Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 26, 2019 | Feb. 28, 2019 | Jul. 28, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | DYCOM INDUSTRIES INC | ||
Entity Central Index Key | 67,215 | ||
Current Fiscal Year End Date | --01-26 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,694,173,840 | ||
Document Fiscal Year Focus | 2,019 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 26, 2019 | ||
Entity Common Stock, Shares Outstanding | 31,441,024 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 26, 2019 | Jan. 27, 2018 |
Current assets: | ||
Cash and equivalents | $ 128,342 | $ 84,029 |
Accounts receivable, net | 625,258 | 318,684 |
Contract with Customer, Asset, Gross | 215,849 | 369,472 |
Inventories | 94,385 | 79,039 |
Income tax receivable | 3,461 | 13,852 |
Other current assets | 29,145 | 39,710 |
Total current assets | 1,096,440 | 904,786 |
Property and equipment, net | 424,751 | 414,768 |
Goodwill | 325,749 | 321,743 |
Intangible assets, net | 161,125 | 171,469 |
Other assets | 89,438 | 28,190 |
Total non-current assets | 1,001,063 | 936,170 |
Total assets | 2,097,503 | 1,840,956 |
Current liabilities: | ||
Accounts payable | 119,485 | 92,361 |
Current portion of debt | 5,625 | 26,469 |
Contract liabilities | 15,125 | 6,480 |
Accrued insurance claims | 39,961 | 53,890 |
Income taxes payable | 721 | 755 |
Other accrued liabilities | 104,074 | 79,657 |
Total current liabilities | 284,991 | 259,612 |
Long-term debt | 867,574 | 733,843 |
Accrued insurance claims | 68,315 | 59,385 |
Deferred tax liabilities, net non-current | 65,963 | 57,428 |
Other liabilities | 6,492 | 5,692 |
Total liabilities | 1,293,335 | 1,115,960 |
COMMITMENTS AND CONTINGENCIES, Note 20 | ||
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: 31,430,031 and 31,185,669 issued and outstanding, respectively | 10,477 | 10,395 |
Additional paid-in capital | 22,489 | 6,170 |
Accumulated other comprehensive loss | (1,282) | (1,146) |
Retained earnings | 772,484 | 709,577 |
Total stockholders’ equity | 804,168 | 724,996 |
Total liabilities and stockholders’ equity | $ 2,097,503 | $ 1,840,956 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 26, 2019 | Jan. 27, 2018 |
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) | 31,430,031 | 31,185,669 |
Common stock, shares outstanding | 31,430,031 | 31,185,669 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
REVENUES: | |||||||||||||||
Contract revenues | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 1,411,348 | $ 1,500,355 | $ 3,127,700 | $ 3,066,880 | $ 2,672,542 |
EXPENSES: | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 633,279 | 687,164 | 642,376 | 599,573 | 540,633 | 600,847 | 606,898 | 621,475 | 561,371 | 614,990 | 1,141,480 | 1,176,361 | 2,562,392 | 2,404,734 | 2,083,579 |
General and administrative (including stock-based compensation expense of $20.2 million, $13.3 million, $20.8 million, and $16.8 million, respectively) | 124,930 | 118,395 | 269,140 | 239,231 | 217,149 | ||||||||||
Depreciation and amortization | 85,053 | 70,252 | 179,603 | 147,906 | 124,940 | ||||||||||
Total | 1,351,463 | 1,365,008 | 3,011,135 | 2,791,871 | 2,425,668 | ||||||||||
Interest expense, net | (19,560) | (18,248) | (44,369) | (37,364) | (34,720) | ||||||||||
Loss on debt extinguishment | 0 | 0 | 0 | (16,260) | |||||||||||
Other income, net | 6,225 | 1,946 | 15,842 | 12,780 | 10,433 | ||||||||||
Income before income taxes | 46,550 | 119,045 | 88,038 | 250,425 | 206,327 | ||||||||||
Provision (benefit) for income taxes: | |||||||||||||||
Current | (2,620) | 16,608 | 74,975 | 50,805 | |||||||||||
Deferred | (19,665) | 8,523 | 18,233 | 26,782 | |||||||||||
Total provision for income taxes | (22,285) | 44,332 | 25,131 | 93,208 | 77,587 | ||||||||||
Net income | $ (12,054) | $ 27,830 | $ 29,900 | $ 17,231 | $ 40,059 | $ 28,776 | $ 43,708 | $ 38,796 | $ 23,663 | $ 51,050 | $ 68,835 | $ 74,713 | $ 62,907 | $ 157,217 | $ 128,740 |
Earnings per common share: | |||||||||||||||
Basic earnings per common share (in dollars per share) | $ (0.38) | $ 0.89 | $ 0.96 | $ 0.55 | $ 1.29 | $ 0.93 | $ 1.41 | $ 1.24 | $ 0.75 | $ 1.62 | $ 2.22 | $ 2.37 | $ 2.01 | $ 5.01 | $ 3.98 |
Diluted earnings per common share (in dollars per share) | $ (0.38) | $ 0.87 | $ 0.94 | $ 0.53 | $ 1.24 | $ 0.90 | $ 1.38 | $ 1.22 | $ 0.74 | $ 1.59 | $ 2.15 | $ 2.32 | $ 1.97 | $ 4.92 | $ 3.89 |
Shares used in computing earnings per common share: | |||||||||||||||
Basic (in shares) | 31,059,140 | 31,480,660 | 31,250,376 | 31,351,367 | 32,315,636 | ||||||||||
Diluted (in shares) | 32,054,945 | 32,180,923 | 31,990,168 | 31,984,731 | 33,115,755 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Statement [Abstract] | ||||
Stock-based compensation | $ 13,277 | $ 20,187 | $ 20,805 | $ 16,850 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 68,835 | $ 62,907 | $ 157,217 | $ 128,740 |
Foreign currency translation (losses) gains, net of tax | 12 | (136) | 116 | (76) |
Comprehensive income | $ 68,847 | $ 62,771 | $ 157,333 | $ 128,664 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Beginning balance, value at Jul. 25, 2015 | $ 507,200 | $ 11,127 | $ 71,004 | $ (1,198) | $ 426,267 |
Beginning balance, shares at Jul. 25, 2015 | 33,381,779 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | 2,745 | $ 71 | 2,674 | ||
Stock options exercised, shares | 212,619 | ||||
Stock-based compensation, value | 16,850 | $ 1 | 16,849 | ||
Stock-based compensation, shares | 3,015 | ||||
Issuance of restricted stock, net of tax withholdings, value | (12,604) | $ 111 | (12,715) | ||
Issuance of restricted stock, net of tax withholdings, shares | 334,475 | ||||
Repurchase of common stock, value | $ (169,997) | $ (837) | (152,033) | (17,127) | |
Repurchase of common stock, shares | (2,511,578) | (2,511,578) | |||
Tax benefits from stock-based compensation | $ 13,003 | 13,003 | |||
Equity component of 0.75% convertible senior notes due 2021, net | 112,554 | 112,554 | |||
Sale of warrants | 74,690 | 74,690 | |||
Purchase of convertible note hedges | (115,818) | (115,818) | |||
Other comprehensive loss | (76) | (76) | |||
Net income | 128,740 | 128,740 | |||
Ending balance, value at Jul. 30, 2016 | 557,287 | $ 10,473 | 10,208 | (1,274) | 537,880 |
Ending balance, shares at Jul. 30, 2016 | 31,420,310 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | 1,449 | $ 34 | 1,415 | ||
Stock options exercised, shares | 102,831 | ||||
Stock-based compensation, value | 20,805 | $ 1 | 20,804 | ||
Stock-based compensation, shares | 2,847 | ||||
Issuance of restricted stock, net of tax withholdings, value | (10,767) | $ 92 | (10,859) | ||
Issuance of restricted stock, net of tax withholdings, shares | 274,303 | ||||
Repurchase of common stock, value | $ (62,909) | $ (238) | (19,861) | (42,810) | |
Repurchase of common stock, shares | (713,006) | (713,006) | |||
Tax benefits from stock-based compensation | $ 8,385 | 8,385 | |||
Other comprehensive loss | 116 | 116 | |||
Net income | 157,217 | 157,217 | |||
Ending balance, value at Jul. 29, 2017 | 671,583 | $ 10,362 | 10,092 | (1,158) | 652,287 |
Ending balance, shares at Jul. 29, 2017 | 31,087,285 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | 745 | $ 18 | 727 | ||
Stock options exercised, shares | 52,553 | ||||
Stock-based compensation, value | 13,277 | $ 1 | 13,276 | ||
Stock-based compensation, shares | 1,492 | ||||
Issuance of restricted stock, net of tax withholdings, value | (12,581) | $ 81 | (7,985) | (4,677) | |
Issuance of restricted stock, net of tax withholdings, shares | 244,339 | ||||
Repurchase of common stock, value | $ (16,875) | $ (67) | (9,940) | (6,868) | |
Repurchase of common stock, shares | (200,000) | (200,000) | |||
Tax benefits from stock-based compensation | $ 7,800 | ||||
Other comprehensive loss | 12 | 12 | |||
Net income | 68,835 | ||||
Ending balance, value at Jan. 27, 2018 | $ 724,996 | $ 10,395 | 6,170 | (1,146) | 709,577 |
Ending balance, shares at Jan. 27, 2018 | 31,185,669 | 31,185,669 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | $ 871 | $ 27 | 844 | ||
Stock options exercised, shares | 82,235 | ||||
Stock-based compensation, value | 20,187 | $ 1 | 20,186 | ||
Stock-based compensation, shares | 3,122 | ||||
Issuance of restricted stock, net of tax withholdings, value | (4,657) | $ 54 | (4,711) | ||
Issuance of restricted stock, net of tax withholdings, shares | 159,005 | ||||
Tax benefits from stock-based compensation | 200 | ||||
Other comprehensive loss | (136) | (136) | |||
Net income | 62,907 | ||||
Ending balance, value at Jan. 26, 2019 | $ 804,168 | $ 10,477 | $ 22,489 | $ (1,282) | $ 772,484 |
Ending balance, shares at Jan. 26, 2019 | 31,430,031 | 31,430,031 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parentheticals) | Jan. 26, 2019 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
0.75% Convertible Senior Notes Due 2021 | ||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | 0.75% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018USD ($) | Jan. 26, 2019USD ($) | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | |
OPERATING ACTIVITIES: | ||||
Net income | $ 68,835 | $ 62,907 | $ 157,217 | $ 128,740 |
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: | ||||
Depreciation and amortization | 85,053 | 179,603 | 147,906 | 124,940 |
Deferred income tax provision (benefit) | (19,665) | 8,523 | 18,233 | 26,782 |
Stock-based compensation | 13,277 | 20,187 | 20,805 | 16,850 |
Bad debt expense, net | 201 | 17,071 | 199 | 1,252 |
Gain on sale of fixed assets | (7,217) | (19,390) | (14,866) | (9,806) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | 16,260 |
Amortization Of Premium On Long-Term Debt | 0 | 0 | 0 | (94) |
Amortization of debt discount | 9,170 | 19,103 | 17,610 | 14,709 |
Amortization of debt issuance costs and other | 1,736 | 3,686 | 3,323 | 2,875 |
Excess tax benefit from share-based awards | 0 | 0 | (8,385) | (13,003) |
Change in operating assets and liabilities: | ||||
Accounts receivable, net | 50,955 | (30,750) | (33,068) | 2,729 |
Contract assets, net | 16,982 | (149,828) | (27,773) | (70,957) |
Other current assets and inventories | (67) | (15,842) | (13,232) | (13,800) |
Other assets | 1,630 | (25,110) | 2,064 | (2,936) |
Income taxes receivable/payable | (6,716) | 10,357 | (13,189) | 20,148 |
Accounts payable | (21,503) | 20,064 | 977 | 15,132 |
Accrued liabilities, insurance claims, and other liabilities | (32,138) | 23,866 | (1,378) | 15,910 |
Net cash provided by operating activities | 160,533 | 124,447 | 256,443 | 275,731 |
INVESTING ACTIVITIES: | ||||
Capital expenditures | 0 | (20,917) | (26,070) | (157,183) |
Cash paid for acquisitions, net of cash acquired | (87,839) | (164,963) | (201,197) | (186,011) |
Proceeds from sale of assets | 11,808 | 22,949 | 16,029 | 10,540 |
Other investing activities | 0 | 0 | 1,825 | 0 |
Other investing activities | 0 | 1,576 | 666 | 0 |
Net cash used in investing activities | (76,031) | (161,355) | (208,747) | (332,654) |
FINANCING ACTIVITIES: | ||||
Proceeds from borrowings on senior credit agreement, including term loans | 0 | 423,188 | 707,000 | 1,310,000 |
Principal payments on senior credit agreement, including term loans | (9,625) | (331,250) | (685,563) | (1,209,000) |
Repurchase of common stock | (16,875) | 0 | (62,909) | (169,997) |
Proceeds from issuance of 0.75% convertible senior notes due 2021 | 0 | 0 | 0 | 485,000 |
Proceeds from sale of warrants | 0 | 0 | 0 | 74,690 |
Purchase of convertible note hedge | 0 | 0 | 0 | (115,818) |
Principal payments for satisfaction and discharge of 7.125% senior subordinated notes | 0 | 0 | 0 | (277,500) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 0 | 0 | (14,243) |
Debt issuance costs | 0 | (7,275) | (70) | (16,376) |
Exercise of stock options | 745 | 871 | 1,449 | 2,745 |
Restricted stock tax withholdings | (12,581) | (4,657) | (10,767) | (12,604) |
Excess tax benefit from share-based awards | 0 | 0 | 8,385 | 13,003 |
Net cash provided by (used in) financing activities | (38,336) | 80,877 | (42,475) | 69,900 |
Net increase in cash and equivalents and restricted cash | 46,166 | 43,969 | 5,221 | 12,977 |
CASH AND EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 84,029 | |||
CASH AND EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 84,029 | 128,342 | ||
SUPPLEMENTAL DISCLOSURE OF OTHER CASH FLOW ACTIVITIES AND NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
Cash paid for interest | 7,748 | 22,312 | 16,505 | 15,917 |
Cash paid for taxes, net | 4,749 | 6,396 | 88,060 | 31,159 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | 1,634 | 6,795 | 21,978 | 7,196 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 90,182 | $ 134,151 | $ 44,016 | $ 38,795 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Jan. 26, 2019 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 15, 2015 |
0.75% Convertible Senior Notes Due 2021 | |||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | 0.75% | |
7.125% Senior Subordinated Notes | |||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% | 7.125% |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jan. 26, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | 1. Basis of Presentation Dycom Industries, Inc. (“Dycom” or the “Company”) is a leading provider of specialty contracting services throughout the United States. 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 consolidated financial statements of the Company and its subsidiaries, all of which are wholly-owned, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of such statements have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. Accounting Period. In September 2017, the Company’s Board of Directors approved a change in the Company’s fiscal year end from the last Saturday in July to the last Saturday in January. The change in fiscal year end better aligned the Company’s fiscal year with the planning cycles of its customers. For quarterly comparisons, there were no changes to the months in each fiscal quarter. Beginning with fiscal 2019, each fiscal year ends on the last Saturday in January and consists of either 52 or 53 weeks of operations (with the additional week of operations occurring in the fourth fiscal quarter). Fiscal 2019 and fiscal 2017 each consisted of 52 weeks of operations and fiscal 2016 consisted of 53 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 30, 2021. The Company refers to the period beginning January 28, 2018 and ending January 26, 2019 as “fiscal 2019”, the period beginning July 30, 2017 and ending January 27, 2018 as the “2018 transition period”, the period beginning July 31, 2016 and ending July 29, 2017 as “fiscal 2017”, and the period beginning July 26, 2015 and ending July 30, 2016 as “fiscal 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), whose results are regularly reviewed by the Company’s 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. |
Significant Accounting Policies
Significant Accounting Policies and Estimates (Notes) | 12 Months Ended |
Jan. 26, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | 2. Significant Accounting Policies and Estimates Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. For the Company, key estimates include: the recognition of revenue under the cost-to-cost method of progress, accrued insurance claims, the allowance for doubtful accounts, accruals for contingencies, stock-based compensation expense for performance-based stock awards, the fair value of reporting units for the goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, the purchase price allocations of businesses acquired, and income taxes. 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 Company’s consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. Revenue Recognition. The Company performs a majority of its services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks including, for example, the placement of underground or aerial fiber, directional boring, and fiber splicing, each based on a specific unit of measure. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable. The Company’s services are performed for the sole benefit of its customers, whereby the assets being created or maintained are controlled by the customer and the services the Company performs do not have alternative benefits for the Company. Revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits provided by the Company. Output measures such as units delivered are utilized to assess progress against specific contractual performance obligations for the majority of the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the output method using units delivered best represents the measure of progress against the performance obligations incorporated within the contractual agreements. This method captures the amount of units delivered pursuant to contracts and is used only when the Company’s performance does not produce significant amounts of work in process prior to complete satisfaction of the performance obligation. For a portion of contract items, units to be completed consist of multiple tasks. For these items, the transaction price is allocated to each task based on relative standalone measurements, such as selling prices for similar tasks, or in the alternative, the cost to perform the tasks. Revenue is recognized as the tasks are completed as a measurement of progress in the satisfaction of the corresponding performance obligation, and represented less than 10.0% of contract revenues during fiscal 2019. For certain contracts, representing less than 5.0% of contract revenues during fiscal 2019 , the 2018 transition period , fiscal 2017 , and fiscal 2016 , the Company uses the cost-to-cost measure of progress. These contracts are generally projects that are completed over a period of less than twelve months and for which payment is received in a lump sum at the end of the project. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs. Contract costs include direct labor, direct materials, and subcontractor costs, as well as an allocation of indirect costs. Contract revenues are recorded as costs are incurred. For contracts using the cost-to-cost measure of progress, the Company accrues the entire amount of a contract loss, if any, at the time the loss is determined to be probable and can be reasonably estimated. There were no material amounts of unapproved change orders or claims recognized during fiscal 2019 , the 2018 transition period , fiscal 2017 , or fiscal 2016 . Accounts Receivable, Net. The Company grants credit to its customers, generally without collateral, under normal payment terms (typically 30 to 90 days after invoicing). Generally, invoicing occurs within 45 days after the related services are performed. Accounts receivable represents an unconditional right to consideration arising from the Company’s performance under contracts with customers. Accounts receivable include billed accounts receivable, unbilled accounts receivable, and retainage. The carrying value of such receivables, net of the allowance for doubtful accounts, represents their estimated realizable value. Unbilled accounts receivable represent amounts the Company has an unconditional right to receive payment for although invoicing is subject to the completion of certain process or other requirements. Such requirements may include the passage of time, completion of other items within a statement of work, or other contractual billing requirements. Certain of the Company’s contracts contain retainage provisions whereby a portion of the revenue earned is withheld from payment as a form of security until contractual provisions are satisfied. The collectability of retainage is included in the Company’s overall assessment of the collectability of accounts receivable. The Company expects to collect the outstanding balance of current accounts receivable, net (including trade accounts receivable, unbilled accounts receivable, and retainage) within the next twelve months. Accounts receivable of $24.8 million from Windstream are classified as non-current in other assets and are net of the related allowance for doubtful accounts. On February 25, 2019, Windstream filed of a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The Company estimates its allowance for doubtful accounts by evaluating specific accounts receivable balances based on historical collection trends, the age of outstanding receivables, and the credit worthiness of the Company’s customers. For one customer, the Company has participated in a customer-sponsored vendor payment program since fiscal 2016. All eligible accounts receivable from this customer are included in the program and payment is received pursuant to a non-recourse sale to a bank partner of the customer. This program effectively reduces the time to collect these receivables as compared to that customer’s standard payment terms. The Company incurs a discount fee to the bank on the payments received that is reflected as an expense component in other income, net, in the consolidated statements of operations. The operations of this program have not changed since the Company began participating. Contract Assets. Contract assets include unbilled amounts typically resulting from arrangements whereby complete satisfaction of a performance obligation and the right to payment are conditioned on completing additional tasks or services. Contract Liabilities. Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The Company’s contract assets and liabilities are reported in a net position on a contract by contract basis at the end of each reporting period. As of January 26, 2019 and January 27, 2018 , the contract liabilities balance is classified as current based on the timing of when the Company expects to complete the tasks required for the recognition of revenue. Cash and Equivalents. Cash and equivalents primarily include balances on deposit in banks. The Company maintains its cash and equivalents at financial institutions it believes to be of high credit quality. To date, the Company has not experienced any loss or lack of access to cash in its operating accounts. Inventories. Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or net realizable value. Inventories also include certain job specific materials that are valued using the specific identification method. For contracts where the Company is required to supply part or all of the materials on behalf of a customer, the loss of a customer or declines in contract volumes could result in an impairment of the value of materials purchased. Property and Equipment. Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 9, Property and Equipment , for the range of useful lives). Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software is accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350-40, Internal Use Software. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $28.5 million and $28.8 million as of January 26, 2019 and January 27, 2018 , respectively. Goodwill and Intangible Assets. The Company accounts for goodwi ll and other intangibles in accordance with ASC Topic 350, Intangibles - Goodwill and Other (“ASC Topic 350”). Goodwill and other indefinite-lived intangible assets are assessed annually for impairment, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The Company performs its annual impairment review of goodwill at the reporting unit level. Each of the Company’s operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If the Company determines the fair value of the reporting unit’s goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of an annual or interim test, an impairment loss is recognized and reflected in operating income or loss in the consolidated statements of operations during the period incurred. The Company has historically completed its annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in the Company’s fiscal year end, the annual goodwill impairment assessment date was changed to the first day of the fiscal quarter ending on the last Saturday in January, as this became the first day of the Company’s fourth fiscal quarter. The change in the annual goodwill impairment assessment date is deemed a change in accounting principle, which the Company believes to be preferable as the change was made to better align the annual goodwill impairment test with the change in the Company’s annual planning and budgeting process related to the new fiscal year end. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge and had no effect on the consolidated financial statements, including any cumulative effect on retained earnings. In accordance with ASC Topic 360, Impairment or Disposal of Long-Lived Assets , the Company reviews finite-lived intangible assets for impairment whenever an event occurs or circumstances change that indicate that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. Should an asset not be recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If the Company determines the fair value of an asset is less than the carrying value, an impairment loss is recognized in operating income or loss in the consolidated statements of operations during the period incurred. The Company uses judgment in assessing whether goodwill and intangible assets are impaired. Estimates of fair value are based on the Company’s projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. The Company determines the fair value of its reporting units using a weighing of fair values derived in equal proportions from the income approach and market approach valuation methodologies. The income approach uses the discounted cash flow method and the market approach uses the guideline company method. Changes in the Company’s judgments and projections could result in significantly different estimates of fair value, potentially resulting in impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. See Note 10, Goodwill and Intangible Assets , for additional information regarding the Company’s annual assessment of goodwill and other indefinite-lived intangible assets. Business Combinations. The Company accounts for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, expected royalty rates for trademarks and trade names, as well as certain other information. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to the Company at that time, may become known during the remainder of the measurement period. This measurement period may not exceed twelve months from the acquisition date. 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, in the same period in which adjustments are recognized, the Company will record 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. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the consolidated financial statements from their dates of acquisition. Long-Lived Tangible Assets. The Company reviews long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. Accrued Insurance Claims. For claims within the Company’s insurance program, it retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability (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 its experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on the Company’s financial statements is generally limited to the amount needed to satisfy its insurance deductibles or retentions. The Company estimates the liability for claims based on facts, circumstances, and historical experience. Even though they will not be paid until sometime in the future, recorded loss reserves are not discounted. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the magnitude and quantity of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. Per Share Data. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares arising from the Company’s stock-based awards (including unvested restricted share units), convertible senior notes, and warrants if their inclusion is dilutive under the treasury stock method. Common stock equivalents related to stock-based awards, convertible senior notes, and warrants are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. The Company adopted FASB Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) on a prospective basis effective July 30, 2017, the first day of the 2018 transition period. Under the amended guidance, excess tax benefits and tax deficiencies arising from the vesting and exercise of share-based awards are no longer included in the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. See Note 4, Computation of Earnings Per Share, for additional information related to ASU 2016-09’s impact on per share data. Stock-Based Compensation. The Company has stock-based compensation plans under which it grants stock-based awards, including stock options, time-based restricted share units (“RSUs”), and performance-based restricted share units (“Performance RSUs”) to attract, retain, and reward talented employees, officers, and directors, and to align stockholder and employee interests. The resulting compensation expense is recognized on a straight-line basis over the vesting period, net of actual forfeitures, and is included in general and administrative expenses in the consolidated statements of operations. This expense fluctuates over time as a result of the vesting periods of the stock-based awards and, for the Company’s Performance RSUs, the expected achievement of performance measures. Compensation expense for stock-based awards is based on fair value at the measurement date. The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model. This valuation is affected by the Company’s stock price as well as other inputs, including the expected common stock price volatility over the expected life of the options, the expected term of the stock option, risk-free interest rates, and expected dividends, if any. Stock options vest ratably over a four -year period and are exercisable over a period of up to ten years. The fair value of RSUs and Performance RSUs is estimated on the date of grant and is equal to the closing market price per share of the Company’s common stock on that date. RSUs generally vest ratably over a four -year period. Performance RSUs vest ratably over a three -year period, if certain performance measures are achieved. Each RSU and Performance RSU is settled in one share of the Company’s common stock upon vesting. For Performance RSUs, the Company evaluates compensation expense quarterly and recognizes expense only if it determines it is probable that the performance measures for the awards will be met. The performance measures for target awards are based on the Company’s operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its operating cash flow level (adjusted for certain amounts) for the applicable four-quarter performance period. Additionally, certain awards include three-year performance measures that are more difficult to achieve than those required to earn target awards and, if met, result in supplemental shares awarded. The performance measures for supplemental awards are based on three-year cumulative operating earnings (adjusted for certain amounts) as a percentage of contract revenues and three-year cumulative operating cash flow level (adjusted for certain amounts). In a period the Company determines it is no longer probable that it will achieve certain performance measures for the awards, it reverses the stock-based compensation expense that it had previously recognized and associated with the portion of Performance RSUs that are no longer expected to vest. The amount of the expense ultimately recognized depends on the number of awards that actually vest. Accordingly, stock-based compensation expense may vary from period to period. For additional information on the Company’s stock-based compensation plans, stock options, RSUs, and Performance RSUs, see Note 18, Stock-Based Awards . 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, tax credits recognized in relation to pre-tax results, certain tax impacts from the vesting and exercise of share-based awards, and certain tax impacts from the Tax Cuts and Jobs Act of 2017 (“Tax Reform”). Tax Reform had a substantial impact on the Company’s consolidated financial statements for the 2018 transition period. See Note 14, Income Taxes , for further information. Measurement of the Company’s tax position is based on the applicable statutes, federal and state case law, and its interpretations of tax regulations. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all relevant factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would be able to realize deferred income tax assets in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes. In accordance with ASC Topic 740, Income Taxes (“ASC Topic 740”), the Company recognizes tax benefits in the amount that it deems more likely than not will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized during the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. The Company recognizes applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. The Company believes its provision for income taxes is adequate; however, any assessment would affect the Company’s results of operations and cash flows. 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 2014 and prior. 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 the fair value of the Company’s long-term debt, which is based on observable market-based inputs (Level 2). See Note 13, 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 January 26, 2019 and January 27, 2018 . During fiscal 2019 , the 2018 transition period , fiscal 2017, and fiscal 2016, the Company had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. Taxes Collected from Customers. ASC Topic 606, Taxes Collected from Customers and Remitted to Governmental Authorities , addresses the income statement presentation of any taxes collected from customers and remitted to a government authority and provides that the presentation of taxes on either a gross basis or a net basis is an accounting policy decision that should be disclosed. The Company’s policy is to present contract revenues net of sales taxes. |
Accounting Standards
Accounting Standards | 12 Months Ended |
Jan. 26, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Accounting Standards Recently Adopted Accounting Standards Revenue Recognition . In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 replaces numerous requirements in GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Under the new standard, the two permitted transition methods are the full retrospective method and the modified retrospective method. The full retrospective method requires the standard to be applied to each prior reporting period presented and the cumulative effect of applying the standard to be recognized at the earliest period shown. The modified retrospective method requires the cumulative effect of applying the standard to be recognized at the date of initial application. Effective January 28, 2018, the Company adopted the requirements of ASU 2014-09 using the modified retrospective method. As a practical expedient, the Company adopted the new standard only for existing contracts as of January 28, 2018, the date of adoption. Any contracts that had expired prior to January 28, 2018 were not evaluated against the new standard. The Company believes its application of the new standard to only those contracts existing as of January 28, 2018 did not have a material impact on adoption. In accordance with the guidance under ASU 2014-09, the Company reclassified $311.7 million of unbilled receivables from contract assets (historically referred to as Costs and Estimated Earnings in Excess of Billings) to accounts receivable, net as of January 28, 2018, the date of the Company’s adoption. As a result of the reclassification, accounts receivable, net and contract assets were $630.4 million and $57.8 million , respectively, as of January 28, 2018. The reclassification was a non-cash activity between contract assets and accounts receivable, net and did not impact net cash provided by operating activities in the consolidated statement of cash flows. The impact of adoption on the Company’s consolidated balance sheet as of January 26, 2019 was as follows, including both current and non-current balances (dollars in thousands): January 26, 2019 As reported Balances Without Adoption of ASU 2014-09 Effect of Change Assets Accounts receivable, net $ 625,258 $ 341,795 $ 283,463 Contract assets 215,849 499,312 (283,463 ) The adoption of ASU 2014-09 resulted in balance sheet classification changes for amounts that have not been invoiced to customers but for which the Company has satisfied the performance obligation and has an unconditional right to receive payment. Prior to the adoption of ASU 2014-09, amounts not yet invoiced to customers were included in the Company’s contract assets (historically referred to as Costs and Estimated Earnings in Excess of Billings). These amounts represent unbilled accounts receivable for which the Company has an unconditional right to receive payment although invoicing is subject to the completion of certain process or other requirements. Such requirements may include the passage of time, completion of other items within a statement of work, or other contractual billing requirements. The standard did not impact the opening retained earnings of the Company’s consolidated balance sheet or the Company’s consolidated statement of operations as timing and amount of revenue recognized under the new standard was unchanged as compared to the Company’s historical revenue recognition practices. Restricted Cash. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 is intended to reduce diversity in practice regarding the classification and presentation of changes in restricted cash within the statement of cash flows. The amendments in this update require that amounts generally described as restricted cash and restricted cash equivalents be included with the beginning-of-period and end-of-period total amounts of cash and cash equivalents in the statement of cash flows. The Company adopted ASU 2016-18 effective January 28, 2018, the first day of fiscal 2019, and applied this change of presentation retrospectively to the Company’s consolidated statement of cash flows. As a result of the retrospective adoption, the beginning-of-period and end-of-period total amounts of cash and cash equivalents have been restated to include restricted cash of $6.2 million , $5.4 million , $5.0 million , and $4.5 million as of January 27, 2018, July 29, 2017, July 30, 2016, and July 25, 2015, respectively. Restricted cash primarily relates to funding provisions of the Company’s insurance program. Statement of Cash Flows. In August 2016, the FASB issued ASU 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 diversity in practice regarding the classification of certain transactions within the statement of cash flows and addresses eight specific topics including, among other things, the classification of cash flows related to debt prepayment and debt extinguishment costs. Under the amended guidance, cash payments for debt prepayment and debt extinguishment costs are classified as financing activities, whereas historically, the Company has classified such cash flows as operating activities. The Company adopted ASU 2016-15 effective January 28, 2018, the first day of fiscal 2019 on a retrospective basis as required. As a result of the retrospective adoption, payments of certain debt extinguishment costs of $14.2 million have been reclassified from operating activities to financing activities in the Company’s consolidated statement of cash flows for the fiscal year ended July 30, 2016. The Company also adopted the following Accounting Standards Updates during fiscal 2019 , neither of which had a material effect on the Company’s consolidated financial statements: ASU Adoption Date 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory January 28, 2018 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business January 28, 2018 Accounting Standards Not Yet Adopted Leases . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) which is intended to increase transparency and comparability of accounting for lease transactions. For all leases with terms greater than twelve months, the new guidance will require lessees to recognize right-of-use assets and corresponding lease liabilities on the balance sheet and to disclose qualitative and quantitative information about lease transactions. The new standard maintains a distinction between finance leases and operating leases. As a result, the effect of leases in the statement of operations and statement of cash flows is largely unchanged. ASU 2016-02 will be effective for the Company for the fiscal year ended January 25, 2020 and interim reporting periods within that year. The Company will adopt the guidance using the transition provisions at the date of adoption instead of at the earliest comparative period presented in the financial statements. Accordingly, comparative financial statements for periods prior to the date of adoption will not be adjusted. The Company has evaluated the impact of applying the practical expedients and expects to elect the group of practical expedients that allow it to not reassess the following: whether any expired or existing contracts represent leases, the classification of any expired or existing leases, and the initial direct costs for any expired or existing leases. The Company will not elect the use of hindsight practical expedient. The Company has substantially completed its evaluation of the effect of ASU 2016-02 on its systems, business processes, controls, disclosures, and consolidated financial statements, and has implemented a lease accounting and administration software in connection with the new standard. On adoption, the Company currently expects to recognize right-of-use assets and corresponding lease liabilities ranging from $70.0 million to $75.0 million on its consolidated balance sheet for its operating leases with terms greater than twelve months. The Company does not expect a material impact to its consolidated statements of operations, comprehensive income, or cash flows. These expectations may change as the Company’s assessment is finalized. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment testing. An entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company for the fiscal year ended January 30, 2021 and interim reporting periods within that year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. |
Accounting Standards | 1. Basis of Presentation Dycom Industries, Inc. (“Dycom” or the “Company”) is a leading provider of specialty contracting services throughout the United States. 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 consolidated financial statements of the Company and its subsidiaries, all of which are wholly-owned, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of such statements have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. Accounting Period. In September 2017, the Company’s Board of Directors approved a change in the Company’s fiscal year end from the last Saturday in July to the last Saturday in January. The change in fiscal year end better aligned the Company’s fiscal year with the planning cycles of its customers. For quarterly comparisons, there were no changes to the months in each fiscal quarter. Beginning with fiscal 2019, each fiscal year ends on the last Saturday in January and consists of either 52 or 53 weeks of operations (with the additional week of operations occurring in the fourth fiscal quarter). Fiscal 2019 and fiscal 2017 each consisted of 52 weeks of operations and fiscal 2016 consisted of 53 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 30, 2021. The Company refers to the period beginning January 28, 2018 and ending January 26, 2019 as “fiscal 2019”, the period beginning July 30, 2017 and ending January 27, 2018 as the “2018 transition period”, the period beginning July 31, 2016 and ending July 29, 2017 as “fiscal 2017”, and the period beginning July 26, 2015 and ending July 30, 2016 as “fiscal 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), whose results are regularly reviewed by the Company’s 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. |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 12 Months Ended |
Jan. 26, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | 4. 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): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Net income available to common stockholders (numerator) $ 62,907 $ 68,835 $ 157,217 $ 128,740 Weighted-average number of common shares (denominator) 31,250,376 31,059,140 31,351,367 32,315,636 Basic earnings per common share $ 2.01 $ 2.22 $ 5.01 $ 3.98 Weighted-average number of common shares 31,250,376 31,059,140 31,351,367 32,315,636 Potential shares of common stock arising from stock options, and unvested restricted share units (1) 555,993 778,411 633,364 800,119 Potential shares of common stock issuable on conversion of 0.75% convertible senior notes due 2021 (2) 183,799 217,394 — — Total shares-diluted (denominator) 31,990,168 32,054,945 31,984,731 33,115,755 Diluted earnings per common share $ 1.97 $ 2.15 $ 4.92 $ 3.89 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 130,779 93,117 73,830 65,514 0.75% convertible senior notes due 2021 4,821,935 4,788,340 5,005,734 5,005,734 Warrants 5,005,734 5,005,734 5,005,734 5,005,734 Total 9,958,448 9,887,191 10,085,298 10,076,982 (1) The Company adopted ASU 2016-09 on a prospective basis effective July 30, 2017, the first day of the 2018 transition period. Under the amended guidance, excess tax benefits and tax deficiencies arising from the vesting and exercise of share-based awards are no longer included in the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. As a result, d iluted shares used in computing diluted earnings per common share for the 2018 transition period increased by approximately 177,575 shares. (2) 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 $96.89 per share conversion price for the convertible senior notes. The warrants associated with the Company’s 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 $130.43 per share warrant strike price. During the first quarter of fiscal 2019, the second quarter of fiscal 2019, and the second quarter of the 2018 transition period , the Company’s average stock price of $110.46 , $99.27 , and $106.11 , respectively, each exceeded the conversion price for the convertible senior notes. As a result, shares presumed to be issuable under the convertible senior notes that were dilutive during each period are included in the calculation of diluted earnings per share for fiscal 2019 and the 2018 transition period. As the Company’s average stock price did not exceed the strike price for the warrants, the underlying common shares were anti-dilutive as reflected in the table above. 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 average stock price for the period is above $96.89 per share. See Note 13, Debt , for additional information related to the Company’s convertible senior notes, warrant transactions, and hedge transactions. |
Acquisitions
Acquisitions | 12 Months Ended |
Jan. 26, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal 2019. During March 2018, the Company acquired certain assets and assumed certain liabilities of a provider of telecommunications construction and maintenance services in the Midwest and Northeast United States for a cash purchase price of $20.9 million , less an adjustment for working capital received below a target amount estimated to be approximately $0.5 million . This acquisition expands the Company’s geographic presence within its existing customer base. Fiscal 2017. During March 2017, the Company acquired Texstar Enterprises, Inc. (“Texstar”) for $26.1 million , net of cash acquired. Texstar provides construction and maintenance services for telecommunications providers in the Southwest and Pacific Northwest United States. This acquisition expands the Company’s geographic presence within its existing customer base. 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 expands the Company’s geographic presence within its existing customer base. During May 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 Northeast United States. Additionally, 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 net cash purchase price of $100.9 million after an adjustment of approximately $6.6 million for working capital received below a target amount. 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. Purchase Price Allocations The purchase price allocations of each of the 2017 and 2016 acquisitions were completed within the 12-month measurement period from the dates of acquisition. Adjustments to provisional amounts were recognized in the reporting period in which the adjustments were determined and were not material. The purchase price allocation of the business acquired in fiscal 2019 is preliminary and will be completed when valuations for intangible assets and other amounts are finalized within the 12-month measurement period from the date of acquisition. The following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2019, fiscal 2017, and fiscal 2016 (dollars in millions): 2019 2017 2016 Assets Accounts receivable $ 5.6 $ 8.9 $ 16.9 Contract assets — 2.4 21.8 Inventories and other current assets 0.2 0.2 15.0 Property and equipment 0.5 5.6 11.5 Goodwill 4.0 10.1 39.9 Intangible assets - customer relationships 12.3 9.8 94.5 Intangible assets - trade names and other — 0.7 1.8 Total assets 22.6 37.7 201.4 Liabilities Accounts payable 2.2 3.2 23.7 Accrued and other current liabilities — 3.4 22.3 Deferred tax liabilities, net non-current — 5.0 — Total liabilities 2.2 11.6 46.0 Net Assets Acquired $ 20.4 $ 26.1 $ 155.4 The goodwill associated with the stock purchase of Texstar is not deductible for tax purposes. Results of businesses acquired are included in the consolidated financial statements from their respective dates of acquisition. The revenues and net income of the fiscal 2019 acquisition, TelCom, NextGen, and Texstar were not material during fiscal 2019, the 2018 transition period , fiscal 2017, or fiscal 2016. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Jan. 26, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable, Contract Assets, and Contract Liabilities The following provides further details on the balance sheet accounts of accounts receivable, net, contract assets, and contract liabilities. See Note 2, Significant Accounting Policies and Estimates , for further information on the Company’s policies related to these balance sheet accounts, as well as its revenue recognition policies. Accounts Receivable Accounts receivable, net classified as current consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Trade accounts receivable $ 331,903 $ 300,271 Unbilled accounts receivable 283,463 — Retainage 10,831 19,411 Total 626,197 319,682 Less: allowance for doubtful accounts (939 ) (998 ) Accounts receivable, net $ 625,258 $ 318,684 Accounts receivable of $24.8 million from Windstream are classified as non-current in other assets and are net of the related allowance for doubtful accounts. See Note 7, Other Assets , for further information on the Company’s non-current accounts receivable, net. As of January 27, 2018, the Company’s accounts receivable, net were $318.7 million . Subsequently, on January 28, 2018 (the Company’s first day of adoption of ASU 2014-09) the Company reclassified $311.7 million of unbilled receivables from contract assets (historically referred to as Costs and Estimated Earnings in Excess of Billings) to accounts receivable, net in accordance with the guidance under ASU 2014-09. As a result of the reclassification, accounts receivable, net were $630.4 million as of January 28, 2018. As of January 26, 2019, the corresponding balance was $625.3 million , including current and non-current receivables. See Note 3, Accounting Standards , for further information on the adoption of ASU 2014-09. The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows (dollars in thousands): Fiscal Year Ended Six Months Ended January 26, 2019 January 27, 2018 Allowance for doubtful accounts at beginning of period $ 998 $ 835 Bad debt expense 16,677 201 Amounts recovered (charged) against the allowance 27 (38 ) Allowance for doubtful accounts at end of period $ 17,702 $ 998 Approximately $16.8 million of the allowance for doubtful accounts as of January 26, 2019 is classified as non-current. Contract Assets and Contract Liabilities Net contract assets consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Contract assets $ 215,849 $ 369,472 Contract liabilities 15,125 6,480 Contract assets, net $ 200,724 $ 362,992 As of January 27, 2018, the Company’s contract assets (historically referred to as Costs and Estimated Earnings in Excess of Billings) were $369.5 million . Subsequently, on January 28, 2018 (the Company’s first day of adoption of ASU 2014-09) the Company reclassified $311.7 million of unbilled receivables from contract assets to accounts receivable, net in accordance with the guidance under ASU 2014-09. As a result of the reclassification, contract assets were $57.8 million as of January 28, 2018. As of January 26, 2019, the corresponding balance was $215.8 million . The increase primarily resulted from services performed under contracts consisting of multiple tasks, for which billings will be submitted upon completion of the remaining tasks not yet completed. There were no other significant changes in contract assets during the period. During fiscal 2019 , the Company performed services and recognized revenue related to all but an immaterial amount of its contract liabilities that existed at January 27, 2018 . See Note 3, Accounting Standards, for further information on the adoption of ASU 2014-09 and Note 7, Other Current Assets and Other Assets , for information on the Company’s long-term contract assets. Customer Credit Concentration Customers whose combined amounts of trade accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 26, 2019 or January 27, 2018 were as follows (dollars in millions): January 26, 2019 January 27, 2018 Amount % of Total Amount % of Total Verizon Communications Inc. $ 298.4 36.2% $ 98.2 14.4% CenturyLink, Inc. $ 147.2 17.9% $ 126.0 18.5% Comcast Corporation $ 127.2 15.4% $ 166.5 24.5% AT&T Inc. $ 90.6 11.0% $ 79.2 11.6% The Company believes that none of the customers above were experiencing financial difficulties that would materially impact the collectability of the Company’s total accounts receivable and contract assets, net as of January 26, 2019 or January 27, 2018 . |
Other Current Assets and Other
Other Current Assets and Other Assets | 12 Months Ended |
Jan. 26, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets and Other Assets | Other Current Assets and Other Assets Other current assets consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Prepaid expenses $ 12,758 $ 13,167 Insurance recoveries/receivables for accrued insurance claims — 13,701 Receivables on equipment sales 69 31 Deposits and other current assets, including restricted cash 16,318 12,811 Total other current assets $ 29,145 $ 39,710 Other assets (long-term) consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Deferred financing costs $ 9,036 $ 3,873 Restricted cash 4,253 5,253 Insurance recoveries/receivables for accrued insurance claims 13,684 6,722 Long-term contract assets 30,399 5,486 Long-term accounts receivable, net 24,815 — Other non-current deposits and assets 7,251 6,856 Total other assets $ 89,438 $ 28,190 Insurance recoveries/receivables represent the amount of accrued insurance claims that are covered by insurance as the amounts exceed the Company’s loss retention. During fiscal 2019 , total insurance recoveries/receivables decreased approximately $6.7 million primarily due to the settlement of claims. Long-term contract assets represent payments made to customers pursuant to long-term agreements and are recognized as a reduction of contract revenues over the period for which the related services are provided to the customers. During fiscal 2019 , long-term contract assets increased approximately $24.9 million primarily due to a long-term customer agreement entered into during fiscal 2019 . Long-term accounts receivable, net of allowance for doubtful accounts, represent trade receivables due from Windstream as of January 26, 2019. On February 25, 2019, Windstream filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. As of January 26, 2019, the Company had outstanding receivables and contract assets in aggregate of approximately $45.0 million . Against this amount, the Company has recorded a non-cash charge of $17.2 million reflecting its current evaluation of recoverability of these receivables and contract assets as of January 26, 2019. |
