Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 25, 2015 | Sep. 01, 2015 | Jan. 24, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | DYCOM INDUSTRIES INC | ||
Entity Central Index Key | 67,215 | ||
Current Fiscal Year End Date | --07-25 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,068,731,432 | ||
Entity Common Stock, Shares Outstanding | 33,236,463 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 25, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Current assets: | ||
Cash and equivalents | $ 21,289 | $ 20,672 |
Accounts receivable, net | 315,134 | 272,741 |
Costs and estimated earnings in excess of billings | 274,730 | 230,569 |
Inventories | 48,650 | 49,095 |
Deferred tax assets, net | 20,630 | 19,932 |
Other current assets | 16,199 | 12,727 |
Total current assets | 696,632 | 605,736 |
Property and equipment, net | 231,564 | 205,413 |
Goodwill | 271,653 | 269,088 |
Intangible assets, net | 120,926 | 116,116 |
Other | 38,089 | 16,001 |
Total non-current assets | 662,232 | 606,618 |
Total assets | 1,358,864 | 1,212,354 |
Current liabilities: | ||
Accounts payable | 71,834 | 63,318 |
Current portion of debt | 3,750 | 10,938 |
Billings in excess of costs and estimated earnings | 16,896 | 13,882 |
Accrued insurance claims | 35,824 | 32,260 |
Other accrued liabilities | 98,406 | 76,134 |
Total current liabilities | 226,710 | 196,532 |
Long-term debt (including debt premium of $2.8 million and $3.2 million, respectively) | 521,841 | 446,863 |
Accrued insurance claims | 51,476 | 33,782 |
Deferred tax liabilities, net non-current | 47,388 | 45,361 |
Other liabilities | 4,249 | 4,882 |
Total liabilities | $ 851,664 | $ 727,420 |
COMMITMENTS AND CONTINGENCIES, Note 18 | ||
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: 33,381,779 and 33,990,589 issued and outstanding, respectively | 11,127 | 11,330 |
Additional paid-in capital | 71,004 | 131,819 |
Accumulated other comprehensive loss | (1,198) | (158) |
Retained earnings | 426,267 | 341,943 |
Total stockholders' equity | 507,200 | 484,934 |
Total liabilities and stockholders' equity | $ 1,358,864 | $ 1,212,354 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jul. 25, 2015 | Jul. 26, 2014 |
Statement of Financial Position [Abstract] | ||
Long-term debt premium | $ 2.8 | $ 3.2 |
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) | $ 0.333 | $ 0.333 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 33,381,779 | 33,990,589 |
Common stock, outstanding (in shares) | 33,381,779 | 33,990,589 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 25, 2015 | Apr. 25, 2015 | Jan. 24, 2015 | Oct. 25, 2014 | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
REVENUES: | |||||||||||
Contract revenues | $ 578,479 | $ 492,363 | $ 441,081 | $ 510,389 | $ 482,071 | $ 426,284 | $ 390,518 | $ 512,720 | $ 2,022,312 | $ 1,811,593 | $ 1,608,612 |
EXPENSES: | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 446,114 | 388,239 | 355,429 | 403,468 | 387,221 | 350,352 | 327,353 | 410,119 | 1,593,250 | 1,475,045 | 1,300,416 |
General and administrative (including stock-based compensation expense of $13.9 million, $12.6 million, and $9.9 million, respectively) | 178,700 | 161,858 | 145,771 | ||||||||
Depreciation and amortization | 96,044 | 92,772 | 85,481 | ||||||||
Total | 1,867,994 | 1,729,675 | 1,531,668 | ||||||||
Interest expense, net | (27,025) | (26,827) | (23,334) | ||||||||
Other income, net | 8,291 | 11,228 | 4,589 | ||||||||
Income before income taxes | 135,584 | 66,319 | 58,199 | ||||||||
Provision (benefit) for income taxes: | |||||||||||
Current | 50,016 | 32,664 | 25,281 | ||||||||
Deferred | 1,244 | (6,323) | (2,270) | ||||||||
Total provision for income taxes | 51,260 | 26,341 | 23,011 | ||||||||
Net income | $ 33,827 | $ 20,258 | $ 9,432 | $ 20,807 | $ 16,489 | $ 7,895 | $ (3,067) | $ 18,660 | $ 84,324 | $ 39,978 | $ 35,188 |
Earnings per common share: | |||||||||||
Basic earnings (loss) per common share (in dollars per share) | $ 1 | $ 0.59 | $ 0.28 | $ 0.61 | $ 0.49 | $ 0.23 | $ (0.09) | $ 0.56 | $ 2.48 | $ 1.18 | $ 1.07 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.97 | $ 0.58 | $ 0.27 | $ 0.59 | $ 0.47 | $ 0.23 | $ (0.09) | $ 0.54 | $ 2.41 | $ 1.15 | $ 1.04 |
Shares used in computing earnings per common share: | |||||||||||
Basic (in shares) | 34,045,481 | 33,773,158 | 33,012,595 | ||||||||
Diluted (in shares) | 35,026,688 | 34,816,381 | 33,782,187 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Income Statement [Abstract] | |||
Stock-based compensation | $ 13,923 | $ 12,596 | $ 9,902 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 25, 2015 | Apr. 25, 2015 | Jan. 24, 2015 | Oct. 25, 2014 | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 33,827 | $ 20,258 | $ 9,432 | $ 20,807 | $ 16,489 | $ 7,895 | $ (3,067) | $ 18,660 | $ 84,324 | $ 39,978 | $ 35,188 |
Foreign currency translation losses, net of tax | (1,040) | (261) | (35) | ||||||||
Comprehensive income | $ 83,284 | $ 39,717 | $ 35,153 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Balances (in shares) at Jul. 28, 2012 | 33,587,744 | ||||
Balances at Jul. 28, 2012 | $ 392,931 | $ 11,196 | $ 114,820 | $ 138 | $ 266,777 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock options exercised (in shares) | 544,162 | ||||
Stock options exercised | 5,253 | $ 181 | 5,072 | ||
Non-cash stock-based compensation expense (in shares) | 5,674 | ||||
Stock-based compensation | 9,902 | $ 2 | 9,900 | ||
Issuance of restricted stock, net of tax withholdings (in shares) | 173,537 | ||||
Issuance of restricted stock, net of tax withholdings | $ (884) | $ 58 | (942) | ||
Repurchase of common stock (in shares) | (1,047,000) | (1,047,000) | |||
Repurchase of common stock | $ (15,203) | $ (349) | (14,854) | ||
Other comprehensive loss | (35) | (35) | |||
Tax benefits from stock-based compensation | 1,209 | 1,209 | |||
Net income | 35,188 | 35,188 | |||
Balances (in shares) at Jul. 27, 2013 | 33,264,117 | ||||
Balances at Jul. 27, 2013 | 428,361 | $ 11,088 | 115,205 | 103 | 301,965 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock options exercised (in shares) | 803,796 | ||||
Stock options exercised | 14,568 | $ 268 | 14,300 | ||
Non-cash stock-based compensation expense (in shares) | 3,999 | ||||
Stock-based compensation | 12,596 | $ 1 | 12,595 | ||
Issuance of restricted stock, net of tax withholdings (in shares) | 279,577 | ||||
Issuance of restricted stock, net of tax withholdings | $ (3,781) | $ 93 | (3,874) | ||
Repurchase of common stock (in shares) | (360,900) | (360,900) | |||
Repurchase of common stock | $ (9,999) | $ (120) | (9,879) | ||
Other comprehensive loss | (261) | (261) | |||
Tax benefits from stock-based compensation | 3,472 | 3,472 | |||
Net income | $ 39,978 | 39,978 | |||
Balances (in shares) at Jul. 26, 2014 | 33,990,589 | 33,990,589 | |||
Balances at Jul. 26, 2014 | $ 484,934 | $ 11,330 | 131,819 | (158) | 341,943 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock options exercised (in shares) | 735,330 | ||||
Stock options exercised | 8,922 | $ 245 | 8,677 | ||
Non-cash stock-based compensation expense (in shares) | 4,062 | ||||
Stock-based compensation | 13,923 | $ 1 | 13,922 | ||
Issuance of restricted stock, net of tax withholdings (in shares) | 321,722 | ||||
Issuance of restricted stock, net of tax withholdings | $ (4,711) | $ 107 | (4,818) | ||
Repurchase of common stock (in shares) | (1,669,924) | (1,669,924) | |||
Repurchase of common stock | $ (87,146) | $ (556) | (86,590) | ||
Other comprehensive loss | (1,040) | (1,040) | |||
Tax benefits from stock-based compensation | 7,994 | 7,994 | |||
Net income | $ 84,324 | 84,324 | |||
Balances (in shares) at Jul. 25, 2015 | 33,381,779 | 33,381,779 | |||
Balances at Jul. 25, 2015 | $ 507,200 | $ 11,127 | $ 71,004 | $ (1,198) | $ 426,267 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
OPERATING ACTIVITIES: | |||
Net income | $ 84,324 | $ 39,978 | $ 35,188 |
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: | |||
Depreciation and amortization | 96,044 | 92,772 | 85,481 |
Deferred income tax provision (benefit) | 1,244 | (6,323) | (2,270) |
Stock-based compensation | 13,923 | 12,596 | 9,902 |
Bad debt expense, net | 465 | 615 | 139 |
Gain on sale of fixed assets | (7,110) | (10,706) | (4,683) |
Write-off of deferred financing costs | 0 | 0 | 321 |
Amortization of premium on long-term debt | (397) | (369) | (218) |
Amortization of debt issuance costs and other | 2,040 | 1,916 | 1,652 |
Excess tax benefit from share-based awards | (8,371) | (3,025) | (1,283) |
Other | 0 | 0 | 57 |
Change in operating assets and liabilities: | |||
Accounts receivable, net | (40,444) | (16,949) | 3,625 |
Costs and estimated earnings in excess of billings, net | (41,021) | (25,356) | (12,338) |
Other current assets and inventory | (1,138) | (12,843) | (1,083) |
Other assets | (6,875) | (555) | (31) |
Income taxes receivable/payable | 11,758 | 6,685 | 5,994 |
Accounts payable | 7,114 | (4,244) | (11,163) |
Accrued liabilities, insurance claims, and other liabilities | 30,344 | 9,993 | (2,546) |
Net cash provided by operating activities | 141,900 | 84,185 | 106,744 |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | (31,909) | (17,088) | (330,291) |
Capital expenditures | (102,997) | (89,136) | (64,650) |
Proceeds from sale of assets | 9,392 | 15,407 | 5,827 |
Changes in restricted cash | (4,000) | 0 | 0 |
Other investing activities | (538) | (303) | 60 |
Net cash used in investing activities | (130,052) | (91,120) | (389,054) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 0 | 0 | 93,825 |
Proceeds from borrowings on senior credit agreement, including term loan | 535,750 | 502,000 | 529,500 |
Principal payments on senior credit agreement, including term loan | (467,563) | (495,813) | (358,625) |
Debt issuance costs | (3,854) | 0 | (6,739) |
Repurchases of common stock | (87,146) | (9,999) | (15,203) |
Exercise of stock options | 8,922 | 14,568 | 5,253 |
Restricted stock tax withholdings | (4,711) | (3,781) | (884) |
Excess tax benefit from share-based awards | 8,371 | 3,025 | 1,283 |
Net cash (used in) provided by financing activities | (1,000) | (1,000) | (74) |
Net cash (used in) provided by financing activities | (11,231) | 9,000 | 248,336 |
Net increase (decrease) in cash and equivalents | 617 | 2,065 | (33,974) |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 20,672 | 18,607 | 52,581 |
CASH AND EQUIVALENTS AT END OF PERIOD | 21,289 | 20,672 | 18,607 |
Cash paid during the period for: | |||
Interest | 25,369 | 25,291 | 21,414 |
Income taxes | 39,057 | 26,738 | 19,128 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $ 2,372 | $ 2,651 | $ 13,639 |
CONSOLIDATED STATEMENTS OF CAS9
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 |
Statement of Cash Flows [Abstract] | |||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% |
Amount paid for other specified items | $ 3.8 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 12 Months Ended |
Jul. 25, 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 provides 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 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") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Segment Information – The Company operates in one reportable segment. Its services are provided by its operating segments on a decentralized basis. Each operating segment consists of a subsidiary (or in limited instances, 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 based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. The Company's operating segments provide services throughout the United States and in Canada. Revenues from services provided in Canada were approximately $13.1 million , $12.2 million , and $13.0 million during fiscal 2015, 2014, and 2013, respectively. The Company had no material long-lived assets in Canada as of July 25, 2015 or July 26, 2014. Significant Acquisitions – On December 3, 2012, the Company acquired substantially all of the telecommunications infrastructure services subsidiaries of Quanta Services, Inc. The results of operations of these subsidiaries are included in the accompanying consolidated financial statements from the date of acquisition. See Note 3, Acquisitions , for further information regarding the Company's acquisitions. Accounting Period – The Company's fiscal year ends on the last Saturday in July. As a result, each fiscal year consists of either fifty-two weeks or fifty-three weeks of operations (with an additional week of operations occurring in the fourth quarter). Fiscal 2015, 2014, and 2013 each contain fifty-two weeks. Fiscal 2016 will contain fifty-three weeks of operations. Significant Accounting Policies & Estimates Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. For the Company, key estimates include: recognition of revenue for costs and estimated earnings under the percentage of completion method of accounting, allowance for doubtful accounts, the fair value of reporting units for goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, the purchase price allocations of businesses acquired, accrued insurance claims, income taxes, asset lives used in computing depreciation and amortization, stock-based compensation expense for performance-based stock awards, and accruals for contingencies, including legal matters. These estimates are based on the Company's historical experience and management's understanding of current facts and circumstances. 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. Revenue Recognition – The Company recognizes revenues under the percentage of completion method of accounting using the units-of-delivery or cost-to-cost measures. The Company performs a majority of its services under master service agreements and other agreements that contain customer-specified service requirements, such as discrete pricing for individual tasks. Revenue is recognized under these arrangements based on units-of-delivery as each unit is completed. Revenues from contracts using the cost-to-cost measures of completion are recognized based on the ratio of contract costs incurred to date to total estimated contract costs and represented less than 10% of the Company’s contract revenues during each of fiscal 2015, 2014, and 2013. There were no material amounts of unapproved change orders or claims recognized during fiscal 2015, 2014, or 2013. The current asset “Costs and estimated earnings in excess of billings” represents revenues recognized in excess of amounts billed. The current liability “Billings in excess of costs and estimated earnings” represents billings in excess of revenues recognized. Application of the percentage of completion method of accounting requires the use of estimates of costs to be incurred for the performance of the contract. The cost estimation process is based on the knowledge and experience of the Company’s project managers and financial professionals. Factors that the Company considers in estimating the work to be completed and ultimate contract recovery include the availability and productivity of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays in performance and the recoverability of any claims. Changes in job performance, job conditions, estimated profitability, and final contract settlements may result in changes to costs and income and their effects are recognized in the period in which the revisions are determined. The Company accrues the entire amount of an estimated loss at the time the loss on a contract becomes known. For fiscal 2015, 2014, and 2013, there was no material impact to the Company's results of operations due to changes in contract estimates. Cash and Equivalents – Cash and equivalents primarily include balances on deposit in banks. The Company maintains substantially all of its cash and equivalents at financial institutions it believes to be of high credit quality. To date, the Company has not experienced any loss or lack of access to cash in its operating accounts. Restricted Cash – As of July 25, 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 consolidated balance sheets and changes in restricted cash are reported in cash flows used in investing activities in the consolidated statements of cash flows. Allowance for Doubtful Accounts – The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the failure of its customers to make required payments. With respect to certain customers, the Company has statutory lien rights that may assist in its collection efforts. Management analyzes the collectability of accounts receivable balances each period. This analysis considers the aging of account balances, historical bad debt experience, changes in customer creditworthiness, current economic trends, customer payment activity, and other relevant factors. Should any of these factors change, the estimate made by management may also change, which could affect the level of the Company's future provision for doubtful accounts. The Company recognizes an increase in the allowance for doubtful accounts when it is probable that a receivable is not collectible and the loss can be reasonably estimated. Any increase in the allowance account has a corresponding negative effect on the Company's results of operations. See Note 4, Accounts Receivable , for further information regarding the Company's accounts receivable. Inventories – Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or market. Inventories also include certain job specific materials that are valued using the specific identification method. For contracts where the Company is required to supply part or all of the materials on behalf of the customer, the loss of the customer or declines in contract volumes could result in an impairment of the value of materials purchased. Property and Equipment – Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 6, Property and Equipment , for the range of useful lives). Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software is accounted for in accordance with Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 350-40, Internal Use Software. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $21.8 million and $16.5 million as of July 25, 2015, and July 26, 2014, respectively. Goodwill and Intangible Assets – The Company accounts for goodwill and other intangibles in accordance with ASC Topic 350, Intangibles-Goodwill and Other ("ASC Topic 350"). 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 performs its annual impairment review of goodwill at the reporting unit level. Each of the Company's operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If the Company determines the fair value of its reporting unit's goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of the tests, an impairment loss is recognized and reflected in operating income or loss in the consolidated statements of operations during the period incurred. In accordance with ASC Topic 360, Impairment or Disposal of Long-Lived Assets, the Company reviews finite-lived intangible assets for impairment whenever an event occurs or circumstances change that indicates that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. Should an asset not be recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If the Company determines the fair value of an asset is less than the carrying value, an impairment loss is incurred and reflected in operating income or loss in the consolidated statements of operations during the period incurred. The Company uses judgment in assessing if goodwill and intangible assets are impaired. Estimates of fair value are based on the Company's projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. The Company determines the fair value of its reporting units using a weighting of fair values derived equally from the income approach and the market approach valuation methodologies. The income approach uses the discounted cash flow method and the market approach uses the guideline company method. Changes in the Company's judgments and projections could result in significantly different estimates of fair value potentially resulting in impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. Business Combinations – The Company accounts for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, contract backlog amounts, if applicable, and expected royalty rates for trademarks and trade names, as well as certain other assumptions. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to the Company at that time, may become known during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. The Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill or intangible assets to the extent that it identifies adjustments to the preliminary purchase price allocation. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the accompanying consolidated financial statements from their dates of acquisition. Long-Lived Tangible Assets – The Company reviews long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. Accrued Insurance Claims – For claims within the Company's insurance program, it retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability, workers' compensation, employee group health, and damages associated with underground facility locating services. The Company has established reserves that it believes to be adequate based on current evaluations and its experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on the Company's financial statements is generally limited to the amount needed to satisfy its insurance deductibles or retentions. The liability for accrued claims and related accrued processing costs was $87.3 million and $66.0 million as of July 25, 2015 and July 26, 2014, respectively, and included incurred but not reported losses of approximately $39.4 million and $32.1 million , respectively. Based on prior payment patterns for similar claims, $35.8 million and $32.3 million of the amounts accrued as of July 25, 2015 and July 26, 2014, respectively, were expected to be paid within the next twelve months. Insurance recoveries/receivables related to accrued claims as of July 25, 2015 were $9.5 million , of which $0.6 million was included in other current assets and $8.9 million was included in non-current other assets. The Company estimates the liability for claims based on facts, circumstances, and historical evidence. Recorded loss reserves are not discounted even though they will not be paid until sometime in the future. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the magnitude and quantity of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. Per Share Data – Basic earnings per common share is computed based on the weighted average number of shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares, including unvested restricted share units. Performance share awards are included in diluted weighted average number of common shares outstanding based upon the quantity that would be issued if the end of the reporting period were the end of the term of the award. Stock options, time-based restricted share units ("RSUs") and performance-based restricted share units ("Performance RSUs") are included in diluted weighted average number of common shares outstanding by applying the treasury stock method. Common stock equivalents related to stock options are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. Stock-Based Compensation – The Company's stock-based award programs are intended to attract, retain, and reward talented employees, officers and directors, and to align stockholder and employee interests. The Company has granted stock-based awards under its 2012 Long-Term Incentive Plan ("2012 Plan"), 2003 Long-Term Incentive Plan ("2003 Plan") and the 2007 Non-Employee Directors Equity Plan ("2007 Directors Plan" and, together with the 2012 Plan and 2003 Plan, the "Plans"). In addition, awards are outstanding in other plans under which no further awards will be granted. The Company's policy is to issue new shares to satisfy equity awards under the Plans. The Plans provide for several types of stock-based awards, including stock options, restricted shares, performance shares, restricted share units, performance share units, and stock appreciation rights. The total number of shares available for grant under the Plans as of July 25, 2015 was 1,170,808 . Compensation expense for stock-based awards is based on the fair value at the measurement date and fluctuates over time as a result of the vesting period of the stock-based awards and the Company's performance, as measured by criteria set forth in the performance-based awards. Expense is included in general and administrative expenses in the consolidated statements of operations and the amount of expense ultimately recognized is based on the number of awards that actually vest. For performance-based restricted share units ("Performance RSUs"), the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if it determines it is probable that the performance criteria for the awards will be met. Accordingly, future stock-based compensation expense may vary from fiscal year to fiscal year. The fair value of time-based restricted share units ("RSUs") and Performance RSUs is estimated on the date of grant and is generally equal to the closing stock price on that date. RSUs and Performance RSUs are settled in one share of the Company's common stock upon vesting. RSUs vest ratably over a period of four years . Performance RSUs vest over a period of three years from the date of grant if certain performance goals are achieved. The performance targets are based on the Company's fiscal year operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its fiscal year operating cash flow level. For the fiscal 2015 and fiscal 2014 performance periods, the performance targets exclude amounts recorded for the amortization of intangible assets of businesses acquired in fiscal 2013. Additionally, certain awards include three -year performance goals that, if met, result in supplemental shares awarded. The three -year performance criteria required to earn supplemental awards is more difficult to achieve than that required to earn annual target awards and is based on the Company's three-year cumulative operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its three-year cumulative operating cash flow level. