Cover
Cover - USD ($) | 12 Months Ended | ||
Jan. 30, 2021 | Mar. 01, 2021 | Jul. 25, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 30, 2021 | ||
Current Fiscal Year End Date | --01-30 | ||
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 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,263,970,579 | ||
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 2021 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 | 30,615,908 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000067215 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 |
Current assets: | ||
Cash and equivalents | $ 11,770 | $ 54,560 |
Accounts receivable, net (Note 6) | 858,123 | 817,245 |
Contract assets | 197,110 | 253,005 |
Inventories | 70,849 | 98,324 |
Income tax receivable | 1,706 | 3,168 |
Other current assets | 29,072 | 31,991 |
Total current assets | 1,168,630 | 1,258,293 |
Property and equipment, net | 273,960 | 376,610 |
Operating lease right-of-use assets | 63,179 | 69,596 |
Goodwill | 272,485 | 325,749 |
Intangible assets, net | 119,322 | 139,945 |
Other assets | 46,589 | 47,438 |
Total assets | 1,944,165 | 2,217,631 |
Current liabilities: | ||
Accounts payable | 158,966 | 119,612 |
Current portion of debt | 81,722 | 22,500 |
Contract liabilities | 14,101 | 16,332 |
Accrued insurance claims | 41,736 | 38,881 |
Operating lease liabilities | 24,769 | 26,581 |
Income taxes payable | 6,387 | 344 |
Other accrued liabilities | 120,809 | 98,775 |
Total current liabilities | 448,490 | 323,025 |
Long-term debt | 501,562 | 844,401 |
Long-term debt | 70,224 | 56,026 |
Current assets: | 38,359 | 43,606 |
Deferred tax liabilities, net non-current | 47,650 | 75,527 |
Other liabilities | 26,572 | 6,442 |
Total liabilities | 1,132,857 | 1,349,027 |
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: 30,615,167 and 31,583,938 issued and outstanding, respectively | 10,205 | 10,528 |
Additional paid-in capital | 2,284 | 30,158 |
Accumulated other comprehensive loss | (1,769) | (1,781) |
Retained earnings | 800,588 | 829,699 |
Total stockholders’ equity | 811,308 | 868,604 |
Goodwill | $ 1,944,165 | $ 2,217,631 |
Common stock, par value (in dollars per share) | $ 0.33 | $ 0.33 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 30, 2021 | Jan. 25, 2020 |
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) | $ 0.33 | $ 0.33 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 30,615,167 | 31,583,938 |
Common stock, shares outstanding | 30,615,167 | 31,583,938 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Income Statement [Abstract] | |||
Contract revenues | $ 3,199,165 | $ 3,339,682 | $ 3,127,700 |
Costs of earned revenues, excluding depreciation and amortization | 2,641,989 | 2,779,730 | 2,562,392 |
General and administrative | 259,770 | 254,590 | 269,140 |
Depreciation and amortization | 175,897 | 187,556 | 179,603 |
Goodwill impairment charge | 53,264 | 0 | 0 |
Total | 3,130,920 | 3,221,876 | 3,011,135 |
Interest expense, net | (29,671) | (50,859) | (44,369) |
Gain (loss) on debt extinguishment | 12,046 | (76) | 0 |
Other income, net | 8,597 | 11,665 | 15,842 |
Income before income taxes | 59,217 | 78,536 | 88,038 |
Provision for income taxes | 24,880 | 21,321 | 25,131 |
Net income | $ 34,337 | $ 57,215 | $ 62,907 |
Earnings per common share: | |||
Basic earnings per common share (in dollars per share) | $ 1.08 | $ 1.82 | $ 2.01 |
Diluted earnings per common share (in dollars per share) | $ 1.07 | $ 1.80 | $ 1.97 |
Shares used in computing earnings per common share: | |||
Basic (in shares) | 31,665,183 | 31,498,474 | 31,250,376 |
Diluted (in shares) | 32,090,578 | 31,821,782 | 31,990,168 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 34,337 | $ 57,215 | $ 62,907 |
Foreign currency translation gains (losses), net of tax | 12 | (499) | (136) |
Comprehensive income | $ 34,349 | $ 56,716 | $ 62,771 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment |
Beginning balance, value at Jan. 27, 2018 | $ 724,996 | $ 10,395 | $ 6,170 | $ (1,146) | $ 709,577 | ||
Beginning 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 | (4,657) | $ 54 | (4,711) | 0 | |||
Issuance of restricted stock, net of tax withholdings, shares | 159,005 | ||||||
Other comprehensive income (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 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Stock options exercised, value | 503 | $ 15 | 488 | ||||
Stock options exercised, shares | 45,258 | ||||||
Stock-based compensation | 10,034 | $ 1 | 10,033 | ||||
Stock-based compensation, shares | 2,803 | ||||||
Issuance of restricted stock, net of tax withholdings | (1,698) | $ 35 | (1,733) | ||||
Issuance of restricted stock, net of tax withholdings, shares | 105,846 | ||||||
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 related to extinguishment of convertible debt | 388 | 388 | |||||
Other comprehensive income (loss) | (499) | (499) | |||||
Net Income | 57,215 | 57,215 | |||||
Ending balance, value at Jan. 25, 2020 | $ 868,604 | $ (471) | $ 10,528 | 30,158 | (1,781) | 829,699 | $ (471) |
Ending balance, shares at Jan. 25, 2020 | 31,583,938 | 31,583,938 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Stock options exercised, value | $ 5,738 | $ 98 | 5,640 | ||||
Stock options exercised, shares | 295,650 | ||||||
Stock-based compensation | 12,771 | $ 1 | 12,770 | ||||
Stock-based compensation, shares | 4,962 | ||||||
Issuance of restricted stock, net of tax withholdings | (728) | $ 19 | (747) | ||||
Issuance of restricted stock, net of tax withholdings, shares | 54,998 | ||||||
Equity component of the settlement of 0.75% convertible senior notes due 2021, net of taxes | (8,976) | (8,976) | |||||
Purchase of warrants | (7,176) | (7,176) | |||||
Settlement of convertible note hedges related to extinguishment of convertible debt | 7,197 | 7,197 | |||||
Repurchase of common stock, value | 100,000 | $ (441) | (36,582) | (62,977) | |||
Repurchase of common stock, shares | (1,324,381) | ||||||
Other comprehensive income (loss) | 12 | 12 | |||||
Net Income | 34,337 | 34,337 | |||||
Ending balance, value at Jan. 30, 2021 | $ 811,308 | $ 10,205 | $ 2,284 | $ (1,769) | $ 800,588 | ||
Ending balance, shares at Jan. 30, 2021 | 30,615,167 | 30,615,167 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Cash flows from operating activities: | |||
Net Income | $ 34,337 | $ 57,215 | $ 62,907 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 175,897 | 187,556 | 179,603 |
Non-cash lease expense | 31,828 | 30,043 | 0 |
Non-cash lease expense | (28,185) | 9,261 | 8,523 |
Stock-based compensation | 12,771 | 10,034 | 20,187 |
Provision for bad debt (recovery), net | 406 | (6,540) | 17,071 |
Gain on sale of fixed assets | (10,026) | (14,879) | (19,390) |
(Gain) loss on debt extinguishment | (12,046) | 76 | 0 |
Amortization of debt discount | 7,441 | 20,112 | 19,103 |
Amortization of debt issuance costs and other | 2,797 | 4,023 | 3,686 |
Goodwill impairment charge | 53,264 | 0 | 0 |
Change in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable, net | (41,755) | (195,796) | (30,750) |
Contract assets, net | 53,664 | (35,888) | (149,828) |
Other current assets and inventories | 27,316 | (6,960) | (15,842) |
Other assets | 9,178 | 41,068 | (25,110) |
Income taxes receivable/payable | 7,505 | (84) | 10,357 |
Accounts payable | 43,747 | (2,141) | 20,064 |
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities | 13,638 | (39,101) | 23,866 |
Net cash provided by operating activities | 381,777 | 57,999 | 124,447 |
Cash flows from investing activities: | |||
Capital expenditures | (58,047) | (120,574) | (164,963) |
Proceeds from sale of assets | 13,419 | 19,045 | 22,949 |
Cash paid for acquisitions, net of cash acquired | 0 | 0 | (20,917) |
Other investing activities | 0 | 306 | 1,576 |
Net cash used in investing activities | (44,628) | (101,223) | (161,355) |
Cash flows from financing activities: | |||
Proceeds from borrowings on senior credit agreement, including term loans | 1,056,000 | 475,000 | 423,188 |
Principal payments on senior credit agreement, including term loans | (973,500) | (480,625) | (331,250) |
Debt financing costs | 0 | 0 | (7,275) |
Repurchase of common stock | (100,000) | 0 | 0 |
Extinguishment of 0.75% senior notes | (401,736) | (25,000) | 0 |
Redemption discount on convertible debt, net of costs | 30,761 | 675 | 0 |
Settlement of convertible note hedges related to extinguished convertible debt | 7,197 | 388 | 0 |
Purchase of warrants | (7,176) | (301) | 0 |
Exercise of stock options | 5,738 | 503 | 871 |
Restricted stock tax withholdings | (728) | (1,698) | (4,657) |
Net cash (used in) provided by financing activities | (383,444) | (31,058) | 80,877 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (46,295) | (74,282) | 43,969 |
Cash, cash equivalents and restricted cash at beginning of period | 59,869 | 134,151 | 90,182 |
Cash, cash equivalents and restricted cash at end of period | 13,574 | 59,869 | 134,151 |
Supplemental disclosure of other cash flow activities and non-cash investing and financing activities: | |||
Cash paid for interest | 20,653 | 26,655 | 22,312 |
Cash paid for taxes, net | 45,332 | 12,017 | 6,396 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $ 6,556 | $ 8,814 | $ 6,795 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) | Jan. 30, 2021 | Sep. 15, 2015 |
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. 30, 2021 | |
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 2021 consisted of 53 weeks and fiscal 2020 and fiscal 2019 consisted of 52 weeks of operations. We refer to the period beginning January 26, 2020 and ending on January 30, 2021 as “fiscal 2021”, the period beginning on 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”. 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. |
Significant Accounting Policies
Significant Accounting Policies and Estimates (Notes) | 12 Months Ended |
Jan. 30, 2021 | |
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 10% of contract revenues during fiscal 2021. For certain contracts, representing less than 5% of contract revenues during fiscal 2021, fiscal 2020, and fiscal 2019, 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 2021, fiscal 2020, and fiscal 2019. 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. 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 participate in a customer-sponsored vendor payment program for one of our customers. 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. 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 30, 2021 and January 25, 2020, 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 $15.6 million and $21.2 million as of January 30, 2021 and January 25, 2020, respectively. Goodwill and Intangible Assets. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. 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 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. Additionally, within our aggregate coverage limits and above our base layer of third-party insurance coverage, we have retained the risk of loss at certain levels of exposure. We have established reserves that we believe 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 primarily due to the difference in income tax rates from state to state where work was performed, non-deductible and non-taxable items, and tax credits recognized. Additionally, during fiscal 2021, our effective tax rate was impacted by the $53.3 million goodwill impairment charge which was mostly non-deductible for income tax purposes, and the benefit from the $2.6 million tax loss carryback technical correction under the CARES Act. 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 2016 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 30, 2021 and January 25, 2020. During fiscal 2021, fiscal 2020, and fiscal 2019 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. 30, 2021 | |
Accounting Policies [Abstract] | |
Accounting Standards | Accounting Standards Recently Adopted Accounting Standards Financial Instruments . In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”) as modified by subsequently issued ASUs 2019-04, 2019-05, 2019-11, and 2020-02. 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 financial instruments include accounts receivable and contract assets. 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 also applies to receivables arising from revenue transactions such as contract assets and accounts receivables. On January 26, 2020, the first day of fiscal 2021, we adopted ASU 2016-13. The standard was adopted utilizing a modified retrospective approach and the adoption did not have a material impact on our consolidated financial statements as credit losses are not expected to be significant based on historical trends and the financial condition of our customers. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment testing. An entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. On January 26, 2020, the first day of fiscal 2021, we adopted ASU 2017-04 and there was no effect on the Company’s consolidated financial statements as a result of adoption. See Note 10, Goodwill and Intangible Assets, for disclosure of events during the fiscal year ended January 30, 2021. Intangibles. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). This ASU aligns 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). ASU 2018-15 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted the provisions of this ASU in the first quarter of fiscal 2021 on a prospective basis. Adoption of the new standard did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted Codification Improvement. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements (“ASU 2020-10”). The amendments in this ASU represent changes to clarify the Accounting Standards Codification (“ASC”), correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We will adopt the provisions of this ASU in the first quarter of fiscal 2022 and do not expect the adoption to have a material effect on our consolidated financial statements. Convertible Debt. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815 - 40) . The amendments in this ASU simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity by removing major separation models required under current U.S. GAAP. The amendments also improve the consistency of diluted earnings per share calculations. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The effect of the standard on our consolidated financial statements is still under evaluation, and 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. We will adopt the provisions of this ASU in the first quarter of fiscal 2022 and do not expect the adoption to have a material effect on our consolidated financial statements. |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 12 Months Ended |