Cash and Equivalents and Restri
Cash and Equivalents and Restricted Cash | 12 Months Ended |
Jan. 26, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Equivalents and Restricted Cash | Cash and Equivalents and Restricted Cash Amounts of cash and equivalents and restricted cash reported in the consolidated statement of cash flows consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Cash and equivalents $ 128,342 $ 84,029 Restricted cash included in: Other current assets 1,556 900 Other assets (long-term) 4,253 5,253 Total cash and equivalents and restricted cash $ 134,151 $ 90,182 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 26, 2019 | |
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) January 26, 2019 January 27, 2018 Land — $ 4,359 $ 3,470 Buildings 10-35 13,555 12,315 Leasehold improvements 1-10 16,185 14,202 Vehicles 1-5 589,741 536,379 Computer hardware and software 1-7 140,327 117,058 Office furniture and equipment 1-10 12,804 11,686 Equipment and machinery 1-10 296,408 273,712 Total 1,073,379 968,822 Less: accumulated depreciation (648,628 ) (554,054 ) Property and equipment, net $ 424,751 $ 414,768 Depreciation expense and repairs and maintenance expense were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Depreciation expense $ 156,959 $ 72,961 $ 123,125 $ 105,514 Repairs and maintenance expense $ 36,109 $ 16,438 $ 31,272 $ 29,487 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jan. 26, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company’s goodwill balance was $325.7 million and $321.7 million as of January 26, 2019 and January 27, 2018 respectively. Changes in the carrying amount of goodwill were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of July 29, 2017 $ 517,515 $ (195,767 ) $ 321,748 Purchase price allocation adjustments from fiscal 2017 acquisition (5 ) — (5 ) Balance as of January 27, 2018 517,510 (195,767 ) 321,743 Goodwill from fiscal 2019 acquisition 4,097 — 4,097 Purchase price allocation adjustments from fiscal 2019 acquisition (91 ) — (91 ) Balance as of January 26, 2019 $ 521,516 $ (195,767 ) $ 325,749 The Company’s goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of the Company’s geographic presence and strengthening of its customer base. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment, 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, increased costs of providing services, and the level of overall economic activity. The Company’s customers may reduce capital expenditures and defer or cancel pending projects due to changes in technology, a slowing or uncertain economy, merger or acquisition activity, a decision to allocate resources to other areas of their business, or other reasons. The profitability of reporting units may also suffer if actual costs of providing services exceed the costs established when the Company enters into contracts. Additionally, adverse conditions in the economy and future volatility in the equity and credit markets could impact the valuation of the Company’s reporting units. The cyclical nature of the Company’s business, the high level of competition existing within its industry, and the concentration of its revenues from a limited number of customers may also cause results to vary. These factors may affect individual reporting units disproportionately, relative to the Company as a whole. As a result, the performance of one or more of the reporting units could decline, resulting in an impairment of goodwill or intangible assets. The Company evaluates current operating results, including any losses, in the assessment of goodwill and other intangible assets. The estimates and assumptions used in assessing the fair value of the reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Changes in judgments and estimates could result in significantly different estimates of the fair value of the reporting units and could result in impairments of goodwill or intangible assets of the reporting units. In addition, adverse changes to the key valuation assumptions contributing to the fair value of the Company’s reporting units could result in an impairment of goodwill or intangible assets. The Company has historically completed its annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in the Company’s fiscal year end, the annual goodwill impairment assessment date was changed to the first day of the fiscal quarter ending on the last Saturday in January, as this became the first day of the Company’s fourth fiscal quarter. The change in the annual goodwill impairment assessment date is deemed a change in accounting principle, which the Company believes to be preferable as the change was made to better align the annual goodwill impairment test with the change in the Company’s annual planning and budgeting process related to the new fiscal year end. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge and had no effect on the consolidated financial statements, including any cumulative effect on retained earnings. The Company performed its annual impairment assessment for fiscal 2019 , the 2018 transition period , fiscal 2017 , and fiscal 2016 , and concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit for any of the periods. In each of these periods, qualitative assessments were performed on reporting units that comprise a substantial portion of the Company’s consolidated goodwill balance. A qualitative assessment includes evaluating all identified events and circumstances that could affect the significant inputs used to determine the fair value of a reporting unit or indefinite-lived intangible asset for the purpose of determining whether it is more likely than not that these assets are impaired. The Company considers various factors while performing qualitative assessments, including macroeconomic conditions, industry and market conditions, financial performance of the reporting units, changes in market capitalization, and any other specific reporting unit considerations. These qualitative assessments indicated that it was more likely than not that the fair value exceeded carrying value for those reporting units. For the remaining reporting units, the Company performed the first step of the quantitative analysis described in ASC Topic 350 in each of these periods. When performing the quantitative analysis, the Company determines the fair value of its reporting units using a weighing of fair values derived in equal proportions from the income approach and market approach valuation methodologies. Under the income approach, the key valuation assumptions used in determining the fair value estimates of the Company’s reporting units for each annual test were: (a) a discount rate based on the Company’s best estimate of the weighted average cost of capital adjusted for certain risks for the reporting units; (b) terminal value based on the Company’s best estimate of terminal growth rates; and (c) seven expected years of cash flow before the terminal value based on the Company’s best estimate of the revenue growth rate and projected operating margin. In fiscal 2017, the Company performed the first step of the quantitative analysis on its indefinite-lived intangible asset. In fiscal 2019, the 2018 transition period, and fiscal 2016, qualitative assessments were performed on the Company’s indefinite-lived intangible asset. The table below outlines certain assumptions used in the Company’s quantitative impairment analyses for fiscal 2019, the 2018 transition period, fiscal 2017, and fiscal 2016: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Terminal Growth Rate 2.5% - 3.0% 2.5% - 3.0% 2.0% - 3.0% 2.0% - 3.0% Discount Rate 11.0% 11.0% 11.0% 11.5% The discount rate reflects risks inherent within each reporting unit operating individually. These risks are greater than the risks inherent in the Company as a whole. Determination of discount rates included consideration of market inputs such as the risk-free rate, equity risk premium, industry premium, and cost of debt, among other assumptions. The discount rate for fiscal 2019 was consistent with the 2018 transition period and fiscal 2017 . The decrease in discount rate for fiscal 2017 from fiscal 2016 was a result of reduced risk in industry conditions. The Company believes the assumptions used in the impairment analysis each year are reflective of the risks inherent in the business models of its reporting units and its industry. Under the market approach, the guideline company method develops valuation multiples by comparing the Company’s reporting units to similar publicly traded companies. Key valuation assumptions and valuation multiples used in determining the fair value estimates of the Company’s reporting units rely on: (a) the selection of similar companies; (b) obtaining estimates of forecast revenue and earnings before interest, taxes, depreciation, and amortization for the similar companies; and (c) selection of valuation multiples as they apply to the reporting unit characteristics. The Company determined that the fair values of each of the reporting units and the indefinite-lived intangible asset were in excess of their carrying values in the fiscal 2019 assessment. Management determined that significant changes were not likely in the factors considered to estimate fair value, and analyzed the impact of such changes were they to occur. Specifically, if the discount rate applied in the fiscal 2019 impairment analysis had been 100 basis points higher than estimated for each of the reporting units, and all other assumptions were held constant, the conclusion of the assessment would remain unchanged and there would be no impairment of goodwill. Additionally, if there was a 25% decrease in the fair value of any of the reporting units due to a decline in their discounted cash flows resulting from lower operating performance, the conclusion of the assessment would remain unchanged for all reporting units except for two. For one of these reporting units with goodwill of $5.7 million , the excess of fair value above its carrying value was 18% of the fair value. For the other of these reporting units with goodwill of $10.1 million , the excess of fair value above its carrying value was 19% of the fair value. Additionally, a third reporting unit with goodwill of $13.2 million as of January 26, 2019 had a high concentration of its contract revenues from Windstream. This reporting unit’s fair value was substantially in excess of its carrying value as of the date of the fiscal 2019 impairment assessment. On February 25, 2019 , Windstream filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The Company expects to continue to provide services to Windstream pursuant to existing contractual obligations but the amount of services performed in the future could be reduced or eliminated. Recent operating performance, along with assumptions for specific customer and industry opportunities, were considered in the key assumptions used during the fiscal 2019 impairment analysis. Management has determined the goodwill balance of these three reporting units may have an increased likelihood of impairment if a prolonged downturn in customer demand were to occur, or if the reporting units were not able to execute against customer opportunities, and the long-term outlook for their cash flows were adversely impacted. Furthermore, changes in the long-term outlook may result in a change to other valuation assumptions. Factors monitored by management which could result in a change to the reporting units’ estimates include the outcome of customer requests for proposals and subsequent awards, strategies of competitors, labor market conditions and levels of overall economic activity. As of January 26, 2019 , the Company believes the goodwill and the indefinite-lived intangible asset are recoverable for all of the reporting units and that no impairment has occurred. However, significant adverse changes in the projected revenues and cash flows of a reporting unit could result in an impairment of goodwill or the indefinite-lived intangible asset . There can be no assurances that goodwill or the indefinite-lived intangible asset may not be impaired in future periods. Intangible Assets The Company’s intangible assets consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 11.1 $ 312,017 $ 157,691 $ 154,326 $ 299,717 $ 135,544 $ 164,173 Trade names 8.0 10,350 8,312 2,038 10,350 7,872 2,478 UtiliQuest trade name — 4,700 — 4,700 4,700 — 4,700 Non-compete agreements 1.5 200 139 61 450 332 118 $ 327,267 $ 166,142 $ 161,125 $ 315,217 $ 143,748 $ 171,469 Amortization of the Company’s customer relationship 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 $22.6 million , $12.1 million , $24.8 million , and $19.4 million for fiscal 2019 , the 2018 transition period , fiscal 2017 , and fiscal 2016, respectively. As of January 26, 2019 , total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2020 $ 21,180 2021 20,663 2022 17,490 2023 15,334 2024 13,903 Thereafter 67,855 Total $ 156,425 As of January 26, 2019 , 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 | 12 Months Ended |
Jan. 26, 2019 | |
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 2016 through fiscal 2019, 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 was $78.9 million for fiscal 2019, $67.1 million for the 2018 transition period, $103.7 million for fiscal 2017, and $84.6 million for fiscal 2016. The Company is party to a stop-loss agreement for losses under its employee group health plan. For calendar years 2016 through 2019, the Company retains the risk of loss, on an annual basis, up to the first $400,000 of claims per participant, as well as an annual aggregate amount for all participants of $425,000 . Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): January 26, 2019 January 27, 2018 Accrued insurance claims - current $ 39,961 $ 53,890 Accrued insurance claims - non-current 68,315 59,385 Total accrued insurance claims $ 108,276 $ 113,275 Insurance recoveries/receivables: Current (included in Other current assets) $ — $ 13,701 Non-current (included in Other assets) 13,684 6,722 Total insurance recoveries/receivables $ 13,684 $ 20,423 Insurance recoveries/receivables represent the amount of accrued insurance claims that are covered by insurance as the amounts exceed the Company’s loss retention. During fiscal 2019 , total insurance recoveries/receivables decreased approximately $6.7 million primarily due to the settlement of claims. Accrued insurance claims decreased by a corresponding amount. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Jan. 26, 2019 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Accrued payroll and related taxes $ 25,591 $ 23,010 Accrued employee benefit and incentive plan costs 25,482 16,097 Accrued construction costs 36,449 24,582 Other current liabilities 16,552 15,968 Total other accrued liabilities $ 104,074 $ 79,657 |
Debt
Debt | 12 Months Ended |
Jan. 26, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s outstanding indebtedness consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Credit Agreement - Revolving facility (matures October 2023) $ — $ — Credit Agreement - Term loan facility (matures October 2023) 450,000 358,063 0.75% convertible senior notes, net (mature September 2021) 423,199 402,249 873,199 760,312 Less: current portion (5,625 ) (26,469 ) Long-term debt $ 867,574 $ 733,843 Senior Credit Agreement On October 19, 2018, the Company and certain of its subsidiaries amended and restated its existing credit agreement, dated as of December 3, 2012, as amended on April 24, 2015 and as subsequently amended and supplemented (the “Credit Agreement”), with the various lenders party thereto. The maturity date of the Credit Agreement was extended to October 19, 2023 and, among other things, the maximum revolver commitment was increased to $750.0 million from $450.0 million and the term loan facility was increased to $450.0 million . The Credit Agreement includes a $200.0 million sublimit for the issuance of letters of credit. Subject to certain conditions, the Credit Agreement provides the Company with 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) $350.0 million and (ii) an amount such that, after giving effect to such incremental facilities on a pro forma basis (assuming that the amount of the incremental commitments are fully drawn and funded), the consolidated senior secured net leverage ratio does not exceed 2.25 to 1.00. The consolidated senior secured net leverage ratio is the ratio of the Company’s consolidated senior secured indebtedness reduced by unrestricted cash and equivalents in excess of $50.0 million to its trailing twelve month consolidated earnings before interest, taxes, depreciation, and amortization, as defined by the Credit Agreement (“EBITDA”). Borrowings 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. Under the Credit Agreement, borrowings bear interest at the rates described below based upon the Company’s consolidated net leverage ratio, which is the ratio of the Company’s consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $50.0 million 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 net 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 0.20% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% - 1.00% (1) The administrative agent’s base rate is described in the Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50% , (ii) the administrative agent’s prime rate, and (iii) the Eurodollar rate plus 1.00% . Standby letters of credit of approximately $48.6 million , issued as part of the Company’s insurance program, were outstanding under the Credit Agreement as of both January 26, 2019 and January 27, 2018 . The weighted average interest rates and fees for balances under the Credit Agreement as of January 26, 2019 and January 27, 2018 were as follows: Weighted Average Rate End of Period January 26, 2019 January 27, 2018 Borrowings - Term loan facilities 4.25% 3.30% Borrowings - Revolving facility (1) —% —% Standby Letters of Credit 1.75% 1.75% Unused Revolver Commitment 0.35% 0.35% (1) There were no outstanding borrowings under the revolving facility as of January 26, 2019 or January 27, 2018 . The Credit Agreement contains a financial covenant that requires the Company to maintain a consolidated net leverage ratio of not greater than 3.50 to 1.00 , as measured at the end of each fiscal quarter, and provides for certain increases to this ratio in connection with permitted acquisitions. The agreement also 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, each as defined by the Credit Agreement, of not less than 3.00 to 1.00 , as measured at the end of each fiscal quarter. In addition, the Credit Agreement contains a minimum liquidity covenant. This covenant becomes effective beginning 91 days prior to the maturity date of the Company’s 0.75% convertible senior notes due September 2021 (the “Notes”) if the outstanding principal amount of the Notes is greater than $250.0 million . In such event, the Company would be required to maintain liquidity, as defined by the Credit Agreement, equal to $150.0 million in excess of the outstanding principal amount of the Notes. This covenant terminates at the earliest date of when the outstanding principal amount of the Notes is reduced to $250.0 million or less, the Notes are amended pursuant to terms that extend the maturity date to 91 or more days beyond the maturity date of the Credit Agreement, or the Notes are refinanced pursuant to terms that extend the maturity date to 91 or more days beyond the maturity date of the Credit Agreement. At January 26, 2019 and January 27, 2018 , the Company was in compliance with the financial covenants of the Credit Agreement and had borrowing availability under the revolving facility of $412.9 million and $401.4 million , respectively, as determined by the most restrictive covenant. 0.75% Convertible Senior Notes Due 2021 On September 15, 2015, the Company issued 0.75% convertible senior notes due September 2021 in a private placement in the principal amount of $485.0 million . 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 ( $125.96 assuming an applicable conversion price of $96.89 ); (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. During the fourth quarter of fiscal 2019, the closing price of the Company’s common stock did not meet or exceed 130% of the applicable conversion price of the Notes for at least 20 of the last 30 consecutive trading dates of the quarter. Additionally, no other conditions allowing holders of the Notes to convert have been met as of January 26, 2019. As a result, the Notes were not convertible during the fourth quarter of fiscal 2019 and are classified as long-term debt. In accordance with ASC Topic 470, Debt , certain convertible debt instruments that may be settled in cash upon conversion are required to be accounted for as separate 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 $19.1 million , $9.2 million , $17.6 million , and $14.7 million of interest expense during fiscal 2019 , the 2018 transition period , fiscal 2017 , and fiscal 2016 , respectively, for the non-cash amortization of the debt discount. The liability component of the Notes consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 485,000 $ 485,000 Less: Debt discount (55,795 ) (74,899 ) Less: Debt issuance costs (6,006 ) (7,852 ) Net carrying amount of Notes $ 423,199 $ 402,249 The equity component of the Notes was recognized at issuance and represents the difference between the principal amount of the Notes and the fair value of the liability component of the Notes at issuance. The equity component approximated $112.6 million at the time of issuance and its fair value is not remeasured as long as it continues to meet the conditions for equity classification. The following table summarizes the fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $96.31 and $136.01 as of January 26, 2019 and January 27, 2018 , respectively (dollars in thousands): January 26, 2019 January 27, 2018 Fair value of principal amount of Notes $ 467,104 $ 659,649 Less: Debt discount and debt issuance costs (61,801 ) (82,751 ) Fair value of Notes $ 405,303 $ 576,898 Convertible Note Hedge and Warrant Transactions In connection with the offering of the Notes, the Company entered into convertible note hedge transactions with counterparties to reduce 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 governing the Notes, 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 consolidated balance sheets during 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 consolidated balance sheets. See Note 14, Income Taxes , for additional information regarding the Company’s deferred tax liabilities and assets. 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 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 | 12 Months Ended |
Jan. 26, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the provision (benefit) for income taxes were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Current: Federal $ 9,507 $ (4,384 ) $ 62,455 $ 42,096 Foreign 2,204 598 176 310 State 4,897 1,166 12,344 8,399 16,608 (2,620 ) 74,975 50,805 Deferred: Federal 8,706 (21,332 ) 17,051 26,467 Foreign (446 ) (37 ) (35 ) (296 ) State 263 1,704 1,217 611 8,523 (19,665 ) 18,233 26,782 Total provision (benefit) for income taxes $ 25,131 $ (22,285 ) $ 93,208 $ 77,587 The Tax Cu ts and Jobs Act of 2017 (“Tax Reform”) was enacted in December 2017 and includes significant changes to U.S. income tax law. Tax Reform, among other things, reduced the U.S. federal corporate tax rate from 35 percent to 21 percent. 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, tax credits recognized in relation to pre-tax results, certain tax impacts from the vesting and exercise of share-based awards, and impacts from Tax Reform. The Company was subject to a blended statutory tax rate of approximately 33% for the six months ended January 27, 2018 resulting from Tax Reform taking effect for a portion of the period based on the Company’s fiscal year end. A reconciliation of the amount computed by applying the Company’s statutory income tax rate to pre-tax income to the total tax provision is as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Statutory rate applied to pre-tax income $ 18,488 $ 15,334 $ 87,649 $ 72,214 State taxes, net of federal tax benefit 4,004 1,406 9,868 7,398 Tax Reform and related effects — (32,249 ) — — Federal benefit of vesting and exercise of share-based awards (200 ) (7,067 ) — — Non-deductible and non-taxable items, net 2,433 1,585 (4,686 ) (2,013 ) Change in accruals for uncertain tax positions 464 250 632 113 Tax credits (1,835 ) (1,596 ) — — Change in valuation allowance 291 — — — Effect of rates other than statutory 1,537 557 6 118 Other items, net (51 ) (505 ) (261 ) (243 ) Total provision (benefit) for income taxes $ 25,131 $ (22,285 ) $ 93,208 $ 77,587 During the six months ended January 27, 2018 , the Company recognized an income tax benefit of approximately $32.2 million primarily resulting from the re-measurement of the Company’s net deferred tax liabilities to reflect the reduced rate under Tax Reform. Additionally, the Company recognized an income tax benefit (including federal and state tax benefits) of approximately $7.8 million during the six months ended January 27, 2018 for certain tax effects of the vesting and exercise of share-based awards. During fiscal 2017 and 2016, non-taxable and non-deductible items consisted of a production related tax deduction of $6.0 million and $4.5 million , respectively, offset by $1.3 million and $2.5 million of non-deductible items, respectively. There was no production related tax deduction for the six months ended January 27, 2018 . Additionally, beginning in fiscal 2019, the production related tax deduction is no longer permitted as a result of changes from Tax Reform. During fiscal 2017 and 2016, tax credits of $1.0 million and $0.7 million , respectively, were presented within Non-deductible and non-taxable items, net in the table above. Deferred Income Taxes The deferred tax provision represents the change in the deferred tax assets and the liabilities representing the tax consequences of changes in the amount of temporary differences and changes in tax rates during the year. The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Deferred tax assets: Insurance and other reserves $ 22,885 $ 22,368 Allowance for doubtful accounts and reserves 5,323 1,081 Net operating loss carryforwards 5,515 822 Stock-based compensation 3,324 3,405 Other 3,764 1,174 Total deferred tax assets 40,811 28,850 Valuation allowance (418 ) (148 ) Deferred tax assets, net of valuation allowance $ 40,393 $ 28,702 Deferred tax liabilities: Property and equipment $ 77,490 $ 59,933 Goodwill and intangibles 27,780 25,852 Other 1,086 345 Deferred tax liabilities $ 106,356 $ 86,130 Net deferred tax liabilities $ 65,963 $ 57,428 The Company’s net deferred tax liabilities as of January 27, 2018 were remeasured to reflect the reduced rate under Tax Reform that will apply in future periods when such assets and liabilities are expected to be settled or realized. The valuation allowance above reduces the deferred tax asset balances to the amount that the Company has determined is more likely than not to be realized. The valuation allowance primarily relates to immaterial state net operating loss carryforwards and an immaterial foreign tax credit carryforward, which generally begin to expire in fiscal 2023 and fiscal 2022, respectively. Uncertain Tax Positions As of January 26, 2019 and January 27, 2018 , the Company had total unrecognized tax benefits of $3.8 million and $3.3 million , respectively, resulting from uncertain tax positions. The Company’s effective tax rate will be reduced during future periods if it is determined these unrecognized tax benefits are realizable. The Company had approximately $1.4 million and $1.2 million accrued for the payment of interest and penalties as of January 26, 2019 and January 27, 2018 , respectively. Interest expense related to unrecognized tax benefits for the Company was not material during fiscal 2019, the 2018 transition period , or fiscal 2017, or fiscal 2016. A summary of unrecognized tax benefits is as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Balance at beginning of year $ 3,322 $ 3,072 $ 2,440 $ 2,327 Additions based on tax positions related to the fiscal year 444 283 441 161 Additions (reductions) based on tax positions related to prior years 77 (33 ) 229 86 Reductions related to the expiration of statutes of limitation (57 ) — (38 ) (134 ) Balance at end of year $ 3,786 $ 3,322 $ 3,072 $ 2,440 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Jan. 26, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net The components of other income, net, were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Gain on sale of fixed assets $ 19,390 $ 7,217 $ 14,866 $ 9,806 Miscellaneous expense, net (3,392 ) (992 ) (2,086 ) 627 Write-off of deferred financing costs (156 ) — — — Total other income, net $ 15,842 $ 6,225 $ 12,780 $ 10,433 For one customer, the Company has participated in a customer-sponsored vendor payment program since fiscal 2016. All eligible accounts receivable from this customer are included in the program and payment is received pursuant to a non-recourse sale to a bank partner of the customer. This program effectively reduces the time to collect these receivables as compared to that customer’s standard payment terms. The Company incurs a discount fee to the bank on the payments received that is reflected as an expense component in other income, net, in the consolidated statements of operations. During fiscal 2019 , the 2018 transition period , fiscal 2017 , and fiscal 2016 , miscellaneous expense, net includes approximately $4.1 million , $1.4 million , $3.2 million , and $0.2 million , respectively, of discount fee expense incurred in connection with the non-recourse sale of accounts receivable under this program. The operation of this program has not changed since the Company began participating. The Company recognized $0.2 million in write-off of deferred financing costs during fiscal 2019 in connection with an amendment to the Credit Agreement. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 26, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company sponsors a defined contribution plan that provides retirement benefits to eligible employees who elect to participate (the “Dycom Plan”). Under the plan, participating employees may defer up to 75% of their base pre-tax eligible compensation up to the IRS limits. The Company contributes 30% of the first 5% of base eligible compensation that a participant contributes to the plan and may make discretionary matching contributions from time to time. The Company’s contributions were $3.5 million , $1.7 million , $5.0 million , and $4.8 million related to fiscal 2019, the 2018 transition period fiscal 2017, and fiscal 2016, respectively. Certain of the Company’s subsidiaries contribute amounts to multiemployer defined benefit pension plans under the terms of collective bargaining agreements (“CBA”) that cover employees represented by unions. Contributions are generally based on fixed amounts per hour per employee for employees covered by the plan. Participating in a multiemployer plan entails risks different from single-employer plans in the following aspects: • assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; • if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be allocated to the remaining participating employers; and • if the Company stops participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan. This payment is referred to as a withdrawal liability. The information available to the Company about the multiemployer plans in which it participates is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act (“ERISA”) as amended by the Multiemployer Pension Plan Amendments Act (“MPPAA”). Based upon the most recently available annual reports, the Company’s contribution to each of the plans was less than 5% of each plan’s total contributions. The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund (“the Plan”) was considered individually significant and is presented separately below. All other plans are presented in the aggregate in the following table (dollars in thousands): Company Contributions Expiration Date of CBA PPA Zone Status (1) FIP/ RP Status (2) Fiscal Year Ended Six Months Ended Fiscal Year Ended Surcharge Imposed Fund 2017 2016 2019 2018 2017 2016 The Plan (EIN 13-6123601) Green Green No $ — $ — $ — $ 3,057 No 5/5/2016 Other Plans 726 319 384 622 Various Total $ 726 $ 319 $ 384 $ 3,679 (1) The most recent Pension Protection Act (the “PPA”) zone status was provided by the Plan for Plan years ending September 30, 2017 and September 30, 2016, respectively. The zone status is based on information provided by the Plan and is certified by the Plan’s actuary. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. (2) The “FIR/RP Status” column indicates plans for which a financial improvement plan (FIP) or rehabilitation plan (RP), as required by the Internal Revenue Code, is either pending or has been implemented. In the fourth quarter of fiscal 2016, one of the Company’s subsidiaries, which previously contributed to the Plan, ceased operations. In October 2016, the Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million . In December 2016, the Company submitted a formal request to the Plan seeking review of the Plan’s withdrawal liability determination. The Company is disputing the claim of a withdrawal liability demanded by the Plan as it believes there is a statutory exemption available under ERISA for multiemployer pension plans that primarily cover employees in the building and construction industry. The Plan has taken the position that the work at issue does not qualify for the statutory exemption. The Company has submitted this dispute to arbitration, as required by ERISA, with a hearing expected during the first half of calendar 2019. As required by ERISA, in November 2016, the subsidiary began making monthly payments of a 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. |
Capital Stock
Capital Stock | 12 Months Ended |
Jan. 26, 2019 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock Repurchases of Common Stock. The Company did not repurchase any of its common stock during fiscal 2019. The following table summarizes the Company’s share repurchases during fiscal 2016, fiscal 2017, and the 2018 transition period (all shares repurchased have been canceled): Period Number of Shares Repurchased Total Consideration (In thousands) Average Price Per Share Fiscal 2016 2,511,578 $ 169,997 $ 67.69 Fiscal 2017 713,006 $ 62,909 $ 88.23 2018 Transition Period 200,000 $ 16,875 $ 84.38 Fiscal 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 paid during fiscal 2016 was for shares repurchased under the Company’s authorized share repurchase program. Fiscal 2017. As of the beginning of fiscal 2017, the Company had $100.0 million available for share repurchases through October 2017 under the Company’s April 26, 2016 repurchase authorization. During the second quarter of fiscal 2017, the Company repurchased 313,006 shares of its common stock, at an average price of $79.87 , for $25.0 million . During the third quarter of fiscal 2017, the Company’s Board of Directors extended the term of the $75.0 million remaining available under the April 26, 2016 authorization through August 2018. In connection with the extension of this authorization, the Company’s Board of Directors also authorized an additional $75.0 million to repurchase shares of the Company’s common stock through August 2018 in open market or private transactions. The Company repurchased 400,000 shares of its common stock, at an average price of $94.77 per share, for $37.9 million during the third quarter of fiscal 2017. 2018 Transition Period. The Company repurchased 200,000 shares of its common stock, at an average price of $84.38 per share, for $16.9 million during the 2018 transition period. As of January 27, 2018, $95.2 million remained available for repurchases through August 2018. Fiscal 2019. O n August 29, 2018, the Company announced that its Board of Directors had authorized a new $150.0 million program to repurchase shares of the Company’s outstanding common stock through February 2020 in open market or private transactions. The repurchase authorization replaced the Company’s previous repurchase authorization which expired in August 2018. At expiration, approximately $95.2 million of the previous authorization remained outstanding. The Company did not repurchase any of its common stock during fiscal 2019. As of January 26, 2019 , $150.0 million remained available for repurchases through February 2020 under the Company’s share repurchase program. Restricted Stock Tax Withholdings. During fiscal 2019, the 2018 transition period , fiscal 2017, and fiscal 2016, the Company withheld 73,300 shares, 117,426 shares, 134,736 shares, and 161,988 shares, respectively, totaling $4.7 million , $12.6 million , $10.8 million , and $12.6 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. Upon cancellation of shares repurchased or withheld for tax withholdings, the excess over par value is recorded as a reduction of additional paid-in capital until the balance is reduced to zero, with any additional excess recorded as a reduction of retained earnings. During the 2018 transition period , fiscal 2017, and fiscal 2016, $11.5 million , $42.8 million , and $17.1 million , respectively, was charged to retained earnings related to shares canceled during the respective fiscal year. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Jan. 26, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | Stock-Based Awards The Company has outstanding stock-based awards under its 2003 Long-Term Incentive Plan, 2007 Non-Employee Directors Equity Plan, 2012 Long-Term Incentive Plan, and 2017 Non-Employee Directors Equity Plan (collectively, the “Plans”). No further awards will be granted under the 2003 Long-Term Incentive Plan or 2007 Non-Employee Directors Equity Plan. As of January 26, 2019, the total number of shares available for grant under the Plans was 1,201,611 . Stock-based compensation expense and the related tax benefit recognized during fiscal 2019, the 2018 transition period , fiscal 2017 , and fiscal 2016 were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Stock-based compensation $ 20,187 $ 13,277 $ 20,805 $ 16,850 Recognized tax benefit of stock-based compensation $ 5,043 $ 4,793 $ 7,996 $ 6,436 In addition, the Company realized approximately $0.2 million , $7.8 million , $8.4 million , and $13.0 million of excess tax benefits, net of tax deficiencies, during fiscal 2019 , the 2018 transition period , fiscal 2017 , and fiscal 2016 , respectively, related to the vesting and exercise of share-based awards. Excess tax benefits, net of tax deficiencies, represent cash flows realized from tax deductions in excess of the recognized tax benefit of stock-based compensation. As of January 26, 2019 , the Company had unrecognized compensation expense related to stock options, RSUs, and Performance RSUs (based on the Company’s expected achievement of performance measures) of $2.5 million , $9.0 million , and $16.7 million , respectively. This expense will be recognized over a weighted-average number of years of 2.2 , 2.4 , and 1.0 , respectively, based on the average remaining service periods for the awards. As of January 26, 2019 , the Company may recognize an additional $10.3 million in compensation expense in future periods if the maximum amount of Performance RSUs is earned based on certain performance measures being met. The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2019, the 2018 transition period , fiscal 2017, and fiscal 2016 and the significant valuation assumptions: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Weighted average fair value of RSUs granted $ 97.90 $ 87.34 $ 79.04 $ 72.41 Weighted average fair value of Performance RSUs granted $ 106.19 $ 84.13 $ 79.29 $ 77.86 Weighted average fair value of stock options granted $ 48.19 $ 42.60 $ 39.90 $ 45.13 Stock option assumptions: Risk-free interest rate 2.7 % 2.3 % 2.3 % 2.0 % Expected life (in years) 6.3 7.6 7.6 7.3 Expected volatility 43.3 % 43.4 % 44.7 % 55.0 % Expected dividends — — — — Stock Options The following table summarizes stock option award activity during fiscal 2019 : Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 27, 2018 636,730 $ 27.93 Granted 28,796 $ 106.19 Options exercised (82,235 ) $ 10.59 Canceled — $ — Outstanding as of January 26, 2019 583,291 $ 34.24 4.4 $ 17,785 Exercisable options as of January 26, 2019 512,871 $ 26.43 3.9 $ 17,785 The total amount of exercisable options as of January 26, 2019 presented above reflects the approximate amount of options expected to vest. The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $59.18 on the last trading day of fiscal 2019 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of fiscal 2019 . The amount of aggregate intrinsic value will change based on the price of the Company’s common stock. The total intrinsic value of stock options exercised was $5.7 million , $4.5 million , $7.8 million , and $15.0 million for fiscal 2019 , the 2018 transition period , fiscal 2017, and fiscal 2016, respectively. The Company received cash from the exercise of stock options of $0.9 million , $0.7 million , $1.4 million , and $2.7 million during fiscal 2019 , the 2018 transition period , fiscal 2017, and fiscal 2016, respectively. RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during fiscal 2019 : Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of January 27, 2018 133,896 $ 71.81 390,327 $ 80.52 Granted 62,477 $ 97.90 218,628 $ 106.19 Share units vested (63,230 ) $ 65.49 (173,139 ) $ 79.84 Forfeited or canceled (6,673 ) $ 70.56 (58,462 ) $ 75.34 Outstanding as of January 26, 2019 126,470 $ 87.92 377,354 $ 96.51 The total amount of granted Performance RSUs presented above consists of 158,841 target shares and 59,787 supplemental shares. During fiscal 2019 , the Company canceled 24,689 supplemental shares of Performance RSUs, as a result of performance criteria for attaining those supplemental shares being partially met for the applicable performance periods. Approximately 23,384 target shares and 15,385 supplemental shares outstanding as of January 26, 2019 will be canceled during the three months ended April 27, 2019 as a result of the fiscal 2019 performance period criteria being partially met. The total amount of Performance RSUs outstanding as of January 26, 2019 consists of 273,219 target shares and 104,135 supplemental shares. The total fair value of restricted share units vested during fiscal 2019 , the 2018 transition period , fiscal 2017, and fiscal 2016 was $15.3 million , $37.7 million , $33.2 million , and $39.1 million , respectively. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Jan. 26, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Customer Concentration and Revenue Information Geographic Location The Company provides services throughout the United States and previously in Canada. Revenues from services provided in Canada were not material during fiscal 2019 , the 2018 transition period , fiscal 2017 , or fiscal 2016 . Significant Customers The Company’s customer base is highly concentrated, with its top five customers accounting for approximately 78.4% , 75.8% , 76.8% , and 70.1% , of its total contract revenues during fiscal 2019 , the 2018 transition period , fiscal 2017 , and fiscal 2016 , respectively. Customers whose contract revenues exceeded 10% of total contract revenues during fiscal 2019 , the 2018 transition period , fiscal 2017 , or fiscal 2016 , as well as total contract revenues from all other customers combined, were as follows: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. 664.2 21.2% 290.1 20.6% 806.7 26.3% 650.9 24.4% Comcast Corporation 650.2 20.8% 304.4 21.6% 543.6 17.7% 363.1 13.6% Verizon Communications Inc. (1) 599.8 19.2% 168.7 12.0% 282.7 9.2% 298.2 11.2% Century Link, Inc. (2) 425.6 13.6% 247.0 17.5% 556.8 18.2% 394.0 14.7% Total other customers combined 787.9 25.2% 401.1 28.3% 877.1 28.6% 966.3 36.1% Total contract revenues $ 3,127.7 100.0% 1,411.3 100% 3,066.9 100.0% 2,672.5 100% (1) For comparison purposes in the table above, amounts from Verizon Communications Inc. and XO Communications LLC’s fiber-optic network business have been combined for periods prior to their February 2017 merger. (2) For comparison purposes in the table above, amounts from CenturyLink, Inc. and Level 3 Communications, Inc. have been combined for periods prior to their November 2017 merger. See Note 6, Accounts Receivable, Contract Assets, and Contract Liabilities , for information on the Company’s customer credit concentration and collectability of trade accounts receivable and contract assets. On February 25, 2019 , Windstream, the Company’s fifth largest customer with contract revenues of $113.6 million during fiscal 2019, filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The Company expects to continue to provide services to Windstream pursuant to existing contractual obligations but the amount of services performed in the future could be reduced or eliminated. Customer Type Total contract revenues by customer type during fiscal 2019 , the 2018 transition period , fiscal 2017, and fiscal 2016 were as follows (dollars in millions): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 2,855.8 91.3% $ 1,284.1 91.0% $ 2,819.9 91.9% $ 2,424.2 90.7% Underground facility locating $ 182.7 5.8% $ 88.6 6.3% $ 167.9 5.5% $ 156.7 5.9% Electrical and gas utilities and other $ 89.2 2.9% $ 38.6 2.7% $ 79.1 2.6% $ 91.6 3.4% Total contract revenues $ 3,127.7 100% $ 1,411.3 100% $ 3,066.9 100% $ 2,672.5 100% Remaining Performance Obligations Master service agreements and other contractual agreements with customers contain customer-specified service requirements, such as discrete pricing for individual tasks. In most cases, the Company’s customers are not contractually committed to procure specific volumes of services under these agreements. Services are generally performed pursuant to these agreements in accordance with individual work orders. An individual work order generally is completed within one year or in many cases, less than one week. As a result, the Company’s remaining performance obligations under the work orders not yet completed is not meaningful in relation to the Company’s overall revenue at any given point in time. The Company applies the practical expedient in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and does not disclose information about remaining performance obligations that have original expected durations of one year or less. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jan. 26, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On October 25, 2018 and October 30, 2018, the Company, its Chief Executive Officer and its Chief Financial Officer were named as defendants in two substantively identical lawsuits alleging violations of the federal securities fraud laws. The lawsuits, which purport to be brought on behalf of a class of all purchasers of the Company’s securities between November 20, 2017 and August 10, 2018, were filed in the United States District Court for the Southern District of Florida. The cases were consolidated by the Court on January 11, 2019. The lawsuit alleges that the defendants made materially false and misleading statements or failed to disclose material facts regarding the Company’s financial condition and business operations, including those related to the Company’s dependency on, and uncertainties related to, the permitting necessary for its large projects. The plaintiffs seek unspecified damages. The Company believes the allegations in the lawsuit are without merit and intends to vigorously defend the lawsuit. Based on the early stage of this matter, it is not possible to estimate the amount or range of possible loss that may result from an adverse judgment or a settlement of this matter. On December 17, 2018, a shareholder derivative action was filed in United States District Court for the Southern District of Florida against the Company, as nominal defendant, and the members of its Board of Directors, alleging that the directors breached fiduciary duties owed to the Company and violated the securities laws by causing the Company to issue false and misleading statements. The statements alleged to be false and misleading are the same statements that are alleged to be false and misleading in the securities lawsuit described above. On February 28, 2019, the Court stayed this lawsuit pending a further Order from the Court. Based on the early stage of this matter, it is not possible to estimate the amount or range of possible loss that may result from an adverse judgment or a settlement of this matter. During the fourth quarter of fiscal 2016, one of the Company’s subsidiaries ceased operations. This subsidiary contributed to a multiemployer pension plan, the Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund (the “Plan”). In October 2016, the Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million . In December 2016, the Company submitted a formal request to the Plan seeking review of the Plan’s withdrawal liability determination. 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. The Plan has taken the position that the work at issue does not qualify for the statutory exemption. The Company has submitted this dispute to arbitration, as required by ERISA, with a hearing expected during the first half of calendar 2019. There can be no assurance that the Company will be successful in asserting the statutory exemption as a defense in the arbitration proceeding. As required by ERISA, in November 2016, the subsidiary began making monthly payments of a 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 subsidiary. With respect to the acquisition from Goodman, $22.5 million of the purchase price was placed into escrow to cover indemnification claims and working capital adjustments. During fiscal 2017, $2.5 million of escrowed funds were released following resolution of closing working capital and $10.0 million of escrowed funds were released as a result of Goodman’s resolution of a sales tax liability with the State of Texas. In April 2018, $9.7 million of escrowed funds were released in connection with the resolution of certain indemnification claims, of which Dycom received $1.6 million . There was no impact on the Company’s results of operations related to the escrow release. As of January 26, 2019 , approximately $0.3 million remains in escrow pending resolution of certain post-closing indemnification claims. From time to time, the Company is party to various claims and legal proceedings arising in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, it is the opinion of management, based on information available at this time, that the ultimate resolution of any such claims or legal proceedings will not, after considering applicable insurance coverage or other indemnities to which the Company may be entitled, have a material effect on the Company’s financial position, results of operations, or cash flow. 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 Leases. The Company and its subsidiaries have operating leases primarily covering office facilities that have original noncancelable terms in excess of one year. Certain of these leases contain renewal provisions and generally require the Company to pay insurance, maintenance, and other operating expenses. Total expense incurred under these operating lease agreements was $31.5 million , $15.0 million , $26.0 million , and $23.0 million , and for fiscal 2019, the 2018 transition period , fiscal 2017, and fiscal 2016, respectively. The future minimum obligation under these leases with original noncancelable terms in excess of one year is as follows (dollars in thousands): Future Minimum Lease Payments 2020 $ 28,415 2021 20,166 2022 12,919 2023 6,686 2024 4,342 Thereafter 3,675 Total $ 76,203 The Company also incurred rental expense under operating leases with original terms of one year or less of $35.4 million , $14.4 million , $32.5 million , and $26.8 million for fiscal 2019, the 2018 transition period , fiscal 2017, and fiscal 2016, respectively. Performance and Payment 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 January 26, 2019 and January 27, 2018 , the Company had $123.5 million and $118.1 million , respectively, of outstanding performance and other surety contract bonds. As part of its insurance program, the Company also provides surety bonds that collateralize its obligations to its insurance carriers. As of January 26, 2019 and January 27, 2018 , the Company had $23.2 million and $21.9 million , respectively, of outstanding surety bonds related to its insurance obligations. Additionally, 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 issued standby letters of credit under its Credit Agreement that collateralize its obligations to its insurance carriers. As of both January 26, 2019 and January 27, 2018 , the Company had $48.6 million of outstanding standby letters of credit issued under the Credit Agreement. |
Transitional Comparative Period
Transitional Comparative Period | 12 Months Ended |
Jan. 26, 2019 | |
Accounting Policies [Abstract] | |
Transition Period Comparative Data | Transition Period Comparative Data The following table presents certain financial information for the six months ended January 27, 2018 and January 28, 2017 , respectively (dollars in thousands, except share amounts): For the Six Months Ended January 27, 2018 January 28, 2017 (Unaudited) Revenues $ 1,411,348 $ 1,500,355 Expenses: Costs of earned revenues, excluding depreciation and amortization 1,141,480 1,176,361 General and administrative 124,930 118,395 Depreciation and amortization 85,053 70,252 Total 1,351,463 1,365,008 Interest expense, net (19,560 ) (18,248 ) Other income, net 6,225 1,946 Income before income taxes 46,550 119,045 (Benefit) provision for income taxes (22,285 ) 44,332 Net income $ 68,835 $ 74,713 Earnings per common share: Basic $ 2.22 $ 2.37 Diluted $ 2.15 $ 2.32 Shares used in computing earnings per common share: Basic 31,059,140 31,480,660 Diluted 32,054,945 32,180,923 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 26, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) In the opinion of management, the following unaudited quarterly financial data from fiscal 2019, the 2018 transition period, and fiscal 2017 reflect all adjustments (consisting of normal recurring accruals), which are necessary to present a fair presentation of amounts shown for such periods. The Company’s fiscal year consists of either 52 weeks or 53 weeks of operations with the additional week of operations occurring in the fourth quarter. Fiscal 2019 and fiscal 2017 each consisted of 52 weeks of operations. The sum of the quarterly results may not equal the reported annual amounts due to rounding (dollars in thousands, except per share amounts). Quarter Ended Fiscal 2019 First Quarter Second Quarter Third Quarter Fourth Quarter (1) Contract revenues $ 731,375 $ 799,470 $ 848,237 $ 748,619 Costs of earned revenues, excluding depreciation and amortization $ 599,573 $ 642,376 $ 687,164 $ 633,279 Gross profit $ 131,802 $ 157,094 $ 161,073 $ 115,340 Net income (loss) $ 17,231 $ 29,900 $ 27,830 $ (12,054 ) Earnings (loss) per common share - Basic $ 0.55 $ 0.96 $ 0.89 $ (0.38 ) Earnings (loss) per common share - Diluted (2) $ 0.53 $ 0.94 $ 0.87 $ (0.38 ) Quarter Ended 2018 Transition Period (3) : First Quarter Second Quarter Contract revenues $ 756,215 $ 655,133 Costs of earned revenues, excluding depreciation and amortization $ 600,847 $ 540,633 Gross profit $ 155,368 $ 114,500 Net income $ 28,776 $ 40,059 Earnings per common share - Basic $ 0.93 $ 1.29 Earnings per common share - Diluted $ 0.90 $ 1.24 Quarter Ended Fiscal 2017 : First Quarter Second Quarter Third Quarter Fourth Quarter Contract revenues $ 799,223 $ 701,131 $ 786,338 $ 780,188 Costs of earned revenues, excluding depreciation and amortization $ 614,990 $ 561,371 $ 621,475 $ 606,898 Gross profit $ 184,233 $ 139,760 $ 164,863 $ 173,290 Net income $ 51,050 $ 23,663 $ 38,796 $ 43,708 Earnings per common share - Basic $ 1.62 $ 0.75 $ 1.24 $ 1.41 Earnings per common share - Diluted $ 1.59 $ 0.74 $ 1.22 $ 1.38 (1) On February 25, 2019, Windstream filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. As of January 26, 2019, the Company had receivables and contract assets in aggregate of approximately $45.0 million . Against this amount, the Company has recorded a non-cash charge of $17.2 million reflecting its current evaluation of recoverability of these receivables and contract assets as of January 26, 2019. (2) Loss per common diluted share for the fourth quarter of fiscal 2019 excludes the effect of common stock equivalents related to share-based awards as their effect would be anti-dilutive. (3) The second quarter of the 2018 transition period includes an income tax benefit associated with Tax Reform of approximately $32.2 million . This benefit primarily resulted from the re-measurement of the Company’s net deferred tax liabilities at a lower U.S. federal corporate income tax rate. The 2018 transition period also includes an income tax benefit of approximately $7.8 million for the tax effects of the vesting and exercise of share-based awards. See Note 14, Income Taxes , for additional information regarding these tax benefits. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Jan. 26, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | 1. Basis of Presentation Dycom Industries, Inc. (“Dycom” or the “Company”) is a leading provider of specialty contracting services throughout the United States. 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 consolidated financial statements of the Company and its subsidiaries, all of which are wholly-owned, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of such statements have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. Accounting Period. In September 2017, the Company’s Board of Directors approved a change in the Company’s fiscal year end from the last Saturday in July to the last Saturday in January. The change in fiscal year end better aligned the Company’s fiscal year with the planning cycles of its customers. For quarterly comparisons, there were no changes to the months in each fiscal quarter. Beginning with fiscal 2019, each fiscal year ends on the last Saturday in January and consists of either 52 or 53 weeks of operations (with the additional week of operations occurring in the fourth fiscal quarter). Fiscal 2019 and fiscal 2017 each consisted of 52 weeks of operations and fiscal 2016 consisted of 53 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 30, 2021. The Company refers to the period beginning January 28, 2018 and ending January 26, 2019 as “fiscal 2019”, the period beginning July 30, 2017 and ending January 27, 2018 as the “2018 transition period”, the period beginning July 31, 2016 and ending July 29, 2017 as “fiscal 2017”, and the period beginning July 26, 2015 and ending July 30, 2016 as “fiscal 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), whose results are regularly reviewed by the Company’s 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. |
