Cover
Cover - USD ($) | 12 Months Ended | ||
Jan. 25, 2020 | Feb. 24, 2020 | Jul. 27, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 25, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-10613 | ||
Entity Registrant Name | DYCOM INDUSTRIES, INC. | ||
Entity Tax Identification Number | 59-1277135 | ||
Entity Incorporation, State | FL | ||
Entity Address, Street | 11780 US Highway 1, Suite 600 | ||
Entity Address, City | Palm Beach Gardens, | ||
Entity Address, State | FL | ||
Entity Address, Postal Zip Code | 33408 | ||
City Area Code | 561 | ||
Local Phone Number | 627-7171 | ||
Title of Each Class | Common stock, par value $0.33 1/3 per share | ||
Trading Symbol(s) | DY | ||
Name of Each Exchange on Which Registered | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --01-25 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,724,206,918 | ||
Documents Incorporated by Reference [Text Block] | Document Part of Annual Report on Form 10-K into which incorporated Portions of the registrant’s Proxy Statement for its 2020 Annual Meeting of Shareholders Parts II and III Such Proxy Statement, except for the portions thereof which have been specifically incorporated by reference, shall not be deemed “filed” as part of this Annual Report on Form 10-K. | ||
Entity Common Stock, Shares Outstanding | 31,585,403 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000067215 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Current assets: | ||
Cash and equivalents | $ 54,560 | $ 128,342 |
Accounts receivable, net | 817,245 | 625,258 |
Contract assets | 253,005 | 215,849 |
Inventories | 98,324 | 94,385 |
Income tax receivable | 3,168 | 3,461 |
Other current assets | 31,991 | 29,145 |
Total current assets | 1,258,293 | 1,096,440 |
Property and equipment, net | 376,610 | 424,751 |
Operating lease right-of-use assets | 69,596 | 0 |
Goodwill | 325,749 | 325,749 |
Intangible assets, net | 139,945 | 161,125 |
Other assets | 47,438 | 89,438 |
Total non-current assets | 959,338 | 1,001,063 |
Total assets | 2,217,631 | 2,097,503 |
Current liabilities: | ||
Accounts payable | 119,612 | 119,485 |
Current portion of debt | 22,500 | 5,625 |
Contract liabilities | 16,332 | 15,125 |
Accrued insurance claims | 38,881 | 39,961 |
Operating lease liabilities | 26,581 | 0 |
Income taxes payable | 344 | 721 |
Other accrued liabilities | 98,775 | 104,074 |
Total current liabilities | 323,025 | 284,991 |
Long-term debt | 844,401 | 867,574 |
Long-term debt | 56,026 | 68,315 |
Current assets: | 43,606 | 0 |
Deferred tax liabilities, net - non-current | 75,527 | 65,963 |
Other liabilities | 6,442 | 6,492 |
Total liabilities | 1,349,027 | 1,293,335 |
COMMITMENTS AND CONTINGENCIES, Note 21 | ||
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: 31,583,938 and 31,430,031 issued and outstanding, respectively | 10,528 | 10,477 |
Additional paid-in capital | 30,158 | 22,489 |
Accumulated other comprehensive loss | (1,781) | (1,282) |
Retained earnings | 829,699 | 772,484 |
Total stockholders’ equity | 868,604 | 804,168 |
Goodwill | $ 2,217,631 | $ 2,097,503 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 25, 2020 | Jan. 26, 2019 |
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) | 31,583,938 | 31,430,031 |
Common stock, shares outstanding | 31,583,938 | 31,430,031 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jan. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
REVENUES: | |||||||||||||
Contract revenues | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 1,411,348 | $ 1,500,355 | $ 3,339,682 | $ 3,127,700 | $ 3,066,880 |
EXPENSES: | |||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 633,203 | 724,378 | 720,382 | 701,767 | 633,279 | 687,164 | 642,376 | 599,573 | 1,141,480 | 1,176,361 | 2,779,730 | 2,562,392 | 2,404,734 |
General and administrative | 124,930 | 118,395 | 254,590 | 269,140 | 239,231 | ||||||||
Depreciation and amortization | 85,053 | 70,252 | 187,556 | 179,603 | 147,906 | ||||||||
Total | 1,351,463 | 1,365,008 | 3,221,876 | 3,011,135 | 2,791,871 | ||||||||
Interest expense, net | (19,560) | (18,248) | (50,859) | (44,369) | (37,364) | ||||||||
Gain (Loss) on Extinguishment of Debt | 0 | (76) | 0 | 0 | |||||||||
Other income, net | 6,225 | 1,946 | 11,665 | 15,842 | 12,780 | ||||||||
Income before income taxes | 46,550 | 119,045 | 78,536 | 88,038 | 250,425 | ||||||||
Provision (benefit) for income taxes | (22,285) | 44,332 | 21,321 | 25,131 | 93,208 | ||||||||
Net income | $ (11,189) | $ 24,229 | $ 29,896 | $ 14,279 | $ (12,054) | $ 27,830 | $ 29,900 | $ 17,231 | $ 68,835 | $ 74,713 | $ 57,215 | $ 62,907 | $ 157,217 |
Earnings per common share: | |||||||||||||
Basic earnings per common share (in dollars per share) | $ (0.35) | $ 0.77 | $ 0.95 | $ 0.45 | $ (0.38) | $ 0.89 | $ 0.96 | $ 0.55 | $ 2.22 | $ 2.37 | $ 1.82 | $ 2.01 | $ 5.01 |
Diluted earnings per common share (in dollars per share) | $ (0.35) | $ 0.76 | $ 0.94 | $ 0.45 | $ (0.38) | $ 0.87 | $ 0.94 | $ 0.53 | $ 2.15 | $ 2.32 | $ 1.80 | $ 1.97 | $ 4.92 |
Shares used in computing earnings per common share: | |||||||||||||
Basic (in shares) | 31,059,140 | 31,480,660 | 31,498,474 | 31,250,376 | 31,351,367 | ||||||||
Diluted (in shares) | 32,054,945 | 32,180,923 | 31,821,782 | 31,990,168 | 31,984,731 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 68,835 | $ 57,215 | $ 62,907 | $ 157,217 |
Foreign currency translation gains (losses), net of tax | 12 | (499) | (136) | 116 |
Comprehensive income | $ 68,847 | $ 56,716 | $ 62,771 | $ 157,333 |
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. 30, 2016 | $ 557,287 | $ 10,473 | $ 10,208 | $ (1,274) | $ 537,880 |
Beginning 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 | 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 | 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 | 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 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | 871 | $ 27 | 844 | ||
Stock options exercised, shares | 82,235 | ||||
Stock-based compensation | 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 | 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 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | $ 503 | $ 15 | 488 | ||
Stock options exercised, shares | 45,258 | ||||
Stock-based compensation | 10,034 | 10,033 | |||
Stock-based compensation, shares | 2,803 | ||||
Issuance of restricted stock, net of tax withholdings, value | (1,698) | $ 35 | (1,733) | ||
Equity component of the settlement of 0.75% convertible senior notes due 2021, net of taxes | (1,206) | (1,206) | |||
Purchase of warrants | (301) | (301) | |||
Settlement of convertible note hedges | 388 | 388 | |||
Issuance of restricted stock, net of tax withholdings, shares | 105,846 | ||||
Tax benefits from stock-based compensation | 1,000 | ||||
Other comprehensive loss | (499) | (499) | |||
Net income | 57,215 | 57,215 | |||
Ending balance, value at Jan. 25, 2020 | $ 868,604 | $ 10,528 | $ 30,158 | $ (1,781) | $ 829,699 |
Ending balance, shares at Jan. 25, 2020 | 31,583,938 | 31,583,938 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Cash flows from operating activities: | ||||
Net income | $ 68,835 | $ 57,215 | $ 62,907 | $ 157,217 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 85,053 | 187,556 | 179,603 | 147,906 |
Non-cash lease expense | 0 | 30,043 | 0 | 0 |
Non-cash lease expense | (19,665) | 9,261 | 8,523 | 18,233 |
Stock-based compensation | 13,277 | 10,034 | 20,187 | 20,805 |
Provision for bad debt (recovery), net | 201 | (6,540) | 17,071 | 199 |
Gain on sale of fixed assets | (7,217) | (14,879) | (19,390) | (14,866) |
Loss on debt extinguishment | 0 | 76 | 0 | 0 |
Amortization of debt discount | 9,170 | 20,112 | 19,103 | 17,610 |
Amortization of debt issuance costs and other | 1,736 | 4,023 | 3,686 | 3,323 |
Excess tax benefit from share-based awards | 0 | 0 | 0 | (8,385) |
Change in operating assets and liabilities, net of acquisitions: | ||||
Accounts receivable, net | 50,955 | (195,796) | (30,750) | (33,068) |
Contract assets, net | 16,982 | (35,888) | (149,828) | (27,773) |
Other current assets and inventories | (67) | (6,960) | (15,842) | (13,232) |
Other assets | 1,630 | 41,068 | (25,110) | 2,064 |
Income taxes receivable/payable | (6,716) | (84) | 10,357 | (13,189) |
Accounts payable | (21,503) | (2,141) | 20,064 | 977 |
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities | (32,138) | (39,101) | 23,866 | (1,378) |
Capital expenditures | 160,533 | 57,999 | 124,447 | 256,443 |
Proceeds from sale of assets | ||||
Capital expenditures | (87,839) | (120,574) | (164,963) | (201,197) |
Proceeds from sale of assets | 11,808 | 19,045 | 22,949 | 16,029 |
Cash paid for acquisitions, net of cash acquired | 0 | 0 | (20,917) | (26,070) |
Proceeds from acquisition working capital adjustment | 0 | 0 | 0 | 1,825 |
Other investing activities | 0 | 306 | 1,576 | 666 |
Net cash used in investing activities | (76,031) | (101,223) | (161,355) | (208,747) |
Principal payments on senior credit agreement, including term loans | ||||
Proceeds from borrowings on senior credit agreement, including term loans | 0 | 475,000 | 423,188 | 707,000 |
Principal payments on senior credit agreement, including term loans | (9,625) | (480,625) | (331,250) | (685,563) |
Debt financing costs | 0 | 0 | (7,275) | (70) |
Repurchase of common stock | (16,875) | 0 | 0 | (62,909) |
Extinguishment of 0.75% senior notes | 0 | (25,000) | 0 | 0 |
Redemption discount on convertible debt, net of costs | 0 | 675 | 0 | 0 |
Settlement of convertible note hedge | 0 | 388 | 0 | 0 |
Buyback of warrants | 0 | (301) | 0 | 0 |
Exercise of stock options | 745 | 503 | 871 | 1,449 |
Restricted stock tax withholdings | (12,581) | (1,698) | (4,657) | (10,767) |
Excess tax benefit from share-based awards | 0 | 0 | 0 | 8,385 |
Net cash provided by (used in) financing activities | (38,336) | (31,058) | 80,877 | (42,475) |
Net decrease in cash and equivalents and restricted cash | 46,166 | (74,282) | 43,969 | 5,221 |
Cash, cash equivalents and restricted cash at beginning of period | 44,016 | 134,151 | 90,182 | 38,795 |
Cash, cash equivalents and restricted cash at end of period | 90,182 | 59,869 | 134,151 | 44,016 |
Supplemental disclosure of other cash flow activities and non-cash investing and financing activities: | ||||
Cash paid for interest | 7,748 | 26,655 | 22,312 | 16,505 |
Cash paid for taxes, net | 4,749 | 12,017 | 6,396 | 88,060 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $ 1,634 | $ 8,814 | $ 6,795 | $ 21,978 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) | Jan. 25, 2020 | Jan. 26, 2019 |
0.75% Convertible Senior Notes Due 2021 | ||
Debt, interest rate (in percent) | 0.75% | 0.75% |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jan. 25, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Dycom Industries, Inc. (“Dycom”, the “Company”, “we”, or “us”) is a leading provider of specialty contracting services throughout the United States. We provide 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. Accounting Period. In September 2017, our 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 better aligned our fiscal year with the planning cycles of our customers. For quarterly comparisons, there were no changes to the months in each fiscal quarter. We use a 52/53 week fiscal year ending on the last Saturday in January. Fiscal 2020 and 2019 each consisted of 52 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 30, 2021. We refer to the period beginning January 27, 2019 and ending on January 25, 2020 as “fiscal 2020”, the period beginning on 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”, and the period beginning July 31, 2016 and ending July 29, 2017 as “ fiscal 2017 ”. 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. 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 |
Significant Accounting Policies
Significant Accounting Policies and Estimates (Notes) | 12 Months Ended |
Jan. 25, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | 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. These 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 our historical experience and management’s understanding of current facts and circumstances. At the time they are made, we believe 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. Leases. Our leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For leases with initial terms greater than 12 months, we record operating lease right-of-use assets and corresponding operating lease liabilities. Operating lease right-of-use assets represent our right to use the underlying asset for the lease term and operating lease liabilities represent our obligation to make the related lease payments. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet. Revenue Recognition. We perform a majority of our 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. Our services are performed for the sole benefit of our customers, whereby the assets being created or maintained are controlled by the customer and the services we perform do not have alternative benefits for us. Revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits we provide. Output measures such as units delivered are utilized to assess progress against specific contractual performance obligations for the majority of our 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 us, 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 our 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 approximately 15% of contract revenues during fiscal 2020 . For certain contracts, representing less than 5% of contract revenues during fiscal 2020 , fiscal 2019 , the 2018 transition period, and fiscal 2017 , we use the cost-to-cost measure of progress. These contracts are generally projects that are completed over a period of less than 12 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. We accrue 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 2020 , fiscal 2019 , the 2018 transition period, or fiscal 2017 . Accounts Receivable, Net. We grant credit to our 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 our 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 we have an unconditional right to receive payment for although invoicing is subject to the completion of certain processes 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 our 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 our overall assessment of the collectability of accounts receivable. We expect to collect the outstanding balance of current accounts receivable, net (including trade accounts receivable, unbilled accounts receivable, and retainage) within the next 12 months. As of January 26, 2019 , accounts receivable of $24.8 million from Windstream were classified as non-current in other assets and were net of the related allowance for doubtful accounts. 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 25, 2020, all Windstream’s accounts receivable was classified as current. We estimate our 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 our customers. We have participated in a customer-sponsored vendor payment program for one of our customers 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. We incur 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 we 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. Our 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 25, 2020 and January 26, 2019 , the contract liabilities balance is classified as current based on the timing of when we expect to complete the tasks required for the recognition of revenue. Cash and Equivalents. Cash and equivalents primarily include balances on deposit in banks. We maintain our cash and equivalents at financial institutions we believe to be of high credit quality. To date, we have not experienced any loss or lack of access to cash in our 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 we are 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 consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $21.2 million and $28.5 million as of January 25, 2020 and January 26, 2019 , respectively. Goodwill and Intangible Assets. 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. We perform our annual impairment review of goodwill at the reporting unit level. Each of our operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If we determine 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. We complete our annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in our fiscal year end in fiscal 2018, 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 our fourth fiscal quarter. The change in the annual goodwill impairment assessment date was deemed a change in accounting principle, which we believe to be preferable as the change was made to better align the annual goodwill impairment test with the change in our 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. We review 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. If an asset is not recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If we determine 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. We use judgment in assessing whether goodwill and intangible assets are impaired. Estimates of fair value are based on our 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. We determine the fair value of our 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 our 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 our annual assessment of goodwill and other indefinite-lived intangible assets. Business Combinations. We account 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 us at that time, may become known during the remainder of the measurement period. This measurement period may not exceed 12 months from the acquisition date. We 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, we 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. We review 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 our insurance program, we retain 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. We have established reserves that we believes to be adequate based on current evaluations and our 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 our financial statements is generally limited to the amount needed to satisfy our insurance deductibles or retentions. We estimate 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 our 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. We adopted the Financial Accounting Standards Board (“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. We have stock-based compensation plans under which we grant 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 our 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 our 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 our 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, we evaluate compensation expense quarterly and recognize expense only if we determine it is probable that the performance measures for the awards will be met. The performance measures for target awards are based on our operating earnings (adjusted for certain amounts) as a percentage of contract revenues and our 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 we determine it is no longer probable that we will achieve certain performance measures for the awards, we reverse the stock-based compensation expense that we 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 our stock-based compensation plans, stock options, RSUs, and Performance RSUs, see Note 19, Stock-Based Awards . Income Taxes. We account 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. Our effective income tax rate differs from the statutory rate for the tax jurisdictions where we operate, 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 our consolidated financial statements for the 2018 transition period. See Note 15, Income Taxes , for further information. Measurement of our tax position is based on the applicable statutes, federal and state case law, and our 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. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider 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 we determine that we would be able to realize deferred income tax assets in excess of their net recorded amount, we would adjust the valuation allowance, which would reduce the provision for income taxes. We recognize tax benefits in the amount that we deem, 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. We recognize applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. We believe our provision for income taxes is adequate; however, any assessment would affect our results of operations and cash flows. With few exceptions, we are no longer subject to U.S. federal, state and local, or Canadian income tax examinations for fiscal years ended 2015 and prior. Fair Value of Financial Instruments. Our 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 our long-term debt, which is based on observable market-based inputs (Level 2). See Note 14, Debt , for further information regarding the fair value of such financial instruments. Our cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of January 25, 2020 and January 26, 2019 . During fiscal 2020 , fiscal 2019 , the 2018 transition, and fiscal 2017 , we 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. Our policy is to present contract revenues net of sales taxes. |
