, 2014 and July 27, 2013, respectively. Borrowings under the Credit Agreement accrued interest at a weighted average rate of approximately 2.16% per annum and 2.19% per annum as of January 25, 2014 and July 27, 2013, respectively. As of January 25, 2014 and July 27, 2013, the Company had $118.8 million and $121.9 million, respectively, of outstanding principal amount under the Term Loan, which accrued interest at 2.16% and 2.19% per annum, respectively. Borrowings under the Credit Agreement are guaranteed by substantially all of Dycom's subsidiaries and secured by the stock of each wholly-owned, domestic subsidiary (subject to specified exceptions) and can be used to refinance certain indebtedness, to provide general working capital, and for other general corporate purposes. | ||||||||
Standby letters of credit of approximately $49.7 million and $46.7 million, issued as part of the Company's insurance program, were outstanding under the Credit Agreement as of January 25, 2014 and July 27, 2013, respectively. Interest on outstanding standby letters of credit accrued at 2.0% per annum at both January 25, 2014 and July 27, 2013, respectively. Unutilized commitments were at rates per annum of 0.35% at both January 25, 2014 and July 27, 2013. | ||||||||
At January 25, 2014 and July 27, 2013, the Company was in compliance with the financial covenants of the Credit Agreement and had additional borrowing availability of $199.3 million and $179.3 million, respectively, as determined by the most restrictive covenants of the Credit Agreement. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jan. 25, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Measurement of certain aspects of the Company’s tax positions is based on interpretations of tax regulations, federal and state case law and applicable statutes. | |
The Company is subject to federal income taxes in the United States, as well as income taxes of multiple state jurisdictions and in Canada. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or Canadian income tax examinations for fiscal years ended 2009 and prior. The Company believes its provision for income taxes is adequate; however, any assessment would affect the Company’s results of operations and cash flows. | |
At both January 25, 2014 and July 27, 2013, the Company had total unrecognized tax benefits of $2.3 million that, if recognized, would favorably effect the Company’s effective tax rate. Interest expense related to unrecognized tax benefits was immaterial for the three and six months ended January 25, 2014 and January 26, 2013. The Company had approximately $0.9 million and $0.8 million accrued for the payment of interest and penalties at January 25, 2014 and July 27, 2013, respectively. |
Other_Income_Net
Other Income, Net | 6 Months Ended | |||||||||||||||
Jan. 25, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Other Income, Net | ' | |||||||||||||||
Other Income, Net | ||||||||||||||||
The components of other income, net, are as follows: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
25-Jan-14 | 26-Jan-13 | 25-Jan-14 | 26-Jan-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Gain on sale of fixed assets | $ | 570 | $ | 826 | $ | 2,435 | $ | 2,407 | ||||||||
Miscellaneous income (expense), net | 25 | (77 | ) | 172 | (44 | ) | ||||||||||
Write-off of deferred financing costs | — | (321 | ) | — | (321 | ) | ||||||||||
Total other income, net | $ | 595 | $ | 428 | $ | 2,607 | $ | 2,042 | ||||||||
The Company recognized $0.3 million in write-off of deferred financing costs during the three and six months ended January 26, 2013 in connection with the replacement of its prior credit agreement. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended |
Jan. 25, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Multi-Employer Benefit Plans | |
Certain of the Company's subsidiaries, including certain of the Acquired Subsidiaries, participate in multi-employer benefit pension plans under the terms of collective-bargaining agreements. The Company's contributions were $0.9 million and $1.8 million during the three and six months ended January 25, 2014, respectively, and $0.8 million and $1.8 million during the three and six months ended January 26, 2013, respectively. The risks of participating in a multi-employer defined benefit pension plan are different from single-employer plans in the following aspects: (a) assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of any other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may become obligations of the remaining participating employers; and (c) if the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company has not incurred withdrawal liabilities related to the plans as of January 25, 2014 or July 27, 2013. |
Capital_Stock
Capital Stock | 6 Months Ended | |||||||||||
Jan. 25, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Capital Stock | ' | |||||||||||
Capital Stock | ||||||||||||
Share Repurchase Programs | ||||||||||||
On August 27, 2013, the Board of Directors authorized $40.0 million to repurchase shares of the Company's outstanding common stock over the subsequent eighteen months in open market or private transactions. During fiscal 2013 and the six months ended January 25, 2014, the Company made the following repurchases pursuant to its current and previously authorized share repurchase programs: | ||||||||||||
Fiscal Period | Number of Shares Repurchased | Total Consideration | Average Price Per Share | |||||||||
(Dollars in thousands) | ||||||||||||
Fiscal 2013 | 1,047,000 | $ | 15,203 | $ | 14.52 | |||||||
Six Months Ended January 25, 2014 | 360,900 | $ | 9,999 | $ | 27.71 | |||||||
All of the shares repurchased during fiscal 2014 were purchased during the second fiscal quarter. All shares repurchased have been canceled. As of January 25, 2014, $30.0 million remained available for repurchases through February 2015. | ||||||||||||
Shares for Tax Withholding | ||||||||||||
During the six months ended January 25, 2014 and January 26, 2013, the Company withheld 130,195 shares and 47,277 shares, respectively, of restricted units that vested during the periods, totaling $3.6 million and $0.9 million, respectively, in order to meet payroll tax withholdings obligations that arose on the vesting of restricted units. All shares repurchased have been canceled. The shares withheld for tax withholdings do not reduce the Company’s total share repurchase authority. |
StockBased_Awards
Stock-Based Awards | 6 Months Ended | |||||||||||||||
Jan. 25, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Awards | ' | |||||||||||||||
Stock-Based Awards | ||||||||||||||||
The Company has certain stock-based compensation plans which provide for the grants of equity awards, including stock options, restricted shares, performance shares, restricted share units, performance share units, and stock appreciation rights. | ||||||||||||||||
Compensation expense for stock-based awards is based on the fair value at the measurement date and is included in general and administrative expenses in the condensed consolidated statements of operations. Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during the three and six months ended January 25, 2014 and January 26, 2013 were as follows: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
25-Jan-14 | 26-Jan-13 | 25-Jan-14 | 26-Jan-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Stock-based compensation | $ | 3,544 | $ | 2,496 | $ | 7,049 | $ | 4,762 | ||||||||
Tax (benefit) recognized in the statement of operations | $ | (1,368 | ) | $ | (1,063 | ) | $ | (2,665 | ) | $ | (1,827 | ) | ||||
Compensation expense previously recognized with respect to performance share units will be reversed to the extent that performance goals are not met. As of January 25, 2014, unrecognized compensation expense related to stock options, time-based restricted share units ("RSUs") and target performance share units ("Performance RSUs") was $4.9 million, $7.9 million and $15.3 million, respectively. This expense will be recognized over a weighted-average period of 2.4 years, 3.0 years and 1.7 years, respectively, which is based on the average remaining service periods of the awards. As of January 25, 2014, the Company may recognize an additional $8.9 million in compensation expense related to Performance RSUs if the maximum amount of restricted share units are earned based on certain performance goals being met. | ||||||||||||||||
Stock Options - The following table summarizes stock option award activity during the six months ended January 25, 2014: | ||||||||||||||||
Stock Options | ||||||||||||||||
Shares | Weighted Average Exercise Price | |||||||||||||||
Outstanding as of July 27, 2013 | 2,769,132 | $ | 18.27 | |||||||||||||
Granted | 89,956 | $ | 27.5 | |||||||||||||
Options exercised | (616,119 | ) | $ | 19.26 | ||||||||||||
Forfeited or canceled | (4,262 | ) | $ | 26.42 | ||||||||||||
Outstanding as of January 25, 2014 | 2,238,707 | $ | 18.35 | |||||||||||||
Exercisable options as of January 25, 2014 | 1,766,977 | $ | 18.38 | |||||||||||||
RSUs and Performance RSUs - The following table summarizes RSU and Performance RSU activity during the six months ended January 25, 2014: | ||||||||||||||||
Restricted Stock | ||||||||||||||||
RSUs | Performance RSUs | |||||||||||||||
Share Units | Weighted Average Grant Price | Share Units | Weighted Average Grant Price | |||||||||||||
Outstanding as of July 27, 2013 | 463,318 | $ | 17.78 | 1,315,138 | $ | 18.44 | ||||||||||
Granted | 94,456 | $ | 27.36 | 429,485 | $ | 27.66 | ||||||||||
Share units vested | (137,333 | ) | $ | 16.19 | (265,025 | ) | $ | 18.35 | ||||||||
Forfeited or canceled | (4,156 | ) | $ | 19.26 | (267,581 | ) | $ | 18.37 | ||||||||
Outstanding as of January 25, 2014 | 416,285 | $ | 20.46 | 1,212,017 | $ | 21.74 | ||||||||||
The granted Performance RSUs in the above table is comprised of 373,465 target shares, granted to officers and employees, and 56,020 supplemental shares, granted to officers. Approximately 265,000 Performance RSUs outstanding as of July 27, 2013 were canceled during the first quarter of fiscal 2014 as a result of the fiscal 2013 performance criteria for attaining supplemental shares not being met. The total amount of Performance RSUs outstanding as of January 25, 2014 is comprised of 764,548 target shares and 447,469 supplemental shares. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jan. 25, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
The Company leases administrative offices from entities related to officers of certain of the Company’s subsidiaries. The total expense under these arrangements was $0.6 million and $0.4 million for the three months ended January 25, 2014 and January 26, 2013, respectively, and $1.2 million and $0.8 million for the six months ended January 25, 2014 and January 26, 2013, respectively. Amounts paid for subcontracting services to entities related to officers of certain of the Company’s subsidiaries was $0.3 million and $0.2 million during the three months ended January 25, 2014 and January 26, 2013, respectively, and $0.6 million and $0.3 million during the six months ended January 25, 2014 and January 26, 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jan. 25, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
In October 2012, a former employee of UtiliQuest, LLC ("UtiliQuest"), a wholly-owned subsidiary of the Company, commenced a lawsuit against UtiliQuest in the Superior Court of California. The lawsuit alleges that UtiliQuest violated the California Labor Code, the California Business & Professions Code and the Labor Code Private Attorneys General Act of 2004 by failing to pay for all hours worked (including overtime) and failing to provide meal breaks and accurate wage statements. The plaintiff seeks unspecified damages and other relief on behalf of himself and a putative class of current and former employees of UtiliQuest who worked as locators in the State of California in the four years preceding the filing date of the lawsuit. In January 2013, UtiliQuest removed the case to the United States District Court for the Northern District of California and the plaintiff subsequently filed a Motion to Remand the case back to the California Superior Court. In April 2013, the parties exchanged initial disclosures and in July 2013, the District Court granted plaintiff's Motion to Remand. UtiliQuest filed its second removal of the case to the District Court in October 2013. On January 8, 2014, the District Court remanded the matter back to the California Superior Court. It is too early to evaluate the likelihood of an outcome to this matter or estimate the amount or range of potential loss, if any. The Company intends to vigorously defend itself against this lawsuit. | |
From time to time, the Company is party to various other claims and legal proceedings. It is the opinion of management, based on information available at this time, that such other pending claims or proceedings will not have a material effect on its financial statements. | |
As part of the Company's insurance program, it retains the risk of loss, up to certain limits, for claims related to automobile liability, general liability, workers' compensation, employee group health, and locate damages, and the Company has established reserves that it believes to be adequate based on current evaluations and experience with these types of claims. For these claims, the effect on the Company's financial statements is generally limited to the amount needed to satisfy insurance deductibles or retentions. | |
Performance Bonds and Guarantees | |
The Company has obligations under performance and other surety contract bonds related to certain of its customer contracts. Performance bonds generally provide the Company’s customer with the right to obtain payment and/or performance from the issuer of the bond if the Company fails to perform its contractual obligations. As of January 25, 2014 and July 27, 2013, the Company had $425.6 million and $446.5 million of outstanding performance and other surety contract bonds, respectively. No events have occurred in which the customers have exercised their rights under the bonds which will have a material impact on the Company's financial statements. | |
The Company has periodically guaranteed certain obligations of its subsidiaries, including obligations in connection with obtaining state contractor licenses and leasing real property and equipment. | |
Letters of Credit | |
The Company has standby letters of credit issued under its Credit Agreement as part of its insurance program. These standby letters of credit collateralize the Company’s obligations to its insurance carriers in connection with the settlement of potential claims. As of January 25, 2014 and July 27, 2013, the Company had $49.7 million and $46.7 million, respectively, of outstanding standby letters of credit issued under the Credit Agreement. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 6 Months Ended | |||||||||||||
Jan. 25, 2014 | ||||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||||
