Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Oct. 29, 2016 | Nov. 21, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DYCOM INDUSTRIES INC | |
Entity Central Index Key | 67,215 | |
Current Fiscal Year End Date | --07-29 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,465,914 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 29, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 29, 2016 | Jul. 30, 2016 |
Current assets: | ||
Cash and equivalents | $ 21,711 | $ 33,787 |
Accounts receivable, net | 329,786 | 328,030 |
Costs and estimated earnings in excess of billings | 488,960 | 376,972 |
Inventories | 81,054 | 73,606 |
Deferred tax assets, net | 24,021 | 22,733 |
Other current assets | 21,416 | 16,106 |
Total current assets | 966,948 | 851,234 |
Property and equipment, net | 337,653 | 326,670 |
Goodwill | 308,669 | 310,157 |
Intangible assets, net | 191,664 | 197,879 |
Other | 33,473 | 33,776 |
Total non-current assets | 871,459 | 868,482 |
Total assets | 1,838,407 | 1,719,716 |
Current liabilities: | ||
Accounts payable | 114,730 | 115,492 |
Current portion of debt | 17,500 | 13,125 |
Billings in excess of costs and estimated earnings | 15,271 | 19,557 |
Accrued insurance claims | 38,748 | 36,844 |
Income taxes payable | 27,904 | 15,307 |
Other accrued liabilities | 97,810 | 122,302 |
Total current liabilities | 311,963 | 322,627 |
Long-term debt | 774,501 | 706,202 |
Accrued insurance claims | 54,557 | 52,835 |
Deferred tax liabilities, net non-current | 79,395 | 76,587 |
Other liabilities | 4,269 | 4,178 |
Total liabilities | 1,224,685 | 1,162,429 |
COMMITMENTS AND CONTINGENCIES, Note 16 | ||
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: 31,465,218 and 31,420,310 issued and outstanding, respectively | 10,488 | 10,473 |
Additional paid-in capital | 15,604 | 10,208 |
Accumulated other comprehensive loss | (1,300) | (1,274) |
Retained earnings | 588,930 | 537,880 |
Total stockholders’ equity | 613,722 | 557,287 |
Total liabilities and stockholders’ equity | $ 1,838,407 | $ 1,719,716 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 29, 2016 | Jul. 30, 2016 |
Statement of Financial Position [Abstract] | ||
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) | 31,465,218 | 31,420,310 |
Common Stock, Shares, Outstanding | 31,465,218 | 31,420,310 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2016 | Oct. 24, 2015 | |
REVENUES: | ||
Contract revenues | $ 799,223 | $ 659,268 |
EXPENSES: | ||
Costs of earned revenues, excluding depreciation and amortization | 614,990 | 506,978 |
General and administrative (including stock-based compensation expense of $5.7 million and $4.5 million, respectively) | 60,204 | 51,464 |
Depreciation and amortization | 34,546 | 27,449 |
Total | 709,740 | 585,891 |
Interest expense, net | (9,067) | (9,131) |
Loss on debt extinguishment | 0 | (16,260) |
Other income, net | 940 | 1,469 |
Income before income taxes | 81,356 | 49,455 |
Provision (benefit) for income taxes: | ||
Current | 28,694 | 22,602 |
Deferred | 1,612 | (3,971) |
Total provision for income taxes | 30,306 | 18,631 |
Net income | $ 51,050 | $ 30,824 |
Earnings per common share: | ||
Basic earnings per common share (in dollars per share) | $ 1.62 | $ 0.94 |
Diluted earnings per common share (in dollars per share) | $ 1.59 | $ 0.91 |
Shares used in computing earnings per common share: | ||
Basic (in shares) | 31,429,493 | 32,871,240 |
Diluted (in shares) | 32,200,287 | 33,886,747 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2016 | Oct. 24, 2015 | |
Income Statement [Abstract] | ||
Stock-based compensation | $ 5,707 | $ 4,509 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2016 | Oct. 24, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 51,050 | $ 30,824 |
Foreign currency translation losses, net of tax | (26) | (40) |
Comprehensive income | $ 51,024 | $ 30,784 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2016 | Oct. 24, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 51,050 | $ 30,824 |
Adjustments to reconcile net income to net cash used in operating activities, net of acquisitions: | ||
Depreciation and amortization | 34,546 | 27,449 |
Deferred income tax provision (benefit) | 1,612 | (3,971) |
Stock-based compensation | 5,707 | 4,509 |
Bad debt expense, net | 82 | 490 |
Gain on sale of fixed assets | (1,443) | (1,136) |
Write-off of deferred financing fees and premium on long-term debt | 0 | 2,017 |
Amortization of debt discount | 4,307 | 1,780 |
Amortization of debt issuance costs and other | 815 | 596 |
Excess tax benefit from share-based awards | (879) | (1,024) |
Change in operating assets and liabilities: | ||
Accounts receivable, net | (2,404) | (35,497) |
Costs and estimated earnings in excess of billings, net | (115,498) | (51,342) |
Other current assets and inventory | (13,635) | (9,296) |
Other assets | 132 | (844) |
Income taxes receivable/payable | 13,881 | 12,598 |
Accounts payable | 1,083 | 7,875 |
Accrued liabilities, insurance claims, and other liabilities | (20,915) | (13,890) |
Net cash used in operating activities | (41,559) | (28,862) |
INVESTING ACTIVITIES: | ||
Capital expenditures | (40,080) | (40,758) |
Proceeds from sale of assets | 2,323 | 1,327 |
Changes in restricted cash | (463) | (479) |
Cash paid for acquisitions, net of cash acquired | 0 | (48,596) |
Net cash used in investing activities | (38,220) | (88,506) |
FINANCING ACTIVITIES: | ||
Proceeds from borrowings on senior credit agreement, including term loans | 206,000 | 317,000 |
Principal payments on senior credit agreement, including term loans | (138,000) | (281,000) |
Proceeds from issuance of 0.75% convertible senior notes due 2021 | 0 | 485,000 |
Proceeds from sale of warrants | 0 | 74,690 |
Purchase of convertible note hedges | 0 | (115,818) |
Principal payments for satisfaction and discharge of 7.125% senior subordinated notes | 0 | (277,500) |
Debt issuance costs | 0 | (14,494) |
Repurchases of common stock | 0 | (69,997) |
Exercise of stock options | 202 | 139 |
Restricted stock tax withholdings | (1,378) | (1,168) |
Excess tax benefit from share-based awards | 879 | 1,024 |
Net cash provided by financing activities | 67,703 | 117,876 |
Net (decrease) increase in cash and equivalents | (12,076) | 508 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 33,787 | 21,289 |
CASH AND EQUIVALENTS AT END OF PERIOD | 21,711 | 21,797 |
SUPPLEMENTAL DISCLOSURE OF OTHER CASH FLOW ACTIVITIES AND NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Cash paid for interest | 4,924 | 6,866 |
Cash paid for taxes, net | 15,381 | 11,444 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | 6,870 | 7,805 |
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | $ 0 | $ 993 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Oct. 29, 2016 | Jul. 30, 2016 | Oct. 24, 2015 |
0.75% Convertible Senior Notes Due 2021 | |||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% |
7.125% Senior Subordinated Notes Due 2021 | |||
Debt, interest rate (in percent) | 7.125% | 7.125% |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Oct. 29, 2016 | |
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 program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. The accompanying unaudited condensed consolidated financial statements include the results of Dycom and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Operating results for the interim period are not necessarily indicative of the results expected for any other interim period or for the full fiscal year. These condensed consolidated financial statements and accompanying notes should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the Company’s audited financial statements for the year ended July 30, 2016 included in the Company’s Annual Report on Form 10-K for the year ended July 30, 2016 , filed with the SEC on August 31, 2016. 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 certain 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 not material during the three months ended October 29, 2016 and October 24, 2015 . Additionally, the Company had no material long-lived assets in Canada as of October 29, 2016 or July 30, 2016 . Accounting Period – The Company’s fiscal year ends on the last Saturday in July. As a result, each fiscal year consists of either 52 weeks or 53 weeks of operations (with the additional week of operations occurring in the fourth quarter). Fiscal 2016 consisted of 53 weeks of operations and fiscal 2017 will consist of 52 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 condensed consolidated financial statements and accompanying notes. 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. There have been no material changes to the Company’s significant accounting policies and critical accounting estimates described in the Company’s Annual Report on Form 10-K for the year ended July 30, 2016 . Revenue Recognition . 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. The remainder of the Company’s services, representing less than 5% of its contract revenues during the three months ended October 29, 2016 and less than 10% of its contract revenues during the three months ended October 24, 2015 , are performed under contracts using the cost-to-cost measure of the percentage of completion method of accounting. Revenue is recognized under these arrangements based on the ratio of contract costs incurred to date to total estimated contract costs. For contracts using the cost-to-cost measure of the percentage of completion method of accounting, the Company accrues the entire amount of a contract loss at the time the loss is determined to be probable and can be reasonably estimated. During the three months ended October 29, 2016 and October 24, 2015 , there was no material impact to the Company’s results of operations due to changes in contract estimates. There were no material amounts of unapproved change orders or claims recognized during the three months ended October 29, 2016 or October 24, 2015 . 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. Restricted Cash – As of October 29, 2016 and July 30, 2016 , the Company had approximately $5.5 million and $5.0 million , respectively, in restricted cash, which is held as collateral in support of the Company’s insurance obligations. Restricted cash is included in other assets in the condensed consolidated balance sheets and changes in restricted cash are reported in cash flows used in investing activities in the condensed consolidated statements of cash flows. Other Assets – As of October 29, 2016 and July 30, 2016 , other non-current assets consist of deferred financing costs related to the Company’s revolving credit facility of $5.9 million and $6.4 million , respectively, insurance recoveries/receivables related to accrued claims of $5.6 million and $5.7 million , respectively, as well as long-term deposits, prepaid discounts, and other non-current assets totaling $18.0 million and $17.7 million , respectively. As of October 29, 2016 and July 30, 2016 , other non-current assets also included $4.0 million for an investment in nonvoting senior units of a former customer, which is accounted for using the cost method. Fair Value of Financial Instruments – The Company’s financial instruments primarily consist of cash and equivalents, restricted cash, accounts receivable, income taxes receivable and payable, accounts payable, certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for certain of the Company’s outstanding long-term debt which is based on observable market-based inputs (Level 2). See Note 10, Debt , for further information regarding the fair value of such financial instruments. The Company’s cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of October 29, 2016 and July 30, 2016 . During the three months ended October 29, 2016 and October 24, 2015 , the Company had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. Recently Issued Accounting Pronouncements There have been no changes in the expected dates of adoption or estimated effects on the Company’s consolidated financial statements of recently issued accounting pronouncements from those disclosed in the Company’s Annual Report on Form 10-K for the year ended July 30, 2016 filed with the SEC on August 31, 2016 . Accounting standards adopted during the period covered in this Quarterly Report on Form 10-Q and recently issued accounting pronouncements are discussed below. Recently Adopted Accounting Standards Business Combinations - In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 replaces the requirement for an acquirer in a business combination to retrospectively adjust provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill when measurement period adjustments are identified. The new guidance requires an acquirer to recognize adjustments in the reporting period in which the adjustment amounts are determined. The acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Additionally, the acquirer must present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. The Company adopted ASU 2015-16 during the first quarter of fiscal 2017 and it did not have a material effect on the Company’s consolidated financial statements. Accounting Standards Not Yet Adopted Income Taxes - In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 amends the current GAAP prohibition of recognizing current and deferred income taxes for intra-entity asset transfers until the asset has been sold to an outside party. The update requires an entity to recognize the income tax consequences of an intra-entity transfer for assets other than inventory when the transfer occurs. ASU 2016-16 will be effective for the Company in fiscal 2019 and interim reporting periods within that year. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. Statement of Cash Flows - In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) . ASU 2016-15 is intended to reduce the diversity in practice regarding the classification of certain transactions within the statement of cash flows. ASU 2016-15 will be effective for the Company in fiscal 2019 and interim reporting periods within that year. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the effect of the adoption of this guidance on the Company’s consolidated financial statements. |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 3 Months Ended |
