Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 30, 2022 | Aug. 23, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-10613 | |
Entity Registrant Name | DYCOM INDUSTRIES, INC. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-1277135 | |
Entity Address, Address Line One | 11780 US Highway 1, Suite 600 | |
Entity Address, City or Town | Palm Beach Gardens, | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33408 | |
City Area Code | 561 | |
Local Phone Number | 627-7171 | |
Title of 12(b) Security | Common stock, par value $0.33 1/3 per share | |
Trading Symbol | DY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,457,881 | |
Entity Central Index Key | 0000067215 | |
Current Fiscal Year End Date | --01-28 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Current assets: | ||
Cash and equivalents | $ 120,278 | $ 310,757 |
Accounts receivable, net | 1,118,595 | 895,898 |
Contract assets | 45,715 | 24,539 |
Inventories | 98,883 | 81,291 |
Income tax receivable | 6,036 | 12,729 |
Other current assets | 44,296 | 30,876 |
Total current assets | 1,433,803 | 1,356,090 |
Property and equipment, net | 312,805 | 294,798 |
Operating lease right-of-use assets | 64,788 | 61,101 |
Goodwill | 272,485 | 272,485 |
Intangible assets, net | 94,020 | 101,832 |
Other assets | 28,469 | 31,918 |
Total assets | 2,206,370 | 2,118,224 |
Current liabilities: | ||
Accounts payable | 187,570 | 155,896 |
Current portion of debt | 17,500 | 17,500 |
Contract liabilities | 16,170 | 18,512 |
Accrued insurance claims | 41,870 | 36,805 |
Operating lease liabilities | 25,352 | 24,641 |
Income taxes payable | 0 | 233 |
Other accrued liabilities | 143,683 | 128,209 |
Total current liabilities | 432,145 | 381,796 |
Long-term debt | 815,332 | 823,251 |
Accrued insurance claims - non-current | 45,240 | 48,238 |
Operating lease liabilities - non-current | 39,276 | 36,519 |
Deferred tax liabilities, net - non-current | 62,373 | 55,674 |
Other liabilities | 14,988 | 14,202 |
Total liabilities | 1,409,354 | 1,359,680 |
Stockholders’ equity: | ||
Preferred stock, par value $1.00 per share: 1,000,000 shares authorized: no shares issued and outstanding | 0 | 0 |
Common stock, par value $0.33 1/3 per share: 150,000,000 shares authorized: 29,457,520 and 29,612,867 issued and outstanding, respectively | 9,819 | 9,871 |
Additional paid-in capital | 4,630 | 2,028 |
Accumulated other comprehensive loss | (1,769) | (1,769) |
Retained earnings | 784,336 | 748,414 |
Total stockholders’ equity | 797,016 | 758,544 |
Total liabilities and stockholders’ equity | $ 2,206,370 | $ 2,118,224 |
Common stock, shares outstanding | 29,457,520 | 29,612,867 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jul. 30, 2022 | Jan. 29, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 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) | 29,457,520 | 29,612,867 |
Common stock, shares outstanding | 29,457,520 | 29,612,867 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||||
Contract revenues | $ 972,273 | $ 787,568 | $ 1,848,573 | $ 1,515,065 |
Costs of earned revenues, excluding depreciation and amortization | 797,980 | 651,367 | 1,543,710 | 1,271,378 |
General and administrative | 73,336 | 64,730 | 142,716 | 131,740 |
Depreciation and amortization | 35,345 | 38,462 | 71,981 | 77,542 |
Total | 906,661 | 754,559 | 1,758,407 | 1,480,660 |
Interest expense, net | (9,347) | (9,334) | (18,465) | (15,211) |
Other income, net | 2,587 | 986 | 7,381 | 3,703 |
Income before income taxes | 58,852 | 24,661 | 79,082 | 22,835 |
Provision for income taxes | 14,996 | 6,496 | 15,690 | 3,772 |
Net income | $ 43,856 | $ 18,165 | $ 63,392 | $ 19,063 |
Earnings per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 1.48 | $ 0.60 | $ 2.14 | $ 0.62 |
Diluted earnings per common share (in dollars per share) | $ 1.46 | $ 0.59 | $ 2.11 | $ 0.61 |
Shares used in computing earnings per common share: | ||||
Basic (in shares) | 29,540,174 | 30,431,143 | 29,579,498 | 30,553,381 |
Diluted (in shares) | 29,943,422 | 30,872,506 | 30,021,486 | 31,085,985 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 43,856 | $ 18,165 | $ 63,392 | $ 19,063 |
Foreign currency translation gain (loss), net of tax | 0 | (1) | 0 | 1 |
Comprehensive income | $ 43,856 | $ 18,164 | $ 63,392 | $ 19,064 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning balance (shares) at Jan. 30, 2021 | 30,615,167 | ||||
Beginning balance at Jan. 30, 2021 | $ 811,308 | $ 10,205 | $ 2,284 | $ (1,769) | $ 800,588 |
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised (shares) | 11,169 | ||||
Stock options exercised | 366 | $ 4 | 362 | ||
Stock-based compensation (shares) | 1,241 | ||||
Stock-based compensation | 6,049 | $ 0 | 6,049 | ||
Issuance of restricted stock, net of tax withholdings (shares) | 174,137 | ||||
Issuance of restricted stock, net of tax withholdings | (6,365) | $ 59 | (2,592) | (3,832) | |
Repurchase of common stock (shares) | (631,638) | ||||
Repurchase of common stock | (50,000) | $ (211) | (3,793) | (45,996) | |
Other comprehensive income | 1 | 1 | |||
Net income | 19,063 | 19,063 | |||
Ending balance at Jul. 31, 2021 | 780,421 | $ 10,057 | 2,309 | (1,768) | 769,823 |
Ending balance (shares) at Jul. 31, 2021 | 30,170,076 | ||||
Beginning balance (shares) at May. 01, 2021 | 30,778,154 | ||||
Beginning balance at May. 01, 2021 | 809,953 | $ 10,259 | 3,807 | (1,767) | 797,654 |
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised (shares) | 0 | ||||
Stock options exercised | 0 | $ 0 | 0 | ||
Stock-based compensation (shares) | 537 | ||||
Stock-based compensation | 2,309 | $ 0 | 2,309 | ||
Issuance of restricted stock, net of tax withholdings (shares) | 23,023 | ||||
Issuance of restricted stock, net of tax withholdings | (5) | $ 9 | (14) | 0 | |
Repurchase of common stock (shares) | (631,638) | ||||
Repurchase of common stock | (50,000) | $ (211) | (3,793) | (45,996) | |
Other comprehensive income | (1) | (1) | |||
Net income | 18,165 | 18,165 | |||
Ending balance at Jul. 31, 2021 | $ 780,421 | $ 10,057 | 2,309 | (1,768) | 769,823 |
Ending balance (shares) at Jul. 31, 2021 | 30,170,076 | ||||
Beginning balance (shares) at Jan. 29, 2022 | 29,612,867 | 29,612,867 | |||
Beginning balance at Jan. 29, 2022 | $ 758,544 | $ 9,871 | 2,028 | (1,769) | 748,414 |
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised (shares) | 22,863 | ||||
Stock options exercised | 1,405 | $ 8 | 1,398 | ||
Stock-based compensation (shares) | 1,278 | ||||
Stock-based compensation | 7,758 | $ 0 | 7,757 | ||
Issuance of restricted stock, net of tax withholdings (shares) | 124,542 | ||||
Issuance of restricted stock, net of tax withholdings | (5,551) | $ 42 | (3,247) | (2,346) | |
Repurchase of common stock (shares) | (304,030) | ||||
Repurchase of common stock | (28,532) | $ (101) | (3,307) | (25,124) | |
Net income | 63,392 | 63,392 | |||
Ending balance at Jul. 30, 2022 | $ 797,016 | $ 9,819 | 4,630 | (1,769) | 784,336 |
Ending balance (shares) at Jul. 30, 2022 | 29,457,520 | 29,457,520 | |||
Beginning balance (shares) at Apr. 30, 2022 | 29,543,766 | ||||
Beginning balance at Apr. 30, 2022 | $ 758,338 | $ 9,848 | 3,128 | (1,769) | 747,132 |
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised (shares) | 7,500 | ||||
Stock options exercised | 204 | $ 3 | 201 | ||
Stock-based compensation (shares) | 705 | ||||
Stock-based compensation | 4,630 | 4,629 | |||
Issuance of restricted stock, net of tax withholdings (shares) | 9,579 | ||||
Issuance of restricted stock, net of tax withholdings | (19) | $ 3 | (22) | 0 | |
Repurchase of common stock (shares) | (104,030) | ||||
Repurchase of common stock | (9,993) | $ (35) | (3,307) | (6,651) | |
Net income | 43,856 | 43,856 | |||
Ending balance at Jul. 30, 2022 | $ 797,016 | $ 9,819 | $ 4,630 | $ (1,769) | $ 784,336 |
Ending balance (shares) at Jul. 30, 2022 | 29,457,520 | 29,457,520 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 63,392 | $ 19,063 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 71,981 | 77,542 |
Non-cash lease expense | 15,767 | 15,986 |
Deferred income tax provision | 6,699 | 6,412 |
Stock-based compensation | 7,758 | 6,049 |
Amortization of debt discount | 0 | 1,329 |
Provision for bad debt, net | 134 | 2,901 |
Gain on sale of fixed assets | (8,856) | (3,844) |
Loss on debt extinguishment | 0 | 62 |
Amortization of debt issuance costs and other | 1,443 | 1,392 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | (222,831) | (73,898) |
Contract assets, net | (23,518) | 32,803 |
Other current assets and inventories | (30,658) | (13,064) |
Other assets | 2,556 | 2,235 |
Income taxes receivable/payable | 6,460 | (14,193) |
Accounts payable | 29,295 | 8,737 |
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities | 3,429 | (10,706) |
Net cash (used in) provided by operating activities | (76,949) | 58,806 |
Cash flows from investing activities: | ||
Capital expenditures | (80,932) | (68,352) |
Proceeds from sale of assets | 8,830 | 4,235 |
Net cash used in investing activities | (72,102) | (64,117) |
Cash flows from financing activities: | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 500,000 |
Proceeds from borrowings on senior credit agreement, including term loan | 0 | 95,000 |
Principal payments on senior credit agreement, including term loan | (8,750) | (271,875) |
Debt issuance costs | 0 | (11,638) |
Repurchase of common stock | (28,532) | (50,000) |
Exercise of stock options | 1,405 | 366 |
Restricted stock tax withholdings | (5,551) | (6,365) |
Net cash (used in) provided by financing activities | (41,428) | 255,488 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (190,479) | 250,177 |
Cash, cash equivalents and restricted cash at beginning of period (Note 7) | 312,561 | 13,574 |
Cash, cash equivalents and restricted cash at end of period (Note 7) | 122,082 | 263,751 |
Supplemental disclosure of other cash flow activities and non-cash investing and financing activities: | ||
Cash paid for interest | 16,641 | 4,997 |
Cash paid for taxes, net | 1,897 | 12,294 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $ 8,238 | $ 9,736 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 30, 2022 | |
Basis of Presentation [Abstract] | |
Basis of Accounting | Basis of Presentation Dycom Industries, Inc. (“Dycom”, the “Company”, “we”, “our”, or “us”) is a leading provider of specialty contracting services throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. Dycom supplies the labor, tools, and equipment necessary to provide these services to its customers. The Company uses a 52/53 week fiscal year ending on the last Saturday in January. Fiscal 2022 and fiscal 2023 each consist of 52 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 31, 2026. The accompanying unaudited condensed 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”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for fiscal 2022, filed with the SEC on March 4, 2022. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods presented have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. Operating results for the interim period are not necessarily indicative of the results expected for any subsequent interim or annual period. 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), the results of which are regularly reviewed by the Company’s Chief Executive Officer, the chief operating decision maker. All of the Company’s operating segments have been aggregated into one reportable segment based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. |