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model based on certain assumptions including: expected volatility based on the historical price of the Company's stock over the expected life of the option; the risk free rate of return based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option; the expected life based on the period of time the options are expected to be outstanding using historical data to estimate option exercise and employee termination; and dividend yield based on the Company's history and expectation of dividend payments. Stock options generally vest ratably over a four -year period and are exercisable over a period of up to ten years . 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 non-deductible and non-taxable items and tax credits recognized in relation to pre-tax results. Measurement of the Company's tax position is based on the applicable statutes, federal and state case law, and its interpretations of tax regulations. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all relevant factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event it determines that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes. In the normal course of business, tax positions exist for which the ultimate outcome is uncertain. ASC Topic 740, Income Taxes ("ASC Topic 740") prescribes a two-step process for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. The first step involves an evaluation of the underlying tax position based solely on technical merits (such as tax law) and the second step involves measuring the tax position based on the probability of it being sustained in the event of a tax examination. The Company recognizes tax benefits at the amount that it deems more likely than not will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized in the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. The Company recognizes applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. During fiscal 2015, the Company adopted new IRS regulations for capitalizing and deducting costs incurred to acquire, produce, or improve tangible property. The new regulations did not have a material effect on the Company’s consolidated financial statements. Fair Value of Financial Instruments – The Company's financial instruments consist primarily of cash and equivalents, restricted cash, accounts receivable, income taxes receivable and payable, accounts payable and certain accrued expenses, as well as 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 July 25, 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 July 25, 2015 and July 26, 2014 . During fiscal 2015 and 2014, the Company had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. Taxes Collected from Customers – ASC Topic 605, Taxes Collected from Customers and Remitted to Governmental Authorities , addresses the income statement presentation of any taxes collected from customers and remitted to a government authority and provides that the presentation of taxes on either a gross basis or a net basis in an accounting policy decision that should be disclosed. The Company's policy is to present contract revenues net of sales taxes. Other Assets – Other assets consist of deferred financing costs of $11.6 million , insurance recoveries/receivables related to accrued claims of $8.9 million , and other noncurrent assets consisting of long-term deposits, prepaid discounts and other totaling $13.6 million as of July 25, 2015. Additionally, during fiscal 2015, the Company made an investment of $4.0 million in nonvoting senior units of a customer in connection with this customer's restructuring plan. The investment is accounted for using the cost method. 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. 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"), requiring 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. The original public organization effective date for the Company was fiscal 2018; however, the FASB approved a one-year deferral of the effective date of this standard in July 2015. As such, ASU 2014-09 will be effective for the Company beginning in fiscal 2019 and interim reporting periods within that year, using either the retrospective or cumulative effect transition method. 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 following the date its 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 following the date its 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. 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"), which 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 2017 and interim reporting periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's financial position or results of operations. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires debt issuance costs to be presented as a direct deduction from the associated debt liability on the balance sheet. ASU 2015-03 will be effective for the Company in fiscal 2017 and interim reporting periods within that year, using the retrospective method. See Note 10, Debt , for further information regarding the Company’s debt financing. The adoption of this guidance will change the presentation of debt issuance costs but will not have a material effect on the Company's consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer's Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"), which provides guidance to customers about |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 12 Months Ended |
Jul. 25, 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 per common share: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands, except per share amounts) Net income available to common stockholders (numerator) $ 84,324 $ 39,978 $ 35,188 Weighted-average number of common shares (denominator) 34,045,481 33,773,158 33,012,595 Basic earnings per common share $ 2.48 $ 1.18 $ 1.07 Weighted-average number of common shares 34,045,481 33,773,158 33,012,595 Potential common stock arising from stock options, and unvested restricted share units 981,207 1,043,223 769,592 Total shares-diluted (denominator) 35,026,688 34,816,381 33,782,187 Diluted earnings per common share $ 2.41 $ 1.15 $ 1.04 Anti-dilutive weighted shares excluded from the calculation of earnings per common share 103,896 586,389 1,204,116 |
Acquisitions
Acquisitions | 12 Months Ended |
Jul. 25, 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 Company acquired the assets of two cable installation contractors for an aggregate purchase price of $1.5 million during the second quarter of fiscal 2015. During the fourth quarter of fiscal 2015, the Company acquired Moll's Utility Services, LLC ("Moll's") for $6.5 million , net of cash acquired. Moll's provides specialty contracting services primarily for utilities in the Midwest United States. The Company also acquired the assets of Venture Communications Group, LLC ("Venture") for $15.6 million during the fourth quarter of fiscal 2015. Venture provides specialty contracting services primarily for telecommunications providers in the Midwest and Southeastern United States. Purchase price allocations of businesses acquired during the fourth quarter of fiscal 2015 are preliminary and will be completed during fiscal 2016 when valuations are finalized for intangible assets and other amounts. Goodwill of $2.2 million and amortizing intangible assets of $22.0 million related to businesses acquired in fiscal 2015 is expected to be deductible for tax purposes. Goodwill largely consists of expected synergies resulting from the acquisitions, including the expansion of the Company's geographic scope and strengthening of its customer base. See Note 7, Goodwill and Intangible Assets , for further information on amortization and estimated useful lives of intangible assets acquired. Additionally, see Note 21, Subsequent Events , regarding businesses acquired subsequent to 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 . Additionally, during the fourth quarter of fiscal 2014, the Company acquired Watts Brothers Cable Construction, Inc. ("Watts Brothers") for $16.4 million . Watts Brothers provides specialty contracting services primarily for telecommunications providers in the Midwest and Southeastern United States. Fiscal 2013 - On December 3, 2012, the Company acquired substantially all of the telecommunications infrastructure services subsidiaries (the "Acquired Subsidiaries") of Quanta Services, Inc. for the sum of $275.0 million in cash, an adjustment of approximately $40.4 million for working capital received in excess of a target amount, and approximately $3.7 million for other specified items. The Acquired Subsidiaries provide specialty contracting services, including engineering, construction, maintenance and installation services to telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. Principal business facilities are located in Arizona, California, Florida, Georgia, Minnesota, New York, Pennsylvania and Washington. Pro forma contract revenues, income before taxes, and net income of the Acquired Subsidiaries were $1.837 billion , $90.0 million and $54.4 million , respectively, for fiscal 2013, resulting in basic and diluted pro forma earnings per share of $1.65 and $1.61 , respectively. This unaudited pro forma information presents the Company's consolidated results of operations as if the acquisition of the Acquired Subsidiaries had occurred on July 31, 2011, the first day of the Company's 2012 fiscal year and includes certain adjustments, including depreciation and amortization expense based on the estimated fair value of the assets acquired, interest expense related to the Company's debt financing of the transaction, and the income tax impact of these adjustments. Pro forma earnings during fiscal 2013 have been adjusted to reflect amortization and depreciation as if the acquisition had occurred on July 31, 2011. This includes the impact of amortization expense, including customer relationships and contract backlog which is being recognized on an accelerated basis related to the expected economic benefit. Pro forma results also reflect depreciation expense which is recognized over the estimated useful lives of the related property and equipment. The unaudited pro forma information is not necessarily indicative of the results of operations of the combined companies had the acquisition occurred at the beginning of the periods presented nor is it indicative of future results. During the fourth quarter of fiscal 2013, the Company acquired Sage Telecommunications Corp. of Colorado, LLC ("Sage") and certain assets of a tower construction and maintenance company for a combined total of $11.3 million , net of cash acquired. Sage provides telecommunications construction and project management services primarily for cable operators in the Western United States. The results of these acquisitions are included in the consolidated financial statements from their respective closing dates. The results from businesses acquired during fiscal 2015, fiscal 2014, and the fourth quarter of fiscal 2013 were not considered material to the Company's consolidated financial statements, individually or in the aggregate. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Jul. 25, 2015 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Contract billings $ 292,029 $ 258,254 Retainage 24,321 15,323 Total 316,350 273,577 Less: allowance for doubtful accounts (1,216 ) (836 ) Accounts receivable, net $ 315,134 $ 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. The increase in accounts receivable and retainage during fiscal 2015 is the result of higher levels of work performed. Except as described below, there were no material accounts receivable amounts representing claims or other similar items subject to uncertainty as of July 25, 2015 or July 26, 2014 . In April 2014, Pauley Construction, Inc. ("Pauley"), a wholly-owned subsidiary of the Company, halted work and filed construction liens with respect to past due balances from a customer on a rural project. The project was being 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. During fiscal 2015, the project restarted pursuant to the customer's restructuring plan with the RUS. In connection therewith, the Company made an investment of $4.0 million in nonvoting senior units of the customer during fiscal 2015. The Company collected certain of the past due balances and $6.8 million remains outstanding as of July 25, 2015. The Company expects to collect the remaining accounts receivable balances from the customer within the next twelve months. A significant portion of the outstanding balance is secured by construction liens. In the event the customer does not pay the balances owed, the Company may enforce its liens rights or take other actions necessary for collection. Amounts realized from these actions would depend on the fair value of the assets as well as the amount owed to, and the priority of, other creditors at the time of resolution. The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows: Fiscal Year Ended July 25, 2015 July 26, 2014 (Dollars in thousands) Allowance for doubtful accounts at beginning of period $ 836 $ 129 Bad debt expense 465 615 Amounts recovered (charged) against the allowance (85 ) 92 Allowance for doubtful accounts at end of period $ 1,216 $ 836 |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings | 12 Months Ended |
Jul. 25, 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") include revenue for services from contracts based both on the units-of-delivery and the cost-to-cost measures of the percentage of completion method. Amounts consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Costs incurred on contracts in progress $ 240,077 $ 234,766 Estimated to date earnings 72,446 57,335 Total costs and estimated earnings 312,523 292,101 Less: billings to date (54,689 ) (75,414 ) $ 257,834 $ 216,687 Included in the accompanying consolidated balance sheets under the captions: Costs and estimated earnings in excess of billings $ 274,730 $ 230,569 Billings in excess of costs and estimated earnings (16,896 ) (13,882 ) $ 257,834 $ 216,687 As of July 25, 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 July 25, 2015 or July 26, 2014 . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jul. 25, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following: Estimated Useful Lives July 25, 2015 July 26, 2014 (Years) (Dollars in thousands) Land — $ 3,475 $ 3,408 Buildings 10-35 11,944 11,589 Leasehold improvements 1-10 8,491 5,335 Vehicles 1-5 316,979 279,631 Computer hardware and software 1-7 80,091 73,349 Office furniture and equipment 1-7 8,183 7,790 Equipment and machinery 1-10 194,943 177,608 Total 624,106 558,710 Less: accumulated depreciation (392,542 ) (353,297 ) Property and equipment, net $ 231,564 $ 205,413 Depreciation expense and repairs and maintenance were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Depreciation expense $ 79,331 $ 74,517 $ 64,756 Repairs and maintenance expense $ 22,054 $ 21,829 $ 19,408 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jul. 25, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company's goodwill balance was $271.7 million and $269.1 million as of July 25, 2015 and July 26, 2014 , respectively. The increase in goodwill during fiscal 2015 was primarily the result of preliminary purchase price allocations associated with businesses acquired in fiscal 2015. Changes in the carrying amount of goodwill for fiscal 2015 and fiscal 2014 were as follows: Goodwill Accumulated Impairment Losses Total (Dollars in thousands) Balance as of July 27, 2013 $ 463,577 $ (195,767 ) $ 267,810 Goodwill from fiscal 2014 acquisitions 1,278 — 1,278 Balance as of July 26, 2014 464,855 (195,767 ) 269,088 Purchase price allocation adjustments 377 — 377 Goodwill from fiscal 2015 acquisitions 2,188 — 2,188 Balance as of July 25, 2015 $ 467,420 $ (195,767 ) $ 271,653 The Company's goodwill resides in multiple reporting units. 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 profitability of individual reporting units may suffer periodically due to downturns in customer demand and the level of overall economic activity, including in particular construction and housing activity. The Company's customers may reduce capital expenditures and defer or cancel pending projects during times of slowing economic conditions. Additionally, adverse conditions in the economy and future volatility in the equity and credit markets could impact the valuation of the Company's reporting units. The cyclical nature of the Company's business, the high level of competition existing within its industry, and the concentration of its revenues from a limited number of customers may also cause results to vary. These factors may affect individual reporting units disproportionately, relative to the Company as a whole. As a result, the performance of one or more of the reporting units could decline, resulting in an impairment of goodwill or intangible assets. The Company evaluates current operating results, including any losses, in the assessment of goodwill and other intangible assets. The estimates and assumptions used in assessing the fair value of the reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Changes in judgments and estimates could result in a significantly different estimate of the fair value of the reporting units and could result in impairments of goodwill or intangible assets of the reporting units. In addition, adverse changes to the key valuation assumptions contributing to the fair value of the Company's reporting units could result in an impairment of goodwill or intangible assets. The Company performed its annual impairment assessment as of the first day of the fourth quarter of each of fiscal 2015, 2014, and 2013 and concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit for any of the years. During fiscal 2015, the Company performed qualitative assessments on reporting units that comprise a substantial portion of its consolidated goodwill balance and on its indefinite-lived intangible asset. A qualitative assessment includes evaluating all identified events and circumstances that could affect the significant inputs used to determine the fair value of a reporting unit or indefinite-lived intangible asset for the purpose of determining whether it is more likely than not that these assets are impaired. The Company considers various factors while performing qualitative assessments, including macroeconomic conditions, industry and market conditions, financial performance of the reporting units, changes in market capitalization, and any other specific reporting unit considerations. These 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. Under the income approach, the key valuation assumptions used in determining the fair value estimates of the Company's reporting units for each annual test were (a) a discount rate based on the Company's best estimate of the weighted average cost of capital adjusted for certain risks for the reporting units; (b) terminal value based on terminal growth rates; and (c) seven expected years of cash flow before the terminal value. The table below outlines certain assumptions in each of the Company's fiscal 2015, 2014, and 2013 annual quantitative impairment analyses: 2015 2014 2013 Terminal Growth Rate Range 1.5% - 2.5% 1.5% - 3.0% 1.5% - 2.5% Discount Rate 11.5% 11.5% 11.5% The discount rate reflects risks inherent within each reporting unit operating individually, which are greater than the risks inherent in the Company as a whole. The fiscal 2015, 2014, and 2013 analyses used the same discount rate given a consistent assessment of risk relative to industry conditions and an unchanged interest rate environment. The Company believes the assumptions used in the impairment analysis each year are reflective of the risks inherent in the business models of its reporting units and within its industry. Under the market approach, the guideline company method develops valuation multiples by comparing the Company's reporting units to similar publicly traded companies. Key valuation assumptions and valuation multiples used in determining the fair value estimates of the Company's reporting units rely on (a) the selection of similar companies; (b) obtaining estimates of forecast revenue and earnings before interest, taxes, depreciation, and amortization for the similar companies; and (c) selection of valuation multiples as they apply to the reporting unit characteristics. The Company determined that the fair values of each of the reporting units was substantially in excess of their carrying values in the fiscal 2015 annual assessment. Management determined that significant changes were not likely in the factors considered to estimate fair value and analyzed the impact of such changes were they to occur. Specifically, if there was a 25% decrease in the fair value of any of the reporting units due to a decline in their discounted cash flows resulting from lower operating performance, the conclusion of the assessment would not change. Additionally, if the discount rate applied in the fiscal 2015 impairment analysis had been 100 basis points higher than estimated for each of the reporting units, and all other assumptions were held constant, the conclusion of the assessment would remain unchanged and there would be no impairment of goodwill. As of July 25, 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 consisted of the following: Weighted Average Remaining Useful Lives July 25, 2015 July 26, 2014 (Years) (Dollars in thousands) Gross carrying amount: Customer relationships 11.6 $ 195,375 $ 173,594 Contract backlog 2.4 8,076 15,285 Trade names 3.4 8,200 8,200 UtiliQuest trade name — 4,700 4,700 Non-compete agreements 2.2 635 400 216,986 202,179 Accumulated amortization: Customer relationships 83,772 69,048 Contract backlog 7,381 13,490 Trade names 4,650 3,361 Non-compete agreements 257 164 96,060 86,063 Net Intangible Assets $ 120,926 $ 116,116 During fiscal 2015, the gross carrying amount of customer relationships and non-compete agreements intangible assets increased $21.8 million and $0.2 million , respectively, for businesses acquired during fiscal 2015. During fiscal 2015, certain contract backlog intangible assets became fully amortized. As a result, the gross carrying amount and the associated accumulated amortization decreased $7.2 million . This decrease had no effect on the net carrying value of intangible assets as of July 25, 2015 . Amortization of the Company's customer relationship intangibles and the contract backlog intangibles acquired in fiscal 2013 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. Amortization expense for finite-lived intangible assets was $16.7 million , $18.3 million , and $20.7 million for fiscal 2015, 2014, and 2013, respectively. Estimated total amortization expense for existing intangible assets for each of the five succeeding fiscal years and thereafter is as follows: Period Amount (Dollars in thousands) 2016 $ 17,315 2017 15,788 2018 13,494 2019 11,142 2020 10,230 Thereafter 48,257 Total $ 116,226 As of July 25, 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. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Jul. 25, 2015 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Accrued payroll and related taxes $ 18,673 $ 18,429 Accrued employee benefit and incentive plan costs 29,528 17,677 Accrued construction costs 26,395 20,689 Accrued interest and related bank fees 865 872 Income taxes payable 8,916 5,223 Other current liabilities 14,029 13,244 Total other accrued liabilities $ 98,406 $ 76,134 |