Jan. 30, 2021 | |
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 January 30, 2021 January 25, 2020 January 26, 2019 Net income available to common stockholders (numerator) $ 34,337 $ 57,215 $ 62,907 Weighted-average number of common shares (denominator) 31,665,183 31,498,474 31,250,376 Basic earnings per common share $ 1.08 $ 1.82 $ 2.01 Weighted-average number of common shares 31,665,183 31,498,474 31,250,376 Potential shares of common stock arising from stock options, and unvested restricted share units 425,395 323,308 555,993 Potential shares of common stock issuable on conversion of 0.75% convertible senior notes due 2021(1) — — 183,799 Total shares-diluted (denominator) 32,090,578 31,821,782 31,990,168 Diluted earnings per common share $ 1.07 $ 1.80 $ 1.97 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 233,988 253,000 130,779 0.75% convertible senior notes due 2021(1) (2) 1,715,972 4,747,706 4,821,935 Warrants (1) (2) 1,715,972 4,747,706 5,005,734 Total 3,665,932 9,748,412 9,958,448 (1) 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 2021; therefore, there was no dilutive impact on earnings per common share for this period. During the first and second quarter of fiscal 2019, our average stock price of $110.46 and $99.27 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. 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. (2) In connection with the purchase of $401.7 million of the Notes in fiscal 2021 and $25.0 million in fiscal 2020, we unwound convertible note hedge transactions and warrants proportionately to the number of Notes, resulting in a decrease in the number of excluded weighted shares. 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. 30, 2021 | |
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. Purchase Price Allocations The purchase price allocation of the 2019 acquisition were completed within the 12-month measurement period from the date 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 (dollars in millions): 2019 Assets Accounts receivable $ 5.6 Inventories and other current assets 0.2 Property and equipment 0.5 Goodwill 4.0 Intangible assets - customer relationships 12.3 Total assets 22.6 Liabilities Accounts payable 2.2 Total liabilities 2.2 Net Assets Acquired $ 20.4 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Jan. 30, 2021 | |
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 30, 2021 January 25, 2020 Trade accounts receivable $ 352,501 $ 355,805 Unbilled accounts receivable 492,324 453,353 Retainage 14,974 12,669 Total 859,799 821,827 Less: allowance for doubtful accounts (1,676) (4,582) Accounts receivable, net $ 858,123 $ 817,245 We maintain an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows (dollars in thousands): January 30, 2021 January 25, 2020 Allowance for doubtful accounts at beginning of period $ 4,582 $ 17,702 Cumulative effect from implementation of ASU 2016-13 471 — Provision for bad debt (recovery) 406 (6,540) Amounts charged against the allowance (3,783) (6,580) Allowance for doubtful accounts at end of period $ 1,676 $ 4,582 Contract Assets and Contract Liabilities Net contract assets consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Contract assets $ 197,110 $ 253,005 Contract liabilities 14,101 16,332 Contract assets, net $ 183,009 $ 236,673 The decrease in contract assets, net, in fiscal 2021 from fiscal 2020 primarily resulted from reduced services performed and increased billings under contracts consisting of multiple tasks. There were no other significant changes in contract assets during the period. During fiscal 2021, we performed services and recognized revenue related to all but an immaterial amount of our contract liabilities that existed at January 25, 2020. 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 30, 2021 or January 25, 2020 were as follows (dollars in millions): January 30, 2021 January 25, 2020 Amount % of Total Amount % of Total Verizon Communications Inc. $ 389.9 37.4 % $ 440.2 41.8 % Lumen Technologies (1) $ 173.5 16.6 % $ 175.8 16.7 % Comcast Corporation $ 131.7 12.6 % $ 114.0 10.8 % (1) Formerly known as CenturyLink, Inc. 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 30, 2021 or January 25, 2020. On April 14, 2020, Frontier Communications 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, to implement a prearranged debt restructuring plan. As of January 30, 2021, the Company had prepetition outstanding receivables and contract assets in aggregate of approximately $0.6 million with Frontier Communications. The Company has been identified as a critical vendor and expects to continue to provide service to Frontier Communications pursuant to existing contractual obligations and be paid in full for prepetition and post-petition receivables and contract assets. |
Other Current Assets and Other
Other Current Assets and Other Assets | 12 Months Ended |
Jan. 30, 2021 | |
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 30, 2021 January 25, 2020 Prepaid expenses $ 14,849 $ 12,769 Deposits and other current assets 12,817 17,447 Restricted cash 1,372 1,556 Receivables on equipment sales 34 219 Other current assets $ 29,072 $ 31,991 Other assets consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Long-term contract assets $ 17,574 $ 22,653 Deferred financing costs 5,205 7,133 Restricted cash 432 3,753 Insurance recoveries/receivables for accrued insurance claims 15,837 4,864 Other non-current deposits and assets 7,541 9,035 Other assets $ 46,589 $ 47,438 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. 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. 30, 2021 | |
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 30, 2021 January 25, 2020 Cash and equivalents $ 11,770 $ 54,560 Restricted cash included in: Other current assets 1,372 1,556 Other assets (long-term) 432 3,753 Cash, cash equivalents and restricted cash $ 13,574 $ 59,869 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 30, 2021 | |
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 30, 2021 January 25, 2020 Land — $ 3,796 $ 4,024 Buildings 10-35 11,169 12,934 Leasehold improvements 1-10 17,030 17,151 Vehicles 1-5 626,809 626,307 Computer hardware and software 1-7 144,989 149,600 Office furniture and equipment 1-10 13,293 13,557 Equipment and machinery 1-10 300,143 312,244 Total 1,117,229 1,135,817 Less: accumulated depreciation (843,269) (759,207) Property and equipment, net $ 273,960 $ 376,610 Depreciation expense and repairs and maintenance expense were as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Depreciation expense $ 155,274 $ 166,376 $ 156,959 Repairs and maintenance expense $ 47,586 $ 44,208 $ 36,109 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jan. 30, 2021 | |
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 2021 were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of January 25, 2020 $ 521,516 $ (195,767) $ 325,749 Fiscal 2021 Goodwill impairment charge — (53,264) (53,264) Balance as of January 30, 2021 $ 521,516 $ (249,031) $ 272,485 Our goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of the our geographic presence and strengthening of our customer base from acquisitions. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The profitability of individual reporting units may suffer periodically due to downturns in customer demand, 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 anticipated 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. During fiscal 2021 the economy of the United States was severely impacted by the nation’s response to the COVID-19 pandemic. Measures taken include travel restrictions, social distancing requirements, quarantines, and shelter in place orders. As a result, businesses have been closed and certain business activities curtailed or modified. During the COVID-19 pandemic, our services have generally been considered essential in nature and have not been materially interrupted. However, certain customers of one of the Company’s reporting units (“Broadband”) have decided to restrict our technicians from entering third party premises. Furthermore, customers have modified their protocols to increase the self-installation of customer premise equipment by their subscribers. Broadband generates a substantial portion of its revenue and operating results from installation services inside third party premises. The events following the onset of COVID-19 are expected to result in a prolonged downturn in customer demand for installation services from Broadband. This is expected to have a direct, adverse impact on its revenue, operating results and cash flows. These indicators represented a triggering event that warranted impairment testing of Broadband during the three months ended April 25, 2020. The Broadband reporting unit includes the operations of Broadband Installation Services, Prince Telecom and certain other operations and generated revenue of less than 4% of the consolidated contract revenue of Dycom in fiscal 2020. The Broadband reporting unit did not incur losses in fiscal 2020. The fiscal 2021 interim impairment analysis for Broadband utilized the same valuation techniques used in the Company’s annual fiscal 2020 impairment analysis. The key assumptions used to determine the fair value of the Company’s reporting units during this interim impairment analysis were: (a) expected cash flow for a period of seven years; (b) terminal value based upon terminal growth rates; and (c) a discount rate based on the Company’s best estimate of the weighted average cost of capital adjusted for risks associated with Broadband. Recent operating performance, along with key assumptions for specific customer and industry opportunities, were used during the fiscal 2021 interim impairment analysis. The terminal growth rate used in the fiscal 2021 interim assessment was 1.5% as compared to 3.0% in the fiscal 2020 assessment reflecting lower long-term demand levels. The discount rate used in the fiscal 2021 interim assessment was 12% compared to 10% in the fiscal 2020 assessment reflecting increased risk associated with the outlook of Broadband. The combination of lower expected operating results and cash flows from the reduction in revenue, as well as changes in valuation assumptions in the fiscal 2021 interim analysis resulted in a substantial decline in the fair value of the Broadband reporting unit. In accordance with ASU 2017-04, the Company compared the estimated fair value of Broadband to its carrying amount. As a result, the Company recognized an impairment charge of $53.3 million which is the amount by which the carrying amount exceeded the reporting unit’s fair value. After the impairment charge, Broadband had $10.1 million of remaining goodwill as of April 25, 2020. The goodwill impairment charge did not affect the Company’s compliance with its financial covenants and conditions under its revolving credit agreement. The Company performs its annual goodwill assessment as of the first day of the fourth fiscal quarter of each fiscal year. Goodwill and indefinite lived intangible assets are required to be tested for impairment between annual tests if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. We performed our annual impairment assessment for fiscal 2021, fiscal 2020, and fiscal 2019, and concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit for any of the periods other than the first quarter of fiscal 2021 as described above. 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. The table below outlines certain assumptions used in our annual quantitative impairment analyses for fiscal 2021, fiscal 2020, and fiscal 2019: Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Terminal Growth Rate 3.0% 3.0% 2.5% - 3.00% Discount Rate 10.0% 10.0% 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 discount rate was consistent for fiscal 2021 and fiscal 2020. The decrease in the discount rate for fiscal 2020 from fiscal 2019 was mainly a result of a decrease in the cost of debt. 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 2021 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 2021 impairment analysis had been 100 basis points higher than estimated for each of the reporting units, and all other assumptions were held constant, the conclusion of the assessment would remain unchanged and there would be no impairment of goodwill. Additionally, if there was a 25% decrease in the fair value of any of the reporting units due to a decline in their discounted cash flows resulting from lower operating performance, the conclusion of the assessment would remain unchanged for all reporting units except for one. For this reporting unit with goodwill of $10.1 million, the excess of fair value above its carrying value was 7.5% of the fair value. Recent operating performance, along with assumptions for specific customer and industry opportunities, were considered in the key assumptions used during the fiscal 2021 impairment analysis. Management has determined the goodwill balance of this one reporting unit may have an increased likelihood of impairment if a prolonged downturn in customer demand were to occur, or if the reporting unit was 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. The Company determined that there were no events or changes in circumstances for the other reporting units or indefinite lived intangible assets during fiscal 2021 that would indicate a potential reduction in their fair value below their carrying amounts. As of January 30, 2021, the Company continues to believe the remaining goodwill and the indefinite-lived intangible asset are recoverable for all of its reporting units . 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 could be impaired. 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 30, 2021 January 25, 2020 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 9.3 $ 312,017 $ 198,604 $ 113,413 $ 312,017 $ 178,411 $ 133,606 Trade names, finite 8.1 10,350 9,141 1,209 10,350 8,732 1,618 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 Non-compete agreements — — — — 200 179 21 $ 327,067 $ 207,745 $ 119,322 $ 327,267 $ 187,322 $ 139,945 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 $20.6 million, $21.2 million, and $22.6 million for fiscal 2021, fiscal 2020, and fiscal 2019. As of January 30, 2021, total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2022 $ 17,489 2023 15,333 2024 13,901 2025 13,717 2026 13,366 Thereafter 40,816 Total $ 114,622 As of January 30, 2021, 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. 30, 2021 | |