Concentration of Credit Risk | ' | |||||||||||||
Concentration of Credit Risk | ||||||||||||||
The Company’s customer base is highly concentrated, with its top five customers accounting for approximately 58.2% of its total revenues in each of the six months ended January 25, 2014 and January 26, 2013. Revenues from three of the top five customers exceeded 10% of total revenue during the three or six months ended January 25, 2014 or January 26, 2013: | ||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||
January 25, 2014 | January 26, 2013 | January 25, 2014 | January 26, 2013 | |||||||||||
AT&T Inc. ("AT&T") | 18.70% | 13.60% | 18.00% | 13.50% | ||||||||||
CenturyLink, Inc. ("CenturyLink") | 14.40% | 14.70% | 15.00% | 14.20% | ||||||||||
Comcast Corporation ("Comcast") | 12.00% | 11.00% | 11.20% | 11.80% | ||||||||||
The Company believes that none of its significant customers was experiencing financial difficulties that would materially impact the collectability of the Company’s trade accounts receivable and costs in excess of billings as of January 25, 2014 and July 27, 2013. Customers representing 10% or more of combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings as of January 25, 2014 or July 27, 2013 had the following outstanding balances and the related percentage of the Company’s total outstanding balances: | ||||||||||||||
January 25, 2014 | July 27, 2013 | |||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||
(Dollars in millions) | ||||||||||||||
AT&T | $ | 59.7 | 14.7 | % | $ | 57.4 | 12.6 | % | ||||||
CenturyLink | $ | 48.8 | 12 | % | $ | 62.6 | 13.7 | % | ||||||
Windstream Corporation | $ | 30.6 | 7.5 | % | $ | 59.4 | 13 | % | ||||||
Supplemental_Consolidating_Fin
Supplemental Consolidating Financial Statements | 6 Months Ended | |||||||||||||||||||||||
Jan. 25, 2014 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure | ' | |||||||||||||||||||||||
Supplemental Consolidating Financial Statements | ||||||||||||||||||||||||
On January 25, 2014 and July 27, 2013, Dycom Investments, Inc. (the "Issuer") had outstanding an aggregate principal amount of $277.5 million of 2021 Notes. The 2021 Notes are guaranteed by Dycom Industries, Inc. (the "Parent") and substantially all of the Company's subsidiaries. Each guarantor and non-guarantor subsidiary is 100% owned, directly or indirectly, by the Issuer and the Parent. The 2021 Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary and Parent. The Indenture contains certain release provisions for the guarantor subsidiaries and the Parent. With respect to the guarantor subsidiaries, these provisions include release upon (i) the sale or other disposition of all or substantially all of the assets of a guarantor or a sale or other disposition of all of the capital stock of a guarantor, in each case, to a person that is not the Issuer, the Parent or a restricted subsidiary of the Parent, (ii) the designation of a restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) the legal defeasance, covenant defeasance or satisfaction and discharge of the Indenture, and (iv) the release of a guarantor of its guarantee of any credit facility. The Parent may not be released from its guarantee under any circumstances, except in the event of legal or covenant defeasance of the Notes or of satisfaction and discharge of the Indenture or pursuant to a provision of the Indenture which limits the Parent’s liability under its guarantee in order to prevent a fraudulent conveyance. There are no contractual restrictions limiting transfers of cash from guarantor and non-guarantor subsidiaries to Issuer or Parent, within the meaning of Rule 3-10 of Regulation S-X. | ||||||||||||||||||||||||
The following consolidating financial statements present, in separate columns, financial information for (i) the Parent on a parent only basis, (ii) the Issuer, (iii) the guarantor subsidiaries on a combined basis, (iv) other non-guarantor subsidiaries on a combined basis, (v) the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis, and (vi) the Company on a consolidated basis. The consolidating financial statements are presented in accordance with the equity method. Under this method, the investments in subsidiaries are recorded at cost and adjusted for the Company’s share of subsidiaries’ cumulative results of operations, capital contributions, distributions and other equity changes. Intercompany charges (income) between the Parent and subsidiaries are recognized in the consolidating financial statements during the period incurred and the settlement of intercompany balances is reflected in the consolidating statement of cash flows based on the nature of the underlying transactions. | ||||||||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) | ||||||||||||||||||||||||
25-Jan-14 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 15,212 | $ | 1,132 | $ | — | $ | 16,344 | ||||||||||||
Accounts receivable, net | — | — | 230,775 | 844 | — | 231,619 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 172,989 | 1,149 | — | 174,138 | ||||||||||||||||||
Inventories | — | — | 43,426 | — | — | 43,426 | ||||||||||||||||||
Deferred tax assets, net | 2,543 | — | 14,043 | 80 | (332 | ) | 16,334 | |||||||||||||||||
Income taxes receivable | 18,347 | — | — | — | — | 18,347 | ||||||||||||||||||
Other current assets | 8,503 | 44 | 7,248 | 347 | — | 16,142 | ||||||||||||||||||
Total current assets | 29,393 | 44 | 483,693 | 3,552 | (332 | ) | 516,350 | |||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 16,402 | — | 172,637 | 14,600 | — | 203,639 | ||||||||||||||||||
GOODWILL | — | — | 267,810 | — | — | 267,810 | ||||||||||||||||||
INTANGIBLE ASSETS, NET | — | — | 115,243 | — | — | 115,243 | ||||||||||||||||||
DEFERRED TAX ASSETS, NET NON-CURRENT | 59 | — | 4,122 | 839 | (5,020 | ) | — | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 785,232 | 1,502,749 | — | — | (2,287,981 | ) | — | |||||||||||||||||
INTERCOMPANY RECEIVABLES | — | — | 681,310 | — | (681,310 | ) | — | |||||||||||||||||
OTHER | 8,554 | 5,976 | 2,087 | 235 | — | 16,852 | ||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 810,247 | 1,508,725 | 1,243,209 | 15,674 | (2,974,311 | ) | 603,544 | |||||||||||||||||
TOTAL ASSETS | $ | 839,640 | $ | 1,508,769 | $ | 1,726,902 | $ | 19,226 | $ | (2,974,643 | ) | $ | 1,119,894 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 2,607 | $ | — | $ | 49,046 | $ | 662 | $ | — | $ | 52,315 | ||||||||||||
Current portion of debt | 9,375 | — | — | — | — | 9,375 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,869 | — | — | 13,869 | ||||||||||||||||||
Accrued insurance claims | 620 | — | 31,953 | 65 | — | 32,638 | ||||||||||||||||||
Deferred tax liabilities | — | 155 | 150 | 27 | (332 | ) | — | |||||||||||||||||
Other accrued liabilities | 6,663 | 607 | 49,018 | 1,278 | — | 57,566 | ||||||||||||||||||
Total current liabilities | 19,265 | 762 | 144,036 | 2,032 | (332 | ) | 165,763 | |||||||||||||||||
LONG-TERM DEBT | 135,375 | 280,926 | — | — | — | 416,301 | ||||||||||||||||||
ACCRUED INSURANCE CLAIMS | 743 | — | 30,134 | 65 | — | 30,942 | ||||||||||||||||||
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — | 427 | 53,005 | 591 | (5,020 | ) | 49,003 | |||||||||||||||||
INTERCOMPANY PAYABLES | 229,350 | 441,422 | — | 10,538 | (681,310 | ) | — | |||||||||||||||||
OTHER LIABILITIES | 3,271 | — | 2,829 | 149 | — | 6,249 | ||||||||||||||||||
Total liabilities | 388,004 | 723,537 | 230,004 | 13,375 | (686,662 | ) | 668,258 | |||||||||||||||||
Total stockholders' equity | 451,636 | 785,232 | 1,496,898 | 5,851 | (2,287,981 | ) | 451,636 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 839,640 | $ | 1,508,769 | $ | 1,726,902 | $ | 19,226 | $ | (2,974,643 | ) | $ | 1,119,894 | |||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
27-Jul-13 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 18,166 | $ | 441 | $ | — | $ | 18,607 | ||||||||||||
Accounts receivable, net | — | — | 249,533 | 2,669 | — | 252,202 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 202,651 | 1,698 | — | 204,349 | ||||||||||||||||||
Inventories | — | — | 35,999 | — | — | 35,999 | ||||||||||||||||||
Deferred tax assets, net | 2,285 | — | 15,873 | 121 | (1,426 | ) | 16,853 | |||||||||||||||||
Income taxes receivable | 2,516 | — | — | — | — | 2,516 | ||||||||||||||||||
Other current assets | 2,563 | 10 | 7,583 | 452 | — | 10,608 | ||||||||||||||||||
Total current assets | 7,364 | 10 | 529,805 | 5,381 | (1,426 | ) | 541,134 | |||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 13,779 | — | 173,254 | 15,670 | — | 202,703 | ||||||||||||||||||
GOODWILL | — | — | 267,810 | — | — | 267,810 | ||||||||||||||||||
INTANGIBLE ASSETS, NET | — | — | 125,275 | — | — | 125,275 | ||||||||||||||||||
DEFERRED TAX ASSETS, NET NON-CURRENT | 691 | — | 4,104 | 66 | (4,861 | ) | — | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 769,639 | 1,472,559 | — | — | (2,242,198 | ) | — | |||||||||||||||||
INTERCOMPANY RECEIVABLES | — | — | 618,524 | — | (618,524 | ) | — | |||||||||||||||||
OTHER | 8,739 | 6,331 | 2,133 | 83 | — | 17,286 | ||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 792,848 | 1,478,890 | 1,191,100 | 15,819 | (2,865,583 | ) | 613,074 | |||||||||||||||||
TOTAL ASSETS | $ | 800,212 | $ | 1,478,900 | $ | 1,720,905 | $ | 21,200 | $ | (2,867,009 | ) | $ | 1,154,208 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 2,042 | $ | — | $ | 75,012 | $ | 900 | $ | — | $ | 77,954 | ||||||||||||
Current portion of debt | 7,813 | — | — | — | — | 7,813 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,788 | — | — | 13,788 | ||||||||||||||||||
Accrued insurance claims | 619 | — | 28,342 | 108 | — | 29,069 | ||||||||||||||||||
Deferred tax liabilities | — | 155 | 140 | 1,131 | (1,426 | ) | — | |||||||||||||||||
Other accrued liabilities | 9,151 | 1,321 | 59,374 | 1,345 | — | 71,191 | ||||||||||||||||||
Total current liabilities | 19,625 | 1,476 | 176,656 | 3,484 | (1,426 | ) | 199,815 | |||||||||||||||||
LONG-TERM DEBT | 163,062 | 281,107 | — | — | — | 444,169 | ||||||||||||||||||
ACCRUED INSURANCE CLAIMS | 726 | — | 26,426 | 98 | — | 27,250 | ||||||||||||||||||
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — | 427 | 52,436 | 610 | (4,861 | ) | 48,612 | |||||||||||||||||
INTERCOMPANY PAYABLES | 185,296 | 426,251 | — | 6,977 | (618,524 | ) | — | |||||||||||||||||
OTHER LIABILITIES | 3,142 | — | 2,855 | 4 | — | 6,001 | ||||||||||||||||||
Total liabilities | 371,851 | 709,261 | 258,373 | 11,173 | (624,811 | ) | 725,847 | |||||||||||||||||
Total stockholders' equity | 428,361 | 769,639 | 1,462,532 | 10,027 | (2,242,198 | ) | 428,361 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 800,212 | $ | 1,478,900 | $ | 1,720,905 | $ | 21,200 | $ | (2,867,009 | ) | $ | 1,154,208 | |||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 388,402 | $ | 2,116 | $ | — | $ | 390,518 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 325,678 | 1,675 | — | 327,353 | ||||||||||||||||||
General and administrative | 10,284 | 215 | 25,322 | 2,741 | — | 38,562 | ||||||||||||||||||
Depreciation and amortization | 1,039 | — | 21,230 | 1,166 | — | 23,435 | ||||||||||||||||||
Intercompany charges (income), net | (13,130 | ) | — | 13,271 | (141 | ) | — | — | ||||||||||||||||
Total | (1,807 | ) | 215 | 385,501 | 5,441 | — | 389,350 | |||||||||||||||||
Interest expense, net | (1,807 | ) | (4,994 | ) | 1 | — | — | (6,800 | ) | |||||||||||||||
Other income, net | — | — | 630 | (35 | ) | — | 595 | |||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES | — | (5,209 | ) | 3,532 | (3,360 | ) | — | (5,037 | ) | |||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (2,102 | ) | 1,485 | (1,353 | ) | — | (1,970 | ) | |||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES | — | (3,107 | ) | 2,047 | (2,007 | ) | — | (3,067 | ) | |||||||||||||||
EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES | (3,067 | ) | 40 | — | — | 3,027 | — | |||||||||||||||||
NET INCOME (LOSS) | $ | (3,067 | ) | $ | (3,067 | ) | $ | 2,047 | $ | (2,007 | ) | $ | 3,027 | $ | (3,067 | ) | ||||||||
Foreign currency translation loss | (226 | ) | (226 | ) | — | (226 | ) | 452 | (226 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (3,293 | ) | $ | (3,293 | ) | $ | 2,047 | $ | (2,233 | ) | $ | 3,479 | $ | (3,293 | ) | ||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 897,832 | $ | 5,406 | $ | — | $ | 903,238 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 733,373 | 4,099 | — | 737,472 | ||||||||||||||||||
General and administrative | 21,520 | 441 | 54,266 | 5,410 | — | 81,637 | ||||||||||||||||||
Depreciation and amortization | 1,893 | — | 42,851 | 2,243 | — | 46,987 | ||||||||||||||||||
Intercompany charges (income), net | (27,106 | ) | — | 27,380 | (274 | ) | — | — | ||||||||||||||||
Total | (3,693 | ) | 441 | 857,870 | 11,478 | — | 866,096 | |||||||||||||||||
Interest expense, net | (3,696 | ) | (9,988 | ) | (2 | ) | — | — | (13,686 | ) | ||||||||||||||
Other income, net | 3 | — | 2,575 | 29 | — | 2,607 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (10,429 | ) | 42,535 | (6,043 | ) | — | 26,063 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (4,189 | ) | 17,085 | (2,426 | ) | — | 10,470 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (6,240 | ) | 25,450 | (3,617 | ) | — | 15,593 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 15,593 | 21,833 | — | — | (37,426 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 15,593 | $ | 15,593 | $ | 25,450 | $ | (3,617 | ) | $ | (37,426 | ) | $ | 15,593 | ||||||||||
Foreign currency translation loss | (286 | ) | (286 | ) | — | (286 | ) | 572 | (286 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 15,307 | $ | 15,307 | $ | 25,450 | $ | (3,903 | ) | $ | (36,854 | ) | $ | 15,307 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED JANUARY 26, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 366,797 | $ | 2,529 | $ | — | $ | 369,326 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 299,106 | 2,410 | — | 301,516 | ||||||||||||||||||
General and administrative | 14,900 | 148 | 21,279 | 2,500 | — | 38,827 | ||||||||||||||||||
Depreciation and amortization | 639 | — | 18,969 | 1,211 | — | 20,819 | ||||||||||||||||||
Intercompany charges (income), net | (17,380 | ) | — | 17,718 | (338 | ) | — | — | ||||||||||||||||
Total | (1,841 | ) | 148 | 357,072 | 5,783 | — | 361,162 | |||||||||||||||||
Interest expense, net | (1,523 | ) | (4,224 | ) | (1 | ) | — | — | (5,748 | ) | ||||||||||||||
Other income, net | (318 | ) | — | 756 | (10 | ) | — | 428 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (4,372 | ) | 10,480 | (3,264 | ) | — | 2,844 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (1,808 | ) | 4,540 | (1,351 | ) | — | 1,381 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (2,564 | ) | 5,940 | (1,913 | ) | — | 1,463 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 1,463 | 4,027 | — | — | (5,490 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 1,463 | $ | 1,463 | $ | 5,940 | $ | (1,913 | ) | $ | (5,490 | ) | $ | 1,463 | ||||||||||
