Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jan. 24, 2015 | Feb. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DYCOM INDUSTRIES INC | |
Entity Central Index Key | 67215 | |
Current Fiscal Year End Date | -18 | |
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 | 34,016,413 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 24-Jan-15 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 24, 2015 | Jul. 26, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and equivalents | $18,428 | $20,672 |
Accounts receivable, net | 267,286 | 272,741 |
Costs and estimated earnings in excess of billings | 212,314 | 230,569 |
Inventories | 43,768 | 49,095 |
Deferred tax assets, net | 18,732 | 19,932 |
Other current assets | 23,837 | 12,727 |
Total current assets | 584,365 | 605,736 |
Property and equipment, net | 207,148 | 205,413 |
Goodwill | 269,465 | 269,088 |
Intangible assets, net | 114,173 | 116,116 |
Other | 18,382 | 16,001 |
Total non-current assets | 609,168 | 606,618 |
Total assets | 1,193,533 | 1,212,354 |
Current liabilities: | ||
Accounts payable | 52,114 | 63,318 |
Current portion of debt | 12,500 | 10,938 |
Billings in excess of costs and estimated earnings | 16,422 | 13,882 |
Accrued insurance claims | 34,185 | 32,260 |
Other accrued liabilities | 62,991 | 76,134 |
Total current liabilities | 178,212 | 196,532 |
Long-term debt (including debt premium of $3.0 million and $3.2 million at January 24, 2015 and July 26, 2014, respectively) | 421,418 | 446,863 |
Accrued insurance claims | 38,348 | 33,782 |
Deferred tax liabilities, net non-current | 45,596 | 45,361 |
Other liabilities | 5,051 | 4,882 |
Total liabilities | 688,625 | 727,420 |
COMMITMENTS AND CONTINGENCIES, Note 17 | ||
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: 33,991,094 and 33,990,589 issued and outstanding, respectively | 11,331 | 11,330 |
Additional paid-in capital | 122,279 | 131,819 |
Accumulated other comprehensive loss | -884 | -158 |
Retained earnings | 372,182 | 341,943 |
Total stockholders' equity | 504,908 | 484,934 |
Total liabilities and stockholders' equity | $1,193,533 | $1,212,354 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 24, 2015 | Jul. 26, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | $3 | $3.20 |
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) | 33,991,094 | 33,990,589 |
Common stock, outstanding (in shares) | 33,991,094 | 33,990,589 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 |
REVENUES: | ||||
Contract revenues | $441,081 | $390,518 | $951,470 | $903,238 |
EXPENSES: | ||||
Costs of earned revenues, excluding depreciation and amortization | 355,429 | 327,353 | 758,898 | 737,472 |
General and administrative | 41,815 | 38,562 | 86,511 | 81,637 |
Depreciation and amortization | 23,264 | 23,435 | 46,193 | 46,987 |
Total | 420,508 | 389,350 | 891,602 | 866,096 |
Interest expense, net | -6,730 | -6,800 | -13,480 | -13,686 |
Other income, net | 1,735 | 595 | 3,530 | 2,607 |
Income (loss) before income taxes | 15,578 | -5,037 | 49,918 | 26,063 |
Provision (benefit) for income taxes: | ||||
Current | 1,309 | -2,755 | 18,308 | 9,572 |
Deferred | 4,837 | 785 | 1,371 | 898 |
Total provision (benefit) for income taxes | 6,146 | -1,970 | 19,679 | 10,470 |
Net income (loss) | $9,432 | ($3,067) | $30,239 | $15,593 |
Earnings (loss) per common share: | ||||
Basic earnings (loss) per common share (in dollars per share) | $0.28 | ($0.09) | $0.89 | $0.46 |
Diluted earnings (loss) per common share (in dollars per share) | $0.27 | ($0.09) | $0.86 | $0.45 |
Shares used in computing earnings (loss) per common share: | ||||
Basic (in shares) | 34,125,829 | 33,836,099 | 34,067,983 | 33,629,884 |
Diluted (in shares) | 35,127,398 | 33,836,099 | 35,122,530 | 34,767,945 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 |
Income Statement [Abstract] | ||||
Stock-based compensation | $3,664 | $3,544 | $7,554 | $7,049 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $9,432 | ($3,067) | $30,239 | $15,593 |
Foreign currency translation losses, net of tax | -458 | -226 | -726 | -286 |
Comprehensive income (loss) | $8,974 | ($3,293) | $29,513 | $15,307 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 |
OPERATING ACTIVITIES: | ||
Net income | $30,239 | $15,593 |
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: | ||
Depreciation and amortization | 46,193 | 46,987 |
Bad debt expense, net | 327 | 498 |
Gain on sale of fixed assets | -3,182 | -2,435 |
Deferred income tax provision | 1,371 | 898 |
Stock-based compensation | 7,554 | 7,049 |
Amortization of premium on long-term debt | -195 | -181 |
Amortization of debt issuance costs and other | 988 | 940 |
Excess tax benefit from share-based awards | -2,426 | -2,297 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | 6,955 | 20,084 |
Costs and estimated earnings in excess of billings, net | 20,577 | 30,292 |
Other current assets and inventory | 152 | -13,194 |
Other assets | -2,926 | -718 |
Income taxes receivable/payable | -9,120 | -15,513 |
Accounts payable | -11,934 | -15,586 |
Accrued liabilities, insurance claims, and other liabilities | -1,318 | -4,551 |
Net cash provided by operating activities | 83,255 | 67,866 |
INVESTING ACTIVITIES: | ||
Cash paid for acquisitions, net of cash acquired | -9,821 | 0 |
Capital expenditures | -38,772 | -49,240 |
Proceeds from sale of assets | 4,039 | 4,964 |
Changes in restricted cash | -541 | -305 |
Net cash used in investing activities | -45,095 | -44,581 |
FINANCING ACTIVITIES: | ||
Proceeds from borrowings on senior Credit Agreement | 175,000 | 221,000 |
Principal payments on senior Credit Agreement, including Term Loan | -198,688 | -247,125 |
Repurchases of common stock | -17,147 | -9,999 |
Exercise of stock options | 2,335 | 11,869 |
Restricted stock tax withholdings | -4,330 | -3,590 |
Excess tax benefit from share-based awards | 2,426 | 2,297 |
Net cash used in financing activities | -40,404 | -25,548 |
Net decrease in cash and equivalents | -2,244 | -2,263 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 20,672 | 18,607 |
CASH AND EQUIVALENTS AT END OF PERIOD | 18,428 | 16,344 |
Cash paid during the period for: | ||
Interest | 12,769 | 12,972 |
Income taxes | 28,136 | 25,517 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $2,577 | $4,461 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jan. 24, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies |
Basis of Presentation | |
Dycom Industries, Inc. ("Dycom" or the "Company") is a leading provider of specialty contracting services throughout the United States and in Canada. The Company's 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. | |
The accompanying unaudited condensed consolidated financial statements include the results of Dycom and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated and the financial statements reflect all adjustments, consisting of only normal recurring accruals that are, in the opinion of management, necessary for a fair presentation of such statements. These financial statements 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. 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 26, 2014 included in the Company's Annual Report on Form 10-K for the year ended July 26, 2014, filed with the SEC on September 9, 2014. | |
Segment Information – The Company operates in one reportable segment as a specialty contractor, providing 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. The Company operates through its operating segments, each of which consists of a subsidiary (or in limited cases, the combination of two or more subsidiaries). Management of the operating segments report to the Company's Chief Operating Officer who reports to the Chief Executive Officer, the chief operating decision maker. All of the Company's operating segments have been aggregated into one reportable segment due to their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. The Company's services are provided by its operating segments throughout the United States and in Canada. Revenues from services provided in Canada were approximately $3.1 million and $7.8 million during the three and six months ended January 24, 2015, respectively, and $2.1 million and $5.4 million during the three and six months ended January 25, 2014, respectively. The Company had no material long-lived assets in Canada at January 24, 2015 or July 26, 2014. | |
Accounting Period – The Company uses a fiscal year ending on the last Saturday in July. | |
Significant Accounting Policies & Estimates | |
Significant Accounting Policies & 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. 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. 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 26, 2014. | |
Restricted Cash – As of January 24, 2015 and July 26, 2014, the Company had approximately $4.5 million and $4.0 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 – 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 based on observable market-based inputs (Level 2) as of January 24, 2015 and July 26, 2014. See Note 10, Debt, for further information regarding the fair value of the 2021 Notes. The Company's cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of January 24, 2015 and July 26, 2014. During the three and six months ended January 24, 2015 and January 25, 2014, the Company had no material non-recurring fair value measurements of assets or liabilities subsequent to their initial recognition. | |
Recently Issued Accounting Pronouncements | |
Accounting Standards Not Yet Adopted | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). ASU 2014-08 changes the criteria for reporting discontinued operations. In accordance with ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires expanded disclosures about the assets, liabilities, income, and expenses of discontinued operations as well as disclosure of the pre-tax income rising from a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. ASU 2014-08 will be effective for the Company beginning in fiscal 2016 and interim reporting periods within that year. Early adoption is permitted only for disposals that have not been reported in financial statements previously issued or available for issuance. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires entities to disclose both qualitative and quantitative information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including disclosure of significant judgments affecting the recognition of revenue. ASU 2014-09 will be effective for the Company beginning in fiscal 2018 and interim reporting periods within that year, using either the retrospective or cumulative effect transition method. Early adoption is not permitted. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. If such conditions or events exist, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Disclosure should include the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that are intended to mitigate those conditions or events. ASU 2014-15 will be effective for the Company beginning in fiscal 2017 and interim reporting periods within that year. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. | |
In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ("ASU 2015-01"). ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity is no longer required to separately classify, present, or disclose extraordinary events and transactions; however, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained. ASU 2015-01 will be effective for the Company beginning in fiscal 2016 and interim reporting periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. |
Computation_of_Earnings_Per_Co
Computation of Earnings Per Common Share | 6 Months Ended | |||||||||||||||
Jan. 24, 2015 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Computation of Earnings Per Common Share | Computation of Earnings Per Common Share | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per common share: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
January 24, 2015 | January 25, 2014 | January 24, 2015 | January 25, 2014 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Net income (loss) available to common stockholders (numerator) | $ | 9,432 | $ | (3,067 | ) | $ | 30,239 | $ | 15,593 | |||||||
Weighted-average number of common shares (denominator) | 34,125,829 | 33,836,099 | 34,067,983 | 33,629,884 | ||||||||||||
Basic earnings (loss) per common share | $ | 0.28 | $ | (0.09 | ) | $ | 0.89 | $ | 0.46 | |||||||
Weighted-average number of common shares | 34,125,829 | 33,836,099 | 34,067,983 | 33,629,884 | ||||||||||||
Potential common stock arising from stock options, and unvested restricted share units | 1,001,569 | — | 1,054,547 | 1,138,061 | ||||||||||||
Total shares-diluted (denominator) | 35,127,398 | 33,836,099 | 35,122,530 | 34,767,945 | ||||||||||||
Diluted earnings (loss) per common share | $ | 0.27 | $ | (0.09 | ) | $ | 0.86 | $ | 0.45 | |||||||
Anti-dilutive weighted shares excluded from the calculation of earnings (loss) per common share | 283,380 | 3,440,300 | 445,254 | 753,914 | ||||||||||||
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. |
Acquisitions
Acquisitions | 6 Months Ended |
Jan. 24, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions |
Fiscal 2015 - During the first quarter of fiscal 2015, the Company acquired Hewitt Power & Communications, Inc. ("Hewitt") for $8.0 million, net of cash acquired. Hewitt provides specialty contracting services primarily for telecommunications providers in the Southeastern United States. The preliminary purchase price allocation of Hewitt includes $5.9 million to a customer relationship intangible and the remaining to property and equipment and working capital items. The Company also acquired the assets of two cable installation contractors for an aggregate purchase price of $1.5 million during the second quarter of fiscal 2015. | |
Fiscal 2014 - During the third quarter of fiscal 2014, the Company acquired a telecommunications specialty construction contractor in Canada for $0.7 million. The Company also acquired Watts Brothers Cable Construction, Inc. ("Watts Brothers") for $16.4 million during the fourth quarter of fiscal 2014. Watts Brothers provides specialty contracting services primarily for telecommunications providers in the Midwest and Southeastern United States. The preliminary purchase price allocation includes $1.6 million to goodwill, $8.5 million to a customer relationship intangible, $3.7 million to property and equipment and the remaining to working capital items. | |
The results of these acquisitions are included in the consolidated financial statements from their respective closing dates. None of these acquisitions were considered material, individually or in the aggregate, to the Company's condensed consolidated financial statements. As a result, no pro forma information has been provided for the respective periods. | |
Purchase price allocations of businesses acquired during fiscal 2014 and fiscal 2015 are preliminary and will be completed during fiscal 2015 when the valuations are finalized for intangible assets and other amounts. |
Accounts_Receivable
Accounts Receivable | 6 Months Ended | |||||||
Jan. 24, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Accounts Receivable | Accounts Receivable | |||||||
Accounts receivable consists of the following: | ||||||||
January 24, | July 26, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Contract billings | $ | 248,361 | $ | 258,254 | ||||
Retainage and other receivables | 19,957 | 15,323 | ||||||
Total | 268,318 | 273,577 | ||||||
Less: allowance for doubtful accounts | (1,032 | ) | (836 | ) | ||||
Accounts receivable, net | $ | 267,286 | $ | 272,741 | ||||