Oct. 29, 2016 | |
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 (dollars in thousands, except per share amounts): For the Three Months Ended October 29, 2016 October 24, 2015 Net income available to common stockholders (numerator) $ 51,050 $ 30,824 Weighted-average number of common shares (denominator) 31,429,493 32,871,240 Basic earnings per common share $ 1.62 $ 0.94 Weighted-average number of common shares 31,429,493 32,871,240 Potential shares of common stock arising from stock options, and unvested restricted share units 770,794 1,015,507 Total shares-diluted (denominator) 32,200,287 33,886,747 Diluted earnings per common share $ 1.59 $ 0.91 The weighted-average number of common shares outstanding used in the computation of diluted earnings per common share does not include the effect of the following instruments because their inclusion would have been anti-dilutive: For the Three Months Ended October 29, 2016 October 24, 2015 Stock-based awards 41,302 40,536 0.75% convertible senior notes due 2021 5,005,734 5,005,734 Warrants 5,005,734 5,005,734 Total anti-dilutive weighted shares excluded from the calculation of earnings per common share 10,052,770 10,052,004 Under the treasury stock method, the convertible senior notes will have a dilutive impact on earnings per common share if the Company’s average stock price for the period exceeds the conversion price for the convertible senior notes of $96.89 per share. The warrants will have a dilutive impact on earnings per common share if the Company’s average stock price for the period exceeds the warrant strike price of $130.43 per share. As the Company’s average stock price for the three months ended October 29, 2016 was below the conversion price for the convertible senior notes and the strike price for the warrants, the underlying common shares were anti-dilutive as reflected above. See Note 10, Debt , for additional information related to the Company’s convertible senior notes and warrant transactions. In connection with the offering of the convertible senior notes, the Company entered into convertible note hedge transactions with counterparties for the purpose of reducing the potential dilution to common stockholders from the conversion of the notes and offsetting any potential cash payments in excess of the principal amount of the notes. Prior to conversion, the convertible note hedge is not included for purposes of the calculation of earnings per common share as its effect would be anti-dilutive. Upon conversion, the convertible note hedge is expected to offset the dilutive effect of the convertible senior notes when the stock price is above $96.89 per share. See Note 10, Debt , for additional information related to the Company’s convertible note hedge. |
Acquisitions
Acquisitions | 3 Months Ended |
Oct. 29, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal 2016 - During August 2015, the Company acquired TelCom Construction, Inc. and an affiliate (together, “TelCom”). The purchase price was $48.8 million paid in cash. TelCom, based in Clearwater, Minnesota, provides construction and maintenance services for telecommunications providers throughout the United States. This acquisition expanded the Company’s geographic presence within its existing customer base. During July 2016, the Company acquired certain assets and assumed certain liabilities associated with the wireless network deployment and wireline operations of Goodman Networks Incorporated (“Goodman”) for a cash purchase price of $107.5 million , subject to a total working capital adjustment initially estimated at approximately $4.7 million . The acquired operations provide wireless construction services in a number of markets, including Texas, Georgia, and Southern California. The acquisition reinforces the Company’s wireless construction resources and expands the Company’s geographic presence within its existing customer base. During the fourth quarter of fiscal 2016, the Company acquired NextGen Telecom Services Group, Inc. (“NextGen”) for $5.6 million , net of cash acquired. NextGen provides construction and maintenance services for telecommunications providers in the Northeastern United States. Fiscal 2016 Purchase Price Allocations The purchase price allocation of TelCom was completed during the fourth quarter of fiscal 2016. Purchase price allocations of the Goodman and NextGen acquisitions are preliminary and will be completed during fiscal 2017 when valuations for intangible assets and other amounts are finalized. In accordance with ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , the Company will recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. Additionally, the Company will record, in the same period’s financial statements in which adjustments are recorded, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting adjustment had been completed at the acquisition date. During the three months ended October 29, 2016 , the Company recorded adjustments to the fair values assigned to working capital items and reduced the value assigned to goodwill by approximately $1.5 million in connection with the purchase price allocation of the Goodman acquisition. The income statement impact during the three months ended October 29, 2016 related to these fair value adjustments was not significant and has been recorded in the current period in accordance with ASU 2015-16. The following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2016 and presents the allocation of these amounts to the net tangible and identifiable intangible assets based on their estimated fair values as of the respective dates of acquisition (dollars in millions): 2016 Assets Accounts receivable $ 16.3 Costs and estimated earnings in excess of billings 34.8 Inventories and other current assets 11.8 Property and equipment 11.5 Goodwill 36.9 Intangible assets - customer relationships 94.5 Intangible assets - trade names and other 1.8 Total assets 207.6 Liabilities Accounts payable 23.5 Accrued and other liabilities 26.9 Total liabilities 50.4 Net Assets Acquired $ 157.2 With respect to the acquisition from Goodman, $22.5 million of the purchase price was placed into an escrow account, $2.5 million of which is available for working capital adjustments and $20.0 million of which is available to the Company for indemnification obligations of the seller. Of the $20.0 million available for indemnification obligations, $10.0 million will be released to the seller upon the occurrence of certain conditions or the twelve-month anniversary of the closing date. The remaining $10.0 million will be released to the seller when the seller satisfies certain conditions with respect to a dispute with the state of Texas over a sales tax liability of approximately $31.7 million (the “Sales Tax Liability”). Under the asset purchase agreement, Goodman has retained responsibility for this Sales Tax Liability. Should Goodman not resolve this matter, the state may assert that the Company is a successor to the operations and seek to recover from the Company. In such event the Company would seek indemnification for recovery from Goodman, including from the funds contained in the escrow account, for any amount the Company pays. Results of businesses acquired during fiscal 2016 are included in the condensed consolidated financial statements from their respective dates of acquisition. For businesses acquired in fiscal 2016, these aggregate amounts included contract revenues of $56.6 million and $29.9 million and intangible amortization expense of $2.1 million and $0.3 million during the three months ended October 29, 2016 and October 24, 2015 , respectively. Net income, inclusive of charges allocated for management costs of the businesses acquired, was not material during the three months ended October 29, 2016 or October 24, 2015 . See Note 7, Goodwill and Intangible Assets , for information regarding the goodwill and intangible assets of businesses acquired. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Oct. 29, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable consisted of the following (dollars in thousands): October 29, 2016 July 30, 2016 Contract billings $ 300,086 $ 297,532 Retainage 31,289 32,101 Total 331,375 329,633 Less: allowance for doubtful accounts (1,589 ) (1,603 ) Accounts receivable, net $ 329,786 $ 328,030 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) within the next twelve months. The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. During the three months ended October 29, 2016 and October 24, 2015, write-offs to the allowance for doubtful accounts, net of recoveries, were not material. There were no material accounts receivable amounts representing claims or other similar items subject to uncertainty as of October 29, 2016 or July 30, 2016 . The Company participates in a customer-sponsored vendor payment program. Under this program, accounts receivable are collected on an expedited basis pursuant to a non-recourse sale of the receivables to a bank partner of the customer. The program reduces the time required to collect that customer’s receivables. The Company incurs a discount fee associated with the collection of the accounts receivable that is reflected as an expense component in other income, net in the condensed consolidated statements of operations. For the three months ended October 29, 2016 , the receivables sold under the program totaled $167.6 million . Cash collected from this arrangement is reflected within cash provided by operating activities in the condensed consolidated statement of cash flows for the three months ended October 29, 2016 . The amount of receivables sold that have not been collected from the bank partner as of October 29, 2016 was not material. |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings | 3 Months Ended |
Oct. 29, 2016 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | Costs and Estimated Earnings in Excess of Billings Costs and estimated earnings in excess of billings (“CIEB”) includes revenue for services performed under contracts using the units-of-delivery method of accounting and the cost-to-cost measure of the percentage of completion method of accounting. Amounts consisted of the following (dollars in thousands): October 29, 2016 July 30, 2016 Costs incurred on contracts in progress $ 397,412 $ 307,826 Estimated to date earnings 119,012 92,226 Total costs and estimated earnings 516,424 400,052 Less: billings to date (42,735 ) (42,637 ) $ 473,689 $ 357,415 Included in the accompanying condensed consolidated balance sheets under the captions: Costs and estimated earnings in excess of billings $ 488,960 $ 376,972 Billings in excess of costs and estimated earnings (15,271 ) (19,557 ) $ 473,689 $ 357,415 As of October 29, 2016 , 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 October 29, 2016 or July 30, 2016 . |
Property and Equipment
Property and Equipment | 3 Months Ended |