Accounting Standards
Accounting Standards | 12 Months Ended |
Jan. 25, 2020 | |
Accounting Policies [Abstract] | |
Accounting Standards | Accounting Standards Recently Adopted Accounting Standards 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 12 months, the new guidance requires 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 the new guidance on leases in the statement of operations and statement of cash flows is largely unchanged. Effective January 27, 2019, the first day of fiscal 2020, we adopted the requirements of ASU 2016-02 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 were not adjusted. We elected the group of practical expedients that allowed us not to 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. We did not elect the practical expedient to use hindsight to determine the lease term. On adoption, we recognized approximately $71.0 million of operating lease right-of-use assets and corresponding lease liabilities on our consolidated balance sheet for our operating leases with terms greater than 12 months. The adoption of ASU 2016-02 did not have a material impact on our consolidated statements of operations, comprehensive income, or cash flows. Accounting Standards Not Yet Adopted Financial Instruments. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). This ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which could result in earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for financial instruments at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current GAAP, which generally require that a loss be incurred before it is recognized. The new standard will also apply to receivables arising from revenue transactions such as contract assets and accounts receivables and is effective for fiscal years beginning after December 15, 2019. The standard will be applied prospectively with an adjustment to retained earnings. The effect of the standard on our consolidated financial statements is still under evaluation, but we do not expect the impact to be material. Intangibles. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”). This ASU introduces amendments that align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. The new standard is effective for fiscal years beginning after December 15, 2019. The effect of the standard on our consolidated financial statements is still under evaluation, but we do not expect the impact to be material. Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 will be effective for the fiscal year ended January 29, 2022 and interim periods within that year. We are currently evaluating the effect of the standard on our consolidated financial statements. |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 12 Months Ended |
Jan. 25, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Computation of Earnings per Common Share The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Net income available to common stockholders (numerator) $ 57,215 $ 62,907 $ 68,835 $ 157,217 Weighted-average number of common shares (denominator) 31,498,474 31,250,376 31,059,140 31,351,367 Basic earnings per common share $ 1.82 $ 2.01 $ 2.22 $ 5.01 Weighted-average number of common shares 31,498,474 31,250,376 31,059,140 31,351,367 Potential shares of common stock arising from stock options, and unvested restricted share units (1) 323,308 555,993 778,411 633,364 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) 31,821,782 31,990,168 32,054,945 31,984,731 Diluted earnings per common share $ 1.80 $ 1.97 $ 2.15 $ 4.92 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 253,000 130,779 93,117 73,830 0.75% convertible senior notes due 2021 (2) (3) 4,747,706 4,821,935 4,788,340 5,005,734 Warrants (2) (3) 4,747,706 5,005,734 5,005,734 5,005,734 Total 9,748,412 9,958,448 9,887,191 10,085,298 (1) We 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 our average stock price for the period exceeds the $96.89 per share conversion price. Our average stock price did not exceed the per share conversion price during fiscal 2020 ; therefore, there was no dilutive impact on earnings per common share for this period. During the first and second quarters of fiscal 2019 , and the second quarter of the 2018 transition period, our average stock price of $110.46 , $99.27 , and $106.11 , respectively, each exceeded the conversion price. 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. The warrants associated with our convertible senior notes will have a dilutive impact on earnings per common share if our average stock price for the period exceeds the $130.43 per share warrant strike price. As our average stock price did not exceed the strike price for the warrants for any of the periods presented, the underlying common shares were anti-dilutive as reflected in the table above. (3) In connection with the purchase of $25 million of the convertible senior notes (“Notes”) in fiscal 2020, we unwound convertible note hedge transactions and warrants proportionately to the number of Notes, which decreased the number of excluded shares from 5.006 million to 4.748 million . In connection with the offering of the convertible senior notes, we 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 14, Debt , for additional information related to our convertible senior notes, warrant transactions, and hedge transactions. |
Acquisitions
Acquisitions | 12 Months Ended |
Jan. 25, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal 2019. During March 2018, we 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 a working capital adjustment estimated to be $0.5 million . This acquisition expands our geographic presence within our existing customer base. Fiscal 2017. During March 2017, we 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 our geographic presence within our existing customer base. Purchase Price Allocations The purchase price allocations of each of the 2019 and 2017 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 following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2019 and fiscal 2017 (dollars in millions): 2019 2017 Assets Accounts receivable $ 5.6 $ 8.9 Contract assets — 2.4 Inventories and other current assets 0.2 0.2 Property and equipment 0.5 5.6 Goodwill 4.0 10.1 Intangible assets - customer relationships 12.3 9.8 Intangible assets - trade names and other — 0.7 Total assets 22.6 37.7 Liabilities Accounts payable 2.2 3.2 Accrued and other current liabilities — 3.4 Deferred tax liabilities, net non-current — 5.0 Total liabilities 2.2 11.6 Net Assets Acquired $ 20.4 $ 26.1 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. Contract revenues and net income of these acquisitions were not material during fiscal 2020 , fiscal 2019 , the 2018 transition period, or fiscal 2017 . |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Jan. 25, 2020 | |
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 our policies related to these balance sheet accounts, as well as our revenue recognition policies. Accounts Receivable Accounts receivable, net classified as current, consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Trade accounts receivable $ 355,805 $ 331,903 Unbilled accounts receivable 453,353 283,463 Retainage 12,669 10,831 Total 821,827 626,197 Less: allowance for doubtful accounts (4,582 ) (939 ) Accounts receivable, net $ 817,245 $ 625,258 As of January 26, 2019 , accounts receivable of $24.8 million from Windstream was classified as non-current in other assets and is net of the related allowance for doubtful accounts. As of January 25, 2020, all of Windstream’s accounts receivable was classified as current. See Note 7, Other Current Assets and Other Assets , for further information on our non-current accounts receivable, net. We maintain an allowance for doubtful accounts for estimated losses on uncollected balances. Approximately $16.8 million of the allowance for doubtful accounts as of January 26, 2019 was classified as non-current. The allowance for doubtful accounts changed as follows (dollars in thousands): January 25, 2020 January 26, 2019 Allowance for doubtful accounts at beginning of period $ 17,702 $ 998 Provision for bad debt (recovery) (6,540 ) 16,677 Amounts recovered (charged) against the allowance (6,580 ) 27 Allowance for doubtful accounts at end of period $ 4,582 $ 17,702 Contract Assets and Contract Liabilities Net contract assets consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Contract assets $ 253,005 $ 215,849 Contract liabilities 16,332 15,125 Contract assets, net $ 236,673 $ 200,724 The increase in contract assets, net, in fiscal 2020 from fiscal 2019 primarily resulted from services performed under contracts consisting of multiple tasks which will be billed as the tasks are completed. There were no other significant changes in contract assets during the period. During fiscal 2020 , we performed services and recognized revenue related to all but an immaterial amount of our contract liabilities that existed at January 26, 2019 . See Note 7, Other Current Assets and Other Assets , for information on our long-term contract assets. Customer Credit Concentration Customers whose combined amounts of accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 25, 2020 or January 26, 2019 were as follows (dollars in millions): January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Verizon Communications Inc. $ 440.2 41.8% $ 298.4 36.2% CenturyLink, Inc. $ 175.8 16.7% $ 147.2 17.9% Comcast Corporation $ 114.0 10.8% $ 127.2 15.4% AT&T Inc. $ 97.2 9.2% $ 90.6 11.0% We believe that none of the customers above were experiencing financial difficulties that would materially impact the collectability of our total accounts receivable and contract assets, net, as of January 25, 2020 or January 26, 2019 . |
Other Current Assets and Other
Other Current Assets and Other Assets | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 Prepaid expenses $ 12,769 $ 12,758 Deposits and other current assets 17,447 14,762 Restricted cash 1,556 1,556 Receivables on equipment sales 219 69 Other current assets $ 31,991 $ 29,145 Other assets consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Long-term contract assets $ 22,653 $ 30,399 Deferred financing costs 7,133 9,036 Restricted cash 3,753 4,253 Insurance recoveries/receivables for accrued insurance claims 4,864 13,684 Long-term accounts receivable, net — 24,815 Other non-current deposits and assets 9,035 7,251 Other assets $ 47,438 $ 89,438 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. Long-term accounts receivable, net of allowance for doubtful accounts, represent trade receivables due from Windstream Holdings, Inc. as of January 26, 2019 . The balances owed as of January 26, 2019 were collected during fiscal 2020 , net of applicable reserves. See Note 11, Accrued Insurance Claims , for information on our Insurance recoveries/receivables. |
Cash and Equivalents and Restri
Cash and Equivalents and Restricted Cash | 12 Months Ended |
Jan. 25, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Equivalents and Restricted Cash | Cash and Equivalents and Restricted Cash Amounts of cash, cash equivalents and restricted cash reported in the consolidated statement of cash flows consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Cash and equivalents $ 54,560 $ 128,342 Restricted cash included in: Other current assets 1,556 1,556 Other assets (long-term) 3,753 4,253 Cash, cash equivalents and restricted cash $ 59,869 $ 134,151 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 Land — $ 4,024 $ 4,359 Buildings 10-35 12,934 13,555 Leasehold improvements 1-10 17,151 16,185 Vehicles 1-5 626,307 589,741 Computer hardware and software 1-7 149,600 140,327 Office furniture and equipment 1-10 13,557 12,804 Equipment and machinery 1-10 312,244 296,408 Total 1,135,817 1,073,379 Less: accumulated depreciation (759,207 ) (648,628 ) Property and equipment, net $ 376,610 $ 424,751 Depreciation expense and repairs and maintenance expense were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Depreciation expense $ 166,376 $ 156,959 $ 72,961 $ 123,125 Repairs and maintenance expense $ 44,208 $ 36,109 $ 16,438 $ 31,272 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jan. 25, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill There were no changes in the carrying amount of goodwill during fiscal 2020 . Changes in the carrying amount of goodwill during fiscal 2019 were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total 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 Our goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of our geographic presence and strengthening of our 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. Our 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 our reporting units. The cyclical nature of our business, the high level of competition existing within our industry, and the concentration of our 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. We evaluate 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 our reporting units could result in an impairment of goodwill or intangible assets. We complete our annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in our fiscal year end in fiscal 2018, 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 our fourth fiscal quarter. The change in the annual goodwill impairment assessment date is deemed a change in accounting principle, which we believe to be preferable as the change was made to better align the annual goodwill impairment test with the change in our 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. We performed our annual impairment assessment for fiscal 2020 , fiscal 2019 , the 2018 transition period, and fiscal 2017 , 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 significant portion of our 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. We consider 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, we performed the first step of the quantitative analysis described in ASC Topic 350 in each of these periods. When performing the quantitative analysis, we determine the fair value of our 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 our reporting units for each annual test were: (a) a discount rate based on our best estimate of the weighted average cost of capital adjusted for certain risks for the reporting units; (b) terminal value based on our best estimate of terminal growth rates; and (c) seven expected years of cash flow before the terminal value based on our best estimate of the revenue growth rate and projected operating margin. In fiscal 2017 , we performed the first step of the quantitative analysis on our indefinite-lived intangible asset. In fiscal 2020 , fiscal 2019 , and the 2018 transition period , qualitative assessments were performed on our indefinite-lived intangible asset. The table below outlines certain assumptions used in our quantitative impairment analyses for fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 : Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Terminal Growth Rate 3.0% 2.5% - 3.0% 2.5% - 3.0% 2.0% - 3.0% Discount Rate 10.0% 11.0% 11.0% 11.0% 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 decrease in the discount rate for fiscal 2020 from fiscal 2019 was mainly a result of a decrease in the cost of debt. The discount rate was consistent for fiscal 2019 , the 2018 transition period, and fiscal 2017 . We believe the assumptions used in the impairment analysis each year are reflective of the risks inherent in the business models of our reporting units and our industry. Under the market approach, the guideline company method develops valuation multiples by comparing our reporting units to similar publicly traded companies. Key valuation assumptions used in determining the fair value estimates of our reporting units rely on: (a) the selection of similar companies and (b) the selection of valuation multiples as they apply to the reporting unit characteristics. We 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 2020 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 2020 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. Recent operating performance, along with assumptions for specific customer and industry opportunities, were considered in the key assumptions used during the fiscal 2020 impairment analysis. Management has determined the goodwill of the Company 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 25, 2020 , we believe 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 Our intangible assets consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 10.2 $ 312,017 $ 178,411 $ 133,606 $ 312,017 $ 157,691 $ 154,326 Trade names, finite 7.9 10,350 8,732 1,618 10,350 8,312 2,038 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 Non-compete agreements 0.5 200 179 21 200 139 61 $ 327,267 $ 187,322 $ 139,945 $ 327,267 $ 166,142 $ 161,125 Amortization of our customer relationship intangibles is recognized on an accelerated basis as a function of the expected economic benefit. Amortization of our other finite-lived intangibles is recognized on a straight-line basis over the estimated useful life. Amortization expense for finite-lived intangible assets was $21.2 million , $22.6 million , $12.1 million , and $24.8 million for fiscal 2020 , fiscal 2019 , the 2018 transition period, and fiscal 2017 , respectively. As of January 25, 2020 , total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2021 $ 20,663 2022 17,490 2023 15,334 2024 13,903 2025 13,718 Thereafter 54,137 Total $ 135,245 As of January 25, 2020 , we believe that the carrying amounts of our 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. 