The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company expects to collect the outstanding balance of accounts receivable, net, including retainage and amounts on which it has filed construction liens, within the next twelve months. Except as described below, there were no material accounts receivable amounts representing claims or other similar items subject to uncertainty as of January 24, 2015 or July 26, 2014. | ||||||||
With respect to certain accounts receivable balances, the Company has statutory lien rights that may assist in its collection efforts. As of January 24, 2015, the Company's accounts receivable include approximately $20.1 million for past due balances from a customer on a rural project funded primarily by the Rural Utilities Service agency of the United States Department of Agriculture (the “RUS”) under the American Recovery and Reinvestment Act of 2009. The loan made by the RUS is secured by certain assets of the customer. The Company has stopped work on the project and has filed construction liens with respect to work on the project representing approximately $17.7 million of the accounts receivable balance. In addition, other creditors have also filed construction liens against the customer. In July 2014, the Company was included in a lawsuit brought against the customer to foreclose the construction lien that the creditor filed on a parcel of property owned by the customer on which the Company has also filed a lien. The customer is progressing on a plan that would include payment to creditors having construction liens, including the Company, if the plan is completed. In the event the customer does not pay the balances owed, the amount the Company collects through the enforcement of its liens or other actions will depend on the value realized on the assets underlying the liens as well as the amount owed to, and priority of, other creditors. See Note 17, Commitments and Contingencies, for further information regarding the construction liens and related litigation. | ||||||||
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 24, 2015 and January 25, 2014, 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. 24, 2015 | ||||||||
Contractors [Abstract] | ||||||||
Costs and Estimated Earnings 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. Contracts in progress are as follows: | ||||||||
January 24, | July 26, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Costs incurred on contracts in progress | $ | 203,204 | $ | 234,766 | ||||
Estimated to date earnings | 49,677 | 57,335 | ||||||
Total costs and estimated earnings | 252,881 | 292,101 | ||||||
Less: billings to date | (56,989 | ) | (75,414 | ) | ||||
$ | 195,892 | $ | 216,687 | |||||
Included in the accompanying condensed consolidated balance sheets under the captions: | ||||||||
Costs and estimated earnings in excess of billings | $ | 212,314 | $ | 230,569 | ||||
Billings in excess of costs and estimated earnings | (16,422 | ) | (13,882 | ) | ||||
$ | 195,892 | $ | 216,687 | |||||
As of January 24, 2015, 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 24, 2015 or July 26, 2014. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | |||||||||
Jan. 24, 2015 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property and Equipment | Property and Equipment | |||||||||
Property and equipment consists of the following: | ||||||||||
Estimated Useful Lives | January 24, | July 26, | ||||||||
2015 | 2014 | |||||||||
(Years) | (Dollars in thousands) | |||||||||
Land | — | $ | 3,408 | $ | 3,408 | |||||
Buildings | Oct-35 | 11,642 | 11,589 | |||||||
Leasehold improvements | 10-Jan | 6,216 | 5,335 | |||||||
Vehicles | 5-Jan | 293,176 | 279,631 | |||||||
Computer hardware and software | 10-Mar | 80,563 | 73,349 | |||||||
Office furniture and equipment | 7-Feb | 7,928 | 7,790 | |||||||
Equipment and machinery | 10-Jan | 183,628 | 177,608 | |||||||
Total | 586,561 | 558,710 | ||||||||
Less: accumulated depreciation | (379,413 | ) | (353,297 | ) | ||||||
Property and equipment, net | $ | 207,148 | $ | 205,413 | ||||||
Depreciation expense was $19.1 million and $18.7 million for the three months ended January 24, 2015 and January 25, 2014, respectively, and $38.0 million and $37.1 million for the six months ended January 24, 2015 and January 25, 2014, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | |||||||||||
Jan. 24, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||
Goodwill | ||||||||||||
The Company's goodwill balance was $269.5 million and $269.1 million as of January 24, 2015 and July 26, 2014, respectively. The increase in goodwill during fiscal 2015 is a result of preliminary purchase price allocation and final working capital adjustments associated with businesses acquired during the fourth quarter of fiscal 2014. Changes in the carrying amount of goodwill for fiscal 2015 are as follows: | ||||||||||||
Goodwill | Accumulated Impairment Losses | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance as of July 26, 2014 | $ | 464,855 | $ | (195,767 | ) | $ | 269,088 | |||||
Purchase price allocation adjustments | 377 | — | 377 | |||||||||
Balance as of January 24, 2015 | $ | 465,232 | $ | (195,767 | ) | $ | 269,465 | |||||
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. | ||||||||||||
As a result of the fiscal 2014 annual impairment analysis, the Company concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit. During fiscal 2014, qualitative assessments were performed by the Company as the primary assessment method on reporting units that comprise less than 20% of its consolidated goodwill balance. The qualitative assessments indicated that it was more likely than not that the fair value exceeded carrying value for those reporting units. For the remaining reporting units, the Company performed the first step of the quantitative analysis described in ASC Topic 350, Intangibles-Goodwill and Other. The key valuation assumptions contributing to the fair value estimates of the Company's reporting units were (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 units; (b) terminal value based on terminal growth rates ranging from 1.5% to 3.0%; and (c) seven expected years of cash flow before the terminal value for each annual test. | ||||||||||||
In the fiscal 2014 impairment analysis, the fair value for three of the reporting units acquired in fiscal 2013 exceeded their carrying value by less than 25% each. The goodwill balances for these reporting units were $10.6 million, $4.8 million and $3.6 million. Recent operating performance, along with assumptions for specific customer and industry opportunities, were considered in the key assumptions used during the fiscal 2014 impairment analysis. Management has determined the goodwill balance of these reporting units may have an increased likelihood of impairment if a prolonged downturn in customer demand were to occur or if the reporting units 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 management which could result in a change to the reporting units' 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. As of January 24, 2015, the Company believes the goodwill is recoverable for all of the reporting units; however, there can be no assurances that the goodwill will not be impaired in future periods. | ||||||||||||
Intangible Assets | ||||||||||||
The Company's intangible assets consist of the following: | ||||||||||||
January 24, | July 26, | |||||||||||
2015 | 2014 | |||||||||||
(Dollars in thousands) | ||||||||||||
Carrying amount: | ||||||||||||
Customer relationships | $ | 179,859 | $ | 173,594 | ||||||||
Contract backlog | 8,076 | 15,285 | ||||||||||
Trade names | 8,200 | 8,200 | ||||||||||
UtiliQuest trade name | 4,700 | 4,700 | ||||||||||
Non-compete agreements | 400 | 400 | ||||||||||
201,235 | 202,179 | |||||||||||
Accumulated amortization: | ||||||||||||
Customer relationships | 75,979 | 69,048 | ||||||||||
Contract backlog | 6,874 | 13,490 | ||||||||||
Trade names | 4,005 | 3,361 | ||||||||||
Non-compete agreements | 204 | 164 | ||||||||||
87,062 | 86,063 | |||||||||||
Net Intangible Assets | $ | 114,173 | $ | 116,116 | ||||||||
The carrying amount of customer relationships increased $6.3 million during fiscal 2015 primarily as a result of the preliminary allocation of the purchase price of Hewitt. The carrying amount of contract backlog and the associated accumulated amortization decreased $7.2 million during fiscal 2015 as the intangible assets became fully amortized. This decrease did not impact the net carrying value of intangible assets as of January 24, 2015. | ||||||||||||
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 $4.1 million and $4.8 million for the three months ended January 24, 2015 and January 25, 2014, respectively, and $8.2 million and $9.9 million for the six months ended January 24, 2015 and January 25, 2014, respectively. | ||||||||||||
Estimated total amortization expense for the remainder of fiscal 2015 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | ||||||||||||
Period | Amount | |||||||||||
Six months ending July 25, 2015 | $ | 8,289 | ||||||||||
2016 | 15,918 | |||||||||||
2017 | 14,403 | |||||||||||
2018 | 12,212 | |||||||||||
2019 | 9,792 | |||||||||||
2020 | 8,855 | |||||||||||
Thereafter | 40,004 | |||||||||||
Total | $ | 109,473 | ||||||||||
As of January 24, 2015, 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 could be impaired. |
Accrued_Insurance_Claims
Accrued Insurance Claims | 6 Months Ended |
Jan. 24, 2015 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims | Accrued Insurance Claims |
Within its insurance program 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 damages relating to underground facility locating services. With respect to losses occurring in fiscal 2015, 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 two 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 within 2015 is $59.5 million. | |
The Company is party to a stop-loss agreement for losses under its employee group 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 $72.5 million and $66.0 million at January 24, 2015 and July 26, 2014, respectively, of which, $38.3 million and $33.8 million, respectively, is reflected in non-current liabilities in the condensed consolidated financial statements. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 6 Months Ended | |||||||
Jan. 24, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Other Accrued Liabilities | Other Accrued Liabilities | |||||||
Other accrued liabilities consist of the following: | ||||||||
January 24, | July 26, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Accrued payroll and related taxes | $ | 15,669 | $ | 18,429 | ||||
Accrued employee benefit and incentive plan costs | 13,228 | 17,677 | ||||||
Accrued construction costs | 20,745 | 20,689 | ||||||
Accrued interest and related bank fees | 800 | 872 | ||||||
Income taxes payable | 231 | 5,223 | ||||||
Other current liabilities | 12,318 | 13,244 | ||||||
Total other accrued liabilities | $ | 62,991 | $ | 76,134 | ||||
Debt
Debt | 6 Months Ended | |||||||
Jan. 24, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
The Company’s outstanding indebtedness consists of the following: | ||||||||
January 24, | July 26, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Senior Credit Agreement - Revolving facility (matures December 2017) | $ | 44,000 | $ | 63,000 | ||||
Senior Credit Agreement - Term Loan (matures December 2017) | 109,375 | 114,063 | ||||||
7.125% senior subordinated notes due 2021 | 277,500 | 277,500 | ||||||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,043 | 3,238 | ||||||
433,918 | 457,801 | |||||||
Less: current portion | (12,500 | ) | (10,938 | ) | ||||
Long-term debt | $ | 421,418 | $ | 446,863 | ||||
Senior Subordinated Notes Due 2021 | ||||||||
As of January 24, 2015 and July 26, 2014, Dycom Investments, Inc., (the "Issuer"), 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 $3.0 million and $3.2 million as of January 24, 2015 and July 26, 2014, respectively. | ||||||||
The 2021 Notes are guaranteed by the Issuer's parent company and substantially all of the Company's subsidiaries. For additional information regarding these guarantees see Note 18, 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 its 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 24, 2015 was approximately $288.9 million based on quoted market prices, compared to a $280.5 million carrying value (including the debt premium of $3.0 million). As of July 26, 2014, the fair value of the 2021 Notes was $297.6 million compared to a carrying value of $280.7 million (including the debt premium of $3.2 million). | ||||||||
Senior Credit Agreement | ||||||||
Dycom Industries, Inc. and certain of its subsidiaries, are party to a credit agreement (the "Credit Agreement") with various lenders. The Credit Agreement matures in December 2017 and provides for a $275 million revolving facility and a $125 million term loan (the "Term Loan"). Borrowings under the Credit Agreement can be used to refinance certain indebtedness, to provide general working capital, and for other general corporate purposes. | ||||||||
The Company had outstanding revolver borrowings under the Credit Agreement of $44.0 million and $63.0 million as of January 24, 2015 and July 26, 2014, respectively, which accrued interest at a weighted average rate of approximately 2.36% per annum and 2.55% per annum as of January 24, 2015 and July 26, 2014, respectively. Additionally, the Company had $109.4 million and $114.1 million of outstanding principal amount under the Term Loan as of January 24, 2015 and July 26, 2014, respectively, which accrued interest at 2.17% per annum and 2.15% per annum, as of January 24, 2015 and July 26, 2014, respectively. | ||||||||
The Credit Agreement contains a sublimit of $150 million for the issuance of letters of credit. Standby letters of credit of approximately $54.4 million and $49.4 million, issued as part of the Company's insurance program, were outstanding under the Credit Agreement as of January 24, 2015 and July 26, 2014, respectively. Interest on outstanding standby letters of credit accrued at 2.0% per annum at both January 24, 2015 and July 26, 2014. The unused facility fee was 0.35% of unutilized commitments at both January 24, 2015 and July 26, 2014. | ||||||||
At January 24, 2015 and July 26, 2014, the Company was in compliance with the financial covenants of the Credit Agreement and had additional borrowing availability of $176.6 million and $162.6 million, respectively, as determined by the most restrictive covenants of the Credit Agreement. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jan. 24, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company accounts for income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The Company’s effective income tax rate differs from the statutory rate for the tax jurisdictions where it operates primarily as the result of the impact of state income taxes, non-deductible and non-taxable items and tax credits recognized in relation to pre-tax results. Measurement of certain aspects of the Company’s tax positions are based on interpretations of tax regulations, federal and state case law and the 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. There were immaterial amounts of pre-tax income related to Canadian operations for the three and six months ended January 24, 2015 and January 25, 2014. 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 2010 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. Income tax receivables totaling $8.5 million and $2.2 million are included in other current assets as of January 24, 2015 and July 26, 2014. Income tax payables totaling $0.2 million and $5.2 million are included in other accrued liabilities as of January 24, 2015 and July 26, 2014, respectively. | |
