Cover
Cover - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Feb. 28, 2023 | Jul. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 28, 2023 | ||
Current Fiscal Year End Date | --01-28 | ||
Document Transition Report | false | ||
Entity File Number | 001-10613 | ||
Entity Registrant Name | DYCOM INDUSTRIES, INC. | ||
Entity Tax Identification Number | 59-1277135 | ||
Entity Incorporation, State | FL | ||
Entity Address, Street | 11780 US Highway 1, Suite 600 | ||
Entity Address, City | Palm Beach Gardens, | ||
Entity Address, State | FL | ||
Entity Address, Postal Zip Code | 33408 | ||
City Area Code | 561 | ||
Local Phone Number | 627-7171 | ||
Title of Each Class | Common stock, par value $0.33 1/3 per share | ||
Trading Symbol(s) | DY | ||
Name of Each Exchange on Which Registered | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,933,163,238 | ||
Documents Incorporated by Reference [Text Block] | Document Part of Annual Report on Form 10-K into which incorporated Portions of the registrant’s Proxy Statement for its 2023 Annual Meeting of Shareholders Parts II and III Such Proxy Statement, except for the portions thereof which have been specifically incorporated by reference, shall not be deemed “filed” as part of this Annual Report on Form 10-K. | ||
Entity Common Stock, Shares Outstanding | 29,355,347 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000067215 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 28, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Hallandale Beach, Florida |
Auditor Firm ID | 238 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Current assets: | ||
Cash and equivalents | $ 224,186 | $ 310,757 |
Accounts receivable, net (Note 5) | 1,067,013 | 895,898 |
Contract assets | 43,932 | 24,539 |
Inventories | 114,972 | 81,291 |
Income tax receivable | 3,929 | 12,729 |
Other current assets | 38,648 | 30,876 |
Total current assets | 1,492,680 | 1,356,090 |
Property and equipment, net | 367,852 | 294,798 |
Operating lease right-of-use assets | 67,240 | 61,101 |
Goodwill | 272,545 | 272,485 |
Intangible assets, net | 86,566 | 101,832 |
Other assets | 26,371 | 31,918 |
Total assets | 2,313,254 | 2,118,224 |
Current liabilities: | ||
Accounts payable | 207,739 | 155,896 |
Current portion of debt | 17,500 | 17,500 |
Contract liabilities | 19,512 | 18,512 |
Accrued insurance claims | 41,043 | 36,805 |
Operating lease liabilities | 27,527 | 24,641 |
Income taxes payable | 14,896 | 233 |
Other accrued liabilities | 141,334 | 128,209 |
Total current liabilities | 469,551 | 381,796 |
Long-term debt | 807,367 | 823,251 |
Accrued insurance claims - non-current | 49,347 | 48,238 |
Operating lease liabilities - non-current | 39,628 | 36,519 |
Deferred tax liabilities, net - non-current | 60,205 | 55,674 |
Other liabilities | 18,401 | 14,202 |
Total liabilities | 1,444,499 | 1,359,680 |
COMMITMENTS AND CONTINGENCIES (Note 20) | ||
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: 29,350,021 and 29,612,867 issued and outstanding, respectively | 9,783 | 9,871 |
Additional paid-in capital | 5,654 | 2,028 |
Accumulated other comprehensive loss | (1,771) | (1,769) |
Retained earnings | 855,089 | 748,414 |
Total stockholders’ equity | 868,755 | 758,544 |
Total liabilities and stockholders’ equity | $ 2,313,254 | $ 2,118,224 |
Common stock, par value (in dollars per share) | $ 0.33 | $ 0.33 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 28, 2023 | Jan. 29, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.33 | $ 0.33 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 29,350,021 | 29,612,867 |
Common stock, shares outstanding | 29,350,021 | 29,612,867 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Statement [Abstract] | |||
Contract revenues | $ 3,808,462 | $ 3,130,519 | $ 3,199,165 |
Costs of earned revenues, excluding depreciation and amortization | 3,160,264 | 2,633,877 | 2,641,989 |
General and administrative | 293,478 | 262,432 | 259,770 |
Depreciation and amortization | 144,181 | 152,652 | 175,897 |
Goodwill impairment charge | 0 | 0 | 53,264 |
Total | 3,597,923 | 3,048,961 | 3,130,920 |
Interest expense, net | (40,618) | (33,166) | (29,671) |
(Loss) gain on debt extinguishment | 0 | (62) | 12,046 |
Other income, net | 10,201 | 4,446 | 8,597 |
Income before income taxes | 180,122 | 52,776 | 59,217 |
Provision for income taxes | 37,909 | 4,202 | 24,880 |
Net income | $ 142,213 | $ 48,574 | $ 34,337 |
Earnings per common share: | |||
Basic earnings per common share (in dollars per share) | $ 4.81 | $ 1.60 | $ 1.08 |
Diluted earnings per common share (in dollars per share) | $ 4.74 | $ 1.57 | $ 1.07 |
Shares used in computing earnings per common share: | |||
Basic (in shares) | 29,549,990 | 30,337,544 | 31,665,183 |
Diluted (in shares) | 29,996,591 | 30,844,211 | 32,090,578 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 142,213 | $ 48,574 | $ 34,337 |
Foreign currency translation (losses) gains, net of tax | (2) | 0 | 12 |
Comprehensive income | $ 142,211 | $ 48,574 | $ 34,349 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment |
Beginning balance, value at Jan. 25, 2020 | $ 868,604 | $ 10,528 | $ 30,158 | $ (1,781) | $ 829,699 | |