Foreign currency translation gain | 11 | 11 | — | 11 | (22 | ) | 11 | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 1,474 | $ | 1,474 | $ | 5,940 | $ | (1,902 | ) | $ | (5,512 | ) | $ | 1,474 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 26, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 685,822 | $ | 6,791 | $ | — | $ | 692,613 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 552,650 | 5,932 | — | 558,582 | ||||||||||||||||||
General and administrative | 23,309 | 295 | 38,895 | 5,153 | — | 67,652 | ||||||||||||||||||
Depreciation and amortization | 1,380 | — | 32,255 | 2,495 | — | 36,130 | ||||||||||||||||||
Intercompany charges (income), net | (27,306 | ) | — | 27,990 | (684 | ) | — | — | ||||||||||||||||
Total | (2,617 | ) | 295 | 651,790 | 12,896 | — | 662,364 | |||||||||||||||||
Interest expense, net | (2,299 | ) | (7,644 | ) | (3 | ) | — | — | (9,946 | ) | ||||||||||||||
Other income, net | (318 | ) | — | 2,321 | 39 | — | 2,042 | |||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (7,939 | ) | 36,350 | (6,066 | ) | — | 22,345 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (3,205 | ) | 14,676 | (2,449 | ) | — | 9,022 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (4,734 | ) | 21,674 | (3,617 | ) | — | 13,323 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 13,323 | 18,057 | — | — | (31,380 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 13,323 | $ | 13,323 | $ | 21,674 | $ | (3,617 | ) | $ | (31,380 | ) | $ | 13,323 | ||||||||||
Foreign currency translation gain | 13 | 13 | — | 13 | (26 | ) | 13 | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 13,336 | $ | 13,336 | $ | 21,674 | $ | (3,604 | ) | $ | (31,406 | ) | $ | 13,336 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,085 | ) | $ | (6,135 | ) | $ | 79,911 | $ | (1,825 | ) | $ | — | $ | 67,866 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | (3,351 | ) | — | (43,150 | ) | (2,739 | ) | — | (49,240 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 3,361 | 1,603 | — | 4,964 | ||||||||||||||||||
Return of capital from subsidiaries | — | 683 | — | — | (683 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | (800 | ) | — | — | 800 | — | |||||||||||||||||
Changes in restricted cash | (305 | ) | — | — | — | — | (305 | ) | ||||||||||||||||
Net cash (used in) investing activities | (3,656 | ) | (117 | ) | (39,789 | ) | (1,136 | ) | 117 | (44,581 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from borrowings on senior Credit Agreement | 221,000 | — | — | — | — | 221,000 | ||||||||||||||||||
Principal payments on senior Credit Agreement, including Term Loan | (247,125 | ) | — | — | — | — | (247,125 | ) | ||||||||||||||||
Repurchases of common stock | (9,999 | ) | — | — | — | — | (9,999 | ) | ||||||||||||||||
Exercise of stock options | 11,869 | — | — | — | — | 11,869 | ||||||||||||||||||
Restricted stock tax withholdings | (3,590 | ) | — | — | — | — | (3,590 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 2,297 | — | — | — | — | 2,297 | ||||||||||||||||||
Intercompany funding | 33,289 | 6,252 | (43,076 | ) | 3,652 | (117 | ) | — | ||||||||||||||||
Net cash (used in) provided by financing activities | 7,741 | 6,252 | (43,076 | ) | 3,652 | (117 | ) | (25,548 | ) | |||||||||||||||
Net (decrease) increase in cash and equivalents | — | — | (2,954 | ) | 691 | — | (2,263 | ) | ||||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 18,166 | 441 | — | 18,607 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 15,212 | $ | 1,132 | $ | — | $ | 16,344 | ||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 26, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (832 | ) | $ | (4,200 | ) | $ | 96,059 | $ | 214 | $ | — | $ | 91,241 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (314,771 | ) | — | — | (314,771 | ) | ||||||||||||||||
Capital expenditures | (4,508 | ) | — | (22,275 | ) | (2,246 | ) | — | (29,029 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 2,798 | 47 | — | 2,845 | ||||||||||||||||||
Return of capital from (investment in) subsidiaries | — | 1,816 | — | — | (1,816 | ) | — | |||||||||||||||||
Changes in restricted cash | (31 | ) | — | — | — | — | (31 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (4,539 | ) | 1,816 | (334,248 | ) | (2,199 | ) | (1,816 | ) | (340,986 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from issuance of 7.125% senior subordinated notes due 2021, (including $3.8 million premium) | — | 93,825 | — | — | — | 93,825 | ||||||||||||||||||
Proceeds from borrowings on Senior Credit Agreement | 180,500 | — | — | — | — | 180,500 | ||||||||||||||||||
Proceeds from Term Loan on Senior Credit Agreement | 125,000 | — | — | — | — | 125,000 | ||||||||||||||||||
Principal payments on Senior Credit Agreement | (160,500 | ) | — | — | — | — | (160,500 | ) | ||||||||||||||||
Debt issuance costs | (4,128 | ) | (2,281 | ) | — | — | — | (6,409 | ) | |||||||||||||||
Repurchases of common stock | (15,203 | ) | — | — | — | — | (15,203 | ) | ||||||||||||||||
Exercise of stock options and other | 2,890 | — | — | — | — | 2,890 | ||||||||||||||||||
Restricted stock tax withholdings | (885 | ) | — | — | — | — | (885 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 610 | — | — | — | — | 610 | ||||||||||||||||||
Principal payments on capital lease obligations | — | — | (74 | ) | — | — | (74 | ) | ||||||||||||||||
Intercompany funding | (122,913 | ) | (89,160 | ) | 208,228 | 2,029 | 1,816 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 5,371 | 2,384 | 208,154 | 2,029 | 1,816 | 219,754 | ||||||||||||||||||
Net increase (decrease) in cash and equivalents | — | — | (30,035 | ) | 44 | — | (29,991 | ) | ||||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 51,563 | 1,018 | — | 52,581 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 21,528 | $ | 1,062 | $ | — | $ | 22,590 | ||||||||||||
Basis_of_Presentation_and_Acco1
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jan. 25, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation - Dycom Industries, Inc. and its wholly-owned subsidiaries (collectively, "Dycom" or the "Company") is a leading provider of specialty contracting services throughout the United States and in Canada. These services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. | |
The accompanying unaudited condensed consolidated financial statements of Dycom have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The condensed consolidated financial statements and accompanying notes reflect all adjustments, consisting of only normal recurring accruals that are, in the opinion of management, necessary for a fair presentation of such statements. Operating results for the interim period are not necessarily indicative of the results expected for any other interim period or for the full fiscal year. These condensed consolidated financial statements and accompanying notes should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the Company's audited financial statements for the year ended July 27, 2013 included in the Company's 2013 Annual Report on Form 10-K, filed with the SEC on September 13, 2013. | |
The condensed consolidated financial statements include the accounts of the Company. All significant transactions and balances between Dycom Industries, Inc. and its subsidiaries have been eliminated. | |
All of the Company's operating segments have been aggregated into one reporting segment due to their similar economic characteristics, customers, service distribution methods, and the nature of their services and production processes. The Company's services are provided by its subsidiaries throughout the United States and Canada. Revenues from services provided in Canada were approximately $2.1 million and $5.4 million during the three and six months ended January 25, 2014, respectively, and $2.5 million and $6.4 million during the three and six months ended January 26, 2013, respectively. The Company had no material long-lived assets in Canada at January 25, 2014 or July 27, 2013. | |
Business Combinations | ' |
Acquisitions - On December 3, 2012, the Company acquired substantially all of the telecommunications infrastructure services subsidiaries of Quanta Services, Inc. Additionally, during the fourth quarter of fiscal 2013, the Company acquired Sage Telecommunications Corp of Colorado, LLC and certain assets of a tower construction and maintenance company. The results of operations of these businesses are included in the accompanying condensed consolidated financial statements from their dates of acquisition. | |
Accounting Period | ' |
Accounting Period - The Company uses a fiscal year ending on the last Saturday in July. | |
Use of Estimates | ' |
Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Significant estimates made by management include revenue recognition of long-term contracts, including estimates of costs to complete, accruals for self-insurance claims, provision for income taxes, accruals for legal matters and other contingencies, the fair value of reporting units for goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, preliminary purchase price allocations of businesses acquired, stock-based compensation expense for performance-based stock awards, asset lives used in computing depreciation and amortization, and allowance for doubtful accounts. At the time they are made, the Company believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. | |
Restricted Cash | ' |
Restricted Cash - As of January 25, 2014 and July 27, 2013, the Company had approximately $4.0 million and $3.7 million, respectively, in restricted cash which is held as collateral in support of the Company's insurance obligations. Restricted cash is included in other current assets and other assets in the condensed consolidated balance sheets and changes in restricted cash are reported in cash flows used in investing activities in the condensed consolidated statements of cash flows. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments - ASC Topic 820, Fair Value Measurements and Disclosures ("ASC Topic 820") requires that assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: (1) Level 1 - Quoted market prices in active markets for identical assets or liabilities; (2) Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data; and (3) Level 3 - Unobservable inputs not corroborated by market data which require the reporting entity's own assumptions. The Company's financial instruments consist primarily of cash and equivalents, restricted cash, accounts receivables, income taxes receivable and payable, accounts payable and certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for the Company's outstanding 7.125% senior subordinated notes due 2021 (the "2021 Notes") which are categorized as Level 2 as of January 25, 2014 and July 27, 2013, based on observable market-based inputs. See Note 10, Debt, for further information regarding the fair value of the 2021 Notes. The Company's cash and equivalents are categorized as Level 1 as of January 25, 2014 and July 27, 2013, based on quoted market prices in active markets for identical assets. During the three and six months ended January 25, 2014 and January 26, 2013, the Company had no non-recurring fair value measurements of assets or liabilities subsequent to their initial recognition. |
Computation_of_Earnings_Per_Co1
Computation of Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Jan. 25, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share Reconciliation | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
January 25, 2014 | January 26, 2013 | January 25, 2014 | January 26, 2013 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Net income (loss) available to common stockholders (numerator) | $ | (3,067 | ) | $ | 1,463 | $ | 15,593 | $ | 13,323 | |||||||
Weighted-average number of common shares (denominator) | 33,836,099 | 32,780,667 | 33,629,884 | 32,935,305 | ||||||||||||
Basic earnings (loss) per common share | $ | (0.09 | ) | $ | 0.04 | $ | 0.46 | $ | 0.4 | |||||||
Weighted-average number of common shares | 33,836,099 | 32,780,667 | 33,629,884 | 32,935,305 | ||||||||||||
Potential common stock arising from stock options, and unvested restricted share units | — | 733,749 | 1,138,061 | 671,875 | ||||||||||||
Total shares-diluted (denominator) | 33,836,099 | 33,514,416 | 34,767,945 | 33,607,180 | ||||||||||||
Diluted earnings (loss) per common share | $ | (0.09 | ) | $ | 0.04 | $ | 0.45 | $ | 0.4 | |||||||
Anti-dilutive weighted shares excluded from the calculation of earnings (loss) per share | 3,440,300 | 1,289,661 | 753,914 | 1,483,241 | ||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||
Jan. 25, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||
The purchase price of the Acquired Subsidiaries is allocated as follows and reflects the elimination of intercompany balances (dollars in millions): | |||||||||
Assets | |||||||||
Cash and equivalents | $ | 0.2 | |||||||
Accounts receivable, net | 112.2 | ||||||||
Costs and estimated earnings in excess of billings | 61.5 | ||||||||
Inventories | 9 | ||||||||
Other current assets | 1.6 | ||||||||
Property and equipment | 33.3 | ||||||||
Goodwill | 87.9 | ||||||||
Intangibles - customer relationships | 70.3 | ||||||||
Intangibles - backlog | 15.3 | ||||||||
Intangibles - trade names | 5 | ||||||||
Other assets | 2.3 | ||||||||
Total assets | 398.6 | ||||||||
Liabilities | |||||||||
Accounts payable | 42.1 | ||||||||
Billings in excess of costs and estimated earnings | 10.3 | ||||||||
Accrued and other liabilities | 27.1 | ||||||||
Total liabilities | 79.5 | ||||||||
Net Assets Acquired | $ | 319.1 | |||||||
Business Acquisition, Pro Forma Information | ' | ||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
January 26, 2013 | January 26, 2013 | ||||||||
(Dollars in thousands, except per share amounts) | |||||||||
Pro forma contract revenues | $ | 421,588 | $ | 921,254 | |||||
Pro forma income before income taxes | $ | 7,546 | $ | 44,049 | |||||
Pro forma net income | $ | 4,528 | $ | 26,430 | |||||
Pro forma earnings per share: | |||||||||
Basic | $ | 0.14 | $ | 0.8 | |||||
Diluted | $ | 0.14 | $ | 0.79 | |||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 6 Months Ended | |||||||
Jan. 25, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts Receivable | ' | |||||||
Accounts receivable consists of the following: | ||||||||
January 25, 2014 | July 27, 2013 | |||||||
(Dollars in thousands) | ||||||||
Contract billings | $ | 218,483 | $ | 239,498 | ||||
Retainage and other receivables | 13,744 | 12,833 | ||||||
Total | 232,227 | 252,331 | ||||||
Less: allowance for doubtful accounts | (608 | ) | (129 | ) | ||||
Accounts receivable, net | $ | 231,619 | $ | 252,202 | ||||
Costs_and_Estimated_Earnings_i1
Costs and Estimated Earnings in Excess of Billings (Tables) | 6 Months Ended | |||||||
Jan. 25, 2014 | ||||||||
Contractors [Abstract] | ' | |||||||
Costs and Estimated Earnings in Excess of Billings, Net | ' | |||||||
Costs and estimated earnings in excess of billings ("CIEB") includes revenue for services from contracts based both on the units-of-delivery and the cost-to-cost measures of the percentage of completion method and consists of the following: | ||||||||