Oct. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) October 29, 2016 July 30, 2016 Land — $ 3,475 $ 3,475 Buildings 10-35 12,011 11,969 Leasehold improvements 1-10 14,757 13,753 Vehicles 1-5 423,195 404,273 Computer hardware and software 1-7 98,972 95,570 Office furniture and equipment 1-10 10,852 10,374 Equipment and machinery 1-10 250,036 242,079 Total 813,298 781,493 Less: accumulated depreciation (475,645 ) (454,823 ) Property and equipment, net $ 337,653 $ 326,670 Depreciation expense was $28.4 million and $22.7 million for the three months ended October 29, 2016 and October 24, 2015 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Oct. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company’s goodwill balance was $308.7 million and $310.2 million as of October 29, 2016 and July 30, 2016 , respectively. Changes in the carrying amount of goodwill for fiscal 2017 were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of July 30, 2016 $ 505,924 $ (195,767 ) $ 310,157 Purchase price allocation adjustments (1,488 ) — (1,488 ) Balance as of October 29, 2016 $ 504,436 $ (195,767 ) $ 308,669 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. As a result of the fiscal 2016 annual impairment analysis, the Company concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit. As of October 29, 2016 , the Company believes the goodwill is recoverable for all of the reporting units; however, there can be no assurances that goodwill may not be impaired in future periods. Intangible Assets The Company’s intangible assets consisted of the following (dollars in thousands): Weighted Average Remaining Useful Lives (In years) October 29, 2016 July 30, 2016 Gross carrying amount: Customer relationships 12.5 $ 289,917 $ 289,955 Contract backlog 0.1 4,780 4,780 Trade names 7.3 9,650 9,800 UtiliQuest trade name — 4,700 4,700 Non-compete agreements 2.4 685 685 309,732 309,920 Accumulated amortization: Customer relationships 106,716 101,012 Contract backlog 4,751 4,666 Trade names 6,220 6,034 Non-compete agreements 381 329 118,068 112,041 Intangible assets, net $ 191,664 $ 197,879 Amortization of the Company’s customer relationship intangibles and contract backlog intangibles 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 $6.2 million and $4.8 million for the three months ended October 29, 2016 and October 24, 2015 , respectively. As of October 29, 2016 , the Company believes that the carrying amounts of its intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and the assets could be impaired. |
Accrued Insurance Claims
Accrued Insurance Claims | 3 Months Ended |
Oct. 29, 2016 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims | Accrued Insurance Claims For claims within its insurance program, the Company retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. With regard to losses occurring in fiscal 2017, the Company retains the risk of loss up to $1.0 million on a per occurrence basis for automobile liability, general liability, and workers’ compensation. These retention amounts are applicable to all of the states in which the Company operates, except with respect to workers’ compensation insurance in two states in which the Company participates in state-sponsored insurance funds. Aggregate stop-loss coverage for automobile liability, general liability, and workers’ compensation claims is $103.7 million for fiscal 2017. The Company is party to a stop-loss agreement for losses under its employee group health plan. For calendar year 2016, the Company retains the risk of loss up to the first $400,000 of claims per participant as well as an annual aggregate amount. The liability for total accrued insurance claims and related processing costs was $93.3 million and $89.7 million as of October 29, 2016 and July 30, 2016 , respectively, of which $54.6 million and $52.8 million , respectively, was long-term and reflected in non-current liabilities in the condensed consolidated financial statements. Insurance recoveries/receivables related to accrued claims as of October 29, 2016 and July 30, 2016 were $5.6 million and $5.7 million , respectively, which were included in non-current other assets in the accompanying condensed consolidated balance sheets. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Oct. 29, 2016 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands): October 29, 2016 July 30, 2016 Accrued payroll and related taxes $ 25,414 $ 23,908 Accrued employee benefit and incentive plan costs 16,203 40,943 Accrued construction costs 41,521 41,123 Other current liabilities 14,672 16,328 Total other accrued liabilities $ 97,810 $ 122,302 |
Debt
Debt | 3 Months Ended |
Oct. 29, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s outstanding indebtedness consisted of the following (dollars in thousands): October 29, 2016 July 30, 2016 Credit Agreement - Revolving facility (matures April 2020) $ 68,000 $ — Credit Agreement - Term loan facilities (mature April 2020) 346,250 346,250 0.75% convertible senior notes, net (matures September 2021) 377,751 373,077 792,001 719,327 Less: current portion (17,500 ) (13,125 ) Long-term debt $ 774,501 $ 706,202 Senior Credit Agreement The Company and certain of its subsidiaries are party to a credit agreement with the various lenders named therein, dated as of December 3, 2012 (as amended as of June 17, 2016, May 20, 2016, April 24, 2015 and September 9, 2015), that matures on April 24, 2020 (as amended, the “Credit Agreement”). The Credit Agreement provides for a $450.0 million revolving facility, $350.0 million in aggregate term loan facilities, and contains a sublimit of $200.0 million for the issuance of letters of credit. Subject to certain conditions, the Credit Agreement provides the Company the ability to enter into one or more incremental facilities, either by increasing the revolving commitments under the Credit Agreement and/or in the form of term loans, up to the greater of (i) $150.0 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 are 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 equity interests of the substantial majority of the Company’s subsidiaries. Borrowings under the Credit Agreement bear interest at rates described below 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. In addition, the Company incurs certain fees for unused balances and letters of credit at the rates described below, also based upon the Company’s consolidated leverage ratio: Borrowings - Eurodollar Rate Loans 1.25% - 2.00% plus LIBOR Borrowings - Base Rate Loans 0.25% - 1.00% plus administrative agent’s base rate (1) Unused Revolver Commitment 0.25% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% - 1.00% (1) The agent’s base rate is 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. Standby letters of credit of approximately $57.6 million , issued as part of the Company’s insurance program, were outstanding under the Credit Agreement as of both October 29, 2016 and July 30, 2016 . The weighted average interest rates and fees for balances under the Credit Agreement as of October 29, 2016 and July 30, 2016 were as follows: Weighted Average Rate End of Period October 29, 2016 July 30, 2016 Borrowings - Term loan facilities 2.52% 2.49% Borrowings - Revolving facility (1) 3.05% —% Standby Letters of Credit 2.00% 2.00% Unused Revolver 0.40% 0.40% (1) There were no outstanding borrowings under the revolving facility as of July 30, 2016. 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. At October 29, 2016 and July 30, 2016 , the Company was in compliance with the financial covenants of the Credit Agreement and had additional borrowing availability in the revolving facility of $324.4 million and $392.4 million , respectively, as determined by the most restrictive covenants. 0.75% Convertible Senior Notes Due 2021 On September 15, 2015, the Company issued $485.0 million principal amount of 0.75% convertible senior notes due September 2021 (the “Notes”) in a private placement. The Company received net proceeds of approximately $471.7 million after deducting the initial purchasers’ discount of approximately $13.3 million . The Company used approximately $60.0 million of the net proceeds to repurchase 805,000 shares of its common stock from the initial purchasers of the Notes in privately negotiated transactions. In addition, the Company used approximately $296.6 million of the net proceeds to fund the redemption of all of its 7.125% senior subordinated notes and approximately $41.1 million for the net cost of convertible note hedge transactions and warrant transactions as further described below. The remainder of the proceeds of approximately $73.9 million is intended for general corporate purposes. The Notes, governed by the terms of an indenture between the Company and a bank trustee are unsecured obligations and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company. The Notes bear interest at a rate of 0.75% per year, payable in cash semiannually in March and September, and will mature on September 15, 2021, unless earlier purchased by the Company or converted. In the event the Company fails to perform certain obligations under the indenture, the Notes will accrue additional interest. Certain events are considered “events of default” under the Notes, which may result in the acceleration of the maturity of the Notes, as described in the indenture. Each $1,000 of principal of the Notes is convertible into 10.3211 shares of the Company’s common stock, which is equivalent to an initial conversion price of approximately $96.89 per share. The conversion rate is subject to adjustment in certain circumstances, including in connection with specified fundamental changes (as defined in the indenture). In addition, holders of the Notes have the right to require the Company to repurchase all or a portion of their notes on the occurrence of a fundamental change at a price of 100% of their principal amount plus accrued and unpaid interest. Prior to June 15, 2021, the Notes are convertible by the Note holder under the following circumstances: (1) during any fiscal quarter commencing after October 24, 2015 (and only during such fiscal quarter) if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days period ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on such trading day; (2) during the five consecutive business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after June 15, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their Notes at any time regardless of the foregoing circumstances. Upon conversion, the Notes will be settled, at the Company’s election, in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company intends to settle the principal amount of the Notes with cash. In accordance with ASC Topic 470, Debt (“ASC Topic 470”), certain convertible debt instruments that may be settled in cash upon conversion are required to be separately accounted for as liability and equity components. The carrying amount of the liability component is calculated by measuring the fair value of a similar instrument that does not have an associated convertible feature using an indicative market interest rate (“Comparable Yield”) as of the date of issuance. The difference between the principal amount of the notes and the carrying amount represents a debt discount. The debt discount is amortized to interest expense using the Comparable Yield ( 5.5% with respect to the Notes) using the effective interest rate method over the term of the notes. The Company incurred $4.3 million and $1.8 million of interest expense during the three months ended October 29, 2016 and October 24, 2015 , respectively, for the non-cash amortization of the debt discount. The equity component represents the difference between the principal amount of the Notes and the debt discount, both measured at issuance. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The Notes consist of the following components (dollars in thousands): October 29, 2016 July 30, 2016 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 485,000 $ 485,000 Less: Debt discount (97,372 ) (101,679 ) Less: Debt issuance costs (1) (9,877 ) (10,244 ) Net carrying amount of Notes $ 377,751 $ 373,077 Equity Component (2) $ 112,554 $ 112,554 (1) Original issuance costs of approximately $15.1 million related to the Notes included the initial purchasers’ discount of approximately $13.3 million and approximately $1.8 million paid to third parties. Approximately $11.5 million of issuance costs of the Notes was allocated to the liability component and recorded as a contra-liability, presented net against the carrying amount for the Notes on the Company’s condensed consolidated balance sheet, of which $9.9 million and $10.2 million remained unamortized as of October 29, 2016 and July 30, 2016 , respectively. Debt issuance costs attributable to the liability component are amortized to interest expense on the effective interest rate method over the term of the Notes. During the three months ended October 29, 2016 and October 24, 2015 , the Company recorded $0.4 million and $0.1 million , respectively, related to the amortization of debt issuance costs of the Notes. (2) Approximately $3.6 million of issuance costs paid to the initial purchasers of the Notes and third parties was allocated to the equity component and recorded net against the equity component in stockholders’ equity on the condensed consolidated balance sheets. The Company determined that the fair value of the Notes as of October 29, 2016 and July 30, 2016 was approximately $413.3 million and $458.7 million , respectively, based on quoted market prices (level 2), compared to a net carrying amount of $377.8 million and $373.1 million , respectively. The fair value and net carrying amounts as of October 29, 2016 and July 30, 2016 are both reflected net of the debt discount of $97.4 million and $101.7 million , respectively, and debt issuance costs of $9.9 million and $10.2 million , respectively. Convertible Note Hedge and Warrant Transactions In connection with the offering of the Notes, the Company entered into convertible note hedge transactions with counterparties for the purpose of reducing the potential dilution