As of both January 24, 2015 and July 26, 2014, the Company had total unrecognized tax benefits of $2.4 million that would reduce the Company’s effective tax rate during future periods if it is subsequently determined that those liabilities were not required. The Company had approximately $0.9 million and $0.8 million for the payment of interest and penalties accrued at January 24, 2015 and July 26, 2014, respectively. Interest expense related to unrecognized tax benefits was immaterial during the three and six months ended January 24, 2015 and January 25, 2014. |
Other_Income_Net
Other Income, Net | 6 Months Ended | |||||||||||||||
Jan. 24, 2015 | ||||||||||||||||
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 | |||||||||||||||
24-Jan-15 | 25-Jan-14 | 24-Jan-15 | 25-Jan-14 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Gain on sale of fixed assets | $ | 1,659 | $ | 570 | $ | 3,182 | $ | 2,435 | ||||||||
Miscellaneous income, net | 76 | 25 | 348 | 172 | ||||||||||||
Total other income, net | $ | 1,735 | $ | 595 | $ | 3,530 | $ | 2,607 | ||||||||
Capital_Stock
Capital Stock | 6 Months Ended |
Jan. 24, 2015 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock |
During the three months ended January 24, 2015, the company repurchased 488,768 shares of its common stock in open market transactions, at an average price of $35.08 per share, for approximately $17.1 million under its share repurchase program. During fiscal 2014, the Company repurchased 360,900 shares of its common stock in open market transactions, at an average price of $27.71 per share, for approximately $10.0 million under its share repurchase program. All shares repurchased have been subsequently canceled. As of January 24, 2015, approximately $12.9 million of the $40.0 million authorized on August 27, 2013 remained authorized for repurchases through February 2015. On February 24, 2015, the Company announced that its Board of Directors authorized $40.0 million to repurchase shares of the Company's outstanding common stock through August 24, 2016 in open market or private transactions. The repurchase authorization replaces the Company's previous repurchase authorization described herein. As of February 24, 2015, the full $40.0 million remained available for repurchases. | |
During the six months ended January 24, 2015 and January 25, 2014, the Company withheld 138,535 shares and 130,195 shares, respectively, of shares issued with respect to restricted units that vested during the periods, totaling $4.3 million and $3.6 million, respectively, in order to meet payroll tax withholdings obligations that arose on the vesting of restricted units. All shares withheld 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. 24, 2015 | ||||||||||||||||
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 stock-based 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. The total amount of stock-based compensation expense ultimately recognized is based on the number of awards that actually vest and fluctuates as a result of performance criteria for performance-based awards, as well as the vesting period of all stock-based awards. For performance share units ("Performance RSUs"), the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if management determines it is probable that the performance criteria for the awards will be met. Accordingly, the amount of compensation expense recognized during any fiscal year may not be representative of future stock-based compensation expense. | ||||||||||||||||
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 24, 2015 and January 25, 2014 are as follows: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
24-Jan-15 | 25-Jan-14 | 24-Jan-15 | 25-Jan-14 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Stock-based compensation | $ | 3,664 | $ | 3,544 | $ | 7,554 | $ | 7,049 | ||||||||
Tax benefit recognized in the statement of operations | $ | 1,508 | $ | 1,368 | $ | 2,973 | $ | 2,665 | ||||||||
As of January 24, 2015, unrecognized compensation expense related to stock options, time-based restricted share units ("RSUs") and target Performance RSUs was $3.9 million, $8.0 million and $17.6 million, respectively, based on the Company's estimate of performance goal achievement. This expense will be recognized over a weighted-average period of 2.9 years, 2.7 years and 1.7 years, respectively, which is based on the average remaining service periods of the awards. As of January 24, 2015, the Company may recognize an additional $5.3 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 24, 2015: | ||||||||||||||||
Stock Options | ||||||||||||||||
Shares | Weighted Average Exercise Price | |||||||||||||||
Outstanding as of July 26, 2014 | 2,044,893 | $ | 18.68 | |||||||||||||
Granted | 90,686 | $ | 31.46 | |||||||||||||
Options exercised | (177,362 | ) | $ | 13.16 | ||||||||||||
Forfeited or canceled | (484,126 | ) | $ | 34.48 | ||||||||||||
Outstanding as of January 24, 2015 | 1,474,091 | $ | 14.95 | |||||||||||||
Exercisable options as of January 24, 2015 | 1,215,823 | $ | 12.7 | |||||||||||||
RSUs and Performance RSUs | ||||||||||||||||
The following table summarizes RSU and Performance RSU activity during the six months ended January 24, 2015: | ||||||||||||||||
Restricted Stock | ||||||||||||||||
RSUs | Performance RSUs | |||||||||||||||
Share Units | Weighted Average Grant Price | Share Units | Weighted Average Grant Price | |||||||||||||
Outstanding as of July 26, 2014 | 398,931 | $ | 20.61 | 1,190,184 | $ | 21.73 | ||||||||||
Granted | 99,064 | $ | 31.15 | 416,987 | $ | 31.03 | ||||||||||
Share units vested | (133,468 | ) | $ | 19.55 | (317,908 | ) | $ | 21.59 | ||||||||
Forfeited or canceled | (1,658 | ) | $ | 18.46 | (329,012 | ) | $ | 19.85 | ||||||||
Outstanding as of January 24, 2015 | 362,869 | $ | 23.89 | 960,251 | $ | 26.46 | ||||||||||
The granted Performance RSUs in the above table is comprised of 357,331 target shares, granted to officers and employees, and 59,656 supplemental shares granted to officers. Performance RSUs of 312,163 outstanding as of July 26, 2014, including 48,313 target shares and 263,850 supplemental shares, were canceled during fiscal 2015 as a result of the fiscal 2014 performance criteria not being fully met. The total amount of Performance RSUs outstanding as of January 24, 2015 is comprised of 730,046 target shares and 230,205 supplemental shares. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |||||||||||||||
Jan. 24, 2015 | ||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||
Related Party Transactions | Related Party Transactions | |||||||||||||||
The Company leases administrative offices and certain equipment from entities related to officers of certain of the Company’s subsidiaries. Additionally, the Company pays for certain subcontracting services and materials to entities related to officers of certain of the Company’s subsidiaries. The total expense under these arrangements for the three and six months ended January 24, 2015 and January 25, 2014 are as follows: | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
24-Jan-15 | 25-Jan-14 | 24-Jan-15 | 25-Jan-14 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Real property and equipment leases | $ | 769 | $ | 838 | $ | 1,296 | $ | 1,608 | ||||||||
Subcontractors and materials expense | $ | 686 | $ | 605 | $ | 1,189 | $ | 1,266 | ||||||||
The Company believes that all related party transactions have been conducted on an arms-length basis and the terms are similar to those that would be available to other third parties. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 6 Months Ended | |||||||||||||
Jan. 24, 2015 | ||||||||||||||
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 in each period accounting for approximately 59.8% and 58.2% of its total revenues during the six months ended January 24, 2015 and January 25, 2014, respectively. Customers whose revenues exceeded 10% of total revenue during the three or six months ended January 24, 2015 or January 25, 2014 are as follows: | ||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||
January 24, 2015 | January 25, 2014 | January 24, 2015 | January 25, 2014 | |||||||||||
AT&T Inc. | 22.00% | 18.70% | 21.60% | 18.00% | ||||||||||
CenturyLink, Inc. | 14.00% | 14.40% | 13.50% | 15.00% | ||||||||||
Comcast Corporation | 13.10% | 12.00% | 12.90% | 11.20% | ||||||||||
Customers representing 10% or more of combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings, net as of January 24, 2015 or July 26, 2014 had the following outstanding balances and the related percentage of the Company’s total outstanding balances: | ||||||||||||||
January 24, 2015 | July 26, 2014 | |||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||
(Dollars in millions) | ||||||||||||||
AT&T Inc. | $ | 84.1 | 18.1 | % | $ | 87.6 | 17.9 | % | ||||||
Comcast Corporation | $ | 50.1 | 10.8 | % | $ | 48.9 | 9.9 | % | ||||||
CenturyLink, Inc. | $ | 46.7 | 10.1 | % | $ | 48.2 | 9.8 | % | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jan. 24, 2015 | |
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 alleged 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 sought unspecified damages and other relief on behalf of himself and a putative class of current and former employees of UtiliQuest who worked in the state of California in the four years preceding the filing date of the lawsuit. In July 2014, the plaintiff’s attorney and UtiliQuest entered into a memorandum of understanding pursuant to which the parties agreed to the terms of a proposed settlement of the lawsuit. The Company accrued $0.6 million with respect to the proposed settlement in the fourth quarter of fiscal 2014. On November 12, 2014, the Court entered an order of preliminary approval of the proposed settlement. The Court granted final approval on February 6, 2015. | |
The Company has filed construction liens with respect to approximately $17.7 million for past due balances from a customer on a rural project funded primarily by the Rural Utilities Service agency of the United States Department of Agriculture under the American Recovery and Reinvestment Act of 2009. In April 2014, R&R Taylor Construction, Inc. ("R&R"), a construction company, filed suit against this customer alleging that the customer failed to pay for construction services and materials. In its lawsuit, the construction company seeks to foreclose on its construction lien and, ultimately, to foreclose on the parcel of land on which the lien was filed. Pauley Construction, Inc. (“Pauley”), a wholly-owned subsidiary of the Company, had performed work on this parcel as part of its work on the rural project described above. Pauley has filed a construction lien on the parcel with respect to past due accounts receivable for work performed on this project. In July 2014, R&R amended its lawsuit to include Pauley, alleging that its lien has priority over Pauley’s construction lien. Pauley has filed an answer to this amended complaint in the Montana Eighteenth Judicial District Court, a counterclaim against the construction company and a cross-claim against the customer, alleging that Pauley’s lien is superior to all other liens on such parcel of land. The customer is progressing on a plan that would include payment to vendors having construction liens, including Pauley, if the plan is completed. It is too early to evaluate the likelihood of an outcome to this matter. The Company intends to vigorously defend itself against this lawsuit as part of ongoing efforts to collect the past due amount from this customer. | |
In November 2013, the wife of a former employee of Nichols Construction, LLC (“Nichols”), a wholly-owned subsidiary of the Company, commenced a lawsuit against Nichols in the Circuit Court of Barbour County, West Virginia. The lawsuit, which the plaintiff filed on behalf of her husband’s estate, is based upon a “deliberate intent” claim pursuant to West Virginia Code in connection with the death of her husband who was struck by a falling tree while at work. The plaintiff seeks unspecified damages and other relief. In December 2012, Nichols removed the case to the United States District Court for the Northern District of West Virginia, and in January 2015, Nichols filed a motion for summary judgment with respect to certain of the “deliberate intent” issues in the lawsuit. The District Court has not yet ruled on the motion for summary judgment. Trial is currently scheduled for April 2015. Plaintiff’s expert has estimated economic damages of up to $2.6 million, exclusive of damages for emotional distress. The Company believes that it has meritorious defenses and 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. | |
Within 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 damages relating to underground facility locating services, 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. | |
Commitments | |
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 24, 2015 and July 26, 2014, the Company had $393.2 million and $446.8 million of outstanding performance and other surety contract bonds, respectively. There has been no material impact on the Company's financial statements as a result of customers exercising their rights under the bonds. | |
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 24, 2015 and July 26, 2014, the Company had $54.4 million and $49.4 million, respectively, of outstanding standby letters of credit issued under the Credit Agreement. | |
Multi-Employer Benefit Plans - The Company contributes to several multi-employer defined benefit pension plans under the terms of collective bargaining agreements that cover certain employees represented by unions. The risks of participating in a multi-employer 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 other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers; and (c) if the Company stops 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 24, 2015 or July 26, 2014. |
Supplemental_Consolidating_Fin
Supplemental Consolidating Financial Statements | 6 Months Ended | |||||||||||||||||||||||
Jan. 24, 2015 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Supplemental Consolidating Financial Statements | Supplemental Consolidating Financial Statements | |||||||||||||||||||||||
On January 24, 2015 and July 26, 2014, 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) | ||||||||||||||||||||||||
JANUARY 24, 2015 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 17,080 | $ | 1,348 | $ | — | $ | 18,428 | ||||||||||||
Accounts receivable, net | — | — | 265,297 | 1,989 | — | 267,286 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 210,921 | 1,393 | — | 212,314 | ||||||||||||||||||
Inventories | — | — | 43,768 | — | — | 43,768 | ||||||||||||||||||
Deferred tax assets, net | 3,602 | — | 15,228 | 71 | (169 | ) | 18,732 | |||||||||||||||||
Other current assets | 17,012 | 42 | 6,503 | 280 | — | 23,837 | ||||||||||||||||||
Total current assets | 20,614 | 42 | 558,797 | 5,081 | (169 | ) | 584,365 | |||||||||||||||||
Property and equipment, net | 18,678 | — | 170,150 | 18,320 | — | 207,148 | ||||||||||||||||||
Goodwill | — | — | 269,465 | — | — | 269,465 | ||||||||||||||||||
Intangible assets, net | — | — | 113,596 | 577 | — | 114,173 | ||||||||||||||||||
Deferred tax assets, net non-current | 705 | — | 3,618 | — | (4,323 | ) | — | |||||||||||||||||
Investment in subsidiaries | 839,856 | 1,595,469 | 1,566 | — | (2,436,891 | ) | — | |||||||||||||||||
Intercompany receivables | — | — | 708,222 | — | (708,222 | ) | — | |||||||||||||||||
Other | 10,625 | 5,295 | 2,315 | 147 | — | 18,382 | ||||||||||||||||||
Total non-current assets | 869,864 | 1,600,764 | 1,268,932 | 19,044 | (3,149,436 | ) | 609,168 | |||||||||||||||||