Beginning balance, shares at Jan. 25, 2020 | 31,583,938 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised, value | 5,738 | $ 98 | 5,640 | |||
Stock options exercised, shares | 295,650 | |||||
Stock-based compensation | 12,771 | $ 1 | 12,770 | |||
Stock-based compensation, shares | 4,962 | |||||
Issuance of restricted stock, net of tax withholdings | (728) | $ 19 | (747) | 0 | ||
Issuance of restricted stock, net of tax withholdings, shares | 54,998 | |||||
Equity component of the settlement of $0.75% convertible senior notes due 2021, net of taxes | (8,976) | (8,976) | ||||
Purchase of warrants | (7,176) | (7,176) | ||||
Settlement of convertible note hedges related to extinguishment of convertible debt | 7,197 | 7,197 | ||||
Repurchase of common stock, value | (100,000) | $ (441) | (36,582) | (62,977) | ||
Repurchase of common stock, shares | (1,324,381) | |||||
Other comprehensive income (loss) | 12 | |||||
Net Income | 34,337 | 34,337 | ||||
Ending balance, value at Jan. 30, 2021 | $ 811,308 | $ 10,205 | 2,284 | (1,769) | 800,588 | $ (471) |
Ending balance, shares at Jan. 30, 2021 | 30,615,167 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||
Stock options exercised, value | $ 2,261 | $ 14 | 2,247 | |||
Stock options exercised, shares | 42,580 | |||||
Stock-based compensation | 9,866 | $ 1 | 9,865 | |||
Stock-based compensation, shares | 2,197 | |||||
Issuance of restricted stock, net of tax withholdings | (6,639) | $ 62 | (2,767) | (3,934) | ||
Issuance of restricted stock, net of tax withholdings, shares | 184,561 | |||||
Purchase of warrants | (693) | (693) | ||||
Repurchase of common stock, value | (106,133) | $ (411) | (8,909) | (96,814) | ||
Repurchase of common stock, shares | (1,231,638) | |||||
Net Income | 48,574 | 48,574 | ||||
Ending balance, value at Jan. 29, 2022 | $ 758,544 | $ 9,871 | 2,028 | (1,769) | 748,414 | |
Ending balance, shares at Jan. 29, 2022 | 29,612,867 | 29,612,867 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised, value | $ 4,557 | $ 40 | 4,517 | |||
Stock options exercised, shares | 119,430 | |||||
Stock-based compensation | 17,927 | $ 1 | 17,926 | |||
Stock-based compensation, shares | 1,824 | |||||
Issuance of restricted stock, net of tax withholdings | (5,752) | $ 43 | (3,449) | (2,346) | ||
Issuance of restricted stock, net of tax withholdings, shares | 129,930 | |||||
Repurchase of common stock, value | (48,732) | $ (172) | (15,368) | (33,192) | ||
Repurchase of common stock, shares | (514,030) | |||||
Other comprehensive income (loss) | (2) | (2) | ||||
Net Income | 142,213 | 142,213 | ||||
Ending balance, value at Jan. 28, 2023 | $ 868,755 | $ 9,783 | $ 5,654 | $ (1,771) | $ 855,089 | |
Ending balance, shares at Jan. 28, 2023 | 29,350,021 | 29,350,021 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Cash flows from operating activities: | |||
Net Income | $ 142,213 | $ 48,574 | $ 34,337 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 144,181 | 152,652 | 175,897 |
Non-cash lease expense | 32,069 | 31,838 | 31,828 |
Non-cash lease expense | 4,532 | 8,024 | (28,185) |
Stock-based compensation | 17,927 | 9,866 | 12,771 |
Provision for bad debt, net | 2,600 | 2,911 | 406 |
Gain on sale of fixed assets | (16,759) | (4,203) | (10,026) |
Loss (gain) on debt extinguishment | 0 | 62 | (12,046) |
Amortization of debt discount | 0 | 1,665 | 7,441 |
Amortization of debt issuance costs and other | 2,835 | 2,825 | 2,797 |
Goodwill impairment charge | 0 | 0 | 53,264 |
Change in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable, net | (173,714) | (40,687) | (41,755) |
Contract assets, net | (18,394) | 176,982 | 53,664 |
Other current assets and inventories | (41,270) | (12,255) | 27,316 |
Other assets | 5,666 | 2,220 | 9,178 |
Income taxes receivable/payable | 23,463 | (17,177) | 7,505 |
Accounts payable | 49,396 | (4,905) | 43,747 |
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities | (9,956) | (49,737) | 13,638 |
Net cash provided by operating activities | 164,789 | 308,655 | 381,777 |
Cash flows from investing activities: | |||
Capital expenditures | (200,955) | (157,042) | (58,047) |
Proceeds from sale of assets | 17,372 | 5,363 | 13,419 |
Cash paid for acquisitions, net of cash acquired | (350) | 0 | 0 |
Net cash used in investing activities | (183,933) | (151,679) | (44,628) |
Cash flows from financing activities: | |||
Proceeds from 2029 Notes | 0 | 500,000 | 0 |
Proceeds from borrowings on senior credit agreement, including term loans | 0 | 95,000 | 1,056,000 |
Principal payments on senior credit agreement, including term loans | (17,500) | (271,875) | (973,500) |
Debt issuance costs | 0 | (11,646) | 0 |
Repurchase of common stock | (48,732) | (106,133) | (100,000) |
Extinguishment of 2021 Convertible Notes | 0 | (58,264) | (401,736) |
Redemption discount on convertible debt, net of costs | 0 | 0 | 30,761 |
Settlement of convertible note hedges related to extinguished convertible debt | 0 | 0 | 7,197 |
Purchase of warrants | 0 | (693) | (7,176) |
Exercise of stock options | 4,557 | 2,261 | 5,738 |
Restricted stock tax withholdings | (5,752) | (6,639) | (728) |
Net cash (used in) provided by financing activities | (67,427) | 142,011 | (383,444) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (86,571) | 298,987 | (46,295) |