to common stockholders from the conversion of the Notes and offsetting any potential cash payments in excess of the principal amount of the Notes. In the event that shares or cash are deliverable to holders of the Notes upon conversion at limits defined in the indenture, counterparties to the convertible note hedge will be required to deliver up to 5.006 million shares of the Company’s common stock or pay cash to the Company in a similar amount as the value that the Company delivers to the holders of the Notes based on a conversion price of $96.89 per share. The total cost of the convertible note hedge transactions was $115.8 million . In addition, the Company entered into separately negotiated warrant transactions with the same counterparties as the convertible note hedge transactions whereby the Company sold warrants to purchase, subject to certain anti-dilution adjustments, up to 5.006 million shares of the Company’s common stock at a price of $130.43 per share. The warrants will not have a dilutive effect on the Company’s earnings per share unless the Company’s quarterly average share price exceeds the warrant strike price of $130.43 per share. In this event, the Company expects to settle the warrant transactions on a net share basis whereby it will issue shares of its common stock. The Company received proceeds of approximately $74.7 million from the sale of these warrants. Upon settlement of the conversion premium of the Notes, convertible note hedge, and warrants, the resulting dilutive impact of these transactions, if any, would be the number of shares necessary to settle the value of the warrant transactions above $130.43 per share. The net amounts incurred in connection with the convertible note hedge and warrant transactions were recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheets during the first quarter of fiscal 2016 and are not expected to be remeasured in subsequent reporting periods. The Company recorded an initial deferred tax liability of $43.4 million in connection with the debt discount associated with the Notes and recorded an initial deferred tax asset of $43.2 million in connection with the convertible note hedge transactions. Both the deferred tax liability and deferred tax asset are included in non-current deferred tax liabilities in the condensed consolidated balance sheets. 7.125% Senior Subordinated Notes - Loss on Debt Extinguishment As of July 25, 2015, 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 (the “7.125% Notes”). The outstanding 7.125% Notes were redeemed on October 15, 2015 (the “Redemption Date”) with a portion of the proceeds from the Notes offering described above. The aggregate amount paid in connection with the redemption was $296.6 million and was comprised of the $277.5 million principal amount of the outstanding 7.125% Notes, $4.9 million for accrued and unpaid interest to the Redemption Date, and approximately $14.2 million for the applicable call premium as defined in the indenture governing the 7.125% Notes. The call premium amount consisted of (a) the present value as defined under the indenture of the sum of (i) approximately $4.9 million representing interest for the period from the Redemption Date through January 15, 2016, and (ii) the redemption price of 103.563% (expressed as a percentage of the principal amount) of the 7.125% Notes at January 15, 2016, minus (b) the principal amount of the 7.125% Notes. In connection with the redemption of the 7.125% Notes, the Company incurred a pre-tax charge for early extinguishment of debt of approximately $16.3 million during the first quarter of fiscal 2016. This charge is comprised of: (i) $4.9 million for the present value of the interest payments for the period from the Redemption Date through January 15, 2016, (ii) $6.5 million for the excess of the present value of the redemption price over the carrying value of the 7.125% Notes, and (iii) $4.9 million for the write-off of deferred financing charges related to the fees incurred in connection with the issuance of the 7.125% Notes. |
Income Taxes
Income Taxes | 3 Months Ended |
Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The Company’s effective income tax rate differs from the statutory rate for the tax jurisdictions where it operates primarily as the result of the impact of 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 Company is subject to federal income taxes in the United States and the income taxes of multiple state jurisdictions and in Canada. Amounts of pre-tax earnings related to Canadian operations for the three months ended October 29, 2016 and October 24, 2015 were not material. 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 2012 and prior. During fiscal 2016, the Company was notified by the Internal Revenue Service that its federal income tax return for fiscal 2014 was selected for examination. 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 taxes payable totaled $27.9 million and $15.3 million as of October 29, 2016 and July 30, 2016 , respectively. Income taxes receivable totaled $1.0 million and $1.4 million as of October 29, 2016 and July 30, 2016 , respectively, and are included in current assets in the condensed consolidated balance sheets. As of both October 29, 2016 and July 30, 2016 , the Company had total unrecognized tax benefits of $2.4 million 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 $1.0 million accrued for the payment of interest and penalties as of both October 29, 2016 and July 30, 2016 . Interest expense related to unrecognized tax benefits for the Company for the three months ended October 29, 2016 and October 24, 2015 was not material. |
Other Income, Net
Other Income, Net | 3 Months Ended |
Oct. 29, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net The components of other income, net, were as follows (dollars in thousands): For the Three Months Ended October 29, 2016 October 24, 2015 Gain on sale of fixed assets $ 1,443 $ 1,136 Miscellaneous (expense) income, net (503 ) 333 Total other income, net $ 940 $ 1,469 Other income, net includes approximately $0.6 million of discount fee expense during the three months ended October 29, 2016 associated with the collection of accounts receivables under a customer-sponsored vendor payment program which the Company began participating in during the fourth quarter of fiscal 2016. |
Capital Stock
Capital Stock | 3 Months Ended |
Oct. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock Repurchases of Common Stock - The Company made the following share repurchases during fiscal 2016: Period Number of Shares Repurchased Total Consideration (In thousands) Average Price Per Share Fiscal 2016: Three months ended October 24, 2015 954,224 $ 69,997 $ 73.35 Three months ended April 23, 2016 1,557,354 $ 100,000 $ 64.21 There were no shares repurchased during the three months ended October 29, 2016 . In connection with the Notes offering in September 2015, the Company used approximately $60.0 million of the net proceeds from the Notes to repurchase 805,000 shares of its common stock from the initial purchasers of the Notes in privately negotiated transactions at a price of $74.53 per share, the closing price of Dycom’s common stock on September 9, 2015 . The additional $110.0 million spent during fiscal 2016 was for shares repurchased under authorized share repurchase programs. All shares repurchased have been canceled. Upon cancellation, the excess over par value is recorded as a reduction in additional paid-in capital until the balance is reduced to zero, with any additional excess recorded to retained earnings. As of October 29, 2016 , $100.0 million authorized on April 26, 2016 remained available for repurchases through October 2017 in open market or private transactions. Restricted Stock Tax Withholdings - During the three months ended October 29, 2016 and October 24, 2015 , the Company withheld 16,290 shares and 15,301 shares, respectively, totaling $1.4 million and $1.2 million , respectively, to meet payroll tax withholdings obligations arising from the vesting of restricted share units. All shares withheld have been canceled. Shares of common stock withheld for tax withholdings do not reduce the Company’s total share repurchase authority. |
Stock-Based Awards
Stock-Based Awards | 3 Months Ended |
Oct. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | Stock-Based Awards The Company has certain stock-based compensation plans under which it grants stock-based awards, including stock options, restricted share units, and performance share units to attract, retain, and reward talented employees, officers and directors, and to align stockholder and employee interests. Compensation expense for stock-based awards is based on 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. This expense is included in general and administrative expenses in the condensed consolidated statements of operations and the amount of expense ultimately recognized depends on the number of awards that actually vest. Accordingly, stock-based compensation expense may vary from fiscal year to fiscal year. The performance criteria for target awards 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. Additionally, certain awards include three-year performance goals that, if met, result in supplemental shares awarded. 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 performance criteria for the awards will be met. In the event the Company determines it is no longer probable that it will achieve certain performance criteria for the awards, it would reverse the associated stock-based compensation expense that it had previously recognized in the period such determination is made. Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during the three months ended October 29, 2016 and October 24, 2015 were as follows (dollars in thousands): For the Three Months Ended October 29, 2016 October 24, 2015 Stock-based compensation $ 5,707 $ 4,509 Tax benefit recognized in the statement of operations $ 2,183 $ 1,729 As of October 29, 2016 , the Company had unrecognized compensation expense 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 $2.5 million , $7.0 million , and $13.0 million , respectively. This expense will be recognized over a weighted-average number of years of 2.5 , 2.5 , and 1.5 , respectively, based on the average remaining service periods for the awards. As of October 29, 2016 , the Company may recognize an additional $4.5 million in compensation expense in future periods if the maximum amount of Performance RSUs is earned based on certain performance measures being met. Stock Options The following table summarizes stock option award activity during the three months ended October 29, 2016 : Stock Options Shares Weighted Average Exercise Price Outstanding as of July 30, 2016 737,267 $ 20.99 Granted — $ — Options exercised (22,284 ) $ 9.08 Canceled (1,000 ) $ 6.83 Outstanding as of October 29, 2016 713,983 $ 21.39 Exercisable options as of October 29, 2016 530,211 $ 15.92 RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during the three months ended October 29, 2016 : Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of July 30, 2016 251,264 $ 42.56 625,971 $ 47.66 Granted 571 $ 93.78 31,564 $ 85.64 Share units vested (8,396 ) $ 65.25 (30,518 ) $ 42.15 Forfeited or canceled (785 ) $ 25.79 (51,145 ) $ 40.44 Outstanding as of October 29, 2016 242,654 $ 41.95 575,872 $ 50.67 The total amount of granted Performance RSUs presented above consists of 15,782 target shares and 15,782 supplemental shares granted to officers of the Company. During the three months ended October 29, 2016 , the Company canceled 49,797 supplemental shares of Performance RSUs outstanding as of July 30, 2016 , as a result of the fiscal 2016 performance criteria for attaining those supplemental shares not being met. The total amount of Performance RSUs outstanding as of October 29, 2016 consists of 487,333 target shares and 88,539 supplemental shares. |
Concentration of Credit Risk
Concentration of Credit Risk | 3 Months Ended |
Oct. 29, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s customer base is highly concentrated, with its top five customers during each of the three months ended October 29, 2016 and October 24, 2015 accounting for approximately 74.9% and 64.9% of its total contract revenues, respectively. Customers whose contract revenues exceeded 10% of total contract revenue during the three months ended October 29, 2016 or October 24, 2015 were as follows: For the Three Months Ended October 29, 2016 October 24, 2015 AT&T Inc. 29.0% 19.1% CenturyLink, Inc. 15.7% 15.6% Comcast Corporation 15.1% 12.0% Customers whose combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings, net (“CIEB, net”) exceeded 10% of total combined trade receivables and CIEB, net as of October 29, 2016 or July 30, 2016 were as follows (dollars in millions): October 29, 2016 July 30, 2016 Amount % of Total Amount % of Total AT&T Inc. $ 183.5 22.9% $ 138.8 20.3% Comcast Corporation $ 117.0 14.6% $ 95.3 13.9% CenturyLink, Inc. $ 108.3 13.5% $ 79.0 11.5% Windstream Corporation $ 90.9 11.4% $ 79.0 11.5% Verizon Communications Inc. $ 80.1 10.0% $ 69.0 10.1% In addition, another customer had $72.1 million , or 9.0% , as of October 29, 2016 , and $71.5 million , or 10.4% , as of July 30, 2016 . The Company believes that none of its significant customers were experiencing financial difficulties that would materially impact the collectability of the Company’s trade accounts receivable and costs in excess of billings as of October 29, 2016 . 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 | 3 Months Ended |