Total assets | $ | 890,478 | $ | 1,600,806 | $ | 1,827,729 | $ | 24,125 | $ | (3,149,605 | ) | $ | 1,193,533 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 977 | $ | — | $ | 49,926 | $ | 1,211 | $ | — | $ | 52,114 | ||||||||||||
Current portion of debt | 12,500 | — | — | — | — | 12,500 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 16,422 | — | — | 16,422 | ||||||||||||||||||
Accrued insurance claims | 162 | — | 33,973 | 50 | — | 34,185 | ||||||||||||||||||
Deferred tax liabilities | — | 80 | 36 | 53 | (169 | ) | — | |||||||||||||||||
Other accrued liabilities | 8,203 | 532 | 52,752 | 1,504 | — | 62,991 | ||||||||||||||||||
Total current liabilities | 21,842 | 612 | 153,109 | 2,818 | (169 | ) | 178,212 | |||||||||||||||||
Long-term debt | 140,875 | 280,543 | — | — | — | 421,418 | ||||||||||||||||||
Accrued insurance claims | 86 | — | 38,215 | 47 | — | 38,348 | ||||||||||||||||||
Deferred tax liabilities, net non-current | — | 432 | 48,312 | 1,175 | (4,323 | ) | 45,596 | |||||||||||||||||
Intercompany payables | 219,607 | 479,363 | — | 9,252 | (708,222 | ) | — | |||||||||||||||||
Other liabilities | 3,160 | — | 1,887 | 4 | — | 5,051 | ||||||||||||||||||
Total liabilities | 385,570 | 760,950 | 241,523 | 13,296 | (712,714 | ) | 688,625 | |||||||||||||||||
Total stockholders' equity | 504,908 | 839,856 | 1,586,206 | 10,829 | (2,436,891 | ) | 504,908 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 890,478 | $ | 1,600,806 | $ | 1,827,729 | $ | 24,125 | $ | (3,149,605 | ) | $ | 1,193,533 | |||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
26-Jul-14 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 19,739 | $ | 933 | $ | — | $ | 20,672 | ||||||||||||
Accounts receivable, net | — | — | 269,760 | 2,981 | — | 272,741 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 228,541 | 2,028 | — | 230,569 | ||||||||||||||||||
Inventories | — | — | 49,095 | — | — | 49,095 | ||||||||||||||||||
Deferred tax assets, net | 3,822 | — | 16,193 | 87 | (170 | ) | 19,932 | |||||||||||||||||
Other current assets | 4,956 | 16 | 7,237 | 518 | — | 12,727 | ||||||||||||||||||
Total current assets | 8,778 | 16 | 590,565 | 6,547 | (170 | ) | 605,736 | |||||||||||||||||
Property and equipment, net | 18,108 | — | 171,158 | 16,147 | — | 205,413 | ||||||||||||||||||
Goodwill | — | — | 269,088 | — | — | 269,088 | ||||||||||||||||||
Intangible assets, net | — | — | 115,483 | 633 | — | 116,116 | ||||||||||||||||||
Deferred tax assets, net non-current | 182 | — | 3,884 | 15 | (4,081 | ) | — | |||||||||||||||||
Investment in subsidiaries | 809,617 | 1,540,338 | 1,621 | — | (2,351,576 | ) | — | |||||||||||||||||
Intercompany receivables | — | — | 628,443 | — | (628,443 | ) | ||||||||||||||||||
Other | 7,748 | 5,636 | 2,466 | 151 | — | 16,001 | ||||||||||||||||||
Total non-current assets | 835,655 | 1,545,974 | 1,192,143 | 16,946 | (2,984,100 | ) | 606,618 | |||||||||||||||||
Total assets | $ | 844,433 | $ | 1,545,990 | $ | 1,782,708 | $ | 23,493 | $ | (2,984,270 | ) | $ | 1,212,354 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 3,083 | $ | — | $ | 58,970 | $ | 1,265 | $ | — | $ | 63,318 | ||||||||||||
Current portion of debt | 10,938 | — | — | — | — | 10,938 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,882 | — | — | 13,882 | ||||||||||||||||||
Accrued insurance claims | 612 | — | 31,599 | 49 | — | 32,260 | ||||||||||||||||||
Deferred tax liabilities | — | 80 | 66 | 24 | (170 | ) | — | |||||||||||||||||
Other accrued liabilities | 12,668 | 566 | 61,284 | 1,616 | — | 76,134 | ||||||||||||||||||
Total current liabilities | 27,301 | 646 | 165,801 | 2,954 | (170 | ) | 196,532 | |||||||||||||||||
Long-term debt | 166,125 | 280,738 | — | — | — | 446,863 | ||||||||||||||||||
Accrued insurance claims | 778 | — | 32,959 | 45 | — | 33,782 | ||||||||||||||||||
Deferred tax liabilities, net non-current | — | 432 | 48,593 | 417 | (4,081 | ) | 45,361 | |||||||||||||||||
Intercompany payables | 162,127 | 454,557 | — | 11,759 | (628,443 | ) | — | |||||||||||||||||
Other liabilities | 3,168 | — | 1,711 | 3 | — | 4,882 | ||||||||||||||||||
Total liabilities | 359,499 | 736,373 | 249,064 | 15,178 | (632,694 | ) | 727,420 | |||||||||||||||||
Total stockholders' equity | 484,934 | 809,617 | 1,533,644 | 8,315 | (2,351,576 | ) | 484,934 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 844,433 | $ | 1,545,990 | $ | 1,782,708 | $ | 23,493 | $ | (2,984,270 | ) | $ | 1,212,354 | |||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Dycom Consolidated | |||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 388,402 | $ | 2,116 | $ | — | $ | 390,518 | ||||||||||||
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 | ) | — | — | ||||||||||||||||
Interest expense, net | (1,807 | ) | (4,994 | ) | 1 | — | — | (6,800 | ) | |||||||||||||||
Other income (expense), 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, net of tax | (226 | ) | (226 | ) | — | (226 | ) | 452 | (226 | ) | ||||||||||||||
Comprehensive income (loss) | $ | (3,293 | ) | $ | (3,293 | ) | $ | 2,047 | $ | (2,233 | ) | $ | 3,479 | $ | (3,293 | ) | ||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 24, 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Dycom Consolidated | |||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 943,659 | $ | 7,811 | $ | — | $ | 951,470 | ||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 753,274 | 5,624 | — | 758,898 | ||||||||||||||||||
General and administrative | 24,807 | 239 | 54,671 | 6,794 | — | 86,511 | ||||||||||||||||||
Depreciation and amortization | 2,543 | — | 41,370 | 2,280 | — | 46,193 | ||||||||||||||||||
Intercompany charges (income), net | (30,831 | ) | — | 31,923 | (1,092 | ) | — | — | ||||||||||||||||
Interest expense, net | (3,481 | ) | (9,999 | ) | — | — | — | (13,480 | ) | |||||||||||||||
Other income (expense), net | — | — | 3,694 | (164 | ) | — | 3,530 | |||||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | — | (10,238 | ) | 66,115 | (5,959 | ) | — | 49,918 | ||||||||||||||||
Provision (benefit) for income taxes: | — | (4,036 | ) | 26,064 | (2,349 | ) | — | 19,679 | ||||||||||||||||
Net income (loss) before equity in earnings (loss) of subsidiaries | — | (6,202 | ) | 40,051 | (3,610 | ) | — | 30,239 | ||||||||||||||||
Equity in earnings (loss) of subsidiaries | 30,239 | 36,441 | (256 | ) | — | (66,424 | ) | — | ||||||||||||||||
Net income (loss) | $ | 30,239 | $ | 30,239 | $ | 39,795 | $ | (3,610 | ) | $ | (66,424 | ) | $ | 30,239 | ||||||||||
Foreign currency translation loss, net of tax | (726 | ) | (726 | ) | — | (726 | ) | 1,452 | (726 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 29,513 | $ | 29,513 | $ | 39,795 | $ | (4,336 | ) | $ | (64,972 | ) | $ | 29,513 | ||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Dycom Consolidated | |||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 897,832 | $ | 5,406 | $ | — | $ | 903,238 | ||||||||||||
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 | ) | — | — | ||||||||||||||||
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, net of tax | (286 | ) | (286 | ) | — | (286 | ) | 572 | (286 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 15,307 | $ | 15,307 | $ | 25,450 | $ | (3,903 | ) | $ | (36,854 | ) | $ | 15,307 | ||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 24, 2015 (Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Elim-inations | Dycom Consolidated | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (8,331 | ) | $ | (6,115 | ) | $ | 96,931 | $ | 770 | $ | — | $ | 83,255 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (9,821 | ) | — | — | (9,821 | ) | ||||||||||||||||
Capital expenditures | (4,144 | ) | — | (31,281 | ) | (3,347 | ) | — | (38,772 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 4,031 | 8 | — | 4,039 | ||||||||||||||||||
Return of capital from subsidiaries | — | 1,749 | — | — | (1,749 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | (21,668 | ) | (300 | ) | — | 21,968 | — | ||||||||||||||||
Changes in restricted cash | (541 | ) | — | — | — | — | (541 | ) | ||||||||||||||||
Net cash used in investing activities | (4,685 | ) | (19,919 | ) | (37,371 | ) | (3,339 | ) | 20,219 | (45,095 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Borrowings on senior Credit Agreement | 175,000 | — | — | — | — | 175,000 | ||||||||||||||||||
Principal payments on senior Credit Agreement | (198,688 | ) | — | — | — | — | (198,688 | ) | ||||||||||||||||
Repurchases of common stock | (17,147 | ) | — | — | — | — | (17,147 | ) | ||||||||||||||||
Exercise of stock options | 2,335 | — | — | — | — | 2,335 | ||||||||||||||||||
Restricted stock tax withholdings | (4,330 | ) | — | — | — | — | (4,330 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 2,426 | — | — | — | — | 2,426 | ||||||||||||||||||
Intercompany funding | 53,420 | 26,034 | (62,219 | ) | 2,984 | (20,219 | ) | — | ||||||||||||||||
Net cash (used in) provided by financing activities | 13,016 | 26,034 | (62,219 | ) | 2,984 | (20,219 | ) | (40,404 | ) | |||||||||||||||
Net (decrease) increase in cash and equivalents | — | — | (2,659 | ) | 415 | — | (2,244 | ) | ||||||||||||||||
CASH AT BEGINNING OF PERIOD | — | — | 19,739 | 933 | — | 20,672 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 17,080 | $ | 1,348 | $ | — | $ | 18,428 | ||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 25, 2014 (Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Elim-inations | Dycom Consolidated | |||||||||||||||||||
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: | ||||||||||||||||||||||||
Borrowings on senior Credit Agreement | 221,000 | — | — | — | — | 221,000 | ||||||||||||||||||
Principal payments on senior Credit Agreement | (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 AT BEGINNING OF PERIOD | — | — | 18,166 | 441 | — | 18,607 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 15,212 | $ | 1,132 | $ | — | $ | 16,344 | ||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jan. 24, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On February 24, 2015, the Company announced that its Board of Directors authorized $40.0 million to repurchase shares of the Company's outstanding common stock through August 24, 2016 in open market or private transactions. The repurchase authorization replaces the Company's previous repurchase authorization. As of February 24, 2015, the full $40.0 million remained available for repurchases. |
Basis_of_Presentation_and_Acco1
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jan. 24, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Dycom Industries, Inc. ("Dycom" or the "Company") is a leading provider of specialty contracting services throughout the United States and in Canada. The Company's 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. | |
The accompanying unaudited condensed consolidated financial statements include the results of Dycom and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated and the financial statements reflect all adjustments, consisting of only normal recurring accruals that are, in the opinion of management, necessary for a fair presentation of such statements. These financial statements 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. 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 26, 2014 included in the Company's Annual Report on Form 10-K for the year ended July 26, 2014, filed with the SEC on September 9, 2014. | |
Segment Information | Segment Information – The Company operates in one reportable segment as a specialty contractor, providing 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. The Company operates through its operating segments, each of which consists of a subsidiary (or in limited cases, the combination of two or more subsidiaries). Management of the operating segments report to the Company's Chief Operating Officer who reports to the Chief Executive Officer, the chief operating decision maker. All of the Company's operating segments have been aggregated into one reportable segment due to their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. The Company's services are provided by its operating segments throughout the United States and in Canada. Revenues from services provided in Canada were approximately $3.1 million and $7.8 million during the three and six months ended January 24, 2015, respectively, and $2.1 million and $5.4 million during the three and six months ended January 25, 2014, respectively. The Company had no material long-lived assets in Canada at January 24, 2015 or July 26, 2014. |
Accounting Period | Accounting Period – The Company uses a fiscal year ending on the last Saturday in July. |
Significant Accounting Policies & Estimates | Significant Accounting Policies & 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. 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. 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 26, 2014. | |
Restricted Cash | Restricted Cash – As of January 24, 2015 and July 26, 2014, the Company had approximately $4.5 million and $4.0 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 – 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 based on observable market-based inputs (Level 2) as of January 24, 2015 and July 26, 2014. See Note 10, Debt, for further information regarding the fair value of the 2021 Notes. The Company's cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of January 24, 2015 and July 26, 2014. During the three and six months ended January 24, 2015 and January 25, 2014, the Company had no material non-recurring fair value measurements of assets or liabilities subsequent to their initial recognition. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
Accounting Standards Not Yet Adopted | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). ASU 2014-08 changes the criteria for reporting discontinued operations. In accordance with ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires expanded disclosures about the assets, liabilities, income, and expenses of discontinued operations as well as disclosure of the pre-tax income rising from a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. ASU 2014-08 will be effective for the Company beginning in fiscal 2016 and interim reporting periods within that year. Early adoption is permitted only for disposals that have not been reported in financial statements previously issued or available for issuance. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires entities to disclose both qualitative and quantitative information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including disclosure of significant judgments affecting the recognition of revenue. ASU 2014-09 will be effective for the Company beginning in fiscal 2018 and interim reporting periods within that year, using either the retrospective or cumulative effect transition method. Early adoption is not permitted. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. If such conditions or events exist, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Disclosure should include the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that are intended to mitigate those conditions or events. ASU 2014-15 will be effective for the Company beginning in fiscal 2017 and interim reporting periods within that year. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. | |
In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ("ASU 2015-01"). ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity is no longer required to separately classify, present, or disclose extraordinary events and transactions; however, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained. ASU 2015-01 will be effective for the Company beginning in fiscal 2016 and interim reporting periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. |