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 annual stop-loss limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. Losses for claims beyond our retained risk of loss are covered by insurance up to our coverage limits. For fiscal 2019 and fiscal 2020 with regards to workers’ compensation losses, we retained the risk of loss up to $1.0 million on a per occurrence basis. 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, we retained risk of loss up to $1.0 million on a per-occurrence basis. For fiscal 2021 with regard to workers’ compensation losses, our retention of risk remained the same as fiscal 2020. With regard to automobile liability and general liability losses we retained the risk of loss up to $1.0 million on a per-occurrence basis for the first $5.0 million of insurance coverage. In addition, we also retained the risk of loss for automobile and general liability for the next $5.0 million on a per-occurrence basis with aggregate loss limits of $11.5 million within this layer of retention. For fiscal 2022 with regard to workers’ compensation losses, our retention of risk remains the same as fiscal 2021. With regard to automobile liability and general liability losses, our retention of primary risk remains the same as fiscal 2021. In addition, we reduced our coverage limit and retained $10.0 million risk of loss on a per occurrence basis for losses above $30.0 million. We are party to a stop-loss agreement for losses under our employee group health plan. For calendar year 2019, we retained 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 retained 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. For the calendar year 2021, we retained the risk of loss on an annual basis, up to the first $600,000 of claims per particip ant. A mounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): January 30, 2021 January 25, 2020 Accrued insurance claims - current $ 41,736 $ 38,881 Accrued insurance claims - non-current 70,224 56,026 Accrued insurance claims $ 111,960 $ 94,907 Insurance recoveries/receivables: Non-current (included in Other assets) $ 15,837 $ 4,864 Insurance recoveries/receivables $ 15,837 $ 4,864 |
Leases
Leases | 12 Months Ended |
Jan. 30, 2021 | |
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 1 year to approximately 9 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 2021 and fiscal 2020 (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 Lease cost under long-term operating leases $ 35,411 $ 33,799 Lease cost under short-term operating leases 28,532 34,111 Variable lease cost under short-term and long-term operating leases (1) 4,113 4,183 Total lease cost $ 68,056 $ 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 $63.1 million and $70.2 million as of January 30, 2021 and January 25, 2020, respectively. Supplemental balance sheet information related to these liabilities is as follows: January 30, 2021 January 25, 2020 Weighted average remaining lease term 3.2 years 3.3 years Weighted average discount rate 4.6 % 5.2 % Supplemental cash flow information related to our long-term operating lease liabilities as of January 30, 2021 and January 25, 2020 is as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 33,313 $ 30,888 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 27,510 $ 27,477 As of January 30, 2021, 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 2022 $ 28,159 2023 19,608 2024 11,645 2025 7,069 2026 2,577 Thereafter 2,178 Total lease payments 71,236 Less: imputed interest (8,108) Total $ 63,128 As of January 30, 2021, we had additional operating leases that have not yet commenced of $1.7 million. These leases will commence during the first quarter of fiscal 2022. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Jan. 30, 2021 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Accrued payroll and related taxes $ 43,593 $ 27,959 Accrued employee benefit and incentive plan costs 32,988 23,340 Accrued construction costs 22,972 27,690 Other current liabilities 21,256 19,786 Other accrued liabilities $ 120,809 $ 98,775 |
Debt
Debt | 12 Months Ended |
Jan. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our outstanding indebtedness consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Credit Agreement - Revolving facility (matures October 2023) $ 105,000 $ — Credit Agreement - Term loan facility (matures October 2023) 421,874 444,375 0.75% convertible senior notes, net (mature September 2021) 56,410 422,526 583,284 866,901 Less: current portion (81,722) (22,500) Long-term debt $ 501,562 $ 844,401 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 $52.2 million and $52.3 million, issued as part of our insurance program, were outstanding under our credit agreement as of January 30, 2021 and January 25, 2020, respectively. The weighted average interest rates and fees for balances under our credit agreement as of January 30, 2021 and January 25, 2020 were as follows: Weighted Average Rate End of Period January 30, 2021 January 25, 2020 Borrowings - Term loan facility 1.63% 3.67% Borrowings - Revolving facility (1) 2.14% —% Standby Letters of Credit 1.50% 2.00% Unused Revolver Commitment 0.25% 0.40% (1) There were no outstanding borrowings under our revolving facility as of January 25, 2020. 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 that would become effective beginning 91 days before the maturity date of our 0.75% convertible senior notes due September 2021 (the “Notes”) if the outstanding principal amount of the Notes were greater than $250.0 million, however, this covenant terminated on June 5, 2020 when the outstanding principal amount of the Notes was reduced to $58.3 million. At January 30, 2021 and January 25, 2020, we were in compliance with the financial covenants of our credit agreement and had borrowing availability under our revolving facility of $558.7 million and $287.0 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. In fiscal 2021, we purchased $401.7 million aggregate principal amount of the Notes for $371.4 million, including interest and fees, leaving the principal amount of $58.3 million outstanding. The Notes were purchased through a tender offer as well as a portion in privately-negotiated transactions. After the write-off of associated debt issuance costs, the net gain on extinguishment was $12.0 million for fiscal 2021. 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 2021, 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 30, 2021. As a result, the Notes were not convertible during the fourth quarter of fiscal 2021 and are classified as 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 $7.4 million, $20.1 million, and $19.1 million of interest expense during fiscal 2021, fiscal 2020, and fiscal 2019, respectively, for the non-cash amortization of the debt discount. The liability component of the Notes consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 58,264 $ 460,000 Less: Debt discount (1,665) (33,744) Less: Debt issuance costs (189) (3,730) Net carrying amount of Notes $ 56,410 $ 422,526 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 $104.50 and $97.25 as of January 30, 2021 and January 25, 2020, respectively (dollars in thousands). January 30, 2021 January 25, 2020 Fair value of principal amount of Notes $ 60,886 $ 447,350 Less: Debt discount and debt issuance costs (1,854) (37,474) Fair value of Notes $ 59,032 $ 409,876 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 and fiscal 2021 in connection with the purchase of $25 million and $401.7 million, respectively, of the Notes, the number of shares that could be deliverable to us upon conversion was reduced to up to 0.601 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 and fiscal 2021 in connection with the purchase of $25 million and $401.7 million, respectively, of the Notes, the remaining warrant transactions provide for to up to 0.601 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the provision for income taxes were as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Current: Federal $ 42,794 $ 8,389 $ 9,507 Foreign (2) (56) 2,204 State 10,273 3,727 4,897 53,065 12,060 16,608 Deferred: Federal (24,380) 7,257 8,706 Foreign — 568 (446) State (3,805) 1,436 263 (28,185) 9,261 8,523 Provision for income taxes $ 24,880 $ 21,321 $ 25,131 In response to the COVID-19 pandemic, the Families First Coronavirus Response Act (“FFCR Act”) and the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) were signed into law on March 17, 2020 and on March 27, 2020, collectively the “Stimulus Bills.” The Stimulus Bills include tax provisions relating to refundable payroll tax credits, the deferral of employer’s social security payments, and modifications to net operating loss (“NOL”) carryback provisions. During fiscal 2021, we recognized an income tax benefit of $2.6 million from a tax loss carryback technical correction under the CARES Act. Our effective income tax rate differs from the statutory rate primarily due to the difference in income tax rates from state to state where work was performed, non-deductible and non-taxable items, and tax credits recognized. Additionally, during fiscal 2021, our effective tax rate was impacted by the $53.3 million goodwill impairment charge which was mostly non-deductible for income tax purposes, and the benefit from the $2.6 million tax loss carryback technical correction under the CARES Act. 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 January 30, 2021 January 25, 2020 January 26, 2019 Statutory rate applied to pre-tax income $ 12,436 $ 16,495 $ 18,488 State taxes, net of federal tax benefit 4,344 4,282 4,004 Tax Reform and related effects (2,631) 1,093 — Non-deductible goodwill impairment 10,411 — — Compensation limitation 2,632 82 884 Non-deductible and non-taxable items, net 808 1,351 1,549 Federal deficiency (benefit) of vesting and exercise of share-based awards (436) 875 (200) Tax credits (3,145) (2,801) (1,835) Change in accruals for uncertain tax positions 1,189 891 464 Change in valuation allowance 1 722 291 Effect of rates other than statutory (4) (197) 1,537 Other items, net (725) (1,472) (51) Provision for income taxes $ 24,880 $ 21,321 $ 25,131 During fiscal 2020 and 2019, our effective income tax rate differed from the statutory rate primarily as the result of the impact of non-deductible and non-taxable items, tax credits recognized, certain tax effects from the vesting and exercise of share-based awards, and impacts from Tax Reform. 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 30, 2021 January 25, 2020 Deferred tax assets: Insurance and other reserves $ 23,513 $ 22,489 Leases 16,119 18,002 CARES Act tax deferral 9,588 — Stock-based compensation 3,198 2,961 Allowance for doubtful accounts and reserves 1,615 2,342 Net operating loss carryforwards 1,401 1,487 Other 3,238 3,098 Total deferred tax assets 58,672 50,379 Valuation allowance (1,139) (1,126) Deferred tax assets, net of valuation allowance $ 57,533 $ 49,253 Deferred tax liabilities: Property and equipment $ 57,287 $ 76,385 Goodwill and intangibles 30,395 29,563 Leases 16,310 17,856 Other 1,191 976 Deferred tax liabilities $ 105,183 $ 124,780 Net deferred tax liabilities $ 47,650 $ 75,527 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 30, 2021 and January 25, 2020, we had total unrecognized tax benefits of $5.9 million and $4.7 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 $1.9 million and $1.7 million accrued for the payment of interest and penalties as of January 30, 2021 and January 25, 2020, respectively. Interest expense related to unrecognized tax benefits for the Company was not material during fiscal 2021, fiscal 2020, and fiscal 2019. A summary of unrecognized tax benefits is as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Balance at beginning of year $ 4,742 $ 3,786 $ 3,322 Additions based on tax positions related to the fiscal year 1,075 696 444 Additions based on tax positions related to prior years 530 358 77 Reductions related to the expiration of statutes of limitation (407) (98) (57) Balance at end of year $ 5,940 $ 4,742 $ 3,786 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Jan. 30, 2021 | |
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 January 30, 2021 January 25, 2020 January 26, 2019 Gain on sale of fixed assets $ 10,026 $ 14,879 $ 19,390 Discount fee expense (2,105) (4,248) (4,143) Miscellaneous income, net 676 1,034 751 Write-off of deferred financing costs — — (156) Other income, net $ 8,597 $ 11,665 $ 15,842 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. 30, 2021 | |
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 $4.0 million, $4.1 million, and $3.5 million related to fiscal 2021, fiscal 2020, and fiscal 2019, 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 Fiscal Year Ended Fund 2021 2020 2019 All Plans $ 280 $ 362 $ 726 Various During the fourth quarter of fiscal 2016, one of the Company’s subsidiaries ceased operations. This subsidiary contributed to a multiemployer pension plan, the Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund (the “Plan”). In October 2016, the Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million. In December 2016, the subsidiary submitted a formal request to the Plan seeking review of the Plan’s withdrawal liability determination. The subsidiary disputes the claim that it is required to make payment of a withdrawal liability as demanded by the Plan as it believes that a statutory exemption under the Employee Retirement Income Security Act (“ERISA”) applies to its activities. The Plan has taken the position that the work at issue does not qualify for that statutory exemption. The subsidiary has submitted this dispute to arbitration, as required by ERISA. There can be no assurance that the Company’s subsidiary will be successful in asserting the statutory exemption as a defense in the arbitration proceeding. As required by ERISA, in November 2016, this subsidiary began making payments of a withdrawal liability to the Plan in the amount of approximately $0.1 million per month. If the subsidiary prevails in disputing the withdrawal liability, all such payments are expected to be refunded. Given the early stage of this action, it is not possible to estimate a range of loss that could result from either an adverse judgment or a settlement of this matter. |