Oct. 29, 2016 | |
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 (together, “S&N”) 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 S&N’s motion for judgment on the pleadings for failure to claim patent-eligible subject matter, and entered final judgment. In May 2015, the District Court reopened the case to allow S&N to proceed with inequitable conduct counterclaims. A bench trial in the District Court on the inequitable conduct counterclaims whereby S&N was seeking additional grounds to find the patents unenforceable took place in March 2016. In August 2016, the District Court ruled against S&N and in favor of CertusView on the inequitable conduct counterclaims and entered final judgment. Subsequent to the judgment being entered, on August 24, 2016, S&N filed a motion requesting the District Court make a finding that the suit was an exceptional case and award S&N recovery of its attorney fees. On September 1, 2016, CertusView appealed to the Federal Circuit Court the January 2015 District Court judgment of patent invalidity. CertusView expects its appeal will be decided during the second half of calendar 2017. Additionally, on November 21, 2016, the District Court denied S&N’s motion for an exceptional case finding while allowing S&N permission to refile after conclusion of CertusView’s appeal to the Federal Circuit Court. In September 2016, certain former employees of two subcontractors of TESINC, LLC (“TESINC”), a wholly owned subsidiary of the Company, commenced a lawsuit against those subcontractors, TESINC and a customer of TESINC in the United States District Court for the Eastern District of Pennsylvania. The lawsuit alleges that TESINC, its customer and those subcontractors violated the Pennsylvania Minimum Wage Act of 1968, the Pennsylvania Wage Payment and Collection Law, and the New Jersey Wage and Hour Law by failing to comply with applicable minimum wage and overtime pay requirements as a result of the misclassification of workers as independent contractors. The plaintiffs seek unspecified damages and other relief on behalf of themselves and a putative class of similarly situated workers who had performed work between April 1, 2016 and June 30, 2016. TESINC answered the complaint on November 14, 2016. It is too early to evaluate the likelihood of an outcome to this matter or estimate the amount or range of potential loss, if any. The Company intends to vigorously defend itself against this lawsuit. In April 2016, a former employee of Prince Telecom, LLC (“Prince”), a wholly owned subsidiary of the Company, commenced a lawsuit against Prince in the Superior Court of California under the California Labor Code Private Attorneys General Act (“PAGA”). The lawsuit alleges that Prince violated the California Labor Code by, among other things, failing to pay the California minimum wage, failing to pay for all hours worked (including overtime), failing to provide meal breaks and failing to provide accurate wage statements. The plaintiff seeks to recover all penalties arising from each alleged PAGA violation on behalf of himself and a putative class of current and former employees of Prince who worked as technicians in the State of California in the year preceding the filing date of the lawsuit. It is too early to evaluate the likelihood of an outcome to this matter or estimate the amount or range of potential loss, if any, as discovery commenced in August 2016 and is ongoing. The Company intends to vigorously defend itself against this lawsuit. During the fourth quarter of fiscal 2016, one of the Company’s subsidiaries, which previously contributed to the Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund (the “Plan”), a multiemployer pension plan, ceased operations. In October 2016, the Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million . The Company is disputing the claim of a withdrawal liability demanded by the Plan as it believes there is a statutory exemption available under the Employee Retirement Income Security Act for multiemployer pension plans that primarily cover employees in the building and construction industry. However, there can be no assurance that the Company will be successful in asserting the statutory exemption as a defense. As required by the Employee Retirement Income Security Act, in November 2016, the subsidiary began making monthly payments of the claimed withdrawal liability to the Plan in the amount of approximately $0.1 million . If the Company prevails in disputing the withdrawal liability all such payments will be refunded to the Company. 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 its insurance program, the Company retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. The Company has established reserves that it believes to be adequate based on current evaluations and experience with these types of claims. For these claims, the effect on the Company’s financial statements is generally limited to the amount needed to satisfy insurance deductibles or retentions. Commitments Performance Bonds and Guarantees - The Company has obligations under performance and other surety contract bonds related to certain of its customer contracts. Performance bonds generally provide 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 October 29, 2016 and July 30, 2016 , the Company had $177.6 million and $165.8 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 both October 29, 2016 and July 30, 2016 , the Company had $57.6 million of outstanding standby letters of credit issued under the Credit Agreement. |
Basis of Presentation and Acc25
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Oct. 29, 2016 | |
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 program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. The accompanying unaudited condensed consolidated financial statements include the results of Dycom and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Operating results for the interim period are not necessarily indicative of the results expected for any other interim period or for the full fiscal year. These condensed consolidated financial statements and accompanying notes should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the Company’s audited financial statements for the year ended July 30, 2016 included in the Company’s Annual Report on Form 10-K for the year ended July 30, 2016 , filed with the SEC on August 31, 2016. |
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 certain 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 not material during the three months ended October 29, 2016 and October 24, 2015 . Additionally, the Company had no material long-lived assets in Canada as of October 29, 2016 or July 30, 2016 . |
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 52 weeks or 53 weeks of operations (with the additional week of operations occurring in the fourth quarter). Fiscal 2016 consisted of 53 weeks of operations and fiscal 2017 will consist of 52 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 condensed consolidated financial statements and accompanying notes. 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. There have been no material changes to the Company’s significant accounting policies and critical accounting estimates described in the Company’s Annual Report on Form 10-K for the year ended July 30, 2016 . |
Revenue Recognition, Policy | Revenue Recognition . 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. The remainder of the Company’s services, representing less than 5% of its contract revenues during the three months ended October 29, 2016 and less than 10% of its contract revenues during the three months ended October 24, 2015 , are performed under contracts using the cost-to-cost measure of the percentage of completion method of accounting. Revenue is recognized under these arrangements based on the ratio of contract costs incurred to date to total estimated contract costs. For contracts using the cost-to-cost measure of the percentage of completion method of accounting, the Company accrues the entire amount of a contract loss at the time the loss is determined to be probable and can be reasonably estimated. During the three months ended October 29, 2016 and October 24, 2015 , there was no material impact to the Company’s results of operations due to changes in contract estimates. There were no material amounts of unapproved change orders or claims recognized during the three months ended October 29, 2016 or October 24, 2015 . 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. |
Restricted Cash | Restricted Cash – As of October 29, 2016 and July 30, 2016 , the Company had approximately $5.5 million and $5.0 million , respectively, in restricted cash, which is held as collateral in support of the Company’s insurance obligations. Restricted cash is included in other assets in the condensed consolidated balance sheets and changes in restricted cash are reported in cash flows used in investing activities in the condensed consolidated statements of cash flows. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments – The Company’s financial instruments primarily consist of cash and equivalents, restricted cash, accounts receivable, income taxes receivable and payable, accounts payable, certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for certain of the Company’s outstanding long-term debt which is based on observable market-based inputs (Level 2). See Note 10, Debt , for further information regarding the fair value of such financial instruments. The Company’s cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of October 29, 2016 and July 30, 2016 . During the three months ended October 29, 2016 and October 24, 2015 , the Company had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. |
Other Assets | Other Assets – As of October 29, 2016 and July 30, 2016 , other non-current assets consist of deferred financing costs related to the Company’s revolving credit facility of $5.9 million and $6.4 million , respectively, insurance recoveries/receivables related to accrued claims of $5.6 million and $5.7 million , respectively, as well as long-term deposits, prepaid discounts, and other non-current assets totaling $18.0 million and $17.7 million , respectively. As of October 29, 2016 and July 30, 2016 , other non-current assets also included $4.0 million for an investment in nonvoting senior units of a former customer, which is accounted for using the cost method. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There have been no changes in the expected dates of adoption or estimated effects on the Company’s consolidated financial statements of recently issued accounting pronouncements from those disclosed in the Company’s Annual Report on Form 10-K for the year ended July 30, 2016 filed with the SEC on August 31, 2016 . Accounting standards adopted during the period covered in this Quarterly Report on Form 10-Q and recently issued accounting pronouncements are discussed below. Recently Adopted Accounting Standards Business Combinations - In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 replaces the requirement for an acquirer in a business combination to retrospectively adjust provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill when measurement period adjustments are identified. The new guidance requires an acquirer to recognize adjustments in the reporting period in which the adjustment amounts are determined. The acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Additionally, the acquirer must present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. The Company adopted ASU 2015-16 during the first quarter of fiscal 2017 and it did not have a material effect on the Company’s consolidated financial statements. Accounting Standards Not Yet Adopted Income Taxes - In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 amends the current GAAP prohibition of recognizing current and deferred income taxes for intra-entity asset transfers until the asset has been sold to an outside party. The update requires an entity to recognize the income tax consequences of an intra-entity transfer for assets other than inventory when the transfer occurs. ASU 2016-16 will be effective for the Company in fiscal 2019 and interim reporting periods within that year. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. Statement of Cash Flows - In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) . ASU 2016-15 is intended to reduce the diversity in practice regarding the classification of certain transactions within the statement of cash flows. ASU 2016-15 will be effective for the Company in fiscal 2019 and interim reporting periods within that year. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the effect of the adoption of this guidance on the Company’s consolidated financial statements. |