25, 2020 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims | Accrued Insurance Claims For claims within our insurance program, we retain 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 workers’ compensation losses occurring in fiscal 2017 through fiscal 2020, we retain the risk of loss up to $1.0 million on a per occurrence basis. This retention amount is unchanged for the 12 month policy period ending in January 2021. This retention amount is applicable to all of the states in which we operate, except with respect to workers’ compensation insurance in two states in which we participate in state-sponsored insurance funds. With regard to automobile liability and general liability losses occurring in fiscal 2017 through fiscal 2020, we retain the risk of loss of up to $1.0 million on a per-occurrence basis. This retention amount is unchanged for the first $5.0 million of insurance coverage (“primary liability insurance”) for the 12 month policy period ending in January 2021. Aggregate stop-loss coverage for primary liability insurance claims, including workers’ compensation claims, was $77.1 million for fiscal 2020 , $78.9 million for fiscal 2019 , $67.1 million for the 2018 transition period, and $103.7 million for fiscal 2017 . Aggregate stop-loss coverage for primary insurance claims, including workers’ compensation claims, is $85.8 million for the 12 month policy period ending January 2021. With regard to automobile liability and general liability losses exceeding $5.0 million (“excess liability losses”), we retain risk of loss of up to $5.0 million on a per-occurrence basis for the 12 month policy period ending January 2021. Aggregate stop-loss coverage for excess liability losses is $11.5 million for the 12 month period ending January 2021. Excess liability losses greater than $10 million are covered by insurance. We are party to a stop-loss agreement for losses under our employee group health plan. For calendar years 2017 through 2019, we retain 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 . For the calendar year 2020, we retain the risk of loss on an annual basis, up to the first $450,000 of claims per participant, as well as an annual aggregate amount for all participants of $475,000 . Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): January 25, 2020 January 26, 2019 Accrued insurance claims - current $ 38,881 $ 39,961 Accrued insurance claims - non-current 56,026 68,315 Accrued insurance claims $ 94,907 $ 108,276 Insurance recoveries/receivables: Non-current (included in Other assets) 4,864 13,684 Insurance recoveries/receivables $ 4,864 $ 13,684 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 2020 , total insurance recoveries/receivables decreased approximately $8.8 million |
Leases
Leases | 12 Months Ended |
Jan. 25, 2020 | |
Leases [Abstract] | |
Leases | Leases We lease the majority of our office facilities as well as certain equipment, all of which are accounted for as operating leases. These leases have remaining terms ranging from less than one year to approximately 10 years . Some leases include options to extend the lease for up to 5 years and others include options to terminate. The following table summarizes the components of lease cost recognized in the consolidated statement of operations for fiscal 2020 (dollars in thousands): Fiscal Year Ended January 25, 2020 Lease cost under long-term operating leases $ 33,799 Lease cost under short-term operating leases 34,111 Variable lease cost under short-term and long-term operating leases (1) 4,183 Total lease cost $ 72,093 (1) Variable lease cost primarily includes insurance, maintenance, and other operating expenses related to our leased office facilities. Our operating lease liabilities related to long-term operating leases were $70.2 million as of January 25, 2020 . Supplemental balance sheet information related to these liabilities is as follows: January 25, 2020 Weighted average remaining lease term 3.3 years Weighted average discount rate 5.2 % Supplemental cash flow information related to our long-term operating lease liabilities as of January 25, 2020 is as follows (dollars in thousands): Fiscal Year Ended January 25, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 30,888 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 27,477 As of January 25, 2020 , maturities of our lease liabilities under our long-term operating leases for the next five fiscal years and thereafter are as follows (dollars in thousands): Fiscal Year Amount 2021 $ 30,138 2022 22,274 2023 13,236 2024 7,916 2025 4,607 Thereafter 1,495 Total lease payments 79,666 Less: imputed interest (9,479 ) Total $ 70,187 As of January 25, 2020 , we had additional operating leases that have not yet commenced of $2.9 million . These leases will commence during the first quarter of fiscal 2021. As of January 26, 2019 , the future minimum obligation by fiscal year for our operating leases with original noncancelable terms in excess of one year was as follows (dollars in thousands): Fiscal Year Amount 2020 $ 28,415 2021 20,166 2022 12,919 2023 6,686 2024 4,342 Thereafter 3,675 Total $ 76,203 See Note 2, Significant Accounting Policies and Estimates , for further information on our accounting policy for leases and Note 3, Accounting Standards , for further information on our adoption of ASU 2016-02. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Jan. 25, 2020 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Accrued payroll and related taxes $ 27,959 $ 25,591 Accrued employee benefit and incentive plan costs 23,340 25,482 Accrued construction costs 27,690 36,449 Other current liabilities 19,786 16,552 Other accrued liabilities $ 98,775 $ 104,074 |
Debt
Debt | 12 Months Ended |
Jan. 25, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our outstanding indebtedness consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Credit Agreement - Revolving facility (matures October 2023) $ — $ — Credit Agreement - Term loan facility (matures October 2023) 444,375 450,000 0.75% convertible senior notes, net (mature September 2021) 422,526 423,199 866,901 873,199 Less: current portion (22,500 ) (5,625 ) Long-term debt $ 844,401 $ 867,574 Senior Credit Agreement On October 19, 2018, the Company and certain of its subsidiaries amended and restated its existing credit agreement with the various lenders party to the agreement. The maturity date of our 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 . Our credit agreement includes a $200.0 million sublimit for the issuance of letters of credit. The credit agreement provides us 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. These facilities can be increased up to the greater of $350.0 million or an amount that does not result in our consolidated senior secured net leverage ratio exceeding 2.25 to 1.00, 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). Our consolidated senior secured net leverage ratio is the ratio of our consolidated senior secured indebtedness reduced by unrestricted cash and equivalents in excess of $50.0 million to our trailing 12 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 our subsidiaries and secured by the equity interests of the substantial majority of our subsidiaries. Under our credit agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $50.0 million to our trailing 12 month consolidated EBITDA, as defined by our credit agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our 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 our 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 $52.3 million and $48.6 million , issued as part of our insurance program, were outstanding under our credit agreement as of January 25, 2020 and January 26, 2019 , respectively. The weighted average interest rates and fees for balances under our credit agreement as of January 25, 2020 and January 26, 2019 were as follows: Weighted Average Rate End of Period January 25, 2020 January 26, 2019 Borrowings - Term loan facilities 3.67% 4.25% Borrowings - Revolving facility (1) —% —% Standby Letters of Credit 2.00% 1.75% Unused Revolver Commitment 0.40% 0.35% (1) There were no outstanding borrowings under our revolving facility as of January 25, 2020 or January 26, 2019 . Our credit agreement contains a financial covenant that requires us 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 us to maintain a consolidated interest coverage ratio, which is the ratio of our trailing 12 month consolidated EBITDA to our consolidated interest expense, each as defined by our credit agreement, of not less than 3.00 to 1.00 , as measured at the end of each fiscal quarter. In addition, our credit agreement contains a minimum liquidity covenant. This covenant becomes effective beginning 91 days prior to the maturity date of our 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, we would be required to maintain liquidity, as defined by our 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 our 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 our credit agreement. At January 25, 2020 and January 26, 2019 , we were in compliance with the financial covenants of our credit agreement and had borrowing availability under our revolving facility of $287.0 million and $412.9 million , respectively, as determined by the most restrictive covenant. 0.75% Convertible Senior Notes Due 2021 On September 15, 2015, we 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 we fail 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. During the fourth quarter of fiscal 2020, we purchased, through open-market transactions, $25.0 million aggregate principal amount of the Notes for $24.3 million , leaving the principal amount of $460.0 million outstanding. After the write-off of associated debt issuance costs, the net loss on extinguishment was $0.1 million for fiscal 2020. 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 2020 , 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 25, 2020 . As a result, the Notes were not convertible during the fourth quarter of fiscal 2020 and are classified as long-term 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. We incurred $20.1 million , $19.1 million , $9.2 million , and 17.6 million of interest expense during fiscal 2020 , fiscal 2019 , the 2018 transition period, and fiscal 2017 , respectively, for the non-cash amortization of the debt discount. The liability component of the Notes consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 460,000 $ 485,000 Less: Debt discount (33,744 ) (55,795 ) Less: Debt issuance costs (3,730 ) (6,006 ) Net carrying amount of Notes $ 422,526 $ 423,199 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 $97.25 and $96.31 as of January 25, 2020 and January 26, 2019 , respectively (dollars in thousands) January 25, 2020 January 26, 2019 Fair value of principal amount of Notes $ 447,350 $ 467,104 Less: Debt discount and debt issuance costs (37,474 ) (61,801 ) Fair value of Notes $ 409,876 $ 405,303 Convertible Note Hedge and Warrant Transactions In connection with the offering of the Notes, we entered into convertible note hedge transactions with counterparties for the purpose of reducing the potential dilution to common stockholders from the conversion of the Notes and offsetting any potential cash payments in excess of the principal amount of the Notes. In the event that shares or cash are deliverable to holders of the Notes upon conversion at limits defined in the indenture governing the Notes, counterparties to the convertible note hedge will be required to deliver to us shares of our common stock or pay cash to us in a similar amount as the value that we deliver to the holders of the Notes based on a conversion price of $96.89 per share. At inception of the convertible note hedge transactions, up to 5.006 million of our shares could be deliverable to us upon conversion. After the Company settled a portion of the note hedge transactions during fiscal 2020 in connection with the purchase of $25 million of the Notes, the number of shares that could be deliverable to us upon conversion was reduced to up to 4.748 million of our shares. We also entered into separately negotiated warrant transactions with the same counterparties as the convertible note hedge transactions whereby we sold warrants to purchase, subject to certain anti-dilution adjustments, up to 5.006 million shares of our common stock at a price of $130.43 per share. After the Company purchased a portion of the warrants during fiscal 2020 in connection with the purchase of $25 million of the Notes, the remaining warrant transactions provide for to up to 4.748 million shares. The warrants will not have a dilutive effect on our earnings per share unless our quarterly average share price exceeds the warrant strike price of $130.43 per share. In this event, we expect to settle the warrant transactions on a net share basis whereby we will issue shares of our common stock. 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. We 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 15, Income Taxes , for additional information regarding our deferred tax liabilities and assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Current: Federal $ 8,389 $ 9,507 $ (4,384 ) $ 62,455 Foreign (56 ) 2,204 598 176 State 3,727 4,897 1,166 12,344 12,060 16,608 (2,620 ) 74,975 Deferred: Federal 7,257 8,706 (21,332 ) 17,051 Foreign 568 (446 ) (37 ) (35 ) State 1,436 263 1,704 1,217 9,261 8,523 (19,665 ) 18,233 Provision (benefit) for income taxes $ 21,321 $ 25,131 $ (22,285 ) $ 93,208 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% to 21% percent. Our effective income tax rate differs from the statutory rate for the tax jurisdictions where we operate 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. We were 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 our fiscal year end. A reconciliation of the amount computed by applying our 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 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Statutory rate applied to pre-tax income $ 16,495 $ 18,488 $ 15,334 $ 87,649 State taxes, net of federal tax benefit 4,282 4,004 1,406 9,868 Tax Reform and related effects 1,093 — (32,249 ) — Federal deficiency (benefit) of vesting and exercise of share-based awards 875 (200 ) (7,067 ) — Non-deductible and non-taxable items, net 1,433 2,433 1,585 (4,686 ) Change in accruals for uncertain tax positions 891 464 250 632 Tax credits (2,801 ) (1,835 ) (1,596 ) — Change in valuation allowance 722 291 — — Effect of rates other than statutory (197 ) 1,537 557 6 Other items, net (1,472 ) (51 ) (505 ) (261 ) Provision (benefit) for income taxes $ 21,321 $ 25,131 $ (22,285 ) $ 93,208 During the six months ended January 27, 2018 , we recognized an income tax benefit of approximately $32.2 million primarily resulting from the re-measurement our net deferred tax liabilities to reflect the reduced rate under Tax Reform. Additionally, we 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, non-taxable and non-deductible items consisted of a production related tax deduction of $6.0 million , offset by $1.3 million of non-deductible items. 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, tax credits of $1.0 million 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 25, 2020 January 26, 2019 Deferred tax assets: Insurance and other reserves $ 22,489 $ 22,885 Allowance for doubtful accounts and reserves 2,342 5,323 Net operating loss carryforwards 1,487 5,515 Stock-based compensation 2,961 3,324 Leases 18,002 — Other 3,098 3,764 Total deferred tax assets 50,379 40,811 Valuation allowance (1,126 ) (418 ) Deferred tax assets, net of valuation allowance $ 49,253 $ 40,393 Deferred tax liabilities: Property and equipment $ 76,385 $ 77,490 Goodwill and intangibles 29,563 27,780 Leases 17,856 — Other 976 1,086 Deferred tax liabilities $ 124,780 $ 106,356 Net deferred tax liabilities $ 75,527 $ 65,963 The valuation allowance above reduces the deferred tax asset balances to the amount that we have determined is more likely than not to be realized. The valuation allowance primarily relates to immaterial foreign net operating loss carryforwards and immaterial state net operating loss carryforwards, which generally begin to expire in fiscal 2022 and fiscal 2023, respectively. Uncertain Tax Positions As of January 25, 2020 and January 26, 2019 , we had total unrecognized tax benefits of $4.7 million and $3.8 million , respectively, resulting from uncertain tax positions. Our effective tax rate will be reduced during future periods if it is determined these unrecognized tax benefits are realizable. We had approximately $1.7 million and $1.4 million accrued for the payment of interest and penalties as of January 25, 2020 and January 26, 2019 , respectively. Interest expense related to unrecognized tax benefits for the Company was not material during fiscal 2020 , fiscal 2019 , the 2018 transition period , or fiscal 2017 . A summary of unrecognized tax benefits is as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Balance at beginning of year $ 3,786 $ 3,322 $ 3,072 $ 2,440 Additions based on tax positions related to the fiscal year 696 444 283 441 Additions (reductions) based on tax positions related to prior years 358 77 (33 ) 229 Reductions related to the expiration of statutes of limitation (98 ) (57 ) — (38 ) Balance at end of year $ 4,742 $ 3,786 $ 3,322 $ 3,072 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Gain on sale of fixed assets $ 14,879 $ 19,390 $ 7,217 $ 14,866 Discount fee expense (4,248 ) (4,143 ) (1,418 ) (3,247 ) Miscellaneous income, net 1,034 751 426 1,161 Write-off of deferred financing costs — (156 ) — — Other income, net $ 11,665 $ 15,842 $ 6,225 $ 12,780 We participate in a vendor payment program sponsored by one of our customers. 