Capital Stock
Capital Stock | 12 Months Ended |
Jan. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock Repurchases of Common Stock. The company made the following repurchases during fiscal 2021 (all shares repurchased have been canceled).We did not repurchase any of our common stock during fiscal 2020 or fiscal 2019. Period Number of Shares Repurchased Total Consideration Average Price Per Share Fiscal 2021 1,324,381 $ 100,000 $ 75.51 Fiscal 2021. On August 24, 2020 the Company announced that its Board of Directors had authorized a $100.0 million program to repurchase shares of the Company’s outstanding common stock through February 2022 in open market or private transactions. During the fourth quarter of fiscal 2021, we repurchased 1,324,381 shares of our common stock, at an average price of $75.51, for $100.0 million. 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. Restricted Stock Tax Withholdings. During fiscal 2021, fiscal 2020, and fiscal 2019, we withheld 19,081 shares, 36,426 shares, and 73,300 shares, respectively, totaling $0.7 million, $1.7 million, and $4.7 million, respectively, to meet payroll tax withholding 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 fiscal 2021, $63.0 million was charged to retained earnings related to shares canceled during the fiscal year. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Jan. 30, 2021 | |
Share-based Payment Arrangement [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 30, 2021, the total number of shares available for grant under the Plans was 838,212. Stock-based compensation expense and the related tax benefit recognized during fiscal 2021, fiscal 2020, and fiscal 2019 were as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Stock-based compensation $ 12,771 $ 10,034 $ 20,187 Income tax effect of stock-based compensation $ 3,141 $ 2,482 $ 5,043 In addition, we realized approximately $0.5 million of net excess tax benefits during fiscal 2021, and $1.0 million of net tax deficiencies in fiscal 2020. We realized $0.2 million of net excess tax benefits during fiscal 2019, related to the vesting and exercise of share-based awards. As of January 30, 2021, 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 $1.6 million, $16.1 million, and $5.3 million, respectively. This expense will be recognized over a weighted-average number of years of 2.4, 2.6, and 1.1, respectively, based on the average remaining service periods for the awards. As of January 30, 2021, we may recognize an additional $2.9 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 2021, fiscal 2020, and fiscal 2019, and the significant valuation assumptions: Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Weighted average fair value of RSUs granted $ 27.75 $ 48.37 $ 97.90 Weighted average fair value of Performance RSUs granted $ 25.15 $ 45.94 $ 106.19 Weighted average fair value of stock options granted $ 14.63 $ 24.72 $ 48.19 Stock option assumptions: Risk-free interest rate 0.7 % 2.3 % 2.7 % Expected life (in years) 9.4 8.4 6.3 Expected volatility 51.3 % 45.3 % 43.3 % Expected dividends — — — Stock Options The following table summarizes stock option award activity during fiscal 2021: Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 25, 2020 577,309 $ 36.85 Granted 63,304 $ 25.15 Options exercised (295,650) $ 19.40 Canceled — $ — Outstanding as of January 30, 2021 344,963 $ 49.66 5.8 $ 11,656 Exercisable options as of January 30, 2021 233,070 $ 52.58 4.4 $ 7,075 The total amount of exercisable options as of January 30, 2021 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 $81.14 on the last trading day of fiscal 2021 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 2021. 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 $8.1 million, $1.8 million, and $5.7 million for fiscal 2021, fiscal 2020, and fiscal 2019, respectively. We received cash from the exercise of stock options of $5.7 million, $0.5 million, and $0.9 million during fiscal 2021, fiscal 2020, and fiscal 2019, respectively. RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during fiscal 2021: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of January 25, 2020 174,917 $ 65.05 639,738 $ 62.60 Granted 557,838 $ 27.75 65,538 $ 25.15 Share units vested (66,620) $ 67.70 (17,134) $ 70.14 Forfeited or canceled (17,774) $ 41.95 (262,798) $ 66.64 Outstanding as of January 30, 2021 648,361 $ 33.29 425,344 $ 54.03 The total number of granted Performance RSUs presented above consists of 32,769 target shares and 32,769 supplemental shares. During fiscal 2021, we canceled 167,095 target shares and 76,706 supplemental shares of Performance RSUs, as a result of performance criteria for attaining those shares being partially met for the applicable performance periods. Approximately 88,057 target shares and 74,024 supplemental shares outstanding as of January 30, 2021 will be canceled during the three months ending May 1, 2021 as a result of the fiscal 2021 performance period criteria being partially met. The total amount of Performance RSUs outstanding as of January 30, 2021 consists of 281,877 target shares and 143,467 supplemental shares. The total fair value of restricted share units vested during fiscal 2021, fiscal 2020, and fiscal 2019 was $3.1 million, $6.7 million, and $15.3 million, respectively. |
Customer Concentration and Reve
Customer Concentration and Revenue Information | 12 Months Ended |
Jan. 30, 2021 | |
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 74.1%, 78.4%, and 78.4%, of our total contract revenues during fiscal 2021, fiscal 2020, and fiscal 2019, respectively. Customers whose contract revenues exceeded 10% of total contract revenues during fiscal 2021, fiscal 2020, and fiscal 2019, as well as total contract revenues from all other customers combined, were as follows: Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Amount % of Total Verizon Communications Inc. $ 601.6 18.8 % $ 728.2 21.8 % $ 599.8 19.2 % Lumen Technologies (1) 542.0 16.9 % 547.8 16.4 % 425.6 13.6 % Comcast Corporation 533.9 16.7 % 503.2 15.1 % 650.2 20.8 % AT&T Inc. 533.7 16.7 % 687.9 20.6 % 664.2 21.2 % Total other customers combined 988.0 30.9 % 872.6 26.1 % 787.9 25.2 % Total contract revenues $ 3,199.2 100.0% $ 3,339.7 100.0% $3,127.7 100.0% (1) Formerly known as CenturyLink, Inc. 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. Customer Type Total contract revenues by customer type during fiscal 2021, fiscal 2020, and fiscal 2019, were as follows (dollars in millions): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 2,851.6 89.1% $ 3,031.9 90.8% $ 2,855.8 91.3% Underground facility locating 229.6 7.2% 204.5 6.1% 182.7 5.8% Electrical and gas utilities and other 118.0 3.7% 103.3 3.1% 89.2 2.9% Total contract revenues $ 3,199.2 100.0% $ 3,339.7 100.0% $ 3,127.7 100.0% 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. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On December 17, 2018 and May 8, 2020, shareholder derivative actions were filed in the United States District Court for the Southern District of Florida against the Company, as nominal defendant, and the members of its Board of Directors (and, in the second action, the Company’s Chief Financial Officer), alleging that the defendants breached fiduciary duties owed to the Company and violated the securities laws by causing the Company to issue false and misleading statements 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. On November 16, 2020, the plaintiffs filed a consolidated amended complaint in which the plaintiffs alleged the same breaches of fiduciary duty and violations of the securities laws as were alleged in the two consolidated lawsuits when they were initially filed. The consolidated amended complaint names the Company as nominal defendant and asserts claims against seven current members of its Board of Directors and two former members of the Board. The Company believes the allegations in the lawsuit are without merit and expects it to be vigorously defended. 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 1, 2017, one of the Company’s subsidiaries was named in a lawsuit alleging that its nonexempt employees performing utility locating services in California were not paid appropriate minimum and overtime wages, provided required breaks, reimbursed for necessary business expenses, provided with accurate wage statements, and timely pay all wages at termination of employment. The plaintiff seeks to pursue these allegations as a class action under the California Private Attorney General Act of 2004. Although the Company believes these claims are without merit it has engaged in early settlement discussions and has reached a preliminary agreement to settle these claims on a class-wide basis for an aggregate settlement value of $2.1 million. This preliminary agreement is subject to finalization by the parties and approval by the Court. If this preliminary settlement is not finalized, due to the early stage of this litigation, it is not possible to estimate a range of loss that could result from either an adverse judgment or a later settlement of this matter. During the fourth quarter of fiscal 2016, one of the Company’s subsidiaries ceased operations. This subsidiary contributed to a multiemployer pension plan, the Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund (the “Plan”). In October 2016, the Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million. In December 2016, the subsidiary submitted a formal request to the Plan seeking review of the Plan’s withdrawal liability determination. The subsidiary disputes the claim that it is required to make payment of a withdrawal liability as demanded by the Plan as it believes that a statutory exemption under the Employee Retirement Income Security Act (“ERISA”) applies to its activities. The Plan has taken the position that the work at issue does not qualify for that statutory exemption. The subsidiary has submitted this dispute to arbitration, as required by ERISA. There can be no assurance that the Company’s subsidiary will be successful in asserting the statutory exemption as a defense in the arbitration proceeding. As required by ERISA, in November 2016, this subsidiary began making payments of a withdrawal liability to the Plan in the amount of approximately $0.1 million per month. If the subsidiary prevails in disputing the withdrawal liability, all such payments are expected to be refunded. Given the early stage of this action, it is not possible to estimate a range of loss that could result from either an adverse judgment or a settlement of this matter. From time to time, we are party to other 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 we may be entitled, have a material effect on our financial position, results of operations, or cash flow. 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 30, 2021 and January 25, 2020, we had $212.2 million and $156.1 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 30, 2021 and January 25, 2020, we had $20.9 million and $23.4 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 30, 2021 and January 25, 2020, we had $52.2 and $52.3 of outstanding standby letters of credit issued under our credit agreement, respectively. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn March 3, 2021 the Company announced that its Board of Directors had authorized a new $150 million program to repurchase shares of the Company’s outstanding common stock through August 2022 in open market or private transactions. As of March 5, 2021, the full $150 million of the new authorization was available for repurchases. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 25, 2020 | |
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 2021 and fiscal 2020 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 2021 consisted of 53 weeks of operation and fiscal 2020 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 2021 First Quarter (1) Second Quarter Third Quarter Fourth Quarter Contract revenues $ 814,322 $ 823,921 $ 810,256 $ 750,665 Costs of earned revenues, excluding depreciation and amortization $ 680,206 $ 657,953 $ 658,355 $ 645,476 Gross profit $ 134,116 $ 165,968 $ 151,901 $ 105,189 Net income (loss) $ (32,418) $ 37,024 $ 33,926 $ (4,195) Earnings (loss) per common share - Basic $ (1.03) $ 1.17 $ 1.06 $ (0.13) Earnings (loss) per common share - Diluted $ (1.03) $ 1.15 $ 1.05 $ (0.13) 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 $ 0.45 $ 0.94 $ 0.76 $ (0.35) (1) During the first quarter of fiscal 2021, we recognized an impairment charge of $53.3 million which is the amount by which the carrying amount exceeded the reporting unit’s fair value. (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. |
Significant Accounting Polici_2
Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Jan. 30, 2021 | |
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 2021 consisted of 53 weeks and fiscal 2020 and fiscal 2019 consisted of 52 weeks of operations. We refer to the period beginning January 26, 2020 and ending on January 30, 2021 as “fiscal 2021”, the period beginning on 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”. |
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] | 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 10% of contract revenues during fiscal 2021. For certain contracts, representing less than 5% of contract revenues during fiscal 2021, fiscal 2020, and fiscal 2019, 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. 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. |
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. 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 participate in a customer-sponsored vendor payment program for one of our customers. 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. |