Significant Accounting Policies
Significant Accounting Policies and Estimates | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Estimates | Significant Accounting Policies and Estimates There have been no material changes to the Company’s significant accounting policies and critical accounting estimates described in the Company’s Annual Report on Form 10-K for fiscal 2022. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and |
Accounting Standards
Accounting Standards | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Standards [Abstract] | |
Accounting Standards | Accounting Standards Recently issued accounting pronouncements are disclosed in the Company’s Annual Report on Form 10-K for fiscal 2022. As of the date of this Quarterly Report on Form 10-Q, there have been no changes in the expected dates of adoption or estimated effects on the Company’s condensed consolidated financial statements of recently issued accounting pronouncements from those disclosed in the Company’s Annual Report on Form 10-K for fiscal 2022. Further, there have been no additional accounting standards issued as of the date of this Quarterly Report on Form 10-Q that are applicable to the condensed consolidated financial statements of the Company. Accounting Standards Not Yet Adopted All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations. |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Computation of Earnings per Common Share The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Net income available to common stockholders (numerator) $ 43,856 $ 18,165 $ 63,392 $ 19,063 Weighted-average number of common shares (denominator) 29,540,174 30,431,143 29,579,498 30,553,381 Basic earnings per common share $ 1.48 $ 0.60 $ 2.14 $ 0.62 Weighted-average number of common shares 29,540,174 30,431,143 29,579,498 30,553,381 Potential shares of common stock arising from stock options, and unvested restricted share units 403,248 441,363 441,988 532,604 Total shares-diluted (denominator) 29,943,422 30,872,506 30,021,486 31,085,985 Diluted earnings per common share $ 1.46 $ 0.59 $ 2.11 $ 0.61 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 198,043 226,894 157,879 88,613 0.75% convertible senior notes due 2021 (1) (2) — 601,349 — 601,349 Warrants (1) (2) — 601,349 — 601,349 Total 198,043 1,429,592 157,879 1,291,311 (1) The Company used the treasury stock method for calculating any potential dilutive impact on earnings per common share if our average stock price for the period exceeded the $96.89 per share conversion price. There was no dilutive impact on earnings per common share during any of the periods presented as our average stock price did not exceed the per share conversion price and the 2021 Convertible Notes (as defined in Note 13) matured on September 15, 2021. The warrants associated with our 2021 Convertible Notes would have had a dilutive impact on earnings per common share if our average stock price for the period had exceeded the $130.43 per share warrant strike price. As our average stock price did not exceed the strike price for the warrants for any periods presented, the underlying common shares were anti-dilutive as reflected in the table above. The warrants were scheduled to expire on a series of dates concluding on May 9, 2022. During the fourth quarter of fiscal 2022, we purchased the remaining warrants for $0.7 million and there are no additional warrants outstanding. (2) In connection with the offering of the 2021 Convertible 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 2021 Convertible Notes and offsetting any potential cash payments in excess of the principal amount of the 2021 Convertible Notes. Prior to conversion, the convertible note hedge was not included for purposes of the calculation of earnings per common share as its effect would be anti-dilutive. Upon any conversion, the convertible note hedge was expected to offset the dilutive effect of the 2021 Convertible Notes when the average stock price for the period was above $96.89 per share. The 2021 Convertible Notes matured on September 15, 2021. The convertible note hedge transactions expired on September 13, 2021. See Note 13, Debt , for additional information related to our 2021 Convertible Notes, warrant transactions, and hedge transactions. |
Accounts Receivable, Contract A
Accounts Receivable, Contract Assets, and Contract Liabilities | 6 Months Ended |
Jul. 30, 2022 | |
Receivables [Abstract] | |
Accounts Receivable, Contract Assets, and Contract Liabilities | 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. Accounts Receivable Accounts receivable, net, classified as current, consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Trade accounts receivable $ 412,859 $ 330,811 Unbilled accounts receivable 682,119 545,493 Retainage 24,402 20,318 Total 1,119,380 896,622 Less: allowance for doubtful accounts (785) (724) Accounts receivable, net $ 1,118,595 $ 895,898 We maintain an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Allowance for doubtful accounts at beginning of period $ 761 $ 4,237 $ 724 $ 1,676 Provision for bad debt 102 78 134 2,901 Amounts charged against the allowance (78) (2,788) (73) (3,050) Allowance for doubtful accounts at end of period $ 785 $ 1,527 $ 785 $ 1,527 Contract Assets and Contract Liabilities Net contract assets consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Contract assets $ 45,715 $ 24,539 Contract liabilities 16,170 18,512 Contract assets, net $ 29,545 $ 6,027 The increase in net contract assets primarily resulted from increased services performed under contracts consisting of multiple tasks. During the three and six months ended July 30, 2022, we performed services and recognized $3.6 million and $11.3 million of contract revenues related to contract liabilities that existed at January 29, 2022. See Note 6, 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 July 30, 2022 or January 29, 2022 were as follows (dollars in millions): July 30, 2022 January 29, 2022 Amount % of Total Amount % of Total Lumen Technologies $ 231.1 20.1% $ 166.0 18.4% AT&T Inc. $ 162.3 14.1% $ 106.0 11.7% Verizon Communications Inc. $ 147.7 12.9% $ 144.3 16.0% Comcast Corporation $ 133.9 11.7% $ 113.5 12.6% |
Other Current Assets and Other
Other Current Assets and Other Assets | 6 Months Ended |
Jul. 30, 2022 | |
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): July 30, 2022 January 29, 2022 Prepaid expenses $ 25,960 $ 14,640 Deposits and other current assets 16,515 14,083 Insurance recoveries/receivables for accrued insurance claims 69 756 Restricted cash 1,372 1,372 Receivables on equipment sales 380 25 Other current assets $ 44,296 $ 30,876 Other assets consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Long-term contract assets $ 10,991 $ 14,056 Deferred financing costs 4,221 4,834 Restricted cash 432 432 Insurance recoveries/receivables for accrued insurance claims 3,405 3,687 Other non-current deposits and assets 9,420 8,909 Other assets $ 28,469 $ 31,918 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 10, Accrued Insurance Claims , for information on our Insurance recoveries/receivables. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jul. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Cash and cash equivalents $ 120,278 $ 310,757 Restricted cash included in: Other current assets 1,372 1,372 Other assets (long-term) 432 432 Cash, cash equivalents and restricted cash $ 122,082 $ 312,561 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jul. 30, 2022 | |
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) July 30, 2022 January 29, 2022 Land — $ 4,127 $ 4,127 Buildings 10-35 10,421 10,649 Leasehold improvements 1-10 17,814 17,706 Vehicles 1-5 748,196 714,515 Computer hardware and software 1-7 160,876 153,072 Office furniture and equipment 1-10 12,596 12,939 Equipment and machinery 1-10 343,613 329,145 Total 1,297,643 1,242,153 Less: accumulated depreciation (984,838) (947,355) Property and equipment, net $ 312,805 $ 294,798 Depreciation expense was $31.5 million and $33.8 million for the three months ended July 30, 2022 and July 31, 2021, respectively, and $64.2 million and $68.2 million for the six months ended July 30, 2022 and July 31, 2021, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jul. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill There was no change in the carrying amount of goodwill during the six months ended July 30, 2022. The g oodwill balance consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Goodwill, gross $ 521,516 $ 521,516 Accumulated impairment losses (249,031) (249,031) Total $ 272,485 $ 272,485 The Company’s goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of the Company’s geographic presence and strengthening of its customer base from acquisitions. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The profitability of individual reporting units may suffer periodically due to downturns in customer demand, increased costs of providing services, and the level of overall economic activity. The Company’s customers may reduce capital expenditures and defer or cancel pending projects due to changes in technology, a slowing or uncertain economy, merger or acquisition activity, a decision to allocate resources to other areas of their business, or other reasons. The profitability of reporting units may also suffer if actual costs of providing services exceed the costs 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 the Company’s reporting units. The cyclical nature of the Company’s business, the high level of competition existing within its industry, and the concentration of its revenues from a limited number of customers may also cause results to vary. These factors may affect individual reporting units disproportionately, relative to the Company as a whole. As a result, the performance of one or more of the reporting units could decline, resulting in an impairment of goodwill or intangible assets. The Company performs its annual impairment assessment as of the first day of the fourth fiscal quarter of each fiscal year. As a result of the Company’s fiscal 2022 period assessment, the Company determined that the fair values of each of the reporting units and the indefinite-lived intangible asset were in excess of their carrying values and no impairment had occurred. As of July 30, 2022, the Company continues to believe the remaining goodwill and the indefinite-lived intangible asset are recoverable for all of its reporting units . Intangible Assets Our intangible assets consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 8.0 $ 312,017 $ 223,552 $ 88,465 $ 312,017 $ 215,806 $ 96,211 Trade names, finite 8.0 9,250 8,395 855 9,250 8,329 921 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 $ 325,967 $ 231,947 $ 94,020 $ 325,967 $ 224,135 $ 101,832 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 $3.9 million and $4.7 million for the three months ended July 30, 2022 and July 31, 2021, respectively, and $7.8 million and $9.4 million for the six months ended July 30, 2022 and July 31, 2021, respectively. As of July 30, 2022, 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. |
Accrued Insurance Claims
Accrued Insurance Claims | 6 Months Ended |