Cash, cash equivalents and restricted cash at beginning of period (Note 7) | 312,561 | 13,574 | 59,869 |
Cash, cash equivalents and restricted cash at end of period (Note 7) | 225,990 | 312,561 | 13,574 |
Supplemental disclosure of other cash flow activities and non-cash investing and financing activities: | |||
Cash paid for interest | 37,928 | 22,076 | 20,653 |
Cash paid for taxes, net | 6,915 | 8,601 | 45,332 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $ 8,256 | $ 6,666 | $ 6,556 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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. Our fiscal year ends on the last Saturday in January. As a result, each fiscal year consists of either 52 weeks or 53 weeks of operations (with the additional week of operations occurring in the fourth quarter). Fiscal 2023 and fiscal 2022 each consisted of 52 weeks of operations. Fiscal 2021 consisted of 53 weeks of operations. The accompanying consolidated financial statements of the Company and its subsidiaries, all of which are wholly-owned, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of such statements have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. |
Significant Accounting Policies
Significant Accounting Policies and Estimates (Notes) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Significant Accounting Policies and Estimates Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. These key estimates include: the recognition of revenue under the cost-to-cost method of progress, accrued insurance claims, the allowance for doubtful accounts, accruals for contingencies, stock-based compensation expense for performance-based stock awards, the fair value of reporting units for the goodwill impairment analysis, the assessment of impairment of intangibles and other long lived assets, the purchase price allocations of businesses acquired, and income taxes. These estimates are based on our historical experience and management’s understanding of current facts and circumstances. At the time they are made, we believe that such estimates are fair when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. Revenue Recognition. We perform a significant amount of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks including, for example, the placement of underground or aerial fiber, directional boring, and fiber splicing, each based on a specific unit of measure. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable. Our services are performed for the sole benefit of our customers, whereby the assets being created or maintained are controlled by the customer and the services we perform do not have alternative benefits for us. Contract revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits we provide. Output measures such as units delivered are utilized to assess progress against specific contractual performance obligations for the majority of our services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For us, the output method using units delivered best represents the measure of progress against the performance obligations incorporated within the contractual agreements. This method captures the amount of units delivered pursuant to contracts and is used only when our performance does not produce significant amounts of work in process prior to complete satisfaction of the performance obligation. For a portion of contract items, units to be completed consist of multiple tasks. For these items, the transaction price is allocated to each task based on relative standalone measurements, such as selling prices for similar tasks, or in the alternative, the cost to perform the tasks. Contract revenue is recognized as the tasks are completed as a measurement of progress in the satisfaction of the corresponding performance obligation. For certain contracts, representing less than 5% of contract revenues during fiscal 2023, fiscal 2022, and fiscal 2021, we use the cost-to-cost measure of progress. These contracts are generally projects that are completed over a period of less than 12 months and for which payment is received in a lump sum at the end of the project. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs. Contract costs include direct labor, direct materials, and subcontractor costs, as well as an allocation of indirect costs. Contract revenues are recorded as costs are incurred. We accrue the entire amount of a contract loss, if any, at the time the loss is determined to be probable and can be reasonably estimated. There were no material amounts of unapproved change orders or claims recognized during fiscal 2023, fiscal 2022, and fiscal 2021. Accounts Receivable, net. We grant credit to our customers, generally without collateral, under normal payment terms (typically 30 to 90 days after invoicing). Generally, invoicing occurs within 45 days after the related services are performed. Accounts receivable represents an unconditional right to consideration arising from our performance under contracts with customers. Accounts receivable include billed accounts receivable, unbilled accounts receivable, and retainage. The carrying value of such receivables, net