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 $15.6 million and $21.2 million as of January 30, 2021 and January 25, 2020, 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 as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. 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 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. Additionally, within our aggregate coverage limits and above our base layer of third-party insurance coverage, we have retained the risk of loss at certain levels of exposure. We have established reserves that we believe 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 primarily due to the difference in income tax rates from state to state where work was performed, non-deductible and non-taxable items, and tax credits recognized. Additionally, during fiscal 2021, our effective tax rate was impacted by the $53.3 million goodwill impairment charge which was mostly non-deductible for income tax purposes, and the benefit from the $2.6 million tax loss carryback technical correction under the CARES Act. 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 2016 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 30, 2021 and January 25, 2020. During fiscal 2021, fiscal 2020, and fiscal 2019 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 Financial Instruments . In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”) as modified by subsequently issued ASUs 2019-04, 2019-05, 2019-11, and 2020-02. 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 financial instruments include accounts receivable and contract assets. 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 also applies to receivables arising from revenue transactions such as contract assets and accounts receivables. On January 26, 2020, the first day of fiscal 2021, we adopted ASU 2016-13. The standard was adopted utilizing a modified retrospective approach and the adoption did not have a material impact on our consolidated financial statements as credit losses are not expected to be significant based on historical trends and the financial condition of our customers. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment testing. An entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. On January 26, 2020, the first day of fiscal 2021, we adopted ASU 2017-04 and there was no effect on the Company’s consolidated financial statements as a result of adoption. See Note 10, Goodwill and Intangible Assets, for disclosure of events during the fiscal year ended January 30, 2021. Intangibles. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). This ASU aligns 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). ASU 2018-15 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted the provisions of this ASU in the first quarter of fiscal 2021 on a prospective basis. Adoption of the new standard did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted Codification Improvement. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements (“ASU 2020-10”). The amendments in this ASU represent changes to clarify the Accounting Standards Codification (“ASC”), correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We will adopt the provisions of this ASU in the first quarter of fiscal 2022 and do not expect the adoption to have a material effect on our consolidated financial statements. Convertible Debt. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815 - 40) . The amendments in this ASU simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity by removing major separation models required under current U.S. GAAP. The amendments also improve the consistency of diluted earnings per share calculations. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The effect of the standard on our consolidated financial statements is still under evaluation, and 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. We will adopt the provisions of this ASU in the first quarter of fiscal 2022 and do not expect the adoption to have a material effect on our consolidated financial statements. |
Computation of Earnings Per C_2
Computation of Earnings Per Common Share (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
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 January 30, 2021 January 25, 2020 January 26, 2019 Net income available to common stockholders (numerator) $ 34,337 $ 57,215 $ 62,907 Weighted-average number of common shares (denominator) 31,665,183 31,498,474 31,250,376 Basic earnings per common share $ 1.08 $ 1.82 $ 2.01 Weighted-average number of common shares 31,665,183 31,498,474 31,250,376 Potential shares of common stock arising from stock options, and unvested restricted share units 425,395 323,308 555,993 Potential shares of common stock issuable on conversion of 0.75% convertible senior notes due 2021(1) — — 183,799 Total shares-diluted (denominator) 32,090,578 31,821,782 31,990,168 Diluted earnings per common share $ 1.07 $ 1.80 $ 1.97 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 233,988 253,000 130,779 0.75% convertible senior notes due 2021(1) (2) 1,715,972 4,747,706 4,821,935 Warrants (1) (2) 1,715,972 4,747,706 5,005,734 Total 3,665,932 9,748,412 9,958,448 (1) 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 2021; therefore, there was no dilutive impact on earnings per common share for this period. During the first and second quarter of fiscal 2019, our average stock price of $110.46 and $99.27 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. 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. (2) In connection with the purchase of $401.7 million of the Notes in fiscal 2021 and $25.0 million in fiscal 2020, we unwound convertible note hedge transactions and warrants proportionately to the number of Notes, resulting in a decrease in the number of excluded weighted shares. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
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 (dollars in millions): 2019 Assets Accounts receivable $ 5.6 Inventories and other current assets 0.2 Property and equipment 0.5 Goodwill 4.0 Intangible assets - customer relationships 12.3 Total assets 22.6 Liabilities Accounts payable 2.2 Total liabilities 2.2 Net Assets Acquired $ 20.4 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net classified as current, consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Trade accounts receivable $ 352,501 $ 355,805 Unbilled accounts receivable 492,324 453,353 Retainage 14,974 12,669 Total 859,799 821,827 Less: allowance for doubtful accounts (1,676) (4,582) Accounts receivable, net $ 858,123 $ 817,245 January 30, 2021 January 25, 2020 Allowance for doubtful accounts at beginning of period $ 4,582 $ 17,702 Cumulative effect from implementation of ASU 2016-13 471 — Provision for bad debt (recovery) 406 (6,540) Amounts charged against the allowance (3,783) (6,580) Allowance for doubtful accounts at end of period $ 1,676 $ 4,582 |
Contract with Customer, Asset and Liability [Table Text Block] | Net contract assets consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Contract assets $ 197,110 $ 253,005 Contract liabilities 14,101 16,332 Contract assets, net $ 183,009 $ 236,673 |
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 30, 2021 or January 25, 2020 were as follows (dollars in millions): January 30, 2021 January 25, 2020 Amount % of Total Amount % of Total Verizon Communications Inc. $ 389.9 37.4 % $ 440.2 41.8 % Lumen Technologies (1) $ 173.5 16.6 % $ 175.8 16.7 % Comcast Corporation $ 131.7 12.6 % $ 114.0 10.8 % (1) Formerly known as CenturyLink, Inc. Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Amount % of Total Verizon Communications Inc. $ 601.6 18.8 % $ 728.2 21.8 % $ 599.8 19.2 % Lumen Technologies (1) 542.0 16.9 % 547.8 16.4 % 425.6 13.6 % Comcast Corporation 533.9 16.7 % 503.2 15.1 % 650.2 20.8 % AT&T Inc. 533.7 16.7 % 687.9 20.6 % 664.2 21.2 % Total other customers combined 988.0 30.9 % 872.6 26.1 % 787.9 25.2 % Total contract revenues $ 3,199.2 100.0% $ 3,339.7 100.0% $3,127.7 100.0% (1) Formerly known as CenturyLink, Inc. Total contract revenues by customer type during fiscal 2021, fiscal 2020, and fiscal 2019, were as follows (dollars in millions): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 2,851.6 89.1% $ 3,031.9 90.8% $ 2,855.8 91.3% Underground facility locating 229.6 7.2% 204.5 6.1% 182.7 5.8% Electrical and gas utilities and other 118.0 3.7% 103.3 3.1% 89.2 2.9% Total contract revenues $ 3,199.2 100.0% $ 3,339.7 100.0% $ 3,127.7 100.0% |
Other Current Assets and Othe_2
Other Current Assets and Other Assets (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
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 30, 2021 January 25, 2020 Prepaid expenses $ 14,849 $ 12,769 Deposits and other current assets 12,817 17,447 Restricted cash 1,372 1,556 Receivables on equipment sales 34 219 Other current assets $ 29,072 $ 31,991 |
Schedule of Non current Assets | Other assets consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Long-term contract assets $ 17,574 $ 22,653 Deferred financing costs 5,205 7,133 Restricted cash 432 3,753 Insurance recoveries/receivables for accrued insurance claims 15,837 4,864 Other non-current deposits and assets 7,541 9,035 Other assets $ 46,589 $ 47,438 |
Cash and Equivalents and Rest_2
Cash and Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | January 30, 2021 January 25, 2020 Cash and equivalents $ 11,770 $ 54,560 Restricted cash included in: Other current assets 1,372 1,556 Other assets (long-term) 432 3,753 Cash, cash equivalents and restricted cash $ 13,574 $ 59,869 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | January 30, 2021 January 25, 2020 Cash and equivalents $ 11,770 $ 54,560 Restricted cash included in: Other current assets 1,372 1,556 Other assets (long-term) 432 3,753 Cash, cash equivalents and restricted cash $ 13,574 $ 59,869 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) January 30, 2021 January 25, 2020 Land — $ 3,796 $ 4,024 Buildings 10-35 11,169 12,934 Leasehold improvements 1-10 17,030 17,151 Vehicles 1-5 626,809 626,307 Computer hardware and software 1-7 144,989 149,600 Office furniture and equipment 1-10 13,293 13,557 Equipment and machinery 1-10 300,143 312,244 Total 1,117,229 1,135,817 Less: accumulated depreciation (843,269) (759,207) Property and equipment, net $ 273,960 $ 376,610 Depreciation expense and repairs and maintenance expense were as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Depreciation expense $ 155,274 $ 166,376 $ 156,959 Repairs and maintenance expense $ 47,586 $ 44,208 $ 36,109 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill Accumulated Impairment Losses Total Balance as of January 25, 2020 $ 521,516 $ (195,767) $ 325,749 Fiscal 2021 Goodwill impairment charge — (53,264) (53,264) Balance as of January 30, 2021 $ 521,516 $ (249,031) $ 272,485 |
Impairment Calculation Rates | Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Terminal Growth Rate 3.0% 3.0% 2.5% - 3.00% Discount Rate 10.0% 10.0% 11.0% |
Schedule of Intangible Assets | intangible assets consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 9.3 $ 312,017 $ 198,604 $ 113,413 $ 312,017 $ 178,411 $ 133,606 Trade names, finite 8.1 10,350 9,141 1,209 10,350 8,732 1,618 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 Non-compete agreements — — — — 200 179 21 $ 327,067 $ 207,745 $ 119,322 $ 327,267 $ 187,322 $ 139,945 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of January 30, 2021, total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2022 $ 17,489 2023 15,333 2024 13,901 2025 13,717 2026 13,366 Thereafter 40,816 Total $ 114,622 |
Accrued Insurance Claims (Table
Accrued Insurance Claims (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance and Insurance Recoveries/Receivables | Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): January 30, 2021 January 25, 2020 Accrued insurance claims - current $ 41,736 $ 38,881 Accrued insurance claims - non-current 70,224 56,026 Accrued insurance claims $ 111,960 $ 94,907 Insurance recoveries/receivables: Non-current (included in Other assets) $ 15,837 $ 4,864 Insurance recoveries/receivables $ 15,837 $ 4,864 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost | The following table summarizes the components of lease cost recognized in the consolidated statement of operations for fiscal 2021 and fiscal 2020 (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 Lease cost under long-term operating leases $ 35,411 $ 33,799 Lease cost under short-term operating leases 28,532 34,111 Variable lease cost under short-term and long-term operating leases (1) 4,113 4,183 Total lease cost $ 68,056 $ 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 $63.1 million and $70.2 million as of January 30, 2021 and January 25, 2020, respectively. Supplemental balance sheet information related to these liabilities is as follows: January 30, 2021 January 25, 2020 Weighted average remaining lease term 3.2 years 3.3 years Weighted average discount rate 4.6 % 5.2 % Supplemental cash flow information related to our long-term operating lease liabilities as of January 30, 2021 and January 25, 2020 is as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 33,313 $ 30,888 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 27,510 $ 27,477 |
Operating Lease, Liability, Maturity | As of January 30, 2021, 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 2022 $ 28,159 2023 19,608 2024 11,645 2025 7,069 2026 2,577 Thereafter 2,178 Total lease payments 71,236 Less: imputed interest (8,108) Total $ 63,128 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Accrued payroll and related taxes $ 43,593 $ 27,959 Accrued employee benefit and incentive plan costs 32,988 23,340 Accrued construction costs 22,972 27,690 Other current liabilities 21,256 19,786 Other accrued liabilities $ 120,809 $ 98,775 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Debt Disclosure [Abstract] | |
Outstanding Indebtedness | Our outstanding indebtedness consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Credit Agreement - Revolving facility (matures October 2023) $ 105,000 $ — Credit Agreement - Term loan facility (matures October 2023) 421,874 444,375 0.75% convertible senior notes, net (mature September 2021) 56,410 422,526 583,284 866,901 Less: current portion (81,722) (22,500) Long-term debt $ 501,562 $ 844,401 |
Schedule Interest Rates for the Credit Agreement | 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%. The weighted average interest rates and fees for balances under our credit agreement as of January 30, 2021 and January 25, 2020 were as follows: Weighted Average Rate End of Period January 30, 2021 January 25, 2020 Borrowings - Term loan facility 1.63% 3.67% Borrowings - Revolving facility (1) 2.14% —% Standby Letters of Credit 1.50% 2.00% Unused Revolver Commitment 0.25% 0.40% (1) There were no outstanding borrowings under our revolving facility as of January 25, 2020. |