Jul. 30, 2022 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims | Accrued Insurance Claims Within our insurance program, we retain the risk of loss on a per occurrence basis in varying amounts depending on the type of claim and the terms of the applicable insurance coverage. Additionally, we retain the risk of loss, up to certain annual aggregate stop loss limits, for claims covered by our automobile liability, general liability (including claims relating to underground facility locating services), works’ compensation, and employee group health. Losses for covered claims beyond our retained risk of loss are paid or reimbursed by our insurance carriers up to our coverage limits. For fiscal 2022, with regard 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 for fiscal 2022, 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. 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. In addition, we retained $10.0 million risk of loss on a per occurrence basis for losses above $30.0 million. For fiscal 2023, with regard to workers’ compensation losses, our retention of risk remains the same as fiscal 2022. With regard to automobile liability and general liability losses, our retention of risk remains the same as fiscal 2022, with the exception that we retained an additional $5.0 million risk of loss on a per occurrence basis for losses above $10.0 million, if any. We are party to a stop-loss agreement for losses under our employee group health plan. For the calendar year 2022, we retain the risk of loss on an annual basis, up to the first $600,000 of claims per participant. Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): July 30, 2022 January 29, 2022 Accrued insurance claims - current $ 41,870 $ 36,805 Accrued insurance claims - non-current 45,240 48,238 Accrued insurance claims $ 87,110 $ 85,043 Insurance recoveries/receivables: Current (included in Other current assets) $ 69 $ 756 Non-current (included in Other assets) 3,405 3,687 Insurance recoveries/receivables $ 3,474 $ 4,443 Insurance recoveries/receivables represent the amount of accrued insurance claims that are covered by insurance as the amounts exceed the Company’s loss retention. During the six months ended July 30, 2022, total insurance recoveries/receivables decreased approximately $1.0 million primarily due to the settlement of claims that exceeded our loss retention. Accrued insurance claims decreased by a corresponding amount. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jul. 30, 2022 | |
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 8 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 condensed consolidated statements of operations for the three and six months ended July 30, 2022 and July 31, 2021 (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Lease cost under long-term operating leases $ 8,461 $ 8,796 $ 16,927 $ 17,426 Lease cost under short-term operating leases 6,460 6,064 12,715 11,255 Variable lease cost under short-term and long-term operating leases (1) 999 696 2,020 1,940 Total lease cost $ 15,920 $ 15,556 $ 31,662 $ 30,621 (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 $64.6 million as of July 30, 2022 and $61.2 million as of January 29, 2022. Supplemental balance sheet information related to these liabilities is as follows: July 30, 2022 January 29, 2022 Weighted average remaining lease term 3.0 years 3.1 years Weighted average discount rate 3.5 % 3.8 % Supplemental cash flow information related to our long-term operating lease liabilities for the three and six months ended July 30, 2022 and July 31, 2021 is as follows (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Cash paid for amounts included in the measurement of lease liabilities $ 9,582 $ 6,835 $ 17,470 $ 17,586 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 10,555 $ 7,859 $ 19,457 $ 19,569 As of July 30, 2022, 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 Remainder of 2023 $ 14,466 2024 24,646 2025 16,826 2026 8,286 2027 3,865 Thereafter 1,784 Total lease payments 69,873 Less: imputed interest (5,245) Total $ 64,628 As of July 30, 2022, the Company had additional operating leases with total leases costs of $0.4 million, which will commence during the third quarter of fiscal 2023. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jul. 30, 2022 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Accrued payroll and related taxes $ 53,283 $ 47,303 Accrued employee benefit and incentive plan costs 24,841 26,942 Accrued construction costs 36,907 28,254 Other current liabilities 28,652 25,710 Other accrued liabilities $ 143,683 $ 128,209 |
Debt
Debt | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our outstanding indebtedness consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Credit agreement - Revolving facility (matures April 2026) $ — $ — Credit agreement - Term loan facility, net (matures April 2026) 339,025 347,438 4.50% senior notes, net (mature April 2029) 493,807 493,313 832,832 840,751 Less: current portion (17,500) (17,500) Long-term debt $ 815,332 $ 823,251 Senior Credit Agreement On April 1, 2021, the Company and certain of its subsidiaries amended its credit agreement, dated as of October 19, 2018, with the various lenders party thereto and Bank of America, N.A., as administrative agent (the “Credit Agreement”) to among other things, decrease the maximum revolver commitment to $650.0 million from $750.0 million and decrease the term loan facility to $350.0 million from $416.3 million. The Credit Agreement includes a $200.0 million sublimit for the issuance of letters of credit and a $50.0 million sublimit for swingline loans. As part of the amendment, the maturity of the Credit Agreement was extended to April 1, 2026. The following table summarizes the net carrying value of the term loan as of July 30, 2022 and January 29, 2022 (dollars in thousands): July 30, 2022 January 29, 2022 Principal amount of term loan $ 341,250 $ 350,000 Less: Debt issuance costs (2,225) (2,562) Net carrying amount of term loan $ 339,025 $ 347,438 Subject to certain conditions, 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 by establishing one or more additional term loans, up to the sum of (i) $350.0 million and (ii) an aggregate amount such that, after giving effect to such incremental facilities on a pro forma basis (assuming that the amount of the incremental commitments are fully drawn and funded), the consolidated senior secured net leverage ratio does not exceed 2.25 to 1.00. The consolidated senior secured net leverage ratio is the ratio of our consolidated senior secured indebtedness reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing twelve-month consolidated earnings before interest, taxes, depreciation, and amortization, as defined by the Credit Agreement (“EBITDA”). Borrowings under the Credit Agreement are guaranteed by substantially all of our domestic subsidiaries and secured by 100% of the equity interests of our direct and indirect domestic subsidiaries and 65% of the voting equity interests and 100% of the non-voting interests of our first-tier foreign subsidiaries (subject to customary exceptions). Under the 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 $25.0 million to our trailing twelve-month consolidated EBITDA, as defined by the 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 (1) Borrowings - Base Rate Loans 0.25% - 1.00% plus Base rate (2) Unused Revolver Commitment 0.20% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% -1.000% (1) To address the transition in financial markets away from LIBOR, the Credit Agreement includes provisions related to the replacement of LIBOR with a LIBOR Successor Rate (as defined in the Credit Agreement), which may be a rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York. (2) 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% and, if such rate is less than zero, such rate shall be deemed zero. Standby letters of credit of approximately $47.5 million and $46.3 million, issued as part of our insurance program, were outstanding under the Credit Agreement as of July 30, 2022 and January 29, 2022, respectively. The weighted average interest rates and fees for balances under our Credit Agreement as of July 30, 2022 and January 29, 2022 were as follows: Weighted Average Rate End of Period July 30, 2022 January 29, 2022 Borrowings - Term loan facility 3.75% 1.86% Borrowings - Revolving facility (1) —% —% Standby Letters of Credit 1.75% 1.63% Unused Revolver Commitment 0.35% 0.30% (1) There were no outstanding borrowings under our revolving facility as of July 30, 2022 and January 29, 2022. The 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 twelve-month consolidated EBITDA to our consolidated interest expense, each as defined by the Credit Agreement, of not less than 3.00 to 1.00, as measured at the end of each fiscal quarter. At July 30, 2022 and January 29, 2022, we were in compliance with the financial covenants of our Credit Agreement and had borrowing availability under the revolving facility of $341.1 million and $326.3 million, respectively, as determined by the most restrictive covenant. For calculation purposes, applicable cash on hand is netted against the funded debt amount as permitted in the Credit Agreement. 4.50% Senior Notes Due 2029 On April 1, 2021, we issued $500.0 million aggregate principal amount of 4.50% senior notes due 2029 (the “2029 Notes”). The 2029 Notes are guaranteed on a senior unsecured basis, jointly and severally, by all of our domestic subsidiaries that guarantee the Credit Agreement. The indenture governing the 2029 Notes contains certain covenants that limit, among other things, our ability and the ability of certain of our subsidiaries to (i) incur additional debt and issue certain preferred stock, (ii) pay certain dividends on, repurchase, or make distributions in respect of, our and our Subsidiaries’ capital stock or make other payments restricted by the indenture, (iii) enter into agreements that place limitations on distributions made from certain of our subsidiaries, (iv) guarantee certain debt, (v) make certain investments, (vi) sell or exchange certain assets, (vii) enter into transactions with affiliates, (viii) create certain liens, and (ix) consolidate, merge or transfer all or substantially all of our or our Subsidiaries’ assets. These covenants are subject to a number of exceptions, limitations and qualifications as set forth in the indenture governing the 2029 Notes. The following table summarizes the net carrying value of the 2029 Notes as of July 30, 2022 and January 29, 2022 (dollars in thousands): July 30, 2022 January 29, 2022 Principal amount of 2029 Notes $ 500,000 $ 500,000 Less: Debt issuance costs (6,193) (6,687) Net carrying amount of 2029 Notes $ 493,807 $ 493,313 The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $92.00 and $97.50 as of July 30, 2022 and January 29, 2022, respectively (dollars in thousands): July 30, 2022 January 29, 2022 Fair value of principal amount of 2029 Notes $ 460,000 $ 487,500 Less: Debt issuance costs (6,193) (6,687) Fair value of 2029 Notes $ 453,807 $ 480,813 0.75% Convertible Senior Notes Due 2021 On September 15, 2015, we issued 0.75% convertible senior notes in a private placement in the principal amount of $485.0 million (the “2021 Convertible Notes”). The 2021 Convertible Notes, governed by the terms of an indenture between the Company and a bank trustee, were unsecured obligations and did 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 2021 Convertible Notes bore interest at a rate of 0.75% per year, payable in cash semiannually in March and September, and matured on September 15, 2021. On the maturity date the outstanding