Computation_of_Earnings_Per_Co1
Computation of Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Jan. 24, 2015 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share Reconciliation | The following table sets forth the computation of basic and diluted earnings (loss) per common share: | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
January 24, 2015 | January 25, 2014 | January 24, 2015 | January 25, 2014 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Net income (loss) available to common stockholders (numerator) | $ | 9,432 | $ | (3,067 | ) | $ | 30,239 | $ | 15,593 | |||||||
Weighted-average number of common shares (denominator) | 34,125,829 | 33,836,099 | 34,067,983 | 33,629,884 | ||||||||||||
Basic earnings (loss) per common share | $ | 0.28 | $ | (0.09 | ) | $ | 0.89 | $ | 0.46 | |||||||
Weighted-average number of common shares | 34,125,829 | 33,836,099 | 34,067,983 | 33,629,884 | ||||||||||||
Potential common stock arising from stock options, and unvested restricted share units | 1,001,569 | — | 1,054,547 | 1,138,061 | ||||||||||||
Total shares-diluted (denominator) | 35,127,398 | 33,836,099 | 35,122,530 | 34,767,945 | ||||||||||||
Diluted earnings (loss) per common share | $ | 0.27 | $ | (0.09 | ) | $ | 0.86 | $ | 0.45 | |||||||
Anti-dilutive weighted shares excluded from the calculation of earnings (loss) per common share | 283,380 | 3,440,300 | 445,254 | 753,914 | ||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 6 Months Ended | |||||||
Jan. 24, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts Receivable | Accounts receivable consists of the following: | |||||||
January 24, | July 26, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Contract billings | $ | 248,361 | $ | 258,254 | ||||
Retainage and other receivables | 19,957 | 15,323 | ||||||
Total | 268,318 | 273,577 | ||||||
Less: allowance for doubtful accounts | (1,032 | ) | (836 | ) | ||||
Accounts receivable, net | $ | 267,286 | $ | 272,741 | ||||
Costs_and_Estimated_Earnings_i1
Costs and Estimated Earnings in Excess of Billings (Tables) | 6 Months Ended | |||||||
Jan. 24, 2015 | ||||||||
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. Contracts in progress are as follows: | |||||||
January 24, | July 26, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Costs incurred on contracts in progress | $ | 203,204 | $ | 234,766 | ||||
Estimated to date earnings | 49,677 | 57,335 | ||||||
Total costs and estimated earnings | 252,881 | 292,101 | ||||||
Less: billings to date | (56,989 | ) | (75,414 | ) | ||||
$ | 195,892 | $ | 216,687 | |||||
Included in the accompanying condensed consolidated balance sheets under the captions: | ||||||||
Costs and estimated earnings in excess of billings | $ | 212,314 | $ | 230,569 | ||||
Billings in excess of costs and estimated earnings | (16,422 | ) | (13,882 | ) | ||||
$ | 195,892 | $ | 216,687 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||||
Jan. 24, 2015 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Schedule of Property and Equipment | Property and equipment consists of the following: | |||||||||
Estimated Useful Lives | January 24, | July 26, | ||||||||
2015 | 2014 | |||||||||
(Years) | (Dollars in thousands) | |||||||||
Land | — | $ | 3,408 | $ | 3,408 | |||||
Buildings | Oct-35 | 11,642 | 11,589 | |||||||
Leasehold improvements | 10-Jan | 6,216 | 5,335 | |||||||
Vehicles | 5-Jan | 293,176 | 279,631 | |||||||
Computer hardware and software | 10-Mar | 80,563 | 73,349 | |||||||
Office furniture and equipment | 7-Feb | 7,928 | 7,790 | |||||||
Equipment and machinery | 10-Jan | 183,628 | 177,608 | |||||||
Total | 586,561 | 558,710 | ||||||||
Less: accumulated depreciation | (379,413 | ) | (353,297 | ) | ||||||
Property and equipment, net | $ | 207,148 | $ | 205,413 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||||||
Jan. 24, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill for fiscal 2015 are as follows: | |||||||||||
Goodwill | Accumulated Impairment Losses | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance as of July 26, 2014 | $ | 464,855 | $ | (195,767 | ) | $ | 269,088 | |||||
Purchase price allocation adjustments | 377 | — | 377 | |||||||||
Balance as of January 24, 2015 | $ | 465,232 | $ | (195,767 | ) | $ | 269,465 | |||||
Schedule of Intangible Assets | The Company's intangible assets consist of the following: | |||||||||||
January 24, | July 26, | |||||||||||
2015 | 2014 | |||||||||||
(Dollars in thousands) | ||||||||||||
Carrying amount: | ||||||||||||
Customer relationships | $ | 179,859 | $ | 173,594 | ||||||||
Contract backlog | 8,076 | 15,285 | ||||||||||
Trade names | 8,200 | 8,200 | ||||||||||
UtiliQuest trade name | 4,700 | 4,700 | ||||||||||
Non-compete agreements | 400 | 400 | ||||||||||
201,235 | 202,179 | |||||||||||
Accumulated amortization: | ||||||||||||
Customer relationships | 75,979 | 69,048 | ||||||||||
Contract backlog | 6,874 | 13,490 | ||||||||||
Trade names | 4,005 | 3,361 | ||||||||||
Non-compete agreements | 204 | 164 | ||||||||||
87,062 | 86,063 | |||||||||||
Net Intangible Assets | $ | 114,173 | $ | 116,116 | ||||||||
Future Amortization Expense | Estimated total amortization expense for the remainder of fiscal 2015 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands): | |||||||||||
Period | Amount | |||||||||||
Six months ending July 25, 2015 | $ | 8,289 | ||||||||||
2016 | 15,918 | |||||||||||
2017 | 14,403 | |||||||||||
2018 | 12,212 | |||||||||||
2019 | 9,792 | |||||||||||
2020 | 8,855 | |||||||||||
Thereafter | 40,004 | |||||||||||
Total | $ | 109,473 | ||||||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended | |||||||
Jan. 24, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Other Accrued Liabilities | Other accrued liabilities consist of the following: | |||||||
January 24, | July 26, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Accrued payroll and related taxes | $ | 15,669 | $ | 18,429 | ||||
Accrued employee benefit and incentive plan costs | 13,228 | 17,677 | ||||||
Accrued construction costs | 20,745 | 20,689 | ||||||
Accrued interest and related bank fees | 800 | 872 | ||||||
Income taxes payable | 231 | 5,223 | ||||||
Other current liabilities | 12,318 | 13,244 | ||||||
Total other accrued liabilities | $ | 62,991 | $ | 76,134 | ||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jan. 24, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Outstanding Indebtedness | The Company’s outstanding indebtedness consists of the following: | |||||||
January 24, | July 26, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Senior Credit Agreement - Revolving facility (matures December 2017) | $ | 44,000 | $ | 63,000 | ||||
Senior Credit Agreement - Term Loan (matures December 2017) | 109,375 | 114,063 | ||||||
7.125% senior subordinated notes due 2021 | 277,500 | 277,500 | ||||||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,043 | 3,238 | ||||||
433,918 | 457,801 | |||||||
Less: current portion | (12,500 | ) | (10,938 | ) | ||||
Long-term debt | $ | 421,418 | $ | 446,863 | ||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 6 Months Ended | |||||||||||||||
Jan. 24, 2015 | ||||||||||||||||
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 | |||||||||||||||
24-Jan-15 | 25-Jan-14 | 24-Jan-15 | 25-Jan-14 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Gain on sale of fixed assets | $ | 1,659 | $ | 570 | $ | 3,182 | $ | 2,435 | ||||||||
Miscellaneous income, net | 76 | 25 | 348 | 172 | ||||||||||||
Total other income, net | $ | 1,735 | $ | 595 | $ | 3,530 | $ | 2,607 | ||||||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 6 Months Ended | |||||||||||||||
Jan. 24, 2015 | ||||||||||||||||
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 24, 2015 and January 25, 2014 are as follows: | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
24-Jan-15 | 25-Jan-14 | 24-Jan-15 | 25-Jan-14 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Stock-based compensation | $ | 3,664 | $ | 3,544 | $ | 7,554 | $ | 7,049 | ||||||||
Tax benefit recognized in the statement of operations | $ | 1,508 | $ | 1,368 | $ | 2,973 | $ | 2,665 | ||||||||
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during the six months ended January 24, 2015: | |||||||||||||||
Stock Options | ||||||||||||||||
Shares | Weighted Average Exercise Price | |||||||||||||||
Outstanding as of July 26, 2014 | 2,044,893 | $ | 18.68 | |||||||||||||
Granted | 90,686 | $ | 31.46 | |||||||||||||
Options exercised | (177,362 | ) | $ | 13.16 | ||||||||||||
Forfeited or canceled | (484,126 | ) | $ | 34.48 | ||||||||||||
Outstanding as of January 24, 2015 | 1,474,091 | $ | 14.95 | |||||||||||||
Exercisable options as of January 24, 2015 | 1,215,823 | $ | 12.7 | |||||||||||||
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 24, 2015: | |||||||||||||||
Restricted Stock | ||||||||||||||||
RSUs | Performance RSUs | |||||||||||||||
Share Units | Weighted Average Grant Price | Share Units | Weighted Average Grant Price | |||||||||||||
Outstanding as of July 26, 2014 | 398,931 | $ | 20.61 | 1,190,184 | $ | 21.73 | ||||||||||
Granted | 99,064 | $ | 31.15 | 416,987 | $ | 31.03 | ||||||||||
Share units vested | (133,468 | ) | $ | 19.55 | (317,908 | ) | $ | 21.59 | ||||||||
Forfeited or canceled | (1,658 | ) | $ | 18.46 | (329,012 | ) | $ | 19.85 | ||||||||
Outstanding as of January 24, 2015 | 362,869 | $ | 23.89 | 960,251 | $ | 26.46 | ||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | |||||||||||||||
Jan. 24, 2015 | ||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||
Schedule of Related Party Transactions | The total expense under these arrangements for the three and six months ended January 24, 2015 and January 25, 2014 are as follows: | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
24-Jan-15 | 25-Jan-14 | 24-Jan-15 | 25-Jan-14 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Real property and equipment leases | $ | 769 | $ | 838 | $ | 1,296 | $ | 1,608 | ||||||||
Subcontractors and materials expense | $ | 686 | $ | 605 | $ | 1,189 | $ | 1,266 | ||||||||
Concentration_of_Credit_Risk_T
Concentration of Credit Risk (Tables) | 6 Months Ended | |||||||||||||
Jan. 24, 2015 | ||||||||||||||
Risks and Uncertainties [Abstract] | ||||||||||||||
Schedule that Represents A Significant Portion of the Companybs Customer Base and Each Over 10% of Total Revenue | Customers whose revenues exceeded 10% of total revenue during the three or six months ended January 24, 2015 or January 25, 2014 are as follows: | |||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||
January 24, 2015 | January 25, 2014 | January 24, 2015 | January 25, 2014 | |||||||||||
AT&T Inc. | 22.00% | 18.70% | 21.60% | 18.00% | ||||||||||
CenturyLink, Inc. | 14.00% | 14.40% | 13.50% | 15.00% | ||||||||||
Comcast Corporation | 13.10% | 12.00% | 12.90% | 11.20% | ||||||||||
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, net as of January 24, 2015 or July 26, 2014 had the following outstanding balances and the related percentage of the Company’s total outstanding balances: | |||||||||||||
January 24, 2015 | July 26, 2014 | |||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||
(Dollars in millions) | ||||||||||||||
AT&T Inc. | $ | 84.1 | 18.1 | % | $ | 87.6 | 17.9 | % | ||||||
Comcast Corporation | $ | 50.1 | 10.8 | % | $ | 48.9 | 9.9 | % | ||||||
CenturyLink, Inc. | $ | 46.7 | 10.1 | % | $ | 48.2 | 9.8 | % | ||||||
Supplemental_Consolidating_Fin1
Supplemental Consolidating Financial Statements (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jan. 24, 2015 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) | ||||||||||||||||||||||||
JANUARY 24, 2015 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 17,080 | $ | 1,348 | $ | — | $ | 18,428 | ||||||||||||
Accounts receivable, net | — | — | 265,297 | 1,989 | — | 267,286 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 210,921 | 1,393 | — | 212,314 | ||||||||||||||||||
Inventories | — | — | 43,768 | — | — | 43,768 | ||||||||||||||||||
Deferred tax assets, net | 3,602 | — | 15,228 | 71 | (169 | ) | 18,732 | |||||||||||||||||
Other current assets | 17,012 | 42 | 6,503 | 280 | — | 23,837 | ||||||||||||||||||
Total current assets | 20,614 | 42 | 558,797 | 5,081 | (169 | ) | 584,365 | |||||||||||||||||
Property and equipment, net | 18,678 | — | 170,150 | 18,320 | — | 207,148 | ||||||||||||||||||
Goodwill | — | — | 269,465 | — | — | 269,465 | ||||||||||||||||||
Intangible assets, net | — | — | 113,596 | 577 | — | 114,173 | ||||||||||||||||||
Deferred tax assets, net non-current | 705 | — | 3,618 | — | (4,323 | ) | — | |||||||||||||||||
Investment in subsidiaries | 839,856 | 1,595,469 | 1,566 | — | (2,436,891 | ) | — | |||||||||||||||||
Intercompany receivables | — | — | 708,222 | — | (708,222 | ) | — | |||||||||||||||||
Other | 10,625 | 5,295 | 2,315 | 147 | — | 18,382 | ||||||||||||||||||
Total non-current assets | 869,864 | 1,600,764 | 1,268,932 | 19,044 | (3,149,436 | ) | 609,168 | |||||||||||||||||
Total assets | $ | 890,478 | $ | 1,600,806 | $ | 1,827,729 | $ | 24,125 | $ | (3,149,605 | ) | $ | 1,193,533 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 977 | $ | — | $ | 49,926 | $ | 1,211 | $ | — | $ | 52,114 | ||||||||||||
Current portion of debt | 12,500 | — | — | — | — | 12,500 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 16,422 | — | — | 16,422 | ||||||||||||||||||
Accrued insurance claims | 162 | — | 33,973 | 50 | — | 34,185 | ||||||||||||||||||
Deferred tax liabilities | — | 80 | 36 | 53 | (169 | ) | — | |||||||||||||||||
Other accrued liabilities | 8,203 | 532 | 52,752 | 1,504 | — | 62,991 | ||||||||||||||||||
Total current liabilities | 21,842 | 612 | 153,109 | 2,818 | (169 | ) | 178,212 | |||||||||||||||||
Long-term debt | 140,875 | 280,543 | — | — | — | 421,418 | ||||||||||||||||||
Accrued insurance claims | 86 | — | 38,215 | 47 | — | 38,348 | ||||||||||||||||||
Deferred tax liabilities, net non-current | — | 432 | 48,312 | 1,175 | (4,323 | ) | 45,596 | |||||||||||||||||
Intercompany payables | 219,607 | 479,363 | — | 9,252 | (708,222 | ) | — | |||||||||||||||||
Other liabilities | 3,160 | — | 1,887 | 4 | — | 5,051 | ||||||||||||||||||
Total liabilities | 385,570 | 760,950 | 241,523 | 13,296 | (712,714 | ) | 688,625 | |||||||||||||||||
Total stockholders' equity | 504,908 | 839,856 | 1,586,206 | 10,829 | (2,436,891 | ) | 504,908 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 890,478 | $ | 1,600,806 | $ | 1,827,729 | $ | 24,125 | $ | (3,149,605 | ) | $ | 1,193,533 | |||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
26-Jul-14 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 19,739 | $ | 933 | $ | — | $ | 20,672 | ||||||||||||
Accounts receivable, net | — | — | 269,760 | 2,981 | — | 272,741 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 228,541 | 2,028 | — | 230,569 | ||||||||||||||||||
Inventories | — | — | 49,095 | — | — | 49,095 | ||||||||||||||||||
Deferred tax assets, net | 3,822 | — | 16,193 | 87 | (170 | ) | 19,932 | |||||||||||||||||
Other current assets | 4,956 | 16 | 7,237 | 518 | — | 12,727 | ||||||||||||||||||
Total current assets | 8,778 | 16 | 590,565 | 6,547 | (170 | ) | 605,736 | |||||||||||||||||
Property and equipment, net | 18,108 | — | 171,158 | 16,147 | — | 205,413 | ||||||||||||||||||
Goodwill | — | — | 269,088 | — | — | 269,088 | ||||||||||||||||||
Intangible assets, net | — | — | 115,483 | 633 | — | 116,116 | ||||||||||||||||||
Deferred tax assets, net non-current | 182 | — | 3,884 | 15 | (4,081 | ) | — | |||||||||||||||||
Investment in subsidiaries | 809,617 | 1,540,338 | 1,621 | — | (2,351,576 | ) | — | |||||||||||||||||
Intercompany receivables | — | — | 628,443 | — | (628,443 | ) | ||||||||||||||||||
Other | 7,748 | 5,636 | 2,466 | 151 | — | 16,001 | ||||||||||||||||||