Accrued Insurance Claims
Accrued Insurance Claims | 12 Months Ended |
Jul. 25, 2015 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims | Accrued Insurance Claims For claims within the Company's insurance program, it retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability, workers' compensation, employee group health, and damages associated with underground facility locating services. With regard to losses occurring in fiscal 2013 through 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. The Company has maintained this same level of retention for fiscal 2016. 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 is $59.5 million for fiscal 2015 and $84.6 million for fiscal 2016. The Company is party to a stop-loss agreement for losses under its employee group health plan. With regard to losses occurring in fiscal 2013 through fiscal 2015, the Company retains the risk of loss, on an annual basis, of the first $250,000 of claims per participant as well as the first $550,000 of claim amounts that aggregate across those participants having claims that exceed $250,000 . The Company has maintained this same level of retention during fiscal 2016. The liability for total accrued insurance claims and related processing costs was $87.3 million and $66.0 million as of July 25, 2015 and July 26, 2014 , respectively, of which, $51.5 million and $33.8 million , respectively, was long-term and reflected in non-current liabilities in the consolidated financial statements. Insurance recoveries/receivables related to accrued claims as of July 25, 2015 were $9.5 million , of which $0.6 million was included in other current assets and $8.9 million was included in non-current other assets. |
Debt
Debt | 12 Months Ended |
Jul. 25, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s outstanding indebtedness consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Credit Agreement - Revolving facility (matures April 2020) $ 95,250 $ 63,000 Credit Agreement - Term Loan (matures April 2020) 150,000 114,063 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) 2,841 3,238 525,591 457,801 Less: current portion (3,750 ) (10,938 ) Long-term debt $ 521,841 $ 446,863 Senior Subordinated Notes Due 2021 As of July 25, 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 $2.8 million and $3.2 million as of July 25, 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 20, 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 July 25, 2015 was approximately $290.0 million based on quoted market prices, compared to a $280.3 million carrying value (including the debt premium of $2.8 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 On April 24, 2015, Dycom Industries, Inc. and certain of its subsidiaries amended its existing credit agreement dated as of December 3, 2012 (as so amended by the "Amendment," the "Credit Agreement"), with various lenders named therein. The Amendment extends the maturity date of the credit agreement to April 24, 2020 and, among other things, increases the maximum revolver commitment from $275 million to $450 million , and increases the term loan facility to $150 million . The Amendment also increases the sublimit for the issuance of letters of credit from $150 million to $200 million . Subject to certain conditions, the Amendment provides the Company the ability to enter into one or more incremental facilities, up to the greater of (i) $150 million and (ii) an amount such that, after giving effect to such incremental facility on a pro forma basis (assuming that the amount of the incremental commitments is fully drawn and funded), the consolidated senior secured leverage ratio does not exceed 2.25 to 1.00. The consolidated senior secured leverage ratio is the ratio of the Company's consolidated senior secured indebtedness to its trailing twelve month consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined by the Credit Agreement. The incremental facilities can be in the form of revolving commitments under the Credit Agreement and/or in the form of term loans. Payments under the Credit Agreement are guaranteed by substantially all of the Company's subsidiaries and secured by the stock of each wholly-owned, domestic subsidiary (subject to specified exceptions). Borrowings under the Credit Agreement (other than Swingline Loans (as defined in the Credit Agreement)) bear interest at a rate equal to either (a) the Eurodollar rate (based on LIBOR) plus an applicable margin, or (b) the administrative agent’s base rate, described in the Credit Agreement as the highest of (i) the administrative agent’s prime rate, (ii) the Federal Funds Rate plus 0.50% , and (iii) the Eurodollar rate plus 1.00% , plus an applicable margin. In each case, the applicable margin is based upon the Company's consolidated leverage ratio. In addition, the Company pays a fee for unused revolver balances based upon the Company's consolidated leverage ratio, which is the ratio of the Company's consolidated total funded debt to its trailing twelve month consolidated EBITDA, as defined by the Credit Agreement. As of July 25, 2015 , borrowings under the Credit Agreement were eligible for an applicable margin of 1.75% for borrowings based on the Eurodollar rate and 0.75% for borrowings based on the administrative agent's base rate. Swingline loans, if any, bear interest at a rate equal to the administrative agent’s base rate plus an applicable margin based upon the Company's consolidated leverage ratio. The Credit Agreement contains a financial covenant that requires the Company to maintain a consolidated leverage ratio of not greater than 3.50 to 1.00, as measured at the end of each fiscal quarter. It provides for certain increases to this ratio in connection with permitted acquisitions on the terms and conditions specified in the Credit Agreement. In addition, the Credit Agreement contains a financial covenant that requires the Company to maintain a consolidated interest coverage ratio, which is the ratio of the Company's trailing twelve month consolidated EBITDA to its consolidated interest expense as defined by the Credit Agreement, of not less than 3.00 to 1.00, as measured at the end of each fiscal quarter. The Company incurs fees under the Credit Agreement for the unutilized commitments at rates that range from 0.25% to 0.40% per annum, fees for outstanding standby letters of credit at rates that range from 1.25% to 2.00% per annum and fees for outstanding commercial letters of credit at rates that range from 0.625% to 1.000% per annum, in each case based on the Company's consolidated leverage ratio. The Company had $150.0 million and $114.1 million of outstanding principal amount under the term loan as of July 25, 2015 and July 26, 2014 , respectively, which accrued interest at 1.94% per annum and 2.15% per annum, respectively. Additionally, outstanding revolver borrowings were $95.3 million and $63.0 million as of July 25, 2015 and July 26, 2014 , respectively. Revolver borrowings consisted of borrowings at the applicable Eurodollar rate or the base rate and accrued interest at a weighted average rate of approximately 2.02% and 2.55% per annum as of July 25, 2015 and July 26, 2014 , respectively. 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 July 25, 2015 and July 26, 2014 , respectively. Interest on outstanding standby letters of credit accrued at 1.75% and 2.00% per annum as of July 25, 2015 and July 26, 2014 , respectively. The unused facility fee was 0.35% of unutilized commitments at both July 25, 2015 and July 26, 2014 . At July 25, 2015 and July 26, 2014 , the Company was in compliance with the financial covenants of the Credit Agreement and had additional borrowing availability of $300.3 million and $162.6 million , respectively, as determined by the most restrictive covenants of the Credit Agreement. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 25, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the provision (benefit) for income taxes were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Current: Federal $ 42,516 $ 27,161 $ 22,173 Foreign 502 416 406 State 6,998 5,087 2,702 50,016 32,664 25,281 Deferred: Federal 305 (5,706 ) (2,866 ) Foreign 268 — 6 State 671 (617 ) 590 1,244 (6,323 ) (2,270 ) Total Tax Provision $ 51,260 $ 26,341 $ 23,011 The Company is subject to federal income taxes in the United States, the income taxes of multiple state jurisdictions and in Canada. There were immaterial amounts of pre-tax income related to Canadian operations for fiscal 2015, 2014, and 2013. 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 2011 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 $2.1 million and $2.2 million are included in other current assets as of July 25, 2015 and July 26, 2014 , respectively. Income tax payables totaling $8.9 million and $5.2 million are included in other accrued liabilities as of July 25, 2015 and July 26, 2014 , respectively. The deferred tax provision represents the change in the deferred tax assets and the liabilities representing the tax consequences of changes in the amount of temporary differences and changes in tax rates during the year. The significant components of deferred tax assets and liabilities consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Deferred tax assets: Insurance and other reserves $ 31,222 $ 26,964 Allowance for doubtful accounts and reserves 1,047 742 Net operating loss carryforwards 1,443 994 Stock-based compensation 5,149 5,402 Other 1,303 1,062 Total deferred tax assets 40,164 35,164 Valuation allowance (870 ) (878 ) Deferred tax assets, net of valuation allowance $ 39,294 $ 34,286 Deferred tax liabilities: Property and equipment $ 34,702 $ 32,164 Goodwill and intangibles 29,930 26,998 Other 1,420 553 Deferred tax liabilities $ 66,052 $ 59,715 Net deferred tax liabilities $ 26,758 $ 25,429 The valuation allowance above reduces the deferred tax asset balances to the amount that the Company has determined is more likely than not to be realized. The valuation allowance primarily relates to immaterial state net operating loss carryforwards, which generally begin to expire in fiscal 2022. The difference between the total tax provision and the amount computed by applying the statutory federal income tax rates to pre-tax income is as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Statutory rate applied to pre-tax income $ 47,454 $ 23,212 $ 20,370 State taxes, net of federal tax benefit 5,159 2,863 2,271 Non-taxable and non-deductible items, net (1,220 ) 491 366 Change in accruals for uncertain tax positions (74 ) 53 153 Other items, net (59 ) (278 ) (149 ) Total tax provision $ 51,260 $ 26,341 $ 23,011 Non-taxable and non-deductible items during fiscal 2015 consisted of a production related tax deduction of $4.0 million , offset by $2.8 million of non-deductible items. As of July 25, 2015 and July 26, 2014 , the Company had total unrecognized tax benefits of $2.3 million and $2.4 million , respectively, resulting from uncertain tax positions. The Company’s effective tax rate will be reduced during future periods if it is determined these tax benefits are realizable. The Company had approximately $0.9 million and $0.8 million for the payment of interest and penalties accrued as of July 25, 2015 and July 26, 2014 , respectively. Interest expense related to unrecognized tax benefits for the Company was immaterial. A summary of unrecognized tax benefits is as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Balance at beginning of year $ 2,401 $ 2,348 $ 2,194 Additions based on tax positions related to the fiscal year 44 137 155 Additions (reductions) based on tax positions related to prior years (98 ) 10 19 Reductions related to the expiration of statutes of limitation (20 ) (94 ) (20 ) Balance at end of year $ 2,327 $ 2,401 $ 2,348 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Jul. 25, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net The components of other income, net, were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Gain on sale of fixed assets $ 7,110 $ 10,706 $ 4,683 Miscellaneous income, net 1,181 522 227 Write-off of deferred financing costs — — (321 ) Total other income, net $ 8,291 $ 11,228 $ 4,589 The Company recognized $0.3 million in write-off of deferred financing costs during fiscal 2013 in connection with the replacement of its prior credit agreement. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jul. 25, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company sponsors a defined contribution plan that provides retirement benefits to eligible employees who elect to participate. Under the plan, participating employees may defer up to 75% of their base pre-tax eligible compensation up to the IRS limits. The Company contributes 30% of the first 5% of base eligible compensation that a participant contributes to the plan and may make discretionary matching contributions from time to time. The Company's contributions were $4.0 million , $1.9 million , and $1.6 million related to the fiscal 2015, 2014, and 2013 periods, respectively. In connection with the businesses acquired in fiscal 2013, the Company assumed the obligation to make future contributions under an employee benefit plan in effect for certain hourly employees. Contributions for fiscal 2015, 2014, and 2013 under this plan were $0.8 million , $1.2 million , and $0.8 million , respectively. Certain of the Company's subsidiaries contribute amounts to multiemployer defined benefit pension plans under the terms of collective bargaining agreements ("CBA") that cover employees represented by unions. Contributions are generally based on fixed amounts per hour per employee for employees covered by the plan. Participating in a multiemployer plan entails risks different from single-employer plans in the following aspects: • assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; • if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be allocated to the remaining participating employers; and • if the Company stops participating in the multiemployer plan the Company may be required to pay the plan an amount based on the underfunded status of the plan. This payment is referred to as a withdrawal liability. The information available to the Company about the multiemployer plans in which it participates is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act ("ERISA") as amended by the Multiemployer Pension Plan Amendments Act ("MPPAA"). Based upon the most recently available annual reports, the Company's contribution to each of the plans was less than 5% of each plans' total contributions. The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund ("the Plan") was considered individually significant and is presented separately below. All other plans are presented in the aggregate. PPA Zone Status (a) Company Contributions (Dollars in thousands) Expiration Date of CBA Fund EIN 2014 2013 FIP/RP Status (b) 2015 2014 2013 Surcharge Imposed The Plan 13-6123601 Green Green No $ 3,852 $ 3,044 $ 2,962 No 05/05/2016 Other Plans 934 635 243 Various Total Contributions $ 4,786 $ 3,679 $ 3,205 (a) The most recent Pension Protection Act (the "PPA") zone status was provided by the Plan for Plan years ending September 30, 2014 and September 30, 2013, respectively. The zone status is based on information that the Company received from the Plan and is certified by the Plan's actuary. Generally, plans in the red zone are less that 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. (b) The "FIR/RP Status" column indicates plans for which a financial improvement plan (FIP) or rehabilitation plan (RP), as required by the Internal Revenue Code, is either pending or has been implemented. The Company has not incurred withdrawal liabilities related to the plans as of July 25, 2015. |
Capital Stock
Capital Stock | 12 Months Ended |
Jul. 25, 2015 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock During fiscal 2015, 2014, and 2013, the Company made the following repurchases under its prior and current share repurchase programs: Fiscal Year Ended Number of Shares Repurchased Total Consideration Average Price Per Share July 27, 2013 1,047,000 $ 15,203 $ 14.52 July 26, 2014 360,900 $ 9,999 $ 27.71 July 25, 2015 1,669,924 $ 87,146 $ 52.19 All shares repurchased have been subsequently canceled. As of July 25, 2015, approximately $10.0 million of the $40.0 million authorized on July 1, 2015 remained available for repurchases through December 2016. See Note 21, Subsequent Events , regarding shares repurchased by the Company subsequent to fiscal 2015. During fiscal 2015, 2014, and 2013, the Company withheld shares to meet payroll tax withholdings obligations arising from the vesting of restricted share units. Approximately 145,395 shares, 136,604 shares, and 47,277 shares, totaling $4.7 million , $3.8 million , and $0.9 million , respectively, were withheld during fiscal 2015, 2014, and 2013, respectively. All shares withheld have been canceled. Shares withheld for tax withholdings do not reduce the Company’s total share repurchase authority. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Jul. 25, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | Stock-Based Awards Stock-based compensation expense and the related tax benefit recognized and realized related to stock options and restricted share units during fiscal 2015, 2014, and 2013 were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Stock-based compensation $ 13,923 $ 12,596 $ 9,902 Tax benefit recognized in the statement of operations $ 5,458 $ 4,819 $ 3,782 Cash tax benefit realized from option exercises and stock vestings $ 13,976 $ 7,116 $ 3,428 As of July 25, 2015 , total unrecognized compensation expense of $22.4 million related to stock options, time-based restricted share units ("RSUs") and target Performance RSUs (based on the Company's estimate of performance goal achievement) of $3.0 million , $6.0 million , and $13.4 million , respectively. This expense will be recognized over a weighted-average period of 2.6 years , 2.4 years , and 1.4 years , respectively, based on the average remaining service periods of the awards. As of July 25, 2015 , the Company may recognize an additional $5.2 million in compensation expense related to Performance RSUs if the maximum amount of restricted share units is earned based on certain performance goals being met. The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2015, 2014, and 2013 and the significant valuation assumptions: Fiscal Year Ended 2015 2014 2013 Weighted average fair value of RSUs granted $ 31.42 $ 27.54 $ 18.52 Weighted average fair value of Performance RSUs granted $ 31.03 $ 27.66 $ 18.08 Weighted average fair value of stock options granted $ 19.48 $ 17.43 $ 11.66 Stock option assumptions: Risk-free interest rate 2.1 % 2.7 % 1.6 % Expected life (years) 8.8 8.8 9.3 Expected volatility 54.5 % 55.1 % 55.4 % Expected dividends — — — Stock Options The following table summarizes stock option award activity during fiscal 2015: Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (In years) (In thousands) Outstanding as of July 26, 2014 2,044,893 $ 18.68 Granted 90,686 $ 31.46 Options exercised (735,330 ) $ 12.13 Forfeited or canceled (484,926 ) $ 34.44 Outstanding as of July 25, 2015 915,323 $ 16.86 6.0 $ 43,052 Exercisable options as of July 25, 2015 657,055 $ 13.46 5.1 $ 33,139 The total amount of exercisable options as of July 25, 2015 presented above reflects the approximate amount of options expected to vest after giving effect to estimated forfeitures at an insignificant rate. The aggregate intrinsic values for stock options presented above are based on the Company’s closing stock price of $63.90 on July 24, 2015. These amounts represent the total intrinsic value that would have been received by the holders of the stock-based awards had the awards been exercised and sold as of that date, excluding applicable taxes. The total intrinsic value of stock options exercised was $24.9 million , $8.4 million , and $6.0 million for fiscal 2015, 2014, and 2013, respectively. The Company received cash from the exercise of stock options of $8.9 million , $14.6 million , and $5.3 million during fiscal 2015, 2014, and 2013, respectively. RSUs and Performance RSUs The following table summarizes RSU and Performance RSU activity during fiscal 2015: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Aggregate Intrinsic Value Share Units Weighted Average Grant Price Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding as of July 26, 2014 398,931 $ 20.61 1,190,184 $ 21.73 Granted 102,307 $ 31.42 416,987 $ 31.03 Share units vested (153,140 ) $ 19.96 (318,969 ) $ 21.61 Forfeited or canceled (26,090 ) $ 19.32 (342,662 ) $ 20.11 Outstanding as of July 25, 2015 322,008 $ 24.46 $ 20,576 945,540 $ 26.46 $ 60,420 The total amount of granted Performance RSUs presented above consists of 357,331 target shares, granted to officers and employees, and 59,656 supplemental shares granted to officers. During fiscal 2015, the Company canceled 312,163 Performance RSUs outstanding as of July 26, 2014 , including 48,313 target shares and 263,850 supplemental shares, as a result of the fiscal 2014 performance criteria not being fully met. Approximately 169,790 supplemental shares outstanding as of July 25, 2015 will be canceled in fiscal 2016 as a result of performance criteria for attaining supplemental shares not being met. The total amount of Performance RSUs outstanding as of July 25, 2015 consists of 717,303 target shares and 228,237 supplemental shares. The unvested RSUs reflect the approximate amount of units expected to vest after giving effect to estimated forfeitures. The total fair value of restricted share units vested during fiscal 2015, 2014, and 2013 was $15.2 million , $11.7 million , and $4.2 million , respectively. The aggregate intrinsic values presented above for restricted share units are based on the Company’s closing stock price of $63.90 on July 24, 2015. These amounts represent the total intrinsic value that would have been received by the holders of the stock-based awards had the awards been exercised and sold as of that date, excluding applicable taxes. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jul. 25, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company leases certain administrative offices and equipment as well as pays for certain subcontracting services and materials from entities related to officers of its subsidiaries. Expenses under these arrangements for fiscal 2015, 2014, and 2013 were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Real property and equipment leases $ 2,722 $ 1,685 $ 1,862 Subcontractors and materials expense $ 2,532 $ 2,069 $ 700 The remaining future minimum lease commitments under real property and equipment lease arrangements with related parties is approximately $1.0 million , $0.8 million , $0.4 million , $0.3 million , $0.3 million and $0.1 million during fiscal 2016, 2017, 2018, 2019, 2020, and thereafter, respectively. The Company believes that all related party transactions have been conducted on an arms-length basis with terms that are similar to those available from third parties. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Jul. 25, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk The Company is subject to concentrations of credit risk relating primarily to its cash and equivalents, trade accounts receivable and costs and estimated earnings in excess of billings. The Company grants credit under normal payment terms, generally without collateral, to its customers. These customers primarily consist of telephone companies, cable television multiple system operators, wireless carriers, network operators, telecommunication equipment and infrastructure providers, and electric and gas utilities and others. With respect to a portion of the services provided to these customers, the Company has statutory lien rights which may in certain circumstances assist in the Company’s collection efforts. Adverse changes in overall business and economic factors may impact the Company’s customers and increase credit risks. These risks may become elevated as a result of economic weakness and market volatility. In the past, some of the Company’s customers have experienced significant financial difficulties and likewise, some may experience financial difficulties in the future. These difficulties expose the Company to increased risks related to the collectability of amounts due for services performed. The Company’s customer base is highly concentrated, with its top five customers accounting for approximately 61.1% , 58.3% , and 58.5% of its total revenues during fiscal 2015, 2014, and 2013, respectively. Customers whose revenues exceeded 10% of total revenue during fiscal 2015, 2014, or 2013 were as follows: Fiscal Year Ended 2015 2014 2013 AT&T Inc. 20.8% 19.2% 15.5% CenturyLink, Inc. 14.2% 13.8% 14.6% Comcast Corporation 12.9% 11.7% 10.9% Certain customers represented 10% or more of combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings, net ("CIEB, net") as of July 25, 2015 or July 26, 2014 . AT&T Inc. represented $101.7 million , or 17.7% of combined amounts of trade accounts receivable and CIEB, net as of July 25, 2015 and $87.6 million , or 17.9% as of July 26, 2014 . CenturyLink, Inc. represented $80.1 million , or 14.0% of combined amounts of trade accounts receivable and CIEB, net as of July 25, 2015 and $48.2 million , or 9.8% as of July 26, 2014 . In addition, Comcast Corporation represented $63.0 million , or 11.0% of combined amounts of trade accounts receivable and CIEB, net as of July 25, 2015 and another customer represented $64.5 million , or 11.2% of combined amounts of trade accounts receivable and CIEB, net as of July 25, 2015 . The Company believes that none of its significant customers was experiencing financial difficulties that would materially impact the collectability of the Company's trade accounts receivable and costs in excess of billings as of July 25, 2015 and July 26, 2014. See Note 4, Accounts Receivable, and Note 5, Costs and Estimated Earnings in Excess of Billings, for additional information regarding the Company's trade accounts receivable and costs and estimated earnings in excess of billings. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 25, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In May 2013, CertusView Technologies, LLC (“CertusView”), a wholly-owned subsidiary of the Company, filed suit against S & N Communications, Inc. and S & N Locating Services, LLC (“defendants”) in the United States District Court for the Eastern District of Virginia alleging infringement of certain United States patents. In January 2015, the District Court granted defendants’ motion for judgment on the pleadings for failure to claim patent-eligible subject matter, and entered final judgment on those claims the same day. CertusView filed a Notice of Appeal in February 2015 with the Court of Appeals for the Federal Circuit. In May 2015, the District Court re-opened the case to allow defendants to proceed with inequitable conduct counterclaims. In July 2015, the Court of Appeals dismissed the appeal in that court pending resolution of proceedings in the District Court. An unfavorable outcome for the inequitable conduct counterclaims may result in an award of attorneys’ fees, costs, and expenses. It is too early to evaluate the likelihood of an outcome to this matter. The Company intends to vigorously defend itself against the remaining counterclaims and appeal the judgment. 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, filed on behalf of the former employee’s estate, is based upon a “deliberate intent” claim pursuant to West Virginia Code in connection with the employee's death at work. The plaintiff seeks unspecified damages and other relief. In December 2013, Nichols removed the case to the United States District Court for the Northern District of West Virginia, and in January 2015, filed a motion for summary judgment with respect to certain of the “deliberate intent” issues in the lawsuit. In May 2015, the parties agreed to settle the matter for $0.6 million . The Court has vacated the pending trial schedule and ordered the parties to file a Petition with the Court for a hearing to approve the settlement considering that the primary beneficiary is a minor. The proposed settlement is included in insurance recoveries/receivables related to accrued claims as of July 25, 2015. The hearing date has not been set, but it is expected to take place in September 2015. 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. For claims within the Company's insurance program, it retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability, workers' compensation, employee group health, and damages associated with 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 The Company and its subsidiaries have operating leases covering office facilities, vehicles, and equipment that have original noncancelable terms in excess of one year. Certain of these leases contain renewal provisions and generally require the Company to pay insurance, maintenance, and other operating expenses. Total expense incurred under these operating lease agreements was $18.5 million , $17.7 million , and $15.3 million for fiscal 2015, 2014, and 2013, respectively. These amounts are inclusive of the lease transactions with related parties presented in Note 16, Related Party Transactions. The Company also incurred rental expense of approximately $20.4 million , $20.4 million , and $19.0 million for fiscal 2015, 2014, and 2013, respectively, related to facilities, vehicles, and equipment which are being leased under original terms that are one year or less. The future minimum obligation under the leases with noncancelable terms in excess of one year, including transactions with related parties, is as follows: Future Minimum Lease Payments (Dollars in thousands) 2016 $ 17,016 2017 11,807 2018 6,867 2019 3,724 2020 2,540 Thereafter 6,627 Total $ 48,581 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 a 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 July 25, 2015 and July 26, 2014 , the Company had $294.9 million and $446.8 million of outstanding performance and other surety contract bonds, respectively. The Company periodically guarantees 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 July 25, 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. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jul. 25, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) In the opinion of management, the following unaudited quarterly data from fiscal 2015 and 2014 reflect all adjustments (consisting of normal recurring accruals), which are necessary to present a fair presentation of amounts shown for such periods (the sum of the quarterly results may not equal the reported annual amounts due to rounding). The earnings per common share calculation for each quarter is based on the weighted average shares of common stock outstanding plus the dilutive effect of stock options and restricted share units, if any. Fiscal 2015: First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands, except per share amounts) Revenues $ 510,389 $ 441,081 $ 492,363 $ 578,479 Costs of earned revenues, excluding depreciation and amortization $ 403,468 $ 355,429 $ 388,239 $ 446,114 Gross profit $ 106,921 $ 85,652 $ 104,124 $ 132,365 Net income $ 20,807 $ 9,432 $ 20,258 $ 33,827 Earnings per common share - Basic $ 0.61 $ 0.28 $ 0.59 $ 1.00 Earnings per common share - Diluted $ 0.59 $ 0.27 $ 0.58 $ 0.97 Fiscal 2014: First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands, except per share amounts) Revenues $ 512,720 $ 390,518 $ 426,284 $ 482,071 Costs of earned revenues, excluding depreciation and amortization $ 410,119 $ 327,353 $ 350,352 $ 387,221 Gross profit $ 102,601 $ 63,165 $ 75,932 $ 94,850 Net income (loss) $ 18,660 $ (3,067 ) $ 7,895 $ 16,489 Earnings (loss) per common share - Basic $ 0.56 $ (0.09 ) $ 0.23 $ 0.49 Earnings (loss) per common share - Diluted $ 0.54 $ (0.09 ) $ 0.23 $ 0.47 |
Supplemental Consolidating Fina
Supplemental Consolidating Financial Statements | 12 Months Ended |
Jul. 25, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Supplemental Consolidating Financial Statements | Supplemental Consolidating Financial Statements On July 25, 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 2021 Notes or of satisfaction and discharge of the Indenture or pursuant to a provision of the Indenture that 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. During fiscal 2015, the Company merged certain guarantor subsidiaries into the Issuer which increased the total investment in subsidiaries of the Issuer as of July 25, 2015, as reflected within the consolidated balance sheet. The mergers were non-cash transactions. DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET JULY 25, 2015 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations and Reclassifications Dycom Consolidated (Dollars in thousands) ASSETS Current assets: Cash and equivalents $ — $ — $ 20,515 $ 774 $ — $ 21,289 Accounts receivable, net — — 312,641 2,493 — 315,134 Costs and estimated earnings in excess of billings — — 273,544 1,186 — 274,730 Inventories — — 48,650 — — 48,650 Deferred tax assets, net 2,939 — 17,745 69 (123 ) 20,630 Other current assets 7,350 20 8,097 732 — 16,199 Total current assets 10,289 20 681,192 5,254 (123 ) 696,632 Property and equipment, net 23,527 — 187,596 20,441 — 231,564 Goodwill — — 271,653 — — 271,653 Intangible assets, net — — 120,926 — — 120,926 Deferred tax assets, net non-current — 72 3,951 827 (4,850 ) — Investment in subsidiaries 893,940 2,348,292 — — (3,242,232 ) — Intercompany receivables — — 1,347,896 — (1,347,896 ) — Other 17,460 4,940 11,598 4,091 — 38,089 Total non-current assets 934,927 2,353,304 1,943,620 25,359 (4,594,978 ) 662,232 Total assets $ 945,216 $ 2,353,324 $ 2,624,812 $ 30,613 $ (4,595,101 ) $ 1,358,864 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,388 $ — $ 65,458 $ 988 $ — $ 71,834 Current portion of debt 3,750 — — — — 3,750 Billings in excess of costs and estimated earnings — — 16,896 — — 16,896 Accrued insurance claims 156 — 35,624 44 — 35,824 Deferred tax liabilities — 62 11 50 (123 ) — Other accrued liabilities 22,428 504 73,389 2,085 — 98,406 Total current liabilities 31,722 566 191,378 3,167 (123 ) 226,710 Long-term debt 241,500 280,341 — — — 521,841 Accrued insurance claims 53 — 51,391 32 — 51,476 Deferred tax liabilities, net non-current 1,430 363 48,734 1,711 (4,850 ) 47,388 Intercompany payables 160,238 1,178,114 — 9,544 (1,347,896 ) — Other liabilities 3,073 — 1,176 — — 4,249 Total liabilities 438,016 1,459,384 292,679 14,454 (1,352,869 ) 851,664 Total stockholders' equity 507,200 893,940 2,332,133 16,159 (3,242,232 ) 507,200 Total liabilities and stockholders' equity $ 945,216 $ 2,353,324 $ 2,624,812 $ 30,613 $ (4,595,101 ) $ 1,358,864 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET JULY 26, 2014 Parent Issuer Guarantor Subsidiaries 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 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED JULY 26, 2014 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Dycom Consolidated (Dollars in thousands) REVENUES: Contract revenues $ — $ — $ 1,799,538 $ 12,055 $ — $ 1,811,593 EXPENSES: Costs of earned revenues, excluding depreciation and amortization — — 1,466,221 8,824 — 1,475,045 General and administrative 42,958 616 107,326 10,958 — 161,858 Depreciation and amortization 4,256 — 84,178 4,338 — 92,772 Intercompany charges (income), net (53,922 ) — 54,688 (766 ) — — Total (6,708 ) 616 1,712,413 23,354 — 1,729,675 Interest expense, net (6,827 ) (19,993 ) (7 ) — — (26,827 ) Other income, net 119 — 10,895 214 — 11,228 Income (loss) before income taxes and equity in earnings of subsidiaries — (20,609 ) 98,013 (11,085 ) — 66,319 Provision (benefit) for income taxes — (8,186 ) 38,930 (4,403 ) — 26,341 Net income (loss) before equity in earnings of subsidiaries — (12,423 ) 59,083 (6,682 ) — 39,978 Equity in earnings of subsidiaries 39,978 52,401 135 — (92,514 ) — Net income (loss) $ 39,978 $ 39,978 $ 59,218 $ (6,682 ) $ (92,514 ) $ 39,978 Foreign currency translation losses, net of tax (261 ) (261 ) — (261 ) 522 (261 ) Comprehensive income (loss) $ 39,717 $ 39,717 $ 59,218 $ (6,943 ) $ (91,992 ) $ 39,717 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED JULY 27, 2013 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Dycom Consolidated (Dollars in thousands) REVENUES: Contract revenues $ — $ — $ 1,594,363 $ 14,249 $ — $ 1,608,612 EXPENSES: Costs of earned revenues, excluding depreciation and amortization — — 1,288,369 12,047 — 1,300,416 General and administrative 44,462 818 89,336 11,155 — 145,771 Depreciation and amortization 2,920 — 77,595 4,966 — 85,481 Intercompany charges (income), net (53,377 ) — 54,720 (1,343 ) — — Total (5,995 ) 818 1,510,020 26,825 — 1,531,668 Interest expense, net (5,675 ) (17,599 ) (60 ) — — (23,334 ) Other income, net (320 ) — 4,794 115 — 4,589 Income (loss) before income taxes and equity in earnings of subsidiaries — (18,417 ) 89,077 (12,461 ) — 58,199 Provision (benefit) for income taxes — (7,281 ) 35,214 (4,922 ) — 23,011 Net income (loss) before equity in earnings of subsidiaries — (11,136 ) 53,863 (7,539 ) — 35,188 Equity in earnings of subsidiaries 35,188 46,324 — — (81,512 ) — Net income (loss) $ 35,188 $ 35,188 $ 53,863 $ (7,539 ) $ (81,512 ) $ 35,188 Foreign currency translation losses, net of tax (35 ) (35 ) — (35 ) 70 (35 ) Comprehensive income (loss) $ 35,153 $ 35,153 $ 53,863 $ (7,574 ) $ (81,442 ) $ 35,153 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 25, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Elim-inations Dycom Consolidated (Dollars in thousands) Net cash provided by (used in) operating activities $ 3,805 $ (12,703 ) $ 151,419 $ (621 ) $ — $ 141,900 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — — (31,909 ) — — (31,909 ) Capital expenditures (10,585 ) — (83,024 ) (9,388 ) — (102,997 ) Proceeds from sale of assets 8 — 9,375 9 — 9,392 Return of capital from subsidiaries — 2,394 — — (2,394 ) — Investment in subsidiaries — (409,414 ) (385 ) — 409,799 — Changes in restricted cash (541 ) — 3 — — (538 ) Investment in non-voting senior units — — — (4,000 ) — (4,000 ) Net cash used in investing activities (11,118 ) (407,020 ) (105,940 ) (13,379 ) 407,405 (130,052 ) Cash flows from financing activities: Borrowings on senior Credit Agreement 535,750 — — — — 535,750 Principal payments on senior Credit Agreement (467,563 ) — — — — (467,563 ) Debt issuance costs (3,854 ) — — — — (3,854 ) Repurchases of common stock (87,146 ) — — — — (87,146 ) Exercise of stock options 8,922 — — — — 8,922 Restricted stock tax withholdings (4,711 ) — — — — (4,711 ) Excess tax benefit from share-based awards 8,371 — — — — 8,371 Principal payments on other financing activities — — (1,000 ) — — (1,000 ) Intercompany funding 17,544 419,723 (435,732 ) (1,535 ) — — Receipt of capital contributions, net — — 392,029 15,376 (407,405 ) — Net cash (used in) provided by financing activities 7,313 419,723 (44,703 ) 13,841 (407,405 ) (11,231 ) Net increase (decrease) in cash and equivalents — — 776 (159 ) — 617 CASH AT BEGINNING OF PERIOD — — 19,739 933 — 20,672 CASH AND EQUIVALENTS AT END OF PERIOD $ — $ — $ 20,515 $ 774 $ — $ 21,289 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 26, 2014 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Elim-inations Dycom Consolidated (Dollars in thousands) Net cash provided by (used in) operating activities $ 7,199 $ (12,242 ) $ 93,898 $ (4,670 ) $ — $ 84,185 Cash flows from investing activities: Cash paid for acquisition, net of cash acquired — — (16,388 ) (700 ) — (17,088 ) Capital expenditures (8,541 ) — (72,962 ) (7,633 ) — (89,136 ) Proceeds from sale of assets — — 12,146 3,261 — 15,407 Return of capital from subsidiaries — 683 — — (683 ) — Investment in subsidiaries — (9,235 ) (785 ) — 10,020 — Changes in restricted cash (303 ) — — — — (303 ) Net cash used in investing activities (8,844 ) (8,552 ) (77,989 ) (5,072 ) 9,337 (91,120 ) Cash flows from financing activities: Proceeds from borrowings on senior Credit Agreement 502,000 — — — — 502,000 Principal payments on senior Credit Agreement (495,813 ) — — — — (495,813 ) Repurchases of common stock (9,999 ) — — — — (9,999 ) Exercise of stock options and other 14,568 — — — — 14,568 Restricted stock tax withholdings (3,781 ) — — — — (3,781 ) Excess tax benefit from share-based awards 3,025 — — — — 3,025 Principal payments on capital lease obligations and other financing — — (1,000 ) — — (1,000 ) Intercompany funding (8,355 ) 20,794 (13,336 ) 10,234 (9,337 ) — Net cash provided by (used in) financing activities 1,645 20,794 (14,336 ) 10,234 (9,337 ) 9,000 Net increase in cash and equivalents — — 1,573 492 — 2,065 CASH AT BEGINNING OF PERIOD — — 18,166 441 — 18,607 CASH AND EQUIVALENTS AT END OF PERIOD $ — $ — $ 19,739 $ 933 $ — $ 20,672 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 27, 2013 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Elim-inations Dycom Consolidated (Dollars in thousands) Net cash provided by (used in) operating activities $ 6,952 $ (9,612 ) $ 112,176 $ (2,772 ) $ — $ 106,744 Cash flows from investing activities: Cash paid for acquisition, net of cash acquired — — (330,291 ) — — (330,291 ) Capital expenditures (8,151 ) — (51,647 ) (4,852 ) — (64,650 ) Proceeds from sale of assets — — 5,770 57 — 5,827 Return of capital from subsidiaries — 1,816 — — (1,816 ) — Investment in subsidiaries — (2,600 ) — — 2,600 — Changes in restricted cash 60 — — — — 60 Net cash used in investing activities (8,091 ) (784 ) (376,168 ) (4,795 ) 784 (389,054 ) Cash flows from financing activities: Proceeds from issuance of 7.125% senior subordinated notes due 2021, (including $3.8 million premium on issuance) — 93,825 — — — 93,825 Proceeds from borrowings on senior Credit Agreement, including term loan 529,500 — — — — 529,500 Principal payments on senior Credit Agreement (358,625 ) — — — — (358,625 ) Debt issuance costs (4,158 ) (2,581 ) — — — (6,739 ) Repurchases of common stock (15,203 ) — — — — (15,203 ) Exercise of stock options and other 5,253 — — — — 5,253 Restricted stock tax withholdings (884 ) — — — — (884 ) Excess tax benefit from share-based awards 1,283 — — — — 1,283 Principal payments on capital lease obligations — — (74 ) — — (74 ) Intercompany funding (156,027 ) (80,848 ) 230,669 6,990 (784 ) — Net cash provided by financing activities 1,139 10,396 230,595 6,990 (784 ) 248,336 Net decrease in cash and equivalents — — (33,397 ) (577 ) — (33,974 ) CASH AT BEGINNING OF PERIOD — — 51,563 1,018 — 52,581 CASH AND EQUIVALENTS AT END OF PERIOD $ — $ — $ 18,166 $ 441 $ — $ 18,607 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 25, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On August 7, 2015, the Company acquired TelCom Construction, Inc. and an affiliate (collectively, "TelCom"), for approximately $48.6 million in cash. TelCom, based in Clearwater, Minnesota, provides construction and maintenance services for telecommunications providers throughout the United States. During August 2015, the Company repurchased 149,224 shares of its common stock in open market transactions, at an average price of $67.01 per share, for approximately $10.0 million under its share repurchase program authorized on July 1, 2015. On August 25, 2015, the Company announced that its Board of Directors authorized an additional $50.0 million to repurchase shares of the Company's outstanding common stock through February 2017 in open market or private transactions. As of September 4, 2015 , $50.0 million remained available for repurchases. |
Basis of Presentation and Acc31
Basis of Presentation and Accounting Policies (Policies) | 12 Months Ended |
Jul. 25, 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 provides 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 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") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). |
Segment Information | Segment Information – The Company operates in one reportable segment. Its services are provided by its operating segments on a decentralized basis. Each operating segment consists of a subsidiary (or in limited instances, 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 based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. The Company's operating segments provide services throughout the United States and in Canada. Revenues from services provided in Canada were approximately $13.1 million , $12.2 million , and $13.0 million during fiscal 2015, 2014, and 2013, respectively. The Company had no material long-lived assets in Canada as of July 25, 2015 or July 26, 2014. |
Accounting Period | Accounting Period – The Company's fiscal year ends on the last Saturday in July. As a result, each fiscal year consists of either fifty-two weeks or fifty-three weeks of operations (with an additional week of operations occurring in the fourth quarter). Fiscal 2015, 2014, and 2013 each contain fifty-two weeks. Fiscal 2016 will contain fifty-three weeks of operations. |
Use of Estimates | Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. For the Company, key estimates include: recognition of revenue for costs and estimated earnings under the percentage of completion method of accounting, allowance for doubtful accounts, the fair value of reporting units for goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, the purchase price allocations of businesses acquired, accrued insurance claims, income taxes, asset lives used in computing depreciation and amortization, stock-based compensation expense for performance-based stock awards, and accruals for contingencies, including legal matters. These estimates are based on the Company's historical experience and management's understanding of current facts and circumstances. 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. |
Revenue Recognition | Revenue Recognition – The Company recognizes revenues under the percentage of completion method of accounting using the units-of-delivery or cost-to-cost measures. The Company performs a majority of its services under master service agreements and other agreements that contain customer-specified service requirements, such as discrete pricing for individual tasks. Revenue is recognized under these arrangements based on units-of-delivery as each unit is completed. Revenues from contracts using the cost-to-cost measures of completion are recognized based on the ratio of contract costs incurred to date to total estimated contract costs and represented less than 10% of the Company’s contract revenues during each of fiscal 2015, 2014, and 2013. There were no material amounts of unapproved change orders or claims recognized during fiscal 2015, 2014, or 2013. The current asset “Costs and estimated earnings in excess of billings” represents revenues recognized in excess of amounts billed. The current liability “Billings in excess of costs and estimated earnings” represents billings in excess of revenues recognized. Application of the percentage of completion method of accounting requires the use of estimates of costs to be incurred for the performance of the contract. The cost estimation process is based on the knowledge and experience of the Company’s project managers and financial professionals. Factors that the Company considers in estimating the work to be completed and ultimate contract recovery include the availability and productivity of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays in performance and the recoverability of any claims. Changes in job performance, job conditions, estimated profitability, and final contract settlements may result in changes to costs and income and their effects are recognized in the period in which the revisions are determined. The Company accrues the entire amount of an estimated loss at the time the loss on a contract becomes known. For fiscal 2015, 2014, and 2013, there was no material impact to the Company's results of operations due to changes in contract estimates. |
Cash and Equivalents | Cash and Equivalents – Cash and equivalents primarily include balances on deposit in banks. The Company maintains substantially all of its cash and equivalents at financial institutions it believes to be of high credit quality. To date, the Company has not experienced any loss or lack of access to cash in its operating accounts. |