of the allowance for doubtful accounts, represents their estimated realizable value. Unbilled accounts receivable represent amounts we have an unconditional right to receive payment for that will be billed at a later date due to administrative requirements in the billing processes specified by our customers. Certain of our contracts contain retainage provisions whereby a portion of the revenue earned is withheld from payment as a form of security until contractual provisions are satisfied. The collectability of retainage is included in our overall assessment of the collectability of accounts receivable. We expect to collect the outstanding balance of current accounts receivable, net (including trade accounts receivable, unbilled accounts receivable, and retainage) within the next 12 months. We estimate our allowance for doubtful accounts by evaluating specific accounts receivable balances based on historical collection trends, the age of outstanding receivables, and the credit worthiness of our customers. We participate in a customer-sponsored vendor payment program for one of our customers. All eligible accounts receivable from this customer are included in the program and payment is received pursuant to a non-recourse sale to a bank partner of the customer. This program effectively reduces the time to collect these receivables as compared to that customer’s standard payment terms. We incur a discount fee to the bank on the payments received that is reflected as an expense component in other income, net, in the consolidated statements of operations. Contract Assets. Contract assets include unbilled amounts typically resulting from arrangements whereby complete satisfaction of a performance obligation and the right to payment are conditioned on completing additional tasks or services. Contract Liabilities. Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. Our contract assets and liabilities are reported in a net position on a contract by contract basis at the end of each reporting period. As of January 28, 2023 and January 29, 2022, the contract liabilities balance is classified as current based on the timing of when we expect to complete the tasks required for the recognition of revenue. Cash and Equivalents. Cash and equivalents primarily include balances on deposit in banks. We maintain our cash and equivalents at financial institutions we believe to be of high credit quality. To date, we have not experienced any loss or lack of access to cash in our operating accounts. Inventories. Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or net realizable value. Inventories also include certain job specific materials that are valued using the specific identification method. For contracts where we are required to supply part or all of the materials on behalf of a customer, the loss of a customer or declines in contract volumes could result in an impairment of the value of materials purchased. Property and Equipment. Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 8, Property and Equipment , for the range of useful lives). Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $12.8 million and $17.0 million as of January 28, 2023 and January 29, 2022, respectively. Leases. Our leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For leases with initial terms greater than 12 months, we record operating lease right-of-use assets and corresponding operating lease liabilities. Operating lease right-of-use assets represent our right to use the underlying asset for the lease term and operating lease liabilities represent our obligation to make the related lease payments. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet. Goodwill and Intangible Assets. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. We perform our annual impairment review of goodwill at the reporting unit level. Each of our operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If we determine the fair value of the reporting unit’s goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of an annual or interim test, an impairment loss is recognized and reflected in operating income or loss in the consolidated statements of operations during the period incurred. We review finite-lived intangible assets for impairment whenever an event occurs or circumstances change that indicate that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. If an asset is not recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If we determine the fair value of an asset is less than the carrying value, an impairment loss is recognized in operating income or loss in the consolidated statements of operations during the period incurred. We use judgment in assessing whether goodwill and intangible assets are impaired. Estimates of fair value are based on our projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. We determine the fair value of our reporting units using a weighing of fair values derived in equal proportions from the income approach and market approach valuation methodologies. The income approach uses the discounted cash flow method and the market approach uses the guideline company method. Changes in our judgments and projections could result