Total non-current assets | 835,655 | 1,545,974 | 1,192,143 | 16,946 | (2,984,100 | ) | 606,618 | |||||||||||||||||
Total assets | $ | 844,433 | $ | 1,545,990 | $ | 1,782,708 | $ | 23,493 | $ | (2,984,270 | ) | $ | 1,212,354 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 3,083 | $ | — | $ | 58,970 | $ | 1,265 | $ | — | $ | 63,318 | ||||||||||||
Current portion of debt | 10,938 | — | — | — | — | 10,938 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,882 | — | — | 13,882 | ||||||||||||||||||
Accrued insurance claims | 612 | — | 31,599 | 49 | — | 32,260 | ||||||||||||||||||
Deferred tax liabilities | — | 80 | 66 | 24 | (170 | ) | — | |||||||||||||||||
Other accrued liabilities | 12,668 | 566 | 61,284 | 1,616 | — | 76,134 | ||||||||||||||||||
Total current liabilities | 27,301 | 646 | 165,801 | 2,954 | (170 | ) | 196,532 | |||||||||||||||||
Long-term debt | 166,125 | 280,738 | — | — | — | 446,863 | ||||||||||||||||||
Accrued insurance claims | 778 | — | 32,959 | 45 | — | 33,782 | ||||||||||||||||||
Deferred tax liabilities, net non-current | — | 432 | 48,593 | 417 | (4,081 | ) | 45,361 | |||||||||||||||||
Intercompany payables | 162,127 | 454,557 | — | 11,759 | (628,443 | ) | — | |||||||||||||||||
Other liabilities | 3,168 | — | 1,711 | 3 | — | 4,882 | ||||||||||||||||||
Total liabilities | 359,499 | 736,373 | 249,064 | 15,178 | (632,694 | ) | 727,420 | |||||||||||||||||
Total stockholders' equity | 484,934 | 809,617 | 1,533,644 | 8,315 | (2,351,576 | ) | 484,934 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 844,433 | $ | 1,545,990 | $ | 1,782,708 | $ | 23,493 | $ | (2,984,270 | ) | $ | 1,212,354 | |||||||||||
Schedule of Condensed Income Statement | CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED JANUARY 24, 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Dycom Consolidated | |||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 437,970 | $ | 3,111 | $ | — | $ | 441,081 | ||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 353,182 | 2,247 | — | 355,429 | ||||||||||||||||||
General and administrative | 11,974 | 140 | 26,502 | 3,199 | — | 41,815 | ||||||||||||||||||
Depreciation and amortization | 1,304 | — | 20,789 | 1,171 | — | 23,264 | ||||||||||||||||||
Intercompany charges (income), net | (15,009 | ) | — | 15,515 | (506 | ) | — | — | ||||||||||||||||
Interest expense, net | (1,731 | ) | (4,999 | ) | — | — | — | (6,730 | ) | |||||||||||||||
Other income (expense), net | — | — | 1,913 | (178 | ) | — | 1,735 | |||||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | — | (5,139 | ) | 23,895 | (3,178 | ) | — | 15,578 | ||||||||||||||||
Provision (benefit) for income taxes: | — | (2,027 | ) | 9,426 | (1,253 | ) | — | 6,146 | ||||||||||||||||
Net income (loss) before equity in earnings of subsidiaries | — | (3,112 | ) | 14,469 | (1,925 | ) | — | 9,432 | ||||||||||||||||
Equity in earnings of subsidiaries | 9,432 | 12,544 | — | — | (21,976 | ) | — | |||||||||||||||||
Net income (loss) | $ | 9,432 | $ | 9,432 | $ | 14,469 | $ | (1,925 | ) | $ | (21,976 | ) | $ | 9,432 | ||||||||||
Foreign currency translation loss, net of tax | (458 | ) | (458 | ) | — | (458 | ) | 916 | (458 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 8,974 | $ | 8,974 | $ | 14,469 | $ | (2,383 | ) | $ | (21,060 | ) | $ | 8,974 | ||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED JANUARY 25, 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Dycom Consolidated | |||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 388,402 | $ | 2,116 | $ | — | $ | 390,518 | ||||||||||||
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 | ) | — | — | ||||||||||||||||
Interest expense, net | (1,807 | ) | (4,994 | ) | 1 | — | — | (6,800 | ) | |||||||||||||||
Other income (expense), 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, net of tax | (226 | ) | (226 | ) | — | (226 | ) | 452 | (226 | ) | ||||||||||||||
Comprehensive income (loss) | $ | (3,293 | ) | $ | (3,293 | ) | $ | 2,047 | $ | (2,233 | ) | $ | 3,479 | $ | (3,293 | ) | ||||||||
Schedule of Condensed Cash Flow Statement | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 24, 2015 (Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Elim-inations | Dycom Consolidated | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (8,331 | ) | $ | (6,115 | ) | $ | 96,931 | $ | 770 | $ | — | $ | 83,255 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (9,821 | ) | — | — | (9,821 | ) | ||||||||||||||||
Capital expenditures | (4,144 | ) | — | (31,281 | ) | (3,347 | ) | — | (38,772 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 4,031 | 8 | — | 4,039 | ||||||||||||||||||
Return of capital from subsidiaries | — | 1,749 | — | — | (1,749 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | (21,668 | ) | (300 | ) | — | 21,968 | — | ||||||||||||||||
Changes in restricted cash | (541 | ) | — | — | — | — | (541 | ) | ||||||||||||||||
Net cash used in investing activities | (4,685 | ) | (19,919 | ) | (37,371 | ) | (3,339 | ) | 20,219 | (45,095 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Borrowings on senior Credit Agreement | 175,000 | — | — | — | — | 175,000 | ||||||||||||||||||
Principal payments on senior Credit Agreement | (198,688 | ) | — | — | — | — | (198,688 | ) | ||||||||||||||||
Repurchases of common stock | (17,147 | ) | — | — | — | — | (17,147 | ) | ||||||||||||||||
Exercise of stock options | 2,335 | — | — | — | — | 2,335 | ||||||||||||||||||
Restricted stock tax withholdings | (4,330 | ) | — | — | — | — | (4,330 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 2,426 | — | — | — | — | 2,426 | ||||||||||||||||||
Intercompany funding | 53,420 | 26,034 | (62,219 | ) | 2,984 | (20,219 | ) | — | ||||||||||||||||
Net cash (used in) provided by financing activities | 13,016 | 26,034 | (62,219 | ) | 2,984 | (20,219 | ) | (40,404 | ) | |||||||||||||||
Net (decrease) increase in cash and equivalents | — | — | (2,659 | ) | 415 | — | (2,244 | ) | ||||||||||||||||
CASH AT BEGINNING OF PERIOD | — | — | 19,739 | 933 | — | 20,672 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 17,080 | $ | 1,348 | $ | — | $ | 18,428 | ||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JANUARY 25, 2014 (Dollars in thousands) | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Elim-inations | Dycom Consolidated | |||||||||||||||||||
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: | ||||||||||||||||||||||||
Borrowings on senior Credit Agreement | 221,000 | — | — | — | — | 221,000 | ||||||||||||||||||
Principal payments on senior Credit Agreement | (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 AT BEGINNING OF PERIOD | — | — | 18,166 | 441 | — | 18,607 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 15,212 | $ | 1,132 | $ | — | $ | 16,344 | ||||||||||||
Basis_of_Presentation_and_Acco2
Basis of Presentation and Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 | Jul. 26, 2014 | |
subsidiary | |||||
segment | |||||
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | 1 | ||||
Number of subsidiaries | 2 | ||||
Contract revenues | $441,081,000 | $390,518,000 | $951,470,000 | $903,238,000 | |
Restricted cash | 4,500,000 | 4,500,000 | 4,000,000 | ||
Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2021 | |||||
Segment Reporting Information [Line Items] | |||||
Debt, interest rate (in percent) | 7.13% | 7.13% | 7.13% | ||
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | $3,100,000 | $2,100,000 | $7,800,000 | $5,400,000 |
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. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 |
Basic earnings per unit | ||||
Net income | $9,432 | ($3,067) | $30,239 | $15,593 |
Weighted-average number of common shares (in shares) | 34,125,829 | 33,836,099 | 34,067,983 | 33,629,884 |
Basic earnings (loss) per common share (in dollars per share) | $0.28 | ($0.09) | $0.89 | $0.46 |
Diluted earnings per unit | ||||
Weighted-average number of common shares (in shares) | 34,125,829 | 33,836,099 | 34,067,983 | 33,629,884 |
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 1,001,569 | 0 | 1,054,547 | 1,138,061 |
Total shares-diluted (in shares) | 35,127,398 | 33,836,099 | 35,122,530 | 34,767,945 |
Diluted earnings (loss) per common share (in dollars per share) | $0.27 | ($0.09) | $0.86 | $0.45 |
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 283,380 | 3,440,300 | 445,254 | 753,914 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | |||
Jan. 24, 2015 | Oct. 25, 2014 | Apr. 26, 2014 | Jul. 26, 2014 | |
Business Acquisition [Line Items] | ||||
Goodwill | $269,465,000 | $269,088,000 | ||
Property, Plant and Equipment, Gross | 586,561,000 | 558,710,000 | ||
Connect Cable Contractors, Inc. and Systems Communications Services, Inc. [Member] [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition payments | 1,500,000 | |||
Hewitt Power & Communications, Inc | ||||
Business Acquisition [Line Items] | ||||
Acquisition payments | 8,000,000 | |||
Finite-Lived Intangible Assets, Gross | 5,900,000 | |||
Telecommunications Specialty Construction Contractor, Canada | ||||
Business Acquisition [Line Items] | ||||
Acquisition payments | 700,000 | |||
Watts Brothers | ||||
Business Acquisition [Line Items] | ||||
Acquisition payments | 16,400,000 | |||
Goodwill | 1,600,000 | |||
Finite-Lived Customer Relationships, Gross | 8,500,000 | |||
Property, Plant and Equipment, Gross | $3,700,000 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Jan. 24, 2015 | Jul. 26, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contract billings | $248,361,000 | $258,254,000 |
Retainage and other receivables | 19,957,000 | 15,323,000 |
Total | 268,318,000 | 273,577,000 |
Less: allowance for doubtful accounts | -1,032,000 | -836,000 |
Accounts receivable, net | 267,286,000 | 272,741,000 |
Construction liens | 17,700,000 | |
Corporation | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $20,100,000 |
Costs_and_Estimated_Earnings_i2
Costs and Estimated Earnings in Excess of Billings (Details) (USD $) | Jan. 24, 2015 | Jul. 26, 2014 |
In Thousands, unless otherwise specified | ||
Contractors [Abstract] | ||
Costs incurred on contracts in progress | $203,204 | $234,766 |
Estimated to date earnings | 49,677 | 57,335 |
Total costs and estimated earnings | 252,881 | 292,101 |
Less: billings to date | -56,989 | -75,414 |
Total costs in excess of billings | 195,892 | 216,687 |
Costs and estimated earnings in excess of billings | 212,314 | 230,569 |
Billings in excess of costs and estimated earnings | -16,422 | -13,882 |
Total costs in excess of billings | $195,892 | $216,687 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 | Jul. 26, 2014 |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $586,561 | $586,561 | $558,710 | ||
Less: accumulated depreciation | -379,413 | -379,413 | -353,297 | ||
Property and equipment, net | 207,148 | 207,148 | 205,413 | ||
Depreciation expense | 19,131 | 18,657 | 37,972 | 37,058 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 3,408 | 3,408 | 3,408 | ||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 11,642 | 11,642 | 11,589 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 6,216 | 6,216 | 5,335 | ||
Vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 293,176 | 293,176 | 279,631 | ||
Computer hardware and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 80,563 | 80,563 | 73,349 | ||
Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 7,928 | 7,928 | 7,790 | ||
Equipment and machinery | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $183,628 | $183,628 | $177,608 | ||
Minimum | Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 10 years | ||||
Minimum | Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 1 year | ||||
Minimum | Vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 1 year | ||||
Minimum | Computer hardware and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 3 years | ||||
Minimum | Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 2 years | ||||
Minimum | Equipment and machinery | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 1 year | ||||
Maximum | Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 35 years | ||||
Maximum | Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 10 years | ||||
Maximum | Vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 5 years | ||||
Maximum | Computer hardware and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 10 years | ||||
Maximum | Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 7 years | ||||
Maximum | Equipment and machinery | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 10 years |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 | Jul. 26, 2014 | Oct. 25, 2014 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $269,465,000 | $269,465,000 | 269,088,000 | |||
Amortization expense for finite-lived intangible assets | 4,100,000 | 4,800,000 | 8,200,000 | 9,900,000 | ||
Goodwill | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Reporting units as a percent of consolidated goodwill balance | 20.00% | |||||
Discount rate | 11.50% | |||||
Fair value assumptions, expected term | 7 years | |||||
Minimum | Goodwill | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Terminal growth rate range | 1.50% | |||||
Maximum | Goodwill | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Terminal growth rate range | 3.00% | |||||
Businesses Acquired in Fiscal 2013 | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Number of Reporting Units that Exceeded Carrying Value | 3 | |||||
Excess carrying value, percent | 25.00% | |||||
First Reporting Unit Acquired in Fiscal 2013 | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 10,600,000 | |||||
Second Reporting Unit Acquired in Fiscal 2013 | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 4,800,000 | |||||
Third Reporting Unit Acquired in Fiscal 2013 | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 3,600,000 | |||||
Hewitt Power & Communications, Inc | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Carrying amount | 5,900,000 | |||||
Customer relationships | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Carrying amount | 179,859,000 | 179,859,000 | 173,594,000 | |||
Customer relationships | Hewitt Power & Communications, Inc | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Carrying amount | 6,300,000 | |||||
Contract backlog | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Carrying amount | 8,076,000 | 8,076,000 | 15,285,000 | |||
Contract backlog | Hewitt Power & Communications, Inc | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||||
Carrying amount | $7,200,000 | $7,200,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2014 | Jan. 24, 2015 | Jul. 26, 2014 |
Goodwill [Roll Forward] | |||
Goodwill, gross, beginning balance | $464,855 | $465,232 | |
Goodwill acquisitions | 377 | ||
Goodwill, gross, ending balance | 465,232 | ||
Accumulated impairment losses | -195,767 | -195,767 | |
Goodwill | $269,465 | $269,088 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Intangible Assets (Details) (USD $) | Jan. 24, 2015 | Jul. 26, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible Assets Gross Excluding Goodwill | $201,235 | $202,179 |
Finite-Lived Intangible Assets, Accumulated Amortization | 87,062 | 86,063 |
Intangible assets, net | 114,173 | 116,116 |
Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 179,859 | 173,594 |
Finite-Lived Intangible Assets, Accumulated Amortization | 75,979 | 69,048 |
Contract backlog | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 8,076 | 15,285 |
Finite-Lived Intangible Assets, Accumulated Amortization | 6,874 | 13,490 |
Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 8,200 | 8,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,005 | 3,361 |
Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Carrying amount | 400 | 400 |