balance of $58.3 million under the 2021 Convertible Notes was repaid in full and no 2021 Convertible Notes were converted prior to maturity. In connection with the offering of the 2021 Convertible 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 2021 Convertible Notes and offsetting any potential cash payments in excess of the principal amount of the 2021 Convertible Notes. We also entered into separately negotiated warrant transactions with the same counterparties whereby we sold warrants to purchase shares of our common stock at a price of $130.43 per share. The convertible note hedge transactions expired in September 2021. In addition, we unwound the remaining warrants during the fourth quarter of fiscal 2022 and, as a result, there are no additional warrants outstanding. For further information, see Note 13 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for fiscal 2022. |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our interim income tax provisions are based on the effective income tax rate expected to be applicable for the full fiscal year, adjusted for specific items that are required to be recognized in the period in which they occur. Deferred tax assets and liabilities are based on the enacted tax rate that will apply in future periods when such assets and liabilities are expected to be settled or realized. Our effective income tax rate was 25.5% and 26.3% for the three months ended July 30, 2022 and July 31, 2021, respectively, and 19.8% and 16.5% for the six months ended July 30, 2022 and July 31, 2021, respectively. The effective tax rate differs from the statutory rate primarily due to tax credits recognized, the impact of the vesting and exercise of share-based awards, and the difference in income tax rates from state to state where work was performed. Other fluctuations in our effective income tax rate from the statutory rate each period are mainly attributable to changes in unrecognized tax benefits, tax law changes, and variances in non-deductible and non-taxable items. During the first quarter of fiscal 2023, we were notified by the Internal Revenue Service that our federal income tax return for fiscal 2016 was selected for examination due to the net operating loss carryback claim filed in fiscal 2021. In addition, fiscal year 2020 was selected for examination in the second quarter of fiscal 2022. We believe our provision for income taxes is adequate; however, any assessment may affect our results of operations and cash flows. |
Other Income, Net
Other Income, Net | 6 Months Ended |
Jul. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net The components of other income, net, were as follows (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Gain on sale of fixed assets $ 3,467 $ 992 $ 8,856 $ 3,844 Discount fee expense (1,315) (384) (2,416) (873) Miscellaneous income, net 435 378 941 732 Other income, net $ 2,587 $ 986 $ 7,381 $ 3,703 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 condensed consolidated statements of operations. |
Capital Stock
Capital Stock | 6 Months Ended |
Jul. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock Repurchases of Common Stock. On March 2, 2022 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 2023 in open market or private transactions. The new authorization replaces the remaining $43.9 million that was available under the prior authorization. During the three months ended July 30, 2022, we repurchased 104,030 shares of its own common stock, at an average price of $96.06, for $10.0 million. As of July 30, 2022, $121.5 million of the authorization was available for repurchases. Upon cancellation of shares repurchased or withheld for tax withholdings, the excess over par value is recorded as a reduction of additional paid-in capital until the balance is reduced to zero, with any additional excess recorded as a reduction of retained earnings. During the three and six months ended July 30, 2022, $6.7 million and $27.5 million, respectively, was charged to retained earnings related to shares canceled during the period. |
Stock-Based Awards
Stock-Based Awards | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Awards | Stock-Based Awards We have certain stock-based compensation plans under which we grant stock-based awards, including common stock, 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. Compensation expense for stock-based awards is based on fair value at the measurement date. This expense fluctuates over time as a function of the duration of vesting periods of the stock-based awards and the Company’s performance, as measured by criteria set forth in performance-based awards. Stock-based compensation expense is included in general and administrative expenses in the condensed consolidated statements of operations and the amount of expense ultimately recognized depends on the quantity of awards that actually vest. Accordingly, stock-based compensation expense may vary from period to period. The performance criteria for the Company’s performance-based equity awards utilize the Company’s operating earnings (adjusted for certain amounts) as a percentage of contract revenues for the applicable annual period (a “Performance Year”) and its Performance Year operating cash flow level (adjusted for certain amounts). Additionally, certain awards include three-year performance measures that, if met, result in supplemental shares awarded. For Performance RSUs, the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if it determines it is probable that performance criteria for the awards will be met. Stock-based compensation expense and the related tax benefit recognized during the three and six months ended July 30, 2022 and July 31, 2021 were as follows (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Stock-based compensation $ 4,630 $ 2,309 $ 7,758 $ 6,049 Income tax effect of stock-based compensation $ 1,143 $ 560 $ 1,918 $ 1,479 During the three months ended July 30, 2022 and July 31, 2021 the Company realized approximately $0.1 million and $0.2 million of net excess tax benefits, respectively, related to the vesting and exercise of share-based awards. During the six months ended July 30, 2022 and July 31, 2021, the Company realized approximately $2.7 million and $2.8 million of net excess tax benefits, respectively. As of July 30, 2022, 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 $3.4 million, $20.4 million, and $9.4 million, respectively. This expense will be recognized over a weighted-average number of years of 3.0, 2.8, and 1.9, respectively, based on the average remaining service periods for the awards. We may recognize an additional $21.8 million in compensation expense in future periods after July 30, 2022 if the maximum number of Performance RSUs is earned based on certain performance measures being met. Stock Options The following table summarizes stock option award activity during the six months ended July 30, 2022: Stock Options Shares Weighted Average Exercise Price Outstanding as of January 29, 2022 332,121 $ 52.39 Granted 33,015 $ 97.49 Options exercised (22,863) $ 61.47 Outstanding as of July 30, 2022 342,273 $ 56.13 Exercisable options as of July 30, 2022 245,483 $ 52.34 RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during the six months ended July 30, 2022: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Date Fair Value Share Units Weighted Average Grant Date Fair Value Outstanding as of January 29, 2022 524,255 $ 38.49 455,800 $ 68.88 Granted 120,262 $ 96.72 202,212 $ 97.49 Share units vested (182,346) $ 38.87 (6,483) $ 25.15 Forfeited or canceled (14,605) $ 44.28 (263,393) $ 60.32 Outstanding as of July 30, 2022 447,566 $ 53.79 388,136 $ 90.32 The total number of granted Performance RSUs presented above consists of 137,605 target shares and 64,607 supplemental shares. The total number of Performance RSUs outstanding as of July 30, 2022 consists of 261,782 target shares and 126,354 supplemental shares. With respect to the Company’s Performance Year ended January 29, 2022, the Company canceled 164,066 target shares and 85,576 supplemental shares during the six months ended July 30, 2022, as a result of the performance period criteria not being met. |
Customer Concentration and Reve
Customer Concentration and Revenue Information | 6 Months Ended |
Jul. 30, 2022 | |
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 67.3% and 66.5% of total contract revenues during the six months ended July 30, 2022 and July 31, 2021, respectively. Customers whose contract revenues exceeded 10% of total contract revenues during the three and six months ended July 30, 2022 or July 31, 2021, as well as total contract revenues from all other customers combined, were as follows (dollars in millions): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 255.9 26.3% $ 177.5 22.5% $ 493.3 26.7% $ 333.1 22.0% Lumen Technologies 127.6 13.1 95.4 12.1 230.4 12.5 181.2 12.0 Comcast Corporation 111.8 11.5 121.7 15.5 223.0 12.1 252.8 16.7 Verizon Communications Inc. 80.8 8.3 90.8 11.5 161.8 8.8 182.3 12.0 Total other customers combined 396.2 40.8 302.2 38.4 740.1 40.0 565.7 37.3 Total contract revenues $ 972.3 100.0% $ 787.6 100.0% $ 1,848.6 100.0% $ 1,515.1 100.0% See Note 5, 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 the three and six months ended July 30, 2022 and July 31, 2021 were as follows (dollars in millions): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 871.0 89.6% $ 697.5 88.6% $ 1,649.9 89.3% $ 1,337.2 88.3% Underground facility locating 71.4 7.3 65.8 8.3 142.3 7.7 130.7 8.6 Electrical and gas utilities and other 29.9 3.1 24.3 3.1 56.4 3.0 47.2 3.1 Total contract revenues $ 972.3 100.0% $ 787.6 100.0% $ 1,848.6 100.0% $ 1,515.1 100.0% 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 | 6 Months Ended |
Jul. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On August 10, 2021, one of the Company’s subsidiaries was named in a putative class action lawsuit alleging claims on behalf of its non-exempt employees in California. The lawsuit alleges that the company failed to pay minimum and overtime wages, did not provide required meal and rest breaks, did not timely pay wages during employment and at the time of termination, provided noncompliant wage statements, failed to reimburse necessary business expenses, failed to keep requisite payroll records, and engaged in unfair business practices. On September 14, 2021, the same plaintiff bringing the putative class action filed a separate representative action under California’s Private Attorneys General Action (“PAGA”) seeking civil penalties relating to the same claims described above. Both lawsuits are in the very early stages. Due to the early stage of litigation, it is not possible to estimate a range of loss that could occur resulting from either an adverse judgment or a settlement of these matters. 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 July 30, 2022 and January 29, 2022, we had $316.4 million and $296.4 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 July 30, 2022 and January 29, 2022, we had $20.4 million and $20.3 million, respectively, of outstanding surety bonds related to our insurance obligations. Additionally, we periodically guarantee certain obligations of our 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 of July 30, 2022 and January 29, 2022, we had $47.5 million and $46.3 million, respectively, of outstanding standby letters of credit issued under the Credit Agreement. Deferral of Employer Payroll Taxes. During 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which provided for various tax relief and tax incentive measures. These measures did not have a material impact on our results of operations. However, pursuant to the CARES Act, we deferred the payment of $37.4 million of employer payroll taxes during the year ended December 31, 2020, 50% of which was paid by December 31, 2021 and the remainder is due by December 31, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies and Estimates (Policies) | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Dycom Industries, Inc. (“Dycom”, the “Company”, “we”, “our”, or “us”) is a leading provider of specialty contracting services throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. Dycom supplies the labor, tools, and equipment necessary to provide these services to its customers. |