Convertible Debt | The liability component of the Notes consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 58,264 $ 460,000 Less: Debt discount (1,665) (33,744) Less: Debt issuance costs (189) (3,730) Net carrying amount of Notes $ 56,410 $ 422,526 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 $104.50 and $97.25 as of January 30, 2021 and January 25, 2020, respectively (dollars in thousands). January 30, 2021 January 25, 2020 Fair value of principal amount of Notes $ 60,886 $ 447,350 Less: Debt discount and debt issuance costs (1,854) (37,474) Fair value of Notes $ 59,032 $ 409,876 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for income taxes were as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Current: Federal $ 42,794 $ 8,389 $ 9,507 Foreign (2) (56) 2,204 State 10,273 3,727 4,897 53,065 12,060 16,608 Deferred: Federal (24,380) 7,257 8,706 Foreign — 568 (446) State (3,805) 1,436 263 (28,185) 9,261 8,523 Provision for income taxes $ 24,880 $ 21,321 $ 25,131 |
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 January 30, 2021 January 25, 2020 January 26, 2019 Statutory rate applied to pre-tax income $ 12,436 $ 16,495 $ 18,488 State taxes, net of federal tax benefit 4,344 4,282 4,004 Tax Reform and related effects (2,631) 1,093 — Non-deductible goodwill impairment 10,411 — — Compensation limitation 2,632 82 884 Non-deductible and non-taxable items, net 808 1,351 1,549 Federal deficiency (benefit) of vesting and exercise of share-based awards (436) 875 (200) Tax credits (3,145) (2,801) (1,835) Change in accruals for uncertain tax positions 1,189 891 464 Change in valuation allowance 1 722 291 Effect of rates other than statutory (4) (197) 1,537 Other items, net (725) (1,472) (51) Provision for income taxes $ 24,880 $ 21,321 $ 25,131 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands): January 30, 2021 January 25, 2020 Deferred tax assets: Insurance and other reserves $ 23,513 $ 22,489 Leases 16,119 18,002 CARES Act tax deferral 9,588 — Stock-based compensation 3,198 2,961 Allowance for doubtful accounts and reserves 1,615 2,342 Net operating loss carryforwards 1,401 1,487 Other 3,238 3,098 Total deferred tax assets 58,672 50,379 Valuation allowance (1,139) (1,126) Deferred tax assets, net of valuation allowance $ 57,533 $ 49,253 Deferred tax liabilities: Property and equipment $ 57,287 $ 76,385 Goodwill and intangibles 30,395 29,563 Leases 16,310 17,856 Other 1,191 976 Deferred tax liabilities $ 105,183 $ 124,780 Net deferred tax liabilities $ 47,650 $ 75,527 |
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 January 30, 2021 January 25, 2020 January 26, 2019 Balance at beginning of year $ 4,742 $ 3,786 $ 3,322 Additions based on tax positions related to the fiscal year 1,075 696 444 Additions based on tax positions related to prior years 530 358 77 Reductions related to the expiration of statutes of limitation (407) (98) (57) Balance at end of year $ 5,940 $ 4,742 $ 3,786 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
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 January 30, 2021 January 25, 2020 January 26, 2019 Gain on sale of fixed assets $ 10,026 $ 14,879 $ 19,390 Discount fee expense (2,105) (4,248) (4,143) Miscellaneous income, net 676 1,034 751 Write-off of deferred financing costs — — (156) Other income, net $ 8,597 $ 11,665 $ 15,842 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
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 Fiscal Year Ended Fund 2021 2020 2019 All Plans $ 280 $ 362 $ 726 Various |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | Repurchases of Common Stock. The company made the following repurchases during fiscal 2021 (all shares repurchased have been canceled).We did not repurchase any of our common stock during fiscal 2020 or fiscal 2019. Period Number of Shares Repurchased Total Consideration Average Price Per Share Fiscal 2021 1,324,381 $ 100,000 $ 75.51 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense and Related Tax Benefit Recognized | Stock-based compensation expense and the related tax benefit recognized during fiscal 2021, fiscal 2020, and fiscal 2019 were as follows (dollars in thousands): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Stock-based compensation $ 12,771 $ 10,034 $ 20,187 Income tax effect of stock-based compensation $ 3,141 $ 2,482 $ 5,043 |
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 2021, fiscal 2020, and fiscal 2019, and the significant valuation assumptions: Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Weighted average fair value of RSUs granted $ 27.75 $ 48.37 $ 97.90 Weighted average fair value of Performance RSUs granted $ 25.15 $ 45.94 $ 106.19 Weighted average fair value of stock options granted $ 14.63 $ 24.72 $ 48.19 Stock option assumptions: Risk-free interest rate 0.7 % 2.3 % 2.7 % Expected life (in years) 9.4 8.4 6.3 Expected volatility 51.3 % 45.3 % 43.3 % Expected dividends — — — |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during fiscal 2021: Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 25, 2020 577,309 $ 36.85 Granted 63,304 $ 25.15 Options exercised (295,650) $ 19.40 Canceled — $ — Outstanding as of January 30, 2021 344,963 $ 49.66 5.8 $ 11,656 Exercisable options as of January 30, 2021 233,070 $ 52.58 4.4 $ 7,075 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during fiscal 2021: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of January 25, 2020 174,917 $ 65.05 639,738 $ 62.60 Granted 557,838 $ 27.75 65,538 $ 25.15 Share units vested (66,620) $ 67.70 (17,134) $ 70.14 Forfeited or canceled (17,774) $ 41.95 (262,798) $ 66.64 Outstanding as of January 30, 2021 648,361 $ 33.29 425,344 $ 54.03 |
Customer Concentration and Re_2
Customer Concentration and Revenue Information (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
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 30, 2021 or January 25, 2020 were as follows (dollars in millions): January 30, 2021 January 25, 2020 Amount % of Total Amount % of Total Verizon Communications Inc. $ 389.9 37.4 % $ 440.2 41.8 % Lumen Technologies (1) $ 173.5 16.6 % $ 175.8 16.7 % Comcast Corporation $ 131.7 12.6 % $ 114.0 10.8 % (1) Formerly known as CenturyLink, Inc. Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Amount % of Total Verizon Communications Inc. $ 601.6 18.8 % $ 728.2 21.8 % $ 599.8 19.2 % Lumen Technologies (1) 542.0 16.9 % 547.8 16.4 % 425.6 13.6 % Comcast Corporation 533.9 16.7 % 503.2 15.1 % 650.2 20.8 % AT&T Inc. 533.7 16.7 % 687.9 20.6 % 664.2 21.2 % Total other customers combined 988.0 30.9 % 872.6 26.1 % 787.9 25.2 % Total contract revenues $ 3,199.2 100.0% $ 3,339.7 100.0% $3,127.7 100.0% (1) Formerly known as CenturyLink, Inc. Total contract revenues by customer type during fiscal 2021, fiscal 2020, and fiscal 2019, were as follows (dollars in millions): Fiscal Year Ended January 30, 2021 January 25, 2020 January 26, 2019 Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 2,851.6 89.1% $ 3,031.9 90.8% $ 2,855.8 91.3% Underground facility locating 229.6 7.2% 204.5 6.1% 182.7 5.8% Electrical and gas utilities and other 118.0 3.7% 103.3 3.1% 89.2 2.9% Total contract revenues $ 3,199.2 100.0% $ 3,339.7 100.0% $ 3,127.7 100.0% |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 25, 2020 | |
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 2021 First Quarter (1) Second Quarter Third Quarter Fourth Quarter Contract revenues $ 814,322 $ 823,921 $ 810,256 $ 750,665 Costs of earned revenues, excluding depreciation and amortization $ 680,206 $ 657,953 $ 658,355 $ 645,476 Gross profit $ 134,116 $ 165,968 $ 151,901 $ 105,189 Net income (loss) $ (32,418) $ 37,024 $ 33,926 $ (4,195) Earnings (loss) per common share - Basic $ (1.03) $ 1.17 $ 1.06 $ (0.13) Earnings (loss) per common share - Diluted $ (1.03) $ 1.15 $ 1.05 $ (0.13) 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 $ 0.45 $ 0.94 $ 0.76 $ (0.35) (1) During the first quarter of fiscal 2021, we recognized an impairment charge of $53.3 million which is the amount by which the carrying amount exceeded the reporting unit’s fair value. (2) During the first quarter of fiscal 2020, we recovered $10.3 million of the previously reserved accounts receivable and contract assets related to Windstream. |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended |
Jan. 30, 2021segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Significant Accounting Polici_3
Significant Accounting Policies and Estimates - Narratives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Capitalized Computer Software, Net | $ 15,600 | $ 21,200 | |
Composite Revenue, Percentage | 10.00% | ||
Goodwill impairment charge | $ 53,264 | $ 0 | $ 0 |
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% |
Stock Options | |||
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 | ||
RSUs | |||
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, Equity Instruments Other than Options, Forfeited in Period | 17,774 | ||
Performance RSUs | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 262,798 |
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 | 12 Months Ended | |||||||||||
Jan. 30, 2021 | Oct. 24, 2020 | Jul. 25, 2020 | Apr. 25, 2020 | Jan. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Basic earnings per unit | |||||||||||||
Net income | $ (4,195) | $ 33,926 | $ 37,024 | $ (32,418) | $ (11,189) | $ 24,229 | $ 29,896 | $ 14,279 | $ 34,337 | $ 57,215 | $ 62,907 | ||
Weighted-average number of common shares (in shares) | 31,665,183 | 31,498,474 | 31,250,376 | ||||||||||
Basic earnings per common share (in dollars per share) | $ (0.13) | $ 1.06 | $ 1.17 | $ (1.03) | $ (0.35) | $ 0.77 | $ 0.95 | $ 0.45 | $ 1.08 | $ 1.82 | $ 2.01 | ||
Diluted earnings per unit | |||||||||||||
Weighted-average number of common shares (in shares) | 31,665,183 | 31,498,474 | 31,250,376 | ||||||||||
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 425,395 | 323,308 | 555,993 | ||||||||||
Potential shares of common stock issuable on exercise of convertible senior notes | 0 | 0 | 183,799 | ||||||||||
Total shares-diluted (in shares) | 32,090,578 | 31,821,782 | 31,990,168 | ||||||||||
Diluted earnings per common share (in dollars per share) | (0.13) | $ 1.05 | $ 1.15 | $ (1.03) | $ (0.35) | $ 0.76 | $ 0.94 | $ 0.45 | $ 1.07 | $ 1.80 | $ 1.97 | ||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 3,665,932 | 9,748,412 | 9,958,448 | ||||||||||
Average stock price (in usd per share) | $ 99.27 | $ 110.46 | |||||||||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 1,056,000 | $ 475,000 | $ 423,188 | ||||||||||
Stock-based awards | |||||||||||||
Diluted earnings per unit | |||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 233,988 | 253,000 | 130,779 | ||||||||||
Convertible senior notes | |||||||||||||
Diluted earnings per unit | |||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 1,715,972 | 4,747,706 | 4,821,935 | ||||||||||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | 96.89 | $ 96.89 | |||||||||||
Warrants | |||||||||||||
Diluted earnings per unit | |||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 1,715,972 | 4,747,706 | 5,005,734 | ||||||||||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | $ 130.43 | $ 130.43 |
Acquisitions - Narratives (Deta
Acquisitions - Narratives (Details) - Aero Communications, Inc. [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jan. 25, 2020 | |
Business Acquisition [Line Items] | ||
Payment to acquire business, net of cash acquired | $ 20.9 | |
Business Combination, Purchase Accounting Adjustment to Receivables | $ 0.5 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) $ in Millions | Jan. 25, 2020USD ($) |
Business Acquisition [Line Items] | |
Accounts receivable | $ 5.6 |
Inventories and other current assets | 0.2 |
Property and equipment | 0.5 |
Goodwill | 4 |
Total assets | 22.6 |
Accounts payable | 2.2 |
Total liabilities | 2.2 |
Net Assets Acquired | 20.4 |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible assets - customer relationships | $ 12.3 |
Accounts Receivable - Accounts
Accounts Receivable - Accounts Receivable Net Classification (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 352,501 | $ 355,805 |
Unbilled accounts receivable | 492,324 | 453,353 |
Retainage | 14,974 | 12,669 |
Total | 859,799 | 821,827 |
Less: allowance for doubtful accounts | (1,676) | (4,582) |
Accounts Receivable, Net | $ 858,123 | $ 817,245 |
Accounts Receivable - Narrative
Accounts Receivable - Narratives (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 |
Receivables [Abstract] | |||
Contract assets, net | $ 183,009 | $ 236,673 | |
Allowance for recievables | $ 1,676 | $ 4,582 | $ 17,702 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Jan. 25, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts at beginning of period | $ 4,582 | $ 17,702 |
Provision for bad debt (recovery) | 406 | (6,540) |
Amounts charged against the allowance | (3,783) | (6,580) |
Allowance for doubtful accounts at end of period | 1,676 | 4,582 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts at beginning of period | $ 471 | 0 |
Allowance for doubtful accounts at end of period | $ 471 |
Accounts Receivable - Contract
Accounts Receivable - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 |
Receivables [Abstract] | ||
Contract assets | $ 197,110 | $ 253,005 |
Contract liabilities | 14,101 | 16,332 |
Contract assets, net | $ 183,009 | $ 236,673 |
Accounts Receivable - Customer
Accounts Receivable - Customer Credit Concentration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount | $ 858,123 | $ 817,245 | |
% of Total | 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] | |||
Amount | $ 389,900 | $ 440,200 | |
% of Total | 37.40% | 41.80% | |
Lumen Technologies | Trade Accounts Receivable and Costs and Estimated Earnings [Member] | Customer Concentration Risk [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount | $ 173,500 | $ 175,800 | |
% of Total | 16.60% | 16.70% | |
Comcast Corporation | Trade Accounts Receivable and Costs and Estimated Earnings [Member] | Customer Concentration Risk [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount | $ 131,700 | $ 114,000 | |
% of Total | 12.60% | 10.80% |
Other Current Assets and Othe_3
Other Current Assets and Other Assets - Current (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 14,849 | $ 12,769 |
Deposits and other current assets | 12,817 | 17,447 |
Restricted cash | 1,372 | 1,556 |