Finite-Lived Intangible Assets, Accumulated Amortization | 204 | 164 |
UtiliQuest | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
UtiliQuest trade name | $4,700 | $4,700 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Future Amortization Expense (Details) (USD $) | Jan. 24, 2015 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Six months ending July 25, 2015 | $8,289 |
2016 | 15,918 |
2017 | 14,403 |
2018 | 12,212 |
2019 | 9,792 |
2020 | 8,855 |
Thereafter | 40,004 |
Total | $109,473 |
Accrued_Insurance_Claims_Detai
Accrued Insurance Claims (Details) (USD $) | Jan. 24, 2015 | Jul. 26, 2014 | Jul. 25, 2015 |
Accrued Insurance Claims [Line Items] | |||
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 | 72,500,000 | 66,000,000 | |
Accrued insurance claims, Noncurrent | 38,348,000 | 33,782,000 | |
Scenario, Forecast | |||
Accrued Insurance Claims [Line Items] | |||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | 59,500,000 | ||
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. 24, 2015 | Jul. 26, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $15,669 | $18,429 |
Accrued employee benefit and incentive plan costs | 13,228 | 17,677 |
Accrued construction costs | 20,745 | 20,689 |
Accrued interest and related bank fees | 800 | 872 |
Income taxes payable | 231 | 5,223 |
Other current liabilities | 12,318 | 13,244 |
Total other accrued liabilities | $62,991 | $76,134 |
Debt_Outstanding_Details
Debt - Outstanding (Details) (USD $) | Jan. 24, 2015 | Jul. 26, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $433,918 | $457,801 |
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,000 | 3,200 |
Less: current portion | -12,500 | -10,938 |
Long-term debt | 421,418 | 446,863 |
Senior Credit Agreement - Revolving facility (matures December 2017) | Credit Agreement, December 3, 2012, Maturing December 2017 | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 44,000 | 63,000 |
Senior Credit Agreement - Term Loan (matures December 2017) | Credit Agreement, December 3, 2012, Maturing December 2017 | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 109,375 | 114,063 |
Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt, interest rate (in percent) | 7.13% | 7.13% |
Debt and capital lease obligations | 277,500 | 277,500 |
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | $3,043 | $3,238 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Jan. 24, 2015 | Jul. 26, 2014 | |
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $433,918,000 | $457,801,000 |
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,000,000 | 3,200,000 |
Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 277,500,000 | 277,500,000 |
Debt, interest rate (in percent) | 7.13% | 7.13% |
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,043,000 | 3,238,000 |
Long-term debt, fair value | 288,900,000 | 297,600,000 |
Senior Credit Agreement - Term Loan (matures December 2017) | Credit Agreement, December 3, 2012, Maturing December 2017 | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 109,375,000 | 114,063,000 |
Revolving Credit Facility | ||
Credit facility amount | 125,000,000 | |
Debt Instrument, Interest Rate at Period End | 2.17% | 2.15% |
Senior Credit Agreement - Revolving facility (matures December 2017) | Credit Agreement, December 3, 2012, Maturing December 2017 | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 44,000,000 | 63,000,000 |
Revolving Credit Facility | ||
Line of credit current borrowing capacity | 275,000,000 | |
Debt Instrument, Interest Rate at Period End | 2.36% | 2.55% |
Unutilized commitment fee (in percent) | 0.35% | 0.35% |
Additional borrowing availability | 176,600,000 | 162,600,000 |
Senior Credit Agreement - Revolving facility (matures December 2017) | Credit Agreement, December 3, 2012, Maturing December 2017 | Standby Letters of Credit | ||
Revolving Credit Facility | ||
Line of credit current borrowing capacity | 150,000,000 | |
Letters of credit outstanding amount | 54,400,000 | 49,400,000 |
Unutilized commitment fee (in percent) | 2.00% | 2.00% |
Debt Premium | 7.125% Senior Subordinated Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $280,500,000 | $280,700,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Jan. 24, 2015 | Jul. 26, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Income taxes payable | $231,000 | $5,223,000 |
Unrecognized tax benefit | 2,400,000 | 2,400,000 |
Payment of interest and penalties accrued | 900,000 | 800,000 |
Other Assets | ||
Operating Loss Carryforwards [Line Items] | ||
Income taxes receivable | $8,500,000 | $2,200,000 |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 |
Other Income and Expenses [Abstract] | ||||
Gain on sale of fixed assets | $1,659 | $570 | $3,182 | $2,435 |
Miscellaneous income, net | 76 | 25 | 348 | 172 |
Total other income, net | $1,735 | $595 | $3,530 | $2,607 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 24, 2015 | Jan. 24, 2015 | Jan. 25, 2014 | Jul. 26, 2014 | Feb. 24, 2015 | Aug. 27, 2013 | |
Class of Stock [Line Items] | ||||||
Number of Shares Repurchased | 488,768 | 360,900 | ||||
Average Price Per Share (in dollars per share) | $35.08 | $27.71 | ||||
Total Consideration (Dollars in thousands) | $17,100,000 | $17,147,000 | $9,999,000 | $10,000,000 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 138,535 | 130,195 | ||||
Value of Shares Paid for Tax Withholding for Share Based Compensation | 4,300,000 | 3,600,000 | ||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Remaining authorized repurchase amount | 12,900,000 | 12,900,000 | ||||
Common stock authorized repurchase amount | $40,000,000 | $40,000,000 |
StockBased_Awards_Details
Stock-Based Awards (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Jan. 24, 2015 | Jul. 26, 2014 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to stock options | $3.90 | |
Total compensation cost not yet recognized, period for recognition | 2 years 10 months 7 days | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to stock options | 8 | |
Total compensation cost not yet recognized, period for recognition | 2 years 7 months 25 days | |
Granted | 99,064 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 362,869 | 398,931 |
Performance RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to stock options | 17.6 | |
Total compensation cost not yet recognized, period for recognition | 1 year 7 months 25 days | |
Compensation expense | $5.30 | |
RSUs outstanding | 357,331 | |
Granted | 416,987 | |
Forfeited or cancelled | 312,163 | |
Share-based Compensation by Share-based Payment Award, Equity Awards Other than Options, Target Shares Expected to be Canceled | 48,313 | |
Share-based Compensation by Share-based Payment Award, Equity Awards Other than Options, Supplemental Shares Expected to be Canceled | 263,850 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 960,251 | 1,190,184 |
Target Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 730,046 | |
Supplemental Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted | 59,656 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 230,205 |
StockBased_Awards_Tax_Benefit_
Stock-Based Awards - Tax Benefit Recognized (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation | $3,664 | $3,544 | $7,554 | $7,049 |
Tax benefit recognized in the statement of operations | $1,508 | $1,368 | $2,973 | $2,665 |
StockBased_Awards_Stock_Option
Stock-Based Awards - Stock Options (Details) (Stock Options, USD $) | 6 Months Ended |
Jan. 24, 2015 | |
Stock Options | |
Stock Options, Outstanding [Roll Forward] | |
Outstanding as of | 2,044,893 |
Granted | 90,686 |
Options exercised | -177,362 |
Forfeited or canceled | -484,126 |
Outstanding as of | 1,474,091 |
Exercisable options | 1,215,823 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding as of | $18.68 |
Granted | $31.46 |
Options exercised | $13.16 |
Forfeited or canceled | $34.48 |
Outstanding as of | $14.95 |
Exercisable options | $12.70 |
StockBased_Awards_RSUs_and_Per
Stock-Based Awards - RSU's and Performance RSU's (Details) (USD $) | 6 Months Ended |
Jan. 24, 2015 | |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Outstanding as of | 398,931 |
Granted | 99,064 |
Share units vested | -133,468 |
Forfeited or canceled | -1,658 |
Outstanding as of | 362,869 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding as of | $20.61 |
Granted | $31.15 |
Share units vested | $19.55 |
Forfeited or canceled | $18.46 |
Outstanding as of | $23.89 |
Performance RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Outstanding as of | 1,190,184 |
Granted | 416,987 |
Share units vested | -317,908 |
Forfeited or canceled | -329,012 |
Outstanding as of | 960,251 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding as of | $21.73 |
Granted | $31.03 |
Share units vested | $21.59 |
Forfeited or canceled | $19.85 |
Outstanding as of | $26.46 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 |
Real property and equipment leases | ||||
Related Party Transaction [Line Items] | ||||
Total expense under lease agreements | $769 | $838 | $1,296 | $1,608 |
Subcontractors and materials expense | ||||
Related Party Transaction [Line Items] | ||||
Total expense under lease agreements | $686 | $605 | $1,189 | $1,266 |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Details) (USD $) | 6 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 | Jul. 26, 2014 |
Concentration Risk [Line Items] | |||||
Number of customers classified as highly concentrated | 5 | 5 | |||
Customer Concentration Risk | Five Unnamed Customers | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 59.80% | 58.20% | |||
Sales Revenue, Services, Net | Customer Concentration Risk | AT&T Inc. | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 21.60% | 18.00% | 22.00% | 18.70% | |
Sales Revenue, Services, Net | Customer Concentration Risk | CenturyLink, Inc. | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 13.50% | 15.00% | 14.00% | 14.40% | |
Sales Revenue, Services, Net | Customer Concentration Risk | Comcast Corporation | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 12.90% | 11.20% | 13.10% | 12.00% | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | AT&T Inc. | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 18.10% | 17.90% | |||
Accounts receivable, costs, and estimated earnings in excess of billings | 84.1 | 84.1 | $87.60 | ||
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | CenturyLink, Inc. | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10.10% | 9.80% | |||
Accounts receivable, costs, and estimated earnings in excess of billings | 46.7 | 46.7 | 48.2 | ||
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | Comcast Corporation | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 10.80% | 9.90% | |||
Accounts receivable, costs, and estimated earnings in excess of billings | 50.1 | 50.1 | $48.90 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jan. 24, 2015 | Jul. 26, 2014 |
Loss Contingencies [Line Items] | ||
Construction liens | $17.70 | |
Loss Contingency, Damages Sought | 2.6 | |
Credit Agreement, December 3, 2012, Maturing December 2017 | Senior Credit Agreement - Revolving facility (matures December 2017) | Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding amount | 54.4 | 49.4 |
Performance Guarantee and Surety Bond | ||
Loss Contingencies [Line Items] | ||
Outstanding performance and other surety contract bonds | 393.2 | 446.8 |
Other Accrued Liabilities | ||
Loss Contingencies [Line Items] | ||
Settlement liability | $0.60 |
Supplemental_Consolidating_Fin2
Supplemental Consolidating Financial Statements (Details) (USD $) | Jan. 24, 2015 | Jul. 26, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $433,918 | $457,801 |
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. 24, 2015 | Jul. 26, 2014 | Jan. 25, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and equivalents | $18,428 | $20,672 | $16,344 | $18,607 |
Accounts receivable, net | 267,286 | 272,741 | ||
Costs and estimated earnings in excess of billings | 212,314 | 230,569 | ||
Inventories | 43,768 | 49,095 | ||
Deferred tax assets, net | 18,732 | 19,932 | ||
Other current assets | 23,837 | 12,727 | ||
Total current assets | 584,365 | 605,736 | ||
Property and equipment, net | 207,148 | 205,413 | ||
Goodwill | 269,465 | 269,088 | ||
Intangible assets, net | 114,173 | 116,116 | ||
Deferred tax assets, net non-current | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivables | 0 | |||
Other | 18,382 | 16,001 | ||
Total non-current assets | 609,168 | 606,618 | ||
Total assets | 1,193,533 | 1,212,354 | ||
Current liabilities: | ||||
Accounts payable | 52,114 | 63,318 | ||
Current portion of debt | 12,500 | 10,938 | ||
Billings in excess of costs and estimated earnings | 16,422 | 13,882 | ||
Accrued insurance claims | 34,185 | 32,260 | ||
Accrued insurance claims | 0 | 0 | ||
Other accrued liabilities | 62,991 | 76,134 | ||
Total current liabilities | 178,212 | 196,532 | ||
Long-term debt | 421,418 | 446,863 | ||
Accrued insurance claims | 38,348 | 33,782 | ||
Deferred tax liabilities, net non-current | 45,596 | 45,361 | ||
Intercompany payables | 0 | 0 | ||
Other liabilities | 5,051 | 4,882 | ||
Total liabilities | 688,625 | 727,420 | ||
Total stockholders' equity | 504,908 | 484,934 | ||
Total liabilities and stockholders' equity | 1,193,533 | 1,212,354 | ||
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 | 3,602 | 3,822 | ||
Other current assets | 17,012 | 4,956 | ||
Total current assets | 20,614 | 8,778 | ||
Property and equipment, net | 18,678 | 18,108 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets, net non-current | 705 | 182 | ||
Investment in subsidiaries | 839,856 | 809,617 | ||
Intercompany receivables | 0 | 0 | ||
Other | 10,625 | 7,748 | ||
Total non-current assets | 869,864 | 835,655 | ||
Total assets | 890,478 | 844,433 | ||
Current liabilities: | ||||
Accounts payable | 977 | 3,083 | ||
Current portion of debt | 12,500 | 10,938 | ||
Billings in excess of costs and estimated earnings | 0 | 0 | ||
Accrued insurance claims | 162 | 612 | ||
Accrued insurance claims | 0 | 0 | ||
Other accrued liabilities | 8,203 | 12,668 | ||
Total current liabilities | 21,842 | 27,301 | ||
Long-term debt | 140,875 | 166,125 | ||
Accrued insurance claims | 86 | 778 | ||
Deferred tax liabilities, net non-current | 0 | 0 | ||
Intercompany payables | 219,607 | 162,127 | ||
Other liabilities | 3,160 | 3,168 | ||
Total liabilities | 385,570 | 359,499 | ||
Total stockholders' equity | 504,908 | 484,934 | ||
Total liabilities and stockholders' equity | 890,478 | 844,433 | ||
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 | ||
Other current assets | 42 | 16 | ||
Total current assets | 42 | 16 | ||
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 | 1,595,469 | 1,540,338 | ||
Intercompany receivables | 0 | 0 | ||
Other | 5,295 | 5,636 | ||
Total non-current assets | 1,600,764 | 1,545,974 | ||
Total assets | 1,600,806 | 1,545,990 | ||
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 | ||
Accrued insurance claims | 80 | 80 | ||
Other accrued liabilities | 532 | 566 | ||
Total current liabilities | 612 | 646 | ||
Long-term debt | 280,543 | 280,738 | ||
Accrued insurance claims | 0 | 0 | ||
Deferred tax liabilities, net non-current | 432 | 432 | ||
Intercompany payables | 479,363 | 454,557 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 760,950 | 736,373 | ||
Total stockholders' equity | 839,856 | 809,617 | ||
Total liabilities and stockholders' equity | 1,600,806 | 1,545,990 | ||
Subsidiary Guarantors | ||||
Current assets: | ||||
Cash and equivalents | 17,080 | 19,739 | 15,212 | 18,166 |
Accounts receivable, net | 265,297 | 269,760 | ||
Costs and estimated earnings in excess of billings | 210,921 | 228,541 | ||
Inventories | 43,768 | 49,095 | ||