Accounting Period | The Company uses a 52/53 week fiscal year ending on the last Saturday in January. Fiscal 2022 and fiscal 2023 each consist of 52 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 31, 2026. |
Segment Information | Segment Information. The Company operates in one reportable segment. Its services are provided by its operating segments on a decentralized basis. Each operating segment consists of a subsidiary (or in certain instances, the combination of two or more subsidiaries), the results of which 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 | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and |
Recently Issued Accounting Pronouncements | Accounting Standards Not Yet Adopted All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations. |
Computation of Earnings Per C_2
Computation of Earnings Per Common Share (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Net income available to common stockholders (numerator) $ 43,856 $ 18,165 $ 63,392 $ 19,063 Weighted-average number of common shares (denominator) 29,540,174 30,431,143 29,579,498 30,553,381 Basic earnings per common share $ 1.48 $ 0.60 $ 2.14 $ 0.62 Weighted-average number of common shares 29,540,174 30,431,143 29,579,498 30,553,381 Potential shares of common stock arising from stock options, and unvested restricted share units 403,248 441,363 441,988 532,604 Total shares-diluted (denominator) 29,943,422 30,872,506 30,021,486 31,085,985 Diluted earnings per common share $ 1.46 $ 0.59 $ 2.11 $ 0.61 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 198,043 226,894 157,879 88,613 0.75% convertible senior notes due 2021 (1) (2) — 601,349 — 601,349 Warrants (1) (2) — 601,349 — 601,349 Total 198,043 1,429,592 157,879 1,291,311 (1) The Company used the treasury stock method for calculating any potential dilutive impact on earnings per common share if our average stock price for the period exceeded the $96.89 per share conversion price. There was no dilutive impact on earnings per common share during any of the periods presented as our average stock price did not exceed the per share conversion price and the 2021 Convertible Notes (as defined in Note 13) matured on September 15, 2021. The warrants associated with our 2021 Convertible Notes would have had a dilutive impact on earnings per common share if our average stock price for the period had exceeded the $130.43 per share warrant strike price. As our average stock price did not exceed the strike price for the warrants for any periods presented, the underlying common shares were anti-dilutive as reflected in the table above. The warrants were scheduled to expire on a series of dates concluding on May 9, 2022. During the fourth quarter of fiscal 2022, we purchased the remaining warrants for $0.7 million and there are no additional warrants outstanding. (2) In connection with the offering of the 2021 Convertible 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 2021 Convertible Notes and offsetting any potential cash payments in excess of the principal amount of the 2021 Convertible Notes. Prior to conversion, the convertible note hedge was not included for purposes of the calculation of earnings per common share as its effect would be anti-dilutive. Upon any conversion, the convertible note hedge was expected to offset the dilutive effect of the 2021 Convertible Notes when the average stock price for the period was above $96.89 per share. The 2021 Convertible Notes matured on September 15, 2021. The convertible note hedge transactions expired on September 13, 2021. See Note 13, Debt , for additional information related to our 2021 Convertible Notes, warrant transactions, and hedge transactions. |
Accounts Receivable, Contract_2
Accounts Receivable, Contract Assets, and Contract Liabilities (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts receivable, net, classified as current, consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Trade accounts receivable $ 412,859 $ 330,811 Unbilled accounts receivable 682,119 545,493 Retainage 24,402 20,318 Total 1,119,380 896,622 Less: allowance for doubtful accounts (785) (724) Accounts receivable, net $ 1,118,595 $ 895,898 For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Allowance for doubtful accounts at beginning of period $ 761 $ 4,237 $ 724 $ 1,676 Provision for bad debt 102 78 134 2,901 Amounts charged against the allowance (78) (2,788) (73) (3,050) Allowance for doubtful accounts at end of period $ 785 $ 1,527 $ 785 $ 1,527 |
Contract Assets and Contract Liabilities | Net contract assets consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Contract assets $ 45,715 $ 24,539 Contract liabilities 16,170 18,512 Contract assets, net $ 29,545 $ 6,027 |
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 July 30, 2022 or January 29, 2022 were as follows (dollars in millions): July 30, 2022 January 29, 2022 Amount % of Total Amount % of Total Lumen Technologies $ 231.1 20.1% $ 166.0 18.4% AT&T Inc. $ 162.3 14.1% $ 106.0 11.7% Verizon Communications Inc. $ 147.7 12.9% $ 144.3 16.0% Comcast Corporation $ 133.9 11.7% $ 113.5 12.6% For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 255.9 26.3% $ 177.5 22.5% $ 493.3 26.7% $ 333.1 22.0% Lumen Technologies 127.6 13.1 95.4 12.1 230.4 12.5 181.2 12.0 Comcast Corporation 111.8 11.5 121.7 15.5 223.0 12.1 252.8 16.7 Verizon Communications Inc. 80.8 8.3 90.8 11.5 161.8 8.8 182.3 12.0 Total other customers combined 396.2 40.8 302.2 38.4 740.1 40.0 565.7 37.3 Total contract revenues $ 972.3 100.0% $ 787.6 100.0% $ 1,848.6 100.0% $ 1,515.1 100.0% Total contract revenues by customer type during the three and six months ended July 30, 2022 and July 31, 2021 were as follows (dollars in millions): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 871.0 89.6% $ 697.5 88.6% $ 1,649.9 89.3% $ 1,337.2 88.3% Underground facility locating 71.4 7.3 65.8 8.3 142.3 7.7 130.7 8.6 Electrical and gas utilities and other 29.9 3.1 24.3 3.1 56.4 3.0 47.2 3.1 Total contract revenues $ 972.3 100.0% $ 787.6 100.0% $ 1,848.6 100.0% $ 1,515.1 100.0% |
Other Current Assets and Othe_2
Other Current Assets and Other Assets (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Prepaid expenses $ 25,960 $ 14,640 Deposits and other current assets 16,515 14,083 Insurance recoveries/receivables for accrued insurance claims 69 756 Restricted cash 1,372 1,372 Receivables on equipment sales 380 25 Other current assets $ 44,296 $ 30,876 |
Schedule of Non current Assets | Other assets consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Long-term contract assets $ 10,991 $ 14,056 Deferred financing costs 4,221 4,834 Restricted cash 432 432 Insurance recoveries/receivables for accrued insurance claims 3,405 3,687 Other non-current deposits and assets 9,420 8,909 Other assets $ 28,469 $ 31,918 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Cash and cash equivalents $ 120,278 $ 310,757 Restricted cash included in: Other current assets 1,372 1,372 Other assets (long-term) 432 432 Cash, cash equivalents and restricted cash $ 122,082 $ 312,561 |
Schedule of Restricted Cash and Cash Equivalents | Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Cash and cash equivalents $ 120,278 $ 310,757 Restricted cash included in: Other current assets 1,372 1,372 Other assets (long-term) 432 432 Cash, cash equivalents and restricted cash $ 122,082 $ 312,561 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) July 30, 2022 January 29, 2022 Land — $ 4,127 $ 4,127 Buildings 10-35 10,421 10,649 Leasehold improvements 1-10 17,814 17,706 Vehicles 1-5 748,196 714,515 Computer hardware and software 1-7 160,876 153,072 Office furniture and equipment 1-10 12,596 12,939 Equipment and machinery 1-10 343,613 329,145 Total 1,297,643 1,242,153 Less: accumulated depreciation (984,838) (947,355) Property and equipment, net $ 312,805 $ 294,798 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | There was no change in the carrying amount of goodwill during the six months ended July 30, 2022. The g oodwill balance consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Goodwill, gross $ 521,516 $ 521,516 Accumulated impairment losses (249,031) (249,031) Total $ 272,485 $ 272,485 |
Schedule of Intangible Assets | Our intangible assets consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 8.0 $ 312,017 $ 223,552 $ 88,465 $ 312,017 $ 215,806 $ 96,211 Trade names, finite 8.0 9,250 8,395 855 9,250 8,329 921 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 $ 325,967 $ 231,947 $ 94,020 $ 325,967 $ 224,135 $ 101,832 |
Accrued Insurance Claims (Table
Accrued Insurance Claims (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims and Insurance Recoveries/Receivables | Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): July 30, 2022 January 29, 2022 Accrued insurance claims - current $ 41,870 $ 36,805 Accrued insurance claims - non-current 45,240 48,238 Accrued insurance claims $ 87,110 $ 85,043 Insurance recoveries/receivables: Current (included in Other current assets) $ 69 $ 756 Non-current (included in Other assets) 3,405 3,687 Insurance recoveries/receivables $ 3,474 $ 4,443 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Leases [Abstract] | |
Lease Cost, Supplemental Balance Sheet, and Supplmental Cash Flows | The following table summarizes the components of lease cost recognized in the condensed consolidated statements of operations for the three and six months ended July 30, 2022 and July 31, 2021 (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Lease cost under long-term operating leases $ 8,461 $ 8,796 $ 16,927 $ 17,426 Lease cost under short-term operating leases 6,460 6,064 12,715 11,255 Variable lease cost under short-term and long-term operating leases (1) 999 696 2,020 1,940 Total lease cost $ 15,920 $ 15,556 $ 31,662 $ 30,621 (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 $64.6 million as of July 30, 2022 and $61.2 million as of January 29, 2022. Supplemental balance sheet information related to these liabilities is as follows: July 30, 2022 January 29, 2022 Weighted average remaining lease term 3.0 years 3.1 years Weighted average discount rate 3.5 % 3.8 % Supplemental cash flow information related to our long-term operating lease liabilities for the three and six months ended July 30, 2022 and July 31, 2021 is as follows (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Cash paid for amounts included in the measurement of lease liabilities $ 9,582 $ 6,835 $ 17,470 $ 17,586 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 10,555 $ 7,859 $ 19,457 $ 19,569 |