January 25, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Costs incurred on contracts in progress | $ | 198,485 | $ | 208,250 | ||||
Estimated to date earnings | 44,394 | 49,150 | ||||||
Total costs and estimated earnings | 242,879 | 257,400 | ||||||
Less: billings to date | (82,610 | ) | (66,839 | ) | ||||
$ | 160,269 | $ | 190,561 | |||||
Included in the accompanying condensed consolidated balance sheets under the captions: | ||||||||
Costs and estimated earnings in excess of billings | $ | 174,138 | $ | 204,349 | ||||
Billings in excess of costs and estimated earnings | (13,869 | ) | (13,788 | ) | ||||
$ | 160,269 | $ | 190,561 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||||||||||
Jan. 25, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||
Schedule of Property and Equipment | ' | |||||||||||||||
Property and equipment consists of the following: | ||||||||||||||||
General Useful Lives | January 25, | July 27, | ||||||||||||||
2014 | 2013 | |||||||||||||||
(Years) | (Dollars in thousands) | |||||||||||||||
Land | — | $ | 3,479 | $ | 3,479 | |||||||||||
Buildings | Oct-35 | 11,567 | 11,449 | |||||||||||||
Leasehold improvements | 15-Jan | 5,355 | 5,154 | |||||||||||||
Vehicles | 5-Jan | 272,828 | 258,211 | |||||||||||||
Computer hardware and software | 10-Mar | 71,223 | 64,191 | |||||||||||||
Office furniture and equipment | 7-Feb | 8,240 | 7,915 | |||||||||||||
Equipment and machinery | 10-Jan | 178,624 | 171,742 | |||||||||||||
Total | 551,316 | 522,141 | ||||||||||||||
Less: accumulated depreciation | (347,677 | ) | (319,438 | ) | ||||||||||||
Property and equipment, net | $ | 203,639 | $ | 202,703 | ||||||||||||
Schedule of Depreciation, Repairs, and Maintenance Expense | ' | |||||||||||||||
Depreciation expense and repairs and maintenance were as follows: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
January 25, | January 26, | January 25, | January 26, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Depreciation expense | $ | 18,657 | $ | 15,868 | $ | 37,058 | $ | 29,588 | ||||||||
Repairs and maintenance expense | $ | 5,245 | $ | 4,376 | $ | 11,239 | $ | 8,188 | ||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||
Jan. 25, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Intangible Assets | ' | ||||||||
The Company's intangible assets consist of the following: | |||||||||
January 25, | July 27, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Gross amount: | |||||||||
Customer relationships | $ | 164,394 | $ | 164,497 | |||||
Contract backlog | 15,285 | 15,285 | |||||||
Trade names | 8,200 | 8,200 | |||||||
UtiliQuest trade name | 4,700 | 4,700 | |||||||
Non-compete agreements | 400 | 400 | |||||||
192,979 | 193,082 | ||||||||
Accumulated amortization: | |||||||||
Customer relationships | 62,620 | 56,219 | |||||||
Contract backlog | 12,276 | 9,433 | |||||||
Trade names | 2,716 | 2,071 | |||||||
Non-compete agreements | 124 | 84 | |||||||
Net Intangible Assets | $ | 115,243 | $ | 125,275 | |||||
Future Amortization Expense | ' | ||||||||
Estimated total amortization expense for the remainder of fiscal 2014 and each of the five succeeding fiscal years is as follows: | |||||||||
Period | Amount | ||||||||
(Dollars in thousands) | |||||||||
Six months ending July 26, 2014 | $8,185 | ||||||||
2015 | $15,027 | ||||||||
2016 | $14,276 | ||||||||
2017 | $12,885 | ||||||||
2018 | $10,697 | ||||||||
2019 | $8,395 | ||||||||
Thereafter | $41,078 |
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended | |||||||
Jan. 25, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Other Accrued Liabilities | ' | |||||||
Other accrued liabilities consist of the following: | ||||||||
January 25, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Accrued payroll and related taxes | $ | 14,959 | $ | 19,940 | ||||
Accrued employee benefit and incentive plan costs | 9,727 | 15,325 | ||||||
Accrued construction costs | 18,992 | 20,883 | ||||||
Accrued interest and related bank fees | 864 | 937 | ||||||
Other current liabilities | 13,024 | 14,106 | ||||||
Total other accrued liabilities | $ | 57,566 | $ | 71,191 | ||||
Other current liabilities within the above table includes income taxes payable of $2.3 million as of July 27, 2013. |
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jan. 25, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Outstanding Indebtedness | ' | |||||||
The Company’s outstanding indebtedness consists of the following: | ||||||||
January 25, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Borrowings on senior Credit Agreement (matures December 2017) | $ | 26,000 | $ | 49,000 | ||||
Senior Credit Agreement Term Loan (matures December 2017) | 118,750 | 121,875 | ||||||
7.125% senior subordinated notes (matures January 2021) | 277,500 | 277,500 | ||||||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,426 | 3,607 | ||||||
425,676 | 451,982 | |||||||
Less: current portion | (9,375 | ) | (7,813 | ) | ||||
Long-term debt | $ | 416,301 | $ | 444,169 | ||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 6 Months Ended | |||||||||||||||
Jan. 25, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Schedule of Other Income, Net | ' | |||||||||||||||
The components of other income, net, are as follows: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
25-Jan-14 | 26-Jan-13 | 25-Jan-14 | 26-Jan-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Gain on sale of fixed assets | $ | 570 | $ | 826 | $ | 2,435 | $ | 2,407 | ||||||||
Miscellaneous income (expense), net | 25 | (77 | ) | 172 | (44 | ) | ||||||||||
Write-off of deferred financing costs | — | (321 | ) | — | (321 | ) | ||||||||||
Total other income, net | $ | 595 | $ | 428 | $ | 2,607 | $ | 2,042 | ||||||||
The Company recognized $0.3 million in write-off of deferred financing costs during the three and six months ended January 26, 2013 in connection with the replacement of its prior credit agreement. |
Capital_Stock_Tables
Capital Stock (Tables) | 6 Months Ended | |||||||||||
Jan. 25, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | ' | |||||||||||
the Company made the following repurchases pursuant to its current and previously authorized share repurchase programs: | ||||||||||||
Fiscal Period | Number of Shares Repurchased | Total Consideration | Average Price Per Share | |||||||||
(Dollars in thousands) | ||||||||||||
Fiscal 2013 | 1,047,000 | $ | 15,203 | $ | 14.52 | |||||||
Six Months Ended January 25, 2014 | 360,900 | $ | 9,999 | $ | 27.71 | |||||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 6 Months Ended | |||||||||||||||
Jan. 25, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Stock-based Compensation Expense and Related Tax Benefit Recognized | ' | |||||||||||||||
Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during the three and six months ended January 25, 2014 and January 26, 2013 were as follows: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
25-Jan-14 | 26-Jan-13 | 25-Jan-14 | 26-Jan-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Stock-based compensation | $ | 3,544 | $ | 2,496 | $ | 7,049 | $ | 4,762 | ||||||||
Tax (benefit) recognized in the statement of operations | $ | (1,368 | ) | $ | (1,063 | ) | $ | (2,665 | ) | $ | (1,827 | ) | ||||
Schedule of Share-based Compensation, Stock Options Award Activity | ' | |||||||||||||||
The following table summarizes stock option award activity during the six months ended January 25, 2014: | ||||||||||||||||
Stock Options | ||||||||||||||||
Shares | Weighted Average Exercise Price | |||||||||||||||
Outstanding as of July 27, 2013 | 2,769,132 | $ | 18.27 | |||||||||||||
Granted | 89,956 | $ | 27.5 | |||||||||||||
Options exercised | (616,119 | ) | $ | 19.26 | ||||||||||||
Forfeited or canceled | (4,262 | ) | $ | 26.42 | ||||||||||||
Outstanding as of January 25, 2014 | 2,238,707 | $ | 18.35 | |||||||||||||
Exercisable options as of January 25, 2014 | 1,766,977 | $ | 18.38 | |||||||||||||
Schedule of Share-based Compensation, RSU and Performance RSU Activity | ' | |||||||||||||||
The following table summarizes RSU and Performance RSU activity during the six months ended January 25, 2014: | ||||||||||||||||
Restricted Stock | ||||||||||||||||
RSUs | Performance RSUs | |||||||||||||||
Share Units | Weighted Average Grant Price | Share Units | Weighted Average Grant Price | |||||||||||||
Outstanding as of July 27, 2013 | 463,318 | $ | 17.78 | 1,315,138 | $ | 18.44 | ||||||||||
Granted | 94,456 | $ | 27.36 | 429,485 | $ | 27.66 | ||||||||||
Share units vested | (137,333 | ) | $ | 16.19 | (265,025 | ) | $ | 18.35 | ||||||||
Forfeited or canceled | (4,156 | ) | $ | 19.26 | (267,581 | ) | $ | 18.37 | ||||||||
Outstanding as of January 25, 2014 | 416,285 | $ | 20.46 | 1,212,017 | $ | 21.74 | ||||||||||
Concentration_of_Credit_Risk_T
Concentration of Credit Risk (Tables) | 6 Months Ended | |||||||||||||
Jan. 25, 2014 | ||||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||||
Schedule that Represents A Significant Portion of the Companybs Customer Base and Each Over 10% of Total Revenue | ' | |||||||||||||
10% of total revenue during the three or six months ended January 25, 2014 or January 26, 2013: | ||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||
January 25, 2014 | January 26, 2013 | January 25, 2014 | January 26, 2013 | |||||||||||
AT&T Inc. ("AT&T") | 18.70% | 13.60% | 18.00% | 13.50% | ||||||||||
CenturyLink, Inc. ("CenturyLink") | 14.40% | 14.70% | 15.00% | 14.20% | ||||||||||
Comcast Corporation ("Comcast") | 12.00% | 11.00% | 11.20% | 11.80% | ||||||||||
Schedule of Customers Representing 10% or More of Combined Amounts of Trade Accounts Receivable and Costs and Estimated Earnings in Excess of Billings with the Following Outstanding Balances and Related Percentages of the Companybs Total Outstanding Balances | ' | |||||||||||||
Customers representing 10% or more of combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings as of January 25, 2014 or July 27, 2013 had the following outstanding balances and the related percentage of the Company’s total outstanding balances: | ||||||||||||||
January 25, 2014 | July 27, 2013 | |||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||
(Dollars in millions) | ||||||||||||||
AT&T | $ | 59.7 | 14.7 | % | $ | 57.4 | 12.6 | % | ||||||
CenturyLink | $ | 48.8 | 12 | % | $ | 62.6 | 13.7 | % | ||||||
Windstream Corporation | $ | 30.6 | 7.5 | % | $ | 59.4 | 13 | % | ||||||
Supplemental_Consolidating_Fin1
Supplemental Consolidating Financial Statements (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jan. 25, 2014 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) | ||||||||||||||||||||||||
25-Jan-14 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 15,212 | $ | 1,132 | $ | — | $ | 16,344 | ||||||||||||
Accounts receivable, net | — | — | 230,775 | 844 | — | 231,619 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 172,989 | 1,149 | — | 174,138 | ||||||||||||||||||
Inventories | — | — | 43,426 | — | — | 43,426 | ||||||||||||||||||
Deferred tax assets, net | 2,543 | — | 14,043 | 80 | (332 | ) | 16,334 | |||||||||||||||||
Income taxes receivable | 18,347 | — | — | — | — | 18,347 | ||||||||||||||||||
Other current assets | 8,503 | 44 | 7,248 | 347 | — | 16,142 | ||||||||||||||||||
Total current assets | 29,393 | 44 | 483,693 | 3,552 | (332 | ) | 516,350 | |||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 16,402 | — | 172,637 | 14,600 | — | 203,639 | ||||||||||||||||||
GOODWILL | — | — | 267,810 | — | — | 267,810 | ||||||||||||||||||
INTANGIBLE ASSETS, NET | — | — | 115,243 | — | — | 115,243 | ||||||||||||||||||
DEFERRED TAX ASSETS, NET NON-CURRENT | 59 | — | 4,122 | 839 | (5,020 | ) | — | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 785,232 | 1,502,749 | — | — | (2,287,981 | ) | — | |||||||||||||||||
INTERCOMPANY RECEIVABLES | — | — | 681,310 | — | (681,310 | ) | — | |||||||||||||||||
OTHER | 8,554 | 5,976 | 2,087 | 235 | — | 16,852 | ||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 810,247 | 1,508,725 | 1,243,209 | 15,674 | (2,974,311 | ) | 603,544 | |||||||||||||||||
TOTAL ASSETS | $ | 839,640 | $ | 1,508,769 | $ | 1,726,902 | $ | 19,226 | $ | (2,974,643 | ) | $ | 1,119,894 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 2,607 | $ | — | $ | 49,046 | $ | 662 | $ | — | $ | 52,315 | ||||||||||||
Current portion of debt | 9,375 | — | — | — | — | 9,375 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,869 | — | — | 13,869 | ||||||||||||||||||
Accrued insurance claims | 620 | — | 31,953 | 65 | — | 32,638 | ||||||||||||||||||
Deferred tax liabilities | — | 155 | 150 | 27 | (332 | ) | — | |||||||||||||||||
Other accrued liabilities | 6,663 | 607 | 49,018 | 1,278 | — | 57,566 | ||||||||||||||||||
Total current liabilities | 19,265 | 762 | 144,036 | 2,032 | (332 | ) | 165,763 | |||||||||||||||||
LONG-TERM DEBT | 135,375 | 280,926 | — | — | — | 416,301 | ||||||||||||||||||
ACCRUED INSURANCE CLAIMS | 743 | — | 30,134 | 65 | — | 30,942 | ||||||||||||||||||
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — | 427 | 53,005 | 591 | (5,020 | ) | 49,003 | |||||||||||||||||
INTERCOMPANY PAYABLES | 229,350 | 441,422 | — | 10,538 | (681,310 | ) | — | |||||||||||||||||
OTHER LIABILITIES | 3,271 | — | 2,829 | 149 | — | 6,249 | ||||||||||||||||||
Total liabilities | 388,004 | 723,537 | 230,004 | 13,375 | (686,662 | ) | 668,258 | |||||||||||||||||
Total stockholders' equity | 451,636 | 785,232 | 1,496,898 | 5,851 | (2,287,981 | ) | 451,636 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 839,640 | $ | 1,508,769 | $ | 1,726,902 | $ | 19,226 | $ | (2,974,643 | ) | $ | 1,119,894 | |||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
27-Jul-13 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 18,166 | $ | 441 | $ | — | $ | 18,607 | ||||||||||||
Accounts receivable, net | — | — | 249,533 | 2,669 | — | 252,202 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 202,651 | 1,698 | — | 204,349 | ||||||||||||||||||
Inventories | — | — | 35,999 | — | — | 35,999 | ||||||||||||||||||
Deferred tax assets, net | 2,285 | — | 15,873 | 121 | (1,426 | ) | 16,853 | |||||||||||||||||
Income taxes receivable | 2,516 | — | — | — | — | 2,516 | ||||||||||||||||||
Other current assets | 2,563 | 10 | 7,583 | 452 | — | 10,608 | ||||||||||||||||||
Total current assets | 7,364 | 10 | 529,805 | 5,381 | (1,426 | ) | 541,134 | |||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 13,779 | — | 173,254 | 15,670 | — | 202,703 | ||||||||||||||||||
GOODWILL | — | — | 267,810 | — | — | 267,810 | ||||||||||||||||||
INTANGIBLE ASSETS, NET | — | — | 125,275 | — | — | 125,275 | ||||||||||||||||||
DEFERRED TAX ASSETS, NET NON-CURRENT | 691 | — | 4,104 | 66 | (4,861 | ) | — | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 769,639 | 1,472,559 | — | — | (2,242,198 | ) | — | |||||||||||||||||
INTERCOMPANY RECEIVABLES | — | — | 618,524 | — | (618,524 | ) | — | |||||||||||||||||
OTHER | 8,739 | 6,331 | 2,133 | 83 | — | 17,286 | ||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 792,848 | 1,478,890 | 1,191,100 | 15,819 | (2,865,583 | ) | 613,074 | |||||||||||||||||