Accounting Period | Accounting Period. In September 2017, the Company’s Board of Directors approved a change in the Company’s fiscal year end from the last Saturday in July to the last Saturday in January. The change in fiscal year end better aligned the Company’s fiscal year with the planning cycles of its customers. For quarterly comparisons, there were no changes to the months in each fiscal quarter. Beginning with fiscal 2019, each fiscal year ends on the last Saturday in January and consists of either 52 or 53 weeks of operations (with the additional week of operations occurring in the fourth fiscal quarter). Fiscal 2019 and fiscal 2017 each consisted of 52 weeks of operations and fiscal 2016 consisted of 53 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 30, 2021. The Company refers to the period beginning January 28, 2018 and ending January 26, 2019 as “fiscal 2019”, the period beginning July 30, 2017 and ending January 27, 2018 as the “2018 transition period”, the period beginning July 31, 2016 and ending July 29, 2017 as “fiscal 2017”, and the period beginning July 26, 2015 and ending July 30, 2016 as “fiscal 2016”. |
Segment Reporting Disclosure [Text Block] | 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), whose results are regularly reviewed by the Company’s 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. |
Significant Accounting Polici_2
Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Jan. 26, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards Revenue Recognition . In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 replaces numerous requirements in GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Under the new standard, the two permitted transition methods are the full retrospective method and the modified retrospective method. The full retrospective method requires the standard to be applied to each prior reporting period presented and the cumulative effect of applying the standard to be recognized at the earliest period shown. The modified retrospective method requires the cumulative effect of applying the standard to be recognized at the date of initial application. Effective January 28, 2018, the Company adopted the requirements of ASU 2014-09 using the modified retrospective method. As a practical expedient, the Company adopted the new standard only for existing contracts as of January 28, 2018, the date of adoption. Any contracts that had expired prior to January 28, 2018 were not evaluated against the new standard. The Company believes its application of the new standard to only those contracts existing as of January 28, 2018 did not have a material impact on adoption. In accordance with the guidance under ASU 2014-09, the Company reclassified $311.7 million of unbilled receivables from contract assets (historically referred to as Costs and Estimated Earnings in Excess of Billings) to accounts receivable, net as of January 28, 2018, the date of the Company’s adoption. As a result of the reclassification, accounts receivable, net and contract assets were $630.4 million and $57.8 million , respectively, as of January 28, 2018. The reclassification was a non-cash activity between contract assets and accounts receivable, net and did not impact net cash provided by operating activities in the consolidated statement of cash flows. The impact of adoption on the Company’s consolidated balance sheet as of January 26, 2019 was as follows, including both current and non-current balances (dollars in thousands): January 26, 2019 As reported Balances Without Adoption of ASU 2014-09 Effect of Change Assets Accounts receivable, net $ 625,258 $ 341,795 $ 283,463 Contract assets 215,849 499,312 (283,463 ) The adoption of ASU 2014-09 resulted in balance sheet classification changes for amounts that have not been invoiced to customers but for which the Company has satisfied the performance obligation and has an unconditional right to receive payment. Prior to the adoption of ASU 2014-09, amounts not yet invoiced to customers were included in the Company’s contract assets (historically referred to as Costs and Estimated Earnings in Excess of Billings). These amounts represent unbilled accounts receivable for which the Company has an unconditional right to receive payment although invoicing is subject to the completion of certain process or other requirements. Such requirements may include the passage of time, completion of other items within a statement of work, or other contractual billing requirements. The standard did not impact the opening retained earnings of the Company’s consolidated balance sheet or the Company’s consolidated statement of operations as timing and amount of revenue recognized under the new standard was unchanged as compared to the Company’s historical revenue recognition practices. Restricted Cash. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 is intended to reduce diversity in practice regarding the classification and presentation of changes in restricted cash within the statement of cash flows. The amendments in this update require that amounts generally described as restricted cash and restricted cash equivalents be included with the beginning-of-period and end-of-period total amounts of cash and cash equivalents in the statement of cash flows. The Company adopted ASU 2016-18 effective January 28, 2018, the first day of fiscal 2019, and applied this change of presentation retrospectively to the Company’s consolidated statement of cash flows. As a result of the retrospective adoption, the beginning-of-period and end-of-period total amounts of cash and cash equivalents have been restated to include restricted cash of $6.2 million , $5.4 million , $5.0 million , and $4.5 million as of January 27, 2018, July 29, 2017, July 30, 2016, and July 25, 2015, respectively. Restricted cash primarily relates to funding provisions of the Company’s insurance program. Statement of Cash Flows. In August 2016, the FASB issued ASU 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 diversity in practice regarding the classification of certain transactions within the statement of cash flows and addresses eight specific topics including, among other things, the classification of cash flows related to debt prepayment and debt extinguishment costs. Under the amended guidance, cash payments for debt prepayment and debt extinguishment costs are classified as financing activities, whereas historically, the Company has classified such cash flows as operating activities. The Company adopted ASU 2016-15 effective January 28, 2018, the first day of fiscal 2019 on a retrospective basis as required. As a result of the retrospective adoption, payments of certain debt extinguishment costs of $14.2 million have been reclassified from operating activities to financing activities in the Company’s consolidated statement of cash flows for the fiscal year ended July 30, 2016. The Company also adopted the following Accounting Standards Updates during fiscal 2019 , neither of which had a material effect on the Company’s consolidated financial statements: ASU Adoption Date 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory January 28, 2018 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business January 28, 2018 Accounting Standards Not Yet Adopted Leases . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) which is intended to increase transparency and comparability of accounting for lease transactions. For all leases with terms greater than twelve months, the new guidance will require lessees to recognize right-of-use assets and corresponding lease liabilities on the balance sheet and to disclose qualitative and quantitative information about lease transactions. The new standard maintains a distinction between finance leases and operating leases. As a result, the effect of leases in the statement of operations and statement of cash flows is largely unchanged. ASU 2016-02 will be effective for the Company for the fiscal year ended January 25, 2020 and interim reporting periods within that year. The Company will adopt the guidance using the transition provisions at the date of adoption instead of at the earliest comparative period presented in the financial statements. Accordingly, comparative financial statements for periods prior to the date of adoption will not be adjusted. The Company has evaluated the impact of applying the practical expedients and expects to elect the group of practical expedients that allow it to not reassess the following: whether any expired or existing contracts represent leases, the classification of any expired or existing leases, and the initial direct costs for any expired or existing leases. The Company will not elect the use of hindsight practical expedient. The Company has substantially completed its evaluation of the effect of ASU 2016-02 on its systems, business processes, controls, disclosures, and consolidated financial statements, and has implemented a lease accounting and administration software in connection with the new standard. On adoption, the Company currently expects to recognize right-of-use assets and corresponding lease liabilities ranging from $70.0 million to $75.0 million on its consolidated balance sheet for its operating leases with terms greater than twelve months. The Company does not expect a material impact to its consolidated statements of operations, comprehensive income, or cash flows. These expectations may change as the Company’s assessment is finalized. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment testing. An entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company for the fiscal year ended January 30, 2021 and interim reporting periods within that year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. |
Income Tax, Policy [Policy Text Block] | 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, tax credits recognized in relation to pre-tax results, certain tax impacts from the vesting and exercise of share-based awards, and certain tax impacts from the Tax Cuts and Jobs Act of 2017 (“Tax Reform”). Tax Reform had a substantial impact on the Company’s consolidated financial statements for the 2018 transition period. See Note 14, Income Taxes , for further information. Measurement of the Company’s tax position is based on the applicable statutes, federal and state case law, and its interpretations of tax regulations. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all relevant factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would be able to realize deferred income tax assets in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes. In accordance with ASC Topic 740, Income Taxes (“ASC Topic 740”), the Company recognizes tax benefits in the amount that it deems more likely than not will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized during the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. The Company recognizes applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. The Company believes its provision for income taxes is adequate; however, any assessment would affect the Company’s results of operations and cash flows. 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 2014 and prior. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets. The Company accounts for goodwi ll and other intangibles in accordance with ASC Topic 350, Intangibles - Goodwill and Other (“ASC Topic 350”). Goodwill and other indefinite-lived intangible assets are assessed annually for impairment, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The Company performs its annual impairment review of goodwill at the reporting unit level. Each of the Company’s operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If the Company determines the fair value of the reporting unit’s goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of an annual or interim test, an impairment loss is recognized and reflected in operating income or loss in the consolidated statements of operations during the period incurred. The Company has historically completed its annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in the Company’s fiscal year end, the annual goodwill impairment assessment date was changed to the first day of the fiscal quarter ending on the last Saturday in January, as this became the first day of the Company’s fourth fiscal quarter. The change in the annual goodwill impairment assessment date is deemed a change in accounting principle, which the Company believes to be preferable as the change was made to better align the annual goodwill impairment test with the change in the Company’s annual planning and budgeting process related to the new fiscal year end. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge and had no effect on the consolidated financial statements, including any cumulative effect on retained earnings. In accordance with ASC Topic 360, Impairment or Disposal of Long-Lived Assets , the Company reviews finite-lived intangible assets for impairment whenever an event occurs or circumstances change that indicate that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. Should an asset not be recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If the Company determines the fair value of an asset is less than the carrying value, an impairment loss is recognized in operating income or loss in the consolidated statements of operations during the period incurred. The Company uses judgment in assessing whether goodwill and intangible assets are impaired. Estimates of fair value are based on the Company’s projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. The Company determines the fair value of its reporting units using a weighing of fair values derived in equal proportions from the income approach and market approach valuation methodologies. The income approach uses the discounted cash flow method and the market approach uses the guideline company method. Changes in the Company’s judgments and projections could result in significantly different estimates of fair value, potentially resulting in impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. See Note 10, Goodwill and Intangible Assets , for additional information regarding the Company’s annual assessment of goodwill and other indefinite-lived intangible assets. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable, Net. The Company grants credit to its customers, generally without collateral, under normal payment terms (typically 30 to 90 days after invoicing). Generally, invoicing occurs within 45 days after the related services are performed. Accounts receivable represents an unconditional right to consideration arising from the Company’s performance under contracts with customers. Accounts receivable include billed accounts receivable, unbilled accounts receivable, and retainage. The carrying value of such receivables, net of the allowance for doubtful accounts, represents their estimated realizable value. Unbilled accounts receivable represent amounts the Company has an unconditional right to receive payment for although invoicing is subject to the completion of certain process or other requirements. Such requirements may include the passage of time, completion of other items within a statement of work, or other contractual billing requirements. Certain of the Company’s contracts contain retainage provisions whereby a portion of the revenue earned is withheld from payment as a form of security until contractual provisions are satisfied. The collectability of retainage is included in the Company’s overall assessment of the collectability of accounts receivable. The Company expects to collect the outstanding balance of current accounts receivable, net (including trade accounts receivable, unbilled accounts receivable, and retainage) within the next twelve months. Accounts receivable of $24.8 million from Windstream are classified as non-current in other assets and are net of the related allowance for doubtful accounts. On February 25, 2019, Windstream filed of a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The Company estimates its allowance for doubtful accounts by evaluating specific accounts receivable balances based on historical collection trends, the age of outstanding receivables, and the credit worthiness of the Company’s customers. For one customer, the Company has participated in a customer-sponsored vendor payment program since fiscal 2016. All eligible accounts receivable from this customer are included in the program and payment is received pursuant to a non-recourse sale to a bank partner of the customer. This program effectively reduces the time to collect these receivables as compared to that customer’s standard payment terms. The Company incurs a discount fee to the bank on the payments received that is reflected as an expense component in other income, net, in the consolidated statements of operations. The operations of this program have not changed since the Company began participating. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. For the Company, key estimates include: the recognition of revenue under the cost-to-cost method of progress, accrued insurance claims, the allowance for doubtful accounts, accruals for contingencies, stock-based compensation expense for performance-based stock awards, the fair value of reporting units for the goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, the purchase price allocations of businesses acquired, and income taxes. 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 Company’s consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. |
Revenue Recognition, Policy [Policy Text Block] | Contract Assets. Contract assets include unbilled amounts typically resulting from arrangements whereby complete satisfaction of a performance obligation and the right to payment are conditioned on completing additional tasks or services. Contract Liabilities. Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The Company’s contract assets and liabilities are reported in a net position on a contract by contract basis at the end of each reporting period. As of January 26, 2019 and January 27, 2018 , the contract liabilities balance is classified as current based on the timing of when the Company expects to complete the tasks required for the recognition of revenue. Revenue Recognition. The Company performs a majority of its services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks including, for example, the placement of underground or aerial fiber, directional boring, and fiber splicing, each based on a specific unit of measure. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable. The Company’s services are performed for the sole benefit of its customers, whereby the assets being created or maintained are controlled by the customer and the services the Company performs do not have alternative benefits for the Company. Revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits provided by the Company. Output measures such as units delivered are utilized to assess progress against specific contractual performance obligations for the majority of the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For the Company, the output method using units delivered best represents the measure of progress against the performance obligations incorporated within the contractual agreements. This method captures the amount of units delivered pursuant to contracts and is used only when the Company’s performance does not produce significant amounts of work in process prior to complete satisfaction of the performance obligation. For a portion of contract items, units to be completed consist of multiple tasks. For these items, the transaction price is allocated to each task based on relative standalone measurements, such as selling prices for similar tasks, or in the alternative, the cost to perform the tasks. Revenue is recognized as the tasks are completed as a measurement of progress in the satisfaction of the corresponding performance obligation, and represented less than 10.0% of contract revenues during fiscal 2019. For certain contracts, representing less than 5.0% of contract revenues during fiscal 2019 , the 2018 transition period , fiscal 2017 , and fiscal 2016 , the Company uses the cost-to-cost measure of progress. These contracts are generally projects that are completed over a period of less than twelve months and for which payment is received in a lump sum at the end of the project. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs. Contract costs include direct labor, direct materials, and subcontractor costs, as well as an allocation of indirect costs. Contract revenues are recorded as costs are incurred. For contracts using the cost-to-cost measure of progress, the Company accrues the entire amount of a contract loss, if any, at the time the loss is determined to be probable and can be reasonably estimated. There were no material amounts of unapproved change orders or claims recognized during fiscal 2019 , the 2018 transition period , fiscal 2017 , or fiscal 2016 . |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Equivalents. Cash and equivalents primarily include balances on deposit in banks. The Company maintains its cash and equivalents at financial institutions it believes to be of high credit quality. To date, the Company has not experienced any loss or lack of access to cash in its operating accounts. |
Inventory, Policy [Policy Text Block] | Inventories. Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or net realizable value. Inventories also include certain job specific materials that are valued using the specific identification method. For contracts where the Company is required to supply part or all of the materials on behalf of a customer, the loss of a customer or declines in contract volumes could result in an impairment of the value of materials purchased. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 9, Property and Equipment , for the range of useful lives). Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software is accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350-40, Internal Use Software. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $28.5 million and $28.8 million as of January 26, 2019 and January 27, 2018 , respectively. |
Business Combinations Policy [Policy Text Block] | Business Combinations. The Company accounts for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, expected royalty rates for trademarks and trade names, as well as certain other information. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to the Company at that time, may become known during the remainder of the measurement period. This measurement period may not exceed twelve months from the acquisition date. 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, in the same period in which adjustments are recognized, the Company will record 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. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the consolidated financial statements from their dates of acquisition. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Tangible Assets. The Company reviews long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. |
Self Insurance Reserve [Policy Text Block] | Accrued Insurance Claims. For claims within the Company’s insurance program, it retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability (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 its experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on the Company’s financial statements is generally limited to the amount needed to satisfy its insurance deductibles or retentions. The Company estimates the liability for claims based on facts, circumstances, and historical experience. Even though they will not be paid until sometime in the future, recorded loss reserves are not discounted. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the magnitude and quantity of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. |