in significantly different estimates of fair value, potentially resulting in impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. See Note 9, Goodwill and Intangible Assets , for additional information regarding our annual assessment of goodwill and other indefinite-lived intangible assets. Long-Lived Tangible Assets. We review long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. Accrued Insurance Claims. For claims within our insurance program, we retain the risk of loss, up to certain limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. Additionally, within our aggregate coverage limits and above our base layer of third-party insurance coverage, we have retained the risk of loss at certain levels of exposure. We have established reserves that we believe to be adequate based on current evaluations and our experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on our financial statements is generally limited to the amount needed to satisfy our insurance deductibles or retentions. We estimate the liability for claims based on facts, circumstances, and historical experience. Even though they will not be paid until sometime in the future, recorded loss reserves are not discounted. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the magnitude and quantity of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. Income Taxes. We account for income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Measurement of our tax position is based on the applicable statutes, federal and state case law, and our interpretations of tax regulations. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all relevant factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we determine that we would be able to realize deferred income tax assets in excess of their net recorded amount, we would adjust the valuation allowance, which would reduce the provision for income taxes. We recognize tax benefits in the amount that we deem, more likely than not, will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized during the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. We recognize applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. We believe our provision for income taxes is adequate; however, any assessment would affect our results of operations and cash flows. With few exceptions, we are no longer subject to U.S. federal, state and local, or Canadian income tax examinations for fiscal years ended 2015 and prior. Per Share Data. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares arising from our stock-based awards (including unvested restricted share units), convertible senior notes, and warrants if their inclusion is dilutive under the treasury stock method. Common stock equivalents related to stock-based awards, convertible senior notes, and warrants are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. Stock-Based Compensation. We have stock-based compensation plans under which we grant stock-based awards, including stock options, time-based restricted share units (“RSUs”), and performance-based restricted share units (“Performance RSUs”) to attract, retain, and reward talented employees, officers, and directors, and to align stockholder and employee interests. The resulting compensation expense is recognized on a straight-line basis over the vesting period, net of actual forfeitures, and is included in general and administrative expenses in the consolidated statements of operations. This expense fluctuates over time as a result of the vesting periods of the stock-based awards and, for our Performance RSUs, the expected achievement of performance measures. Compensation expense for stock-based awards is based on fair value at the measurement date. The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model. This valuation is affected by our stock price as well as other inputs, including the expected common stock price volatility over the expected life of the options, the expected term of the stock option, risk-free interest rates, and expected dividends, if any. Stock options vest ratably over a four four three For Performance RSUs, we evaluate compensation expense quarterly and recognize expense only if we determine it is probable that the performance measures for the awards will be met. The performance measures for target awards are based on our operating earnings (adjusted for certain amounts) as a percentage of contract revenues and our operating cash flow level (adjusted for certain amounts) for the applicable four-quarter performance period. Additionally, certain awards include three three three Stock-Based Awards . Contingencies and Litigation. In the ordinary course of our business, we are involved in certain legal proceedings and other claims, including claims for indemnification by our customers. In determining whether a loss should be accrued, we evaluate, among other factors, the probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. If only a range of probable loss can be determined, we accrue for our best estimate within the range for the contingency. In those cases where none of the estimates within the range is better than another, we accrue for the amount representing the low end of the range. As additional information becomes available, we reassess the potential liability related to our pending litigation and other contingencies and revise our estimates as applicable. Revisions of our estimates of the potential liability could materially impact our results of operations. Additionally, if the final outcome of such litigation and contingencies differs adversely from that currently expected, it would result in a charge to operating results when determined. Business Combinations. We account for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, expected royalty rates for trademarks and trade names, as well as certain other information. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to us at that time, may become known during the remainder of the measurement period. This measurement period may not exceed 12 months from the acquisition date. We will recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. Additionally, in the same period in which adjustments are recognized, we will record the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting adjustment had been completed at the acquisition date. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the consolidated financial statements from their dates of acquisition. Fair Value of Financial Instruments. Our financial instruments primarily consist of cash and equivalents, restricted cash, accounts receivable, income taxes receivable and payable, accounts payable, certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for the fair value of our long-term debt, which is based on observable market-based inputs (Level 2). See Note 13, Debt , for further information regarding the fair value of such financial instruments. Our cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of January 28, 2023 and January 29, 2022. During fiscal 2023, fiscal 2022, and fiscal 2021 we had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. Taxes Collected from Customers. ASC Topic 606, Taxes Collected from Customers and Remitted to Governmental Authorities , addresses the income statement presentation of any taxes collected from customers and remitted to a government authority and provides that the presentation of taxes on either a gross basis or a net basis is an accounting policy decision that should be disclosed. Our policy is to present contract revenues net of sales taxes. |
Accounting Standards
Accounting Standards | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standards | Accounting Standards Recently Adopted Accounting Standards None. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU was effective for adoption at any time between March 12, 2020 and December 31, 2022. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. We have determined that the adoption of this ASU would not have a material effect on our financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require acquiring entities to apply Topic 606 to recognize and measure contract assets and liabilities in a business combination. This update is intended to improve comparability after the business combination by providing consistent recognition and measurement of acquired revenue contracts and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied prospectively. We will adopt the provisions of this ASU in the first quarter of fiscal 2024 and do not expect the adoption to have a material effect on our consolidated financial statements. |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Common Share | Computation of Earnings per Common Share The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Net income available to common stockholders (numerator) $ 142,213 $ 48,574 $ 34,337 Weighted-average number of common shares (denominator) 29,549,990 30,337,544 31,665,183 Basic earnings per common share $ 4.81 $ 1.60 $ 1.08 Weighted-average number of common shares 29,549,990 30,337,544 31,665,183 Potential shares of common stock arising from stock options, and unvested restricted share units 446,601 506,667 425,395 Total shares-diluted (denominator) 29,996,591 30,844,211 32,090,578 Diluted earnings per common share $ 4.74 $ 1.57 $ 1.07 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 98,530 91,816 233,988 0.75% convertible senior notes due 2021 (1) (2) — 375,013 1,715,972 Warrants (1) (2) — 538,124 1,715,972 Total 98,530 1,004,953 3,665,932 (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 exceeds the $130.43 per share warrant strike price. As our average stock price did not exceed the strike price for the warrants for any of the periods presented, the underlying common shares were anti-dilutive as reflected in the table above. 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 | 12 Months Ended |
Jan. 28, 2023 | |