Operating Lease Liability Maturity Schedule | As of July 30, 2022, 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 Remainder of 2023 $ 14,466 2024 24,646 2025 16,826 2026 8,286 2027 3,865 Thereafter 1,784 Total lease payments 69,873 Less: imputed interest (5,245) Total $ 64,628 As of July 30, 2022, the Company had additional operating leases with total leases costs of $0.4 million, which will commence during the third quarter of fiscal 2023. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Accrued payroll and related taxes $ 53,283 $ 47,303 Accrued employee benefit and incentive plan costs 24,841 26,942 Accrued construction costs 36,907 28,254 Other current liabilities 28,652 25,710 Other accrued liabilities $ 143,683 $ 128,209 |
Debt (Tables)
Debt (Tables) | 3 Months Ended | 6 Months Ended |
Jul. 30, 2022 | Jul. 30, 2022 | |
Debt Disclosure [Abstract] | ||
Outstanding Indebtedness | Our outstanding indebtedness consisted of the following (dollars in thousands): July 30, 2022 January 29, 2022 Credit agreement - Revolving facility (matures April 2026) $ — $ — Credit agreement - Term loan facility, net (matures April 2026) 339,025 347,438 4.50% senior notes, net (mature April 2029) 493,807 493,313 832,832 840,751 Less: current portion (17,500) (17,500) Long-term debt $ 815,332 $ 823,251 | |
Schedule Interest Rates for the Credit Agreement | Under the 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 $25.0 million to our trailing twelve-month consolidated EBITDA, as defined by the 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 (1) Borrowings - Base Rate Loans 0.25% - 1.00% plus Base rate (2) Unused Revolver Commitment 0.20% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% -1.000% (1) To address the transition in financial markets away from LIBOR, the Credit Agreement includes provisions related to the replacement of LIBOR with a LIBOR Successor Rate (as defined in the Credit Agreement), which may be a rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York. (2) 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% and, if such rate is less than zero, such rate shall be deemed zero. The weighted average interest rates and fees for balances under our Credit Agreement as of July 30, 2022 and January 29, 2022 were as follows: Weighted Average Rate End of Period July 30, 2022 January 29, 2022 Borrowings - Term loan facility 3.75% 1.86% Borrowings - Revolving facility (1) —% —% Standby Letters of Credit 1.75% 1.63% Unused Revolver Commitment 0.35% 0.30% (1) There were no outstanding borrowings under our revolving facility as of July 30, 2022 and January 29, 2022. | |
Carrying Value and Fair Value of Notes | The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $92.00 and $97.50 as of July 30, 2022 and January 29, 2022, respectively (dollars in thousands): July 30, 2022 January 29, 2022 Fair value of principal amount of 2029 Notes $ 460,000 $ 487,500 Less: Debt issuance costs (6,193) (6,687) Fair value of 2029 Notes $ 453,807 $ 480,813 | |
Schedule of Long-term Debt Instruments | The following table summarizes the net carrying value of the 2029 Notes as of July 30, 2022 and January 29, 2022 (dollars in thousands): July 30, 2022 January 29, 2022 Principal amount of 2029 Notes $ 500,000 $ 500,000 Less: Debt issuance costs (6,193) (6,687) Net carrying amount of 2029 Notes $ 493,807 $ 493,313 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | The components of other income, net, were as follows (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Gain on sale of fixed assets $ 3,467 $ 992 $ 8,856 $ 3,844 Discount fee expense (1,315) (384) (2,416) (873) Miscellaneous income, net 435 378 941 732 Other income, net $ 2,587 $ 986 $ 7,381 $ 3,703 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
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 the three and six months ended July 30, 2022 and July 31, 2021 were as follows (dollars in thousands): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Stock-based compensation $ 4,630 $ 2,309 $ 7,758 $ 6,049 Income tax effect of stock-based compensation $ 1,143 $ 560 $ 1,918 $ 1,479 |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during the six months ended July 30, 2022: Stock Options Shares Weighted Average Exercise Price Outstanding as of January 29, 2022 332,121 $ 52.39 Granted 33,015 $ 97.49 Options exercised (22,863) $ 61.47 Outstanding as of July 30, 2022 342,273 $ 56.13 Exercisable options as of July 30, 2022 245,483 $ 52.34 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during the six months ended July 30, 2022: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Date Fair Value Share Units Weighted Average Grant Date Fair Value Outstanding as of January 29, 2022 524,255 $ 38.49 455,800 $ 68.88 Granted 120,262 $ 96.72 202,212 $ 97.49 Share units vested (182,346) $ 38.87 (6,483) $ 25.15 Forfeited or canceled (14,605) $ 44.28 (263,393) $ 60.32 Outstanding as of July 30, 2022 447,566 $ 53.79 388,136 $ 90.32 |
Customer Concentration and Re_2
Customer Concentration and Revenue Information (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule that Represents A Significant Portion of the Company’s Customer Base and Each Over 10% of Total Revenue | Customers whose combined amounts of accounts receivable and contract assets, net, exceeded 10% of total combined accounts receivable and contract assets, net, as of July 30, 2022 or January 29, 2022 were as follows (dollars in millions): July 30, 2022 January 29, 2022 Amount % of Total Amount % of Total Lumen Technologies $ 231.1 20.1% $ 166.0 18.4% AT&T Inc. $ 162.3 14.1% $ 106.0 11.7% Verizon Communications Inc. $ 147.7 12.9% $ 144.3 16.0% Comcast Corporation $ 133.9 11.7% $ 113.5 12.6% For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 255.9 26.3% $ 177.5 22.5% $ 493.3 26.7% $ 333.1 22.0% Lumen Technologies 127.6 13.1 95.4 12.1 230.4 12.5 181.2 12.0 Comcast Corporation 111.8 11.5 121.7 15.5 223.0 12.1 252.8 16.7 Verizon Communications Inc. 80.8 8.3 90.8 11.5 161.8 8.8 182.3 12.0 Total other customers combined 396.2 40.8 302.2 38.4 740.1 40.0 565.7 37.3 Total contract revenues $ 972.3 100.0% $ 787.6 100.0% $ 1,848.6 100.0% $ 1,515.1 100.0% Total contract revenues by customer type during the three and six months ended July 30, 2022 and July 31, 2021 were as follows (dollars in millions): For the Three Months Ended For the Six Months Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 871.0 89.6% $ 697.5 88.6% $ 1,649.9 89.3% $ 1,337.2 88.3% Underground facility locating 71.4 7.3 65.8 8.3 142.3 7.7 130.7 8.6 Electrical and gas utilities and other 29.9 3.1 24.3 3.1 56.4 3.0 47.2 3.1 Total contract revenues $ 972.3 100.0% $ 787.6 100.0% $ 1,848.6 100.0% $ 1,515.1 100.0% |
Basis of Presentation (Details)
Basis of Presentation (Details) | 6 Months Ended |
Jul. 30, 2022 segment | |
Basis of Presentation [Abstract] | |
Number of reportable segments | 1 |
Computation of Earnings Per C_3
Computation of Earnings Per Common Share - Basic and Diluted Earnings Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income available to common stockholders (numerator) | $ 43,856 | $ 18,165 | $ 63,392 | $ 19,063 |
Weighted-average number of common shares (in shares) | 29,540,174 | 30,431,143 | 29,579,498 | 30,553,381 |
Basic earnings per common share (in dollars per share) | $ 1.48 | $ 0.60 | $ 2.14 | $ 0.62 |
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 403,248 | 441,363 | 441,988 | 532,604 |
Total shares-diluted (in shares) | 29,943,422 | 30,872,506 | 30,021,486 | 31,085,985 |
Diluted earnings per common share (in dollars per share) | $ 1.46 | $ 0.59 | $ 2.11 | $ 0.61 |
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 198,043 | 1,429,592 | 157,879 | 1,291,311 |
Stock-based awards | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 198,043 | 226,894 | 157,879 | 88,613 |
Convertible senior notes | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 0 | 601,349 | 0 | 601,349 |
Note Warrant | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 0 | 601,349 | 0 | 601,349 |
Computation of Earnings Per C_4
Computation of Earnings Per Common Share - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Jan. 29, 2022 | Jul. 30, 2022 | Sep. 15, 2015 | |
Shares used in computing earnings per common share: | |||
Purchase of warrants | $ 0.7 | ||
Convertible senior notes | |||
Shares used in computing earnings per common share: | |||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | $ 96.89 | ||
0.75% Convertible Senior Notes Due 2021 | |||
Shares used in computing earnings per common share: | |||
Debt, interest rate (in percent) | 0.75% | ||
Warrant Transaction | |||
Shares used in computing earnings per common share: | |||
Class of warrant or right, exercise price of warrants or rights (per warrant) | $ 130.43 |
Accounts Receivable, Contract_3
Accounts Receivable, Contract Assets, and Contract Liabilities - Accounts Receivable (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 412,859 | $ 330,811 |
Unbilled accounts receivable | 682,119 | 545,493 |
Retainage | 24,402 | 20,318 |
Total | 1,119,380 | 896,622 |
Less: allowance for doubtful accounts | (785) | (724) |
Accounts receivable, net | $ 1,118,595 | $ 895,898 |
Accounts Receivable, Contract_4
Accounts Receivable, Contract Assets, and Contract Liabilities - Change in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Allowance for Doubtful Accounts [Abstract] | ||||
Allowance for doubtful accounts at beginning of period | $ 761 | $ 4,237 | $ 724 | $ 1,676 |
Provision for bad debt | 102 | 78 | 134 | 2,901 |
Amounts charged against the allowance | (78) | (2,788) | (73) | (3,050) |
Allowance for doubtful accounts at end of period | $ 785 | $ 1,527 | $ 785 | $ 1,527 |
Accounts Receivable, Contract_5
Accounts Receivable, Contract Assets, and Contract Liabilities - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Receivables [Abstract] | ||
Contract assets | $ 45,715 | $ 24,539 |
Contract liabilities | 16,170 | 18,512 |
Contract assets, net | $ 29,545 | $ 6,027 |
Accounts Receivable, Contract_6
Accounts Receivable, Contract Assets, and Contract Liabilities - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jul. 30, 2022 | Jul. 30, 2022 | |
Receivables [Abstract] | ||
Contract liabilities, revenues recognized | $ 3.6 | $ 11.3 |
Accounts Receivable, Contract_7
Accounts Receivable, Contract Assets, and Contract Liabilities - Customer Credit Concentration (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 30, 2022 | Jan. 29, 2022 | |
Concentration Risk | ||
Amount | $ 1,118,595 | $ 895,898 |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Lumen Technologies | ||
Concentration Risk | ||
Amount | $ 231,100 | $ 166,000 |
% of Total | 20.10% | 18.40% |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | AT&T Inc. | ||
Concentration Risk | ||
Amount | $ 162,300 | $ 106,000 |
% of Total | 14.10% | 11.70% |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Verizon Communications Inc. | ||
Concentration Risk | ||
Amount | $ 147,700 | $ 144,300 |
% of Total | 12.90% | 16% |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Comcast Corporation | ||
Concentration Risk | ||
Amount | $ 133,900 | $ 113,500 |
% of Total | 11.70% | 12.60% |
Other Current Assets and Othe_3
Other Current Assets and Other Assets - Current (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 25,960 | $ 14,640 |
Deposits and other current assets | 16,515 | 14,083 |
Insurance recoveries/receivables for accrued insurance claims | 69 | 756 |
Restricted cash | 1,372 | 1,372 |