Earnings Per Share, Policy [Policy Text Block] | Per Share Data. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares arising from the Company’s stock-based awards (including unvested restricted share units), convertible senior notes, and warrants if their inclusion is dilutive under the treasury stock method. Common stock equivalents related to stock-based awards, convertible senior notes, and warrants are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. The Company adopted FASB Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) on a prospective basis effective July 30, 2017, the first day of the 2018 transition period. Under the amended guidance, excess tax benefits and tax deficiencies arising from the vesting and exercise of share-based awards are no longer included in the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. See Note 4, Computation of Earnings Per Share, for additional information related to ASU 2016-09’s impact on per share data. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation. The Company has stock-based compensation plans under which it grants stock-based awards, including stock options, time-based restricted share units (“RSUs”), and performance-based restricted share units (“Performance RSUs”) to attract, retain, and reward talented employees, officers, and directors, and to align stockholder and employee interests. The resulting compensation expense is recognized on a straight-line basis over the vesting period, net of actual forfeitures, and is included in general and administrative expenses in the consolidated statements of operations. This expense fluctuates over time as a result of the vesting periods of the stock-based awards and, for the Company’s Performance RSUs, the expected achievement of performance measures. Compensation expense for stock-based awards is based on fair value at the measurement date. The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model. This valuation is affected by the Company’s stock price as well as other inputs, including the expected common stock price volatility over the expected life of the options, the expected term of the stock option, risk-free interest rates, and expected dividends, if any. Stock options vest ratably over a four -year period and are exercisable over a period of up to ten years. The fair value of RSUs and Performance RSUs is estimated on the date of grant and is equal to the closing market price per share of the Company’s common stock on that date. RSUs generally vest ratably over a four -year period. Performance RSUs vest ratably over a three -year period, if certain performance measures are achieved. Each RSU and Performance RSU is settled in one share of the Company’s common stock upon vesting. For Performance RSUs, the Company evaluates compensation expense quarterly and recognizes expense only if it determines it is probable that the performance measures for the awards will be met. The performance measures for target awards are based on the Company’s operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its operating cash flow level (adjusted for certain amounts) for the applicable four-quarter performance period. Additionally, certain awards include three-year performance measures that are more difficult to achieve than those required to earn target awards and, if met, result in supplemental shares awarded. The performance measures for supplemental awards are based on three-year cumulative operating earnings (adjusted for certain amounts) as a percentage of contract revenues and three-year cumulative operating cash flow level (adjusted for certain amounts). In a period the Company determines it is no longer probable that it will achieve certain performance measures for the awards, it reverses the stock-based compensation expense that it had previously recognized and associated with the portion of Performance RSUs that are no longer expected to vest. The amount of the expense ultimately recognized depends on the number of awards that actually vest. Accordingly, stock-based compensation expense may vary from period to period. For additional information on the Company’s stock-based compensation plans, stock options, RSUs, and Performance RSUs, see Note 18, Stock-Based Awards . |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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 the fair value of the Company’s long-term debt, which is based on observable market-based inputs (Level 2). See Note 13, 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 January 26, 2019 and January 27, 2018 . During fiscal 2019 , the 2018 transition period , fiscal 2017, and fiscal 2016, the Company had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. |
Accounting Standards (Tables)
Accounting Standards (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of adoption on the Company’s consolidated balance sheet as of January 26, 2019 was as follows, including both current and non-current balances (dollars in thousands): January 26, 2019 As reported Balances Without Adoption of ASU 2014-09 Effect of Change Assets Accounts receivable, net $ 625,258 $ 341,795 $ 283,463 Contract assets 215,849 499,312 (283,463 ) |
Computation of Earnings Per C_2
Computation of Earnings Per Common Share (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
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): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Net income available to common stockholders (numerator) $ 62,907 $ 68,835 $ 157,217 $ 128,740 Weighted-average number of common shares (denominator) 31,250,376 31,059,140 31,351,367 32,315,636 Basic earnings per common share $ 2.01 $ 2.22 $ 5.01 $ 3.98 Weighted-average number of common shares 31,250,376 31,059,140 31,351,367 32,315,636 Potential shares of common stock arising from stock options, and unvested restricted share units (1) 555,993 778,411 633,364 800,119 Potential shares of common stock issuable on conversion of 0.75% convertible senior notes due 2021 (2) 183,799 217,394 — — Total shares-diluted (denominator) 31,990,168 32,054,945 31,984,731 33,115,755 Diluted earnings per common share $ 1.97 $ 2.15 $ 4.92 $ 3.89 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 130,779 93,117 73,830 65,514 0.75% convertible senior notes due 2021 4,821,935 4,788,340 5,005,734 5,005,734 Warrants 5,005,734 5,005,734 5,005,734 5,005,734 Total 9,958,448 9,887,191 10,085,298 10,076,982 (1) The Company adopted ASU 2016-09 on a prospective basis effective July 30, 2017, the first day of the 2018 transition period. Under the amended guidance, excess tax benefits and tax deficiencies arising from the vesting and exercise of share-based awards are no longer included in the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. As a result, d iluted shares used in computing diluted earnings per common share for the 2018 transition period increased by approximately 177,575 shares. (2) 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 $96.89 per share conversion price for the convertible senior notes. The warrants associated with the Company’s 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 $130.43 per share warrant strike price. During the first quarter of fiscal 2019, the second quarter of fiscal 2019, and the second quarter of the 2018 transition period , the Company’s average stock price of $110.46 , $99.27 , and $106.11 , respectively, each exceeded the conversion price for the convertible senior notes. As a result, shares presumed to be issuable under the convertible senior notes that were dilutive during each period are included in the calculation of diluted earnings per share for fiscal 2019 and the 2018 transition period. As the Company’s average stock price did not exceed the strike price for the warrants, the underlying common shares were anti-dilutive as reflected in the table above. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2019, fiscal 2017, and fiscal 2016 (dollars in millions): 2019 2017 2016 Assets Accounts receivable $ 5.6 $ 8.9 $ 16.9 Contract assets — 2.4 21.8 Inventories and other current assets 0.2 0.2 15.0 Property and equipment 0.5 5.6 11.5 Goodwill 4.0 10.1 39.9 Intangible assets - customer relationships 12.3 9.8 94.5 Intangible assets - trade names and other — 0.7 1.8 Total assets 22.6 37.7 201.4 Liabilities Accounts payable 2.2 3.2 23.7 Accrued and other current liabilities — 3.4 22.3 Deferred tax liabilities, net non-current — 5.0 — Total liabilities 2.2 11.6 46.0 Net Assets Acquired $ 20.4 $ 26.1 $ 155.4 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Receivables [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customers whose combined amounts of trade accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 26, 2019 or January 27, 2018 were as follows (dollars in millions): January 26, 2019 January 27, 2018 Amount % of Total Amount % of Total Verizon Communications Inc. $ 298.4 36.2% $ 98.2 14.4% CenturyLink, Inc. $ 147.2 17.9% $ 126.0 18.5% Comcast Corporation $ 127.2 15.4% $ 166.5 24.5% AT&T Inc. $ 90.6 11.0% $ 79.2 11.6% Total contract revenues by customer type during fiscal 2019 , the 2018 transition period , fiscal 2017, and fiscal 2016 were as follows (dollars in millions): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 2,855.8 91.3% $ 1,284.1 91.0% $ 2,819.9 91.9% $ 2,424.2 90.7% Underground facility locating $ 182.7 5.8% $ 88.6 6.3% $ 167.9 5.5% $ 156.7 5.9% Electrical and gas utilities and other $ 89.2 2.9% $ 38.6 2.7% $ 79.1 2.6% $ 91.6 3.4% Total contract revenues $ 3,127.7 100% $ 1,411.3 100% $ 3,066.9 100% $ 2,672.5 100% Customers whose contract revenues exceeded 10% of total contract revenues during fiscal 2019 , the 2018 transition period , fiscal 2017 , or fiscal 2016 , as well as total contract revenues from all other customers combined, were as follows: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. 664.2 21.2% 290.1 20.6% 806.7 26.3% 650.9 24.4% Comcast Corporation 650.2 20.8% 304.4 21.6% 543.6 17.7% 363.1 13.6% Verizon Communications Inc. (1) 599.8 19.2% 168.7 12.0% 282.7 9.2% 298.2 11.2% Century Link, Inc. (2) 425.6 13.6% 247.0 17.5% 556.8 18.2% 394.0 14.7% Total other customers combined 787.9 25.2% 401.1 28.3% 877.1 28.6% 966.3 36.1% Total contract revenues $ 3,127.7 100.0% 1,411.3 100% 3,066.9 100.0% 2,672.5 100% (1) For comparison purposes in the table above, amounts from Verizon Communications Inc. and XO Communications LLC’s fiber-optic network business have been combined for periods prior to their February 2017 merger. (2) For comparison purposes in the table above, amounts from CenturyLink, Inc. and Level 3 Communications, Inc. have been combined for periods prior to their November 2017 merger. |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Assets and Contract Liabilities Net contract assets consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Contract assets $ 215,849 $ 369,472 Contract liabilities 15,125 6,480 Contract assets, net $ 200,724 $ 362,992 |
Schedule of Accounts Receivable | Accounts receivable, net classified as current consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Trade accounts receivable $ 331,903 $ 300,271 Unbilled accounts receivable 283,463 — Retainage 10,831 19,411 Total 626,197 319,682 Less: allowance for doubtful accounts (939 ) (998 ) Accounts receivable, net $ 625,258 $ 318,684 The allowance for doubtful accounts changed as follows (dollars in thousands): Fiscal Year Ended Six Months Ended January 26, 2019 January 27, 2018 Allowance for doubtful accounts at beginning of period $ 998 $ 835 Bad debt expense 16,677 201 Amounts recovered (charged) against the allowance 27 (38 ) Allowance for doubtful accounts at end of period $ 17,702 $ 998 |
Other Current Assets and Othe_2
Other Current Assets and Other Assets (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Prepaid expenses $ 12,758 $ 13,167 Insurance recoveries/receivables for accrued insurance claims — 13,701 Receivables on equipment sales 69 31 Deposits and other current assets, including restricted cash 16,318 12,811 Total other current assets $ 29,145 $ 39,710 |
Schedule of Non current Assets | Other assets (long-term) consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Deferred financing costs $ 9,036 $ 3,873 Restricted cash 4,253 5,253 Insurance recoveries/receivables for accrued insurance claims 13,684 6,722 Long-term contract assets 30,399 5,486 Long-term accounts receivable, net 24,815 — Other non-current deposits and assets 7,251 6,856 Total other assets $ 89,438 $ 28,190 |
Cash and Equivalents and Rest_2
Cash and Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Amounts of cash and equivalents and restricted cash reported in the consolidated statement of cash flows consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Cash and equivalents $ 128,342 $ 84,029 Restricted cash included in: Other current assets 1,556 900 Other assets (long-term) 4,253 5,253 Total cash and equivalents and restricted cash $ 134,151 $ 90,182 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | Amounts of cash and equivalents and restricted cash reported in the consolidated statement of cash flows consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Cash and equivalents $ 128,342 $ 84,029 Restricted cash included in: Other current assets 1,556 900 Other assets (long-term) 4,253 5,253 Total cash and equivalents and restricted cash $ 134,151 $ 90,182 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) January 26, 2019 January 27, 2018 Land — $ 4,359 $ 3,470 Buildings 10-35 13,555 12,315 Leasehold improvements 1-10 16,185 14,202 Vehicles 1-5 589,741 536,379 Computer hardware and software 1-7 140,327 117,058 Office furniture and equipment 1-10 12,804 11,686 Equipment and machinery 1-10 296,408 273,712 Total 1,073,379 968,822 Less: accumulated depreciation (648,628 ) (554,054 ) Property and equipment, net $ 424,751 $ 414,768 Depreciation expense and repairs and maintenance expense were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Depreciation expense $ 156,959 $ 72,961 $ 123,125 $ 105,514 Repairs and maintenance expense $ 36,109 $ 16,438 $ 31,272 $ 29,487 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The Company’s goodwill balance was $325.7 million and $321.7 million as of January 26, 2019 and January 27, 2018 respectively. Changes in the carrying amount of goodwill were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of July 29, 2017 $ 517,515 $ (195,767 ) $ 321,748 Purchase price allocation adjustments from fiscal 2017 acquisition (5 ) — (5 ) Balance as of January 27, 2018 517,510 (195,767 ) 321,743 Goodwill from fiscal 2019 acquisition 4,097 — 4,097 Purchase price allocation adjustments from fiscal 2019 acquisition (91 ) — (91 ) Balance as of January 26, 2019 $ 521,516 $ (195,767 ) $ 325,749 |
Impairment Calculation Rates | The table below outlines certain assumptions used in the Company’s quantitative impairment analyses for fiscal 2019, the 2018 transition period, fiscal 2017, and fiscal 2016: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Terminal Growth Rate 2.5% - 3.0% 2.5% - 3.0% 2.0% - 3.0% 2.0% - 3.0% Discount Rate 11.0% 11.0% 11.0% 11.5% |
Schedule of Intangible Assets | The Company’s intangible assets consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 11.1 $ 312,017 $ 157,691 $ 154,326 $ 299,717 $ 135,544 $ 164,173 Trade names 8.0 10,350 8,312 2,038 10,350 7,872 2,478 UtiliQuest trade name — 4,700 — 4,700 4,700 — 4,700 Non-compete agreements 1.5 200 139 61 450 332 118 $ 327,267 $ 166,142 $ 161,125 $ 315,217 $ 143,748 $ 171,469 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of January 26, 2019 , total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2020 $ 21,180 2021 20,663 2022 17,490 2023 15,334 2024 13,903 Thereafter 67,855 Total $ 156,425 |
Accrued Insurance Claims (Table
Accrued Insurance Claims (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Disclosure | Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): January 26, 2019 January 27, 2018 Accrued insurance claims - current $ 39,961 $ 53,890 Accrued insurance claims - non-current 68,315 59,385 Total accrued insurance claims $ 108,276 $ 113,275 Insurance recoveries/receivables: Current (included in Other current assets) $ — $ 13,701 Non-current (included in Other assets) 13,684 6,722 Total insurance recoveries/receivables $ 13,684 $ 20,423 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Accrued payroll and related taxes $ 25,591 $ 23,010 Accrued employee benefit and incentive plan costs 25,482 16,097 Accrued construction costs 36,449 24,582 Other current liabilities 16,552 15,968 Total other accrued liabilities $ 104,074 $ 79,657 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Debt Disclosure [Abstract] | |
Outstanding Indebtedness | The Company’s outstanding indebtedness consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Credit Agreement - Revolving facility (matures October 2023) $ — $ — Credit Agreement - Term loan facility (matures October 2023) 450,000 358,063 0.75% convertible senior notes, net (mature September 2021) 423,199 402,249 873,199 760,312 Less: current portion (5,625 ) (26,469 ) Long-term debt $ 867,574 $ 733,843 |
Schedule Interest Rates for the Credit Agreement | The weighted average interest rates and fees for balances under the Credit Agreement as of January 26, 2019 and January 27, 2018 were as follows: Weighted Average Rate End of Period January 26, 2019 January 27, 2018 Borrowings - Term loan facilities 4.25% 3.30% Borrowings - Revolving facility (1) —% —% Standby Letters of Credit 1.75% 1.75% Unused Revolver Commitment 0.35% 0.35% (1) There were no outstanding borrowings under the revolving facility as of January 26, 2019 or January 27, 2018 . Under the Credit Agreement, borrowings bear interest at the rates described below based upon the Company’s consolidated net leverage ratio, which is the ratio of the Company’s consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $50.0 million 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 net 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 0.20% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% - 1.00% (1) The administrative agent’s base rate is described in the Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50% , (ii) the administrative agent’s prime rate, and (iii) the Eurodollar rate plus 1.00% . |
Convertible Debt | The liability component of the Notes consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 485,000 $ 485,000 Less: Debt discount (55,795 ) (74,899 ) Less: Debt issuance costs (6,006 ) (7,852 ) Net carrying amount of Notes $ 423,199 $ 402,249 The following table summarizes the fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $96.31 and $136.01 as of January 26, 2019 and January 27, 2018 , respectively (dollars in thousands): January 26, 2019 January 27, 2018 Fair value of principal amount of Notes $ 467,104 $ 659,649 Less: Debt discount and debt issuance costs (61,801 ) (82,751 ) Fair value of Notes $ 405,303 $ 576,898 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Current: Federal $ 9,507 $ (4,384 ) $ 62,455 $ 42,096 Foreign 2,204 598 176 310 State 4,897 1,166 12,344 8,399 16,608 (2,620 ) 74,975 50,805 Deferred: Federal 8,706 (21,332 ) 17,051 26,467 Foreign (446 ) (37 ) (35 ) (296 ) State 263 1,704 1,217 611 8,523 (19,665 ) 18,233 26,782 Total provision (benefit) for income taxes $ 25,131 $ (22,285 ) $ 93,208 $ 77,587 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the amount computed by applying the Company’s statutory income tax rate to pre-tax income to the total tax provision is as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Statutory rate applied to pre-tax income $ 18,488 $ 15,334 $ 87,649 $ 72,214 State taxes, net of federal tax benefit 4,004 1,406 9,868 7,398 Tax Reform and related effects — (32,249 ) — — Federal benefit of vesting and exercise of share-based awards (200 ) (7,067 ) — — Non-deductible and non-taxable items, net 2,433 1,585 (4,686 ) (2,013 ) Change in accruals for uncertain tax positions 464 250 632 113 Tax credits (1,835 ) (1,596 ) — — Change in valuation allowance 291 — — — Effect of rates other than statutory 1,537 557 6 118 Other items, net (51 ) (505 ) (261 ) (243 ) Total provision (benefit) for income taxes $ 25,131 $ (22,285 ) $ 93,208 $ 77,587 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands): January 26, 2019 January 27, 2018 Deferred tax assets: Insurance and other reserves $ 22,885 $ 22,368 Allowance for doubtful accounts and reserves 5,323 1,081 Net operating loss carryforwards 5,515 822 Stock-based compensation 3,324 3,405 Other 3,764 1,174 Total deferred tax assets 40,811 28,850 Valuation allowance (418 ) (148 ) Deferred tax assets, net of valuation allowance $ 40,393 $ 28,702 Deferred tax liabilities: Property and equipment $ 77,490 $ 59,933 Goodwill and intangibles 27,780 25,852 Other 1,086 345 Deferred tax liabilities $ 106,356 $ 86,130 Net deferred tax liabilities $ 65,963 $ 57,428 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A summary of unrecognized tax benefits is as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Balance at beginning of year $ 3,322 $ 3,072 $ 2,440 $ 2,327 Additions based on tax positions related to the fiscal year 444 283 441 161 Additions (reductions) based on tax positions related to prior years 77 (33 ) 229 86 Reductions related to the expiration of statutes of limitation (57 ) — (38 ) (134 ) Balance at end of year $ 3,786 $ 3,322 $ 3,072 $ 2,440 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | The components of other income, net, were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Gain on sale of fixed assets $ 19,390 $ 7,217 $ 14,866 $ 9,806 Miscellaneous expense, net (3,392 ) (992 ) (2,086 ) 627 Write-off of deferred financing costs (156 ) — — — Total other income, net $ 15,842 $ 6,225 $ 12,780 $ 10,433 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Plans | The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund (“the Plan”) was considered individually significant and is presented separately below. All other plans are presented in the aggregate in the following table (dollars in thousands): Company Contributions Expiration Date of CBA PPA Zone Status (1) FIP/ RP Status (2) Fiscal Year Ended Six Months Ended Fiscal Year Ended Surcharge Imposed Fund 2017 2016 2019 2018 2017 2016 The Plan (EIN 13-6123601) Green Green No $ — $ — $ — $ 3,057 No 5/5/2016 Other Plans 726 319 384 622 Various Total $ 726 $ 319 $ 384 $ 3,679 (1) The most recent Pension Protection Act (the “PPA”) zone status was provided by the Plan for Plan years ending September 30, 2017 and September 30, 2016, respectively. The zone status is based on information provided by the Plan and is certified by the Plan’s actuary. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. (2) The “FIR/RP Status” column indicates plans for which a financial improvement plan (FIP) or rehabilitation plan (RP), as required by the Internal Revenue Code, is either pending or has been implemented. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | Repurchases of Common Stock. The Company did not repurchase any of its common stock during fiscal 2019. The following table summarizes the Company’s share repurchases during fiscal 2016, fiscal 2017, and the 2018 transition period (all shares repurchased have been canceled): Period Number of Shares Repurchased Total Consideration (In thousands) Average Price Per Share Fiscal 2016 2,511,578 $ 169,997 $ 67.69 Fiscal 2017 713,006 $ 62,909 $ 88.23 2018 Transition Period 200,000 $ 16,875 $ 84.38 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
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 during fiscal 2019, the 2018 transition period , fiscal 2017 , and fiscal 2016 were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Stock-based compensation $ 20,187 $ 13,277 $ 20,805 $ 16,850 Recognized tax benefit of stock-based compensation $ 5,043 $ 4,793 $ 7,996 $ 6,436 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2019, the 2018 transition period , fiscal 2017, and fiscal 2016 and the significant valuation assumptions: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Weighted average fair value of RSUs granted $ 97.90 $ 87.34 $ 79.04 $ 72.41 Weighted average fair value of Performance RSUs granted $ 106.19 $ 84.13 $ 79.29 $ 77.86 Weighted average fair value of stock options granted $ 48.19 $ 42.60 $ 39.90 $ 45.13 Stock option assumptions: Risk-free interest rate 2.7 % 2.3 % 2.3 % 2.0 % Expected life (in years) 6.3 7.6 7.6 7.3 Expected volatility 43.3 % 43.4 % 44.7 % 55.0 % Expected dividends — — — — |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during fiscal 2019 : Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 27, 2018 636,730 $ 27.93 Granted 28,796 $ 106.19 Options exercised (82,235 ) $ 10.59 Canceled — $ — Outstanding as of January 26, 2019 583,291 $ 34.24 4.4 $ 17,785 Exercisable options as of January 26, 2019 512,871 $ 26.43 3.9 $ 17,785 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during fiscal 2019 : Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of January 27, 2018 133,896 $ 71.81 390,327 $ 80.52 Granted 62,477 $ 97.90 218,628 $ 106.19 Share units vested (63,230 ) $ 65.49 (173,139 ) $ 79.84 Forfeited or canceled (6,673 ) $ 70.56 (58,462 ) $ 75.34 Outstanding as of January 26, 2019 126,470 $ 87.92 377,354 $ 96.51 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
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 combined amounts of trade accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 26, 2019 or January 27, 2018 were as follows (dollars in millions): January 26, 2019 January 27, 2018 Amount % of Total Amount % of Total Verizon Communications Inc. $ 298.4 36.2% $ 98.2 14.4% CenturyLink, Inc. $ 147.2 17.9% $ 126.0 18.5% Comcast Corporation $ 127.2 15.4% $ 166.5 24.5% AT&T Inc. $ 90.6 11.0% $ 79.2 11.6% Total contract revenues by customer type during fiscal 2019 , the 2018 transition period , fiscal 2017, and fiscal 2016 were as follows (dollars in millions): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 2,855.8 91.3% $ 1,284.1 91.0% $ 2,819.9 91.9% $ 2,424.2 90.7% Underground facility locating $ 182.7 5.8% $ 88.6 6.3% $ 167.9 5.5% $ 156.7 5.9% Electrical and gas utilities and other $ 89.2 2.9% $ 38.6 2.7% $ 79.1 2.6% $ 91.6 3.4% Total contract revenues $ 3,127.7 100% $ 1,411.3 100% $ 3,066.9 100% $ 2,672.5 100% Customers whose contract revenues exceeded 10% of total contract revenues during fiscal 2019 , the 2018 transition period , fiscal 2017 , or fiscal 2016 , as well as total contract revenues from all other customers combined, were as follows: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 26, 2019 January 27, 2018 July 29, 2017 July 30, 2016 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. 664.2 21.2% 290.1 20.6% 806.7 26.3% 650.9 24.4% Comcast Corporation 650.2 20.8% 304.4 21.6% 543.6 17.7% 363.1 13.6% Verizon Communications Inc. (1) 599.8 19.2% 168.7 12.0% 282.7 9.2% 298.2 11.2% Century Link, Inc. (2) 425.6 13.6% 247.0 17.5% 556.8 18.2% 394.0 14.7% Total other customers combined 787.9 25.2% 401.1 28.3% 877.1 28.6% 966.3 36.1% Total contract revenues $ 3,127.7 100.0% 1,411.3 100% 3,066.9 100.0% 2,672.5 100% (1) For comparison purposes in the table above, amounts from Verizon Communications Inc. and XO Communications LLC’s fiber-optic network business have been combined for periods prior to their February 2017 merger. (2) For comparison purposes in the table above, amounts from CenturyLink, Inc. and Level 3 Communications, Inc. have been combined for periods prior to their November 2017 merger. |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum obligation under these leases with original noncancelable terms in excess of one year is as follows (dollars in thousands): Future Minimum Lease Payments 2020 $ 28,415 2021 20,166 2022 12,919 2023 6,686 2024 4,342 Thereafter 3,675 Total $ 76,203 |
Transitional Comparative Peri_2
Transitional Comparative Period (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Accounting Policies [Abstract] | |
Transition Period Comparative Data | The following table presents certain financial information for the six months ended January 27, 2018 and January 28, 2017 , respectively (dollars in thousands, except share amounts): For the Six Months Ended January 27, 2018 January 28, 2017 (Unaudited) Revenues $ 1,411,348 $ 1,500,355 Expenses: Costs of earned revenues, excluding depreciation and amortization 1,141,480 1,176,361 General and administrative 124,930 118,395 Depreciation and amortization 85,053 70,252 Total 1,351,463 1,365,008 Interest expense, net (19,560 ) (18,248 ) Other income, net 6,225 1,946 Income before income taxes 46,550 119,045 (Benefit) provision for income taxes (22,285 ) 44,332 Net income $ 68,835 $ 74,713 Earnings per common share: Basic $ 2.22 $ 2.37 Diluted $ 2.15 $ 2.32 Shares used in computing earnings per common share: Basic 31,059,140 31,480,660 Diluted 32,054,945 32,180,923 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 26, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | The sum of the quarterly results may not equal the reported annual amounts due to rounding (dollars in thousands, except per share amounts). Quarter Ended Fiscal 2019 First Quarter Second Quarter Third Quarter Fourth Quarter (1) Contract revenues $ 731,375 $ 799,470 $ 848,237 $ 748,619 Costs of earned revenues, excluding depreciation and amortization $ 599,573 $ 642,376 $ 687,164 $ 633,279 Gross profit $ 131,802 $ 157,094 $ 161,073 $ 115,340 Net income (loss) $ 17,231 $ 29,900 $ 27,830 $ (12,054 ) Earnings (loss) per common share - Basic $ 0.55 $ 0.96 $ 0.89 $ (0.38 ) Earnings (loss) per common share - Diluted (2) $ 0.53 $ 0.94 $ 0.87 $ (0.38 ) Quarter Ended 2018 Transition Period (3) : First Quarter Second Quarter Contract revenues $ 756,215 $ 655,133 Costs of earned revenues, excluding depreciation and amortization $ 600,847 $ 540,633 Gross profit $ 155,368 $ 114,500 Net income $ 28,776 $ 40,059 Earnings per common share - Basic $ 0.93 $ 1.29 Earnings per common share - Diluted $ 0.90 $ 1.24 Quarter Ended Fiscal 2017 : First Quarter Second Quarter Third Quarter Fourth Quarter Contract revenues $ 799,223 $ 701,131 $ 786,338 $ 780,188 Costs of earned revenues, excluding depreciation and amortization $ 614,990 $ 561,371 $ 621,475 $ 606,898 Gross profit $ 184,233 $ 139,760 $ 164,863 $ 173,290 Net income $ 51,050 $ 23,663 $ 38,796 $ 43,708 Earnings per common share - Basic $ 1.62 $ 0.75 $ 1.24 $ 1.41 Earnings per common share - Diluted $ 1.59 $ 0.74 $ 1.22 $ 1.38 (1) On February 25, 2019, Windstream filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. As of January 26, 2019, the Company had receivables and contract assets in aggregate of approximately $45.0 million . Against this amount, the Company has recorded a non-cash charge of $17.2 million reflecting its current evaluation of recoverability of these receivables and contract assets as of January 26, 2019. (2) Loss per common diluted share for the fourth quarter of fiscal 2019 excludes the effect of common stock equivalents related to share-based awards as their effect would be anti-dilutive. (3) The second quarter of the 2018 transition period includes an income tax benefit associated with Tax Reform of approximately $32.2 million . This benefit primarily resulted from the re-measurement of the Company’s net deferred tax liabilities at a lower U.S. federal corporate income tax rate. The 2018 transition period also includes an income tax benefit of approximately $7.8 million for the tax effects of the vesting and exercise of share-based awards. See Note 14, Income Taxes , for additional information regarding these tax benefits. |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended |
Jan. 26, 2019segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Significant Accounting Polici_3
Significant Accounting Policies and Estimates - Narratives (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Capitalized Computer Software, Net | $ 28.8 | $ 28.5 | ||
Composite Revenue, Percentage | 10.00% | |||
Windstream | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts Receivable, Gross, Noncurrent | $ 24.8 | |||
Revenue Recognized Using Cost To Cost Percentage of Completion Method [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Percentage of Revenue | 5.00% | |||
Equity Option [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Performance Shares [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Supplemental Shares | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Maximum [Member] | Revenue Recognized Using Cost To Cost Percentage of Completion Method [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Percentage of Revenue | 5.00% | 5.00% | 5.00% |
Accounting Standards - Narrativ
Accounting Standards - Narratives (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 27, 2019 | Jan. 28, 2018 | Jul. 25, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Restricted Cash | $ 6,200 | $ 5,400 | $ 5,000 | $ 4,500 | |||
Payment for Debt Extinguishment or Debt Prepayment Cost, financing | 0 | $ 0 | $ 0 | 14,243 | |||
Accounts Receivable, Net, Current | 318,684 | 625,258 | $ 630,400 | ||||
Contract with Customer, Asset, Gross | $ 369,472 | 215,849 | 57,800 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounts Receivable, Net, Current | 341,795 | ||||||
Contract with Customer, Asset, Gross | 499,312 | ||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounts Receivable, Net, Current | 283,463 | $ 311,700 | |||||
Contract with Customer, Asset, Gross | $ (283,463) | ||||||
Scenario, Forecast | Subsequent Event | Minimum | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | $ 70,000 | ||||||
Operating Lease, Liability | 70,000 | ||||||
Scenario, Forecast | Subsequent Event | Maximum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | 75,000 | ||||||
Operating Lease, Liability | $ 75,000 | ||||||
Restatement Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Payment for Debt Extinguishment or Debt Prepayment Cost, financing | $ 14,200 |
Computation of Earnings Per C_3
Computation of Earnings Per Common Share - Basic and Diluted Earnings Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Basic earnings per unit | |||||||||||||||
Net income | $ (12,054) | $ 27,830 | $ 29,900 | $ 17,231 | $ 40,059 | $ 28,776 | $ 43,708 | $ 38,796 | $ 23,663 | $ 51,050 | $ 68,835 | $ 74,713 | $ 62,907 | $ 157,217 | $ 128,740 |
Weighted-average number of common shares (in shares) | 31,059,140 | 31,480,660 | 31,250,376 | 31,351,367 | 32,315,636 | ||||||||||
Basic earnings per common share (in dollars per share) | $ (0.38) | $ 0.89 | $ 0.96 | $ 0.55 | $ 1.29 | $ 0.93 | $ 1.41 | $ 1.24 | $ 0.75 | $ 1.62 | $ 2.22 | $ 2.37 | $ 2.01 | $ 5.01 | $ 3.98 |
Diluted earnings per unit | |||||||||||||||
Weighted-average number of common shares (in shares) | 31,059,140 | 31,480,660 | 31,250,376 | 31,351,367 | 32,315,636 | ||||||||||
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 778,411 | 555,993 | 633,364 | 800,119 | |||||||||||
Potential shares of common stock issuable on exercise of convertible senior notes | 217,394 | 183,799 | 0 | 0 | |||||||||||
Total shares-diluted (in shares) | 32,054,945 | 32,180,923 | 31,990,168 | 31,984,731 | 33,115,755 | ||||||||||
Diluted earnings per common share (in dollars per share) | $ (0.38) | $ 0.87 | $ 0.94 | $ 0.53 | $ 1.24 | $ 0.90 | $ 1.38 | $ 1.22 | $ 0.74 | $ 1.59 | $ 2.15 | $ 2.32 | $ 1.97 | $ 4.92 | $ 3.89 |
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 9,887,191 | 9,958,448 | 10,085,298 | 10,076,982 | |||||||||||
Stock-based awards | |||||||||||||||
Diluted earnings per unit | |||||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 93,117 | 130,779 | 73,830 | 65,514 | |||||||||||
Convertible senior notes | |||||||||||||||
Diluted earnings per unit | |||||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 4,788,340 | 4,821,935 | 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 | 5,005,734 | 5,005,734 |
Computation of Earnings Per C_4
Computation of Earnings Per Common Share - Narratives (Details) - $ / shares | 6 Months Ended | ||||||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 28, 2018 | Apr. 28, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Sep. 15, 2015 | |
Shares used in computing earnings per common share: | |||||||
Adoption of accounting principled effect on diluted shares | 177,575 | ||||||
Weighted average stock price (usd per share) | $ 106.11 | $ 99.27 | $ 110.46 | ||||
Convertible Note Hedge | |||||||
Shares used in computing earnings per common share: | |||||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | $ 96.89 | |||||
0.75% Convertible Senior Notes Due 2021 | |||||||
Shares used in computing earnings per common share: | |||||||
Debt, interest rate (in percent) | 0.75% | 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 (per warrant) | $ 130.43 | $ 130.43 |
Acquisitions - Narratives (Deta
Acquisitions - Narratives (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2018 | Mar. 31, 2017 | Jul. 30, 2016 | May 31, 2016 | Aug. 31, 2015 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Business Acquisition [Line Items] | |||||||||
Business Combination, Purchase Accounting Adjustment to Receivables | $ 500 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 20,917 | $ 26,070 | $ 157,183 | |||||
Aero Communications, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payment to acquire business, net of cash acquired | $ 20,900 | ||||||||
Texstar Enterprises, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Payment to acquire business, net of cash acquired | $ 26,100 | ||||||||
TelCom Construction, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Payment to acquire business, net of cash acquired | $ 48,800 | ||||||||
NextGen Telecom Services Group, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Payment to acquire business, net of cash acquired | $ 5,600 | ||||||||
Goodman Networks, Inc. Wireline Operations | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 100,900 | ||||||||
Working Capital Adjustment | Goodman Networks, Inc. Wireline Operations | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Working Capital Adjustment | $ 6,600 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 |
Business Acquisition [Line Items] | |||
Accounts receivable | $ 5.6 | $ 8.9 | $ 16.9 |
Costs and estimated earnings in excess of billings | 0 | 2.4 | 21.8 |
Inventories and other current assets | 0.2 | 0.2 | 15 |
Property and equipment | 0.5 | 5.6 | 11.5 |
Goodwill | 4 | 10.1 | 39.9 |
Total assets | 22.6 | 37.7 | 201.4 |
Accounts payable | 2.2 | 3.2 | 23.7 |
Accrued and other current liabilities | 0 | 3.4 | 22.3 |
Deferred tax liabilities, net non-current | 0 | 5 | 0 |
Total liabilities | 2.2 | 11.6 | 46 |
Customer relationships | |||
Business Acquisition [Line Items] | |||
Intangible assets | 12.3 | 9.8 | 94.5 |
Trade names | |||
Business Acquisition [Line Items] | |||
Intangible assets | 0 | 0.7 | 1.8 |
Current Year Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Net Assets Acquired | $ 20.4 | $ 26.1 | $ 155.4 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jan. 27, 2018 | Jan. 26, 2019 | Jan. 28, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Bad debt expense, net | $ (38) | $ 27 | |
Contract with Customer, Asset, Gross | 369,472 | 215,849 | $ 57,800 |
Accounts Receivable, Net, Current | 318,684 | 625,258 | 630,400 |
Trade accounts receivable | 300,271 | 331,903 | |
Unbilled Contracts Receivable | 0 | 283,463 | |
Retainage | 19,411 | 10,831 | |
Total | 319,682 | 626,197 | |
Less: allowance for doubtful accounts | (998) | (939) | |
Accounts receivable, net | 318,700 | 625,258 | 630,400 |
Contract liabilities | 6,480 | 15,125 | |
Contract with Customer, Asset, Net | $ 362,992 | 200,724 | |
Windstream | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 45,000 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contract with Customer, Asset, Gross | (283,463) | ||
Accounts Receivable, Net, Current | 283,463 | $ 311,700 | |
Windstream | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Gross, Noncurrent | $ 24,800 |
Accounts Receivable Allowance f
Accounts Receivable Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jan. 27, 2018 | Jan. 26, 2019 | |
Allowance for Doubtful Accounts Receivable | ||
Allowance for doubtful accounts at beginning of period | $ 835 | $ 998 |
Bad debt expense | 201 | 16,677 |
Bad debt expense | (38) | 27 |
Allowance for doubtful accounts at end of period | $ 998 | 17,702 |
Windstream | ||
Allowance for Doubtful Accounts Receivable | ||
Allowance for doubtful accounts at end of period | $ 16,800 |
Accounts Receivable Concentrati
Accounts Receivable Concentration Credit Risk (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts Receivable, Net, Current | $ 318,684 | $ 625,258 | $ 630,400 | ||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Verizon [Member] | Trade Accounts Receivable and Costs and Estimated Earnings [Member] | Customer Concentration Risk [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts Receivable, Net, Current | $ 98,200 | $ 298,400 | |||
Concentration Risk, Percentage | 14.40% | 36.20% | |||
Verizon Communications Inc.(1) | Trade Accounts Receivable and Costs and Estimated Earnings [Member] | Customer Concentration Risk [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts Receivable, Net, Current | $ 126,000 | $ 147,200 | |||
Concentration Risk, Percentage | 18.50% | 17.90% | |||
Comcast [Member] | Trade Accounts Receivable and Costs and Estimated Earnings [Member] | Customer Concentration Risk [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts Receivable, Net, Current | $ 166,500 | $ 127,200 | |||
Concentration Risk, Percentage | 24.50% | 15.40% | |||
ATT [Member] | Trade Accounts Receivable and Costs and Estimated Earnings [Member] | Customer Concentration Risk [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts Receivable, Net, Current | $ 79,200 | $ 90,600 | |||
Concentration Risk, Percentage | 11.60% | 11.00% |
Other Current Assets and Othe_3
Other Current Assets and Other Assets - Current (Details) - USD ($) $ in Thousands | Jan. 26, 2019 | Jan. 27, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 12,758 | $ 13,167 |
Insurance recoveries/receivables for accrued insurance claims | 0 | 13,701 |
Receivables on equipment sales | 69 | 31 |
Deposits and other current assets, including restricted cash | 16,318 | 12,811 |
Total other current assets | 29,145 | 39,710 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Income tax receivable | $ 3,461 | $ 13,852 |
Other Current Assets and Othe_4
Other Current Assets and Other Assets - Non-current (Details) - USD ($) $ in Thousands | Feb. 25, 2019 | Jan. 27, 2018 | Jan. 26, 2019 | Jan. 28, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable, Net | $ 318,700 | $ 625,258 | $ 630,400 | |
Provision for Doubtful Accounts | (38) | 27 | ||
Increase (Decrease) in Insurance Liabilities | (6,700) | |||
Deferred financing costs | 3,873 | 9,036 | ||
Restricted cash | 5,253 | 4,253 | ||
Insurance recoveries/receivables for accrued insurance claims | 6,722 | 13,684 | ||
Contract with Customer, Asset, Gross, Noncurrent | 5,486 | 30,399 | ||
Receivables, Long-term Contracts or Programs | 0 | 24,815 | ||
Other non-current deposits and assets | 6,856 | 7,251 | ||
Total other assets | $ 28,190 | 89,438 | ||
Increase (Decrease) in Contract with Customer, Asset | 24,900 | |||
Windstream Corporation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable, Net | $ 45,000 | |||
Subsequent Event [Member] | Windstream Corporation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Doubtful Accounts | $ 17,200 |
Cash and Equivalents and Rest_3
Cash and Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 26, 2019 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 |
Cash and Cash Equivalents [Abstract] | |||||
Cash and equivalents | $ 128,342 | $ 84,029 | |||
Restricted cash included in: | |||||
Other current assets | 1,556 | 900 | |||
Other assets (long-term) | 4,253 | 5,253 | |||
Total cash and equivalents and restricted cash | $ 134,151 | $ 90,182 | $ 44,016 | $ 38,795 | $ 25,818 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 26, 2019 | Jan. 27, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,073,379 | $ 968,822 |
Less: accumulated depreciation | (648,628) | (554,054) |
Property and equipment, net | 424,751 | 414,768 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,359 | 3,470 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 13,555 | 12,315 |
Buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Buildings | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 35 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 16,185 | 14,202 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Leasehold improvements | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 589,741 | 536,379 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Vehicles | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 5 years | |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 140,327 | 117,058 |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Computer hardware and software | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 7 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 12,804 | 11,686 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Office furniture and equipment | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Equipment and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 296,408 | $ 273,712 |
Equipment and machinery | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Equipment and machinery | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense and Repairs (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 72,961 | $ 156,959 | $ 123,125 | $ 105,514 |
Repairs and maintenance expense | $ 16,438 | $ 36,109 | $ 31,272 | $ 29,487 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||
Goodwill | $ 325,749 | $ 321,743 | $ 321,748 | $ 321,743 | $ 325,749 | $ 321,748 | |||||||||
Amortization of intangible assets | 12,100 | $ 22,600 | 24,800 | $ 19,400 | |||||||||||
Change In Fair Value, Percentage | 25.00% | ||||||||||||||
Percentage Change in Fair Value Input | 10000.00% | ||||||||||||||
Revenues | 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 1,411,348 | $ 1,500,355 | $ 3,127,700 | $ 3,066,880 | $ 2,672,542 |
Customer relationships | |||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||
Usesul life | 11 years 1 month 6 days | ||||||||||||||
Trade names | |||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||
Usesul life | 8 years | ||||||||||||||
Non-compete agreements | |||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||
Usesul life | 1 year 6 months | ||||||||||||||
Reporting Unit One [Member] | |||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||
Goodwill | $ 5,700 | $ 5,700 | |||||||||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 18.00% | 18.00% | |||||||||||||
Reporting Unit Two | |||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||
Goodwill | $ 10,100 | $ 10,100 | |||||||||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 19.00% | 19.00% | |||||||||||||
Sales Revenue, Services, Net [Member] | Windstream Corporation | Customer Concentration Risk [Member] | |||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||
Goodwill | $ 13,200 | $ 13,200 | |||||||||||||
Revenues | $ 113,600 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill gross | $ 517,510 | $ 521,516 | $ 517,515 | |
Accumulated impairment losses | (195,767) | $ (195,767) | $ (195,767) | |
Beginning balance | 321,748 | |||
Purchase price allocation adjustments from fiscal 2017 acquisition | $ (91) | (5) | ||
Goodwill, Acquired During Period | $ 4,097 | |||
Ending balance | $ 321,743 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Impairment Analysis (Details) | Jan. 26, 2019 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Discount Rate | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Asset, Measurement Input | 0.110 | 0.110 | 0.110 | 0.115 |
Maximum | Terminal Growth Rate | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Asset, Measurement Input | 0.030 | 0.030 | 0.030 | 0.030 |
Minimum | Terminal Growth Rate | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Asset, Measurement Input | 0.025 | 0.025 | 0.020 | 0.020 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 26, 2019 | Jan. 27, 2018 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 327,267 | $ 315,217 |
Accumulated Amortization | 166,142 | 143,748 |
Intangible Assets, Net | 161,125 | 171,469 |
UtiliQuest | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 4,700 | 4,700 |
Accumulated Amortization | 0 | 0 |
Intangible Assets, Net | $ 4,700 | 4,700 |
Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years 1 month 6 days | |
Intangible Assets, Gross (Excluding Goodwill) | $ 312,017 | 299,717 |
Accumulated Amortization | 157,691 | 135,544 |
Intangible Assets, Net | $ 154,326 | 164,173 |
Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years | |
Intangible Assets, Gross (Excluding Goodwill) | $ 10,350 | 10,350 |
Accumulated Amortization | 8,312 | 7,872 |
Intangible Assets, Net | $ 2,038 | 2,478 |
Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 6 months | |
Intangible Assets, Gross (Excluding Goodwill) | $ 200 | 450 |
Accumulated Amortization | 139 | 332 |
Intangible Assets, Net | $ 61 | $ 118 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands | Jan. 26, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |
2,019 | $ 21,180 |
2,020 | 20,663 |
2,021 | 17,490 |
2,022 | 15,334 |
2,023 | 13,903 |
Thereafter | 67,855 |
Total | $ 156,425 |
Accrued Insurance Claims - Narr
Accrued Insurance Claims - Narratives (Details) | 12 Months Ended | |||
Jan. 26, 2019USD ($)state | Jan. 27, 2018USD ($) | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | |
Accrued Insurance Claims [Line Items] | ||||
Increase (Decrease) in Insurance Liabilities | $ (6,700,000) | |||
Number of states with state-sponsored insurance fund | state | 2 | |||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 78,900,000 | $ 67,100,000 | $ 103,700,000 | $ 84,600,000 |
Insurance liability, annual retained risk loss | 400,000 | |||
Insurance Liability, Annual Retained Risk of Loss, Under Employee Health Plan Per Participant, Maximum Threshold | 425,000 | |||
Maximum | ||||
Accrued Insurance Claims [Line Items] | ||||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | $ 1,000,000 |
Accrued Insurance Claims (Detai
Accrued Insurance Claims (Details) - USD ($) $ in Thousands | Jan. 26, 2019 | Jan. 27, 2018 |
Accrued Insurance Claims [Abstract] | ||
Accrued insurance claims - current | $ 39,961 | $ 53,890 |
Accrued insurance claims - non-current | 68,315 | 59,385 |
Total accrued insurance claims | 108,276 | 113,275 |
Insurance recoveries/receivables: | ||
Current (included in Other current assets) | 0 | 13,701 |
Non-current (included in Other assets) | 13,684 | 6,722 |
Insurance Settlements Receivable | $ 13,684 | $ 20,423 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 26, 2019 | Jan. 27, 2018 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 25,591 | $ 23,010 |
Accrued employee benefit and incentive plan costs | 25,482 | 16,097 |
Accrued construction costs | 36,449 | 24,582 |
Other current liabilities | 16,552 | 15,968 |
Total other accrued liabilities | $ 104,074 | $ 79,657 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jan. 26, 2019 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 873,199 | $ 760,312 | ||
Less: current portion | (5,625) | (26,469) | ||
Long-term debt | 867,574 | 733,843 | ||
0.75% Convertible Senior Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 423,199 | $ 402,249 | ||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | 0.75% |
Credit Agreement - Revolving facility (matures April 2020) | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 0 | $ 0 | ||
Credit Agreement - Term Loan (matures April 2020) | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 450,000 | $ 358,063 |
Debt - Senior Credit Agreement
Debt - Senior Credit Agreement (Details) | Sep. 15, 2015USD ($) | Jan. 26, 2019USD ($) | Oct. 19, 2018USD ($) | Jan. 27, 2018USD ($) |
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding amount | $ 48,600,000 | $ 48,600,000 | ||
Additional borrowing availability | 412,900,000 | 401,400,000 | ||
Standby Letters of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Long-term Line of Credit | 0 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||
Letters of credit outstanding amount | 48,600,000 | |||
Incremental Facility, Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, face amount | $ 350,000,000 | |||
Credit Agreement - Term Loan (matures April 2020) | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 450,000,000 | |||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio | 2.25 | |||
Unrestricted Cash and Cash Equivalents Credit Agreement Threshold | $ 50,000,000 | |||
Credit Agreement - Revolving facility (matures April 2020) | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 450,000,000 | $ 750,000,000 | ||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, covenant compliance, consolidated interest coverage ratio, maximum | 1 | |||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio | 1 | |||
Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, covenant compliance, consolidated interest coverage ratio, maximum | 3 | |||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio | 3.50 | |||
0.75% Convertible Senior Notes Due 2021 | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement Liquidity Requirement | $ 150,000,000 | |||
Debt instrument, face amount | $ 485,000,000 | 485,000,000 | $ 485,000,000 | |
Outstanding Debt Credit Agreement Threshold | $ 250,000,000 |
Debt - Interest Rates of the Cr
Debt - Interest Rates of the Credit Agreement (Details) | 6 Months Ended | 12 Months Ended |
Jan. 27, 2018 | Jan. 26, 2019 | |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.35% | 0.35% |
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% | |
Minimum | Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.20% | |
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% | |
Maximum | Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.40% | |
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 | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% |
Debt - Interest Rates at Period
Debt - Interest Rates at Period End (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jan. 27, 2018 | Jan. 26, 2019 | |
Line of Credit Facility [Line Items] | ||
Debt Instrument Fair Value, Per Stated Incremental Portion on Principal | $ 136.01 | $ 96.31 |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.75% | 1.75% |
Line of credit | $ 0 | $ 0 |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 3.30% | 4.25% |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 0.00% | 0.00% |
Unutilized commitment fee (in percent) | 0.35% | 0.35% |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes Due 2021 (Details) | Sep. 15, 2015USD ($)$ / shares | Sep. 09, 2015USD ($)shares | Apr. 29, 2017shares | Jan. 28, 2017shares | Oct. 24, 2015trading_day | Jan. 27, 2018USD ($)shares | Jan. 26, 2019USD ($) | Jul. 29, 2017USD ($)shares | Jul. 30, 2016USD ($)shares | Jul. 15, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||
Amortization of debt discount | $ 9,170,000 | $ 19,103,000 | $ 17,610,000 | $ 14,709,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ 60,000,000 | $ 16,875,000 | $ 62,909,000 | $ 169,997,000 | ||||||
Repurchase of common stock, shares | shares | 805,000 | 400,000 | 313,006 | 200,000 | 713,006 | 2,511,578 | ||||
Payments for Hedge, Financing Activities | $ 0 | 0 | $ 0 | $ 115,818,000 | ||||||
0.75% Convertible Senior Notes Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 485,000,000 | $ 485,000,000 | $ 485,000,000 | |||||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | 0.75% | ||||||
Debt Conversion, Converted Instrument, Amount | $ 1,000 | |||||||||
Debt instrument conversion ratio | 10.3211 | |||||||||
Debt instrument, convertible, conversion price (per share) | $ / shares | $ 96.89 | |||||||||
Convertible debt, trading day threshold | trading_day | 20 | |||||||||
Convertible debt, consecutive trading day threshold | trading_day | 30 | |||||||||
Convertible debt, percentage of stock trigger price threshold | 130.00% | |||||||||
Debt Instrument, Convertible, Conversion Price, Threshold Trigger Price | $ / shares | $ 125.96 | |||||||||
Convertible debt, measurement period for percentage of product sale price of common stock and applicable conversion threshold | 98.00% | |||||||||
Convertible debt, comparable yield | 5.50% | |||||||||
Amortization of debt discount | $ 9,200,000 | $ 19,100,000 | $ 17,600,000 | $ 14,700,000 | ||||||
Convertible Debt | 402,249,000 | 423,199,000 | ||||||||
Unamortized discount | 74,899,000 | 55,795,000 | ||||||||
Debt issuance cost | $ 7,852,000 | $ 6,006,000 | ||||||||
7.125% Senior Subordinated Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 277,500,000 | |||||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% | 7.125% | |||||
Repayments of Debt | $ 296,600,000 |
Debt - Components of the Conver
Debt - Components of the Convertible Notes (Details) - USD ($) | Sep. 15, 2015 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 |
Debt Instrument [Line Items] | |||||
Proceeds from sale of warrants | $ 0 | $ 0 | $ 0 | $ 74,690,000 | |
Payments for Hedge, Financing Activities | 0 | 0 | 0 | 115,818,000 | |
Equity component of 0.75% senior convertible notes due 2021, net | 112,600,000 | ||||
Amortization of debt discount | 9,170,000 | 19,103,000 | 17,610,000 | 14,709,000 | |
Estimate of Fair Value Measurement | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | 659,649,000 | 467,104,000 | |||
Less: Debt discount and debt issuance costs | (82,751,000) | (61,801,000) | |||
Net carrying amount of Notes | 576,898,000 | 405,303,000 | |||
0.75% Convertible Senior Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Proceeds from sale of warrants | $ 74,700,000 | ||||
Debt instrument, face amount | 485,000,000 | 485,000,000 | 485,000,000 | ||
Debt Instrument, Unamortized Discount | (74,899,000) | (55,795,000) | |||
Debt issuance cost | (7,852,000) | (6,006,000) | |||
Net carrying amount of Notes | 402,249,000 | 423,199,000 | |||