Receivables on equipment sales | 34 | 219 |
Other current assets | $ 29,072 | $ 31,991 |
Other Current Assets and Othe_4
Other Current Assets and Other Assets - Non-current (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Long-term contract assets | $ 17,574 | $ 22,653 |
Deferred financing costs | 5,205 | 7,133 |
Restricted cash | 432 | 3,753 |
Insurance recoveries/receivables for accrued insurance claims | 15,837 | 4,864 |
Other non-current deposits and assets | 7,541 | 9,035 |
Other assets | $ 46,589 | $ 47,438 |
Cash and Equivalents and Rest_3
Cash and Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | Jan. 27, 2018 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and equivalents | $ 11,770 | $ 54,560 | ||
Restricted cash included in: | ||||
Other current assets | 1,372 | 1,556 | ||
Other assets (long-term) | 432 | 3,753 | ||
Cash, cash equivalents and restricted cash | $ 13,574 | $ 59,869 | $ 134,151 | $ 90,182 |
Property and Equipment - Estima
Property and Equipment - Estimated Useful Lives and Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Jan. 25, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,117,229 | $ 1,135,817 |
Less: accumulated depreciation | (843,269) | (759,207) |
Property and equipment, net | 273,960 | 376,610 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 3,796 | 4,024 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 11,169 | 12,934 |
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 | $ 17,030 | 17,151 |
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 | $ 626,809 | 626,307 |
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 | $ 144,989 | 149,600 |
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 | $ 13,293 | 13,557 |
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 | $ 300,143 | $ 312,244 |
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, Repairs and Maintenance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 155,274 | $ 166,376 | $ 156,959 |
Repairs and maintenance expense | $ 47,586 | $ 44,208 | $ 36,109 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended |
Jan. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance, gross | $ 521,516 |
Beginning balance, accumulated impairment losses | (195,767) |
Beginning balance, net | 325,749 |
Fiscal 2021 Goodwill impairment charge | (53,264) |
Ending balance, gross | 521,516 |
Ending balance, accumulated impairment losses | (249,031) |
Ending balance, net | $ 272,485 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Impairment Analysis (Details) | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 |
Terminal Growth Rate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Asset, Measurement Input | 3 | 3 | |
Discount Rate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Asset, Measurement Input | 0.100 | 0.100 | 0.110 |
Maximum | Terminal Growth Rate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Asset, Measurement Input | 0.0300 | ||
Minimum | Terminal Growth Rate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Asset, Measurement Input | 0.025 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Percentage Change in Fair Value Input | 1.00% | ||
Amortization of intangible assets | $ 20.6 | $ 21.2 | $ 22.6 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Jan. 25, 2020 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 327,067 | $ 327,267 |
Accumulated Amortization | 207,745 | 187,322 |
Intangible Assets, Net | 119,322 | 139,945 |
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) | 9 years 3 months 18 days | |
Gross Carrying Amount | $ 312,017 | 312,017 |
Accumulated Amortization | 198,604 | 178,411 |
Intangible Assets, Net | $ 113,413 | 133,606 |
Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (Years) | 8 years 1 month 6 days | |
Gross Carrying Amount | $ 10,350 | 10,350 |
Accumulated Amortization | 9,141 | 8,732 |
Intangible Assets, Net | 1,209 | 1,618 |
Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 200 |
Accumulated Amortization | 0 | 179 |
Intangible Assets, Net | $ 0 | $ 21 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands | Jan. 25, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |
2021 | $ 17,489 |
2022 | 15,333 |
2023 | 13,901 |
2024 | 13,717 |
2025 | 13,366 |
Thereafter | 40,816 |
Total | $ 114,622 |
Accrued Insurance Claims - Narr
Accrued Insurance Claims - Narratives (Details) | 12 Months Ended | |||
Jan. 22, 2022USD ($) | Jan. 30, 2021USD ($)state | Jan. 25, 2020USD ($) | Jan. 26, 2019USD ($) | |
Accrued Insurance Claims [Line Items] | ||||
Number of states with state-sponsored insurance fund | state | 2 | |||
Insurance liability, annual retained risk loss, annual aggregate amount for all participants | $ 475,000 | $ 425,000 | ||
Increase (decrease) in insurance recoveries/ receivable | $ (11,000,000) | |||
Maximum | ||||
Accrued Insurance Claims [Line Items] | ||||
Insurance liability, annual retained risk loss | 600,000 | $ 450,000 | $ 400,000 | |
Losses below 5 million | ||||
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 | ||||
Accrued Insurance Claims [Line Items] | ||||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | 5,000,000 | |||
Losses in excess of 5 million | Scenario, Forecast | Subsequent Event | ||||
Accrued Insurance Claims [Line Items] | ||||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 11,500,000 | |||
Losses between 10 and 30 million | Minimum | ||||
Accrued Insurance Claims [Line Items] | ||||
Insurance coverage threshold | 10,000,000 | |||
Losses between 10 and 30 million | Maximum | ||||
Accrued Insurance Claims [Line Items] | ||||
Insurance coverage threshold | $ 30,000,000 |
Accrued Insurance Claims - Accr
Accrued Insurance Claims - Accrued Insurance and Insurance Recoveries/Receivables (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 |
Accrued Insurance Claims [Abstract] | ||
Accrued insurance claims - current | $ 41,736 | $ 38,881 |
Accrued insurance claims - non-current | 70,224 | 56,026 |
Accrued insurance claims | 111,960 | 94,907 |
Insurance recoveries/receivables: | ||
Non-current (included in Other assets) | 15,837 | 4,864 |
Insurance recoveries/receivables | $ 15,837 | $ 4,864 |
Leases - Narratives (Details)
Leases - Narratives (Details) $ in Thousands | Jan. 30, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease liability | $ 63,128 |
Operating lease reneewal term | 5 years |
Operating lease that have yet to commence | $ 1,700 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 9 years |
Leases - Lease Cost and Supplem
Leases - Lease Cost and Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Jan. 25, 2020 | |
Leases [Abstract] | ||
Lease cost under long-term operating leases | $ 35,411 | $ 33,799 |
Lease cost under short-term operating leases | 28,532 | 34,111 |
Variable lease cost under short-term and long-term operating leases | 4,113 | 4,183 |
Total lease cost | $ 68,056 | $ 72,093 |
Weighted average remaining lease term | 3 years 2 months 12 days | 3 years 3 months 18 days |
Weighted average discount rate | 4.60% | 5.20% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Jan. 25, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 33,313 | $ 30,888 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 27,510 | $ 27,477 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity Schedule (Details) $ in Thousands | Jan. 30, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 28,159 |
2022 | 19,608 |
2023 | 11,645 |
2024 | 7,069 |
2025 | 2,577 |
Thereafter | 2,178 |
Total lease payments | 71,236 |
Less: imputed interest | (8,108) |
Total | $ 63,128 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 43,593 | $ 27,959 |
Accrued employee benefit and incentive plan costs | 32,988 | 23,340 |
Accrued construction costs | 22,972 | 27,690 |
Other current liabilities | 21,256 | 19,786 |
Other accrued liabilities | $ 120,809 | $ 98,775 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 | Sep. 15, 2015 |
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 583,284 | $ 866,901 | |
Less: current portion | (81,722) | (22,500) | |
Long-term debt | $ 501,562 | 844,401 | |
0.75% Convertible Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt, interest rate (in percent) | 0.75% | 0.75% | |
Debt and capital lease obligations | $ 56,410 | 422,526 | |
Credit Agreement - Revolving facility (matures April 2020) | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | 105,000 | 0 | |
Credit Agreement - Term Loan (matures April 2020) | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 421,874 | $ 444,375 |
Debt - Senior Credit Agreement
Debt - Senior Credit Agreement (Details) | Sep. 15, 2015USD ($) | Jan. 25, 2020USD ($) | Jan. 30, 2021USD ($) | Oct. 19, 2018USD ($) |
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding amount | $ 52,300,000 | $ 52,200,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 287,000,000 | 558,700,000 | ||
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 | |||
0.75% Convertible Senior Notes Due 2021 | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, face amount | $ 485,000,000 | $ 460,000,000 | $ 58,264,000 | |
Debt, interest rate (in percent) | 0.75% | 0.75% | ||
Outstanding Debt Credit Agreement Threshold | $ 250,000,000 | |||
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) - USD ($) | 12 Months Ended | |
Jan. 30, 2021 | Jan. 25, 2020 | |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unrestricted Cash and Cash Equivalents Credit Agreement Threshold | $ 50,000,000 | |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.25% | 0.40% |
Minimum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Minimum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 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] | ||
Basis spread on variable rate | 2.00% | |
Maximum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 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. 30, 2021 | Jan. 25, 2020 | |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.50% | 2.00% |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.63% | 3.67% |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 2.14% | 0.00% |
Unutilized commitment fee (in percent) | 0.25% | 0.40% |
Line of credit | $ 0 |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes Due 2021 (Details) | Sep. 15, 2015USD ($)$ / shares | Jan. 30, 2021USD ($)$ / shares | Oct. 29, 2016trading_day | Jan. 30, 2021USD ($)$ / shares | Jan. 25, 2020USD ($)$ / shares | Jan. 26, 2019USD ($) |
Debt Instrument [Line Items] | ||||||
Amortization of debt discount | $ 7,441,000 | $ 20,112,000 | $ 19,103,000 | |||
Debt Instrument Fair Value, Per Stated Incremental Portion on Principal | $ / shares | $ 104.50 | $ 104.50 | $ 97.25 | |||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 112,600,000 | $ 112,600,000 | ||||
Principal payments on senior credit agreement, including term loans | 973,500,000 | $ 480,625,000 | 331,250,000 | |||
(Gain) loss on debt extinguishment | $ (12,046,000) | 76,000 | 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 | $ 58,264,000 | $ 58,264,000 | $ 460,000,000 | ||
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 | 7,400,000 | $ 20,100,000 | $ 19,100,000 | |||
Principal payments on senior credit agreement, including term loans | 24,300,000 | 371,400,000 | ||||
(Gain) loss on debt extinguishment | $ 100,000 | $ 12,000,000 |
Debt - Components of the Conver
Debt - Components of the Convertible Notes (Details) - USD ($) | Jan. 30, 2021 | Jan. 25, 2020 | Sep. 15, 2015 |
Estimate of Fair Value Measurement | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 60,886,000 | $ 447,350,000 | |
Less: Debt discount and debt issuance costs | (1,854,000) | (37,474,000) | |
Net carrying amount of Notes | 59,032,000 | 409,876,000 | |
0.75% Convertible Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 58,264,000 | 460,000,000 | $ 485,000,000 |
Less: Debt discount | (1,665,000) | (33,744,000) | |
Less: Debt issuance costs | (189,000) | (3,730,000) | |
Net carrying amount of Notes | $ 56,410,000 | $ 422,526,000 |
Debt - Convertible Note Hedge a
Debt - Convertible Note Hedge and Warrant Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | |||
Jan. 30, 2021 | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | Sep. 15, 2015 | |
Debt Instrument [Line Items] | |||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 1,056,000,000 | $ 475,000,000 | $ 423,188,000 | ||
Convertible Note Hedge | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | ||||
0.75% Convertible Senior Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 58,264,000 | 58,264,000 | 460,000,000 | $ 485,000,000 | |
Debt instrument, convertible, conversion price (per share) | $ 96.89 | ||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000,000 | $ 401,700,000 | |||
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) | 5,006 | 601 | |||
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 | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Current: | |||
Federal | $ 42,794 | $ 8,389 | $ 9,507 |
Foreign | (2) | (56) | 2,204 |
State | 10,273 | 3,727 | 4,897 |
Current Income Tax Expense (Benefit) | 53,065 | 12,060 | 16,608 |
Deferred: | |||
Federal | (24,380) | 7,257 | 8,706 |
Foreign | 0 | 568 | (446) |
State | (3,805) | 1,436 | 263 |
Deferred income tax (benefit) provision | (28,185) | 9,261 | 8,523 |
Provision for income taxes | $ 24,880 | $ 21,321 | $ 25,131 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | Jan. 27, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Tax benefit, tax loss carryback, CARES Act | $ 2,600 | |||
Goodwill impairment charge | 53,264 | $ 0 | $ 0 | |
Unrecognized tax benefits | 5,940 | 4,742 | $ 3,786 | $ 3,322 |
Payment of interest and penalties accrued | $ 1,900 | $ 1,700 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate applied to pre-tax income | $ 12,436 | $ 16,495 | $ 18,488 |
State taxes, net of federal tax benefit | 4,344 | 4,282 | 4,004 |
Non-deductible goodwill impairment | 10,411 | 0 | 0 |
Compensation limitation | 2,632 | 82 | 884 |
Non-deductible and non-taxable items, net | 808 | 1,351 | 1,549 |
Federal deficiency (benefit) of vesting and exercise of share-based awards | (436) | 875 | (200) |
Tax credits | (3,145) | (2,801) | (1,835) |
Tax Reform and related effects | (2,631) | 1,093 | 0 |
Change in accruals for uncertain tax positions | 1,189 | 891 | 464 |
Change in valuation allowance | 1 | 722 | 291 |
Effect of rates other than statutory | (4) | (197) | 1,537 |
Other items, net | (725) | (1,472) | (51) |
Provision for income taxes | $ 24,880 | $ 21,321 | $ 25,131 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Jan. 25, 2020 |