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. This program effectively reduces the time to collect these receivables as compared to that customer’s standard payment terms. We incur a discount fee to the bank on the payments received that is reflected as discount fee expense in the table above and is included as an expense component in other income, net, in the consolidated statements of operations. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 25, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We sponsor 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. We contribute 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. Our contributions were $4.1 million , $3.5 million , $1.7 million , and $5.0 million related to fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 , 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 us about the multiemployer plans in which we participate 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. Based upon the most recently available annual reports, our contribution to each of the plans was less than 5% of each plan’s total contributions. All plans are presented in the aggregate in the following table (dollars in thousands): Company Contributions Expiration Date of CBA Fiscal Year Ended Fiscal Year Ended Six Months Ended Fiscal Year Ended Fund 2020 2019 2018 2017 All Plans $ 362 $ 726 $ 319 $ 384 Various In the fourth quarter of fiscal 2016, one of the Company’s subsidiaries, which previously contributed to the Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund (the “Withdrawal Dispute Plan”), ceased operations. In October 2016, the Withdrawal Dispute Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million . In December 2016, we submitted a formal request seeking review of the withdrawal liability determination. We dispute the claim that we are required to make payment of a withdrawal liability as we believe there is a statutory exemption under ERISA that applies to our activities. The Withdrawal Dispute Plan has taken the position that the work at issue does not qualify for the statutory exemption. We have submitted this dispute to arbitration, as required by ERISA, with a hearing expected during calendar year 2020. There can be no assurance that we 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 withdrawal liability payments to the Withdrawal Dispute Plan in the amount of approximately $0.1 million . If we prevail in disputing the withdrawal liability, all such payments are expected to be refunded. |
Capital Stock
Capital Stock | 12 Months Ended |
Jan. 25, 2020 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock Repurchases of Common Stock. We did not repurchase any of our common stock during fiscal 2020 or fiscal 2019. The following table summarizes our share repurchases during the 2018 transition period and fiscal 2017 (all shares repurchased have been canceled): Period Number of Shares Repurchased Total Consideration (In thousands) Average Price Per Share 2018 Transition Period 200,000 $ 16,875 $ 84.38 Fiscal 2017 713,006 $ 62,909 $ 88.23 Fiscal 2019. On August 29, 2018, we announced that our Board of Directors had authorized a $150.0 million program to repurchase shares of the Company’s outstanding common stock through February 2020 in open market or private transactions. No repurchases were made under this authorization, and, as of February 2020, the authorization expired. 2018 Transition Period. We repurchased 200,000 shares of our 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 2017. As of the beginning of fiscal 2017, we had $100.0 million available for share repurchases through October 2017 under our April 26, 2016 repurchase authorization. During the second quarter of fiscal 2017, we repurchased 313,006 shares of our common stock, at an average price of $79.87 , for $25.0 million . During the third quarter of fiscal 2017, our 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, our 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. We repurchased 400,000 shares of our common stock, at an average price of $94.77 per share, for $37.9 million during the third quarter of fiscal 2017. Restricted Stock Tax Withholdings. During fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 , we withheld 36,426 shares, 73,300 shares, 117,426 shares, and 134,736 shares, respectively, totaling $1.7 million , $4.7 million , $12.6 million , and $10.8 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 our 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 and fiscal 2017 , $11.5 million and $42.8 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. 25, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | Stock-Based Awards We have outstanding stock-based awards under our 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 25, 2020, the total number of shares available for grant under the Plans was 1,259,615 . Stock-based compensation expense and the related tax benefit recognized during fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Stock-based compensation $ 10,034 $ 20,187 $ 13,277 $ 20,805 Income tax effect of stock-based compensation $ 2,482 $ 5,043 $ 4,793 $ 7,996 In addition, we realized approximately $1.0 million of net tax deficiencies during fiscal 2020 , and $0.2 million , $7.8 million , and $8.4 million of excess tax benefits, net of tax deficiencies, during fiscal 2019 , the 2018 transition period , and fiscal 2017 , respectively, related to the vesting and exercise of share-based awards. As of January 25, 2020 , we had unrecognized compensation expense related to stock options, RSUs, and target Performance RSUs (based on the Company’s expected achievement of performance measures) of $2.0 million , $8.6 million , and $4.5 million , respectively. This expense will be recognized over a weighted-average number of years of 2.2 , 2.3 , and 1.7 , respectively, based on the average remaining service periods for the awards. As of January 25, 2020 , we may recognize an additional $20.3 million in compensation expense in future periods if the maximum number 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 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 and the significant valuation assumptions: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Weighted average fair value of RSUs granted $ 48.37 $ 97.90 $ 87.34 $ 79.04 Weighted average fair value of Performance RSUs granted $ 45.94 $ 106.19 $ 84.13 $ 79.29 Weighted average fair value of stock options granted $ 24.72 $ 48.19 $ 42.60 $ 39.90 Stock option assumptions: Risk-free interest rate 2.3 % 2.7 % 2.3 % 2.3 % Expected life (in years) 8.4 6.3 7.6 7.6 Expected volatility 45.3 % 43.3 % 43.4 % 44.7 % Expected dividends — — — — Stock Options The following table summarizes stock option award activity during fiscal 2020 : Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 26, 2019 583,291 $ 34.24 Granted 39,276 $ 45.94 Options exercised (45,258 ) $ 11.11 Canceled — $ — Outstanding as of January 25, 2020 577,309 $ 36.85 4.1 $ 9,485 Exercisable options as of January 25, 2020 497,739 $ 31.44 3.4 $ 9,485 The total amount of exercisable options as of January 25, 2020 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 $44.51 on the last trading day of fiscal 2020 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 2020 . 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 $1.8 million , $5.7 million , $4.5 million , and $7.8 million for fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 , respectively. We received cash from the exercise of stock options of $0.5 million , $0.9 million , $0.7 million , and $1.4 million during fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 , respectively. RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during fiscal 2020 : Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of January 26, 2019 126,470 $ 87.92 377,354 $ 96.51 Granted 117,492 $ 48.37 475,629 $ 45.94 Share units vested (66,485 ) $ 79.06 (75,404 ) $ 88.24 Forfeited or canceled (2,560 ) $ 65.55 (137,841 ) $ 83.94 Outstanding as of January 25, 2020 174,917 $ 65.05 639,738 $ 62.60 The total number of granted Performance RSUs presented above consists of 333,567 target shares and 142,062 supplemental shares. During fiscal 2020 , we canceled 70,445 target shares and 46,424 supplemental shares of Performance RSUs, as a result of performance criteria for attaining those shares being partially met for the applicable performance periods. Approximately 143,456 target shares and 65,370 supplemental shares outstanding as of January 25, 2020 will be canceled during the three months ending April 25, 2020 as a result of the fiscal 2020 performance period criteria being partially met. The total amount of Performance RSUs outstanding as of January 25, 2020 consists of 450,588 target shares and 189,150 supplemental shares. The total fair value of restricted share units vested during fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 was $6.7 million , $15.3 million , $37.7 million , and $33.2 million , respectively. |
Customer Concentration and Reve
Customer Concentration and Revenue Information | 12 Months Ended |
Jan. 25, 2020 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration and Revenue Information | Customer Concentration and Revenue Information Geographic Location We provide services throughout the United States. Significant Customers Our customer base is highly concentrated, with our top five customers accounting for approximately 78.4% , 78.4% , 75.8% , and 76.8% , of our total contract revenues during fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 , respectively. Customers whose contract revenues exceeded 10% of total contract revenues during fiscal 2020 , fiscal 2019 , the 2018 transition period , or fiscal 2017 , as well as total contract revenues from all other customers combined, were as follows: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Verizon Communications Inc. (1) $728.2 21.8% $599.8 19.2% $168.7 12.0% $282.7 9.2% AT&T Inc. 687.9 20.6% 664.2 21.2% 290.1 20.6% 806.7 26.3% Century Link, Inc. (2) 547.8 16.4% 425.6 13.6% 247.0 17.5% 556.8 18.2% Comcast Corporation 503.2 15.1% 650.2 20.8% 304.4 21.6% 543.6 17.7% Total other customers combined 872.6 26.1% 787.9 25.2% 401.1 28.3% 877.1 28.6% Total contract revenues $ 3,339.7 100.0% $ 3,127.7 100.0% $1,411.3 100.0% $3,066.9 100.0% (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 our customer credit concentration and collectability of trade accounts receivable and contract assets. On February 25, 2019 , Windstream, our 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. We expect 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 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 were as follows (dollars in millions): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 3,031.9 90.8% $ 2,855.8 91.3% $ 1,284.1 91.0% $ 2,819.9 91.9% Underground facility locating 204.5 6.1% 182.7 5.8% 88.6 6.3% 167.9 5.5% Electrical and gas utilities and other 103.3 3.1% 89.2 2.9% 38.6 2.7% 79.1 2.6% Total contract revenues $ 3,339.7 100.0% $ 3,127.7 100.0% $ 1,411.3 100.0% $ 3,066.9 100.0% 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, our 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. As a result, our remaining performance obligations under the work orders not yet completed is not meaningful in relation to our overall revenue at any given point in time. We apply the practical expedient in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and do 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. 25, 2020 | |
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. The Company believes the allegations in the lawsuit are without merit and expects it to be vigorously defended. 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, which previously contributed to the the Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund (the “Withdrawal Dispute Plan”), ceased operations. In October 2016, the Withdrawal Dispute Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million . In December 2016, we submitted a formal request seeking review of the withdrawal liability determination. We dispute the claim that we are required to make payment of a withdrawal liability as we believe there is a statutory exemption under ERISA that applies to our activities. The Withdrawal Dispute Plan has taken the position that the work at issue does not qualify for the statutory exemption. We have submitted this dispute to arbitration, as required by ERISA, with a hearing expected during calendar year 2020. There can be no assurance that we 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 withdrawal liability payments to the Withdrawal Dispute Plan in the amount of approximately $0.1 million . If we prevail in disputing the withdrawal liability, all such payments will be refunded. 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 our financial position, results of operations, or cash flow. For claims within our insurance program, we retain 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. We have established reserves that we believe to be adequate based on current evaluations and experience with these types of claims. For these claims, the effect on our financial statements is generally limited to the amount needed to satisfy insurance deductibles or retentions. Commitments Performance and Payment Bonds and Guarantees. We have obligations under performance and other surety contract bonds related to certain of our customer contracts. Performance bonds generally provide a customer with the right to obtain payment and/or performance from the issuer of the bond if we fail to perform our contractual obligations. As of January 25, 2020 and January 26, 2019 , we had $156.1 million and $123.5 million , respectively, of outstanding performance and other surety contract bonds. In addition to performance and other surety contract bonds, as part of our insurance program, we also provide surety bonds that collateralize our obligations to our insurance carriers. As of January 25, 2020 and January 26, 2019 , we had $23.4 million and $23.2 million , respectively, of outstanding surety bonds related to our 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. We have issued standby letters of credit under our credit agreement that collateralize our obligations to our insurance carriers. As January 25, 2020 and January 26, 2019 , the Company had $52.3 million and $48.6 million of outstanding standby letters of credit issued under our credit agreement, respectively. |
Transition Period Comparative D
Transition Period Comparative Data | 12 Months Ended |
Jan. 25, 2020 | |
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 2020 and fiscal 2019 reflect all adjustments (consisting of normal recurring accruals), which are necessary to present a fair presentation of amounts shown for such periods. Our fiscal year consists of either 52 weeks or 53 weeks of operations with the additional week of operations occurring in the fourth quarter. Fiscal 2020 and fiscal 2019 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 2020 First Quarter (2) Second Quarter Third Quarter Fourth Quarter Contract revenues $ 833,743 $ 884,221 $ 884,115 $ 737,603 Costs of earned revenues, excluding depreciation and amortization $ 701,767 $ 720,382 $ 724,378 $ 633,203 Gross profit $ 131,976 $ 163,839 $ 159,737 $ 104,400 Net income (loss) $ 14,279 $ 29,896 $ 24,229 $ (11,189 ) Earnings (loss) per common share - Basic $ 0.45 $ 0.95 $ 0.77 $ (0.35 ) Earnings (loss) per common share - Diluted (3) $ 0.45 $ 0.94 $ 0.76 $ (0.35 ) 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 (3) $ 0.53 $ 0.94 $ 0.87 $ (0.38 ) (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 recorded a non-cash charge of $17.2 million reflecting its evaluation of recoverability of these receivables and contract assets as of January 26, 2019. (2) During the first quarter of fiscal 2020, we recovered $10.3 million of the previously reserved accounts receivable and contract assets related to Windstream. (3) Loss per common share for the fourth quarters of fiscal 2020 and fiscal 2019 excludes the effect of common stock equivalents related to share-based awards as their effect would be anti-dilutive. |
Significant Accounting Polici_2
Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Jan. 25, 2020 | |
Accounting Policies [Abstract] | |
Accounting Period | Accounting Period. In September 2017, our 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 better aligned our fiscal year with the planning cycles of our customers. For quarterly comparisons, there were no changes to the months in each fiscal quarter. We use a 52/53 week fiscal year ending on the last Saturday in January. Fiscal 2020 and 2019 each consisted of 52 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 30, 2021. We refer to the period beginning January 27, 2019 and ending on January 25, 2020 as “fiscal 2020”, the period beginning on 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”, and the period beginning July 31, 2016 and ending July 29, 2017 as “ fiscal 2017 ”. |
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. |
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. These 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 our historical experience and management’s understanding of current facts and circumstances. At the time they are made, we believe 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. |
Lessee, Leases [Policy Text Block] | Leases. Our leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For leases with initial terms greater than 12 months, we record operating lease right-of-use assets and corresponding operating lease liabilities. Operating lease right-of-use assets represent our right to use the underlying asset for the lease term and operating lease liabilities represent our obligation to make the related lease payments. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet. |