Restricted Cash | Restricted Cash – As of July 25, 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 consolidated balance sheets and changes in restricted cash are reported in cash flows used in investing activities in the consolidated statements of cash flows. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts – The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the failure of its customers to make required payments. With respect to certain customers, the Company has statutory lien rights that may assist in its collection efforts. Management analyzes the collectability of accounts receivable balances each period. This analysis considers the aging of account balances, historical bad debt experience, changes in customer creditworthiness, current economic trends, customer payment activity, and other relevant factors. Should any of these factors change, the estimate made by management may also change, which could affect the level of the Company's future provision for doubtful accounts. The Company recognizes an increase in the allowance for doubtful accounts when it is probable that a receivable is not collectible and the loss can be reasonably estimated. Any increase in the allowance account has a corresponding negative effect on the Company's results of operations. See Note 4, Accounts Receivable , for further information regarding the Company's accounts receivable. |
Inventories | Inventories – Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or market. Inventories also include certain job specific materials that are valued using the specific identification method. For contracts where the Company is required to supply part or all of the materials on behalf of the customer, the loss of the customer or declines in contract volumes could result in an impairment of the value of materials purchased. |
Property and Equipment | Property and Equipment – Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 6, Property and Equipment , for the range of useful lives). Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software is accounted for in accordance with Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 350-40, Internal Use Software. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $21.8 million and $16.5 million as of July 25, 2015, and July 26, 2014, respectively. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets – The Company accounts for goodwill and other intangibles in accordance with ASC Topic 350, Intangibles-Goodwill and Other ("ASC Topic 350"). 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 performs its annual impairment review of goodwill at the reporting unit level. Each of the Company's operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If the Company determines the fair value of its reporting unit's goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of the tests, an impairment loss is recognized and reflected in operating income or loss in the consolidated statements of operations during the period incurred. In accordance with ASC Topic 360, Impairment or Disposal of Long-Lived Assets, the Company reviews finite-lived intangible assets for impairment whenever an event occurs or circumstances change that indicates that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. Should an asset not be recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If the Company determines the fair value of an asset is less than the carrying value, an impairment loss is incurred and reflected in operating income or loss in the consolidated statements of operations during the period incurred. The Company uses judgment in assessing if goodwill and intangible assets are impaired. Estimates of fair value are based on the Company's projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. The Company determines the fair value of its reporting units using a weighting of fair values derived equally from the income approach and the market approach valuation methodologies. The income approach uses the discounted cash flow method and the market approach uses the guideline company method. Changes in the Company's judgments and projections could result in significantly different estimates of fair value potentially resulting in impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. |
Business Combinations | Significant Acquisitions – On December 3, 2012, the Company acquired substantially all of the telecommunications infrastructure services subsidiaries of Quanta Services, Inc. The results of operations of these subsidiaries are included in the accompanying consolidated financial statements from the date of acquisition. See Note 3, Acquisitions , for further information regarding the Company's acquisitions. Business Combinations – The Company accounts for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, contract backlog amounts, if applicable, and expected royalty rates for trademarks and trade names, as well as certain other assumptions. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to the Company at that time, may become known during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. The Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill or intangible assets to the extent that it identifies adjustments to the preliminary purchase price allocation. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the accompanying consolidated financial statements from their dates of acquisition. |
Long-Lived Tangible Assets | Long-Lived Tangible Assets – The Company reviews long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. |
Accrued Insurance Claims | Accrued Insurance Claims – For claims within the Company's insurance program, it retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability, workers' compensation, employee group health, and damages associated with underground facility locating services. The Company has established reserves that it believes to be adequate based on current evaluations and its experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on the Company's financial statements is generally limited to the amount needed to satisfy its insurance deductibles or retentions. The liability for accrued claims and related accrued processing costs was $87.3 million and $66.0 million as of July 25, 2015 and July 26, 2014, respectively, and included incurred but not reported losses of approximately $39.4 million and $32.1 million , respectively. Based on prior payment patterns for similar claims, $35.8 million and $32.3 million of the amounts accrued as of July 25, 2015 and July 26, 2014, respectively, were expected to be paid within the next twelve months. Insurance recoveries/receivables related to accrued claims as of July 25, 2015 were $9.5 million , of which $0.6 million was included in other current assets and $8.9 million was included in non-current other assets. The Company estimates the liability for claims based on facts, circumstances, and historical evidence. Recorded loss reserves are not discounted even though they will not be paid until sometime in the future. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the magnitude and quantity of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. |
Per Share Data | Per Share Data – Basic earnings per common share is computed based on the weighted average number of shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares, including unvested restricted share units. Performance share awards are included in diluted weighted average number of common shares outstanding based upon the quantity that would be issued if the end of the reporting period were the end of the term of the award. Stock options, time-based restricted share units ("RSUs") and performance-based restricted share units ("Performance RSUs") are included in diluted weighted average number of common shares outstanding by applying the treasury stock method. Common stock equivalents related to stock options are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. |
Share-Based Compensation | Stock-Based Compensation – The Company's stock-based award programs are intended to attract, retain, and reward talented employees, officers and directors, and to align stockholder and employee interests. The Company has granted stock-based awards under its 2012 Long-Term Incentive Plan ("2012 Plan"), 2003 Long-Term Incentive Plan ("2003 Plan") and the 2007 Non-Employee Directors Equity Plan ("2007 Directors Plan" and, together with the 2012 Plan and 2003 Plan, the "Plans"). In addition, awards are outstanding in other plans under which no further awards will be granted. The Company's policy is to issue new shares to satisfy equity awards under the Plans. The Plans provide for several types of stock-based awards, including stock options, restricted shares, performance shares, restricted share units, performance share units, and stock appreciation rights. The total number of shares available for grant under the Plans as of July 25, 2015 was 1,170,808 . Compensation expense for stock-based awards is based on the fair value at the measurement date and fluctuates over time as a result of the vesting period of the stock-based awards and the Company's performance, as measured by criteria set forth in the performance-based awards. Expense is included in general and administrative expenses in the consolidated statements of operations and the amount of expense ultimately recognized is based on the number of awards that actually vest. For performance-based restricted share units ("Performance RSUs"), the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if it determines it is probable that the performance criteria for the awards will be met. Accordingly, future stock-based compensation expense may vary from fiscal year to fiscal year. The fair value of time-based restricted share units ("RSUs") and Performance RSUs is estimated on the date of grant and is generally equal to the closing stock price on that date. RSUs and Performance RSUs are settled in one share of the Company's common stock upon vesting. RSUs vest ratably over a period of four years . Performance RSUs vest over a period of three years from the date of grant if certain performance goals are achieved. The performance targets are based on the Company's fiscal year operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its fiscal year operating cash flow level. For the fiscal 2015 and fiscal 2014 performance periods, the performance targets exclude amounts recorded for the amortization of intangible assets of businesses acquired in fiscal 2013. Additionally, certain awards include three -year performance goals that, if met, result in supplemental shares awarded. The three -year performance criteria required to earn supplemental awards is more difficult to achieve than that required to earn annual target awards and is based on the Company's three-year cumulative operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its three-year cumulative operating cash flow level. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model based on certain assumptions including: expected volatility based on the historical price of the Company's stock over the expected life of the option; the risk free rate of return based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option; the expected life based on the period of time the options are expected to be outstanding using historical data to estimate option exercise and employee termination; and dividend yield based on the Company's history and expectation of dividend payments. Stock options generally vest ratably over a four -year period and are exercisable over a period of up to ten years . |
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 non-deductible and non-taxable items and tax credits recognized in relation to pre-tax results. Measurement of the Company's tax position is based on the applicable statutes, federal and state case law, and its interpretations of tax regulations. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all relevant factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event it determines that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes. In the normal course of business, tax positions exist for which the ultimate outcome is uncertain. ASC Topic 740, Income Taxes ("ASC Topic 740") prescribes a two-step process for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. The first step involves an evaluation of the underlying tax position based solely on technical merits (such as tax law) and the second step involves measuring the tax position based on the probability of it being sustained in the event of a tax examination. The Company recognizes tax benefits at the amount that it deems more likely than not will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized in the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. The Company recognizes applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. During fiscal 2015, the Company adopted new IRS regulations for capitalizing and deducting costs incurred to acquire, produce, or improve tangible property. The new regulations did not have a material effect on the Company’s consolidated financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments – The Company's financial instruments consist primarily of cash and equivalents, restricted cash, accounts receivable, income taxes receivable and payable, accounts payable and certain accrued expenses, as well as 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 July 25, 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 July 25, 2015 and July 26, 2014 . During fiscal 2015 and 2014, the Company had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. |
Taxes Collected from Customers | Taxes Collected from Customers – ASC Topic 605, Taxes Collected from Customers and Remitted to Governmental Authorities , addresses the income statement presentation of any taxes collected from customers and remitted to a government authority and provides that the presentation of taxes on either a gross basis or a net basis in an accounting policy decision that should be disclosed. The Company's policy is to present contract revenues net of sales taxes. |
Other Assets | Other Assets – Other assets consist of deferred financing costs of $11.6 million , insurance recoveries/receivables related to accrued claims of $8.9 million , and other noncurrent assets consisting of long-term deposits, prepaid discounts and other totaling $13.6 million as of July 25, 2015. Additionally, during fiscal 2015, the Company made an investment of $4.0 million in nonvoting senior units of a customer in connection with this customer's restructuring plan. |
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. 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"), requiring 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. The original public organization effective date for the Company was fiscal 2018; however, the FASB approved a one-year deferral of the effective date of this standard in July 2015. As such, ASU 2014-09 will be effective for the Company beginning in fiscal 2019 and interim reporting periods within that year, using either the retrospective or cumulative effect transition method. 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 following the date its 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 following the date its 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. 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"), which 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 2017 and interim reporting periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's financial position or results of operations. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires debt issuance costs to be presented as a direct deduction from the associated debt liability on the balance sheet. ASU 2015-03 will be effective for the Company in fiscal 2017 and interim reporting periods within that year, using the retrospective method. See Note 10, Debt , for further information regarding the Company’s debt financing. The adoption of this guidance will change the presentation of debt issuance costs but will not have a material effect on the Company's consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer's Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"), which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance does not change the current treatment for accounting for software licenses or service contracts. ASU 2015-05 will be effective for the Company in fiscal 2017 and interim reporting periods within that year, either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. The Company is currently evaluating the transition methods and the effect of the adoption of this guidance on the consolidated financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory ("ASU 2015-11"), which provides guidance on the measurement of inventory that is measured using first-in, first-out or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 will be effective for the Company in fiscal 2018 and interim reporting periods within that year and applied on a prospective basis. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. |
Computation of Earnings Per C32
Computation of Earnings Per Common Share (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table sets forth the computation of basic and diluted earnings per common share: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands, except per share amounts) Net income available to common stockholders (numerator) $ 84,324 $ 39,978 $ 35,188 Weighted-average number of common shares (denominator) 34,045,481 33,773,158 33,012,595 Basic earnings per common share $ 2.48 $ 1.18 $ 1.07 Weighted-average number of common shares 34,045,481 33,773,158 33,012,595 Potential common stock arising from stock options, and unvested restricted share units 981,207 1,043,223 769,592 Total shares-diluted (denominator) 35,026,688 34,816,381 33,782,187 Diluted earnings per common share $ 2.41 $ 1.15 $ 1.04 Anti-dilutive weighted shares excluded from the calculation of earnings per common share 103,896 586,389 1,204,116 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Contract billings $ 292,029 $ 258,254 Retainage 24,321 15,323 Total 316,350 273,577 Less: allowance for doubtful accounts (1,216 ) (836 ) Accounts receivable, net $ 315,134 $ 272,741 |
Schedule of Allowance for Doubtful Accounts | The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows: Fiscal Year Ended July 25, 2015 July 26, 2014 (Dollars in thousands) Allowance for doubtful accounts at beginning of period $ 836 $ 129 Bad debt expense 465 615 Amounts recovered (charged) against the allowance (85 ) 92 Allowance for doubtful accounts at end of period $ 1,216 $ 836 |
Costs and Estimated Earnings 34
Costs and Estimated Earnings in Excess of Billings (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net | Costs and estimated earnings in excess of billings ("CIEB") include revenue for services from contracts based both on the units-of-delivery and the cost-to-cost measures of the percentage of completion method. Amounts consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Costs incurred on contracts in progress $ 240,077 $ 234,766 Estimated to date earnings 72,446 57,335 Total costs and estimated earnings 312,523 292,101 Less: billings to date (54,689 ) (75,414 ) $ 257,834 $ 216,687 Included in the accompanying consolidated balance sheets under the captions: Costs and estimated earnings in excess of billings $ 274,730 $ 230,569 Billings in excess of costs and estimated earnings (16,896 ) (13,882 ) $ 257,834 $ 216,687 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following: Estimated Useful Lives July 25, 2015 July 26, 2014 (Years) (Dollars in thousands) Land — $ 3,475 $ 3,408 Buildings 10-35 11,944 11,589 Leasehold improvements 1-10 8,491 5,335 Vehicles 1-5 316,979 279,631 Computer hardware and software 1-7 80,091 73,349 Office furniture and equipment 1-7 8,183 7,790 Equipment and machinery 1-10 194,943 177,608 Total 624,106 558,710 Less: accumulated depreciation (392,542 ) (353,297 ) Property and equipment, net $ 231,564 $ 205,413 Depreciation expense and repairs and maintenance were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Depreciation expense $ 79,331 $ 74,517 $ 64,756 Repairs and maintenance expense $ 22,054 $ 21,829 $ 19,408 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for fiscal 2015 and fiscal 2014 were as follows: Goodwill Accumulated Impairment Losses Total (Dollars in thousands) Balance as of July 27, 2013 $ 463,577 $ (195,767 ) $ 267,810 Goodwill from fiscal 2014 acquisitions 1,278 — 1,278 Balance as of July 26, 2014 464,855 (195,767 ) 269,088 Purchase price allocation adjustments 377 — 377 Goodwill from fiscal 2015 acquisitions 2,188 — 2,188 Balance as of July 25, 2015 $ 467,420 $ (195,767 ) $ 271,653 |
Annual Impairment Analyses | The table below outlines certain assumptions in each of the Company's fiscal 2015, 2014, and 2013 annual quantitative impairment analyses: 2015 2014 2013 Terminal Growth Rate Range 1.5% - 2.5% 1.5% - 3.0% 1.5% - 2.5% Discount Rate 11.5% 11.5% 11.5% |
Schedule of Intangible Assets | The Company's intangible assets consisted of the following: Weighted Average Remaining Useful Lives July 25, 2015 July 26, 2014 (Years) (Dollars in thousands) Gross carrying amount: Customer relationships 11.6 $ 195,375 $ 173,594 Contract backlog 2.4 8,076 15,285 Trade names 3.4 8,200 8,200 UtiliQuest trade name — 4,700 4,700 Non-compete agreements 2.2 635 400 216,986 202,179 Accumulated amortization: Customer relationships 83,772 69,048 Contract backlog 7,381 13,490 Trade names 4,650 3,361 Non-compete agreements 257 164 96,060 86,063 Net Intangible Assets $ 120,926 $ 116,116 |
Future Amortization Expense | Estimated total amortization expense for existing intangible assets for each of the five succeeding fiscal years and thereafter is as follows: Period Amount (Dollars in thousands) 2016 $ 17,315 2017 15,788 2018 13,494 2019 11,142 2020 10,230 Thereafter 48,257 Total $ 116,226 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Accrued payroll and related taxes $ 18,673 $ 18,429 Accrued employee benefit and incentive plan costs 29,528 17,677 Accrued construction costs 26,395 20,689 Accrued interest and related bank fees 865 872 Income taxes payable 8,916 5,223 Other current liabilities 14,029 13,244 Total other accrued liabilities $ 98,406 $ 76,134 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Debt Disclosure [Abstract] | |
Outstanding Indebtedness | The Company’s outstanding indebtedness consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Credit Agreement - Revolving facility (matures April 2020) $ 95,250 $ 63,000 Credit Agreement - Term Loan (matures April 2020) 150,000 114,063 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) 2,841 3,238 525,591 457,801 Less: current portion (3,750 ) (10,938 ) Long-term debt $ 521,841 $ 446,863 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | he components of the provision (benefit) for income taxes were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Current: Federal $ 42,516 $ 27,161 $ 22,173 Foreign 502 416 406 State 6,998 5,087 2,702 50,016 32,664 25,281 Deferred: Federal 305 (5,706 ) (2,866 ) Foreign 268 — 6 State 671 (617 ) 590 1,244 (6,323 ) (2,270 ) Total Tax Provision $ 51,260 $ 26,341 $ 23,011 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities consisted of the following: July 25, 2015 July 26, 2014 (Dollars in thousands) Deferred tax assets: Insurance and other reserves $ 31,222 $ 26,964 Allowance for doubtful accounts and reserves 1,047 742 Net operating loss carryforwards 1,443 994 Stock-based compensation 5,149 5,402 Other 1,303 1,062 Total deferred tax assets 40,164 35,164 Valuation allowance (870 ) (878 ) Deferred tax assets, net of valuation allowance $ 39,294 $ 34,286 Deferred tax liabilities: Property and equipment $ 34,702 $ 32,164 Goodwill and intangibles 29,930 26,998 Other 1,420 553 Deferred tax liabilities $ 66,052 $ 59,715 Net deferred tax liabilities $ 26,758 $ 25,429 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the total tax provision and the amount computed by applying the statutory federal income tax rates to pre-tax income is as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Statutory rate applied to pre-tax income $ 47,454 $ 23,212 $ 20,370 State taxes, net of federal tax benefit 5,159 2,863 2,271 Non-taxable and non-deductible items, net (1,220 ) 491 366 Change in accruals for uncertain tax positions (74 ) 53 153 Other items, net (59 ) (278 ) (149 ) Total tax provision $ 51,260 $ 26,341 $ 23,011 |