Computation of Earnings Per C26
Computation of Earnings Per Common Share (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
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 (dollars in thousands, except per share amounts): For the Three Months Ended October 29, 2016 October 24, 2015 Net income available to common stockholders (numerator) $ 51,050 $ 30,824 Weighted-average number of common shares (denominator) 31,429,493 32,871,240 Basic earnings per common share $ 1.62 $ 0.94 Weighted-average number of common shares 31,429,493 32,871,240 Potential shares of common stock arising from stock options, and unvested restricted share units 770,794 1,015,507 Total shares-diluted (denominator) 32,200,287 33,886,747 Diluted earnings per common share $ 1.59 $ 0.91 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The weighted-average number of common shares outstanding used in the computation of diluted earnings per common share does not include the effect of the following instruments because their inclusion would have been anti-dilutive: For the Three Months Ended October 29, 2016 October 24, 2015 Stock-based awards 41,302 40,536 0.75% convertible senior notes due 2021 5,005,734 5,005,734 Warrants 5,005,734 5,005,734 Total anti-dilutive weighted shares excluded from the calculation of earnings per common share 10,052,770 10,052,004 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2016 and presents the allocation of these amounts to the net tangible and identifiable intangible assets based on their estimated fair values as of the respective dates of acquisition (dollars in millions): 2016 Assets Accounts receivable $ 16.3 Costs and estimated earnings in excess of billings 34.8 Inventories and other current assets 11.8 Property and equipment 11.5 Goodwill 36.9 Intangible assets - customer relationships 94.5 Intangible assets - trade names and other 1.8 Total assets 207.6 Liabilities Accounts payable 23.5 Accrued and other liabilities 26.9 Total liabilities 50.4 Net Assets Acquired $ 157.2 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consisted of the following (dollars in thousands): October 29, 2016 July 30, 2016 Contract billings $ 300,086 $ 297,532 Retainage 31,289 32,101 Total 331,375 329,633 Less: allowance for doubtful accounts (1,589 ) (1,603 ) Accounts receivable, net $ 329,786 $ 328,030 |
Costs and Estimated Earnings 29
Costs and Estimated Earnings in Excess of Billings (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net | Costs and estimated earnings in excess of billings (“CIEB”) includes revenue for services performed under contracts using the units-of-delivery method of accounting and the cost-to-cost measure of the percentage of completion method of accounting. Amounts consisted of the following (dollars in thousands): October 29, 2016 July 30, 2016 Costs incurred on contracts in progress $ 397,412 $ 307,826 Estimated to date earnings 119,012 92,226 Total costs and estimated earnings 516,424 400,052 Less: billings to date (42,735 ) (42,637 ) $ 473,689 $ 357,415 Included in the accompanying condensed consolidated balance sheets under the captions: Costs and estimated earnings in excess of billings $ 488,960 $ 376,972 Billings in excess of costs and estimated earnings (15,271 ) (19,557 ) $ 473,689 $ 357,415 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) October 29, 2016 July 30, 2016 Land — $ 3,475 $ 3,475 Buildings 10-35 12,011 11,969 Leasehold improvements 1-10 14,757 13,753 Vehicles 1-5 423,195 404,273 Computer hardware and software 1-7 98,972 95,570 Office furniture and equipment 1-10 10,852 10,374 Equipment and machinery 1-10 250,036 242,079 Total 813,298 781,493 Less: accumulated depreciation (475,645 ) (454,823 ) Property and equipment, net $ 337,653 $ 326,670 Depreciation expense was $28.4 million and $22.7 million for the three months ended October 29, 2016 and October 24, 2015 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for fiscal 2017 were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of July 30, 2016 $ 505,924 $ (195,767 ) $ 310,157 Purchase price allocation adjustments (1,488 ) — (1,488 ) Balance as of October 29, 2016 $ 504,436 $ (195,767 ) $ 308,669 |
Schedule of Intangible Assets | The Company’s intangible assets consisted of the following (dollars in thousands): Weighted Average Remaining Useful Lives (In years) October 29, 2016 July 30, 2016 Gross carrying amount: Customer relationships 12.5 $ 289,917 $ 289,955 Contract backlog 0.1 4,780 4,780 Trade names 7.3 9,650 9,800 UtiliQuest trade name — 4,700 4,700 Non-compete agreements 2.4 685 685 309,732 309,920 Accumulated amortization: Customer relationships 106,716 101,012 Contract backlog 4,751 4,666 Trade names 6,220 6,034 Non-compete agreements 381 329 118,068 112,041 Intangible assets, net $ 191,664 $ 197,879 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands): October 29, 2016 July 30, 2016 Accrued payroll and related taxes $ 25,414 $ 23,908 Accrued employee benefit and incentive plan costs 16,203 40,943 Accrued construction costs 41,521 41,123 Other current liabilities 14,672 16,328 Total other accrued liabilities $ 97,810 $ 122,302 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Debt Disclosure [Abstract] | |
Outstanding Indebtedness | The Company’s outstanding indebtedness consisted of the following (dollars in thousands): October 29, 2016 July 30, 2016 Credit Agreement - Revolving facility (matures April 2020) $ 68,000 $ — Credit Agreement - Term loan facilities (mature April 2020) 346,250 346,250 0.75% convertible senior notes, net (matures September 2021) 377,751 373,077 792,001 719,327 Less: current portion (17,500 ) (13,125 ) Long-term debt $ 774,501 $ 706,202 |
Convertible Debt | The Notes consist of the following components (dollars in thousands): October 29, 2016 July 30, 2016 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 485,000 $ 485,000 Less: Debt discount (97,372 ) (101,679 ) Less: Debt issuance costs (1) (9,877 ) (10,244 ) Net carrying amount of Notes $ 377,751 $ 373,077 Equity Component (2) $ 112,554 $ 112,554 (1) Original issuance costs of approximately $15.1 million related to the Notes included the initial purchasers’ discount of approximately $13.3 million and approximately $1.8 million paid to third parties. Approximately $11.5 million of issuance costs of the Notes was allocated to the liability component and recorded as a contra-liability, presented net against the carrying amount for the Notes on the Company’s condensed consolidated balance sheet, of which $9.9 million and $10.2 million remained unamortized as of October 29, 2016 and July 30, 2016 , respectively. Debt issuance costs attributable to the liability component are amortized to interest expense on the effective interest rate method over the term of the Notes. During the three months ended October 29, 2016 and October 24, 2015 , the Company recorded $0.4 million and $0.1 million , respectively, related to the amortization of debt issuance costs of the Notes. (2) Approximately $3.6 million of issuance costs paid to the initial purchasers of the Notes and third parties was allocated to the equity component and recorded net against the equity component in stockholders’ equity on the condensed consolidated balance sheets. |
Schedule Interest Rates for the Credit Agreement | Borrowings under the Credit Agreement bear interest at rates described below 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. In addition, the Company incurs certain fees for unused balances and letters of credit at the rates described below, also based upon the Company’s consolidated leverage ratio: Borrowings - Eurodollar Rate Loans 1.25% - 2.00% plus LIBOR Borrowings - Base Rate Loans 0.25% - 1.00% plus administrative agent’s base rate (1) Unused Revolver Commitment 0.25% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% - 1.00% (1) The agent’s base rate is 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. The weighted average interest rates and fees for balances under the Credit Agreement as of October 29, 2016 and July 30, 2016 were as follows: Weighted Average Rate End of Period October 29, 2016 July 30, 2016 Borrowings - Term loan facilities 2.52% 2.49% Borrowings - Revolving facility (1) 3.05% —% Standby Letters of Credit 2.00% 2.00% Unused Revolver 0.40% 0.40% |
Other Income, Net (Tables)
Other Income, Net (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | The components of other income, net, were as follows (dollars in thousands): For the Three Months Ended October 29, 2016 October 24, 2015 Gain on sale of fixed assets $ 1,443 $ 1,136 Miscellaneous (expense) income, net (503 ) 333 Total other income, net $ 940 $ 1,469 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | Repurchases of Common Stock - The Company made the following share repurchases during fiscal 2016: Period Number of Shares Repurchased Total Consideration (In thousands) Average Price Per Share Fiscal 2016: Three months ended October 24, 2015 954,224 $ 69,997 $ 73.35 Three months ended April 23, 2016 1,557,354 $ 100,000 $ 64.21 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-based Compensation Expense and Related Tax Benefit Recognized | Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during the three months ended October 29, 2016 and October 24, 2015 were as follows (dollars in thousands): For the Three Months Ended October 29, 2016 October 24, 2015 Stock-based compensation $ 5,707 $ 4,509 Tax benefit recognized in the statement of operations $ 2,183 $ 1,729 |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during the three months ended October 29, 2016 : Stock Options Shares Weighted Average Exercise Price Outstanding as of July 30, 2016 737,267 $ 20.99 Granted — $ — Options exercised (22,284 ) $ 9.08 Canceled (1,000 ) $ 6.83 Outstanding as of October 29, 2016 713,983 $ 21.39 Exercisable options as of October 29, 2016 530,211 $ 15.92 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during the three months ended October 29, 2016 : Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of July 30, 2016 251,264 $ 42.56 625,971 $ 47.66 Granted 571 $ 93.78 31,564 $ 85.64 Share units vested (8,396 ) $ 65.25 (30,518 ) $ 42.15 Forfeited or canceled (785 ) $ 25.79 (51,145 ) $ 40.44 Outstanding as of October 29, 2016 242,654 $ 41.95 575,872 $ 50.67 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 3 Months Ended |
Oct. 29, 2016 | |
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 contract revenues exceeded 10% of total contract revenue during the three months ended October 29, 2016 or October 24, 2015 were as follows: For the Three Months Ended October 29, 2016 October 24, 2015 AT&T Inc. 29.0% 19.1% CenturyLink, Inc. 15.7% 15.6% Comcast Corporation 15.1% 12.0% |
Basis of Presentation and Acc38
Basis of Presentation and Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Oct. 29, 2016USD ($)segment | Oct. 24, 2015 | Jul. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Prepaid Expense and Other Assets | $ 18,000 | $ 17,700 | |
Debt Issuance Costs, Net | 5,900 | 6,400 | |
Insurance recoveries/receivables related to accrued claims | 5,600 | 5,700 | |
Restricted cash | 5,500 | 5,000 | |
Investments and other noncurrent assets | $ 4,000 | $ 4,000 | |
Fiscal period duration | 364 days | 371 days | |
Non-Current Other Assets | |||
Segment Reporting Information [Line Items] | |||
Insurance recoveries/receivables related to accrued claims | $ 5,700 | ||
Revenue Recognized Using Cost To Cost Percentage of Completion Method | Maximum | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 5.00% | 10.00% | |
Stock Options | |||
Segment Reporting Information [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | 10 years | |
Performance RSUs | |||
Segment Reporting Information [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |
Supplemental Shares | |||
Segment Reporting Information [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |
RSUs | |||
Segment Reporting Information [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 4 years |
Computation of Earnings Per C39
Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Oct. 29, 2016 | Oct. 24, 2015 | Jul. 30, 2016 | Sep. 15, 2015 | |
Basic earnings per unit | ||||
Net income | $ 51,050 | $ 30,824 | ||
Weighted-average number of common shares (in shares) | 31,429,493 | 32,871,240 | ||
Basic earnings per common share (in dollars per share) | $ 1.62 | $ 0.94 | ||
Diluted earnings per unit | ||||
Weighted-average number of common shares (in shares) | 31,429,493 | 32,871,240 | ||
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 770,794 | 1,015,507 | ||
Total shares-diluted (in shares) | 32,200,287 | 33,886,747 | ||
Diluted earnings per common share (in dollars per share) | $ 1.59 | $ 0.91 | ||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 10,052,770 | 10,052,004 | ||
Stock-based awards | ||||
Diluted earnings per unit | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 41,302 | 40,536 | ||