Revenue Recognition, Policy [Policy Text Block] | 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. Our policy is to present contract revenues net of sales taxes. Revenue Recognition. We perform a majority of our 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. Our services are performed for the sole benefit of our customers, whereby the assets being created or maintained are controlled by the customer and the services we perform do not have alternative benefits for us. Revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits we provide. Output measures such as units delivered are utilized to assess progress against specific contractual performance obligations for the majority of our 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 us, 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 our 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 approximately 15% of contract revenues during fiscal 2020 . For certain contracts, representing less than 5% of contract revenues during fiscal 2020 , fiscal 2019 , the 2018 transition period, and fiscal 2017 , we use the cost-to-cost measure of progress. These contracts are generally projects that are completed over a period of less than 12 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. We accrue the entire amount of a contract loss, if any, at the time the loss is determined to be probable and can be reasonably estimated. 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. Our 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 25, 2020 and January 26, 2019 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable, Net. We grant credit to our 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 our 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 we have an unconditional right to receive payment for although invoicing is subject to the completion of certain processes 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 our 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 our overall assessment of the collectability of accounts receivable. We expect to collect the outstanding balance of current accounts receivable, net (including trade accounts receivable, unbilled accounts receivable, and retainage) within the next 12 months. As of January 26, 2019 , accounts receivable of $24.8 million from Windstream were classified as non-current in other assets and were net of the related allowance for doubtful accounts. 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 25, 2020, all Windstream’s accounts receivable was classified as current. We estimate our 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 our customers. We have participated in a customer-sponsored vendor payment program for one of our customers 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. We incur 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 we began participating. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Equivalents. Cash and equivalents primarily include balances on deposit in banks. We maintain our cash and equivalents at financial institutions we believe to be of high credit quality. To date, we have not experienced any loss or lack of access to cash in our 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 we are 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 consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $21.2 million and $28.5 million as of January 25, 2020 and January 26, 2019 , respectively. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets. 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. We perform our annual impairment review of goodwill at the reporting unit level. Each of our operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If we determine 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. We complete our annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in our fiscal year end in fiscal 2018, 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 our fourth fiscal quarter. The change in the annual goodwill impairment assessment date was deemed a change in accounting principle, which we believe to be preferable as the change was made to better align the annual goodwill impairment test with the change in our 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. We review 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. If an asset is not recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If we determine 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. We use judgment in assessing whether goodwill and intangible assets are impaired. Estimates of fair value are based on our 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. We determine the fair value of our 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 our 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 our annual assessment of goodwill and other indefinite-lived intangible assets. |
Business Combinations Policy [Policy Text Block] | Business Combinations. We account 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 us at that time, may become known during the remainder of the measurement period. This measurement period may not exceed 12 months from the acquisition date. We 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, we 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. We review 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 our insurance program, we retain 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. We have established reserves that we believes to be adequate based on current evaluations and our 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 our financial statements is generally limited to the amount needed to satisfy our insurance deductibles or retentions. We estimate 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 our 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. We adopted the Financial Accounting Standards Board (“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. We have stock-based compensation plans under which we grant 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 our 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 our 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 our 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, we evaluate compensation expense quarterly and recognize expense only if we determine it is probable that the performance measures for the awards will be met. The performance measures for target awards are based on our operating earnings (adjusted for certain amounts) as a percentage of contract revenues and our 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 we determine it is no longer probable that we will achieve certain performance measures for the awards, we reverse the stock-based compensation expense that we 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 our stock-based compensation plans, stock options, RSUs, and Performance RSUs, see Note 19, Stock-Based Awards . |
Income Tax, Policy [Policy Text Block] | Income Taxes. We account 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. Our effective income tax rate differs from the statutory rate for the tax jurisdictions where we operate, 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 our consolidated financial statements for the 2018 transition period. See Note 15, Income Taxes , for further information. Measurement of our tax position is based on the applicable statutes, federal and state case law, and our 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. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider 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 we determine that we would be able to realize deferred income tax assets in excess of their net recorded amount, we would adjust the valuation allowance, which would reduce the provision for income taxes. We recognize tax benefits in the amount that we deem, 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. We recognize applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. We believe our provision for income taxes is adequate; however, any assessment would affect our results of operations and cash flows. With few exceptions, we are no longer subject to U.S. federal, state and local, or Canadian income tax examinations for fiscal years ended 2015 and prior. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. Our 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 our long-term debt, which is based on observable market-based inputs (Level 2). See Note 14, Debt , for further information regarding the fair value of such financial instruments. Our cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of January 25, 2020 and January 26, 2019 . During fiscal 2020 , fiscal 2019 , the 2018 transition, and fiscal 2017 , we had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards 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 12 months, the new guidance requires 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 the new guidance on leases in the statement of operations and statement of cash flows is largely unchanged. Effective January 27, 2019, the first day of fiscal 2020, we adopted the requirements of ASU 2016-02 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 were not adjusted. We elected the group of practical expedients that allowed us not to 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. We did not elect the practical expedient to use hindsight to determine the lease term. On adoption, we recognized approximately $71.0 million of operating lease right-of-use assets and corresponding lease liabilities on our consolidated balance sheet for our operating leases with terms greater than 12 months. The adoption of ASU 2016-02 did not have a material impact on our consolidated statements of operations, comprehensive income, or cash flows. Accounting Standards Not Yet Adopted Financial Instruments. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). This ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which could result in earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for financial instruments at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current GAAP, which generally require that a loss be incurred before it is recognized. The new standard will also apply to receivables arising from revenue transactions such as contract assets and accounts receivables and is effective for fiscal years beginning after December 15, 2019. The standard will be applied prospectively with an adjustment to retained earnings. The effect of the standard on our consolidated financial statements is still under evaluation, but we do not expect the impact to be material. Intangibles. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”). This ASU introduces amendments that align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. The new standard is effective for fiscal years beginning after December 15, 2019. The effect of the standard on our consolidated financial statements is still under evaluation, but we do not expect the impact to be material. Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 will be effective for the fiscal year ended January 29, 2022 and interim periods within that year. We are currently evaluating the effect of the standard on our consolidated financial statements. |
Computation of Earnings Per C_2
Computation of Earnings Per Common Share (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Net income available to common stockholders (numerator) $ 57,215 $ 62,907 $ 68,835 $ 157,217 Weighted-average number of common shares (denominator) 31,498,474 31,250,376 31,059,140 31,351,367 Basic earnings per common share $ 1.82 $ 2.01 $ 2.22 $ 5.01 Weighted-average number of common shares 31,498,474 31,250,376 31,059,140 31,351,367 Potential shares of common stock arising from stock options, and unvested restricted share units (1) 323,308 555,993 778,411 633,364 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) 31,821,782 31,990,168 32,054,945 31,984,731 Diluted earnings per common share $ 1.80 $ 1.97 $ 2.15 $ 4.92 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 253,000 130,779 93,117 73,830 0.75% convertible senior notes due 2021 (2) (3) 4,747,706 4,821,935 4,788,340 5,005,734 Warrants (2) (3) 4,747,706 5,005,734 5,005,734 5,005,734 Total 9,748,412 9,958,448 9,887,191 10,085,298 (1) We 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. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 and fiscal 2017 (dollars in millions): 2019 2017 Assets Accounts receivable $ 5.6 $ 8.9 Contract assets — 2.4 Inventories and other current assets 0.2 0.2 Property and equipment 0.5 5.6 Goodwill 4.0 10.1 Intangible assets - customer relationships 12.3 9.8 Intangible assets - trade names and other — 0.7 Total assets 22.6 37.7 Liabilities Accounts payable 2.2 3.2 Accrued and other current liabilities — 3.4 Deferred tax liabilities, net non-current — 5.0 Total liabilities 2.2 11.6 Net Assets Acquired $ 20.4 $ 26.1 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net classified as current, consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Trade accounts receivable $ 355,805 $ 331,903 Unbilled accounts receivable 453,353 283,463 Retainage 12,669 10,831 Total 821,827 626,197 Less: allowance for doubtful accounts (4,582 ) (939 ) Accounts receivable, net $ 817,245 $ 625,258 January 25, 2020 January 26, 2019 Allowance for doubtful accounts at beginning of period $ 17,702 $ 998 Provision for bad debt (recovery) (6,540 ) 16,677 Amounts recovered (charged) against the allowance (6,580 ) 27 Allowance for doubtful accounts at end of period $ 4,582 $ 17,702 |
Contract with Customer, Asset and Liability [Table Text Block] | Net contract assets consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Contract assets $ 253,005 $ 215,849 Contract liabilities 16,332 15,125 Contract assets, net $ 236,673 $ 200,724 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customers whose combined amounts of accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 25, 2020 or January 26, 2019 were as follows (dollars in millions): January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Verizon Communications Inc. $ 440.2 41.8% $ 298.4 36.2% CenturyLink, Inc. $ 175.8 16.7% $ 147.2 17.9% Comcast Corporation $ 114.0 10.8% $ 127.2 15.4% AT&T Inc. $ 97.2 9.2% $ 90.6 11.0% Total contract revenues by customer type during fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 were as follows (dollars in millions): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 3,031.9 90.8% $ 2,855.8 91.3% $ 1,284.1 91.0% $ 2,819.9 91.9% Underground facility locating 204.5 6.1% 182.7 5.8% 88.6 6.3% 167.9 5.5% Electrical and gas utilities and other 103.3 3.1% 89.2 2.9% 38.6 2.7% 79.1 2.6% Total contract revenues $ 3,339.7 100.0% $ 3,127.7 100.0% $ 1,411.3 100.0% $ 3,066.9 100.0% 10% of total contract revenues during fiscal 2020 , fiscal 2019 , the 2018 transition period , or fiscal 2017 , as well as total contract revenues from all other customers combined, were as follows: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Verizon Communications Inc. (1) $728.2 21.8% $599.8 19.2% $168.7 12.0% $282.7 9.2% AT&T Inc. 687.9 20.6% 664.2 21.2% 290.1 20.6% 806.7 26.3% Century Link, Inc. (2) 547.8 16.4% 425.6 13.6% 247.0 17.5% 556.8 18.2% Comcast Corporation 503.2 15.1% 650.2 20.8% 304.4 21.6% 543.6 17.7% Total other customers combined 872.6 26.1% 787.9 25.2% 401.1 28.3% 877.1 28.6% Total contract revenues $ 3,339.7 100.0% $ 3,127.7 100.0% $1,411.3 100.0% $3,066.9 100.0% (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. |
Other Current Assets and Othe_2
Other Current Assets and Other Assets (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 Prepaid expenses $ 12,769 $ 12,758 Deposits and other current assets 17,447 14,762 Restricted cash 1,556 1,556 Receivables on equipment sales 219 69 Other current assets $ 31,991 $ 29,145 |
Schedule of Non current Assets | Other assets consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Long-term contract assets $ 22,653 $ 30,399 Deferred financing costs 7,133 9,036 Restricted cash 3,753 4,253 Insurance recoveries/receivables for accrued insurance claims 4,864 13,684 Long-term accounts receivable, net — 24,815 Other non-current deposits and assets 9,035 7,251 Other assets $ 47,438 $ 89,438 |
Cash and Equivalents and Rest_2
Cash and Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | January 25, 2020 January 26, 2019 Cash and equivalents $ 54,560 $ 128,342 Restricted cash included in: Other current assets 1,556 1,556 Other assets (long-term) 3,753 4,253 Cash, cash equivalents and restricted cash $ 59,869 $ 134,151 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | January 25, 2020 January 26, 2019 Cash and equivalents $ 54,560 $ 128,342 Restricted cash included in: Other current assets 1,556 1,556 Other assets (long-term) 3,753 4,253 Cash, cash equivalents and restricted cash $ 59,869 $ 134,151 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 Land — $ 4,024 $ 4,359 Buildings 10-35 12,934 13,555 Leasehold improvements 1-10 17,151 16,185 Vehicles 1-5 626,307 589,741 Computer hardware and software 1-7 149,600 140,327 Office furniture and equipment 1-10 13,557 12,804 Equipment and machinery 1-10 312,244 296,408 Total 1,135,817 1,073,379 Less: accumulated depreciation (759,207 ) (648,628 ) Property and equipment, net $ 376,610 $ 424,751 Depreciation expense and repairs and maintenance expense were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Depreciation expense $ 166,376 $ 156,959 $ 72,961 $ 123,125 Repairs and maintenance expense $ 44,208 $ 36,109 $ 16,438 $ 31,272 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill Accumulated Impairment Losses Total 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 | Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Terminal Growth Rate 3.0% 2.5% - 3.0% 2.5% - 3.0% 2.0% - 3.0% Discount Rate 10.0% 11.0% 11.0% 11.0% |
Schedule of Intangible Assets | intangible assets consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 10.2 $ 312,017 $ 178,411 $ 133,606 $ 312,017 $ 157,691 $ 154,326 Trade names, finite 7.9 10,350 8,732 1,618 10,350 8,312 2,038 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 Non-compete agreements 0.5 200 179 21 200 139 61 $ 327,267 $ 187,322 $ 139,945 $ 327,267 $ 166,142 $ 161,125 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of January 25, 2020 , total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2021 $ 20,663 2022 17,490 2023 15,334 2024 13,903 2025 13,718 Thereafter 54,137 Total $ 135,245 |