Schedule of Unrecognized Tax Benefits Roll Forward | A summary of unrecognized tax benefits is as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Balance at beginning of year $ 2,401 $ 2,348 $ 2,194 Additions based on tax positions related to the fiscal year 44 137 155 Additions (reductions) based on tax positions related to prior years (98 ) 10 19 Reductions related to the expiration of statutes of limitation (20 ) (94 ) (20 ) Balance at end of year $ 2,327 $ 2,401 $ 2,348 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | The components of other income, net, were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Gain on sale of fixed assets $ 7,110 $ 10,706 $ 4,683 Miscellaneous income, net 1,181 522 227 Write-off of deferred financing costs — — (321 ) Total other income, net $ 8,291 $ 11,228 $ 4,589 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Multiemployer Plans | The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund ("the Plan") was considered individually significant and is presented separately below. All other plans are presented in the aggregate. PPA Zone Status (a) Company Contributions (Dollars in thousands) Expiration Date of CBA Fund EIN 2014 2013 FIP/RP Status (b) 2015 2014 2013 Surcharge Imposed The Plan 13-6123601 Green Green No $ 3,852 $ 3,044 $ 2,962 No 05/05/2016 Other Plans 934 635 243 Various Total Contributions $ 4,786 $ 3,679 $ 3,205 (a) The most recent Pension Protection Act (the "PPA") zone status was provided by the Plan for Plan years ending September 30, 2014 and September 30, 2013, respectively. The zone status is based on information that the Company received from the Plan and is certified by the Plan's actuary. Generally, plans in the red zone are less that 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. (b) The "FIR/RP Status" column indicates plans for which a financial improvement plan (FIP) or rehabilitation plan (RP), as required by the Internal Revenue Code, is either pending or has been implemented. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | During fiscal 2015, 2014, and 2013, the Company made the following repurchases under its prior and current share repurchase programs: Fiscal Year Ended Number of Shares Repurchased Total Consideration Average Price Per Share July 27, 2013 1,047,000 $ 15,203 $ 14.52 July 26, 2014 360,900 $ 9,999 $ 27.71 July 25, 2015 1,669,924 $ 87,146 $ 52.19 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Jul. 25, 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 and realized related to stock options and restricted share units during fiscal 2015, 2014, and 2013 were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Stock-based compensation $ 13,923 $ 12,596 $ 9,902 Tax benefit recognized in the statement of operations $ 5,458 $ 4,819 $ 3,782 Cash tax benefit realized from option exercises and stock vestings $ 13,976 $ 7,116 $ 3,428 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2015, 2014, and 2013 and the significant valuation assumptions: Fiscal Year Ended 2015 2014 2013 Weighted average fair value of RSUs granted $ 31.42 $ 27.54 $ 18.52 Weighted average fair value of Performance RSUs granted $ 31.03 $ 27.66 $ 18.08 Weighted average fair value of stock options granted $ 19.48 $ 17.43 $ 11.66 Stock option assumptions: Risk-free interest rate 2.1 % 2.7 % 1.6 % Expected life (years) 8.8 8.8 9.3 Expected volatility 54.5 % 55.1 % 55.4 % Expected dividends — — — |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during fiscal 2015: Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (In years) (In thousands) Outstanding as of July 26, 2014 2,044,893 $ 18.68 Granted 90,686 $ 31.46 Options exercised (735,330 ) $ 12.13 Forfeited or canceled (484,926 ) $ 34.44 Outstanding as of July 25, 2015 915,323 $ 16.86 6.0 $ 43,052 Exercisable options as of July 25, 2015 657,055 $ 13.46 5.1 $ 33,139 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU activity during fiscal 2015: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Aggregate Intrinsic Value Share Units Weighted Average Grant Price Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding as of July 26, 2014 398,931 $ 20.61 1,190,184 $ 21.73 Granted 102,307 $ 31.42 416,987 $ 31.03 Share units vested (153,140 ) $ 19.96 (318,969 ) $ 21.61 Forfeited or canceled (26,090 ) $ 19.32 (342,662 ) $ 20.11 Outstanding as of July 25, 2015 322,008 $ 24.46 $ 20,576 945,540 $ 26.46 $ 60,420 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Expenses under these arrangements for fiscal 2015, 2014, and 2013 were as follows: Fiscal Year Ended 2015 2014 2013 (Dollars in thousands) Real property and equipment leases $ 2,722 $ 1,685 $ 1,862 Subcontractors and materials expense $ 2,532 $ 2,069 $ 700 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Risks and Uncertainties [Abstract] | |
Schedule that Represents A Significant Portion of the Company’s Customer Base and Each Over 10% of Total Revenue | Customers whose revenues exceeded 10% of total revenue during fiscal 2015, 2014, or 2013 were as follows: Fiscal Year Ended 2015 2014 2013 AT&T Inc. 20.8% 19.2% 15.5% CenturyLink, Inc. 14.2% 13.8% 14.6% Comcast Corporation 12.9% 11.7% 10.9% |
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 Company’s Total Outstanding Balances | ustomers represented 10% or more of combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings, net ("CIEB, net") as of July 25, 2015 or July 26, 2014 . AT&T Inc. represented $101.7 million , or 17.7% of combined amounts of trade accounts receivable and CIEB, net as of July 25, 2015 and $87.6 million , or 17.9% as of July 26, 2014 . CenturyLink, Inc. represented $80.1 million , or 14.0% of combined amounts of trade accounts receivable and CIEB, net as of July 25, 2015 and $48.2 million , or 9.8% as of July 26, 2014 . In addition, Comcast Corporation represented $63.0 million , or 11.0% of combined amounts of trade accounts receivable and CIEB, net as of July 25, 2015 |
Quarterly Financial Data (Una46
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The earnings per common share calculation for each quarter is based on the weighted average shares of common stock outstanding plus the dilutive effect of stock options and restricted share units, if any. Fiscal 2015: First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands, except per share amounts) Revenues $ 510,389 $ 441,081 $ 492,363 $ 578,479 Costs of earned revenues, excluding depreciation and amortization $ 403,468 $ 355,429 $ 388,239 $ 446,114 Gross profit $ 106,921 $ 85,652 $ 104,124 $ 132,365 Net income $ 20,807 $ 9,432 $ 20,258 $ 33,827 Earnings per common share - Basic $ 0.61 $ 0.28 $ 0.59 $ 1.00 Earnings per common share - Diluted $ 0.59 $ 0.27 $ 0.58 $ 0.97 Fiscal 2014: First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands, except per share amounts) Revenues $ 512,720 $ 390,518 $ 426,284 $ 482,071 Costs of earned revenues, excluding depreciation and amortization $ 410,119 $ 327,353 $ 350,352 $ 387,221 Gross profit $ 102,601 $ 63,165 $ 75,932 $ 94,850 Net income (loss) $ 18,660 $ (3,067 ) $ 7,895 $ 16,489 Earnings (loss) per common share - Basic $ 0.56 $ (0.09 ) $ 0.23 $ 0.49 Earnings (loss) per common share - Diluted $ 0.54 $ (0.09 ) $ 0.23 $ 0.47 |
Supplemental Consolidating Fi47
Supplemental Consolidating Financial Statements (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET JULY 25, 2015 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations and Reclassifications Dycom Consolidated (Dollars in thousands) ASSETS Current assets: Cash and equivalents $ — $ — $ 20,515 $ 774 $ — $ 21,289 Accounts receivable, net — — 312,641 2,493 — 315,134 Costs and estimated earnings in excess of billings — — 273,544 1,186 — 274,730 Inventories — — 48,650 — — 48,650 Deferred tax assets, net 2,939 — 17,745 69 (123 ) 20,630 Other current assets 7,350 20 8,097 732 — 16,199 Total current assets 10,289 20 681,192 5,254 (123 ) 696,632 Property and equipment, net 23,527 — 187,596 20,441 — 231,564 Goodwill — — 271,653 — — 271,653 Intangible assets, net — — 120,926 — — 120,926 Deferred tax assets, net non-current — 72 3,951 827 (4,850 ) — Investment in subsidiaries 893,940 2,348,292 — — (3,242,232 ) — Intercompany receivables — — 1,347,896 — (1,347,896 ) — Other 17,460 4,940 11,598 4,091 — 38,089 Total non-current assets 934,927 2,353,304 1,943,620 25,359 (4,594,978 ) 662,232 Total assets $ 945,216 $ 2,353,324 $ 2,624,812 $ 30,613 $ (4,595,101 ) $ 1,358,864 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,388 $ — $ 65,458 $ 988 $ — $ 71,834 Current portion of debt 3,750 — — — — 3,750 Billings in excess of costs and estimated earnings — — 16,896 — — 16,896 Accrued insurance claims 156 — 35,624 44 — 35,824 Deferred tax liabilities — 62 11 50 (123 ) — Other accrued liabilities 22,428 504 73,389 2,085 — 98,406 Total current liabilities 31,722 566 191,378 3,167 (123 ) 226,710 Long-term debt 241,500 280,341 — — — 521,841 Accrued insurance claims 53 — 51,391 32 — 51,476 Deferred tax liabilities, net non-current 1,430 363 48,734 1,711 (4,850 ) 47,388 Intercompany payables 160,238 1,178,114 — 9,544 (1,347,896 ) — Other liabilities 3,073 — 1,176 — — 4,249 Total liabilities 438,016 1,459,384 292,679 14,454 (1,352,869 ) 851,664 Total stockholders' equity 507,200 893,940 2,332,133 16,159 (3,242,232 ) 507,200 Total liabilities and stockholders' equity $ 945,216 $ 2,353,324 $ 2,624,812 $ 30,613 $ (4,595,101 ) $ 1,358,864 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET JULY 26, 2014 Parent Issuer Guarantor Subsidiaries 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 | DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED JULY 25, 2015 Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Dycom Consolidated (Dollars in thousands) REVENUES: Contract revenues $ — $ — $ 2,009,258 $ 13,054 $ — $ 2,022,312 EXPENSES: Costs of earned revenues, excluding depreciation and amortization — — 1,583,651 9,599 — 1,593,250 General and administrative 52,496 540 113,329 12,335 — 178,700 Depreciation and amortization 5,471 — 85,696 4,877 — 96,044 Intercompany charges (income), net (65,098 ) — 67,430 (2,332 ) — — Total (7,131 ) 540 1,850,106 24,479 — 1,867,994 Interest expense, net (7,012 ) (20,003 ) (10 ) — — (27,025 ) Other income, net (119 ) — 9,039 (629 ) — 8,291 Income (loss) before income taxes and equity in earnings of subsidiaries — (20,543 ) 168,181 (12,054 ) — 135,584 Provision (benefit) for income taxes: — (7,769 ) 63,560 (4,531 ) — 51,260 Net income (loss) before equity in earnings of subsidiaries — (12,774 ) 104,621 (7,523 ) — 84,324 Equity in earnings of subsidiaries 84,324 97,098 — — (181,422 ) — Net income (loss) $ 84,324 $ 84,324 $ 104,621 $ (7,523 ) $ (181,422 ) $ 84,324 Foreign currency translation losses, net of tax (1,040 ) (1,040 ) — (1,040 ) 2,080 (1,040 ) Comprehensive income (loss) $ 83,284 $ 83,284 $ 104,621 $ (8,563 ) $ (179,342 ) $ 83,284 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED JULY 26, 2014 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Dycom Consolidated (Dollars in thousands) REVENUES: Contract revenues $ — $ — $ 1,799,538 $ 12,055 $ — $ 1,811,593 EXPENSES: Costs of earned revenues, excluding depreciation and amortization — — 1,466,221 8,824 — 1,475,045 General and administrative 42,958 616 107,326 10,958 — 161,858 Depreciation and amortization 4,256 — 84,178 4,338 — 92,772 Intercompany charges (income), net (53,922 ) — 54,688 (766 ) — — Total (6,708 ) 616 1,712,413 23,354 — 1,729,675 Interest expense, net (6,827 ) (19,993 ) (7 ) — — (26,827 ) Other income, net 119 — 10,895 214 — 11,228 Income (loss) before income taxes and equity in earnings of subsidiaries — (20,609 ) 98,013 (11,085 ) — 66,319 Provision (benefit) for income taxes — (8,186 ) 38,930 (4,403 ) — 26,341 Net income (loss) before equity in earnings of subsidiaries — (12,423 ) 59,083 (6,682 ) — 39,978 Equity in earnings of subsidiaries 39,978 52,401 135 — (92,514 ) — Net income (loss) $ 39,978 $ 39,978 $ 59,218 $ (6,682 ) $ (92,514 ) $ 39,978 Foreign currency translation losses, net of tax (261 ) (261 ) — (261 ) 522 (261 ) Comprehensive income (loss) $ 39,717 $ 39,717 $ 59,218 $ (6,943 ) $ (91,992 ) $ 39,717 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED JULY 27, 2013 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Dycom Consolidated (Dollars in thousands) REVENUES: Contract revenues $ — $ — $ 1,594,363 $ 14,249 $ — $ 1,608,612 EXPENSES: Costs of earned revenues, excluding depreciation and amortization — — 1,288,369 12,047 — 1,300,416 General and administrative 44,462 818 89,336 11,155 — 145,771 Depreciation and amortization 2,920 — 77,595 4,966 — 85,481 Intercompany charges (income), net (53,377 ) — 54,720 (1,343 ) — — Total (5,995 ) 818 1,510,020 26,825 — 1,531,668 Interest expense, net (5,675 ) (17,599 ) (60 ) — — (23,334 ) Other income, net (320 ) — 4,794 115 — 4,589 Income (loss) before income taxes and equity in earnings of subsidiaries — (18,417 ) 89,077 (12,461 ) — 58,199 Provision (benefit) for income taxes — (7,281 ) 35,214 (4,922 ) — 23,011 Net income (loss) before equity in earnings of subsidiaries — (11,136 ) 53,863 (7,539 ) — 35,188 Equity in earnings of subsidiaries 35,188 46,324 — — (81,512 ) — Net income (loss) $ 35,188 $ 35,188 $ 53,863 $ (7,539 ) $ (81,512 ) $ 35,188 Foreign currency translation losses, net of tax (35 ) (35 ) — (35 ) 70 (35 ) Comprehensive income (loss) $ 35,153 $ 35,153 $ 53,863 $ (7,574 ) $ (81,442 ) $ 35,153 |
Schedule of Condensed Cash Flow Statement | DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 25, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Elim-inations Dycom Consolidated (Dollars in thousands) Net cash provided by (used in) operating activities $ 3,805 $ (12,703 ) $ 151,419 $ (621 ) $ — $ 141,900 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — — (31,909 ) — — (31,909 ) Capital expenditures (10,585 ) — (83,024 ) (9,388 ) — (102,997 ) Proceeds from sale of assets 8 — 9,375 9 — 9,392 Return of capital from subsidiaries — 2,394 — — (2,394 ) — Investment in subsidiaries — (409,414 ) (385 ) — 409,799 — Changes in restricted cash (541 ) — 3 — — (538 ) Investment in non-voting senior units — — — (4,000 ) — (4,000 ) Net cash used in investing activities (11,118 ) (407,020 ) (105,940 ) (13,379 ) 407,405 (130,052 ) Cash flows from financing activities: Borrowings on senior Credit Agreement 535,750 — — — — 535,750 Principal payments on senior Credit Agreement (467,563 ) — — — — (467,563 ) Debt issuance costs (3,854 ) — — — — (3,854 ) Repurchases of common stock (87,146 ) — — — — (87,146 ) Exercise of stock options 8,922 — — — — 8,922 Restricted stock tax withholdings (4,711 ) — — — — (4,711 ) Excess tax benefit from share-based awards 8,371 — — — — 8,371 Principal payments on other financing activities — — (1,000 ) — — (1,000 ) Intercompany funding 17,544 419,723 (435,732 ) (1,535 ) — — Receipt of capital contributions, net — — 392,029 15,376 (407,405 ) — Net cash (used in) provided by financing activities 7,313 419,723 (44,703 ) 13,841 (407,405 ) (11,231 ) Net increase (decrease) in cash and equivalents — — 776 (159 ) — 617 CASH AT BEGINNING OF PERIOD — — 19,739 933 — 20,672 CASH AND EQUIVALENTS AT END OF PERIOD $ — $ — $ 20,515 $ 774 $ — $ 21,289 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 26, 2014 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Elim-inations Dycom Consolidated (Dollars in thousands) Net cash provided by (used in) operating activities $ 7,199 $ (12,242 ) $ 93,898 $ (4,670 ) $ — $ 84,185 Cash flows from investing activities: Cash paid for acquisition, net of cash acquired — — (16,388 ) (700 ) — (17,088 ) Capital expenditures (8,541 ) — (72,962 ) (7,633 ) — (89,136 ) Proceeds from sale of assets — — 12,146 3,261 — 15,407 Return of capital from subsidiaries — 683 — — (683 ) — Investment in subsidiaries — (9,235 ) (785 ) — 10,020 — Changes in restricted cash (303 ) — — — — (303 ) Net cash used in investing activities (8,844 ) (8,552 ) (77,989 ) (5,072 ) 9,337 (91,120 ) Cash flows from financing activities: Proceeds from borrowings on senior Credit Agreement 502,000 — — — — 502,000 Principal payments on senior Credit Agreement (495,813 ) — — — — (495,813 ) Repurchases of common stock (9,999 ) — — — — (9,999 ) Exercise of stock options and other 14,568 — — — — 14,568 Restricted stock tax withholdings (3,781 ) — — — — (3,781 ) Excess tax benefit from share-based awards 3,025 — — — — 3,025 Principal payments on capital lease obligations and other financing — — (1,000 ) — — (1,000 ) Intercompany funding (8,355 ) 20,794 (13,336 ) 10,234 (9,337 ) — Net cash provided by (used in) financing activities 1,645 20,794 (14,336 ) 10,234 (9,337 ) 9,000 Net increase in cash and equivalents — — 1,573 492 — 2,065 CASH AT BEGINNING OF PERIOD — — 18,166 441 — 18,607 CASH AND EQUIVALENTS AT END OF PERIOD $ — $ — $ 19,739 $ 933 $ — $ 20,672 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 27, 2013 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Elim-inations Dycom Consolidated (Dollars in thousands) Net cash provided by (used in) operating activities $ 6,952 $ (9,612 ) $ 112,176 $ (2,772 ) $ — $ 106,744 Cash flows from investing activities: Cash paid for acquisition, net of cash acquired — — (330,291 ) — — (330,291 ) Capital expenditures (8,151 ) — (51,647 ) (4,852 ) — (64,650 ) Proceeds from sale of assets — — 5,770 57 — 5,827 Return of capital from subsidiaries — 1,816 — — (1,816 ) — Investment in subsidiaries — (2,600 ) — — 2,600 — Changes in restricted cash 60 — — — — 60 Net cash used in investing activities (8,091 ) (784 ) (376,168 ) (4,795 ) 784 (389,054 ) Cash flows from financing activities: Proceeds from issuance of 7.125% senior subordinated notes due 2021, (including $3.8 million premium on issuance) — 93,825 — — — 93,825 Proceeds from borrowings on senior Credit Agreement, including term loan 529,500 — — — — 529,500 Principal payments on senior Credit Agreement (358,625 ) — — — — (358,625 ) Debt issuance costs (4,158 ) (2,581 ) — — — (6,739 ) Repurchases of common stock (15,203 ) — — — — (15,203 ) Exercise of stock options and other 5,253 — — — — 5,253 Restricted stock tax withholdings (884 ) — — — — (884 ) Excess tax benefit from share-based awards 1,283 — — — — 1,283 Principal payments on capital lease obligations — — (74 ) — — (74 ) Intercompany funding (156,027 ) (80,848 ) 230,669 6,990 (784 ) — Net cash provided by financing activities 1,139 10,396 230,595 6,990 (784 ) 248,336 Net decrease in cash and equivalents — — (33,397 ) (577 ) — (33,974 ) CASH AT BEGINNING OF PERIOD — — 51,563 1,018 — 52,581 CASH AND EQUIVALENTS AT END OF PERIOD $ — $ — $ 18,166 $ 441 $ — $ 18,607 |
Basis of Presentation and Acc48
Basis of Presentation and Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 25, 2015USD ($)segmentshares | Apr. 25, 2015USD ($) | Jan. 24, 2015USD ($) | Oct. 25, 2014USD ($) | Jul. 26, 2014USD ($) | Apr. 26, 2014USD ($) | Jan. 25, 2014USD ($) | Oct. 26, 2013USD ($) | Jul. 30, 2016 | Jul. 25, 2015USD ($)shares | Jul. 26, 2014USD ($) | Jul. 27, 2013USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Prepaid Expense and Other Assets | $ 13,600 | $ 13,600 | ||||||||||
Deferred Finance Costs, Net | $ 11,600 | 11,600 | ||||||||||
Number of reportable segments | segment | 1 | |||||||||||
Contract revenues | $ 578,479 | $ 492,363 | $ 441,081 | $ 510,389 | $ 482,071 | $ 426,284 | $ 390,518 | $ 512,720 | $ 2,022,312 | $ 1,811,593 | $ 1,608,612 | |
Fiscal period duration | 364 days | 364 days | 364 days | |||||||||
Restricted cash | 4,500 | 4,000 | $ 4,500 | $ 4,000 | ||||||||
Capitalized computer software net book value | 21,800 | 16,500 | 21,800 | 16,500 | ||||||||
Accrued insurance | 87,300 | 66,000 | 87,300 | 66,000 | ||||||||
Accrued insurance incurred | 39,400 | 32,100 | 39,400 | 32,100 | ||||||||
Accrued insurance claims | $ 35,824 | $ 32,260 | $ 35,824 | $ 32,260 | ||||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% | 7.125% | |||||||
Investments and other noncurrent assets | $ 4,000 | |||||||||||
Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2021 | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% | ||||||||
Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Contract revenues | $ 13,100 | $ 12,200 | $ 13,000 | |||||||||
Long Term Incentive Plan, 2012 | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total number of shares available for grant | shares | 1,170,808 | 1,170,808 | ||||||||||
RSUs | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Vesting period | 4 years | |||||||||||
Performance RSUs | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Vesting period | 3 years | |||||||||||
Stock Options | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Vesting period | 4 years | |||||||||||
Expiration period | 10 years | |||||||||||
Subsequent Event | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Fiscal period duration | 371 days |
Computation of Earnings Per C49
Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 25, 2015 | Apr. 25, 2015 | Jan. 24, 2015 | Oct. 25, 2014 | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Basic earnings per unit | |||||||||||
Net income | $ 33,827 | $ 20,258 | $ 9,432 | $ 20,807 | $ 16,489 | $ 7,895 | $ (3,067) | $ 18,660 | $ 84,324 | $ 39,978 | $ 35,188 |
Weighted-average number of common shares (in shares) | 34,045,481 | 33,773,158 | 33,012,595 | ||||||||
Basic earnings (loss) per common share (in dollars per share) | $ 1 | $ 0.59 | $ 0.28 | $ 0.61 | $ 0.49 | $ 0.23 | $ (0.09) | $ 0.56 | $ 2.48 | $ 1.18 | $ 1.07 |
Diluted earnings per unit | |||||||||||
Weighted-average number of common shares (in shares) | 34,045,481 | 33,773,158 | 33,012,595 | ||||||||
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 981,207 | 1,043,223 | 769,592 | ||||||||
Total shares-diluted (in shares) | 35,026,688 | 34,816,381 | 33,782,187 | ||||||||
Diluted earnings (loss) per common share (in dollars per share) | $ 0.97 | $ 0.58 | $ 0.27 | $ 0.59 | $ 0.47 | $ 0.23 | $ (0.09) | $ 0.54 | $ 2.41 | $ 1.15 | $ 1.04 |
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 103,896 | 586,389 | 1,204,116 |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Jul. 25, 2015USD ($) | Jan. 24, 2015USD ($)business | Oct. 25, 2014USD ($) | Jul. 26, 2014USD ($) | Apr. 26, 2014USD ($) | Jul. 27, 2013USD ($) | Jul. 25, 2015USD ($) | Jul. 26, 2014USD ($) | Jul. 27, 2013USD ($)$ / shares | Dec. 03, 2012USD ($) | |
Business Acquisition [Line Items] | ||||||||||
Goodwill acquisitions | $ 2,188 | $ 1,278 | ||||||||
Goodwill | $ 271,653 | $ 269,088 | $ 267,810 | 271,653 | $ 269,088 | $ 267,810 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 22,000 | |||||||||
Business acquisition, cost of acquired entity, cash paid for other items | 3,800 | 3,800 | ||||||||
Hewitt Power & Communications, Inc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire business, net of cash acquired | $ 8,000 | |||||||||
Cable Installation Contractors | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire business, net of cash acquired | $ 1,500 | |||||||||
Number of businesses acquired | business | 2 | |||||||||
Moll's Utility Services, LLC | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire business, net of cash acquired | 6,500 | |||||||||
Venture Communications Group, LLC | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire business, net of cash acquired | $ 15,600 | |||||||||
Telecommunications Specialty Construction Contractor, Canada [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire business, net of cash acquired | $ 700 | |||||||||
Watts Brothers | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire business, net of cash acquired | $ 16,400 | |||||||||
Telecommunications Infrastructure Services Subsidiaries of Quanta Services, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, cost of acquired entity, cash paid less working capital received and other items | $ 275,000 | |||||||||
Business acquisition, cost of acquired entity, cash paid for working capital | 40,400 | |||||||||
Business acquisition, cost of acquired entity, cash paid for other items | $ 3,700 | |||||||||
Pro forma contract revenue | 1,837,000 | |||||||||
Pro forma income before taxes | 90,000 | |||||||||
Pro forma net income | $ 54,400 | |||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 1.65 | |||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 1.61 | |||||||||
Sage Telecommunications Corp of Colorado, LLC | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire business, net of cash acquired | $ 11,300 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 25, 2015 | Apr. 25, 2015 | Jul. 26, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Contract billings | $ 292,029 | $ 258,254 | ||||
Retainage | 24,321 | 15,323 | ||||
Total | 316,350 | 273,577 | ||||
Less: allowance for doubtful accounts | $ (836) | $ (129) | $ (129) | (1,216) | (836) | |
Accounts receivable, net | 315,134 | $ 272,741 | ||||
Investments and other noncurrent assets | $ 4,000 | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
Allowance for doubtful accounts at beginning of period | 836 | 129 | ||||
Bad debt expense | 465 | 615 | 139 | |||
Amounts recovered (charged) against the allowance | (85) | 92 | ||||
Allowance for doubtful accounts at end of period | $ 1,216 | $ 836 | $ 129 | |||