Convertible senior notes | ||||
Diluted earnings per unit | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 5,005,734 | 5,005,734 | ||
Warrants | ||||
Diluted earnings per unit | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 5,005,734 | 5,005,734 | ||
Convertible Note Hedge | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Debt Instrument, Convertible, Conversion Price (per share) | $ 96.89 | |||
0.75% Convertible Senior Notes Due 2021 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | |
Debt Instrument, Convertible, Conversion Price (per share) | 96.89 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 130.43 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jul. 30, 2016 | Oct. 29, 2016 | Oct. 24, 2015 | |
Business Acquisition [Line Items] | |||
Amortization of intangible assets | $ 6,200 | $ 4,800 | |
Purchase price allocation adjustments | (1,488) | ||
TelCom Construction, Inc. | |||
Business Acquisition [Line Items] | |||
Payment to acquire business, net of cash acquired | 48,800 | ||
Goodman Networks, Inc. Wireline Operations | |||
Business Acquisition [Line Items] | |||
Escrow Deposit | 22,500 | ||
Payment to acquire business, net of cash acquired | $ 107,500 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 4,700 | ||
NextGen Telecom Services Group, Inc. | |||
Business Acquisition [Line Items] | |||
Payment to acquire business, net of cash acquired | $ 5,600 | ||
Businesses Acquired, Fiscal 2016 | |||
Business Acquisition [Line Items] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 56,600 | 29,900 | |
Amortization of intangible assets | 2,100 | $ 300 | |
Working Capital Adjustment [Member] | Goodman Networks, Inc. Wireline Operations | |||
Business Acquisition [Line Items] | |||
Escrow Deposit | 2,500 | ||
Indemnification Agreement [Member] | Goodman Networks, Inc. Wireline Operations | |||
Business Acquisition [Line Items] | |||
Escrow Deposit | 20,000 | ||
Indemnification Portion Subject to Certain Conditions, Not Less Than Twelve Months | Goodman Networks, Inc. Wireline Operations | |||
Business Acquisition [Line Items] | |||
Escrow Deposit | 10,000 | ||
Indemnification Portion Subject to Seller Satisfaction of Certain Liabilities | Goodman Networks, Inc. Wireline Operations | |||
Business Acquisition [Line Items] | |||
Escrow Deposit | 10,000 | ||
Seller Liability, Satisfaction Required for Contingent Consideration | $ 31,700 |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocation (Details) $ in Millions | Oct. 29, 2016USD ($) |
Business Acquisition [Line Items] | |
Accounts receivable | $ 16.3 |
Costs and estimated earnings in excess of billings | 34.8 |
Inventories and other current assets | 11.8 |
Property and equipment | 11.5 |
Goodwill | 36.9 |
Total assets | 207.6 |
Accounts payable | 23.5 |
Accrued and other liabilities | 26.9 |
Total liabilities | 50.4 |
Net Assets Acquired | 157.2 |
Trade names | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1.8 |
Customer relationships | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 94.5 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2016 | Jul. 30, 2016 | |
Receivables [Abstract] | ||
Contract billings | $ 300,086 | $ 297,532 |
Retainage | 31,289 | 32,101 |
Total | 331,375 | 329,633 |
Less: allowance for doubtful accounts | (1,589) | (1,603) |
Accounts receivable, net | 329,786 | $ 328,030 |
Trade receivables sold | $ 167,600 |
Costs and Estimated Earnings 43
Costs and Estimated Earnings in Excess of Billings (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jul. 30, 2016 |
Contractors [Abstract] | ||
Costs incurred on contracts in progress | $ 397,412 | $ 307,826 |
Estimated to date earnings | 119,012 | 92,226 |
Total costs and estimated earnings | 516,424 | 400,052 |
Less: billings to date | (42,735) | (42,637) |
Total costs in excess of billings | 473,689 | 357,415 |
Costs and estimated earnings in excess of billings | 488,960 | 376,972 |
Billings in excess of costs and estimated earnings | (15,271) | (19,557) |
Total costs in excess of billings | $ 473,689 | $ 357,415 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 29, 2016 | Oct. 24, 2015 | Jul. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Total | $ 813,298 | $ 781,493 | |
Less: accumulated depreciation | (475,645) | (454,823) | |
Property and equipment, net | 337,653 | 326,670 | |
Depreciation expense | 28,400 | $ 22,700 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total | 3,475 | 3,475 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total | 12,011 | 11,969 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total | 14,757 | 13,753 | |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Total | 423,195 | 404,273 | |
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Total | 98,972 | 95,570 | |
Office furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total | 10,852 | 10,374 | |
Equipment and machinery | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 250,036 | $ 242,079 | |
Minimum | Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years | ||
Minimum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Minimum | Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Minimum | Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Minimum | Office furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Minimum | Equipment and machinery | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Maximum | Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 35 years | ||
Maximum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years | ||
Maximum | Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 5 years | ||
Maximum | Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 7 years | ||
Maximum | Office furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years | ||
Maximum | Equipment and machinery | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2016 | Jul. 30, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning balance | $ 505,924 | |
Purchase price allocation adjustments | (1,488) | |
Goodwill, gross, ending balance | 504,436 | |
Accumulated impairment losses | (195,767) | $ (195,767) |
Goodwill | $ 308,669 | $ 310,157 |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 29, 2016 | Oct. 24, 2015 | Jul. 30, 2016 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Gross Excluding Goodwill | $ 309,732 | $ 309,920 | |
Accumulated amortization: | 118,068 | 112,041 | |
Intangible assets, net | 191,664 | 197,879 | |
Amortization of intangible assets | $ 6,200 | $ 4,800 | |
Customer relationships | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining useful lives (in years) | 12 years 6 months | ||
Carrying amount | $ 289,917 | 289,955 | |
Accumulated amortization: | $ 106,716 | 101,012 | |
Contract backlog | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining useful lives (in years) | 1 month | ||
Carrying amount | $ 4,780 | 4,780 | |
Accumulated amortization: | $ 4,751 | 4,666 | |
Trade names | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining useful lives (in years) | 7 years 4 months | ||
Carrying amount | $ 9,650 | 9,800 | |
Accumulated amortization: | $ 6,220 | 6,034 | |
Non-compete agreements | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining useful lives (in years) | 2 years 5 months | ||
Carrying amount | $ 685 | 685 | |
Accumulated amortization: | 381 | 329 | |
UtiliQuest | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
UtiliQuest trade name | $ 4,700 | $ 4,700 |
Accrued Insurance Claims (Detai
Accrued Insurance Claims (Details) | Jul. 29, 2017USD ($) | Oct. 29, 2016USD ($)state | Jul. 30, 2016USD ($) |
Accrued Insurance Claims [Line Items] | |||
Number of States with State-Sponsored Insurance Fund | state | 2 | ||
Insurance liability, annual retained risk loss | $ 400,000 | ||
Accrued Insurance | 93,300,000 | $ 89,700,000 | |
Accrued insurance claims, Noncurrent | 54,557,000 | 52,835,000 | |
Insurance recoveries/receivables related to accrued claims | 5,600,000 | $ 5,700,000 | |
Scenario, Forecast | |||
Accrued Insurance Claims [Line Items] | |||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 103,700,000 | ||
Maximum | |||
Accrued Insurance Claims [Line Items] | |||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | $ 1,000,000 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jul. 30, 2016 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 25,414 | $ 23,908 |
Accrued employee benefit and incentive plan costs | 16,203 | 40,943 |
Accrued construction costs | 41,521 | 41,123 |
Other current liabilities | 14,672 | 16,328 |
Total other accrued liabilities | $ 97,810 | $ 122,302 |
Debt Schedule of Debt (Details)
Debt Schedule of Debt (Details) - USD ($) | 3 Months Ended | ||||
Oct. 29, 2016 | Oct. 24, 2015 | Jul. 30, 2016 | Sep. 15, 2015 | Sep. 09, 2015 | |
Debt Instrument [Line Items] | |||||
Amortization of debt discount | $ 4,307,000 | $ 1,780,000 | |||
Debt and capital lease obligations | 792,001,000 | $ 719,327,000 | |||
Less: current portion | (17,500,000) | (13,125,000) | |||
Long-term debt | 774,501,000 | 706,202,000 | |||
0.75% Convertible Senior Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Amortization of debt discount | 4,300,000 | $ 1,800,000 | |||
Long-term Debt, Fair Value | 413,300,000 | 458,700,000 | |||
Debt Instrument, Face Amount | $ 485,000,000 | $ 485,000,000 | $ 485,000,000 | ||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | ||
Debt and capital lease obligations | $ 377,751,000 | $ 373,077,000 | |||
Convertible Debt | 377,751,000 | 373,077,000 | |||
Debt Instrument, Unamortized Discount | 97,372,000 | 101,679,000 | |||
Unamortized Debt Issuance Expense | $ 9,877,000 | $ 10,244,000 | 15,100,000 | ||
7.125% Senior Subordinated Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt, interest rate (in percent) | 7.125% | 7.125% | |||
Credit Agreement - Revolving facility (matures April 2020) | |||||
Debt Instrument [Line Items] | |||||
Debt and capital lease obligations | $ 68,000,000 | $ 0 | |||
Credit Agreement - Term Loan (matures April 2020) | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 350,000,000 | ||||
Debt and capital lease obligations | 346,250,000 | $ 346,250,000 | |||
0.75% Convertible Notes Liability Component [Member] | |||||
Debt Instrument [Line Items] | |||||
Amortization of debt discount | $ 400,000 | $ 100,000 | |||
Unamortized Debt Issuance Expense | $ 11,500,000 | ||||
Incremental Facility, Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 150,000,000 |
Debt Senior Credit Agreement (D
Debt Senior Credit Agreement (Details) | Sep. 09, 2015USD ($) | Oct. 29, 2016USD ($) | Jul. 30, 2016USD ($) |
Line of Credit Facility [Line Items] | |||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio, Maximum | 3.50 | ||
Letters of credit outstanding amount | $ 57,600,000 | ||
Debt Instrument, Covenant Compliance, Consolidated Interest Coverage Ratio, Maximum | 3 | ||
Additional borrowing availability | $ 324,400,000 | $ 392,400,000 | |
Standby Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit current borrowing capacity | $ 200,000,000 | ||
Letters of credit outstanding amount | $ 57,600,000 | $ 57,600,000 | |
Credit Agreement - Term Loan (matures April 2020) | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Face Amount | $ 350,000,000 | ||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio, Maximum | 2.25 | ||
Credit Agreement - Revolving facility (matures April 2020) | |||
Line of Credit Facility [Line Items] | |||
Line of credit current borrowing capacity | $ 450,000,000 |
Debt Interest Rates of the Cred
Debt Interest Rates of the Credit Agreement (Details) | 3 Months Ended | |
Oct. 29, 2016 | Jul. 30, 2016 | |
Minimum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 1.25% | |
Minimum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.625% | |
Maximum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 2.00% | |
Maximum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 1.00% | |
Eurodollar | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Eurodollar | Minimum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Eurodollar | Maximum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Administrative Agent Base Rate | Minimum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.25% | |
Administrative Agent Base Rate | Maximum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Federal Funds Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.40% | 0.40% |
Credit Agreement - Revolving facility (matures April 2020) | Minimum | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.25% | |
Credit Agreement - Revolving facility (matures April 2020) | Maximum | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.40% |
Debt Interest Rates at Period E
Debt Interest Rates at Period End (Details) | 3 Months Ended | |
Oct. 29, 2016 | Jul. 30, 2016 | |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 2.00% | 2.00% |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 2.52% | 2.49% |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 3.05% | 0.00% |
Unutilized commitment fee (in percent) | 0.40% | 0.40% |
Debt Convertible Senior Notes D