TOTAL ASSETS | $ | 800,212 | $ | 1,478,900 | $ | 1,720,905 | $ | 21,200 | $ | (2,867,009 | ) | $ | 1,154,208 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 2,042 | $ | — | $ | 75,012 | $ | 900 | $ | — | $ | 77,954 | ||||||||||||
Current portion of debt | 7,813 | — | — | — | — | 7,813 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,788 | — | — | 13,788 | ||||||||||||||||||
Accrued insurance claims | 619 | — | 28,342 | 108 | — | 29,069 | ||||||||||||||||||
Deferred tax liabilities | — | 155 | 140 | 1,131 | (1,426 | ) | — | |||||||||||||||||
Other accrued liabilities | 9,151 | 1,321 | 59,374 | 1,345 | — | 71,191 | ||||||||||||||||||
Total current liabilities | 19,625 | 1,476 | 176,656 | 3,484 | (1,426 | ) | 199,815 | |||||||||||||||||
LONG-TERM DEBT | 163,062 | 281,107 | — | — | — | 444,169 | ||||||||||||||||||
ACCRUED INSURANCE CLAIMS | 726 | — | 26,426 | 98 | — | 27,250 | ||||||||||||||||||
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — | 427 | 52,436 | 610 | (4,861 | ) | 48,612 | |||||||||||||||||
INTERCOMPANY PAYABLES | 185,296 | 426,251 | — | 6,977 | (618,524 | ) | — | |||||||||||||||||
OTHER LIABILITIES | 3,142 | — | 2,855 | 4 | — | 6,001 | ||||||||||||||||||
Total liabilities | 371,851 | 709,261 | 258,373 | 11,173 | (624,811 | ) | 725,847 | |||||||||||||||||
Total stockholders' equity | 428,361 | 769,639 | 1,462,532 | 10,027 | (2,242,198 | ) | 428,361 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 800,212 | $ | 1,478,900 | $ | 1,720,905 | $ | 21,200 | $ | (2,867,009 | ) | $ | 1,154,208 | |||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 388,402 | $ | 2,116 | $ | — | $ | 390,518 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 325,678 | 1,675 | — | 327,353 | ||||||||||||||||||
General and administrative | 10,284 | 215 | 25,322 | 2,741 | — | 38,562 | ||||||||||||||||||
Depreciation and amortization | 1,039 | — | 21,230 | 1,166 | — | 23,435 | ||||||||||||||||||
Intercompany charges (income), net | (13,130 | ) | — | 13,271 | (141 | ) | — | — | ||||||||||||||||
Total | (1,807 | ) | 215 | 385,501 | 5,441 | — | 389,350 | |||||||||||||||||
Interest expense, net | (1,807 | ) | (4,994 | ) | 1 | — | — | (6,800 | ) | |||||||||||||||
Other income, net | — | — | 630 | (35 | ) | — | 595 | |||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES | — | (5,209 | ) | 3,532 | (3,360 | ) | — | (5,037 | ) | |||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (2,102 | ) | 1,485 | (1,353 | ) | — | (1,970 | ) | |||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES | — | (3,107 | ) | 2,047 | (2,007 | ) | — | (3,067 | ) | |||||||||||||||
EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES | (3,067 | ) | 40 | — | — | 3,027 | — | |||||||||||||||||
NET INCOME (LOSS) | $ | (3,067 | ) | $ | (3,067 | ) | $ | 2,047 | $ | (2,007 | ) | $ | 3,027 | $ | (3,067 | ) | ||||||||
Foreign currency translation loss | (226 | ) | (226 | ) | — | (226 | ) | 452 | (226 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (3,293 | ) | $ | (3,293 | ) | $ | 2,047 | $ | (2,233 | ) | $ | 3,479 | $ | (3,293 | ) | ||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 897,832 | $ | 5,406 | $ | — | $ | 903,238 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 733,373 | 4,099 | — | 737,472 | ||||||||||||||||||
General and administrative | 21,520 | 441 | 54,266 | 5,410 | — | 81,637 | ||||||||||||||||||
Depreciation and amortization | 1,893 | — | 42,851 | 2,243 | — | 46,987 | ||||||||||||||||||
Intercompany charges (income), net | (27,106 | ) | — | 27,380 | (274 | ) | — | — | ||||||||||||||||
Total | (3,693 | ) | 441 | 857,870 | 11,478 | — | 866,096 | |||||||||||||||||
Interest expense, net | (3,696 | ) | (9,988 | ) | (2 | ) | — | — | (13,686 | ) | ||||||||||||||
Other income, net | 3 | — | 2,575 | 29 | — | 2,607 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (10,429 | ) | 42,535 | (6,043 | ) | — | 26,063 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (4,189 | ) | 17,085 | (2,426 | ) | — | 10,470 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (6,240 | ) | 25,450 | (3,617 | ) | — | 15,593 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 15,593 | 21,833 | — | — | (37,426 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 15,593 | $ | 15,593 | $ | 25,450 | $ | (3,617 | ) | $ | (37,426 | ) | $ | 15,593 | ||||||||||
Foreign currency translation loss | (286 | ) | (286 | ) | — | (286 | ) | 572 | (286 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 15,307 | $ | 15,307 | $ | 25,450 | $ | (3,903 | ) | $ | (36,854 | ) | $ | 15,307 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED JANUARY 26, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 366,797 | $ | 2,529 | $ | — | $ | 369,326 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 299,106 | 2,410 | — | 301,516 | ||||||||||||||||||
General and administrative | 14,900 | 148 | 21,279 | 2,500 | — | 38,827 | ||||||||||||||||||
Depreciation and amortization | 639 | — | 18,969 | 1,211 | — | 20,819 | ||||||||||||||||||
Intercompany charges (income), net | (17,380 | ) | — | 17,718 | (338 | ) | — | — | ||||||||||||||||
Total | (1,841 | ) | 148 | 357,072 | 5,783 | — | 361,162 | |||||||||||||||||
Interest expense, net | (1,523 | ) | (4,224 | ) | (1 | ) | — | — | (5,748 | ) | ||||||||||||||
Other income, net | (318 | ) | — | 756 | (10 | ) | — | 428 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (4,372 | ) | 10,480 | (3,264 | ) | — | 2,844 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (1,808 | ) | 4,540 | (1,351 | ) | — | 1,381 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (2,564 | ) | 5,940 | (1,913 | ) | — | 1,463 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 1,463 | 4,027 | — | — | (5,490 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 1,463 | $ | 1,463 | $ | 5,940 | $ | (1,913 | ) | $ | (5,490 | ) | $ | 1,463 | ||||||||||
Foreign currency translation gain | 11 | 11 | — | 11 | (22 | ) | 11 | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 1,474 | $ | 1,474 | $ | 5,940 | $ | (1,902 | ) | $ | (5,512 | ) | $ | 1,474 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 26, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 685,822 | $ | 6,791 | $ | — | $ | 692,613 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 552,650 | 5,932 | — | 558,582 | ||||||||||||||||||
General and administrative | 23,309 | 295 | 38,895 | 5,153 | — | 67,652 | ||||||||||||||||||
Depreciation and amortization | 1,380 | — | 32,255 | 2,495 | — | 36,130 | ||||||||||||||||||
Intercompany charges (income), net | (27,306 | ) | — | 27,990 | (684 | ) | — | — | ||||||||||||||||
Total | (2,617 | ) | 295 | 651,790 | 12,896 | — | 662,364 | |||||||||||||||||
Interest expense, net | (2,299 | ) | (7,644 | ) | (3 | ) | — | — | (9,946 | ) | ||||||||||||||
Other income, net | (318 | ) | — | 2,321 | 39 | — | 2,042 | |||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (7,939 | ) | 36,350 | (6,066 | ) | — | 22,345 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (3,205 | ) | 14,676 | (2,449 | ) | — | 9,022 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (4,734 | ) | 21,674 | (3,617 | ) | — | 13,323 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 13,323 | 18,057 | — | — | (31,380 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 13,323 | $ | 13,323 | $ | 21,674 | $ | (3,617 | ) | $ | (31,380 | ) | $ | 13,323 | ||||||||||
Foreign currency translation gain | 13 | 13 | — | 13 | (26 | ) | 13 | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 13,336 | $ | 13,336 | $ | 21,674 | $ | (3,604 | ) | $ | (31,406 | ) | $ | 13,336 | ||||||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,085 | ) | $ | (6,135 | ) | $ | 79,911 | $ | (1,825 | ) | $ | — | $ | 67,866 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | (3,351 | ) | — | (43,150 | ) | (2,739 | ) | — | (49,240 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 3,361 | 1,603 | — | 4,964 | ||||||||||||||||||
Return of capital from subsidiaries | — | 683 | — | — | (683 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | (800 | ) | — | — | 800 | — | |||||||||||||||||
Changes in restricted cash | (305 | ) | — | — | — | — | (305 | ) | ||||||||||||||||
Net cash (used in) investing activities | (3,656 | ) | (117 | ) | (39,789 | ) | (1,136 | ) | 117 | (44,581 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from borrowings on senior Credit Agreement | 221,000 | — | — | — | — | 221,000 | ||||||||||||||||||
Principal payments on senior Credit Agreement, including Term Loan | (247,125 | ) | — | — | — | — | (247,125 | ) | ||||||||||||||||
Repurchases of common stock | (9,999 | ) | — | — | — | — | (9,999 | ) | ||||||||||||||||
Exercise of stock options | 11,869 | — | — | — | — | 11,869 | ||||||||||||||||||
Restricted stock tax withholdings | (3,590 | ) | — | — | — | — | (3,590 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 2,297 | — | — | — | — | 2,297 | ||||||||||||||||||
Intercompany funding | 33,289 | 6,252 | (43,076 | ) | 3,652 | (117 | ) | — | ||||||||||||||||
Net cash (used in) provided by financing activities | 7,741 | 6,252 | (43,076 | ) | 3,652 | (117 | ) | (25,548 | ) | |||||||||||||||
Net (decrease) increase in cash and equivalents | — | — | (2,954 | ) | 691 | — | (2,263 | ) | ||||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 18,166 | 441 | — | 18,607 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 15,212 | $ | 1,132 | $ | — | $ | 16,344 | ||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 26, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (832 | ) | $ | (4,200 | ) | $ | 96,059 | $ | 214 | $ | — | $ | 91,241 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (314,771 | ) | — | — | (314,771 | ) | ||||||||||||||||
Capital expenditures | (4,508 | ) | — | (22,275 | ) | (2,246 | ) | — | (29,029 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 2,798 | 47 | — | 2,845 | ||||||||||||||||||
Return of capital from (investment in) subsidiaries | — | 1,816 | — | — | (1,816 | ) | — | |||||||||||||||||
Changes in restricted cash | (31 | ) | — | — | — | — | (31 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (4,539 | ) | 1,816 | (334,248 | ) | (2,199 | ) | (1,816 | ) | (340,986 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from issuance of 7.125% senior subordinated notes due 2021, (including $3.8 million premium) | — | 93,825 | — | — | — | 93,825 | ||||||||||||||||||
Proceeds from borrowings on Senior Credit Agreement | 180,500 | — | — | — | — | 180,500 | ||||||||||||||||||
Proceeds from Term Loan on Senior Credit Agreement | 125,000 | — | — | — | — | 125,000 | ||||||||||||||||||
Principal payments on Senior Credit Agreement | (160,500 | ) | — | — | — | — | (160,500 | ) | ||||||||||||||||
Debt issuance costs | (4,128 | ) | (2,281 | ) | — | — | — | (6,409 | ) | |||||||||||||||
Repurchases of common stock | (15,203 | ) | — | — | — | — | (15,203 | ) | ||||||||||||||||
Exercise of stock options and other | 2,890 | — | — | — | — | 2,890 | ||||||||||||||||||
Restricted stock tax withholdings | (885 | ) | — | — | — | — | (885 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 610 | — | — | — | — | 610 | ||||||||||||||||||
Principal payments on capital lease obligations | — | — | (74 | ) | — | — | (74 | ) | ||||||||||||||||
Intercompany funding | (122,913 | ) | (89,160 | ) | 208,228 | 2,029 | 1,816 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 5,371 | 2,384 | 208,154 | 2,029 | 1,816 | 219,754 | ||||||||||||||||||
Net increase (decrease) in cash and equivalents | — | — | (30,035 | ) | 44 | — | (29,991 | ) | ||||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 51,563 | 1,018 | — | 52,581 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 21,528 | $ | 1,062 | $ | — | $ | 22,590 | ||||||||||||
Basis_of_Presentation_and_Acco2
Basis of Presentation and Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Contract revenues | $390,518,000 | $369,326,000 | $903,238,000 | $692,613,000 | ' |
Restricted cash | 4,000,000 | ' | 4,000,000 | ' | 3,700,000 |
Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2021 | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt, interest rate (in percent) | 0.00% | ' | 0.00% | ' | 7.13% |
Canada | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Contract revenues | $2,100,000 | $2,500,000 | $5,400,000 | $6,400,000 | ' |
Computation_of_Earnings_Per_Co2
Computation of Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Basic earnings per unit | ' | ' | ' | ' |
Net income | ($3,067) | $1,463 | $15,593 | $13,323 |
Weighted-average number of common shares (in shares) | 33,836,099 | 32,780,667 | 33,629,884 | 32,935,305 |
Basic earnings per common share | ($0.09) | $0.04 | $0.46 | $0.40 |
Diluted earnings per unit | ' | ' | ' | ' |
Weighted-average number of common shares (in shares) | 33,836,099 | 32,780,667 | 33,629,884 | 32,935,305 |
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 0 | 733,749 | 1,138,061 | 671,875 |
Total shares-diluted (in shares) | 33,836,099 | 33,514,416 | 34,767,945 | 33,607,180 |
Diluted earnings per common share | ($0.09) | $0.04 | $0.45 | $0.40 |
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 3,440,300 | 1,289,661 | 753,914 | 1,483,241 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||
Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 | Dec. 03, 2012 | Dec. 03, 2012 | Jan. 25, 2014 | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Dec. 03, 2012 | Jan. 25, 2014 | Jul. 27, 2013 | Dec. 12, 2012 | |
Quanta Services, Inc. | Sage Telecommunications Corp of Colorado, LLC | Businesses Acquired in Fiscal 2013 | Businesses Acquired in Fiscal 2013 | Businesses Acquired in Fiscal 2013 | Businesses Acquired in Fiscal 2013 | Senior Loan and Revolving Credit | Senior Loan and Revolving Credit | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | |||||||
Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | |||||||||||||
Dycom Investments, Inc. | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid | ' | ' | ' | ' | ' | ' | $275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated adjustment for working capital received in excess of target amount | ' | ' | ' | ' | ' | ' | 40,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for other specified items | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | 0 | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 |
Debt, interest rate (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 7.13% | ' |
Repayments of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' |
Acquisition payments | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 267,810,000 | ' | 267,810,000 | ' | 267,810,000 | 87,900,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount | ' | ' | ' | ' | ' | 90,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 106,300,000 | 75,900,000 | 256,500,000 | 75,900,000 | ' | ' | ' | ' | ' |
Amortization expense for finite-lived intangible assets | 4,800,000 | 5,000,000 | 9,900,000 | 6,500,000 | ' | ' | ' | ' | 3,100,000 | 3,400,000 | 6,600,000 | 3,400,000 | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $4,000,000 | $0 | ' | ' | ' | ' | ' |
Acquisitions_Net_Assets_Acquir
Acquisitions - Net Assets Acquired (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 | Dec. 03, 2012 |