Customer on a Rural Project | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Contract billings | $ 6,800 |
Costs and Estimated Earnings 52
Costs and Estimated Earnings in Excess of Billings (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Contractors [Abstract] | ||
Costs incurred on contracts in progress | $ 240,077 | $ 234,766 |
Estimated to date earnings | 72,446 | 57,335 |
Total costs and estimated earnings | 312,523 | 292,101 |
Less: billings to date | (54,689) | (75,414) |
Total costs in excess of billings | 257,834 | 216,687 |
Costs and estimated earnings in excess of billings | 274,730 | 230,569 |
Billings in excess of costs and estimated earnings | (16,896) | (13,882) |
Total costs in excess of billings | $ 257,834 | $ 216,687 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Apr. 25, 2015 | Apr. 26, 2014 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Property, Plant and Equipment [Line Items] | |||||
Total | $ 624,106 | $ 558,710 | |||
Less: accumulated depreciation | (392,542) | (353,297) | |||
Property and equipment, net | 231,564 | 205,413 | |||
Depreciation expense | $ 79,331 | $ 74,517 | $ 64,756 | ||
Repairs and maintenance expense | $ 22,054 | $ 21,829 | $ 19,408 | ||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | |||||
Total | $ 3,475 | $ 3,408 | |||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 11,944 | 11,589 | |||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 8,491 | 5,335 | |||
Vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 316,979 | 279,631 | |||
Computer hardware and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 80,091 | 73,349 | |||
Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 8,183 | 7,790 | |||
Equipment and machinery | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | $ 194,943 | $ 177,608 | |||
Minimum | Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 10 years | 10 years | |||
Minimum | Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 1 year | 1 year | |||
Minimum | Vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 1 year | 1 year | |||
Minimum | Computer hardware and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 1 year | 3 years | |||
Minimum | Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 1 year | 2 years | |||
Minimum | Equipment and machinery | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 1 year | 1 year | |||
Maximum | Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 35 years | 35 years | |||
Maximum | Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 10 years | 10 years | |||
Maximum | Vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 5 years | 5 years | |||
Maximum | Computer hardware and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 7 years | 10 years | |||
Maximum | Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 7 years | 7 years | |||
Maximum | Equipment and machinery | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated Useful Lives | 10 years | 10 years |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 271,653 | $ 269,088 | $ 267,810 |
Excess carrying value, percent | 25.00% | ||
Amortization expense for finite-lived intangible assets | $ 16,700 | 18,300 | 20,700 |
Customer relationships | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Carrying amount | 195,375 | 173,594 | |
Customer relationships | Hewitt Power & Communications, Inc | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Carrying amount | 21,800 | $ 200 | |
Contract backlog | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Carrying amount | 8,076 | $ 15,285 | |
Contract backlog | Hewitt Power & Communications, Inc | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Carrying amount | $ 7,200 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 18,673 | $ 18,429 |
Accrued employee benefit and incentive plan costs | 29,528 | 17,677 |
Accrued construction costs | 26,395 | 20,689 |
Accrued interest and related bank fees | 865 | 872 |
Income taxes payable | 8,916 | 5,223 |
Other current liabilities | 14,029 | 13,244 |
Total other accrued liabilities | $ 98,406 | $ 76,134 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill, gross, beginning balance | $ 464,855 | $ 463,577 | |
Goodwill acquisitions | 2,188 | 1,278 | |
Goodwill, purchase price allocation adjustments | 377 | ||
Goodwill, gross, ending balance | 467,420 | 464,855 | |
Accumulated impairment losses | (195,767) | (195,767) | $ (195,767) |
Goodwill | $ 271,653 | $ 269,088 | $ 267,810 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Annual Impairment Analyses (Details) | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Change in discount rate, with all other variable held constant, for impairment testing | 1.00% | ||
Goodwill | |||
Finite-Lived Intangible Assets [Line Items] | |||
Discount Rate | 11.50% | 11.50% | 11.50% |
Goodwill | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Terminal Growth Rate | 1.50% | 1.50% | 1.50% |
Goodwill | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Terminal Growth Rate | 2.50% | 3.00% | 2.50% |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 25, 2015 | Jul. 26, 2014 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible Assets Gross Excluding Goodwill | $ 216,986 | $ 202,179 |
Accumulated amortization: | 96,060 | 86,063 |
Intangible assets, net | $ 120,926 | 116,116 |
Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining useful lives (in years) | 11 years 7 months | |
Carrying amount | $ 195,375 | 173,594 |
Accumulated amortization: | $ 83,772 | 69,048 |
Contract backlog | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining useful lives (in years) | 2 years 5 months | |
Carrying amount | $ 8,076 | 15,285 |
Accumulated amortization: | $ 7,381 | 13,490 |
Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining useful lives (in years) | 3 years 4 months 24 days | |
Carrying amount | $ 8,200 | 8,200 |
Accumulated amortization: | $ 4,650 | 3,361 |
Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining useful lives (in years) | 2 years 2 months 12 days | |
Carrying amount | $ 635 | 400 |
Accumulated amortization: | 257 | 164 |
UtiliQuest | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
UtiliQuest trade name | $ 4,700 | $ 4,700 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Jul. 25, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 17,315 |
2,017 | 15,788 |
2,018 | 13,494 |
2,019 | 11,142 |
2,020 | 10,230 |
Thereafter | 48,257 |
Total | $ 116,226 |
Accrued Insurance Claims (Detai
Accrued Insurance Claims (Details) - USD ($) | Jul. 30, 2016 | Jul. 25, 2015 | Jul. 26, 2014 |
Accrued Insurance Claims [Line Items] | |||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 59,500,000 | ||
Insurance liability, annual retained risk loss | 250,000 | ||
Retained risk of loss per participant for employee health plan for claim amounts that aggregate across all participants in excess of $250,000 | 550,000 | ||
Health plan participant threshold | 250,000 | ||
Accrued insurance | 87,300,000 | $ 66,000,000 | |
Accrued insurance claims, Noncurrent | 51,476,000 | $ 33,782,000 | |
Insurance recoveries/receivables related to accrued claims | 9,500,000 | ||
Other Current Assets | |||
Accrued Insurance Claims [Line Items] | |||
Insurance recoveries/receivables related to accrued claims | 600,000 | ||
Non-Current Other Assets | |||
Accrued Insurance Claims [Line Items] | |||
Insurance recoveries/receivables related to accrued claims | 8,900,000 | ||
Scenario, Forecast | |||
Accrued Insurance Claims [Line Items] | |||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 84,600,000 | ||
Maximum | |||
Accrued Insurance Claims [Line Items] | |||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | $ 1,000,000 |
Debt - Outstanding (Details)
Debt - Outstanding (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 |
Debt Instrument [Line Items] | |||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% |
Debt and capital lease obligations | $ 525,591 | $ 457,801 | |
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 2,800 | 3,200 | |
Less: current portion | (3,750) | (10,938) | |
Long-term debt | 521,841 | 446,863 | |
7.125% Senior Subordinated Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | 280,300 | 280,700 | |
Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | 95,250 | 63,000 | |
Credit Agreement - Term Loan (matures April 2020) | Credit Agreement | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 150,000 | $ 114,063 | |
Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt, interest rate (in percent) | 7.125% | 7.125% | |
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) | $ 2,841 | $ 3,238 |
Debt (Details)
Debt (Details) | Apr. 24, 2015USD ($) | Jul. 25, 2015USD ($) | Jul. 26, 2014USD ($) | Jul. 27, 2013 | Dec. 03, 2012USD ($) |
Debt Instrument [Line Items] | |||||
Debt and capital lease obligations | $ 525,591,000 | $ 457,801,000 | |||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | ||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | $ 2,800,000 | $ 3,200,000 | |||
7.125% Senior Subordinated Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt and capital lease obligations | $ 280,300,000 | 280,700,000 | |||
Credit Agreement, December 3, 2012, Maturing December 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt covenant compliance, consolidated leverage maximum (ratio) | 3 | ||||
Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt covenant compliance, consolidated leverage maximum (ratio) | 3.50 | ||||
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) | 7.125% | 7.125% | |||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | $ 2,841,000 | $ 3,238,000 | |||
Long-term debt, fair value | 290,000,000 | 297,600,000 | |||
Credit Agreement - Term Loan (matures April 2020) | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt and capital lease obligations | $ 150,000,000 | $ 114,063,000 | |||
Credit facility amount | $ 150,000,000 | ||||
Debt Instrument, Interest Rate at Period End | 1.94% | 2.15% | |||
Debt covenant compliance, consolidated leverage maximum (ratio) | 2.25 | ||||
Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement, December 3, 2012, Maturing December 2017 | |||||
Debt Instrument [Line Items] | |||||
Unutilized commitment fee (in percent) | 0.35% | ||||
Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt and capital lease obligations | $ 95,250,000 | $ 63,000,000 | |||
Line of credit current borrowing capacity | 450,000,000 | $ 275,000,000 | |||
Debt Instrument, Interest Rate at Period End | 2.02% | 2.55% | |||
Unutilized commitment fee (in percent) | 0.35% | ||||
Additional borrowing availability | $ 300,300,000 | $ 162,600,000 | |||
Line of Credit Facility Incremental Additional Facilities Option Amount | 150,000,000 | ||||
Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit current borrowing capacity | $ 200,000,000 | $ 150,000,000 | |||
Letters of credit outstanding amount | $ 54,400,000 | $ 49,400,000 | |||
Unutilized commitment fee (in percent) | 1.75% | 2.00% | |||
Federal Fund Rate [Member] | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Eurodollar [Member] | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | Swingline Loans | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
Administrative Agent Base Rate [Member] | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | Swingline Loans | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Minimum | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Unutilized commitment fee (in percent) | 0.25% | ||||
Minimum | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | Commercial Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Unutilized commitment fee (in percent) | 0.625% | ||||
Minimum | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Unutilized commitment fee (in percent) | 1.25% | ||||
Maximum | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Unutilized commitment fee (in percent) | 0.40% | ||||
Maximum | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | Commercial Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Unutilized commitment fee (in percent) | 1.00% | ||||
Maximum | Credit Agreement - Revolving facility (matures April 2020) | Credit Agreement | Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Unutilized commitment fee (in percent) | 2.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | $ 4,000 | ||
Current: | |||
Federal | 42,516 | $ 27,161 | $ 22,173 |
Foreign | 502 | 416 | 406 |
State | 6,998 | 5,087 | 2,702 |
Current | 50,016 | 32,664 | 25,281 |
Deferred: | |||
Federal | 305 | (5,706) | (2,866) |
Foreign | 268 | 0 | 6 |
State | 671 | (617) | 590 |
Deferred | 1,244 | (6,323) | (2,270) |
Total provision for income taxes | 51,260 | 26,341 | 23,011 |
Income taxes receivable | 2,100 | 2,200 | |
Income taxes payable | 8,916 | 5,223 | |
Deferred tax assets: | |||
Insurance and other reserves | 31,222 | 26,964 | |
Allowance for doubtful accounts and reserves | 1,047 | 742 | |
Net operating loss carryforwards | 1,443 | 994 | |
Stock-based compensation | 5,149 | 5,402 | |
Other | 1,303 | 1,062 | |
Total deferred tax assets | 40,164 | 35,164 | |
Valuation allowance | (870) | (878) | |
Deferred tax assets, net of valuation allowance | 39,294 | 34,286 | |
Deferred tax liabilities: | |||
Property and equipment | 34,702 | 32,164 | |
Goodwill and intangibles | 29,930 | 26,998 | |
Other | 1,420 | 553 | |
Deferred tax liabilities | 66,052 | 59,715 | |
Net deferred tax liabilities | 26,758 | 25,429 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory rate applied to pre-tax income | 47,454 | 23,212 | 20,370 |
State taxes, net of federal tax benefit | 5,159 | 2,863 | 2,271 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | (1,220) | 491 | 366 |
Non-taxable and non-deductible items, net | 2,800 | ||
Change in accruals for uncertain tax positions | (74) | 53 | 153 |
Other items, net | (59) | (278) | (149) |
Total provision for income taxes | 51,260 | 26,341 | 23,011 |
Payment of interest and penalties accrued | 900 | 800 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | 2,401 | 2,348 | 2,194 |
Additions based on tax positions related to the fiscal year | 44 | 137 | 155 |
Additions (reductions) based on tax positions related to prior years | (98) | 10 | 19 |
Reductions related to the expiration of statutes of limitation | (20) | (94) | (20) |
Balance at end of year | $ 2,327 | $ 2,401 | $ 2,348 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Other Income and Expenses [Abstract] | |||
Gain on sale of fixed assets | $ 7,110 | $ 10,706 | $ 4,683 |
Miscellaneous income, net | 1,181 | 522 | 227 |
Write-off of deferred financing costs | 0 | 0 | (321) |
Total other income, net | $ 8,291 | $ 11,228 | $ 4,589 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
Multiemployer Plans [Line Items] | ||||
Maximum annual contribution per employee | 75.00% | |||
Employer matching contribution | 30.00% | |||
Employer matching contribution percent | 5.00% | |||
Company contributions | $ 4,000 | $ 1,900 | $ 1,600 | |
Contributions by employer | $ 800 | 1,200 | 800 | |
Maximum percent Company contributed to each plan total contributions | 5.00% | |||
Multiemployer plan contributions | $ 4,786 | 3,679 | 3,205 | |
The Plan | ||||
Multiemployer Plans [Line Items] | ||||
Multiemployer plan contributions | 3,852 | 3,044 | 2,962 | |
Other Plans | ||||
Multiemployer Plans [Line Items] | ||||
Multiemployer plan contributions | $ 934 | $ 635 | $ 243 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 01, 2015 | |
Class of Stock [Line Items] | ||||
Number of Shares Repurchased | 1,669,924 | 360,900 | 1,047,000 | |
Average Price Per Share (in dollars per share) | $ 52.19 | $ 27.71 | $ 14.52 | |
Total Consideration (Dollars in thousands) | $ 87,146 | $ 9,999 | $ 15,203 | |
Shares Paid for Tax Withholding for Share Based Compensation | 145,395 | 136,604 | 47,277 | |
Value of Shares Paid for Tax Withholding for Share Based Compensation | $ 4,700 | $ 3,800 | $ 900 | |
Common Stock | ||||
Class of Stock [Line Items] | ||||
Remaining authorized repurchase amount | $ 10,000 | |||
Common stock authorized repurchase amount | $ 40,000 |
Stock-Based Awards - Tax Benefi
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock-based compensation | $ 13,923 | $ 12,596 | $ 9,902 |
Tax benefit recognized in the statement of operations | 5,458 | 4,819 | 3,782 |
Cash tax benefit realized from option exercises and stock vestings | $ 13,976 | $ 7,116 | $ 3,428 |
Stock-Based Awards (Details)
Stock-Based Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Price | $ 63.90 | ||
Cash tax benefit realized from option exercises and stock vestings | $ 13,976 | $ 7,116 | $ 3,428 |
Unrecognized compensation expense related to stock options | 22,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 24,900 | 8,400 | 6,000 |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 8,900 | $ 14,600 | 5,300 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to stock options | $ 3,000 | ||
Total compensation cost not yet recognized, period for recognition | 2 years 7 months 12 days | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Price | $ 63.90 | ||
Unrecognized compensation expense related to stock options | $ 6,000 | ||
Total compensation cost not yet recognized, period for recognition | 2 years 5 months 12 days | ||
Granted | 102,307 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 322,008 | 398,931 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 15,200 | $ 11,700 | $ 4,200 |
Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to stock options | $ 13,400 | ||
Total compensation cost not yet recognized, period for recognition | 1 year 4 months 12 days | ||
Compensation expense | $ 5,200 | ||
RSUs outstanding | 357,331 | ||
Granted | 416,987 | ||
Forfeited or cancelled | 312,163 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 945,540 | 1,190,184 | |
Target Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation by Share-based Payment Award, Equity Awards Other than Options, Target Shares Expected to be Canceled | 48,313 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 717,303 | ||
Supplemental Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 59,656 | ||
Forfeited or cancelled | 169,790 | ||
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 | 228,237 |
Stock-Based Awards - Significan
Stock-Based Awards - Significant Assumptions and the Valuation of Stock Options and Restricted Share Units (Details) - $ / shares | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of stock options granted | $ 19.48 | $ 17.43 | $ 11.66 |
Risk-free interest rate | 2.10% | 2.7304% | 1.60% |
Expected life (years) | 8 years 9 months 11 days | 8 years 9 months 11 days | 9 years 3 months 18 days |
Expected volatility | 54.50% | 55.10% | 55.40% |
Expected dividends | 0.00% | 0.00% | 0.00% |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value granted | $ 31.42 | $ 27.54 | $ 18.52 |
Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value granted | $ 31.03 | $ 27.66 | $ 18.08 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jul. 25, 2015 | |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Remaining Contractual Life (In years), Outstanding | 6 years |
Weighted Average Remaining Contractual Life (In years), Exercisable options | 5 years 1 month |
Aggregate Intrinsic Value, Outstanding | $ 43,052 |
Aggregate Intrinsic Value, Exercisable options | $ 33,139 |
Stock Options | |
Stock Options, Outstanding [Roll Forward] | |
Outstanding as of | 2,044,893 |
Granted | 90,686 |
Options exercised | (735,330) |
Forfeited or canceled | (484,926) |
Outstanding as of | 915,323 |
Exercisable options | 657,055 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding as of | $ 18.68 |
Granted | 31.46 |
Options exercised | 12.13 |
Forfeited or canceled | 34.44 |
Outstanding as of | 16.86 |
Exercisable options | $ 13.46 |
Stock-Based Awards - RSU's and
Stock-Based Awards - RSU's and Performance RSU's (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
RSUs | |||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |||
Outstanding as of | 398,931 | ||
Granted | 102,307 | ||
Share units vested | (153,140) | ||
Forfeited or canceled | (26,090) | ||
Outstanding as of | 322,008 | 398,931 | |
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 | 31.42 | $ 27.54 | $ 18.52 |
Share units vested | 19.96 | ||
Forfeited or canceled | 19.32 | ||
Outstanding as of | $ 24.46 | $ 20.61 | |
Aggregate Intrinsic Value | $ 20,576 | ||
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 | (318,969) | ||
Forfeited or canceled | (342,662) | ||
Outstanding as of | 945,540 | 1,190,184 | |
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 | $ 27.66 | $ 18.08 |
Share units vested | 21.61 | ||
Forfeited or canceled | 20.11 | ||
Outstanding as of | $ 26.46 | $ 21.73 | |
Aggregate Intrinsic Value | $ 60,420 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Apr. 25, 2015 | Apr. 26, 2014 | Jul. 25, 2015 | |
Related Party Transaction [Line Items] | |||
Future minimum payments due 2016 | $ 17,016 | ||
Future minimum payments due 2017 | 11,807 | ||
Future minimum payments due 2018 | 6,867 | ||
Future minimum payments due 2019 | 3,724 | ||
Future minimum payments due 2020 | 2,540 | ||
Future minimum payments due thereafter | 6,627 | ||
Real property and equipment leases | |||
Related Party Transaction [Line Items] | |||
Total expense under lease agreements | $ 2,722 | $ 1,685 | 1,862 |
Subcontractors and materials expense | |||
Related Party Transaction [Line Items] | |||
Total expense under lease agreements | $ 2,532 | $ 2,069 | 700 |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Future minimum payments due 2016 | 1,000 | ||
Future minimum payments due 2017 | 800 | ||
Future minimum payments due 2018 | 400 | ||
Future minimum payments due 2019 | 300 | ||
Future minimum payments due 2020 | 300 | ||
Future minimum payments due thereafter | $ 100 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) $ in Millions | 12 Months Ended | ||
Jul. 25, 2015USD ($)customer | Jul. 26, 2014USD ($) | Jul. 27, 2013 | |
Concentration Risk [Line Items] | |||
Number of customers classified as highly concentrated | customer | 5 | ||
Customer Concentration Risk | Five Unnamed Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 61.10% | 58.30% | 58.50% |
Sales Revenue, Services, Net | Customer Concentration Risk | AT&T Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 20.80% | 19.20% | 15.50% |
Sales Revenue, Services, Net | Customer Concentration Risk | CenturyLink, Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.20% | 13.80% | 14.60% |
Sales Revenue, Services, Net | Customer Concentration Risk | Comcast Corporation | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12.90% | 11.70% | 10.90% |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | AT&T Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 17.70% | 17.90% | |
Accounts receivable, costs, and estimated earnings in excess of billings | $ 101.7 | $ 87.6 | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | CenturyLink, Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.00% | 9.80% | |
Accounts receivable, costs, and estimated earnings in excess of billings | $ 80.1 | $ 48.2 | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | Comcast Corporation | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.00% | ||
Accounts receivable, costs, and estimated earnings in excess of billings | $ 63 | ||
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | Another Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.20% | ||
Accounts receivable, costs, and estimated earnings in excess of billings | $ 64.5 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May. 31, 2015 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Loss Contingencies [Line Items] | ||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 17,016 | |||
Loss Contingency, Damages Sought | 0.6 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 11,807 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 6,867 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 3,724 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 2,540 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 6,627 | |||
Operating Leases, Future Minimum Payments Due | 48,581 | |||
Operating Leases, Noncancelable Payments in Excess of One Year | 18,500 | $ 17,700 | $ 15,300 | |
Operating Leases, Rent Expense | 20,400 | 20,400 | $ 19,000 | |
Credit Agreement | Credit Agreement - Revolving facility (matures April 2020) | Standby Letters of Credit | ||||
Loss Contingencies [Line Items] | ||||
Letters of credit outstanding amount | 54,400 | 49,400 | ||
Performance Guarantee and Surety Bond | ||||
Loss Contingencies [Line Items] | ||||
Outstanding performance and other surety contract bonds | $ 294,900 | $ 446,800 |