Debt Convertible Senior Notes Due 2021 (Details) $ / shares in Units, $ in Thousands | Sep. 15, 2015USD ($)$ / sharesshares | Sep. 11, 2015USD ($) | Oct. 29, 2016USD ($) | Apr. 23, 2016shares | Oct. 24, 2015USD ($)trading_dayshares | Jul. 30, 2016USD ($) |
Debt Instrument [Line Items] | ||||||
Stock repurchased and retired during period, value | $ 60,000 | $ 110,000 | ||||
Stock repurchased and retired during period, shares | shares | 805,000 | 1,557,354 | 954,224 | |||
Payments for Hedge, Financing Activities | $ 0 | $ 115,818 | ||||
Amortization of debt discount | 4,307 | $ 1,780 | ||||
0.75% Convertible Senior Notes Due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 485,000 | $ 485,000 | $ 485,000 | |||
Proceeds from Convertible Debt | 471,700 | |||||
Payments for Hedge, Financing Activities | 41,100 | |||||
Proceeds from Debt for General Corporate Purposes | $ 73,900 | |||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | |||
Debt Instrument, Convertible, Conversion Ratio | 0.0103211 | |||||
Debt Instrument, Convertible, Conversion Price (per share) | $ / shares | $ 96.89 | |||||
Debt Instrument, Convertible, Threshold Trading Days | trading_day | 20 | |||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | |||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | |||||
Debt Instrument, Convertible, Measurement Period, Threshold Consecutive Business Days | 5 days | |||||
Debt Instrument, Convertible, Measurement Period, Threshold Consecutive Trading Days | 5 days | |||||
Debt Instrument, Convertible, Measurement Period, Threshold Percentage of Product of Sale Price of Common Stock and Applicable Conversion Rate | 98.00% | |||||
Debt Instrument, Comparable Yield | 5.50% | |||||
Amortization of debt discount | $ 4,300 | $ 1,800 | ||||
Long-term Debt, Fair Value | 413,300 | $ 458,700 | ||||
Convertible Debt | 377,751 | 373,077 | ||||
Debt Instrument, Unamortized Discount | (97,372) | (101,679) | ||||
Unamortized Debt Issuance Expense | $ 15,100 | $ 9,877 | $ 10,244 | |||
7.125% Senior Subordinated Notes Due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | $ 296,600 | |||||
Debt, interest rate (in percent) | 7.125% | 7.125% |
Debt Components of the Converti
Debt Components of the Convertible Notes (Details) - USD ($) $ in Thousands | Sep. 15, 2015 | Oct. 29, 2016 | Oct. 24, 2015 | Jul. 30, 2016 |
Debt Instrument [Line Items] | ||||
Payments of Debt Issuance Costs | $ 0 | $ 14,494 | ||
Amortization of debt discount | 4,307 | 1,780 | ||
0.75% Convertible Notes Liability Component [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Issuance Cost | $ (11,500) | |||
Amortization of debt discount | 400 | 100 | ||
0.75% Convertible Notes Equity Component [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Issuance Cost | (3,600) | |||
0.75% Convertible Senior Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 485,000 | 485,000 | $ 485,000 | |
Debt Instrument, Unamortized Discount | (97,372) | (101,679) | ||
Debt Issuance Cost | (15,100) | (9,877) | (10,244) | |
Net carrying amount of Notes | 377,751 | 373,077 | ||
Equity component of 0.75% senior convertible notes due 2021, net | 112,554 | $ 112,554 | ||
Debt Instrument, Unamortized Discount (Premium), Net | 13,300 | |||
Payments of Debt Issuance Costs | $ 1,800 | |||
Amortization of debt discount | $ 4,300 | $ 1,800 |
Debt Convertible Note Hedge and
Debt Convertible Note Hedge and Warrant Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Sep. 15, 2015 | Oct. 29, 2016 | Oct. 24, 2015 |
Debt Instrument [Line Items] | |||
Payments for Hedge, Financing Activities | $ 0 | $ 115,818 | |
Proceeds from sale of warrants | $ 0 | $ 74,690 | |
Convertible Note Hedge | |||
Debt Instrument [Line Items] | |||
Derivative, Number of Instruments Held | 5,006 | ||
Debt Instrument, Convertible, Conversion Price (per share) | $ 96.89 | ||
Payments for Hedge, Financing Activities | $ 115,800 | ||
Deferred Tax Liabilities, Derivatives | 43,400 | ||
Deferred Tax Assets, Derivative Instruments | $ 43,200 | ||
0.75% Convertible Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Convertible, Conversion Price (per share) | $ 96.89 | ||
Payments for Hedge, Financing Activities | $ 41,100 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 5,006 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 130.43 | ||
Proceeds from sale of warrants | $ 74,700 |
Debt Senior Subordinated Notes
Debt Senior Subordinated Notes - Loss on Debt Extinguishment (Details) - USD ($) $ in Thousands | Oct. 15, 2015 | Oct. 29, 2016 | Oct. 24, 2015 | Jul. 30, 2016 |
Debt Instrument [Line Items] | ||||
Loss on debt extinguishment | $ 0 | $ (16,260) | ||
Write-off of deferred financing fees and premium on long-term debt | $ 0 | 2,017 | ||
7.125% Senior Subordinated Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt, interest rate (in percent) | 7.125% | 7.125% | ||
Repayments of Debt | 296,600 | |||
Debt Instrument, Increase, Accrued Interest | $ 4,900 | |||
Redemption Premium | $ 14,200 | |||
Debt Instrument, Redemption Price, Percentage | 103.563% | |||
Loss on debt extinguishment | 16,300 | |||
Gains (Losses) on Extinguishment of Debt, before Write off of Deferred Debt Issuance Cost | 6,500 | |||
Write-off of deferred financing fees and premium on long-term debt | $ 4,900 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jul. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Income taxes payable | $ 27,904 | $ 15,307 |
Income taxes receivable | 1,000 | 1,400 |
Unrecognized Tax Benefits | 2,400 | $ 2,400 |
Payment of interest and penalties accrued | $ 1,000 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2016 | Oct. 24, 2015 | |
Other Income and Expenses [Abstract] | ||
Other Financial Services Costs | $ 600 | |
Gain on sale of fixed assets | 1,443 | $ 1,136 |
Miscellaneous (expense) income, net | (503) | 333 |
Total other income, net | $ 940 | $ 1,469 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 15, 2015 | Sep. 11, 2015 | Oct. 29, 2016 | Apr. 23, 2016 | Oct. 24, 2015 |
Class of Stock [Line Items] | |||||
Number of shares repurchased | 805,000 | 1,557,354 | 954,224 | ||
Total Consideration (Dollars in thousands) | $ 0 | $ 100,000 | $ 69,997 | ||
Average Price Per Share (in dollars per share) | $ 74.53 | $ 64.21 | $ 73.35 | ||
Stock repurchased and retired during period, value | $ 60,000 | $ 110,000 | |||
Remaining authorized repurchase amount | $ 100,000 | ||||
Shares paid for tax withholding for share based compensation | 16,290 | 15,301 | |||
Value of shares paid for tax withholding for share based compensation | $ 1,400 | $ 1,200 |
Stock-Based Awards (Details)
Stock-Based Awards (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 29, 2016 | Jul. 30, 2016 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to stock options | $ 2.5 | |
Total compensation cost not yet recognized, period for recognition | 2 years 6 months | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to stock options | $ 7 | |
Total compensation cost not yet recognized, period for recognition | 2 years 6 months | |
Granted (in shares) | 571 | |
Shares outstanding (in shares) | 242,654 | 251,264 |
Performance RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to stock options | $ 13 | |
Total compensation cost not yet recognized, period for recognition | 1 year 6 months | |
Compensation expense | $ 4.5 | |
RSUs outstanding (in shares) | 15,782 | |
Granted (in shares) | 31,564 | |
Shares outstanding (in shares) | 575,872 | 625,971 |
Target Share Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares outstanding (in shares) | 487,333 | |
Supplemental Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 15,782 | |
Forfeited or cancelled (in shares) | 49,797 | |
Shares outstanding (in shares) | 88,539 |
Stock-Based Awards - Tax Benefi
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2016 | Oct. 24, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based compensation | $ 5,707 | $ 4,509 |
Tax benefit recognized in the statement of operations | $ 2,183 | $ 1,729 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - Stock Options | 3 Months Ended |
Oct. 29, 2016$ / sharesshares | |
Stock Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 737,267 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 |
Options exercised (in shares) | shares | (22,284) |
Canceled (in shares) | shares | (1,000) |
Ending balance (in shares) | shares | 713,983 |
Exercisable options (in shares) | shares | 530,211 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 20.99 |
Options granted (in dollars per shares) | $ / shares | 0 |
Options exercised (in dollars per shares) | $ / shares | 9.08 |
Canceled (in dollars per shares) | $ / shares | 6.83 |
Ending balance (in dollars per shares) | $ / shares | 21.39 |
Exercisable options (in dollars per shares) | $ / shares | $ 15.92 |
Stock-Based Awards - RSU's and
Stock-Based Awards - RSU's and Performance RSU's (Details) | 3 Months Ended |
Oct. 29, 2016$ / sharesshares | |
Target Share Units | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Ending balance (in shares) | 487,333 |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Beginning balance (in shares) | 251,264 |
Granted (in shares) | 571 |
Share units vested (in shares) | (8,396) |
Forfeited or canceled (in shares) | (785) |
Ending balance (in shares) | 242,654 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 42.56 |
Granted (in dollars per shares) | $ / shares | 93.78 |
Share units vested (in dollars per shares) | $ / shares | 65.25 |
Forfeited or canceled (in dollars per shares) | $ / shares | 25.79 |
Ending balance (in dollars per shares) | $ / shares | $ 41.95 |
Performance RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Beginning balance (in shares) | 625,971 |
Granted (in shares) | 31,564 |
Share units vested (in shares) | (30,518) |
Forfeited or canceled (in shares) | (51,145) |
Ending balance (in shares) | 575,872 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 47.66 |
Granted (in dollars per shares) | $ / shares | 85.64 |
Share units vested (in dollars per shares) | $ / shares | 42.15 |
Forfeited or canceled (in dollars per shares) | $ / shares | 40.44 |
Ending balance (in dollars per shares) | $ / shares | $ 50.67 |
Supplemental Shares | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Granted (in shares) | 15,782 |
Ending balance (in shares) | 88,539 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) $ in Millions | 3 Months Ended | ||
Oct. 29, 2016USD ($)customer | Jul. 30, 2016USD ($) | Oct. 24, 2015 | |
Concentration Risk [Line Items] | |||
Number of customers classified as highly concentrated | customer | 5 | ||
Sales Revenue, Services, Net | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Sales Revenue, Services, Net | Customer Concentration Risk | Five Unnamed Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 74.90% | 64.90% | |
Sales Revenue, Services, Net | Customer Concentration Risk | AT&T Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 29.00% | 19.10% | |
Sales Revenue, Services, Net | Customer Concentration Risk | Comcast | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.70% | 15.60% | |
Sales Revenue, Services, Net | Customer Concentration Risk | CenturyLink | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.10% | 12.00% | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | AT&T Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 22.90% | 20.30% | |
Accounts receivable, costs, and estimated earnings in excess of billings | $ 183.5 | $ 138.8 | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | Windstream Corporation | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.40% | 11.50% | |
Accounts receivable, costs, and estimated earnings in excess of billings | $ 90.9 | $ 79 | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | Another Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 9.00% | 10.40% | |
Accounts receivable, costs, and estimated earnings in excess of billings | $ 72.1 | $ 71.5 | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | Verizon | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | 10.10% | |
Accounts receivable, costs, and estimated earnings in excess of billings | $ 80.1 | $ 69 | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | Comcast | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.60% | 13.90% | |
Accounts receivable, costs, and estimated earnings in excess of billings | $ 117 | $ 95.3 | |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | CenturyLink | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 13.50% | 11.50% | |
Accounts receivable, costs, and estimated earnings in excess of billings | $ 108.3 | $ 79 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Nov. 21, 2016 | Oct. 29, 2016 | Jul. 30, 2016 | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ 13 | ||
Letters of credit outstanding amount | 57.6 | ||
Standby Letters of Credit | |||
Loss Contingencies [Line Items] | |||
Letters of credit outstanding amount | 57.6 | $ 57.6 | |
Performance Guarantee and Surety Bond | |||
Loss Contingencies [Line Items] | |||
Outstanding performance and other surety contract bonds | $ 177.6 | $ 165.8 | |
Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual, Payments | $ 0.1 |