Receivables on equipment sales | 380 | 25 |
Other current assets | $ 44,296 | $ 30,876 |
Other Current Assets and Othe_4
Other Current Assets and Other Assets - Non-current (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Long-term contract assets | $ 10,991 | $ 14,056 |
Deferred financing costs | 4,221 | 4,834 |
Restricted cash | 432 | 432 |
Insurance recoveries/receivables for accrued insurance claims | 3,405 | 3,687 |
Other non-current deposits and assets | 9,420 | 8,909 |
Other assets | $ 28,469 | $ 31,918 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 | Jan. 30, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and equivalents | $ 120,278 | $ 310,757 | ||
Restricted cash included in: | ||||
Other current assets | 1,372 | 1,372 | ||
Other assets (long-term) | 432 | 432 | ||
Cash, cash equivalents and restricted cash | $ 122,082 | $ 312,561 | $ 263,751 | $ 13,574 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jan. 29, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,297,643 | $ 1,242,153 |
Less: accumulated depreciation | (984,838) | (947,355) |
Property and equipment, net | 312,805 | 294,798 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,127 | 4,127 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 10,421 | 10,649 |
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 | $ 17,814 | 17,706 |
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 | $ 748,196 | 714,515 |
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 | $ 160,876 | 153,072 |
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 | $ 12,596 | 12,939 |
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 | $ 343,613 | $ 329,145 |
Equipment and machinery | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Equipment and machinery | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense and Repairs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 31.5 | $ 33.8 | $ 64.2 | $ 68.2 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, gross | $ 521,516 | $ 521,516 |
Accumulated impairment losses | (249,031) | (249,031) |
Total | $ 272,485 | $ 272,485 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 3,900 | $ 4,700 | $ 7,800 | $ 9,400 | |
Intangible Assets, Gross (Excluding Goodwill) | 325,967 | 325,967 | $ 325,967 | ||
Accumulated Amortization | 231,947 | 231,947 | 224,135 | ||
Intangible Assets, Net | 94,020 | 94,020 | 101,832 | ||
UtiliQuest | |||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 4,700 | 4,700 | 4,700 | ||
Accumulated Amortization | 0 | 0 | 0 | ||
Intangible Assets, Net | $ 4,700 | 4,700 | 4,700 | ||
Customer relationships | |||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Usesul life | 8 years | ||||
Intangible Assets, Gross (Excluding Goodwill) | $ 312,017 | 312,017 | 312,017 | ||
Accumulated Amortization | 223,552 | 223,552 | 215,806 | ||
Intangible Assets, Net | $ 88,465 | 88,465 | 96,211 | ||
Trade names | |||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Usesul life | 8 years | ||||
Intangible Assets, Gross (Excluding Goodwill) | $ 9,250 | 9,250 | 9,250 | ||
Accumulated Amortization | 8,395 | 8,395 | 8,329 | ||
Intangible Assets, Net | $ 855 | $ 855 | $ 921 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 3.9 | $ 4.7 | $ 7.8 | $ 9.4 |
Accrued Insurance Claims - Narr
Accrued Insurance Claims - Narratives (Details) | 6 Months Ended | ||
Jul. 30, 2022 USD ($) state | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | |
Accrued Insurance Claims [Line Items] | |||
Number of states with state-sponsored insurance fund | state | 2 | ||
Automobile Insurance Liability and General Liability | $ 1,000,000 | ||
Insurance Coverage Treshold Per Policy | $ 5,000,000 | ||
Decrease in accrued insurance claims | 1,000,000 | ||
Scenario, Forecast | |||
Accrued Insurance Claims [Line Items] | |||
Insurance Coverage Threshold Per Policy | $ 5,000,000 | ||
Threshold One | |||
Accrued Insurance Claims [Line Items] | |||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | 1,000,000 | ||
Threshold Two | |||
Accrued Insurance Claims [Line Items] | |||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | 11,500,000 | ||
Minimum | Threshold Three | |||
Accrued Insurance Claims [Line Items] | |||
Insurance Coverage Threshold Per Policy | 10,000,000 | ||
Maximum | |||
Accrued Insurance Claims [Line Items] | |||
Insurance liability, annual retained risk loss | 600,000 | ||
Maximum | Threshold Three | |||
Accrued Insurance Claims [Line Items] | |||
Insurance Coverage Threshold Per Policy | $ 30,000,000 |
Accrued Insurance Claims (Detai
Accrued Insurance Claims (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Accrued Insurance Claims [Abstract] | ||
Accrued insurance claims - current | $ 41,870 | $ 36,805 |
Accrued insurance claims - non-current | 45,240 | 48,238 |
Accrued insurance claims | 87,110 | 85,043 |
Insurance recoveries/receivables: | ||
Insurance recoveries/receivables for accrued insurance claims | 69 | 756 |
Non-current (included in Other assets) | 3,405 | 3,687 |
Insurance Settlements Receivable | $ 3,474 | $ 4,443 |
Leases - Narratives (Details)
Leases - Narratives (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Lessee, Lease, Description | ||
Operating lease reneewal term | 5 years | |
Operating lease liability related to long-term operating leases | $ 64,628 | $ 61,200 |
Operating lease not yet commenced, amount | $ 400 | |
Minimum | ||
Lessee, Lease, Description | ||
Operating lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description | ||
Operating lease term | 8 years |
Leases - Lease Cost and Supplem
Leases - Lease Cost and Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Leases [Abstract] | |||||
Lease cost under long-term operating leases | $ 8,461 | $ 8,796 | $ 16,927 | $ 17,426 | |
Lease cost under short-term operating leases | 6,460 | 6,064 | 12,715 | 11,255 | |
Variable lease cost under short-term and long-term operating leases | 999 | 696 | 2,020 | 1,940 | |
Total lease cost | $ 15,920 | $ 15,556 | $ 31,662 | $ 30,621 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years | 3 years | 3 years 1 month 6 days | ||
Weighted average discount rate (percent) | 3.50% | 3.50% | 3.80% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 9,582 | $ 6,835 | $ 17,470 | $ 17,586 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 10,555 | $ 7,859 | $ 19,457 | $ 19,569 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Operating Lease Liabilities After Adoption | ||
Remainder of 2023 | $ 14,466 | |
2024 | 24,646 | |
2025 | 16,826 | |
2026 | 8,286 | |
2027 | 3,865 | |
Thereafter | 1,784 | |
Total lease payments | 69,873 | |
Less: imputed interest | (5,245) | |
Total | $ 64,628 | $ 61,200 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 53,283 | $ 47,303 |
Accrued employee benefit and incentive plan costs | 24,841 | 26,942 |
Accrued construction costs | 36,907 | 28,254 |
Other current liabilities | 28,652 | 25,710 |
Other accrued liabilities | $ 143,683 | $ 128,209 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 | Apr. 01, 2021 |
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 832,832 | $ 840,751 | |
Less: current portion | (17,500) | (17,500) | |
Long-term debt | 815,332 | 823,251 | |
Credit Agreement - Revolving facility (matures April 2020) | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | 0 | 0 | |
Credit Agreement - Term Loan (matures April 2020) | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | 339,025 | 347,438 | |
Senior Notes | 4.50% senior notes, net (mature April 2029) | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 493,807 | $ 493,313 | |
Debt, interest rate (in percent) | 4.50% |
Debt - Senior Credit Agreement
Debt - Senior Credit Agreement (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 15, 2015 USD ($) | Jul. 30, 2022 USD ($) | Jul. 30, 2022 USD ($) | Oct. 30, 2021 | Jan. 29, 2022 USD ($) | Apr. 01, 2021 USD ($) | Oct. 19, 2018 USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Letters of credit outstanding amount | $ 47,500,000 | $ 47,500,000 | $ 46,300,000 | ||||
Additional borrowing availability | 341,100,000 | 341,100,000 | $ 326,300,000 | ||||
Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit maximum borrowing capacity | $ 200,000,000 | ||||||
Incremental Facility, Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 350,000,000 | ||||||
Swingline Loans | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit maximum borrowing capacity | 50,000,000 | ||||||
Credit Agreement - Term Loan (matures April 2020) | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit maximum borrowing capacity | $ 416,300,000 | $ 350,000,000 | |||||
Debt instrument, covenant compliance, consolidated leverage ratio, maximum | 2.25 | ||||||
Unrestricted cash and cash equivalents threshold | $ 25,000,000 | $ 25,000,000 | |||||
Credit Agreement - Revolving facility (matures April 2020) | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit maximum borrowing capacity | $ 750,000,000 | $ 650,000,000 | |||||
Unutilized commitment fee (in percent) | 0.35% | 0.30% | |||||
Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, covenant compliance, consolidated leverage ratio, maximum | 3.50 | ||||||
Debt instrument, covenant compliance, consolidated interest coverage ratio, maximum | 3 | ||||||
Minimum | Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Unutilized commitment fee (in percent) | 1.25% | ||||||
Minimum | Credit Agreement - Revolving facility (matures April 2020) | |||||||
Line of Credit Facility [Line Items] | |||||||
Unutilized commitment fee (in percent) | 0.20% | ||||||
Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, covenant compliance, consolidated leverage ratio, maximum | 1 | ||||||
Debt instrument, covenant compliance, consolidated interest coverage ratio, maximum | 1 | ||||||
Maximum | Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Unutilized commitment fee (in percent) | 2% | ||||||
Maximum | Credit Agreement - Revolving facility (matures April 2020) | |||||||
Line of Credit Facility [Line Items] | |||||||
Unutilized commitment fee (in percent) | 0.40% | ||||||
0.75% Convertible Senior Notes Due 2021 | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 485,000,000 |
Debt - Carrying Value of Debt (
Debt - Carrying Value of Debt (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 832,832 | $ 840,751 |
Senior Notes | 4.50% senior notes, net (mature April 2029) | ||
Debt Instrument [Line Items] | ||
Fair value of principal amount of 2029 Notes | 500,000 | 500,000 |
Debt and capital lease obligations | 493,807 | 493,313 |
Senior Notes | 4.50% senior notes, net (mature April 2029) | Estimate of Fair Value Measurement | ||
Debt Instrument [Line Items] | ||
Fair value of principal amount of 2029 Notes | 460,000 | 487,500 |
Less: Debt issuance costs | (6,193) | (6,687) |
Credit Agreement - Term Loan (matures April 2020) | ||
Debt Instrument [Line Items] | ||
Fair value of principal amount of 2029 Notes | 341,250 | 350,000 |
Less: Debt issuance costs | (2,225) | (2,562) |
Debt and capital lease obligations | $ 339,025 | $ 347,438 |
Debt - Interest Rates of the Cr
Debt - Interest Rates of the Credit Agreement (Details) | 6 Months Ended | 9 Months Ended |
Jul. 30, 2022 | Oct. 30, 2021 | |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.35% | 0.30% |
Minimum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 1.25% | |
Minimum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.625% | |
Minimum | Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.20% | |