Accrued Insurance Claims (Table
Accrued Insurance Claims (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Disclosure | Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): January 25, 2020 January 26, 2019 Accrued insurance claims - current $ 38,881 $ 39,961 Accrued insurance claims - non-current 56,026 68,315 Accrued insurance claims $ 94,907 $ 108,276 Insurance recoveries/receivables: Non-current (included in Other assets) 4,864 13,684 Insurance recoveries/receivables $ 4,864 $ 13,684 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Leases [Abstract] | |
Lease, Cost | The following table summarizes the components of lease cost recognized in the consolidated statement of operations for fiscal 2020 (dollars in thousands): Fiscal Year Ended January 25, 2020 Lease cost under long-term operating leases $ 33,799 Lease cost under short-term operating leases 34,111 Variable lease cost under short-term and long-term operating leases (1) 4,183 Total lease cost $ 72,093 (1) Variable lease cost primarily includes insurance, maintenance, and other operating expenses related to our leased office facilities. Our operating lease liabilities related to long-term operating leases were $70.2 million as of January 25, 2020 . Supplemental balance sheet information related to these liabilities is as follows: January 25, 2020 Weighted average remaining lease term 3.3 years Weighted average discount rate 5.2 % Supplemental cash flow information related to our long-term operating lease liabilities as of January 25, 2020 is as follows (dollars in thousands): Fiscal Year Ended January 25, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 30,888 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 27,477 |
Operating Lease, Liability, Maturity | As of January 25, 2020 , maturities of our lease liabilities under our long-term operating leases for the next five fiscal years and thereafter are as follows (dollars in thousands): Fiscal Year Amount 2021 $ 30,138 2022 22,274 2023 13,236 2024 7,916 2025 4,607 Thereafter 1,495 Total lease payments 79,666 Less: imputed interest (9,479 ) Total $ 70,187 |
Operating Lease Laibility Mauturity Schedule Before Adoption | As of January 26, 2019 , the future minimum obligation by fiscal year for our operating leases with original noncancelable terms in excess of one year was as follows (dollars in thousands): Fiscal Year Amount 2020 $ 28,415 2021 20,166 2022 12,919 2023 6,686 2024 4,342 Thereafter 3,675 Total $ 76,203 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Accrued payroll and related taxes $ 27,959 $ 25,591 Accrued employee benefit and incentive plan costs 23,340 25,482 Accrued construction costs 27,690 36,449 Other current liabilities 19,786 16,552 Other accrued liabilities $ 98,775 $ 104,074 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding Indebtedness | outstanding indebtedness consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Credit Agreement - Revolving facility (matures October 2023) $ — $ — Credit Agreement - Term loan facility (matures October 2023) 444,375 450,000 0.75% convertible senior notes, net (mature September 2021) 422,526 423,199 866,901 873,199 Less: current portion (22,500 ) (5,625 ) Long-term debt $ 844,401 $ 867,574 |
Schedule Interest Rates for the Credit Agreement | $50.0 million to our trailing 12 month consolidated EBITDA, as defined by our credit agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our 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 our 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% . The weighted average interest rates and fees for balances under our credit agreement as of January 25, 2020 and January 26, 2019 were as follows: Weighted Average Rate End of Period January 25, 2020 January 26, 2019 Borrowings - Term loan facilities 3.67% 4.25% Borrowings - Revolving facility (1) —% —% Standby Letters of Credit 2.00% 1.75% Unused Revolver Commitment 0.40% 0.35% (1) There were no outstanding borrowings under our revolving facility as of January 25, 2020 or January 26, 2019 . |
Convertible Debt | The liability component of the Notes consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 460,000 $ 485,000 Less: Debt discount (33,744 ) (55,795 ) Less: Debt issuance costs (3,730 ) (6,006 ) Net carrying amount of Notes $ 422,526 $ 423,199 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 $97.25 and $96.31 as of January 25, 2020 and January 26, 2019 , respectively (dollars in thousands) January 25, 2020 January 26, 2019 Fair value of principal amount of Notes $ 447,350 $ 467,104 Less: Debt discount and debt issuance costs (37,474 ) (61,801 ) Fair value of Notes $ 409,876 $ 405,303 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Current: Federal $ 8,389 $ 9,507 $ (4,384 ) $ 62,455 Foreign (56 ) 2,204 598 176 State 3,727 4,897 1,166 12,344 12,060 16,608 (2,620 ) 74,975 Deferred: Federal 7,257 8,706 (21,332 ) 17,051 Foreign 568 (446 ) (37 ) (35 ) State 1,436 263 1,704 1,217 9,261 8,523 (19,665 ) 18,233 Provision (benefit) for income taxes $ 21,321 $ 25,131 $ (22,285 ) $ 93,208 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the amount computed by applying our 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 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Statutory rate applied to pre-tax income $ 16,495 $ 18,488 $ 15,334 $ 87,649 State taxes, net of federal tax benefit 4,282 4,004 1,406 9,868 Tax Reform and related effects 1,093 — (32,249 ) — Federal deficiency (benefit) of vesting and exercise of share-based awards 875 (200 ) (7,067 ) — Non-deductible and non-taxable items, net 1,433 2,433 1,585 (4,686 ) Change in accruals for uncertain tax positions 891 464 250 632 Tax credits (2,801 ) (1,835 ) (1,596 ) — Change in valuation allowance 722 291 — — Effect of rates other than statutory (197 ) 1,537 557 6 Other items, net (1,472 ) (51 ) (505 ) (261 ) Provision (benefit) for income taxes $ 21,321 $ 25,131 $ (22,285 ) $ 93,208 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands): January 25, 2020 January 26, 2019 Deferred tax assets: Insurance and other reserves $ 22,489 $ 22,885 Allowance for doubtful accounts and reserves 2,342 5,323 Net operating loss carryforwards 1,487 5,515 Stock-based compensation 2,961 3,324 Leases 18,002 — Other 3,098 3,764 Total deferred tax assets 50,379 40,811 Valuation allowance (1,126 ) (418 ) Deferred tax assets, net of valuation allowance $ 49,253 $ 40,393 Deferred tax liabilities: Property and equipment $ 76,385 $ 77,490 Goodwill and intangibles 29,563 27,780 Leases 17,856 — Other 976 1,086 Deferred tax liabilities $ 124,780 $ 106,356 Net deferred tax liabilities $ 75,527 $ 65,963 |
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 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Balance at beginning of year $ 3,786 $ 3,322 $ 3,072 $ 2,440 Additions based on tax positions related to the fiscal year 696 444 283 441 Additions (reductions) based on tax positions related to prior years 358 77 (33 ) 229 Reductions related to the expiration of statutes of limitation (98 ) (57 ) — (38 ) Balance at end of year $ 4,742 $ 3,786 $ 3,322 $ 3,072 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Gain on sale of fixed assets $ 14,879 $ 19,390 $ 7,217 $ 14,866 Discount fee expense (4,248 ) (4,143 ) (1,418 ) (3,247 ) Miscellaneous income, net 1,034 751 426 1,161 Write-off of deferred financing costs — (156 ) — — Other income, net $ 11,665 $ 15,842 $ 6,225 $ 12,780 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Plans | All plans are presented in the aggregate in the following table (dollars in thousands): Company Contributions Expiration Date of CBA Fiscal Year Ended Fiscal Year Ended Six Months Ended Fiscal Year Ended Fund 2020 2019 2018 2017 All Plans $ 362 $ 726 $ 319 $ 384 Various |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | Repurchases of Common Stock. We did not repurchase any of our common stock during fiscal 2020 or fiscal 2019. The following table summarizes our share repurchases during the 2018 transition period and fiscal 2017 (all shares repurchased have been canceled): Period Number of Shares Repurchased Total Consideration (In thousands) Average Price Per Share 2018 Transition Period 200,000 $ 16,875 $ 84.38 Fiscal 2017 713,006 $ 62,909 $ 88.23 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 were as follows (dollars in thousands): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Stock-based compensation $ 10,034 $ 20,187 $ 13,277 $ 20,805 Income tax effect of stock-based compensation $ 2,482 $ 5,043 $ 4,793 $ 7,996 |
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 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 and the significant valuation assumptions: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Weighted average fair value of RSUs granted $ 48.37 $ 97.90 $ 87.34 $ 79.04 Weighted average fair value of Performance RSUs granted $ 45.94 $ 106.19 $ 84.13 $ 79.29 Weighted average fair value of stock options granted $ 24.72 $ 48.19 $ 42.60 $ 39.90 Stock option assumptions: Risk-free interest rate 2.3 % 2.7 % 2.3 % 2.3 % Expected life (in years) 8.4 6.3 7.6 7.6 Expected volatility 45.3 % 43.3 % 43.4 % 44.7 % Expected dividends — — — — |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during fiscal 2020 : Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 26, 2019 583,291 $ 34.24 Granted 39,276 $ 45.94 Options exercised (45,258 ) $ 11.11 Canceled — $ — Outstanding as of January 25, 2020 577,309 $ 36.85 4.1 $ 9,485 Exercisable options as of January 25, 2020 497,739 $ 31.44 3.4 $ 9,485 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during fiscal 2020 : Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of January 26, 2019 126,470 $ 87.92 377,354 $ 96.51 Granted 117,492 $ 48.37 475,629 $ 45.94 Share units vested (66,485 ) $ 79.06 (75,404 ) $ 88.24 Forfeited or canceled (2,560 ) $ 65.55 (137,841 ) $ 83.94 Outstanding as of January 25, 2020 174,917 $ 65.05 639,738 $ 62.60 |
Customer Concentration and Re_2
Customer Concentration and Revenue Information (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 25, 2020 or January 26, 2019 were as follows (dollars in millions): January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Verizon Communications Inc. $ 440.2 41.8% $ 298.4 36.2% CenturyLink, Inc. $ 175.8 16.7% $ 147.2 17.9% Comcast Corporation $ 114.0 10.8% $ 127.2 15.4% AT&T Inc. $ 97.2 9.2% $ 90.6 11.0% Total contract revenues by customer type during fiscal 2020 , fiscal 2019 , the 2018 transition period , and fiscal 2017 were as follows (dollars in millions): Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 3,031.9 90.8% $ 2,855.8 91.3% $ 1,284.1 91.0% $ 2,819.9 91.9% Underground facility locating 204.5 6.1% 182.7 5.8% 88.6 6.3% 167.9 5.5% Electrical and gas utilities and other 103.3 3.1% 89.2 2.9% 38.6 2.7% 79.1 2.6% Total contract revenues $ 3,339.7 100.0% $ 3,127.7 100.0% $ 1,411.3 100.0% $ 3,066.9 100.0% 10% of total contract revenues during fiscal 2020 , fiscal 2019 , the 2018 transition period , or fiscal 2017 , as well as total contract revenues from all other customers combined, were as follows: Fiscal Year Ended Six Months Ended Fiscal Year Ended January 25, 2020 January 26, 2019 January 27, 2018 July 29, 2017 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Verizon Communications Inc. (1) $728.2 21.8% $599.8 19.2% $168.7 12.0% $282.7 9.2% AT&T Inc. 687.9 20.6% 664.2 21.2% 290.1 20.6% 806.7 26.3% Century Link, Inc. (2) 547.8 16.4% 425.6 13.6% 247.0 17.5% 556.8 18.2% Comcast Corporation 503.2 15.1% 650.2 20.8% 304.4 21.6% 543.6 17.7% Total other customers combined 872.6 26.1% 787.9 25.2% 401.1 28.3% 877.1 28.6% Total contract revenues $ 3,339.7 100.0% $ 3,127.7 100.0% $1,411.3 100.0% $3,066.9 100.0% (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. |
Transition Period Comparative_2
Transition Period Comparative Data (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 2020 First Quarter (2) Second Quarter Third Quarter Fourth Quarter Contract revenues $ 833,743 $ 884,221 $ 884,115 $ 737,603 Costs of earned revenues, excluding depreciation and amortization $ 701,767 $ 720,382 $ 724,378 $ 633,203 Gross profit $ 131,976 $ 163,839 $ 159,737 $ 104,400 Net income (loss) $ 14,279 $ 29,896 $ 24,229 $ (11,189 ) Earnings (loss) per common share - Basic $ 0.45 $ 0.95 $ 0.77 $ (0.35 ) Earnings (loss) per common share - Diluted (3) $ 0.45 $ 0.94 $ 0.76 $ (0.35 ) 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 (3) $ 0.53 $ 0.94 $ 0.87 $ (0.38 ) (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 recorded a non-cash charge of $17.2 million reflecting its evaluation of recoverability of these receivables and contract assets as of January 26, 2019. (2) During the first quarter of fiscal 2020, we recovered $10.3 million of the previously reserved accounts receivable and contract assets related to Windstream. (3) Loss per common share for the fourth quarters of fiscal 2020 and fiscal 2019 excludes the effect of common stock equivalents related to share-based awards as their effect would be anti-dilutive. |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended |
Jan. 25, 2020segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Significant Accounting Polici_3
Significant Accounting Policies and Estimates - Narratives (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Capitalized Computer Software, Net | $ 21.2 | $ 28.5 | |
Composite Revenue, Percentage | 15.00% | ||
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% | 5.00% | 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 |
Accounting Standards - Narrativ
Accounting Standards - Narratives (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 27, 2019 | Jan. 26, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 69,596 | $ 0 | |
Total | $ 70,187 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 71,000 | ||
Total | $ 0 |
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. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Basic earnings per unit | |||||||||||||
Net income | $ (11,189) | $ 24,229 | $ 29,896 | $ 14,279 | $ (12,054) | $ 27,830 | $ 29,900 | $ 17,231 | $ 68,835 | $ 74,713 | $ 57,215 | $ 62,907 | $ 157,217 |
Weighted-average number of common shares (in shares) | 31,059,140 | 31,480,660 | 31,498,474 | 31,250,376 | 31,351,367 | ||||||||
Basic earnings per common share (in dollars per share) | $ (0.35) | $ 0.77 | $ 0.95 | $ 0.45 | $ (0.38) | $ 0.89 | $ 0.96 | $ 0.55 | $ 2.22 | $ 2.37 | $ 1.82 | $ 2.01 | $ 5.01 |
Diluted earnings per unit | |||||||||||||
Weighted-average number of common shares (in shares) | 31,059,140 | 31,480,660 | 31,498,474 | 31,250,376 | 31,351,367 | ||||||||
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 778,411 | 323,308 | 555,993 | 633,364 | |||||||||
Potential shares of common stock issuable on exercise of convertible senior notes | 217,394 | 0 | 183,799 | 0 | |||||||||
Total shares-diluted (in shares) | 32,054,945 | 32,180,923 | 31,821,782 | 31,990,168 | 31,984,731 | ||||||||
Diluted earnings per common share (in dollars per share) | $ (0.35) | $ 0.76 | $ 0.94 | $ 0.45 | $ (0.38) | $ 0.87 | $ 0.94 | $ 0.53 | $ 2.15 | $ 2.32 | $ 1.80 | $ 1.97 | $ 4.92 |
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 9,887,191 | 9,748,412 | 9,958,448 | 10,085,298 | |||||||||
Stock-based awards | |||||||||||||
Diluted earnings per unit | |||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 93,117 | 253,000 | 130,779 | 73,830 | |||||||||
Convertible senior notes | |||||||||||||
Diluted earnings per unit | |||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 4,788,340 | 4,747,706 | 4,821,935 | 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 | 4,747,706 | 5,005,734 | 5,005,734 |
Computation of Earnings Per C_4
Computation of Earnings Per Common Share - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jul. 28, 2018 | Apr. 28, 2018 | Jan. 25, 2018 | Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | Sep. 15, 2015 | |
Shares used in computing earnings per common share: | ||||||||
Adoption of accounting principled effect on diluted shares | 177,575 | |||||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 0 | $ 475,000 | $ 423,188 | $ 707,000 | ||||
Convertible Note Hedge | ||||||||
Shares used in computing earnings per common share: | ||||||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | $ 96.89 | $ 96.89 | |||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 4,748,000 | |||||||
0.75% Convertible Senior Notes Due 2021 | ||||||||
Shares used in computing earnings per common share: | ||||||||
Debt, interest rate (in percent) | 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 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 4,748,000 | 5,006,000 | ||||||
Warrant Transaction | ||||||||
Shares used in computing earnings per common share: | ||||||||
Class of warrant or right, exercise price of warrants or rights (per warrant) | $ 130.43 | |||||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 5,006,000 | 4,748,000 | ||||||
Weighted Average | 0.75% Convertible Senior Notes Due 2021 | ||||||||
Shares used in computing earnings per common share: | ||||||||
Average Stock Price (usd per share) | $ 99.27 | $ 110.46 | $ 106.11 |
Acquisitions - Narratives (Deta
Acquisitions - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 26, 2019 | |
Aero Communications, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Payment to acquire business, net of cash acquired | $ 20.9 | ||
Business Combination, Purchase Accounting Adjustment to Receivables | $ 0.5 | ||
Texstar Enterprises, Inc. | |||
Business Acquisition [Line Items] | |||
Payment to acquire business, net of cash acquired | $ 26.1 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | Jan. 26, 2019 | Jul. 29, 2017 |
Business Acquisition [Line Items] | ||
Accounts receivable | $ 5.6 | $ 8.9 |
Costs and estimated earnings in excess of billings | 0 | 2.4 |
Inventories and other current assets | 0.2 | 0.2 |
Property and equipment | 0.5 | 5.6 |
Goodwill | 4 | 10.1 |
Total assets | 22.6 | 37.7 |
Accounts payable | 2.2 | 3.2 |
Accrued and other current liabilities | 0 | 3.4 |
Deferred tax liabilities, net non-current | 0 | 5 |
Total liabilities | 2.2 | 11.6 |
Net Assets Acquired | 20.4 | 26.1 |
Customer relationships | ||
Business Acquisition [Line Items] | ||
Intangible assets | 12.3 | 9.8 |
Trade names | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 0 | $ 0.7 |
Accounts Receivable - Accounts
Accounts Receivable - Accounts Receivable Net Classification (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 355,805 | $ 331,903 |