Amortization of debt discount | $ 9,200,000 | $ 19,100,000 | $ 17,600,000 | $ 14,700,000 | |
Convertible Note Hedge | |||||
Debt Instrument [Line Items] | |||||
Payments for Hedge, Financing Activities | $ 115,800,000 |
Debt - Convertible Note Hedge a
Debt - Convertible Note Hedge and Warrant Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Jan. 26, 2019 | Sep. 15, 2015 |
Convertible Note Hedge | ||
Debt Instrument [Line Items] | ||
Derivative, Number of Instruments Held | 5,006 | |
Debt instrument, convertible, conversion price (per share) | $ 96.89 | $ 96.89 |
Deferred tax liability | $ 43.4 | |
Deferred tax asset, derivative instrument | $ 43.2 | |
0.75% Convertible Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | |
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 (per warrant) | $ 130.43 | $ 130.43 |
Debt - Senior Subordinated Note
Debt - Senior Subordinated Notes - Loss on Extinguishment (Details) - USD ($) | Oct. 15, 2015 | Sep. 15, 2015 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 15, 2015 |
Debt Instrument [Line Items] | |||||||
Loss on debt extinguishment | $ 0 | $ 0 | $ 0 | $ (16,260,000) | |||
Loss on debt extinguishment | $ 0 | $ 156,000 | $ 0 | $ 0 | |||
7.125% Senior Subordinated Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 277,500,000 | ||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% | 7.125% | ||
Repayments of Debt | $ 296,600,000 | ||||||
Increase in accrued interest | $ 4,900,000 | ||||||
Redemption price, percentage | 103.563% | ||||||
Redemption premium | $ 14,200,000 | ||||||
Loss on debt extinguishment | $ 16,300,000 | ||||||
gain on the extinguishment of debt | 6,500,000 | ||||||
Loss on debt extinguishment | $ 4,900,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Current: | |||||
Federal | $ (4,384) | $ 9,507 | $ 62,455 | $ 42,096 | |
Foreign | 598 | 2,204 | 176 | 310 | |
State | 1,166 | 4,897 | 12,344 | 8,399 | |
Current Income Tax Expense (Benefit) | (2,620) | 16,608 | 74,975 | 50,805 | |
Deferred: | |||||
Federal | (21,332) | 8,706 | 17,051 | 26,467 | |
Foreign | (37) | (446) | (35) | (296) | |
State | 1,704 | 263 | 1,217 | 611 | |
Deferred income tax (benefit) provision | (19,665) | 8,523 | 18,233 | 26,782 | |
Total provision for income taxes | $ (22,285) | $ 44,332 | $ 25,131 | $ 93,208 | $ 77,587 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Income Tax Contingency [Line Items] | |||||
Tax Cuts and Jobs Act of 2017, adjustment to income tax liability | $ 32,200 | ||||
Effective tax rate | 33.00% | ||||
Unrecognized tax benefits | $ 3,322 | $ 3,786 | $ 3,072 | $ 2,440 | $ 2,327 |
Payment of interest and penalties accrued | 1,200 | 1,400 | |||
Tax benefit from exercise of stock options | 7,800 | ||||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | 6,000 | 4,500 | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 1,300 | 2,500 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 1,596 | $ 1,835 | 0 | 0 | |
Non deductible ana non taxable item | |||||
Income Tax Contingency [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 1,000 | $ 700 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | $ 6,000 | $ 4,500 | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 1,300 | 2,500 | |||
Statutory rate applied to pre-tax income | $ 15,334 | $ 18,488 | 87,649 | 72,214 | |
State taxes, net of federal tax benefit | 1,406 | 4,004 | 9,868 | 7,398 | |
Tax Reform and related effects | (32,249) | 0 | 0 | 0 | |
Federal benefit of vesting and exercise of share-based awards | (7,067) | (200) | 0 | 0 | |
Non-deductible and non-taxable items, net | 1,585 | 2,433 | (4,686) | (2,013) | |
Change in accruals for uncertain tax positions | 250 | 464 | 632 | 113 | |
Tax credits | (1,596) | (1,835) | 0 | 0 | |
Change in valuation allowance | 0 | 291 | 0 | 0 | |
Effect of rates other than statutory | 557 | 1,537 | 6 | 118 | |
Other items, net | (505) | (51) | (261) | (243) | |
Total provision for income taxes | $ (22,285) | $ 44,332 | $ 25,131 | $ 93,208 | $ 77,587 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 26, 2019 | Jan. 27, 2018 |
Deferred tax assets: | ||
Insurance and other reserves | $ 22,885 | $ 22,368 |
Allowance for doubtful accounts and reserves | 5,323 | 1,081 |
Net operating loss carryforwards | 5,515 | 822 |
Stock-based compensation | 3,324 | 3,405 |
Other | 3,764 | 1,174 |
Total deferred tax assets | 40,811 | 28,850 |
Valuation allowance | (418) | (148) |
Deferred tax assets, net of valuation allowance | 40,393 | 28,702 |
Deferred tax liabilities: | ||
Property and equipment | 77,490 | 59,933 |
Goodwill and intangibles | 27,780 | 25,852 |
Other | 1,086 | 345 |
Deferred tax liabilities | 106,356 | 86,130 |
Net deferred tax liabilities | $ 65,963 | $ 57,428 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | ||||
Balance at beginning of year | $ 3,072 | $ 3,322 | $ 2,440 | $ 2,327 |
Additions based on tax positions related to the fiscal year | 283 | 444 | 441 | 161 |
Additions (reductions) based on tax positions related to prior years | 77 | 229 | 86 | |
Additions (reductions) based on tax positions related to prior years | 33 | |||
Reductions related to the expiration of statutes of limitation | 0 | (57) | (38) | (134) |
Balance at end of year | $ 3,322 | $ 3,786 | $ 3,072 | $ 2,440 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Other Income and Expenses [Abstract] | |||||
Gain on sale of fixed assets | $ 7,217 | $ 19,390 | $ 14,866 | $ 9,806 | |
Miscellaneous expense, net | (992) | (3,392) | (2,086) | 627 | |
Write off of Deferred Debt Issuance Cost | 0 | (156) | 0 | 0 | |
Total other income, net | 6,225 | $ 1,946 | 15,842 | 12,780 | 10,433 |
Financial Service, Other | |||||
Net Investment Income | |||||
Other financial services costs | $ 1,400 | $ 4,100 | $ 3,200 | $ 200 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Oct. 31, 2016 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Nov. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined contribution maximum annual contribution for employee | 75.00% | |||||
Defined contribution employer match | 30.00% | |||||
Defined contribution employer match | 5.00% | |||||
Employer contribution amount | $ 1.7 | $ 3.5 | $ 5 | $ 4.8 | ||
Multiemployer plan periodic withdraw liability | $ 0.1 | |||||
Maximum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Plan contribution | 5.00% | |||||
Multiemployer plans, red zone threshold | 65.00% | |||||
Multiemployer plans, yellow zone threshold | 80.00% | |||||
Minimum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Multiemployer plans, yellow zone threshold | 65.00% | |||||
Multiemployer plans, green zone threshold | 80.00% | |||||
The Plan (EIN 13-6123601) | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Claim amount | $ 13 |
Employee Benefit Plans - Contri
Employee Benefit Plans - Contribution Details (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Company Contributions | $ 319 | $ 726 | $ 384 | $ 3,679 | |
The Plan (EIN 13-6123601) | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Multiemployer lans, certified zone status | Green | ||||
Multiemployer plans, FIP/RP Status | No | ||||
Company Contributions | 0 | $ 0 | 0 | 3,057 | |
Surcharge Imposed | No | ||||
Expiration Date of CBA | May 5, 2016 | ||||
Claim amount | $ 13,000 | ||||
Other Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Company Contributions | $ 319 | $ 726 | $ 384 | $ 622 |
Capital Stock - Repurchase of C
Capital Stock - Repurchase of Common Stock (Details) - USD ($) | Sep. 09, 2015 | Apr. 29, 2017 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Aug. 29, 2018 |
Stockholders' Equity Note [Abstract] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 75,000,000 | $ 150,000,000 | ||||||
Repurchase of common stock, shares | 805,000 | 400,000 | 313,006 | 200,000 | 713,006 | 2,511,578 | ||
Total Consideration (In thousands) | $ 37,900,000 | $ 25,000,000 | $ 16,875,000 | $ 0 | $ 62,909,000 | $ 169,997,000 | ||
Average Price Per Share (in dollars per share) | $ 74.53 | $ 94.77 | $ 79.87 | $ 84.38 | $ 88.23 | $ 67.69 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 95,200,000 | $ 150,000,000 | $ 100,000,000 | $ 95,200,000 |
Capital Stock - Narratives (Det
Capital Stock - Narratives (Details) - USD ($) | Sep. 09, 2015 | Apr. 29, 2017 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Aug. 29, 2018 |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Repurchase of common stock, shares | 805,000 | 400,000 | 313,006 | 200,000 | 713,006 | 2,511,578 | ||
Remaining authorized shares for repurchases (shares) | $ 95,200,000 | $ 150,000,000 | $ 100,000,000 | $ 95,200,000 | ||||
Shares paid for tax withholding for share based compensation | 117,426 | 73,300 | 134,736 | 161,988 | ||||
Value of shares paid for tax withholding for share based compensation | $ 12,600,000 | $ 4,700,000 | $ 10,800,000 | $ 12,600,000 | ||||
Average Price Per Share (in dollars per share) | $ 74.53 | $ 94.77 | $ 79.87 | $ 84.38 | $ 88.23 | $ 67.69 | ||
Total Consideration (In thousands) | $ 37,900,000 | $ 25,000,000 | $ 16,875,000 | $ 0 | $ 62,909,000 | $ 169,997,000 | ||
Shares repurchased value | $ 75,000,000 | $ 150,000,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ 60,000,000 | 16,875,000 | 62,909,000 | 169,997,000 | ||||
Shares cancelled, value | $ 11,500,000 | $ 42,800,000 | 17,100,000 | |||||
Notes Offering [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Total Consideration (In thousands) | $ 110,000,000 |
Stock-Based Awards - Tax Benefi
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation | $ 13,277 | $ 20,187 | $ 20,805 | $ 16,850 |
Recognized tax benefit of stock-based compensation | $ 4,793 | $ 5,043 | $ 7,996 | $ 6,436 |
Stock-Based Awards - Narratives
Stock-Based Awards - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 25, 2019 | Apr. 27, 2019 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Accounts Receivable, Net, Current | $ 318,684 | $ 625,258 | $ 630,400 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,201,611 | ||||||
Accounts Receivable, Net | 318,700 | $ 625,258 | $ 630,400 | ||||
Bad debt expense, net | (38) | 27 | |||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 7,800 | 200 | $ 8,385 | $ 13,003 | |||
Proceeds from stock options exercised | 745 | $ 871 | 1,449 | 2,745 | |||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Price | $ 59.18 | ||||||
Share based compensation intrinsic value | 4,500 | $ 5,700 | 7,800 | 15,000 | |||
Unrecognized compensation expense related to stock options | $ 2,500 | ||||||
Total compensation cost not yet recognized, period for recognition | 2 years 2 months 1 day | ||||||
Proceeds from stock options exercised | $ 700 | $ 900 | 1,400 | 2,700 | |||
RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expense related to stock options | $ 9,000 | ||||||
Total compensation cost not yet recognized, period for recognition | 2 years 5 months 1 day | ||||||
Granted (in shares) | 62,477 | ||||||
Forfeited or canceled (in shares) | 6,673 | ||||||
Shares outstanding (in shares) | 133,896 | 126,470 | |||||
Share units vested (in shares) | 63,230 | ||||||
Share based compensation vested in period | $ 37,700 | $ 15,300 | $ 33,200 | $ 39,100 | |||
Performance RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expense related to stock options | $ 16,700 | ||||||
Total compensation cost not yet recognized, period for recognition | 1 year 1 day | ||||||
Compensation expense | $ 10,300 | ||||||
RSUs outstanding (in shares) | 158,841 | ||||||
Granted (in shares) | 218,628 | ||||||
Forfeited or canceled (in shares) | 58,462 | ||||||
Shares outstanding (in shares) | 390,327 | 377,354 | |||||
Share units vested (in shares) | 173,139 | ||||||
Performance RSUs | Scenario, Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Forfeited or canceled (in shares) | 23,384 | ||||||
Target Share Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares outstanding (in shares) | 273,219 | ||||||
Supplemental Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (in shares) | 59,787 | ||||||
Forfeited or canceled (in shares) | 24,689 | ||||||
Shares outstanding (in shares) | 104,135 | ||||||
Supplemental Shares | Scenario, Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Forfeited or canceled (in shares) | 15,385 | ||||||
Windstream | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Accounts Receivable, Net | $ 45,000 | ||||||
Subsequent Event | Windstream | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Bad debt expense, net | $ 17,200 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Valuation Inputs (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Stock option assumptions: | ||||
Risk-free interest rate | 2.30% | 2.70% | 2.30% | 2.00% |
Expected life (in years) | 7 years 6 months 29 days | 6 years 3 months | 7 years 6 months 29 days | 7 years 3 months 29 days |
Expected volatility | 43.40% | 43.30% | 44.70% | 55.00% |
Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
RSUs | ||||
Stock option assumptions: | ||||
Weighted average fair value of shares other than options granted (usd per share) | $ 87.34 | $ 97.90 | $ 79.04 | $ 72.41 |
Performance RSUs | ||||
Stock option assumptions: | ||||
Weighted average fair value of shares other than options granted (usd per share) | 84.13 | 106.19 | 79.29 | 77.86 |
Stock Options | ||||
Stock option assumptions: | ||||
Weighted average fair value of options granted (usd per share) | $ 42.60 | $ 48.19 | $ 39.90 | $ 45.13 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - Stock Options $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 26, 2019USD ($)$ / sharesshares | |
Stock Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 636,730 |
Granted (in shares) | shares | 28,796 |
Options exercised (in shares) | shares | (82,235) |
Canceled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 583,291 |
Exercisable options (in shares) | shares | 512,871 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 27.93 |
Options granted (in dollars per shares) | $ / shares | 106.19 |
Options exercised (in dollars per shares) | $ / shares | 10.59 |
Canceled (in dollars per shares) | $ / shares | 0 |
Ending balance (in dollars per shares) | $ / shares | 34.24 |
Weighted average remaining contractual life, shares exercisable (In years) | $ / shares | $ 26.43 |
Weighted Average Remaining Contractual Life (In years), outstanding | 4 years 5 months |
Aggregate Intrinsic Value (In thousands), outstanding | $ | $ 17,785 |
Weighted Average Remaining Contractual Life (In years). exercisable | 3 years 10 months 29 days |
Aggregate Intrinsic Value (In thousands), exercisable | $ | $ 17,785 |
Stock-Based Awards - RSU's and
Stock-Based Awards - RSU's and Performance RSU's (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 133,896 | |||
Granted (in shares) | 62,477 | |||
Share units vested (in shares) | (63,230) | |||
Forfeited or canceled (in shares) | (6,673) | |||
Ending balance (in shares) | 133,896 | 126,470 | ||
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) | $ 71.81 | |||
Granted (in dollars per shares) | $ 87.34 | 97.90 | $ 79.04 | $ 72.41 |
Share units vested (in dollars per shares) | 65.49 | |||
Forfeited or canceled (in dollars per shares) | 70.56 | |||
Ending balance (in dollars per shares) | $ 71.81 | $ 87.92 | ||
Performance RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 390,327 | |||
Granted (in shares) | 218,628 | |||
Share units vested (in shares) | (173,139) | |||
Forfeited or canceled (in shares) | (58,462) | |||
Ending balance (in shares) | 390,327 | 377,354 | ||
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) | $ 80.52 | |||
Granted (in dollars per shares) | $ 84.13 | 106.19 | $ 79.29 | $ 77.86 |
Share units vested (in dollars per shares) | 79.84 | |||
Forfeited or canceled (in dollars per shares) | 75.34 | |||
Ending balance (in dollars per shares) | $ 80.52 | $ 96.51 |
Concentration of Credit Risk -
Concentration of Credit Risk - Narratives (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Jan. 26, 2019USD ($)customer | Oct. 27, 2018USD ($) | Jul. 28, 2018USD ($) | Apr. 28, 2018USD ($) | Jan. 27, 2018USD ($) | Oct. 28, 2017USD ($) | Jul. 29, 2017USD ($) | Apr. 29, 2017USD ($) | Jan. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Jan. 27, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 26, 2019USD ($)customer | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | Jan. 28, 2018USD ($) | |
Concentration Risk [Line Items] | ||||||||||||||||
Revenues | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 1,411,348 | $ 1,500,355 | $ 3,127,700 | $ 3,066,880 | $ 2,672,542 | |
Number of customers classified as highly concentrated | customer | 5 | 5 | ||||||||||||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||
Accounts receivable, net | $ 625,258 | 318,684 | $ 318,684 | $ 625,258 | $ 630,400 | |||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | ||||||||||||||||
Concentration Risk [Line Items] | ||||||||||||||||
Concentration risk percentage | 10.00% | |||||||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | ATT [Member] | ||||||||||||||||
Concentration Risk [Line Items] | ||||||||||||||||
Revenues | $ 290,100 | $ 664,200 | $ 806,700 | $ 650,900 | ||||||||||||
Concentration risk percentage | 20.60% | 21.20% | 26.30% | 24.40% | ||||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Five Unnamed Customers | ||||||||||||||||
Concentration Risk [Line Items] | ||||||||||||||||
Concentration risk percentage | 75.80% | 78.40% | 76.80% | 70.10% | ||||||||||||
Trade Accounts Receivable and Costs and Estimated Earnings [Member] | Customer Concentration Risk | ATT [Member] | ||||||||||||||||
Concentration Risk [Line Items] | ||||||||||||||||
Concentration risk percentage | 11.60% | 11.00% | ||||||||||||||
Accounts receivable, net | $ 90,600 | $ 79,200 | $ 79,200 | $ 90,600 |
Concentration of Credit Risk _2
Concentration of Credit Risk - Revenue Concentration Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||
Revenues | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 1,411,348 | $ 1,500,355 | $ 3,127,700 | $ 3,066,880 | $ 2,672,542 |
Sales Revenue, Services, Net | Customer Concentration Risk | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 10.00% | ||||||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | AT&T Inc. | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 21.60% | 20.80% | 17.70% | 13.60% | |||||||||||
Revenues | $ 304,400 | $ 650,200 | $ 543,600 | $ 363,100 | |||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Comcast Corporation | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 113,600 | ||||||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Verizon Communications Inc.(1) | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 17.50% | 13.60% | 18.20% | 14.70% | |||||||||||
Revenues | $ 247,000 | $ 425,600 | $ 556,800 | $ 394,000 | |||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Verizon Communications Inc | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 12.00% | 19.20% | 9.20% | 11.20% | |||||||||||
Revenues | $ 168,700 | $ 599,800 | $ 282,700 | $ 298,200 | |||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Other Customers [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 28.30% | 25.20% | 28.60% | 36.10% | |||||||||||
Revenues | $ 401,100 | $ 787,900 | $ 877,100 | $ 966,300 |
Concentration of Credit Risk _3
Concentration of Credit Risk - Trade Receivable Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 1,411,348 | $ 1,500,355 | $ 3,127,700 | $ 3,066,880 | $ 2,672,542 |
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||
Customer Concentration Risk | Sales Revenue, Services, Net | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 10.00% | ||||||||||||||
Customer Concentration Risk | Sales Revenue, Services, Net | AT&T Inc. | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 304,400 | $ 650,200 | $ 543,600 | $ 363,100 | |||||||||||
Concentration risk percentage | 21.60% | 20.80% | 17.70% | 13.60% | |||||||||||
Customer Concentration Risk | Sales Revenue, Services, Net | Verizon Communications Inc.(1) | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 247,000 | $ 425,600 | $ 556,800 | $ 394,000 | |||||||||||
Concentration risk percentage | 17.50% | 13.60% | 18.20% | 14.70% | |||||||||||
Customer Concentration Risk | Sales Revenue, Services, Net | Verizon Communications Inc | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 168,700 | $ 599,800 | $ 282,700 | $ 298,200 | |||||||||||
Concentration risk percentage | 12.00% | 19.20% | 9.20% | 11.20% | |||||||||||
Customer Concentration Risk | Sales Revenue, Services, Net | Comcast Corporation | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 290,100 | $ 664,200 | $ 806,700 | $ 650,900 | |||||||||||
Concentration risk percentage | 20.60% | 21.20% | 26.30% | 24.40% | |||||||||||
Customer Concentration Risk | Sales Revenue, Services, Net | Windstream Corporation | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 113,600 | ||||||||||||||
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | AT&T Inc. | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 24.50% | 15.40% | |||||||||||||
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Verizon Communications Inc.(1) | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 18.50% | 17.90% | |||||||||||||
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Verizon Communications Inc | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 14.40% | 36.20% | |||||||||||||
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Comcast Corporation | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration risk percentage | 11.60% | 11.00% | |||||||||||||
Telecommunications [Member] | Customer Concentration Risk | Sales Revenue, Services, Net | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 1,284,100 | $ 2,855,800 | $ 2,819,900 | $ 2,424,200 | |||||||||||
Concentration risk percentage | 91.00% | 91.30% | 91.90% | 90.70% | |||||||||||
Underground Facility Locating [Member] | Customer Concentration Risk | Sales Revenue, Services, Net | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 88,600 | $ 182,700 | $ 167,900 | $ 156,700 | |||||||||||
Concentration risk percentage | 6.30% | 5.80% | 5.50% | 5.90% | |||||||||||
Electrical and Gas Utilities and Other [Member] | Customer Concentration Risk | Sales Revenue, Services, Net | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Revenues | $ 38,600 | $ 89,200 | $ 79,100 | $ 91,600 | |||||||||||
Concentration risk percentage | 2.70% | 2.90% | 2.60% | 3.40% |
Commitment and Contingencies -
Commitment and Contingencies - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2018 | Dec. 31, 2016 | Jan. 27, 2018 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | |
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimated loss | $ 13 | ||||||
Loss contingency accrual, payments | $ 0.1 | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 21.9 | $ 23.2 | |||||
Letters of credit outstanding amount | 48.6 | 48.6 | |||||
Standby Letters of Credit | |||||||
Loss Contingencies [Line Items] | |||||||
Letters of credit outstanding amount | 48.6 | ||||||
Facility | |||||||
Loss Contingencies [Line Items] | |||||||
Operating lease rental | 15 | 31.5 | $ 26 | $ 23 | |||
Machinery | |||||||
Loss Contingencies [Line Items] | |||||||
Operating lease rental | 14.4 | 35.4 | 32.5 | $ 26.8 | |||
Goodman Networks, Inc. Wireline Operations | |||||||
Loss Contingencies [Line Items] | |||||||
Escrow deposit | 0.3 | ||||||
Funds released from escrow | 2.5 | ||||||
Indemnification Portion Subject to Certain Conditions, Not Less Than Twelve Months | Goodman Networks, Inc. Wireline Operations | |||||||
Loss Contingencies [Line Items] | |||||||
Escrow deposit | 22.5 | ||||||
Indemnification Portion Subject to Seller Satisfaction of Certain Liabilities | Goodman Networks, Inc. Wireline Operations | |||||||
Loss Contingencies [Line Items] | |||||||
Escrow deposit | $ 10 | ||||||
Proceeds From indemnification Claims | $ 1.6 | ||||||
Funds released from escrow | $ 9.7 | ||||||
Performance Guarantee and Surety Bond [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Guarantor obligations, carrying value | $ 118.1 | $ 123.5 |
Commitment and Contingencies _2
Commitment and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Jan. 26, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2,018 | $ 28,415 |
2,019 | 20,166 |
2,020 | 12,919 |
2,021 | 6,686 |
2,022 | 4,342 |
Thereafter | 3,675 |
Total | $ 76,203 |
Transitional Comparative Peri_3
Transitional Comparative Period (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Accounting Policies [Abstract] | |||||||||||||||
Revenues | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 1,411,348 | $ 1,500,355 | $ 3,127,700 | $ 3,066,880 | $ 2,672,542 |
EXPENSES: | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 633,279 | 687,164 | 642,376 | 599,573 | 540,633 | 600,847 | 606,898 | 621,475 | 561,371 | 614,990 | 1,141,480 | 1,176,361 | 2,562,392 | 2,404,734 | 2,083,579 |
General and administrative | 124,930 | 118,395 | 269,140 | 239,231 | 217,149 | ||||||||||
Depreciation and amortization | 85,053 | 70,252 | 179,603 | 147,906 | 124,940 | ||||||||||
Total | 1,351,463 | 1,365,008 | 3,011,135 | 2,791,871 | 2,425,668 | ||||||||||
Interest expense, net | (19,560) | (18,248) | (44,369) | (37,364) | (34,720) | ||||||||||
Other income, net | 6,225 | 1,946 | 15,842 | 12,780 | 10,433 | ||||||||||
Income before income taxes | 46,550 | 119,045 | 88,038 | 250,425 | 206,327 | ||||||||||
(Benefit) provision for income taxes | (22,285) | 44,332 | 25,131 | 93,208 | 77,587 | ||||||||||
Net income | $ (12,054) | $ 27,830 | $ 29,900 | $ 17,231 | $ 40,059 | $ 28,776 | $ 43,708 | $ 38,796 | $ 23,663 | $ 51,050 | $ 68,835 | $ 74,713 | $ 62,907 | $ 157,217 | $ 128,740 |
Earnings per common share: | |||||||||||||||
Basic earnings per common share (in dollars per share) | $ (0.38) | $ 0.89 | $ 0.96 | $ 0.55 | $ 1.29 | $ 0.93 | $ 1.41 | $ 1.24 | $ 0.75 | $ 1.62 | $ 2.22 | $ 2.37 | $ 2.01 | $ 5.01 | $ 3.98 |
Diluted earnings per common share (in dollars per share) | $ (0.38) | $ 0.87 | $ 0.94 | $ 0.53 | $ 1.24 | $ 0.90 | $ 1.38 | $ 1.22 | $ 0.74 | $ 1.59 | $ 2.15 | $ 2.32 | $ 1.97 | $ 4.92 | $ 3.89 |
Shares used in computing earnings per common share: | |||||||||||||||
Basic (in shares) | 31,059,140 | 31,480,660 | 31,250,376 | 31,351,367 | 32,315,636 | ||||||||||
Diluted (in shares) | 32,054,945 | 32,180,923 | 31,990,168 | 31,984,731 | 33,115,755 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Contract revenues | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 1,411,348 | $ 1,500,355 | $ 3,127,700 | $ 3,066,880 | $ 2,672,542 |
Costs of earned revenues, excluding depreciation and amortization | 633,279 | 687,164 | 642,376 | 599,573 | 540,633 | 600,847 | 606,898 | 621,475 | 561,371 | 614,990 | 1,141,480 | 1,176,361 | 2,562,392 | 2,404,734 | 2,083,579 |
Gross profit | 115,340 | 161,073 | 157,094 | 131,802 | 114,500 | 155,368 | 173,290 | 164,863 | 139,760 | 184,233 | |||||
Net income | $ (12,054) | $ 27,830 | $ 29,900 | $ 17,231 | $ 40,059 | $ 28,776 | $ 43,708 | $ 38,796 | $ 23,663 | $ 51,050 | $ 68,835 | $ 74,713 | $ 62,907 | $ 157,217 | $ 128,740 |
Basic earnings per common share (in dollars per share) | $ (0.38) | $ 0.89 | $ 0.96 | $ 0.55 | $ 1.29 | $ 0.93 | $ 1.41 | $ 1.24 | $ 0.75 | $ 1.62 | $ 2.22 | $ 2.37 | $ 2.01 | $ 5.01 | $ 3.98 |
Diluted earnings per common share (in dollars per share) | $ (0.38) | $ 0.87 | $ 0.94 | $ 0.53 | $ 1.24 | $ 0.90 | $ 1.38 | $ 1.22 | $ 0.74 | $ 1.59 | $ 2.15 | $ 2.32 | $ 1.97 | $ 4.92 | $ 3.89 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) - Narratives (Details) - USD ($) $ in Thousands | Feb. 25, 2019 | Jan. 27, 2018 | Jan. 26, 2019 | Jan. 28, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 15, 2015 |
Interim Period, Costs Not Allocable [Line Items] | |||||||
Accounts Receivable, Net | $ 318,700 | $ 625,258 | $ 630,400 | ||||
Accounts Receivable, Net, Current | 318,684 | 625,258 | $ 630,400 | ||||
Bad debt expense, net | (38) | $ 27 | |||||
Tax Cuts and Jobs Act of 2017, adjustment to income tax liability | 32,200 | ||||||
Tax benefit from exercise of stock options | $ 7,800 | ||||||
7.125% Senior Subordinated Notes | |||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% | 7.125% | ||
Windstream | |||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||
Accounts Receivable, Net | $ 45,000 | ||||||
Subsequent Event | Windstream | |||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||
Bad debt expense, net | $ 17,200 |