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. See Note 2, Significant Accounting Policies and Estimates , for further information on our policies related to these balance sheet accounts, as well as our revenue recognition policies. Accounts Receivable Accounts receivable, net classified as current, consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Trade accounts receivable $ 367,842 $ 330,811 Unbilled accounts receivable 670,066 545,493 Retainage 32,351 20,318 Total 1,070,259 896,622 Less: allowance for doubtful accounts (3,246) (724) Accounts receivable, net $ 1,067,013 $ 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): January 28, 2023 January 29, 2022 Allowance for doubtful accounts at beginning of period $ 724 $ 1,676 Provision for bad debt 2,600 2,911 Amounts charged against the allowance (78) (3,863) Allowance for doubtful accounts at end of period $ 3,246 $ 724 Contract Assets and Contract Liabilities Net contract assets consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Contract assets $ 43,932 $ 24,539 Contract liabilities 19,512 18,512 Contract assets, net $ 24,420 $ 6,027 The increase in contract assets, net, in fiscal 2023 from fiscal 2022 primarily resulted from reduced services performed and increased billings under contracts consisting of multiple tasks. There were no other significant changes in contract assets during the period. During fiscal 2023, we performed services and recognized $15.9 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 January 28, 2023 or January 29, 2022 were as follows (dollars in millions): January 28, 2023 January 29, 2022 Amount % of Total Amount % of Total Lumen Technologies $ 189.3 17.4 % $ 166.0 18.4 % AT&T Inc. $ 136.2 12.5 % $ 106.0 11.7 % Comcast Corporation $ 125.2 11.5 % $ 113.5 12.6 % Verizon Communications Inc. $ 102.7 9.4 % $ 144.3 16.0 % We believe that none of the customers above were experiencing financial difficulties that would materially impact the collectability of our total accounts receivable and contract assets, net, as of January 28, 2023 or January 29, 2022. |
Other Current Assets and Other
Other Current Assets and Other Assets | 12 Months Ended |
Jan. 28, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets and Other Assets | Other Current Assets and Other Assets Other current assets consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Prepaid expenses $ 17,357 $ 14,640 Deposits and other current assets 19,919 14,083 Insurance recoveries/receivables for accrued insurance claims — 756 Restricted cash 1,372 1,372 Receivables on equipment sales 25 Other current assets $ 38,648 $ 30,876 Other assets consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Long-term contract assets $ 8,333 $ 14,056 Deferred financing costs 3,685 4,834 Restricted cash 432 432 Insurance recoveries/receivables for accrued insurance claims 4,957 3,687 Other non-current deposits and assets 8,964 8,909 Other assets $ 26,371 $ 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 and Equivalents and Restri
Cash and Equivalents and Restricted Cash | 12 Months Ended |
Jan. 28, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Equivalents and Restricted Cash | Cash and Equivalents and Restricted Cash Amounts of cash, cash equivalents and restricted cash reported in the consolidated statement of cash flows consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Cash and equivalents $ 224,186 $ 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 $ 225,990 $ 312,561 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) January 28, 2023 January 29, 2022 Land — $ 8,419 $ 4,127 Buildings 10-35 10,466 10,649 Leasehold improvements 1-10 17,623 17,706 Vehicles 1-5 815,266 714,515 Computer hardware and software 1-7 165,582 153,072 Office furniture and equipment 1-10 12,215 12,939 Equipment and machinery 1-10 359,021 329,145 Total 1,388,592 1,242,153 Less: accumulated depreciation (1,020,740) (947,355) Property and equipment, net $ 367,852 $ 294,798 Depreciation expense and repairs and maintenance expense were as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Depreciation expense $ 128,840 $ 135,163 $ 155,274 Repairs and maintenance expense $ 62,724 $ 51,150 $ 47,586 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill There were no changes in the carrying amount of goodwill during fiscal 2022. Changes in the carrying amount of goodwill during fiscal 2023 were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of January 29, 2022 $ 521,516 $ (249,031) $ 272,485 Goodwill from fiscal 2023 acquisition 60 — 60 Balance as of January 28, 2023 $ 521,576 $ (249,031) $ 272,545 The Company’s goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of our geographic presence and strengthening of our customer base from acquisitions. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The profitability of individual reporting units may suffer periodically due to downturns in customer demand, increased costs of providing services, and the level of overall economic activity. Our customers may reduce capital expenditures and defer or cancel pending projects due to changes in technology, a slowing or uncertain economy, merger or acquisition activity, a decision to allocate resources to other areas of their business, or other reasons. The profitability of reporting units may also suffer if actual costs of providing services exceed the costs anticipated when the Company enters into contracts. Additionally, adverse conditions in the economy and future volatility in the equity and credit markets could impact the valuation of our reporting units. The cyclical nature of our business, the high level of competition