Deferred tax assets: | ||
Insurance and other reserves | $ 23,513 | $ 22,489 |
Leases | 16,119 | 18,002 |
CARES Act tax deferral | 9,588 | 0 |
Stock-based compensation | 3,198 | 2,961 |
Allowance for doubtful accounts and reserves | 1,615 | 2,342 |
Net operating loss carryforwards | 1,401 | 1,487 |
Other | 3,238 | 3,098 |
Total deferred tax assets | 58,672 | 50,379 |
Valuation allowance | (1,139) | (1,126) |
Deferred tax assets, net of valuation allowance | 57,533 | 49,253 |
Deferred tax liabilities: | ||
Property and equipment | 57,287 | 76,385 |
Goodwill and intangibles | 30,395 | 29,563 |
Leases | 16,310 | 17,856 |
Other | 1,191 | 976 |
Deferred tax liabilities | 105,183 | 124,780 |
Net deferred tax liabilities | $ 47,650 | $ 75,527 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of year | $ 4,742 | $ 3,786 | $ 3,322 |
Additions based on tax positions related to the fiscal year | 1,075 | 696 | 444 |
Additions based on tax positions related to prior years | 530 | 358 | 77 |
Reductions related to the expiration of statutes of limitation | (407) | (98) | (57) |
Balance at end of year | $ 5,940 | $ 4,742 | $ 3,786 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Other Income and Expenses [Abstract] | |||
Gain on sale of fixed assets | $ 10,026 | $ 14,879 | $ 19,390 |
Discount fee expense | (2,105) | (4,248) | (4,143) |
Miscellaneous income, net | 676 | 1,034 | 751 |
Write-off of deferred financing costs | 0 | 0 | (156) |
Other income, net | $ 8,597 | $ 11,665 | $ 15,842 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2016 | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | 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 | $ 4 | $ 4.1 | $ 3.5 | ||
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 | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company Contributions | $ 280 | $ 362 | $ 726 |
Capital Stock - Repurchase of C
Capital Stock - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jan. 30, 2021 | Jan. 30, 2021 | |
Stockholders' Equity Note [Abstract] | ||
Number of shares repurchased (in shares) | 1,324,381 | 1,324,381 |
Total consideration | $ 100,000 | $ 100,000 |
Average price per share (in usd per share) | $ 75.51 | $ 75.51 |
Capital Stock - Narratives (Det
Capital Stock - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 30, 2021 | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | Aug. 24, 2020 | Aug. 29, 2018 | |
Stockholders' Equity Note [Abstract] | ||||||
Stock repurchase program, authorized amount | $ 100,000 | $ 150,000 | ||||
Common stock repurchased (in shares) | 1,324,381 | 1,324,381 | ||||
Average repurchase price (in usd per share) | $ 75.51 | $ 75.51 | ||||
Repurchase consideration | $ 100,000 | $ 100,000 | ||||
Shares paid for tax withholding for share based compensation | 19,081 | 36,426 | 73,300 | |||
Value of shares paid for tax withholding for share based compensation | $ 700 | $ 1,700 | $ 4,700 | |||
Shares cancelled, value | $ 63,000 |
Stock-Based Awards - Tax Benefi
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation | $ 12,771 | $ 10,034 | $ 20,187 |
Income tax effect of stock-based compensation | $ 3,141 | $ 2,482 | $ 5,043 |
Stock-Based Awards - Narratives
Stock-Based Awards - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 24, 2021 | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
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 | 838,212 | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 500 | $ 1,000 | $ 200 | |
Proceeds from stock options exercised | 5,738 | 503 | 871 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 1,600 | |||
Total compensation cost not yet recognized, period for recognition | 2 years 4 months 24 days | |||
Share Price | $ 81.14 | |||
Share based compensation intrinsic value | $ 8,100 | $ 1,800 | 5,700 | |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 16,100 | |||
Total compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days | |||
Granted (in shares) | 557,838 | |||
Forfeited or canceled (in shares) | 17,774 | |||
Shares outstanding (in shares) | 648,361 | 174,917 | ||
Share based compensation vested in period | $ 3,100 | $ 6,700 | $ 15,300 | |
Performance RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 5,300 | |||
Total compensation cost not yet recognized, period for recognition | 1 year 1 month 6 days | |||
Compensation expense | $ 2,900 | |||
Granted (in shares) | 65,538 | |||
Forfeited or canceled (in shares) | 262,798 | |||
Shares outstanding (in shares) | 425,344 | 639,738 | ||
Target Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs outstanding (in shares) | 32,769 | |||
Forfeited or canceled (in shares) | 167,095 | |||
Shares outstanding (in shares) | 281,877 | |||
Target Share Units | Scenario, Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeited or canceled (in shares) | 88,057 | |||
Supplemental Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 32,769 | |||
Forfeited or canceled (in shares) | 76,706 | |||
Shares outstanding (in shares) | 143,467 | |||
Supplemental Shares | Scenario, Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeited or canceled (in shares) | 74,024 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Valuation Inputs (Details) - $ / shares | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Stock option assumptions: | |||
Risk-free interest rate | 0.70% | 2.30% | 2.70% |
Expected life (in years) | 9 years 4 months 24 days | 8 years 4 months 24 days | 6 years 3 months 18 days |
Expected volatility | 51.30% | 45.30% | 43.30% |
Expected dividends | 0.00% | 0.00% | 0.00% |
RSUs | |||
Stock option assumptions: | |||
Weighted average fair value of shares other than options granted (usd per share) | $ 27.75 | $ 48.37 | $ 97.90 |
Performance RSUs | |||
Stock option assumptions: | |||
Weighted average fair value of shares other than options granted (usd per share) | 25.15 | 45.94 | 106.19 |
Stock Options | |||
Stock option assumptions: | |||
Weighted average fair value of options granted (usd per share) | $ 14.63 | $ 24.72 | $ 48.19 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - Stock Options $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 30, 2021USD ($)$ / sharesshares | |
Stock Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 577,309 |
Granted (in shares) | shares | 63,304 |
Options exercised (in shares) | shares | (295,650) |
Canceled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 344,963 |
Exercisable options (in shares) | shares | 233,070 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 36.85 |
Options granted (in dollars per shares) | $ / shares | 25.15 |
Options exercised (in dollars per shares) | $ / shares | 19.40 |
Canceled (in dollars per shares) | $ / shares | 0 |
Ending balance (in dollars per shares) | $ / shares | 49.66 |
Weighted average remaining contractual life, shares exercisable (In years) | $ / shares | $ 52.58 |
Weighted Average Remaining Contractual Life (In years), outstanding | 5 years 9 months 18 days |
Aggregate Intrinsic Value (In thousands), outstanding | $ | $ 11,656 |
Weighted Average Remaining Contractual Life (In years). exercisable | 4 years 4 months 24 days |
Aggregate Intrinsic Value (In thousands), exercisable | $ | $ 7,075 |
Stock-Based Awards - RSU's and
Stock-Based Awards - RSU's and Performance RSU's (Details) - $ / shares | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
RSUs | |||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |||
Beginning balance (in shares) | 174,917 | ||
Granted (in shares) | 557,838 | ||
Share units vested (in shares) | (66,620) | ||
Forfeited or canceled (in shares) | (17,774) | ||
Ending balance (in shares) | 648,361 | 174,917 | |
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) | $ 65.05 | ||
Granted (in dollars per shares) | 27.75 | $ 48.37 | $ 97.90 |
Share units vested (in dollars per shares) | 67.70 | ||
Forfeited or canceled (in dollars per shares) | 41.95 | ||
Ending balance (in dollars per shares) | $ 33.29 | $ 65.05 | |
Performance RSUs | |||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |||
Beginning balance (in shares) | 639,738 | ||
Granted (in shares) | 65,538 | ||
Share units vested (in shares) | (17,134) | ||
Forfeited or canceled (in shares) | (262,798) | ||
Ending balance (in shares) | 425,344 | 639,738 | |
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) | $ 62.60 | ||
Granted (in dollars per shares) | 25.15 | $ 45.94 | $ 106.19 |
Share units vested (in dollars per shares) | 70.14 | ||
Forfeited or canceled (in dollars per shares) | 66.64 | ||
Ending balance (in dollars per shares) | $ 54.03 | $ 62.60 |
Customer Concentration and Re_3
Customer Concentration and Revenue Information - Narratives (Details) | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Concentration Risk [Line Items] | |||
% of Total | 100.00% | 100.00% | 100.00% |
Revenue Benchmark | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
% of Total | 100.00% | 100.00% | 100.00% |
Revenue Benchmark | Customer Concentration Risk | Five Unnamed Customers | |||
Concentration Risk [Line Items] | |||
% of Total | 74.10% | 78.40% | 78.40% |
Customer Concentration and Re_4
Customer Concentration and Revenue Information - Contract Revenues by Customer Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2021 | Oct. 24, 2020 | Jul. 25, 2020 | Apr. 25, 2020 | Jan. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Concentration Risk [Line Items] | |||||||||||
Amount | $ 750,665 | $ 810,256 | $ 823,921 | $ 814,322 | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 3,199,165 | $ 3,339,682 | $ 3,127,700 |
% of Total | 100.00% | 100.00% | 100.00% | ||||||||
Revenue Benchmark | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 3,199,200 | $ 3,339,700 | $ 3,127,700 | ||||||||
% of Total | 100.00% | 100.00% | 100.00% | ||||||||
Revenue Benchmark | Customer Concentration Risk | Verizon Communications Inc. | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 601,600 | $ 728,200 | $ 599,800 | ||||||||
% of Total | 18.80% | 21.80% | 19.20% | ||||||||
Revenue Benchmark | Customer Concentration Risk | Lumen Technologies | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 542,000 | $ 547,800 | $ 425,600 | ||||||||
% of Total | 16.90% | 16.40% | 13.60% | ||||||||
Revenue Benchmark | Customer Concentration Risk | Comcast Corporation | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 533,900 | $ 503,200 | $ 650,200 | ||||||||
% of Total | 16.70% | 15.10% | 20.80% | ||||||||
Revenue Benchmark | Customer Concentration Risk | AT&T Inc. | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 533,700 | $ 687,900 | $ 664,200 | ||||||||
% of Total | 16.70% | 20.60% | 21.20% | ||||||||
Revenue Benchmark | Customer Concentration Risk | Total other customers combined | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 988,000 | $ 872,600 | $ 787,900 | ||||||||
% of Total | 30.90% | 26.10% | 25.20% |
Customer Concentration and Re_5
Customer Concentration and Revenue Information - Trade Receivable Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2021 | Oct. 24, 2020 | Jul. 25, 2020 | Apr. 25, 2020 | Jan. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Concentration Risk [Line Items] | |||||||||||
Amount | $ 750,665 | $ 810,256 | $ 823,921 | $ 814,322 | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 3,199,165 | $ 3,339,682 | $ 3,127,700 |
% of Total | 100.00% | 100.00% | 100.00% | ||||||||
Customer Concentration Risk | Revenue Benchmark | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 3,199,200 | $ 3,339,700 | $ 3,127,700 | ||||||||
% of Total | 100.00% | 100.00% | 100.00% | ||||||||
Telecommunications | Customer Concentration Risk | Revenue Benchmark | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 2,851,600 | $ 3,031,900 | $ 2,855,800 | ||||||||
% of Total | 89.10% | 90.80% | 91.30% | ||||||||
Underground facility locating | Customer Concentration Risk | Revenue Benchmark | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 229,600 | $ 204,500 | $ 182,700 | ||||||||
% of Total | 7.20% | 6.10% | 5.80% | ||||||||
Electrical and gas utilities and other | Customer Concentration Risk | Revenue Benchmark | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 118,000 | $ 103,300 | $ 89,200 | ||||||||
% of Total | 3.70% | 3.10% | 2.90% |
Commitment and Contingencies -
Commitment and Contingencies - Narratives (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Jan. 25, 2020 |
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 20.9 | $ 23.4 |
Letters of credit outstanding amount | 52.2 | 52.3 |
Performance Guarantee and Surety Bond [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor obligations, carrying value | $ 212.2 | $ 156.1 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Mar. 05, 2021 | Mar. 01, 2021 | Aug. 24, 2020 | Aug. 29, 2018 |
Subsequent Event [Line Items] | ||||
Stock repurchase program, authorized amount | $ 100 | $ 150 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Stock repurchase program, authorized amount | $ 150 | $ 150 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2021 | Oct. 24, 2020 | Jul. 25, 2020 | Apr. 25, 2020 | Jan. 25, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | Apr. 27, 2019 | Jan. 30, 2021 | Jan. 25, 2020 | Jan. 26, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Contract revenues | $ 750,665 | $ 810,256 | $ 823,921 | $ 814,322 | $ 737,603 | $ 884,115 | $ 884,221 | $ 833,743 | $ 3,199,165 | $ 3,339,682 | $ 3,127,700 |
Costs of earned revenues, excluding depreciation and amortization | 645,476 | 658,355 | 657,953 | 680,206 | 633,203 | 724,378 | 720,382 | 701,767 | 2,641,989 | 2,779,730 | 2,562,392 |
Gross profit | 105,189 | 151,901 | 165,968 | 134,116 | 104,400 | 159,737 | 163,839 | 131,976 | |||
Net Income | $ (4,195) | $ 33,926 | $ 37,024 | $ (32,418) | $ (11,189) | $ 24,229 | $ 29,896 | $ 14,279 | $ 34,337 | $ 57,215 | $ 62,907 |
Basic earnings per common share (in dollars per share) | $ (0.13) | $ 1.06 | $ 1.17 | $ (1.03) | $ (0.35) | $ 0.77 | $ 0.95 | $ 0.45 | $ 1.08 | $ 1.82 | $ 2.01 |
Diluted earnings per common share (in dollars per share) | $ (0.13) | $ 1.05 | $ 1.15 | $ (1.03) | $ (0.35) | $ 0.76 | $ 0.94 | $ 0.45 | $ 1.07 | $ 1.80 | $ 1.97 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) - Narratives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Jan. 25, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Accounts Receivable, Net | $ 858,123 | $ 817,245 |
Provision for bad debt (recovery) | $ 406 | $ (6,540) |