Maximum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 2% | |
Maximum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 1% | |
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% | |
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% | |
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% | |
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) | Jul. 30, 2022 | Jan. 29, 2022 |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.75% | 1.63% |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 3.75% | 1.86% |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 0% | 0% |
Debt - Senior Notes Due 2029 (D
Debt - Senior Notes Due 2029 (Details) - Senior Notes - 4.50% senior notes, net (mature April 2029) | Apr. 01, 2021 USD ($) |
Debt Instrument [Line Items] | |
Debt, interest rate (in percent) | 4.50% |
Debt instrument, face amount | $ 500,000,000 |
Debt - Fair Value of 2029 Notes
Debt - Fair Value of 2029 Notes (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Share Price | $ 92 | $ 97.50 |
Senior Notes | 4.50% senior notes, net (mature April 2029) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of principal amount of 2029 Notes | $ 500,000 | $ 500,000 |
Estimate of Fair Value Measurement | Senior Notes | 4.50% senior notes, net (mature April 2029) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of principal amount of 2029 Notes | 460,000 | 487,500 |
Less: Debt issuance costs | (6,193) | (6,687) |
Fair value of 2029 Notes | $ 453,807 | $ 480,813 |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes Due 2021 (Details) - USD ($) | Sep. 15, 2021 | Jul. 30, 2022 | Sep. 15, 2015 |
0.75% Convertible Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt, interest rate (in percent) | 0.75% | ||
Debt instrument, face amount | $ 485,000,000 | ||
Repayments of debt | $ 58,300,000 | ||
Warrant Transaction | |||
Debt Instrument [Line Items] | |||
Class of warrant or right, exercise price of warrants or rights (per warrant) | $ 130.43 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 25.50% | 26.30% | 19.80% | 16.50% |
Net tax (deficiency) benefit | $ 0.1 | $ (0.2) | $ 2.7 | $ (2.8) |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Other Income and Expenses [Abstract] | ||||
Gain on sale of fixed assets | $ 3,467 | $ 992 | $ 8,856 | $ 3,844 |
Discount fee expense | (1,315) | (384) | (2,416) | (873) |
Miscellaneous income, net | 435 | 378 | 941 | 732 |
Other income, net | $ 2,587 | $ 986 | $ 7,381 | $ 3,703 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 30, 2022 | Mar. 02, 2022 | Mar. 01, 2022 | |
Stockholders' Equity Note [Abstract] | ||||
Amount authorized to repurchase shares | $ 150 | |||
Remaining authorized repurchase amount | $ 121.5 | $ 121.5 | $ 43.9 | |
Stock repurchased during period | 104,030 | |||
Stock repurchased, average cost per share | $ 96.06 | |||
Stock repurchased during period, value | 10 | |||
Excess over par value charged to retained earnings | $ 6.7 | $ 27.5 |
Stock-Based Awards - Tax Benefi
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Net tax (deficiency) benefit | $ 100 | $ (200) | $ 2,700 | $ (2,800) |
Stock-based compensation | 7,758 | 6,049 | ||
Stock-based compensation | 4,630 | 2,309 | 7,758 | 6,049 |
Income tax effect of stock-based compensation | $ 1,143 | $ 560 | $ 1,918 | $ 1,479 |
Stock-Based Awards - Narratives
Stock-Based Awards - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Net tax (deficiency) benefit | $ 0.1 | $ (0.2) | $ 2.7 | $ (2.8) | |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to stock options | $ 3.4 | 3.4 | |||
Total compensation cost not yet recognized, period for recognition | 3 years | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to stock options | $ 20.4 | $ 20.4 | |||
Total compensation cost not yet recognized, period for recognition | 2 years 9 months 18 days | ||||
Granted (in shares) | 120,262 | ||||
Shares outstanding | 447,566 | 447,566 | 524,255 | ||
Shares canceled (in shares) | 14,605 | ||||
Performance RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to stock options | $ 9.4 | $ 9.4 | |||
Total compensation cost not yet recognized, period for recognition | 1 year 10 months 24 days | ||||
Compensation expense | $ 21.8 | $ 21.8 | |||
Granted (in shares) | 202,212 | ||||
Shares outstanding | 388,136 | 388,136 | 455,800 | ||
Shares canceled (in shares) | 263,393 | ||||
Target Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs outstanding (in shares) | 137,605 | ||||
Shares outstanding | 261,782 | 261,782 | |||
Shares canceled (in shares) | 164,066 | ||||
Supplemental Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 64,607 | ||||
Shares outstanding | 126,354 | 126,354 | |||
Shares canceled (in shares) | 85,576 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - Stock Options - $ / shares | 6 Months Ended |
Jul. 30, 2022 | |
Stock Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | 332,121 |
Granted (in shares) | 33,015 |
Options exercised (in shares) | (22,863) |
Ending balance (in shares) | 342,273 |
Exercisable options (in shares) | 245,483 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Beginning balance (in dollars per shares) | $ 52.39 |
Options granted (in dollars per shares) | 97.49 |
Options exercised (in dollars per shares) | 61.47 |
Ending balance (in dollars per shares) | 56.13 |
Weighted average remaining contractual life, shares exercisable (In years) | $ 52.34 |
Stock-Based Awards - RSU's and
Stock-Based Awards - RSU's and Performance RSU's (Details) | 6 Months Ended |
Jul. 30, 2022 $ / shares shares | |
Target Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Forfeited or canceled (in shares) | (164,066) |
Ending balance (in shares) | 261,782 |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Beginning balance (in shares) | 524,255 |
Granted (in shares) | 120,262 |
Share units vested (in shares) | (182,346) |
Forfeited or canceled (in shares) | (14,605) |
Ending balance (in shares) | 447,566 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 38.49 |
Granted (in dollars per shares) | $ / shares | 96.72 |
Share units vested (in dollars per shares) | $ / shares | 38.87 |
Forfeited or canceled (in dollars per shares) | $ / shares | 44.28 |
Ending balance (in dollars per shares) | $ / shares | $ 53.79 |
Performance RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Beginning balance (in shares) | 455,800 |
Granted (in shares) | 202,212 |
Share units vested (in shares) | (6,483) |
Forfeited or canceled (in shares) | (263,393) |
Ending balance (in shares) | 388,136 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 68.88 |
Granted (in dollars per shares) | $ / shares | 97.49 |
Share units vested (in dollars per shares) | $ / shares | 25.15 |
Forfeited or canceled (in dollars per shares) | $ / shares | 60.32 |
Ending balance (in dollars per shares) | $ / shares | $ 90.32 |
Supplemental Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Granted (in shares) | 64,607 |
Forfeited or canceled (in shares) | (85,576) |
Ending balance (in shares) | 126,354 |
Customer Concentration and Re_3
Customer Concentration and Revenue Information - Narratives (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 USD ($) customer | Jul. 31, 2021 USD ($) | Jul. 30, 2022 USD ($) customer Rate | Jul. 31, 2021 USD ($) Rate | Jan. 29, 2022 USD ($) | |
Concentration Risk | |||||
Number of customers classified as highly concentrated | customer | 5 | 5 | |||
Amount | $ 1,118,595 | $ 1,118,595 | $ 895,898 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 972,273 | $ 787,568 | $ 1,848,573 | $ 1,515,065 | |
Revenue Benchmark | Customer Concentration Risk | |||||
Concentration Risk | |||||
% of Total | 100% | 100% | 100% | 100% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 972,300 | $ 787,600 | $ 1,848,600 | $ 1,515,100 | |
Revenue Benchmark | Customer Concentration Risk | Five Unnamed Customers | |||||
Concentration Risk | |||||
% of Total | Rate | 67.30% | 66.50% |
Customer Concentration and Re_4
Customer Concentration and Revenue Information - Revenue Concentration Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Concentration Risk | ||||
Contract revenues | $ 972,273 | $ 787,568 | $ 1,848,573 | $ 1,515,065 |
Revenue Benchmark | Customer Concentration Risk | ||||
Concentration Risk | ||||
Contract revenues | $ 972,300 | $ 787,600 | $ 1,848,600 | $ 1,515,100 |
% of Total | 100% | 100% | 100% | 100% |
Revenue Benchmark | Customer Concentration Risk | AT&T Inc. | ||||
Concentration Risk | ||||
Contract revenues | $ 255,900 | $ 177,500 | $ 493,300 | $ 333,100 |
% of Total | 26.30% | 22.50% | 26.70% | 22% |
Revenue Benchmark | Customer Concentration Risk | Lumen Technologies | ||||
Concentration Risk | ||||
Contract revenues | $ 127,600 | $ 95,400 | $ 230,400 | $ 181,200 |
% of Total | 13.10% | 12.10% | 12.50% | 12% |
Revenue Benchmark | Customer Concentration Risk | Comcast Corporation | ||||
Concentration Risk | ||||
Contract revenues | $ 111,800 | $ 121,700 | $ 223,000 | $ 252,800 |
% of Total | 11.50% | 15.50% | 12.10% | 16.70% |
Revenue Benchmark | Customer Concentration Risk | Verizon Communications Inc. | ||||
Concentration Risk | ||||
Contract revenues | $ 80,800 | $ 90,800 | $ 161,800 | $ 182,300 |
% of Total | 8.30% | 11.50% | 8.80% | 12% |
Revenue Benchmark | Customer Concentration Risk | Total other customers combined | ||||
Concentration Risk | ||||
Contract revenues | $ 396,200 | $ 302,200 | $ 740,100 | $ 565,700 |
% of Total | 40.80% | 38.40% | 40% | 37.30% |
Customer Concentration and Re_5
Customer Concentration and Revenue Information - Customer Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Concentration Risk | ||||
Contract revenues | $ 972,273 | $ 787,568 | $ 1,848,573 | $ 1,515,065 |
Customer Concentration Risk | Revenue Benchmark | ||||
Concentration Risk | ||||
Contract revenues | $ 972,300 | $ 787,600 | $ 1,848,600 | $ 1,515,100 |
% of Total | 100% | 100% | 100% | 100% |
% of Total | 100% | 100% | 100% | 100% |
Customer Concentration Risk | Revenue Benchmark | Telecommunications | ||||
Concentration Risk | ||||
Contract revenues | $ 871,000 | $ 697,500 | $ 1,649,900 | $ 1,337,200 |
% of Total | 89.60% | 88.60% | 89.30% | 88.30% |
Customer Concentration Risk | Revenue Benchmark | Underground facility locating | ||||
Concentration Risk | ||||
Contract revenues | $ 71,400 | $ 65,800 | $ 142,300 | $ 130,700 |
% of Total | 7.30% | 8.30% | 7.70% | 8.60% |
Customer Concentration Risk | Revenue Benchmark | Electrical and gas utilities and other | ||||
Concentration Risk | ||||
Contract revenues | $ 29,900 | $ 24,300 | $ 56,400 | $ 47,200 |
% of Total | 3.10% | 3.10% | 3% | 3.10% |
Five Unnamed Customers | Customer Concentration Risk | Revenue Benchmark | ||||
Concentration Risk | ||||
% of Total | 67.30% | 66.50% |
Commitment and Contingencies -
Commitment and Contingencies - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Oct. 31, 2016 | Jul. 30, 2022 | Jan. 29, 2022 | Nov. 30, 2016 | |
Loss Contingencies [Line Items] | ||||
Multiemployer Plan Periodic Withdraw Liability | $ 0.1 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 20.4 | $ 20.3 | ||
Letters of credit outstanding amount | 47.5 | 46.3 | ||
Pension Hospitalization and Benefit Plan of the Electric Industry Pension Trust Fund | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Awarded, Value | $ 13 | |||
Performance Guarantee and Surety Bond [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantor obligations, carrying value | $ 316.4 | $ 296.4 |