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract [Abstract] | ' | ' | ' |
Cash and equivalents | ' | ' | $200,000 |
Accounts receivable, net | ' | ' | 112,200,000 |
Costs and estimated earnings in excess of billings | ' | ' | 61,500,000 |
Inventories | ' | ' | 9,000,000 |
Other current assets | ' | ' | 1,600,000 |
Property and equipment | ' | ' | 33,300,000 |
Goodwill | 267,810,000 | 267,810,000 | 87,900,000 |
Other assets | ' | ' | 2,300,000 |
Total assets | ' | ' | 398,600,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ' | ' | ' |
Accounts payable | ' | ' | 42,100,000 |
Billings in excess of costs and estimated earnings | ' | ' | 10,300,000 |
Accrued and other liabilities | ' | ' | 27,100,000 |
Total liabilities | ' | ' | 79,500,000 |
Net Assets Acquired | ' | ' | 319,100,000 |
Order or Production Backlog | ' | ' | ' |
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract [Abstract] | ' | ' | ' |
Intangibles | ' | 15,300,000 | ' |
Quanta Services, Inc. | Customer Relationships | ' | ' | ' |
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract [Abstract] | ' | ' | ' |
Intangibles | ' | 70,300,000 | ' |
Quanta Services, Inc. | Trade Names | ' | ' | ' |
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract [Abstract] | ' | ' | ' |
Intangibles | ' | $5,000,000 | ' |
Acquisitions_Pro_Forma_Results
Acquisitions - Pro Forma Results (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 26, 2013 | Jan. 26, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Pro forma contract revenues | $421,588 | $921,254 |
Pro forma income before income taxes | 7,546 | 44,049 |
Pro forma net income | $4,528 | $26,430 |
Business Acquisition, Pro Forma Information, Earnings (Loss) Per Share [Abstract] | ' | ' |
Basic | $0.14 | $0.80 |
Diluted | $0.14 | $0.79 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Contract billings | $218,483 | $239,498 |
Contract Receivable Retainage and Other Receivables | 13,744 | 12,833 |
Total | 232,227 | 252,331 |
Less: allowance for doubtful accounts | -608 | -129 |
Accounts receivable, net | $231,619 | $252,202 |
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable - Parenthetical (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | |
Receivables [Abstract] | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Write-offs | $0 | $0 | $0 | $0 |
Costs_and_Estimated_Earnings_i2
Costs and Estimated Earnings in Excess of Billings (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Contractors [Abstract] | ' | ' |
Costs incurred on contracts in progress | $198,485 | $208,250 |
Estimated to date earnings | 44,394 | 49,150 |
Total costs and estimated earnings | 242,879 | 257,400 |
Less: billings to date | -82,610 | -66,839 |
Total costs in excess of billings | 160,269 | 190,561 |
Costs and estimated earnings in excess of billings | 174,138 | 204,349 |
Billings in excess of costs and estimated earnings | ($13,869) | ($13,788) |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $551,316 | ' | $551,316 | ' | $522,141 |
Less: accumulated depreciation | -347,677 | ' | -347,677 | ' | -319,438 |
Property and equipment, net | 203,639 | ' | 203,639 | ' | 202,703 |
Depreciation and repairs and maintenance expenses [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | 18,657 | 15,868 | 37,058 | 29,588 | ' |
Repairs and maintenance expense | 5,245 | 4,376 | 11,239 | 8,188 | ' |
Land | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '0 years | ' | ' |
Property, Plant and Equipment, Gross | 3,479 | ' | 3,479 | ' | 3,479 |
Buildings | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 11,567 | ' | 11,567 | ' | 11,449 |
Leasehold Improvements | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 5,355 | ' | 5,355 | ' | 5,154 |
Vehicles | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 272,828 | ' | 272,828 | ' | 258,211 |
Computer hardware and software | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 71,223 | ' | 71,223 | ' | 64,191 |
Office furniture and equipment | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 8,240 | ' | 8,240 | ' | 7,915 |
Equipment and machinery | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $178,624 | ' | $178,624 | ' | $171,742 |
Maximum | Buildings | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '35 years | ' | ' |
Maximum | Leasehold Improvements | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '15 years | ' | ' |
Maximum | Vehicles | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '5 years | ' | ' |
Maximum | Computer hardware and software | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '10 years | ' | ' |
Maximum | Office furniture and equipment | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '7 years | ' | ' |
Maximum | Equipment and machinery | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '10 years | ' | ' |
Minimum | Buildings | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '10 years | ' | ' |
Minimum | Leasehold Improvements | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '1 year | ' | ' |
Minimum | Vehicles | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '1 year | ' | ' |
Minimum | Computer hardware and software | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '3 years | ' | ' |
Minimum | Office furniture and equipment | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '2 years | ' | ' |
Minimum | Equipment and machinery | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '1 year | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 | Dec. 03, 2012 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | $267,810,000 | ' | $267,810,000 | ' | $267,810,000 | $87,900,000 |
Amortization expense for finite-lived intangible assets | 4,800,000 | 5,000,000 | 9,900,000 | 6,500,000 | ' | ' |
UtiliQuest trade name | ' | ' | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | 35,600,000 | ' |
Indefinite-Lived Intangible Assets | $4,700,000 | ' | $4,700,000 | ' | $4,700,000 | ' |
Margin of excess | ' | ' | ' | ' | 20.00% | ' |
Goodwill [Member] | ' | ' | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | 11.50% | ' | ' | ' |
Maximum | Goodwill [Member] | ' | ' | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Terminal Growth Rate | ' | ' | 2.00% | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 | Dec. 03, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | $4,800,000 | $5,000,000 | $9,900,000 | $6,500,000 | ' | ' |
Carrying amount | ' | ' | ' | ' | ' | 90,600,000 |
Gross Intangible Assets | 192,979,000 | ' | 192,979,000 | ' | 193,082,000 | ' |
Net Intangible Assets | 115,243,000 | ' | 115,243,000 | ' | 125,275,000 | ' |
Customer Relationships | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Carrying amount | 164,394,000 | ' | 164,394,000 | ' | 164,497,000 | ' |
Accumulated Amortization | 62,620,000 | ' | 62,620,000 | ' | 56,219,000 | ' |
Contract Backlog | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Carrying amount | 15,285,000 | ' | 15,285,000 | ' | 15,285,000 | ' |
Accumulated Amortization | 12,276,000 | ' | 12,276,000 | ' | 9,433,000 | ' |
Trade Names | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Carrying amount | 8,200,000 | ' | 8,200,000 | ' | 8,200,000 | ' |
Accumulated Amortization | 2,716,000 | ' | 2,716,000 | ' | 2,071,000 | ' |
UtiliQuest trade name | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining, Useful Lives | ' | ' | '0 years | ' | ' | ' |
Indefinite-Lived Intangible Assets | 4,700,000 | ' | 4,700,000 | ' | 4,700,000 | ' |
Noncompete Agreements | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Carrying amount | 400,000 | ' | 400,000 | ' | 400,000 | ' |
Accumulated Amortization | $124,000 | ' | $124,000 | ' | $84,000 | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Goodwill and Intangible Assets - Future Amortization Expense (Details) (USD $) | Jan. 25, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Fiscal 2014 | $8,185 |
Fiscal 2015 | 15,027 |
Fiscal 2016 | 14,276 |
Fiscal 2017 | 12,885 |
Fiscal 2018 | 10,697 |
Fiscal 2019 | 8,395 |
Thereafter | $41,078 |
Accrued_Insurance_Claims_Detai
Accrued Insurance Claims (Details) (USD $) | Jul. 26, 2014 | Jan. 25, 2014 | Jul. 27, 2013 |
Accrued Insurance Claims [Line Items] | ' | ' | ' |
Aggregate stop loss coverage for automobile liability, general liability and workers' compensation claims | $56,300,000 | ' | ' |
Insurance liability, annual retained risk loss | ' | 250,000 | ' |
Retained risk of loss per participant for employee health plan for claim amounts that aggregate across all participants in excess of $250,000 | ' | 550,000 | ' |
Health plan participant threshold | ' | 250,000 | ' |
Accrued Insurance, Claims | ' | 63,580,000 | 56,319,000 |
Accrued Insurance, Claims, Noncurrent | ' | 30,942,000 | 27,250,000 |
Maximum | ' | ' | ' |
Accrued Insurance Claims [Line Items] | ' | ' | ' |
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | ' | $1,000,000 | ' |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 |
Other Accrued Liabilities [Line Items] | ' | ' |
Accrued payroll and related taxes | $14,959,000 | $19,940,000 |
Accrued employee benefit and incentive plan costs | 9,727,000 | 15,325,000 |
Accrued construction costs | 18,992,000 | 20,883,000 |
Accrued interest and related bank fees | 864,000 | 937,000 |
Other current liabilities | 13,024,000 | 14,106,000 |
Total other accrued liabilities | 57,566,000 | 71,191,000 |
Other Accrued Liabilities | ' | ' |
Other Accrued Liabilities [Line Items] | ' | ' |
Accrued income taxes for other current liabilities | ' | $2,300,000 |
Debt_Details
Debt (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 | Jan. 25, 2014 | Jul. 27, 2013 | Dec. 12, 2012 | Jan. 25, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Jan. 25, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Jan. 25, 2014 | Jul. 27, 2013 | Jul. 27, 2013 | Jul. 27, 2013 | Jan. 25, 2014 | Jul. 27, 2013 |
Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Loans | Senior Loans | Senior Loans | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Debt Premium | Debt Premium | |||
7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Prior Credit Agreement Which Has Been Terminated or Replaced | Prior Credit Agreement Which Has Been Terminated or Replaced | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | |||
Standby Letters of Credit | Standby Letters of Credit | Standby Letters of Credit | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and capital lease obligations | $425,676,000 | $451,982,000 | $277,500,000 | $277,500,000 | ' | $118,750,000 | $121,875,000 | ' | $26,000,000 | $49,000,000 | ' | ' | ' | ' | ' | $280,900,000 | $281,100,000 |
Debt, interest rate (in percent) | ' | ' | 0.00% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt premium | 3,400,000 | 3,600,000 | 3,426,000 | 3,607,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | ' | ' | 298,700,000 | 292,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | 2.16% | 2.19% | ' | 2.16% | 2.19% | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,700,000 | ' | ' | 46,700,000 | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | 0.35% | ' | 2.00% | 2.00% | ' | ' | ' | ' |
Additional borrowing availability | ' | ' | ' | ' | ' | ' | ' | ' | $199,300,000 | ' | ' | ' | ' | $179,300,000 | ' | ' | ' |
Debt_Outstanding_Details
Debt - Outstanding (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 | Dec. 12, 2012 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Debt and capital lease obligations | $425,676 | $451,982 | ' |
Debt premium | 3,400 | 3,600 | ' |
Less: current portion | 9,375 | 7,813 | ' |
Long-term debt | 416,301 | 444,169 | ' |
Revolving Credit Facility | Credit Agreement, December 3, 2012, Maturing December 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt and capital lease obligations | 26,000 | 49,000 | ' |
Senior Loans | Credit Agreement, December 3, 2012, Maturing December 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt and capital lease obligations | 118,750 | 121,875 | ' |
Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt and capital lease obligations | 277,500 | 277,500 | ' |
Debt premium | $3,426 | $3,607 | $3,800 |
Debt, interest rate (in percent) | 0.00% | 7.13% | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized Tax Benefits | $2,348,000 | $2,348,000 |
Payment of interest and penalties accrued | $900,000 | $800,000 |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Other Income, Net [Line Items] | ' | ' | ' | ' |
Gain on sale of fixed assets | $570 | $826 | $2,435 | $2,407 |
Miscellaneous income (expense), net | 25 | -77 | 172 | -44 |
Write off of Deferred Debt Issuance Cost | ' | ' | 0 | -321 |
Total other income, net | 595 | 428 | 2,607 | 2,042 |
Revolving Credit Facility | Prior Credit Agreement Which Has Been Terminated or Replaced | ' | ' | ' | ' |
Other Income, Net [Line Items] | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | $0 | ($321) | $0 | ($321) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Multiemployer plan contributions | $900 | $800 | $1,800 | $1,800 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | |
Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 | Mar. 15, 2012 | Jan. 25, 2014 | |
Common Stock | Common Stock | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Repurchase of common stock | 360,900 | ' | 1,047,000 | ' | ' |
Total Consideration (Dollars in thousands) | $9,999,000 | $15,203,000 | $15,203,000 | ' | ' |
Average Price Per Share (in dollars per share) | $27.71 | ' | $14.52 | ' | ' |
Common stock authorized repurchase amount | ' | ' | ' | 40,000,000 | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | 30,000,000 |
Shares Paid for Tax Withholding for Share Based Compensation | 130,195 | 47,277 | ' | ' | ' |
Value of Shares Paid for Tax Withholding for Share Based Compensation | $3,600,000 | $900,000 | ' | ' | ' |
StockBased_Awards_Details
Stock-Based Awards (Details) (USD $) | 0 Months Ended | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jan. 25, 2014 | Jan. 25, 2014 | Jul. 27, 2013 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense related to stock options | $4.90 | $4.90 | ' |
Total compensation cost not yet recognized, period for recognition | '2 years 4 months 7 days | ' | ' |
Restricted Share Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense related to RSUs | 7.9 | 7.9 | ' |
Total compensation cost not yet recognized, period for recognition | '3 years 0 months 7 days | ' | ' |
Granted | ' | 94,456 | ' |
RSUs outstanding | 416,285 | 416,285 | 463,318 |
Performance Restricted Share Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense related to RSUs | 15.3 | 15.3 | ' |
Total compensation cost not yet recognized, period for recognition | '1 year 8 months 16 days | ' | ' |
Compensation expense | $8.90 | $8.90 | ' |
Granted | ' | 429,485 | ' |
RSUs outstanding | 1,212,017 | 1,212,017 | 1,315,138 |
Performance Restricted Share Units | Target Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted | ' | 373,465 | ' |
RSUs outstanding | 764,548 | 764,548 | ' |
Performance Restricted Share Units | Supplemental Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted | ' | 56,020 | ' |
RSUs outstanding | 447,469 | 447,469 | ' |