Quarterly Financial Data (Una75
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 25, 2015 | Apr. 25, 2015 | Jan. 24, 2015 | Oct. 25, 2014 | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 578,479 | $ 492,363 | $ 441,081 | $ 510,389 | $ 482,071 | $ 426,284 | $ 390,518 | $ 512,720 | $ 2,022,312 | $ 1,811,593 | $ 1,608,612 |
Costs of earned revenues, excluding depreciation and amortization | 446,114 | 388,239 | 355,429 | 403,468 | 387,221 | 350,352 | 327,353 | 410,119 | 1,593,250 | 1,475,045 | 1,300,416 |
Gross profit | 132,365 | 104,124 | 85,652 | 106,921 | 94,850 | 75,932 | 63,165 | 102,601 | |||
Net income | $ 33,827 | $ 20,258 | $ 9,432 | $ 20,807 | $ 16,489 | $ 7,895 | $ (3,067) | $ 18,660 | $ 84,324 | $ 39,978 | $ 35,188 |
Earnings per common share - Basic | $ 1 | $ 0.59 | $ 0.28 | $ 0.61 | $ 0.49 | $ 0.23 | $ (0.09) | $ 0.56 | $ 2.48 | $ 1.18 | $ 1.07 |
Earnings per common share - Diluted | $ 0.97 | $ 0.58 | $ 0.27 | $ 0.59 | $ 0.47 | $ 0.23 | $ (0.09) | $ 0.54 | $ 2.41 | $ 1.15 | $ 1.04 |
Supplemental Consolidating Fi76
Supplemental Consolidating Financial Statements (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 525,591 | $ 457,801 |
7.125% Senior Subordinated Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 280,300 | 280,700 |
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 Fi77
Supplemental Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Current assets: | ||||
Cash and equivalents | $ 21,289 | $ 20,672 | $ 18,607 | $ 52,581 |
Accounts receivable, net | 315,134 | 272,741 | ||
Costs and estimated earnings in excess of billings | 274,730 | 230,569 | ||
Inventories | 48,650 | 49,095 | ||
Deferred tax assets, net | 20,630 | 19,932 | ||
Other current assets | 16,199 | 12,727 | ||
Total current assets | 696,632 | 605,736 | ||
Property and equipment, net | 231,564 | 205,413 | ||
Goodwill | 271,653 | 269,088 | 267,810 | |
Intangible assets, net | 120,926 | 116,116 | ||
Deferred tax assets, net non-current | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Other | 38,089 | 16,001 | ||
Total non-current assets | 662,232 | 606,618 | ||
Total assets | 1,358,864 | 1,212,354 | ||
Current liabilities: | ||||
Accounts payable | 71,834 | 63,318 | ||
Current portion of debt | 3,750 | 10,938 | ||
Billings in excess of costs and estimated earnings | 16,896 | 13,882 | ||
Accrued insurance claims | 35,824 | 32,260 | ||
Deferred tax liabilities | 0 | 0 | ||
Other accrued liabilities | 98,406 | 76,134 | ||
Total current liabilities | 226,710 | 196,532 | ||
Long-term debt | 521,841 | 446,863 | ||
Accrued insurance claims | 51,476 | 33,782 | ||
Deferred tax liabilities, net non-current | 47,388 | 45,361 | ||
Intercompany payables | 0 | 0 | ||
Other liabilities | 4,249 | 4,882 | ||
Total liabilities | 851,664 | 727,420 | ||
Total stockholders' equity | 507,200 | 484,934 | 428,361 | 392,931 |
Total liabilities and stockholders' equity | 1,358,864 | 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 | 2,939 | 3,822 | ||
Other current assets | 7,350 | 4,956 | ||
Total current assets | 10,289 | 8,778 | ||
Property and equipment, net | 23,527 | 18,108 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets, net non-current | 0 | 182 | ||
Investment in subsidiaries | 893,940 | 809,617 | ||
Intercompany receivables | 0 | 0 | ||
Other | 17,460 | 7,748 | ||
Total non-current assets | 934,927 | 835,655 | ||
Total assets | 945,216 | 844,433 | ||
Current liabilities: | ||||
Accounts payable | 5,388 | 3,083 | ||
Current portion of debt | 3,750 | 10,938 | ||
Billings in excess of costs and estimated earnings | 0 | 0 | ||
Accrued insurance claims | 156 | 612 | ||
Deferred tax liabilities | 0 | 0 | ||
Other accrued liabilities | 22,428 | 12,668 | ||
Total current liabilities | 31,722 | 27,301 | ||
Long-term debt | 241,500 | 166,125 | ||
Accrued insurance claims | 53 | 778 | ||
Deferred tax liabilities, net non-current | 1,430 | 0 | ||
Intercompany payables | 160,238 | 162,127 | ||
Other liabilities | 3,073 | 3,168 | ||
Total liabilities | 438,016 | 359,499 | ||
Total stockholders' equity | 507,200 | 484,934 | ||
Total liabilities and stockholders' equity | 945,216 | 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 | 20 | 16 | ||
Total current assets | 20 | 16 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets, net non-current | 72 | 0 | ||
Investment in subsidiaries | 2,348,292 | 1,540,338 | ||
Intercompany receivables | 0 | 0 | ||
Other | 4,940 | 5,636 | ||
Total non-current assets | 2,353,304 | 1,545,974 | ||
Total assets | 2,353,324 | 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 | ||
Deferred tax liabilities | 62 | 80 | ||
Other accrued liabilities | 504 | 566 | ||
Total current liabilities | 566 | 646 | ||
Long-term debt | 280,341 | 280,738 | ||
Accrued insurance claims | 0 | 0 | ||
Deferred tax liabilities, net non-current | 363 | 432 | ||
Intercompany payables | 1,178,114 | 454,557 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 1,459,384 | 736,373 | ||
Total stockholders' equity | 893,940 | 809,617 | ||
Total liabilities and stockholders' equity | 2,353,324 | 1,545,990 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and equivalents | 20,515 | 19,739 | 18,166 | 51,563 |
Accounts receivable, net | 312,641 | 269,760 | ||
Costs and estimated earnings in excess of billings | 273,544 | 228,541 | ||
Inventories | 48,650 | 49,095 | ||
Deferred tax assets, net | 17,745 | 16,193 | ||
Other current assets | 8,097 | 7,237 | ||
Total current assets | 681,192 | 590,565 | ||
Property and equipment, net | 187,596 | 171,158 | ||
Goodwill | 271,653 | 269,088 | ||
Intangible assets, net | 120,926 | 115,483 | ||
Deferred tax assets, net non-current | 3,951 | 3,884 | ||
Investment in subsidiaries | 0 | 1,621 | ||
Intercompany receivables | 1,347,896 | 628,443 | ||
Other | 11,598 | 2,466 | ||
Total non-current assets | 1,943,620 | 1,192,143 | ||
Total assets | 2,624,812 | 1,782,708 | ||
Current liabilities: | ||||
Accounts payable | 65,458 | 58,970 | ||
Current portion of debt | 0 | 0 | ||
Billings in excess of costs and estimated earnings | 16,896 | 13,882 | ||
Accrued insurance claims | 35,624 | 31,599 | ||
Deferred tax liabilities | 11 | 66 | ||
Other accrued liabilities | 73,389 | 61,284 | ||
Total current liabilities | 191,378 | 165,801 | ||
Long-term debt | 0 | 0 | ||
Accrued insurance claims | 51,391 | 32,959 | ||
Deferred tax liabilities, net non-current | 48,734 | 48,593 | ||
Intercompany payables | 0 | 0 | ||
Other liabilities | 1,176 | 1,711 | ||
Total liabilities | 292,679 | 249,064 | ||
Total stockholders' equity | 2,332,133 | 1,533,644 | ||
Total liabilities and stockholders' equity | 2,624,812 | 1,782,708 | ||
Non- Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and equivalents | 774 | 933 | 441 | 1,018 |
Accounts receivable, net | 2,493 | 2,981 | ||
Costs and estimated earnings in excess of billings | 1,186 | 2,028 | ||
Inventories | 0 | 0 | ||
Deferred tax assets, net | 69 | 87 | ||
Other current assets | 732 | 518 | ||
Total current assets | 5,254 | 6,547 | ||
Property and equipment, net | 20,441 | 16,147 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 633 | ||
Deferred tax assets, net non-current | 827 | 15 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Other | 4,091 | 151 | ||
Total non-current assets | 25,359 | 16,946 | ||
Total assets | 30,613 | 23,493 | ||
Current liabilities: | ||||
Accounts payable | 988 | 1,265 | ||
Current portion of debt | 0 | 0 | ||
Billings in excess of costs and estimated earnings | 0 | 0 | ||
Accrued insurance claims | 44 | 49 | ||
Deferred tax liabilities | 50 | 24 | ||
Other accrued liabilities | 2,085 | 1,616 | ||
Total current liabilities | 3,167 | 2,954 | ||
Long-term debt | 0 | 0 | ||
Accrued insurance claims | 32 | 45 | ||
Deferred tax liabilities, net non-current | 1,711 | 417 | ||
Intercompany payables | 9,544 | 11,759 | ||
Other liabilities | 0 | 3 | ||
Total liabilities | 14,454 | 15,178 | ||
Total stockholders' equity | 16,159 | 8,315 | ||
Total liabilities and stockholders' equity | 30,613 | 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 | (123) | (170) | ||
Other current assets | 0 | 0 | ||
Total current assets | (123) | (170) | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets, net non-current | (4,850) | (4,081) | ||
Investment in subsidiaries | (3,242,232) | (2,351,576) | ||
Intercompany receivables | (1,347,896) | (628,443) | ||
Other | 0 | 0 | ||
Total non-current assets | (4,594,978) | (2,984,100) | ||
Total assets | (4,595,101) | (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 | ||
Deferred tax liabilities | (123) | (170) | ||
Other accrued liabilities | 0 | 0 | ||
Total current liabilities | (123) | (170) | ||
Long-term debt | 0 | 0 | ||
Accrued insurance claims | 0 | 0 | ||
Deferred tax liabilities, net non-current | (4,850) | (4,081) | ||
Intercompany payables | (1,347,896) | (628,443) | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (1,352,869) | (632,694) | ||
Total stockholders' equity | (3,242,232) | (2,351,576) | ||
Total liabilities and stockholders' equity | $ (4,595,101) | $ (2,984,270) |
Supplemental Consolidating Fi78
Supplemental Consolidating Financial Statements - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 25, 2015 | Apr. 25, 2015 | Jan. 24, 2015 | Oct. 25, 2014 | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Revenues [Abstract] | |||||||||||
Contract revenues | $ 578,479 | $ 492,363 | $ 441,081 | $ 510,389 | $ 482,071 | $ 426,284 | $ 390,518 | $ 512,720 | $ 2,022,312 | $ 1,811,593 | $ 1,608,612 |
EXPENSES: | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 446,114 | 388,239 | 355,429 | 403,468 | 387,221 | 350,352 | 327,353 | 410,119 | 1,593,250 | 1,475,045 | 1,300,416 |
General and administrative | 178,700 | 161,858 | 145,771 | ||||||||
Depreciation and amortization | 96,044 | 92,772 | 85,481 | ||||||||
Intercompany charges (income), net | 0 | 0 | 0 | ||||||||
Total | 1,867,994 | 1,729,675 | 1,531,668 | ||||||||
Interest expense, net | (27,025) | (26,827) | (23,334) | ||||||||
Other income, net | 8,291 | 11,228 | 4,589 | ||||||||
Income before income taxes | 135,584 | 66,319 | 58,199 | ||||||||
Total provision for income taxes | 51,260 | 26,341 | 23,011 | ||||||||
Net income (loss) before equity in earnings of subsidiaries | 84,324 | 39,978 | 35,188 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Net income | $ 33,827 | $ 20,258 | $ 9,432 | $ 20,807 | $ 16,489 | $ 7,895 | $ (3,067) | $ 18,660 | 84,324 | 39,978 | 35,188 |
Foreign currency translation losses, net of tax | (1,040) | (261) | (35) | ||||||||
Comprehensive income | 83,284 | 39,717 | 35,153 | ||||||||
Parent | |||||||||||
Revenues [Abstract] | |||||||||||
Contract revenues | 0 | 0 | 0 | ||||||||
EXPENSES: | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 52,496 | 42,958 | 44,462 | ||||||||
Depreciation and amortization | 5,471 | 4,256 | 2,920 | ||||||||
Intercompany charges (income), net | (65,098) | (53,922) | (53,377) | ||||||||
Total | (7,131) | (6,708) | (5,995) | ||||||||
Interest expense, net | (7,012) | (6,827) | (5,675) | ||||||||
Other income, net | (119) | 119 | (320) | ||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||
Total provision for income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) before equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | 84,324 | 39,978 | 35,188 | ||||||||
Net income | 84,324 | 39,978 | 35,188 | ||||||||
Foreign currency translation losses, net of tax | (1,040) | (261) | (35) | ||||||||
Comprehensive income | 83,284 | 39,717 | 35,153 | ||||||||
Issuer | |||||||||||
Revenues [Abstract] | |||||||||||
Contract revenues | 0 | 0 | 0 | ||||||||
EXPENSES: | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 540 | 616 | 818 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Intercompany charges (income), net | 0 | 0 | 0 | ||||||||
Total | 540 | 616 | 818 | ||||||||
Interest expense, net | (20,003) | (19,993) | (17,599) | ||||||||
Other income, net | 0 | 0 | 0 | ||||||||
Income before income taxes | (20,543) | (20,609) | (18,417) | ||||||||
Total provision for income taxes | (7,769) | (8,186) | (7,281) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (12,774) | (12,423) | (11,136) | ||||||||
Equity in earnings of subsidiaries | 97,098 | 52,401 | 46,324 | ||||||||
Net income | 84,324 | 39,978 | 35,188 | ||||||||
Foreign currency translation losses, net of tax | (1,040) | (261) | (35) | ||||||||
Comprehensive income | 83,284 | 39,717 | 35,153 | ||||||||
Guarantor Subsidiaries | |||||||||||
Revenues [Abstract] | |||||||||||
Contract revenues | 2,009,258 | 1,799,538 | 1,594,363 | ||||||||
EXPENSES: | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 1,583,651 | 1,466,221 | 1,288,369 | ||||||||
General and administrative | 113,329 | 107,326 | 89,336 | ||||||||
Depreciation and amortization | 85,696 | 84,178 | 77,595 | ||||||||
Intercompany charges (income), net | 67,430 | 54,688 | 54,720 | ||||||||
Total | 1,850,106 | 1,712,413 | 1,510,020 | ||||||||
Interest expense, net | (10) | (7) | (60) | ||||||||
Other income, net | 9,039 | 10,895 | 4,794 | ||||||||
Income before income taxes | 168,181 | 98,013 | 89,077 | ||||||||
Total provision for income taxes | 63,560 | 38,930 | 35,214 | ||||||||
Net income (loss) before equity in earnings of subsidiaries | 104,621 | 59,083 | 53,863 | ||||||||
Equity in earnings of subsidiaries | 0 | 135 | 0 | ||||||||
Net income | 104,621 | 59,218 | 53,863 | ||||||||
Foreign currency translation losses, net of tax | 0 | 0 | 0 | ||||||||
Comprehensive income | 104,621 | 59,218 | 53,863 | ||||||||
Non- Guarantor Subsidiaries | |||||||||||
Revenues [Abstract] | |||||||||||
Contract revenues | 13,054 | 12,055 | 14,249 | ||||||||
EXPENSES: | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 9,599 | 8,824 | 12,047 | ||||||||
General and administrative | 12,335 | 10,958 | 11,155 | ||||||||
Depreciation and amortization | 4,877 | 4,338 | 4,966 | ||||||||
Intercompany charges (income), net | (2,332) | (766) | (1,343) | ||||||||
Total | 24,479 | 23,354 | 26,825 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Other income, net | (629) | 214 | 115 | ||||||||
Income before income taxes | (12,054) | (11,085) | (12,461) | ||||||||
Total provision for income taxes | (4,531) | (4,403) | (4,922) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (7,523) | (6,682) | (7,539) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Net income | (7,523) | (6,682) | (7,539) | ||||||||
Foreign currency translation losses, net of tax | (1,040) | (261) | (35) | ||||||||
Comprehensive income | (8,563) | (6,943) | (7,574) | ||||||||
Eliminations and Reclassifications | |||||||||||
Revenues [Abstract] | |||||||||||
Contract revenues | 0 | 0 | 0 | ||||||||
EXPENSES: | |||||||||||
Costs of earned revenues, excluding depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Intercompany charges (income), net | 0 | 0 | 0 | ||||||||
Total | 0 | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Other income, net | 0 | 0 | 0 | ||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||
Total provision for income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) before equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | (181,422) | (92,514) | (81,512) | ||||||||
Net income | (181,422) | (92,514) | (81,512) | ||||||||
Foreign currency translation losses, net of tax | 2,080 | 522 | 70 | ||||||||
Comprehensive income | $ (179,342) | $ (91,992) | $ (81,442) |
Supplemental Consolidating Fi79
Supplemental Consolidating Financial Statements - Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 141,900 | $ 84,185 | $ 106,744 |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | (31,909) | (17,088) | (330,291) |
Capital expenditures | (102,997) | (89,136) | (64,650) |
Proceeds from sale of assets | 9,392 | 15,407 | 5,827 |
Return of capital from subsidiaries | 0 | 0 | 0 |
Investment in subsidiaries | 0 | 0 | 0 |
Other investing activities | (538) | (303) | 60 |
Changes in restricted cash | (4,000) | 0 | 0 |
Net cash used in investing activities | (130,052) | (91,120) | (389,054) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 0 | 0 | 93,825 |
Proceeds from borrowings on senior credit agreement, including term loan | 535,750 | 502,000 | 529,500 |
Principal payments on senior credit agreement, including term loan | (467,563) | (495,813) | (358,625) |
Debt issuance costs | (3,854) | 0 | (6,739) |
Repurchases of common stock | (87,146) | (9,999) | (15,203) |
Exercise of stock options | 8,922 | 14,568 | 5,253 |
Restricted stock tax withholdings | (4,711) | (3,781) | (884) |
Excess tax benefit from share-based awards | 8,371 | 3,025 | 1,283 |
Net cash (used in) provided by financing activities | (1,000) | (1,000) | (74) |
Intercompany funding | 0 | 0 | 0 |
Receipt of capital contributions, net | 0 | ||
Net cash (used in) provided by financing activities | (11,231) | 9,000 | 248,336 |
Net increase (decrease) in cash and equivalents | 617 | 2,065 | (33,974) |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 20,672 | 18,607 | 52,581 |
CASH AND EQUIVALENTS AT END OF PERIOD | 21,289 | 20,672 | 18,607 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 3,805 | 7,199 | 6,952 |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | (10,585) | (8,541) | (8,151) |
Proceeds from sale of assets | 8 | 0 | 0 |
Return of capital from subsidiaries | 0 | 0 | 0 |
Investment in subsidiaries | 0 | 0 | 0 |
Other investing activities | (541) | (303) | 60 |
Changes in restricted cash | 0 | ||
Net cash used in investing activities | (11,118) | (8,844) | (8,091) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 0 | ||
Proceeds from borrowings on senior credit agreement, including term loan | 535,750 | 502,000 | 529,500 |
Principal payments on senior credit agreement, including term loan | (467,563) | (495,813) | (358,625) |
Debt issuance costs | (3,854) | (4,158) | |
Repurchases of common stock | (87,146) | (9,999) | (15,203) |
Exercise of stock options | 8,922 | 14,568 | 5,253 |
Restricted stock tax withholdings | (4,711) | (3,781) | (884) |
Excess tax benefit from share-based awards | 8,371 | 3,025 | 1,283 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Intercompany funding | 17,544 | (8,355) | (156,027) |
Receipt of capital contributions, net | 0 | ||
Net cash (used in) provided by financing activities | 7,313 | 1,645 | 1,139 |
Net increase (decrease) in cash and equivalents | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | 0 | 0 | 0 |
Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (12,703) | (12,242) | (9,612) |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Return of capital from subsidiaries | 2,394 | 683 | 1,816 |
Investment in subsidiaries | (409,414) | (9,235) | (2,600) |
Other investing activities | 0 | 0 | 0 |
Changes in restricted cash | 0 | ||
Net cash used in investing activities | (407,020) | (8,552) | (784) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 93,825 | ||
Proceeds from borrowings on senior credit agreement, including term loan | 0 | 0 | 0 |
Principal payments on senior credit agreement, including term loan | 0 | 0 | 0 |
Debt issuance costs | 0 | (2,581) | |
Repurchases of common stock | 0 | 0 | 0 |
Exercise of stock options | 0 | 0 | 0 |
Restricted stock tax withholdings | 0 | 0 | 0 |
Excess tax benefit from share-based awards | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Intercompany funding | 419,723 | 20,794 | (80,848) |
Receipt of capital contributions, net | 0 | ||
Net cash (used in) provided by financing activities | 419,723 | 20,794 | 10,396 |
Net increase (decrease) in cash and equivalents | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | 0 | 0 | 0 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 151,419 | 93,898 | 112,176 |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | (31,909) | (16,388) | (330,291) |
Capital expenditures | (83,024) | (72,962) | (51,647) |
Proceeds from sale of assets | 9,375 | 12,146 | 5,770 |
Return of capital from subsidiaries | 0 | 0 | 0 |
Investment in subsidiaries | (385) | (785) | 0 |
Other investing activities | 3 | 0 | 0 |
Changes in restricted cash | 0 | ||
Net cash used in investing activities | (105,940) | (77,989) | (376,168) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 0 | ||
Proceeds from borrowings on senior credit agreement, including term loan | 0 | 0 | 0 |
Principal payments on senior credit agreement, including term loan | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | |
Repurchases of common stock | 0 | 0 | 0 |
Exercise of stock options | 0 | 0 | 0 |
Restricted stock tax withholdings | 0 | 0 | 0 |
Excess tax benefit from share-based awards | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (1,000) | (1,000) | (74) |
Intercompany funding | (435,732) | (13,336) | 230,669 |
Receipt of capital contributions, net | 392,029 | ||
Net cash (used in) provided by financing activities | (44,703) | (14,336) | 230,595 |
Net increase (decrease) in cash and equivalents | 776 | 1,573 | (33,397) |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 19,739 | 18,166 | 51,563 |
CASH AND EQUIVALENTS AT END OF PERIOD | 20,515 | 19,739 | 18,166 |
Non- Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (621) | (4,670) | (2,772) |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | 0 | (700) | 0 |
Capital expenditures | (9,388) | (7,633) | (4,852) |
Proceeds from sale of assets | 9 | 3,261 | 57 |
Return of capital from subsidiaries | 0 | 0 | 0 |
Investment in subsidiaries | 0 | 0 | 0 |
Other investing activities | 0 | 0 | 0 |
Changes in restricted cash | (4,000) | ||
Net cash used in investing activities | (13,379) | (5,072) | (4,795) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 0 | ||
Proceeds from borrowings on senior credit agreement, including term loan | 0 | 0 | 0 |
Principal payments on senior credit agreement, including term loan | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | |
Repurchases of common stock | 0 | 0 | 0 |
Exercise of stock options | 0 | 0 | 0 |
Restricted stock tax withholdings | 0 | 0 | 0 |
Excess tax benefit from share-based awards | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Intercompany funding | (1,535) | 10,234 | 6,990 |
Receipt of capital contributions, net | 15,376 | ||
Net cash (used in) provided by financing activities | 13,841 | 10,234 | 6,990 |
Net increase (decrease) in cash and equivalents | (159) | 492 | (577) |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 933 | 441 | 1,018 |
CASH AND EQUIVALENTS AT END OF PERIOD | 774 | 933 | 441 |
Eliminations and Reclassifications | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
INVESTING ACTIVITIES: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Return of capital from subsidiaries | (2,394) | (683) | (1,816) |
Investment in subsidiaries | 409,799 | 10,020 | 2,600 |
Other investing activities | 0 | 0 | 0 |
Changes in restricted cash | 0 | ||
Net cash used in investing activities | 407,405 | 9,337 | 784 |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium on fiscal 2013 issuance) | 0 | ||
Proceeds from borrowings on senior credit agreement, including term loan | 0 | 0 | 0 |
Principal payments on senior credit agreement, including term loan | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | |
Repurchases of common stock | 0 | 0 | 0 |
Exercise of stock options | 0 | 0 | 0 |
Restricted stock tax withholdings | 0 | 0 | 0 |
Excess tax benefit from share-based awards | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Intercompany funding | 0 | (9,337) | (784) |
Receipt of capital contributions, net | (407,405) | ||
Net cash (used in) provided by financing activities | (407,405) | (9,337) | (784) |
Net increase (decrease) in cash and equivalents | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 07, 2015 | Aug. 31, 2015 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | Sep. 04, 2015 | Aug. 25, 2015 |
Subsequent Event [Line Items] | |||||||
Number of Shares Repurchased | 1,669,924 | 360,900 | 1,047,000 | ||||
Average price per share (in dollars per share) | $ 52.19 | $ 27.71 | $ 14.52 | ||||
Payments for repurchase of common stock | $ 87,146 | $ 9,999 | $ 15,203 | ||||
TelCom Construction, Inc. | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Payments to acquire business | $ 48,600 | ||||||
Share Repurchase Program July 1, 2015 | Common Stock | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of Shares Repurchased | 149,224 | ||||||
Average price per share (in dollars per share) | $ 67.01 | ||||||
Payments for repurchase of common stock | $ 10,000 | ||||||
Share Repurchase Program August 25, 2015 | Common Stock | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares authorized to be repurchased | 50,000,000 | ||||||
Remaining number of shares authorized to be repurchased | 50,000,000 |