Deferred tax assets, net | 15,228 | 16,193 | ||
Other current assets | 6,503 | 7,237 | ||
Total current assets | 558,797 | 590,565 | ||
Property and equipment, net | 170,150 | 171,158 | ||
Goodwill | 269,465 | 269,088 | ||
Intangible assets, net | 113,596 | 115,483 | ||
Deferred tax assets, net non-current | 3,618 | 3,884 | ||
Investment in subsidiaries | 1,566 | 1,621 | ||
Intercompany receivables | 708,222 | 628,443 | ||
Other | 2,315 | 2,466 | ||
Total non-current assets | 1,268,932 | 1,192,143 | ||
Total assets | 1,827,729 | 1,782,708 | ||
Current liabilities: | ||||
Accounts payable | 49,926 | 58,970 | ||
Current portion of debt | 0 | 0 | ||
Billings in excess of costs and estimated earnings | 16,422 | 13,882 | ||
Accrued insurance claims | 33,973 | 31,599 | ||
Accrued insurance claims | 36 | 66 | ||
Other accrued liabilities | 52,752 | 61,284 | ||
Total current liabilities | 153,109 | 165,801 | ||
Long-term debt | 0 | 0 | ||
Accrued insurance claims | 38,215 | 32,959 | ||
Deferred tax liabilities, net non-current | 48,312 | 48,593 | ||
Intercompany payables | 0 | 0 | ||
Other liabilities | 1,887 | 1,711 | ||
Total liabilities | 241,523 | 249,064 | ||
Total stockholders' equity | 1,586,206 | 1,533,644 | ||
Total liabilities and stockholders' equity | 1,827,729 | 1,782,708 | ||
Non- Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and equivalents | 1,348 | 933 | 1,132 | 441 |
Accounts receivable, net | 1,989 | 2,981 | ||
Costs and estimated earnings in excess of billings | 1,393 | 2,028 | ||
Inventories | 0 | 0 | ||
Deferred tax assets, net | 71 | 87 | ||
Other current assets | 280 | 518 | ||
Total current assets | 5,081 | 6,547 | ||
Property and equipment, net | 18,320 | 16,147 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 577 | 633 | ||
Deferred tax assets, net non-current | 0 | 15 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Other | 147 | 151 | ||
Total non-current assets | 19,044 | 16,946 | ||
Total assets | 24,125 | 23,493 | ||
Current liabilities: | ||||
Accounts payable | 1,211 | 1,265 | ||
Current portion of debt | 0 | 0 | ||
Billings in excess of costs and estimated earnings | 0 | 0 | ||
Accrued insurance claims | 50 | 49 | ||
Accrued insurance claims | 53 | 24 | ||
Other accrued liabilities | 1,504 | 1,616 | ||
Total current liabilities | 2,818 | 2,954 | ||
Long-term debt | 0 | 0 | ||
Accrued insurance claims | 47 | 45 | ||
Deferred tax liabilities, net non-current | 1,175 | 417 | ||
Intercompany payables | 9,252 | 11,759 | ||
Other liabilities | 4 | 3 | ||
Total liabilities | 13,296 | 15,178 | ||
Total stockholders' equity | 10,829 | 8,315 | ||
Total liabilities and stockholders' equity | 24,125 | 23,493 | ||
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 | -169 | -170 | ||
Other current assets | 0 | 0 | ||
Total current assets | -169 | -170 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets, net non-current | -4,323 | -4,081 | ||
Investment in subsidiaries | -2,436,891 | -2,351,576 | ||
Intercompany receivables | -708,222 | -628,443 | ||
Other | 0 | 0 | ||
Total non-current assets | -3,149,436 | -2,984,100 | ||
Total assets | -3,149,605 | -2,984,270 | ||
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 | ||
Accrued insurance claims | -169 | -170 | ||
Other accrued liabilities | 0 | 0 | ||
Total current liabilities | -169 | -170 | ||
Long-term debt | 0 | 0 | ||
Accrued insurance claims | 0 | 0 | ||
Deferred tax liabilities, net non-current | -4,323 | -4,081 | ||
Intercompany payables | -708,222 | -628,443 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | -712,714 | -632,694 | ||
Total stockholders' equity | -2,436,891 | -2,351,576 | ||
Total liabilities and stockholders' equity | ($3,149,605) | ($2,984,270) |
Supplemental_Consolidating_Fin4
Supplemental Consolidating Financial Statements - Income Statement (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jan. 24, 2015 | Jan. 25, 2014 |
Revenues [Abstract] | ||||
Contract revenues | $441,081 | $390,518 | $951,470 | $903,238 |
EXPENSES: | ||||
Costs of earned revenues, excluding depreciation and amortization | 355,429 | 327,353 | 758,898 | 737,472 |
General and administrative | 41,815 | 38,562 | 86,511 | 81,637 |
Depreciation and amortization | 23,264 | 23,435 | 46,193 | 46,987 |
Intercompany charges (income), net | 0 | 0 | 0 | 0 |
Interest expense, net | -6,730 | -6,800 | -13,480 | -13,686 |
Other income, net | 1,735 | 595 | 3,530 | 2,607 |
Income (loss) before income taxes | 15,578 | -5,037 | 49,918 | 26,063 |
Provision (benefit) for income taxes: | 6,146 | -1,970 | 19,679 | 10,470 |
Net income (loss) before equity in earnings of subsidiaries | 9,432 | -3,067 | 30,239 | 15,593 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 9,432 | -3,067 | 30,239 | 15,593 |
Foreign currency translation losses, net of tax | -458 | -226 | -726 | -286 |
Comprehensive income (loss) | 8,974 | -3,293 | 29,513 | 15,307 |
Parent | ||||
Revenues [Abstract] | ||||
Contract revenues | 0 | 0 | 0 | 0 |
EXPENSES: | ||||
Costs of earned revenues, excluding depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 11,974 | 10,284 | 24,807 | 21,520 |
Depreciation and amortization | 1,304 | 1,039 | 2,543 | 1,893 |
Intercompany charges (income), net | -15,009 | -13,130 | -30,831 | -27,106 |
Interest expense, net | -1,731 | -1,807 | -3,481 | -3,696 |
Other income, net | 0 | 0 | 0 | 3 |
Income (loss) 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 | 9,432 | -3,067 | 30,239 | 15,593 |
Net income (loss) | 9,432 | -3,067 | 30,239 | 15,593 |
Foreign currency translation losses, net of tax | -458 | -226 | -726 | -286 |
Comprehensive income (loss) | 8,974 | -3,293 | 29,513 | 15,307 |
Issuer | ||||
Revenues [Abstract] | ||||
Contract revenues | 0 | 0 | 0 | 0 |
EXPENSES: | ||||
Costs of earned revenues, excluding depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 140 | 215 | 239 | 441 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Intercompany charges (income), net | 0 | 0 | 0 | 0 |
Interest expense, net | -4,999 | -4,994 | -9,999 | -9,988 |
Other income, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | -5,139 | -5,209 | -10,238 | -10,429 |
Provision (benefit) for income taxes: | -2,027 | -2,102 | -4,036 | -4,189 |
Net income (loss) before equity in earnings of subsidiaries | -3,112 | -3,107 | -6,202 | -6,240 |
Equity in earnings of subsidiaries | 12,544 | 40 | 36,441 | 21,833 |
Net income (loss) | 9,432 | -3,067 | 30,239 | 15,593 |
Foreign currency translation losses, net of tax | -458 | -226 | -726 | -286 |
Comprehensive income (loss) | 8,974 | -3,293 | 29,513 | 15,307 |
Subsidiary Guarantors | ||||
Revenues [Abstract] | ||||
Contract revenues | 437,970 | 388,402 | 943,659 | 897,832 |
EXPENSES: | ||||
Costs of earned revenues, excluding depreciation and amortization | 353,182 | 325,678 | 753,274 | 733,373 |
General and administrative | 26,502 | 25,322 | 54,671 | 54,266 |
Depreciation and amortization | 20,789 | 21,230 | 41,370 | 42,851 |
Intercompany charges (income), net | 15,515 | 13,271 | 31,923 | 27,380 |
Interest expense, net | 0 | 1 | 0 | -2 |
Other income, net | 1,913 | 630 | 3,694 | 2,575 |
Income (loss) before income taxes | 23,895 | 3,532 | 66,115 | 42,535 |
Provision (benefit) for income taxes: | 9,426 | 1,485 | 26,064 | 17,085 |
Net income (loss) before equity in earnings of subsidiaries | 14,469 | 2,047 | 40,051 | 25,450 |
Equity in earnings of subsidiaries | 0 | 0 | -256 | 0 |
Net income (loss) | 14,469 | 2,047 | 39,795 | 25,450 |
Foreign currency translation losses, net of tax | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 14,469 | 2,047 | 39,795 | 25,450 |
Non- Guarantor Subsidiaries | ||||
Revenues [Abstract] | ||||
Contract revenues | 3,111 | 2,116 | 7,811 | 5,406 |
EXPENSES: | ||||
Costs of earned revenues, excluding depreciation and amortization | 2,247 | 1,675 | 5,624 | 4,099 |
General and administrative | 3,199 | 2,741 | 6,794 | 5,410 |
Depreciation and amortization | 1,171 | 1,166 | 2,280 | 2,243 |
Intercompany charges (income), net | -506 | -141 | -1,092 | -274 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other income, net | -178 | -35 | -164 | 29 |
Income (loss) before income taxes | -3,178 | -3,360 | -5,959 | -6,043 |
Provision (benefit) for income taxes: | -1,253 | -1,353 | -2,349 | -2,426 |
Net income (loss) before equity in earnings of subsidiaries | -1,925 | -2,007 | -3,610 | -3,617 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | -1,925 | -2,007 | -3,610 | -3,617 |
Foreign currency translation losses, net of tax | -458 | -226 | -726 | -286 |
Comprehensive income (loss) | -2,383 | -2,233 | -4,336 | -3,903 |
Eliminations and Reclassifications | ||||
Revenues [Abstract] | ||||
Contract revenues | 0 | 0 | 0 | 0 |
EXPENSES: | ||||
Costs 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 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 | 0 |
Income (loss) 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 | -21,976 | 3,027 | -66,424 | -37,426 |
Net income (loss) | -21,976 | 3,027 | -66,424 | -37,426 |
Foreign currency translation losses, net of tax | 916 | 452 | 1,452 | 572 |
Comprehensive income (loss) | ($21,060) | $3,479 | ($64,972) | ($36,854) |
Supplemental_Consolidating_Fin5
Supplemental Consolidating Financial Statements - Cash Flows (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 24, 2015 | Jan. 25, 2014 | Jul. 26, 2014 |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $83,255 | $67,866 | |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | -9,821 | 0 | |
Capital expenditures | -38,772 | -49,240 | |
Proceeds from sale of assets | 4,039 | 4,964 | |
Return of capital from subsidiaries | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | |
Changes in restricted cash | -541 | -305 | |
Net cash used in investing activities | -45,095 | -44,581 | |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings on senior Credit Agreement | 175,000 | 221,000 | |
Principal payments on senior Credit Agreement, including Term Loan | -198,688 | -247,125 | |
Repurchases of common stock | -17,147 | -9,999 | -10,000 |
Exercise of stock options | 2,335 | 11,869 | |
Restricted stock tax withholdings | -4,330 | -3,590 | |
Excess tax benefit from share-based awards | 2,426 | 2,297 | |
Intercompany funding | 0 | 0 | |
Net cash used in financing activities | -40,404 | -25,548 | |
Net decrease in cash and equivalents | -2,244 | -2,263 | |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 20,672 | 18,607 | 18,607 |
CASH AND EQUIVALENTS AT END OF PERIOD | 18,428 | 16,344 | 20,672 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | -8,331 | -4,085 | |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | 0 | ||
Capital expenditures | -4,144 | -3,351 | |
Proceeds from sale of assets | 0 | 0 | |
Return of capital from subsidiaries | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | |
Changes in restricted cash | -541 | -305 | |
Net cash used in investing activities | -4,685 | -3,656 | |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings on senior Credit Agreement | 175,000 | 221,000 | |
Principal payments on senior Credit Agreement, including Term Loan | -198,688 | -247,125 | |
Repurchases of common stock | -17,147 | -9,999 | |
Exercise of stock options | 2,335 | 11,869 | |
Restricted stock tax withholdings | -4,330 | -3,590 | |
Excess tax benefit from share-based awards | 2,426 | 2,297 | |
Intercompany funding | 53,420 | 33,289 | |
Net cash used in financing activities | 13,016 | 7,741 | |
Net decrease 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 (used in) operating activities | -6,115 | -6,135 | |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | 0 | ||
Capital expenditures | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | |
Return of capital from subsidiaries | 1,749 | 683 | |
Investment in subsidiaries | -21,668 | -800 | |
Changes in restricted cash | 0 | 0 | |
Net cash used in investing activities | -19,919 | -117 | |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings on senior Credit Agreement | 0 | 0 | |
Principal payments on senior Credit Agreement, including Term Loan | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Exercise of stock options | 0 | 0 | |
Restricted stock tax withholdings | 0 | 0 | |
Excess tax benefit from share-based awards | 0 | 0 | |
Intercompany funding | 26,034 | 6,252 | |
Net cash used in financing activities | 26,034 | 6,252 | |
Net decrease 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 (used in) operating activities | 96,931 | 79,911 | |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | -9,821 | ||
Capital expenditures | -31,281 | -43,150 | |
Proceeds from sale of assets | 4,031 | 3,361 | |
Return of capital from subsidiaries | 0 | 0 | |
Investment in subsidiaries | -300 | 0 | |
Changes in restricted cash | 0 | 0 | |
Net cash used in investing activities | -37,371 | -39,789 | |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings on senior Credit Agreement | 0 | 0 | |
Principal payments on senior Credit Agreement, including Term Loan | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Exercise of stock options | 0 | 0 | |
Restricted stock tax withholdings | 0 | 0 | |
Excess tax benefit from share-based awards | 0 | 0 | |
Intercompany funding | -62,219 | -43,076 | |
Net cash used in financing activities | -62,219 | -43,076 | |
Net decrease in cash and equivalents | -2,659 | -2,954 | |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 19,739 | 18,166 | 18,166 |
CASH AND EQUIVALENTS AT END OF PERIOD | 17,080 | 15,212 | |
Non- Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 770 | -1,825 | |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | 0 | ||
Capital expenditures | -3,347 | -2,739 | |
Proceeds from sale of assets | 8 | 1,603 | |
Return of capital from subsidiaries | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | |
Changes in restricted cash | 0 | 0 | |
Net cash used in investing activities | -3,339 | -1,136 | |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings on senior Credit Agreement | 0 | 0 | |
Principal payments on senior Credit Agreement, including Term Loan | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Exercise of stock options | 0 | 0 | |
Restricted stock tax withholdings | 0 | 0 | |
Excess tax benefit from share-based awards | 0 | 0 | |
Intercompany funding | 2,984 | 3,652 | |
Net cash used in financing activities | 2,984 | 3,652 | |
Net decrease in cash and equivalents | 415 | 691 | |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 933 | 441 | 441 |
CASH AND EQUIVALENTS AT END OF PERIOD | 1,348 | 1,132 | |
Eliminations and Reclassifications | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | 0 | ||
Capital expenditures | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | |
Return of capital from subsidiaries | -1,749 | -683 | |
Investment in subsidiaries | 21,968 | 800 | |
Changes in restricted cash | 0 | 0 | |
Net cash used in investing activities | 20,219 | 117 | |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings on senior Credit Agreement | 0 | 0 | |
Principal payments on senior Credit Agreement, including Term Loan | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Exercise of stock options | 0 | 0 | |
Restricted stock tax withholdings | 0 | 0 | |
Excess tax benefit from share-based awards | 0 | 0 | |
Intercompany funding | -20,219 | -117 | |
Net cash used in financing activities | -20,219 | -117 | |
Net decrease 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 |
Subsequent_Events_Details
Subsequent Events (Details) (Common Stock, USD $) | Feb. 24, 2015 | Jan. 24, 2015 | Aug. 27, 2013 |
In Millions, unless otherwise specified | |||
Common Stock | |||
Subsequent Event [Line Items] | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $12.90 | ||
Common stock authorized repurchase amount | $40 | $40 |