Performance Restricted Share Units | Scenario, Forecast | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Forfeited or cancelled | ' | 265,000 | ' |
StockBased_Awards_Tax_Benefit_
Stock-Based Awards - Tax Benefit Recognized (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Stock-based compensation | $3,544 | $2,496 | $7,049 | $4,762 |
Tax (benefit) recognized in the statement of operations | ($1,368) | ($1,063) | ($2,665) | ($1,827) |
StockBased_Awards_Valuation_of
Stock-Based Awards - Valuation of Stock Options and Restricted Share Units (Details) (USD $) | 6 Months Ended |
Jan. 25, 2014 | |
Stock Options | ' |
Stock Options, Shares | ' |
Outstanding beginning period | 2,769,132 |
Granted | 89,956 |
Options Exercised | -616,119 |
Forfeited or cancelled | -4,262 |
Outstanding ending period | 2,238,707 |
Exercisable options beginning period | 1,766,977 |
Stock Options, Weighted Average Exercise Price | ' |
Outstanding beginning period | $18.27 |
Granted | $27.50 |
Options Exercised | $19.26 |
Forfeited or cancelled | $26.42 |
Outstanding ending period | $18.35 |
Exercisable options beginning period | $18.38 |
Restricted Share Units (RSUs) | ' |
Restricted Stock, Share Units | ' |
Outstanding beginning period | 463,318 |
Granted | 94,456 |
Share Units Vested | -137,333 |
Forfeited or cancelled | 4,156 |
Outstanding ending period | 416,285 |
Restricted Stock, Weighted Average Exercise Price | ' |
Outstanding beginning period | $17.78 |
Granted | $27.36 |
Share Units Vested | $16.19 |
Forfeited or cancelled | $19.26 |
Outstanding ending period | $20.46 |
Performance Restricted Share Units | ' |
Restricted Stock, Share Units | ' |
Outstanding beginning period | 1,315,138 |
Granted | 429,485 |
Share Units Vested | -265,025 |
Forfeited or cancelled | 267,581 |
Outstanding ending period | 1,212,017 |
Restricted Stock, Weighted Average Exercise Price | ' |
Outstanding beginning period | $18.44 |
Granted | $27.66 |
Share Units Vested | $18.35 |
Forfeited or cancelled | $18.37 |
Outstanding ending period | $21.74 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Subcontracting Expense, Related Party | $0.30 | $0.20 | $0.60 | $0.30 |
Total expense under lease agreements | $0.60 | $0.40 | $1.20 | $0.80 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 |
In Millions, unless otherwise specified | ||
Credit Agreement, December 3, 2012, Maturing December 2017 | Revolving Credit Facility | Standby Letters of Credit | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit outstanding amount | $49.70 | ' |
Prior Credit Agreement Which Has Been Terminated or Replaced | Revolving Credit Facility | Standby Letters of Credit | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit outstanding amount | ' | 46.7 |
Performance Guarantee and Surety Bond | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Outstanding performance and other surety contract bonds | $425.60 | $446.50 |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Details) (USD $) | Jan. 25, 2014 | Jan. 25, 2014 | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 |
In Millions, unless otherwise specified | Customers | Customer Concentration Risk | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Sales Revenue, Services, Net | Trade Accounts Receivable and Costs and Estimated Earnings | Trade Accounts Receivable and Costs and Estimated Earnings | Trade Accounts Receivable and Costs and Estimated Earnings | Trade Accounts Receivable and Costs and Estimated Earnings | Trade Accounts Receivable and Costs and Estimated Earnings | Trade Accounts Receivable and Costs and Estimated Earnings | Trade Accounts Receivable and Costs and Estimated Earnings | Trade Accounts Receivable and Costs and Estimated Earnings | Trade Accounts Receivable and Costs and Estimated Earnings |
Five Unnamed Customers | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | ||
AT&T | AT&T | AT&T | AT&T | CenturyLink | CenturyLink | CenturyLink | CenturyLink | Comcast | Comcast | Comcast | Comcast | AT&T | AT&T | AT&T | CenturyLink | CenturyLink | CenturyLink | Windstream Corporation | Windstream Corporation | Windstream Corporation | |||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of customers classified as highly concentrated | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | 58.20% | 18.70% | 13.60% | 18.00% | 13.50% | 14.40% | 14.70% | 15.00% | 14.20% | 12.00% | 11.00% | 11.20% | 11.80% | 14.70% | 12.60% | ' | 12.00% | 13.70% | ' | 7.50% | 13.00% | ' |
Accounts receivable, costs, and estimated earnings in excess of billings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $59.70 | ' | $57.40 | $48.80 | ' | $62.60 | $30.60 | ' | $59.40 |
Supplemental_Consolidating_Fin2
Supplemental Consolidating Financial Statements (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | $425,676 | $451,982 |
7.125% Senior Subordinated Notes Due 2021 | Senior Subordinated Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | $277,500 | $277,500 |
Supplemental_Consolidating_Fin3
Supplemental Consolidating Financial Statements - Balance Sheet (Details) (USD $) | Jan. 25, 2014 | Jul. 27, 2013 | Jan. 26, 2013 | Dec. 03, 2012 | Jul. 28, 2012 |
In Thousands, unless otherwise specified | |||||
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and equivalents | $16,344 | $18,607 | $22,590 | ' | $52,581 |
Accounts receivable, net | 231,619 | 252,202 | ' | ' | ' |
Costs and estimated earnings in excess of billings | 174,138 | 204,349 | ' | ' | ' |
Inventories | 43,426 | 35,999 | ' | ' | ' |
Deferred tax assets, net | 16,334 | 16,853 | ' | ' | ' |
Income taxes receivable | 18,347 | 2,516 | ' | ' | ' |
Other current assets | 16,142 | 10,608 | ' | ' | ' |
Total current assets | 516,350 | 541,134 | ' | ' | ' |
PROPERTY AND EQUIPMENT, NET | 203,639 | 202,703 | ' | ' | ' |
GOODWILL | 267,810 | 267,810 | ' | 87,900 | ' |
INTANGIBLE ASSETS, NET | 115,243 | 125,275 | ' | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 0 | 0 | ' | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' | ' |
INTERCOMPANY RECEIVABLES | 0 | 0 | ' | ' | ' |
OTHER | 16,852 | 17,286 | ' | ' | ' |
TOTAL NON-CURRENT ASSETS | 603,544 | 613,074 | ' | ' | ' |
TOTAL ASSETS | 1,119,894 | 1,154,208 | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable | 52,315 | 77,954 | ' | ' | ' |
Current portion of debt | 9,375 | 7,813 | ' | ' | ' |
Billings in excess of costs and estimated earnings | 13,869 | 13,788 | ' | ' | ' |
Accrued insurance claims | 32,638 | 29,069 | ' | ' | ' |
Deferred Tax Liabilities, Net, Current | 0 | 0 | ' | ' | ' |
Other accrued liabilities | 57,566 | 71,191 | ' | ' | ' |
Total current liabilities | 165,763 | 199,815 | ' | ' | ' |
Long-term debt | 416,301 | 444,169 | ' | ' | ' |
ACCRUED INSURANCE CLAIMS | 30,942 | 27,250 | ' | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 49,003 | 48,612 | ' | ' | ' |
INTERCOMPANY PAYABLES | 0 | 0 | ' | ' | ' |
OTHER LIABILITIES | 6,249 | 6,001 | ' | ' | ' |
Total liabilities | 668,258 | 725,847 | ' | ' | ' |
Total stockholders' equity | 451,636 | 428,361 | ' | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,119,894 | 1,154,208 | ' | ' | ' |
Parent | ' | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | ' | 0 |
Accounts receivable, net | 0 | 0 | ' | ' | ' |
Costs and estimated earnings in excess of billings | 0 | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Deferred tax assets, net | 2,543 | 2,285 | ' | ' | ' |
Income taxes receivable | 18,347 | 2,516 | ' | ' | ' |
Other current assets | 8,503 | 2,563 | ' | ' | ' |
Total current assets | 29,393 | 7,364 | ' | ' | ' |
PROPERTY AND EQUIPMENT, NET | 16,402 | 13,779 | ' | ' | ' |
GOODWILL | 0 | 0 | ' | ' | ' |
INTANGIBLE ASSETS, NET | 0 | 0 | ' | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 59 | 691 | ' | ' | ' |
INVESTMENT IN SUBSIDIARIES | 785,232 | 769,639 | ' | ' | ' |
INTERCOMPANY RECEIVABLES | 0 | 0 | ' | ' | ' |
OTHER | 8,554 | 8,739 | ' | ' | ' |
TOTAL NON-CURRENT ASSETS | 810,247 | 792,848 | ' | ' | ' |
TOTAL ASSETS | 839,640 | 800,212 | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable | 2,607 | 2,042 | ' | ' | ' |
Current portion of debt | 9,375 | 7,813 | ' | ' | ' |
Billings in excess of costs and estimated earnings | 0 | 0 | ' | ' | ' |
Accrued insurance claims | 620 | 619 | ' | ' | ' |
Deferred Tax Liabilities, Net, Current | 0 | 0 | ' | ' | ' |
Other accrued liabilities | 6,663 | 9,151 | ' | ' | ' |
Total current liabilities | 19,265 | 19,625 | ' | ' | ' |
Long-term debt | 135,375 | 163,062 | ' | ' | ' |
ACCRUED INSURANCE CLAIMS | 743 | 726 | ' | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 0 | 0 | ' | ' | ' |
INTERCOMPANY PAYABLES | 229,350 | 185,296 | ' | ' | ' |
OTHER LIABILITIES | 3,271 | 3,142 | ' | ' | ' |
Total liabilities | 388,004 | 371,851 | ' | ' | ' |
Total stockholders' equity | 451,636 | 428,361 | ' | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 839,640 | 800,212 | ' | ' | ' |
Issuer | ' | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | ' | 0 |
Accounts receivable, net | 0 | 0 | ' | ' | ' |
Costs and estimated earnings in excess of billings | 0 | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Deferred tax assets, net | 0 | 0 | ' | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' | ' |
Other current assets | 44 | 10 | ' | ' | ' |
Total current assets | 44 | 10 | ' | ' | ' |
PROPERTY AND EQUIPMENT, NET | 0 | 0 | ' | ' | ' |
GOODWILL | 0 | 0 | ' | ' | ' |
INTANGIBLE ASSETS, NET | 0 | 0 | ' | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 0 | 0 | ' | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,502,749 | 1,472,559 | ' | ' | ' |
INTERCOMPANY RECEIVABLES | 0 | 0 | ' | ' | ' |
OTHER | 5,976 | 6,331 | ' | ' | ' |
TOTAL NON-CURRENT ASSETS | 1,508,725 | 1,478,890 | ' | ' | ' |
TOTAL ASSETS | 1,508,769 | 1,478,900 | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Current portion of debt | 0 | 0 | ' | ' | ' |
Billings in excess of costs and estimated earnings | 0 | 0 | ' | ' | ' |
Accrued insurance claims | 0 | 0 | ' | ' | ' |
Deferred Tax Liabilities, Net, Current | 155 | 155 | ' | ' | ' |
Other accrued liabilities | 607 | 1,321 | ' | ' | ' |
Total current liabilities | 762 | 1,476 | ' | ' | ' |
Long-term debt | 280,926 | 281,107 | ' | ' | ' |
ACCRUED INSURANCE CLAIMS | 0 | 0 | ' | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 427 | 427 | ' | ' | ' |
INTERCOMPANY PAYABLES | 441,422 | 426,251 | ' | ' | ' |
OTHER LIABILITIES | 0 | 0 | ' | ' | ' |
Total liabilities | 723,537 | 709,261 | ' | ' | ' |
Total stockholders' equity | 785,232 | 769,639 | ' | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,508,769 | 1,478,900 | ' | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and equivalents | 15,212 | 18,166 | 21,528 | ' | 51,563 |
Accounts receivable, net | 230,775 | 249,533 | ' | ' | ' |
Costs and estimated earnings in excess of billings | 172,989 | 202,651 | ' | ' | ' |
Inventories | 43,426 | 35,999 | ' | ' | ' |
Deferred tax assets, net | 14,043 | 15,873 | ' | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' | ' |
Other current assets | 7,248 | 7,583 | ' | ' | ' |
Total current assets | 483,693 | 529,805 | ' | ' | ' |
PROPERTY AND EQUIPMENT, NET | 172,637 | 173,254 | ' | ' | ' |
GOODWILL | 267,810 | 267,810 | ' | ' | ' |
INTANGIBLE ASSETS, NET | 115,243 | 125,275 | ' | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 4,122 | 4,104 | ' | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' | ' |
INTERCOMPANY RECEIVABLES | 681,310 | 618,524 | ' | ' | ' |
OTHER | 2,087 | 2,133 | ' | ' | ' |
TOTAL NON-CURRENT ASSETS | 1,243,209 | 1,191,100 | ' | ' | ' |
TOTAL ASSETS | 1,726,902 | 1,720,905 | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable | 49,046 | 75,012 | ' | ' | ' |
Current portion of debt | 0 | 0 | ' | ' | ' |
Billings in excess of costs and estimated earnings | 13,869 | 13,788 | ' | ' | ' |
Accrued insurance claims | 31,953 | 28,342 | ' | ' | ' |
Deferred Tax Liabilities, Net, Current | 150 | 140 | ' | ' | ' |
Other accrued liabilities | 49,018 | 59,374 | ' | ' | ' |
Total current liabilities | 144,036 | 176,656 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
ACCRUED INSURANCE CLAIMS | 30,134 | 26,426 | ' | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 53,005 | 52,436 | ' | ' | ' |
INTERCOMPANY PAYABLES | 0 | 0 | ' | ' | ' |
OTHER LIABILITIES | 2,829 | 2,855 | ' | ' | ' |
Total liabilities | 230,004 | 258,373 | ' | ' | ' |
Total stockholders' equity | 1,496,898 | 1,462,532 | ' | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,726,902 | 1,720,905 | ' | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and equivalents | 1,132 | 441 | 1,062 | ' | 1,018 |
Accounts receivable, net | 844 | 2,669 | ' | ' | ' |
Costs and estimated earnings in excess of billings | 1,149 | 1,698 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Deferred tax assets, net | 80 | 121 | ' | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' | ' |
Other current assets | 347 | 452 | ' | ' | ' |
Total current assets | 3,552 | 5,381 | ' | ' | ' |
PROPERTY AND EQUIPMENT, NET | 14,600 | 15,670 | ' | ' | ' |
GOODWILL | 0 | 0 | ' | ' | ' |
INTANGIBLE ASSETS, NET | 0 | 0 | ' | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 839 | 66 | ' | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' | ' |
INTERCOMPANY RECEIVABLES | 0 | 0 | ' | ' | ' |
OTHER | 235 | 83 | ' | ' | ' |
TOTAL NON-CURRENT ASSETS | 15,674 | 15,819 | ' | ' | ' |
TOTAL ASSETS | 19,226 | 21,200 | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable | 662 | 900 | ' | ' | ' |
Current portion of debt | 0 | 0 | ' | ' | ' |
Billings in excess of costs and estimated earnings | 0 | 0 | ' | ' | ' |
Accrued insurance claims | 65 | 108 | ' | ' | ' |
Deferred Tax Liabilities, Net, Current | 27 | 1,131 | ' | ' | ' |
Other accrued liabilities | 1,278 | 1,345 | ' | ' | ' |
Total current liabilities | 2,032 | 3,484 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
ACCRUED INSURANCE CLAIMS | 65 | 98 | ' | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 591 | 610 | ' | ' | ' |
INTERCOMPANY PAYABLES | 10,538 | 6,977 | ' | ' | ' |
OTHER LIABILITIES | 149 | 4 | ' | ' | ' |
Total liabilities | 13,375 | 11,173 | ' | ' | ' |
Total stockholders' equity | 5,851 | 10,027 | ' | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 19,226 | 21,200 | ' | ' | ' |
Eliminations and Reclassifications | ' | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | ' | 0 |
Accounts receivable, net | 0 | 0 | ' | ' | ' |
Costs and estimated earnings in excess of billings | 0 | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Deferred tax assets, net | -332 | -1,426 | ' | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' | ' |
Other current assets | 0 | 0 | ' | ' | ' |
Total current assets | -332 | -1,426 | ' | ' | ' |
PROPERTY AND EQUIPMENT, NET | 0 | 0 | ' | ' | ' |
GOODWILL | 0 | 0 | ' | ' | ' |
INTANGIBLE ASSETS, NET | 0 | 0 | ' | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | -5,020 | -4,861 | ' | ' | ' |
INVESTMENT IN SUBSIDIARIES | -2,287,981 | -2,242,198 | ' | ' | ' |
INTERCOMPANY RECEIVABLES | -681,310 | -618,524 | ' | ' | ' |
OTHER | 0 | 0 | ' | ' | ' |
TOTAL NON-CURRENT ASSETS | -2,974,311 | -2,865,583 | ' | ' | ' |