Unbilled accounts receivable | 453,353 | 283,463 |
Retainage | 12,669 | 10,831 |
Total | 821,827 | 626,197 |
Less: allowance for doubtful accounts | (4,582) | (939) |
Accounts Receivable, Net | $ 817,245 | $ 625,258 |
Accounts Receivable - Narrative
Accounts Receivable - Narratives (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 | Jan. 27, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contract assets, net | $ 236,673 | $ 200,724 | |
Allowance for recievables | $ 4,582 | 17,702 | $ 998 |
Windstream | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Gross, Noncurrent | 24,800 | ||
Allowance for recievables | $ 16,800 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 25, 2020 | Jan. 26, 2019 | |
Allowance for Doubtful Accounts Receivable | ||
Allowance for doubtful accounts at beginning of period | $ 17,702 | $ 998 |
Provision for bad debt (recovery) | (6,540) | 16,677 |
Amounts recovered (charged) against the allowance | (6,580) | 27 |
Allowance for doubtful accounts at end of period | 4,582 | 17,702 |
Windstream | ||
Allowance for Doubtful Accounts Receivable | ||
Allowance for doubtful accounts at beginning of period | $ 16,800 | |
Allowance for doubtful accounts at end of period | $ 16,800 |
Accounts Receivable - Contract
Accounts Receivable - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Receivables [Abstract] | ||
Contract assets | $ 253,005 | $ 215,849 |
Contract liabilities | 16,332 | 15,125 |
Contract assets, net | $ 236,673 | $ 200,724 |
Accounts Receivable Concentrati
Accounts Receivable Concentration Credit Risk (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable, Net, Current | $ 817,245 | $ 625,258 | ||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Verizon Communications Inc | 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 | $ 440,200 | $ 298,400 | ||
Concentration Risk, Percentage | 41.80% | 36.20% | ||
Century Link, Inc | 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 | $ 175,800 | $ 147,200 | ||
Concentration Risk, Percentage | 16.70% | 17.90% | ||
Comcast Corporation | 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 | $ 114,000 | $ 127,200 | ||
Concentration Risk, Percentage | 10.80% | 15.40% | ||
AT&T Inc. | 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 | $ 97,200 | $ 90,600 | ||
Concentration Risk, Percentage | 9.20% | 11.00% |
Other Current Assets and Othe_3
Other Current Assets and Other Assets - Current (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 12,769 | $ 12,758 |
Deposits and other current assets | 17,447 | 14,762 |
Restricted cash | 1,556 | 1,556 |
Receivables on equipment sales | 219 | 69 |
Other current assets | $ 31,991 | $ 29,145 |
Other Current Assets and Othe_4
Other Current Assets and Other Assets - Non-current (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Long-term contract assets | $ 22,653 | $ 30,399 |
Deferred financing costs | 7,133 | 9,036 |
Restricted cash | 3,753 | 4,253 |
Insurance recoveries/receivables for accrued insurance claims | 4,864 | 13,684 |
Long-term accounts receivable, net | 0 | 24,815 |
Other non-current deposits and assets | 9,035 | 7,251 |
Other assets | $ 47,438 | $ 89,438 |
Cash and Equivalents and Rest_3
Cash and Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Cash and Cash Equivalents [Abstract] | |||||
Cash and equivalents | $ 54,560 | $ 128,342 | |||
Restricted cash included in: | |||||
Other current assets | 1,556 | 1,556 | |||
Other assets (long-term) | 3,753 | 4,253 | |||
Cash, cash equivalents and restricted cash | $ 59,869 | $ 134,151 | $ 90,182 | $ 44,016 | $ 38,795 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 25, 2020 | Jan. 26, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,135,817 | $ 1,073,379 |
Less: accumulated depreciation | (759,207) | (648,628) |
Property and equipment, net | 376,610 | 424,751 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,024 | 4,359 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 12,934 | 13,555 |
Buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 35 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 17,151 | 16,185 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 626,307 | 589,741 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 5 years | |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 149,600 | 140,327 |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Computer hardware and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 7 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 13,557 | 12,804 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Equipment and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 312,244 | $ 296,408 |
Equipment and machinery | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Equipment and machinery | Maximum | ||
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. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 72,961 | $ 166,376 | $ 156,959 | $ 123,125 |
Repairs and maintenance expense | $ 16,438 | $ 44,208 | $ 36,109 | $ 31,272 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 26, 2019 | Jan. 27, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill gross | $ 521,516 | $ 517,510 |
Accumulated impairment losses | (195,767) | $ (195,767) |
Beginning balance | 321,743 | |
Goodwill from fiscal 2019 acquisition | 4,097 | |
Purchase price allocation adjustments from fiscal 2019 acquisition | (91) | |
Ending balance | $ 325,749 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Impairment Analysis (Details) | Jan. 25, 2020 | Jan. 26, 2019 | Jan. 27, 2018 | Jul. 29, 2017 |
Terminal Growth Rate | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Asset, Measurement Input | 0.030 | |||
Discount Rate | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Asset, Measurement Input | 0.100 | 0.110 | 0.110 | 0.110 |
Maximum | Terminal Growth Rate | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Asset, Measurement Input | 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 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narratives (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Percentage Change in Fair Value Input | 1.00% | |||
Change In Fair Value, Percentage | 25.00% | |||
Amortization of intangible assets | $ 12.1 | $ 21.2 | $ 22.6 | $ 24.8 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 25, 2020 | Jan. 26, 2019 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 327,267 | $ 327,267 |
Accumulated Amortization | 187,322 | 166,142 |
Intangible Assets, Net | 139,945 | 161,125 |
UtiliQuest | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,700 | 4,700 |
Intangible Assets, Net | $ 4,700 | 4,700 |
Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (Years) | 10 years 2 months 12 days | |
Gross Carrying Amount | $ 312,017 | 312,017 |
Accumulated Amortization | 178,411 | 157,691 |
Intangible Assets, Net | $ 133,606 | 154,326 |
Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (Years) | 7 years 10 months 24 days | |
Gross Carrying Amount | $ 10,350 | 10,350 |
Accumulated Amortization | 8,732 | 8,312 |
Intangible Assets, Net | $ 1,618 | 2,038 |
Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (Years) | 15 days | |
Gross Carrying Amount | $ 200 | 200 |
Accumulated Amortization | 179 | 139 |
Intangible Assets, Net | $ 21 | $ 61 |
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 | |
2021 | $ 20,663 |
2022 | 17,490 |
2023 | 15,334 |
2024 | 13,903 |
2025 | 13,718 |
Thereafter | 54,137 |
Total | $ 135,245 |
Accrued Insurance Claims - Narr
Accrued Insurance Claims - Narratives (Details) | 12 Months Ended | ||||
Jan. 25, 2020USD ($)state | Jan. 29, 2021USD ($) | Jan. 26, 2019USD ($) | Jan. 27, 2018USD ($) | Jul. 29, 2017USD ($) | |
Accrued Insurance Claims [Line Items] | |||||
Insurance coverage threshold | $ 5,000,000 | ||||
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 | $ 77,100,000 | $ 78,900,000 | $ 67,100,000 | $ 103,700,000 | |
Insurance liability, annual retained risk loss | 400,000 | ||||
Insurance Liability, Annual Retained Risk of Loss, Under Employee Health Plan Per Participant, Maximum Threshold | 475,000 | $ 425,000 | |||
Decrease in insurance recoveries/ receivable | 8,800,000 | ||||
Maximum | |||||
Accrued Insurance Claims [Line Items] | |||||
Insurance liability, annual retained risk loss | 450,000 | ||||
Losses below 5 million | Maximum | |||||
Accrued Insurance Claims [Line Items] | |||||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | 1,000,000 | ||||
Losses in excess of 5 million | Maximum | |||||
Accrued Insurance Claims [Line Items] | |||||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | 5,000,000 | ||||
Losses in excess of 10 million | |||||
Accrued Insurance Claims [Line Items] | |||||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 10,000,000 | ||||
Scenario, Forecast | Losses below 5 million | |||||
Accrued Insurance Claims [Line Items] | |||||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 85,800,000 | ||||
Scenario, Forecast | Losses below 5 million | Maximum | |||||
Accrued Insurance Claims [Line Items] | |||||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | 1,000,000 | ||||
Scenario, Forecast | Losses in excess of 5 million | |||||
Accrued Insurance Claims [Line Items] | |||||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 11,500,000 |
Accrued Insurance Claims (Detai
Accrued Insurance Claims (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Accrued Insurance Claims [Abstract] | ||
Accrued insurance claims - current | $ 38,881 | $ 39,961 |
Accrued insurance claims - non-current | 56,026 | 68,315 |
Accrued insurance claims | 94,907 | 108,276 |
Insurance recoveries/receivables: | ||
Non-current (included in Other assets) | 4,864 | 13,684 |
Insurance recoveries/receivables | $ 4,864 | $ 13,684 |
Leases - Narratives (Details)
Leases - Narratives (Details) $ in Thousands | Jan. 25, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease liability | $ 70,187 |
Operating lease reneewal term | 5 years |
Operating lease that have yet to commence | $ 2,900 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 10 years |
Leases - Lease Cost and Supplem
Leases - Lease Cost and Supplemental Balance Sheet Information (Details) $ in Thousands | 12 Months Ended |
Jan. 25, 2020USD ($) | |
Leases [Abstract] | |
Lease cost under long-term operating leases | $ 33,799 |
Lease cost under short-term operating leases | 34,111 |
Variable lease cost under short-term and long-term operating leases | 4,183 |
Total lease cost | $ 72,093 |
Weighted average remaining lease term | 3 years 3 months 18 days |
Weighted average discount rate | 5.20% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) $ in Thousands | 12 Months Ended |
Jan. 25, 2020USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 30,888 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 27,477 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity Schedule (Details) $ in Thousands | Jan. 25, 2020USD ($) |
Amount | |
2021 | $ 30,138 |
2022 | 22,274 |
2023 | 13,236 |
2024 | 7,916 |
2025 | 4,607 |
Thereafter | 1,495 |
Total lease payments | 79,666 |
Less: imputed interest | (9,479) |
Total | $ 70,187 |
Leases - Operating Lease Liab_2
Leases - Operating Lease Liability Maturity Schedule Before Adoption (Details) $ in Thousands | Jan. 25, 2020USD ($) |
Amount | |
2020 | $ 28,415 |
2021 | 20,166 |
2022 | 12,919 |
2023 | 6,686 |
2024 | 4,342 |
Thereafter | 3,675 |
Total | $ 76,203 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 27,959 | $ 25,591 |
Accrued employee benefit and incentive plan costs | 23,340 | 25,482 |
Accrued construction costs | 27,690 | 36,449 |
Other current liabilities | 19,786 | 16,552 |
Other accrued liabilities | $ 98,775 | $ 104,074 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 866,901 | $ 873,199 |
Less: current portion | (22,500) | (5,625) |
Long-term debt | 844,401 | 867,574 |
0.75% Convertible Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 422,526 | $ 423,199 |
Debt, interest rate (in percent) | 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 | $ 444,375 | $ 450,000 |
Debt - Senior Credit Agreement
Debt - Senior Credit Agreement (Details) | Sep. 15, 2015USD ($) | Jan. 26, 2019USD ($) | Jan. 25, 2020USD ($) | Oct. 19, 2018USD ($) |
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding amount | $ 48,600,000 | $ 52,300,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 412,900,000 | 287,000,000 | ||
Incremental Facility, Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, face amount | $ 350,000,000 | |||
Standby Letters of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||
Letters of credit outstanding amount | 48,600,000 | |||
0.75% Convertible Senior Notes Due 2021 | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, face amount | $ 485,000,000 | $ 485,000,000 | $ 460,000,000 | |
Debt, interest rate (in percent) | 0.75% | 0.75% | ||
Outstanding Debt Credit Agreement Threshold | $ 250,000,000 | |||
Credit Agreement Liquidity Requirement | 150,000,000 | |||
Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio | 3.50 | |||
Debt Instrument, Covenant Compliance, Consolidated Interest Coverage Ratio | 3 | |||
Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio | 1 | |||
Debt Instrument, Covenant Compliance, Consolidated Interest Coverage Ratio | 1 | |||
Credit Agreement - Term Loan (matures April 2020) | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 450,000,000 | |||
Unrestricted Cash and Cash Equivalents Credit Agreement Threshold | $ 50,000,000 | |||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio | 2.25 | |||
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 |
Debt - Interest Rates of the Cr
Debt - Interest Rates of the Credit Agreement (Details) | 12 Months Ended | |
Jan. 25, 2020 | Jan. 26, 2019 | |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.40% | 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 ($) | 12 Months Ended | |
Jan. 25, 2020 | Jan. 26, 2019 | |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 2.00% | 1.75% |
Line of credit | $ 0 | |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 3.67% | 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) | 0.40% | 0.35% |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes Due 2021 (Details) | Sep. 15, 2015USD ($)$ / shares | Jan. 25, 2020USD ($)$ / shares | Oct. 24, 2015trading_day | Jan. 27, 2018USD ($) | Jan. 25, 2020USD ($)$ / shares | Jan. 26, 2019USD ($)$ / shares | Jul. 29, 2017USD ($) |
Debt Instrument [Line Items] | |||||||
Amortization of debt discount | $ 9,170,000 | $ 20,112,000 | $ 19,103,000 | $ 17,610,000 | |||
Debt Instrument Fair Value, Per Stated Incremental Portion on Principal | $ / shares | $ 97.25 | $ 97.25 | $ 96.31 | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 112,600,000 | $ 112,600,000 | |||||
Principal payments on senior credit agreement, including term loans | 9,625,000 | 480,625,000 | $ 331,250,000 | 685,563,000 | |||
Loss on debt extinguishment | 0 | $ 76,000 | $ 0 | 0 | |||
0.75% Convertible Senior Notes Due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | ||||
Debt instrument, face amount | $ 485,000,000 | $ 460,000,000 | $ 460,000,000 | $ 485,000,000 | |||
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 | $ 20,100,000 | $ 19,100,000 | $ 17,600,000 | |||
Decrease in principal amont of debt | 25,000,000 | ||||||
Principal payments on senior credit agreement, including term loans | 24,300,000 | ||||||
Loss on debt extinguishment | $ 100,000 |
Debt - Components of the Conver
Debt - Components of the Convertible Notes (Details) - USD ($) | Jan. 25, 2020 | Jan. 26, 2019 | Sep. 15, 2015 |
Estimate of Fair Value Measurement | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 447,350,000 | $ 467,104,000 | |
Less: Debt discount and debt issuance costs | (37,474,000) | (61,801,000) | |
Net carrying amount of Notes | 409,876,000 | 405,303,000 | |
0.75% Convertible Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 460,000,000 | 485,000,000 | $ 485,000,000 |
Less: Debt discount | (33,744,000) | (55,795,000) | |
Less: Debt issuance costs | (3,730,000) | (6,006,000) | |
Net carrying amount of Notes | $ 422,526,000 | $ 423,199,000 |
Debt - Convertible Note Hedge a
Debt - Convertible Note Hedge and Warrant Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands | Sep. 15, 2015 | Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 |
Debt Instrument [Line Items] | |||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 0 | $ 475,000,000 | $ 423,188,000 | $ 707,000,000 | |
Convertible Note Hedge | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | $ 96.89 | $ 96.89 | ||
Payment for financing derivatives | $ 115,800,000 | ||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 4,748 | ||||
Deferred tax liability | $ 43,400,000 | ||||
Deferred tax asset, derivative instrument | 43,200,000 | ||||
0.75% Convertible Senior Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 485,000,000 | $ 460,000,000 | $ 485,000,000 | ||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 4,748 | 5,006 | |||
Class of warrant or right, exercise price of warrants or rights (per warrant) | $ 130.43 | ||||
Warrant Transaction | |||||
Debt Instrument [Line Items] | |||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 4,748 | 5,006 | |||
Class of warrant or right, exercise price of warrants or rights (per warrant) | $ 130.43 |
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. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Current: | |||||
Federal | $ (4,384) | $ 8,389 | $ 9,507 | $ 62,455 | |
Foreign | 598 | (56) | 2,204 | 176 | |
State | 1,166 | 3,727 | 4,897 | 12,344 | |
Current Income Tax Expense (Benefit) | (2,620) | 12,060 | 16,608 | 74,975 | |
Deferred: | |||||
Federal | (21,332) | 7,257 | 8,706 | 17,051 | |
Foreign | (37) | 568 | (446) | (35) | |
State | 1,704 | 1,436 | 263 | 1,217 | |
Deferred income tax (benefit) provision | (19,665) | 9,261 | 8,523 | 18,233 | |
Total provision for income taxes | $ (22,285) | $ 44,332 | $ 21,321 | $ 25,131 | $ 93,208 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Tax Contingency [Line Items] | |||||
Effective tax rate | 33.00% | ||||
Tax Cuts and Jobs Act of 2017, adjustment to income tax liability | $ 32,200 | ||||
Tax benefit from exercise of stock options | 7,800 | ||||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | $ 6,000 | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 1,300 | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | 1,596 | $ 2,801 | $ 1,835 | 0 | |
Unrecognized tax benefits | $ 3,322 | 4,742 | 3,786 | 3,072 | $ 2,440 |
Payment of interest and penalties accrued | $ 1,700 | $ 1,400 | |||
Non deductible ana non taxable item | |||||