TOTAL ASSETS | -2,974,643 | -2,867,009 | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Current portion of debt | 0 | 0 | ' | ' | ' |
Billings in excess of costs and estimated earnings | 0 | 0 | ' | ' | ' |
Accrued insurance claims | 0 | 0 | ' | ' | ' |
Deferred Tax Liabilities, Net, Current | -332 | -1,426 | ' | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' | ' |
Total current liabilities | -332 | -1,426 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
ACCRUED INSURANCE CLAIMS | 0 | 0 | ' | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | -5,020 | -4,861 | ' | ' | ' |
INTERCOMPANY PAYABLES | -681,310 | -618,524 | ' | ' | ' |
OTHER LIABILITIES | 0 | 0 | ' | ' | ' |
Total liabilities | -686,662 | -624,811 | ' | ' | ' |
Total stockholders' equity | -2,287,981 | -2,242,198 | ' | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ($2,974,643) | ($2,867,009) | ' | ' | ' |
Supplemental_Consolidating_Fin4
Supplemental Consolidating Financial Statements - Income Statement (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Revenues [Abstract] | ' | ' | ' | ' |
Contract revenues | $390,518 | $369,326 | $903,238 | $692,613 |
EXPENSES: | ' | ' | ' | ' |
Cost of earned revenues, excluding depreciation and amortization | 327,353 | 301,516 | 737,472 | 558,582 |
General and administrative | 38,562 | 38,827 | 81,637 | 67,652 |
Depreciation and amortization | 23,435 | 20,819 | 46,987 | 36,130 |
Intercompany charges (income), net | 0 | 0 | 0 | 0 |
Total | 389,350 | 361,162 | 866,096 | 662,364 |
Interest income (expense), net | -6,800 | -5,748 | -13,686 | -9,946 |
Other income, net | 595 | 428 | 2,607 | 2,042 |
INCOME BEFORE INCOME TAXES | -5,037 | 2,844 | 26,063 | 22,345 |
PROVISION (BENEFIT) FOR INCOME TAXES | -1,970 | 1,381 | 10,470 | 9,022 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | -3,067 | 1,463 | 15,593 | 13,323 |
EQUITY IN EARNINGS OF SUBSIDIARIES | 0 | 0 | 0 | 0 |
NET INCOME | -3,067 | 1,463 | 15,593 | 13,323 |
Foreign currency translation gain | -226 | 11 | -286 | 13 |
COMPREHENSIVE INCOME (LOSS) | -3,293 | 1,474 | 15,307 | 13,336 |
Parent | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' |
Contract revenues | 0 | 0 | 0 | 0 |
EXPENSES: | ' | ' | ' | ' |
Cost of earned revenues, excluding depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 10,284 | 14,900 | 21,520 | 23,309 |
Depreciation and amortization | 1,039 | 639 | 1,893 | 1,380 |
Intercompany charges (income), net | -13,130 | -17,380 | -27,106 | -27,306 |
Total | -1,807 | -1,841 | -3,693 | -2,617 |
Interest income (expense), net | -1,807 | -1,523 | -3,696 | -2,299 |
Other income, net | 0 | -318 | 3 | -318 |
INCOME BEFORE INCOME TAXES | 0 | 0 | 0 | 0 |
PROVISION (BENEFIT) FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | 0 | 0 | 0 | 0 |
EQUITY IN EARNINGS OF SUBSIDIARIES | -3,067 | 1,463 | 15,593 | 13,323 |
NET INCOME | -3,067 | 1,463 | 15,593 | 13,323 |
Foreign currency translation gain | -226 | 11 | -286 | 13 |
COMPREHENSIVE INCOME (LOSS) | -3,293 | 1,474 | 15,307 | 13,336 |
Issuer | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' |
Contract revenues | 0 | 0 | 0 | 0 |
EXPENSES: | ' | ' | ' | ' |
Cost of earned revenues, excluding depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 215 | 148 | 441 | 295 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Intercompany charges (income), net | 0 | 0 | 0 | 0 |
Total | 215 | 148 | 441 | 295 |
Interest income (expense), net | -4,994 | -4,224 | -9,988 | -7,644 |
Other income, net | 0 | 0 | 0 | 0 |
INCOME BEFORE INCOME TAXES | -5,209 | -4,372 | -10,429 | -7,939 |
PROVISION (BENEFIT) FOR INCOME TAXES | -2,102 | -1,808 | -4,189 | -3,205 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | -3,107 | -2,564 | -6,240 | -4,734 |
EQUITY IN EARNINGS OF SUBSIDIARIES | 40 | 4,027 | 21,833 | 18,057 |
NET INCOME | -3,067 | 1,463 | 15,593 | 13,323 |
Foreign currency translation gain | -226 | 11 | -286 | 13 |
COMPREHENSIVE INCOME (LOSS) | -3,293 | 1,474 | 15,307 | 13,336 |
Subsidiary Guarantors | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' |
Contract revenues | 388,402 | 366,797 | 897,832 | 685,822 |
EXPENSES: | ' | ' | ' | ' |
Cost of earned revenues, excluding depreciation and amortization | 325,678 | 299,106 | 733,373 | 552,650 |
General and administrative | 25,322 | 21,279 | 54,266 | 38,895 |
Depreciation and amortization | 21,230 | 18,969 | 42,851 | 32,255 |
Intercompany charges (income), net | 13,271 | 17,718 | 27,380 | 27,990 |
Total | 385,501 | 357,072 | 857,870 | 651,790 |
Interest income (expense), net | 1 | -1 | -2 | -3 |
Other income, net | 630 | 756 | 2,575 | 2,321 |
INCOME BEFORE INCOME TAXES | 3,532 | 10,480 | 42,535 | 36,350 |
PROVISION (BENEFIT) FOR INCOME TAXES | 1,485 | 4,540 | 17,085 | 14,676 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | 2,047 | 5,940 | 25,450 | 21,674 |
EQUITY IN EARNINGS OF SUBSIDIARIES | 0 | 0 | 0 | 0 |
NET INCOME | 2,047 | 5,940 | 25,450 | 21,674 |
Foreign currency translation gain | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | 2,047 | 5,940 | 25,450 | 21,674 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' |
Contract revenues | 2,116 | 2,529 | 5,406 | 6,791 |
EXPENSES: | ' | ' | ' | ' |
Cost of earned revenues, excluding depreciation and amortization | 1,675 | 2,410 | 4,099 | 5,932 |
General and administrative | 2,741 | 2,500 | 5,410 | 5,153 |
Depreciation and amortization | 1,166 | 1,211 | 2,243 | 2,495 |
Intercompany charges (income), net | -141 | -338 | -274 | -684 |
Total | 5,441 | 5,783 | 11,478 | 12,896 |
Interest income (expense), net | 0 | 0 | 0 | 0 |
Other income, net | -35 | -10 | 29 | 39 |
INCOME BEFORE INCOME TAXES | -3,360 | -3,264 | -6,043 | -6,066 |
PROVISION (BENEFIT) FOR INCOME TAXES | -1,353 | -1,351 | -2,426 | -2,449 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | -2,007 | -1,913 | -3,617 | -3,617 |
EQUITY IN EARNINGS OF SUBSIDIARIES | 0 | 0 | 0 | 0 |
NET INCOME | -2,007 | -1,913 | -3,617 | -3,617 |
Foreign currency translation gain | -226 | 11 | -286 | 13 |
COMPREHENSIVE INCOME (LOSS) | -2,233 | -1,902 | -3,903 | -3,604 |
Eliminations and Reclassifications | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' |
Contract revenues | 0 | 0 | 0 | 0 |
EXPENSES: | ' | ' | ' | ' |
Cost of earned revenues, excluding depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Intercompany charges (income), net | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 0 | 0 |
Interest income (expense), net | 0 | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 | 0 |
INCOME BEFORE INCOME TAXES | 0 | 0 | 0 | 0 |
PROVISION (BENEFIT) FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | 0 | 0 | 0 | 0 |
EQUITY IN EARNINGS OF SUBSIDIARIES | 3,027 | -5,490 | -37,426 | -31,380 |
NET INCOME | 3,027 | -5,490 | -37,426 | -31,380 |
Foreign currency translation gain | 452 | -22 | 572 | -26 |
COMPREHENSIVE INCOME (LOSS) | $3,479 | ($5,512) | ($36,854) | ($31,406) |
Supplemental_Consolidating_Fin5
Supplemental Consolidating Financial Statements - Cash Flows (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 27, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | $67,866 | $91,241 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -314,771 | ' |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -49,240 | -29,029 | ' |
Proceeds from sale of assets | 4,964 | 2,845 | ' |
Return of capital from subsidiaries | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' |
Changes in restricted cash | -305 | -31 | ' |
Net cash used in investing activities | -44,581 | -340,986 | ' |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from borrowings on senior Credit Agreement | 221,000 | 180,500 | ' |
Proceeds from Issuance of Senior Long-term Debt | 0 | 93,825 | ' |
Proceeds from issuance of long-term debt | 0 | 125,000 | ' |
Principal payments on Senior Credit Agreement | -247,125 | -160,500 | ' |
Debt Issuance Cost | 0 | -6,409 | ' |
Repurchases of common stock | -9,999 | -15,203 | -15,203 |
Exercise of stock options and other | 11,869 | 2,890 | ' |
Restricted stock tax withholdings | -3,590 | -885 | ' |
Excess tax benefit from share-based awards | 2,297 | 610 | ' |
Principal payments on capital lease obligations | 0 | -74 | ' |
Intercompany funding | 0 | 0 | ' |
Net cash provided by financing activities | -25,548 | 219,754 | ' |
Net (decrease) increase in cash and equivalents | -2,263 | -29,991 | ' |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 18,607 | 52,581 | 52,581 |
CASH AND EQUIVALENTS AT END OF PERIOD | 16,344 | 22,590 | 18,607 |
Parent | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | -4,085 | -832 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 0 | ' |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -3,351 | -4,508 | ' |
Proceeds from sale of assets | 0 | 0 | ' |
Return of capital from subsidiaries | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' |
Changes in restricted cash | -305 | -31 | ' |
Net cash used in investing activities | -3,656 | -4,539 | ' |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from borrowings on senior Credit Agreement | 221,000 | 180,500 | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | 0 | ' |
Proceeds from issuance of long-term debt | ' | 125,000 | ' |
Principal payments on Senior Credit Agreement | -247,125 | -160,500 | ' |
Debt Issuance Cost | ' | -4,128 | ' |
Repurchases of common stock | -9,999 | -15,203 | ' |
Exercise of stock options and other | 11,869 | 2,890 | ' |
Restricted stock tax withholdings | -3,590 | -885 | ' |
Excess tax benefit from share-based awards | 2,297 | 610 | ' |
Principal payments on capital lease obligations | ' | 0 | ' |
Intercompany funding | 33,289 | -122,913 | ' |
Net cash provided by financing activities | 7,741 | 5,371 | ' |
Net (decrease) increase in cash and equivalents | 0 | 0 | ' |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | 0 | 0 | ' |
Issuer | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | -6,135 | -4,200 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 0 | ' |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | 0 | 0 | ' |
Proceeds from sale of assets | 0 | 0 | ' |
Return of capital from subsidiaries | 683 | ' | ' |
Investment in subsidiaries | -800 | 1,816 | ' |
Changes in restricted cash | 0 | 0 | ' |
Net cash used in investing activities | -117 | 1,816 | ' |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from borrowings on senior Credit Agreement | 0 | 0 | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | 93,825 | ' |
Proceeds from issuance of long-term debt | ' | 0 | ' |
Principal payments on Senior Credit Agreement | 0 | 0 | ' |
Debt Issuance Cost | ' | -2,281 | ' |
Repurchases of common stock | 0 | 0 | ' |
Exercise of stock options and other | 0 | 0 | ' |
Restricted stock tax withholdings | 0 | 0 | ' |
Excess tax benefit from share-based awards | 0 | 0 | ' |
Principal payments on capital lease obligations | ' | 0 | ' |
Intercompany funding | 6,252 | -89,160 | ' |
Net cash provided by financing activities | 6,252 | 2,384 | ' |
Net (decrease) increase in cash and equivalents | 0 | 0 | ' |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | 0 | 0 | ' |
Subsidiary Guarantors | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | 79,911 | 96,059 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | -314,771 | ' |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -43,150 | -22,275 | ' |
Proceeds from sale of assets | 3,361 | 2,798 | ' |
Return of capital from subsidiaries | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' |
Changes in restricted cash | 0 | 0 | ' |
Net cash used in investing activities | -39,789 | -334,248 | ' |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from borrowings on senior Credit Agreement | 0 | 0 | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | 0 | ' |
Proceeds from issuance of long-term debt | ' | 0 | ' |
Principal payments on Senior Credit Agreement | 0 | 0 | ' |
Debt Issuance Cost | ' | 0 | ' |
Repurchases of common stock | 0 | 0 | ' |
Exercise of stock options and other | 0 | 0 | ' |
Restricted stock tax withholdings | 0 | 0 | ' |
Excess tax benefit from share-based awards | 0 | 0 | ' |
Principal payments on capital lease obligations | ' | -74 | ' |
Intercompany funding | -43,076 | 208,228 | ' |
Net cash provided by financing activities | -43,076 | 208,154 | ' |
Net (decrease) increase in cash and equivalents | -2,954 | -30,035 | ' |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 18,166 | 51,563 | 51,563 |
CASH AND EQUIVALENTS AT END OF PERIOD | 15,212 | 21,528 | ' |
Non-Guarantor Subsidiaries | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | -1,825 | 214 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 0 | ' |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -2,739 | -2,246 | ' |
Proceeds from sale of assets | 1,603 | 47 | ' |
Return of capital from subsidiaries | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' |
Changes in restricted cash | 0 | 0 | ' |
Net cash used in investing activities | -1,136 | -2,199 | ' |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from borrowings on senior Credit Agreement | 0 | 0 | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | 0 | ' |
Proceeds from issuance of long-term debt | ' | 0 | ' |
Principal payments on Senior Credit Agreement | 0 | 0 | ' |
Debt Issuance Cost | ' | 0 | ' |
Repurchases of common stock | 0 | 0 | ' |
Exercise of stock options and other | 0 | 0 | ' |
Restricted stock tax withholdings | 0 | 0 | ' |
Excess tax benefit from share-based awards | 0 | 0 | ' |
Principal payments on capital lease obligations | ' | 0 | ' |
Intercompany funding | 3,652 | 2,029 | ' |
Net cash provided by financing activities | 3,652 | 2,029 | ' |
Net (decrease) increase in cash and equivalents | 691 | 44 | ' |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 441 | 1,018 | 1,018 |
CASH AND EQUIVALENTS AT END OF PERIOD | 1,132 | 1,062 | ' |
Eliminations and Reclassifications | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | 0 | 0 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 0 | ' |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | 0 | 0 | ' |
Proceeds from sale of assets | 0 | 0 | ' |
Return of capital from subsidiaries | -683 | ' | ' |
Investment in subsidiaries | 800 | -1,816 | ' |
Changes in restricted cash | 0 | 0 | ' |
Net cash used in investing activities | 117 | -1,816 | ' |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from borrowings on senior Credit Agreement | 0 | 0 | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | 0 | ' |
Proceeds from issuance of long-term debt | ' | 0 | ' |
Principal payments on Senior Credit Agreement | 0 | 0 | ' |
Debt Issuance Cost | ' | 0 | ' |
Repurchases of common stock | 0 | 0 | ' |
Exercise of stock options and other | 0 | 0 | ' |
Restricted stock tax withholdings | 0 | 0 | ' |
Excess tax benefit from share-based awards | 0 | 0 | ' |
Principal payments on capital lease obligations | ' | 0 | ' |
Intercompany funding | -117 | 1,816 | ' |
Net cash provided by financing activities | -117 | 1,816 | ' |
Net (decrease) increase in cash and equivalents | 0 | 0 | ' |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | $0 | $0 | ' |