Income Tax Contingency [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 1,000 |
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. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Statutory rate applied to pre-tax income | $ 15,334 | $ 16,495 | $ 18,488 | $ 87,649 | |
State taxes, net of federal tax benefit | 1,406 | 4,282 | 4,004 | 9,868 | |
Tax Reform and related effects | (32,249) | 1,093 | 0 | 0 | |
Federal benefit of vesting and exercise of share-based awards | (7,067) | 875 | (200) | 0 | |
Non-deductible and non-taxable items, net | 1,585 | 1,433 | 2,433 | (4,686) | |
Change in accruals for uncertain tax positions | 250 | 891 | 464 | 632 | |
Tax credits | (1,596) | (2,801) | (1,835) | 0 | |
Change in valuation allowance | 0 | 722 | 291 | 0 | |
Effect of rates other than statutory | 557 | (197) | 1,537 | 6 | |
Other items, net | (505) | (1,472) | (51) | (261) | |
Total provision for income taxes | $ (22,285) | $ 44,332 | $ 21,321 | $ 25,131 | $ 93,208 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jan. 26, 2019 |
Deferred tax assets: | ||
Insurance and other reserves | $ 22,489 | $ 22,885 |
Allowance for doubtful accounts and reserves | 2,342 | 5,323 |
Net operating loss carryforwards | 1,487 | 5,515 |
Stock-based compensation | 2,961 | 3,324 |
Leases | 18,002 | |
Other | 3,098 | 3,764 |
Total deferred tax assets | 50,379 | 40,811 |
Valuation allowance | (1,126) | (418) |
Deferred tax assets, net of valuation allowance | 49,253 | 40,393 |
Deferred tax liabilities: | ||
Property and equipment | 76,385 | 77,490 |
Goodwill and intangibles | 29,563 | 27,780 |
Leases | 17,856 | |
Other | 976 | 1,086 |
Deferred tax liabilities | 124,780 | 106,356 |
Net deferred tax liabilities | $ 75,527 | $ 65,963 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | ||||
Balance at beginning of year | $ 3,072 | $ 3,786 | $ 3,322 | $ 2,440 |
Additions based on tax positions related to the fiscal year | 283 | 696 | 444 | 441 |
Additions (reductions) based on tax positions related to prior years | 358 | 77 | 229 | |
Additions (reductions) based on tax positions related to prior years | (33) | |||
Reductions related to the expiration of statutes of limitation | 0 | (98) | (57) | (38) |
Balance at end of year | $ 3,322 | $ 4,742 | $ 3,786 | $ 3,072 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Other Income and Expenses [Abstract] | |||||
Gain on sale of fixed assets | $ 7,217 | $ 14,879 | $ 19,390 | $ 14,866 | |
Discount fee expense | (1,418) | (4,248) | (4,143) | (3,247) | |
Miscellaneous income, net | 426 | 1,034 | 751 | 1,161 | |
Write-off of deferred financing costs | 0 | 0 | (156) | 0 | |
Other income, net | $ 6,225 | $ 1,946 | $ 11,665 | $ 15,842 | $ 12,780 |
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. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | 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 | $ 4.1 | $ 3.5 | $ 5 | ||
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% | |||||
The Plan | ||||||
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 | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Other Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company Contributions | $ 319 | $ 362 | $ 726 | $ 384 |
Capital Stock - Repurchase of C
Capital Stock - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 29, 2017 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Stockholders' Equity Note [Abstract] | ||||||
Repurchase of common stock, shares | 400,000 | 313,006 | 200,000 | 713,006 | ||
Total Consideration (In thousands) | $ 37,900 | $ 25,000 | $ 16,875 | $ 0 | $ 0 | $ 62,909 |
Average Price Per Share (in dollars per share) | $ 94.77 | $ 79.87 | $ 84.38 | $ 88.23 |
Capital Stock - Narratives (Det
Capital Stock - Narratives (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 29, 2017 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | Aug. 29, 2018 | Jul. 30, 2016 | |
Stockholders' Equity Note [Abstract] | ||||||||
Shares repurchased value | $ 75,000,000 | $ 150,000,000 | ||||||
Remaining authorized shares for repurchases (shares) | $ 95,200,000 | $ 100,000,000 | ||||||
Average Price Per Share (in dollars per share) | $ 94.77 | $ 79.87 | $ 84.38 | $ 88.23 | ||||
Total Consideration (In thousands) | $ 37,900,000 | $ 25,000,000 | $ 16,875,000 | $ 0 | $ 0 | $ 62,909,000 | ||
Repurchase of common stock, shares | 400,000 | 313,006 | 200,000 | 713,006 | ||||
Shares paid for tax withholding for share based compensation | 117,426 | 36,426 | 73,300 | 134,736 | ||||
Value of shares paid for tax withholding for share based compensation | $ 12,600,000 | $ 1,700,000 | $ 4,700,000 | $ 10,800,000 | ||||
Shares cancelled, value | $ 42,800,000 | $ 11,500,000 |
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. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation | $ 13,277 | $ 10,034 | $ 20,187 | $ 20,805 |
Income tax effect of stock-based compensation | $ 4,793 | $ 2,482 | $ 5,043 | $ 7,996 |
Stock-Based Awards - Narratives
Stock-Based Awards - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 25, 2020 | Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,259,615 | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 7,800 | $ 1,000 | $ 200 | $ 8,385 | |
Proceeds from stock options exercised | 745 | 503 | 871 | 1,449 | |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to stock options | $ 2,000 | ||||
Total compensation cost not yet recognized, period for recognition | 2 years 2 months 12 days | ||||
Share Price | $ 44.51 | ||||
Share based compensation intrinsic value | 4,500 | $ 1,800 | 5,700 | 7,800 | |
Proceeds from stock options exercised | 700 | $ 900 | 1,400 | ||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to stock options | $ 8,600 | ||||
Total compensation cost not yet recognized, period for recognition | 2 years 3 months 18 days | ||||
Granted (in shares) | 117,492 | ||||
Forfeited or canceled (in shares) | 2,560 | ||||
Shares outstanding (in shares) | 174,917 | 126,470 | |||
Share based compensation vested in period | $ 37,700 | $ 6,700 | $ 15,300 | $ 33,200 | |
Performance RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to stock options | $ 4,500 | ||||
Total compensation cost not yet recognized, period for recognition | 1 year 8 months 12 days | ||||
Compensation expense | $ 20,300 | ||||
RSUs outstanding (in shares) | 333,567 | ||||
Granted (in shares) | 475,629 | ||||
Forfeited or canceled (in shares) | 137,841 | ||||
Shares outstanding (in shares) | 639,738 | 377,354 | |||
Performance RSUs | Scenario, Forecast | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeited or canceled (in shares) | 143,456 | ||||
Target Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding (in shares) | 450,588 | ||||
Supplemental Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 142,062 | ||||
Forfeited or canceled (in shares) | 46,424 | ||||
Shares outstanding (in shares) | 189,150 | ||||
Supplemental Shares | Scenario, Forecast | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeited or canceled (in shares) | 65,370 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Valuation Inputs (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Stock option assumptions: | ||||
Risk-free interest rate | 2.30% | 2.30% | 2.70% | 2.30% |
Expected life (in years) | 7 years 7 months 6 days | 8 years 4 months 24 days | 6 years 3 months 18 days | 7 years 7 months 6 days |
Expected volatility | 43.40% | 45.30% | 43.30% | 44.70% |
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 | $ 48.37 | $ 97.90 | $ 79.04 |
Performance RSUs | ||||
Stock option assumptions: | ||||
Weighted average fair value of shares other than options granted (usd per share) | 84.13 | 45.94 | 106.19 | 79.29 |
Stock Options | ||||
Stock option assumptions: | ||||
Weighted average fair value of options granted (usd per share) | $ 42.60 | $ 24.72 | $ 48.19 | $ 39.90 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - Stock Options $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 25, 2020USD ($)$ / sharesshares | |
Stock Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 583,291 |
Granted (in shares) | shares | 39,276 |
Options exercised (in shares) | shares | (45,258) |
Canceled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 577,309 |
Exercisable options (in shares) | shares | 497,739 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 34.24 |
Options granted (in dollars per shares) | $ / shares | 45.94 |
Options exercised (in dollars per shares) | $ / shares | 11.11 |
Canceled (in dollars per shares) | $ / shares | 0 |
Ending balance (in dollars per shares) | $ / shares | 36.85 |
Weighted average remaining contractual life, shares exercisable (In years) | $ / shares | $ 31.44 |
Weighted Average Remaining Contractual Life (In years), outstanding | 4 years 1 month 6 days |
Aggregate Intrinsic Value (In thousands), outstanding | $ | $ 9,485 |
Weighted Average Remaining Contractual Life (In years). exercisable | 3 years 4 months 24 days |
Aggregate Intrinsic Value (In thousands), exercisable | $ | $ 9,485 |
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. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 126,470 | |||
Granted (in shares) | 117,492 | |||
Share units vested (in shares) | (66,485) | |||
Forfeited or canceled (in shares) | (2,560) | |||
Ending balance (in shares) | 174,917 | 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) | $ 87.92 | |||
Granted (in dollars per shares) | $ 87.34 | 48.37 | $ 97.90 | $ 79.04 |
Share units vested (in dollars per shares) | 79.06 | |||
Forfeited or canceled (in dollars per shares) | 65.55 | |||
Ending balance (in dollars per shares) | $ 65.05 | $ 87.92 | ||
Performance RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 377,354 | |||
Granted (in shares) | 475,629 | |||
Share units vested (in shares) | (75,404) | |||
Forfeited or canceled (in shares) | (137,841) | |||
Ending balance (in shares) | 639,738 | 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) | $ 96.51 | |||
Granted (in dollars per shares) | $ 84.13 | 45.94 | $ 106.19 | $ 79.29 |
Share units vested (in dollars per shares) | 88.24 | |||
Forfeited or canceled (in dollars per shares) | 83.94 | |||
Ending balance (in dollars per shares) | $ 62.60 | $ 96.51 |
Customer Concentration and Re_3
Customer Concentration and Revenue Information - Narratives (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jan. 25, 2020USD ($) | Oct. 26, 2019USD ($) | Jul. 27, 2019USD ($) | Apr. 27, 2019USD ($) | Jan. 26, 2019USD ($)customer | Oct. 27, 2018USD ($) | Jul. 28, 2018USD ($) | Apr. 28, 2018USD ($) | Jan. 27, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 25, 2020USD ($) | Jan. 26, 2019USD ($)customer | Jul. 29, 2017USD ($) | |
Concentration Risk [Line Items] | |||||||||||||
Number of customers classified as highly concentrated | customer | 5 | 5 | |||||||||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||
Revenues | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 1,411,348 | $ 1,500,355 | $ 3,339,682 | $ 3,127,700 | $ 3,066,880 |
Sales Revenue, Services, Net | Customer Concentration Risk | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Concentration risk percentage | 10.00% | ||||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Five Unnamed Customers | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Concentration risk percentage | 75.80% | 78.40% | 78.40% | 76.80% | |||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Windstream | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 113,600 |
Customer Concentration and Re_4
Customer Concentration and Revenue Information - Revenue Concentration Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jan. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 1,411,348 | $ 1,500,355 | $ 3,339,682 | $ 3,127,700 | $ 3,066,880 |
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Concentration risk percentage | 10.00% | ||||||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Verizon Communications Inc | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 168,700 | $ 728,200 | $ 599,800 | $ 282,700 | |||||||||
Concentration risk percentage | 12.00% | 21.80% | 19.20% | 9.20% | |||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | AT&T Inc. | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 290,100 | $ 687,900 | $ 664,200 | $ 806,700 | |||||||||
Concentration risk percentage | 20.60% | 20.60% | 21.20% | 26.30% | |||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Century Link, Inc | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 247,000 | $ 547,800 | $ 425,600 | $ 556,800 | |||||||||
Concentration risk percentage | 17.50% | 16.40% | 13.60% | 18.20% | |||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Comcast Corporation | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 304,400 | $ 503,200 | $ 650,200 | $ 543,600 | |||||||||
Concentration risk percentage | 21.60% | 15.10% | 20.80% | 17.70% | |||||||||
Sales Revenue, Services, Net | Customer Concentration Risk | Total other customers combined | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 401,100 | $ 872,600 | $ 787,900 | $ 877,100 | |||||||||
Concentration risk percentage | 28.30% | 26.10% | 25.20% | 28.60% |
Customer Concentration and Re_5
Customer Concentration and Revenue Information - Trade Receivable Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jan. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 1,411,348 | $ 1,500,355 | $ 3,339,682 | $ 3,127,700 | $ 3,066,880 |
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% | ||||||||||||
Telecommunications | Customer Concentration Risk | Sales Revenue, Services, Net | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 1,284,100 | $ 3,031,900 | $ 2,855,800 | $ 2,819,900 | |||||||||
Concentration risk percentage | 91.00% | 90.80% | 91.30% | 91.90% | |||||||||
Underground facility locating | Customer Concentration Risk | Sales Revenue, Services, Net | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 88,600 | $ 204,500 | $ 182,700 | $ 167,900 | |||||||||
Concentration risk percentage | 6.30% | 6.10% | 5.80% | 5.50% | |||||||||
Electrical and gas utilities and other | Customer Concentration Risk | Sales Revenue, Services, Net | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenues | $ 38,600 | $ 103,300 | $ 89,200 | $ 79,100 | |||||||||
Concentration risk percentage | 2.70% | 3.10% | 2.90% | 2.60% |
Commitment and Contingencies -
Commitment and Contingencies - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Nov. 30, 2016 | Jan. 25, 2020 | Jan. 26, 2019 | Oct. 29, 2016 | |
Loss Contingencies [Line Items] | ||||
Loss contingency, estimated loss | $ 13 | |||
Loss contingency accrual, payments | $ 0.1 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 23.4 | $ 23.2 | ||
Letters of credit outstanding amount | 52.3 | 48.6 | ||
Standby Letters of Credit | ||||
Loss Contingencies [Line Items] | ||||
Letters of credit outstanding amount | 48.6 | |||
Performance Guarantee and Surety Bond [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantor obligations, carrying value | $ 156.1 | $ 123.5 |
Transition Period Comparative_3
Transition Period Comparative Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jan. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Accounting Policies [Abstract] | |||||||||||||
Revenues | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 1,411,348 | $ 1,500,355 | $ 3,339,682 | $ 3,127,700 | $ 3,066,880 |
EXPENSES: | |||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 633,203 | 724,378 | 720,382 | 701,767 | 633,279 | 687,164 | 642,376 | 599,573 | 1,141,480 | 1,176,361 | 2,779,730 | 2,562,392 | 2,404,734 |
General and administrative | 124,930 | 118,395 | 254,590 | 269,140 | 239,231 | ||||||||
Depreciation and amortization | 85,053 | 70,252 | 187,556 | 179,603 | 147,906 | ||||||||
Total | 1,351,463 | 1,365,008 | 3,221,876 | 3,011,135 | 2,791,871 | ||||||||
Interest expense, net | (19,560) | (18,248) | (50,859) | (44,369) | (37,364) | ||||||||
Other income, net | 6,225 | 1,946 | 11,665 | 15,842 | 12,780 | ||||||||
Income before income taxes | 46,550 | 119,045 | 78,536 | 88,038 | 250,425 | ||||||||
(Benefit) provision for income taxes | (22,285) | 44,332 | 21,321 | 25,131 | 93,208 | ||||||||
Net income | $ (11,189) | $ 24,229 | $ 29,896 | $ 14,279 | $ (12,054) | $ 27,830 | $ 29,900 | $ 17,231 | $ 68,835 | $ 74,713 | $ 57,215 | $ 62,907 | $ 157,217 |
Earnings per common share: | |||||||||||||
Basic earnings per common share (in dollars per share) | $ (0.35) | $ 0.77 | $ 0.95 | $ 0.45 | $ (0.38) | $ 0.89 | $ 0.96 | $ 0.55 | $ 2.22 | $ 2.37 | $ 1.82 | $ 2.01 | $ 5.01 |
Diluted earnings per common share (in dollars per share) | $ (0.35) | $ 0.76 | $ 0.94 | $ 0.45 | $ (0.38) | $ 0.87 | $ 0.94 | $ 0.53 | $ 2.15 | $ 2.32 | $ 1.80 | $ 1.97 | $ 4.92 |
Shares used in computing earnings per common share: | |||||||||||||
Basic (in shares) | 31,059,140 | 31,480,660 | 31,498,474 | 31,250,376 | 31,351,367 | ||||||||
Diluted (in shares) | 32,054,945 | 32,180,923 | 31,821,782 | 31,990,168 | 31,984,731 |
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. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Jan. 28, 2017 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Contract revenues | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 748,619 | $ 848,237 | $ 799,470 | $ 731,375 | $ 1,411,348 | $ 1,500,355 | $ 3,339,682 | $ 3,127,700 | $ 3,066,880 |
Costs of earned revenues, excluding depreciation and amortization | 633,203 | 724,378 | 720,382 | 701,767 | 633,279 | 687,164 | 642,376 | 599,573 | 1,141,480 | 1,176,361 | 2,779,730 | 2,562,392 | 2,404,734 |
Gross profit | 104,400 | 159,737 | 163,839 | 131,976 | 115,340 | 161,073 | 157,094 | 131,802 | |||||
Net income | $ (11,189) | $ 24,229 | $ 29,896 | $ 14,279 | $ (12,054) | $ 27,830 | $ 29,900 | $ 17,231 | $ 68,835 | $ 74,713 | $ 57,215 | $ 62,907 | $ 157,217 |
Basic earnings per common share (in dollars per share) | $ (0.35) | $ 0.77 | $ 0.95 | $ 0.45 | $ (0.38) | $ 0.89 | $ 0.96 | $ 0.55 | $ 2.22 | $ 2.37 | $ 1.82 | $ 2.01 | $ 5.01 |
Diluted earnings per common share (in dollars per share) | $ (0.35) | $ 0.76 | $ 0.94 | $ 0.45 | $ (0.38) | $ 0.87 | $ 0.94 | $ 0.53 | $ 2.15 | $ 2.32 | $ 1.80 | $ 1.97 | $ 4.92 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) - Narratives (Details) - USD ($) $ in Thousands | Feb. 25, 2019 | Jan. 25, 2020 | Jan. 26, 2019 |
Interim Period, Costs Not Allocable [Line Items] | |||
Accounts Receivable, Net | $ 817,245 | $ 625,258 | |
Provision for bad debt (recovery), net | $ 6,580 | (27) | |
Windstream | |||
Interim Period, Costs Not Allocable [Line Items] | |||
Accounts Receivable, Net | $ 45,000 | ||
Provision for bad debt (recovery), net | $ 17,200 |