existing within our industry, and the concentration of our revenues from a limited number of customers may also cause results to vary. These factors may affect individual reporting units disproportionately, relative to the Company as a whole. As a result, the performance of one or more of the reporting units could decline, resulting in an impairment of goodwill or intangible assets. We evaluate current operating results, including any losses, in the assessment of goodwill and other intangible assets. The estimates and assumptions used in assessing the fair value of the reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Changes in judgments and estimates could result in significantly different estimates of the fair value of the reporting units and could result in impairments of goodwill or intangible assets of the reporting units. In addition, adverse changes to the key valuation assumptions contributing to the fair value of our reporting units could result in an impairment of goodwill or intangible assets. The Company performs its annual goodwill assessment as of the first day of the fourth fiscal quarter of each fiscal year. Goodwill and indefinite lived intangible assets are required to be tested for impairment between annual tests if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. We performed our annual impairment assessment for fiscal 2023, fiscal 2022, and fiscal 2021, and concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit for any of the periods other than the first quarter of fiscal 2021 as described below. In each of these periods, qualitative assessments were performed on reporting units that comprise a significant portion of our consolidated goodwill balance. For the Company’s indefinite-lived intangible asset we performed a quantitative analysis for fiscal 2023 and a qualitative assessment for fiscal 2022 and 2021. A qualitative assessment includes evaluating all identified events and circumstances that could affect the significant inputs used to determine the fair value of a reporting unit or indefinite-lived intangible asset for the purpose of determining whether it is more likely than not that these assets are impaired. We consider various factors while performing qualitative assessments, including macroeconomic conditions, industry and market conditions, financial performance of the reporting units, changes in market capitalization, and any other specific reporting unit considerations. These qualitative assessments indicated that it was more likely than not that the fair value exceeded carrying value for those reporting units. For the remaining reporting units, we performed the quantitative analysis described in ASC Topic 350 in each of these periods. When performing the quantitative analysis, we determine the fair value of our reporting units using an equal weighting of fair values derived from the income approach and market approach valuation methodologies. Under the income approach, the key valuation assumptions used in determining the fair value estimates of our reporting units for each annual test were: (a) expected cash flow for a period of seven The table below outlines certain assumptions used in our annual quantitative impairment analyses for fiscal 2023, fiscal 2022, and fiscal 2021: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Terminal Growth Rate 2% - 3% 2% - 3% 3.0% Discount Rate 11.5% 10.5% 10.0% The discount rate reflects risks inherent within each reporting unit operating individually. These risks are greater than the risks inherent in the Company as a whole. Determination of discount rates included consideration of market inputs such as the risk-free rate, equity risk premium, industry premium, and cost of debt, among other assumptions. The increase in the discount rate for fiscal 2023 from fiscal 2022 was largely driven by increases in prevailing interest rates as observed in financial markets as of each valuation date. The increase in the discount rate for fiscal 2022 from fiscal 2021 was mainly a result of a heavier weighting of the cost of equity versus debt in fiscal 2022 as a result of market trends for capital structure. We believe the assumptions used in the impairment analysis each year are reflective of the risks inherent in the business models of our reporting units and our industry. Under the market approach, the guideline company method develops valuation multiples by comparing our reporting units to similar publicly traded companies. Key valuation assumptions used in determining the fair value estimates of our reporting units rely on: (a) the selection of similar companies and (b) the selection of valuation multiples as they apply to the reporting unit characteristics. We determined that the fair values of each of the reporting units and the indefinite-lived intangible asset were in excess of their carrying values in the fiscal 2023 assessment. Management determined that significant changes were not likely in the factors considered to estimate fair value, and analyzed the impact of such changes were they to occur. Specifically, if the discount rate applied in the fiscal 2023 impairment analysis had been 100 basis points higher than estimated for each of the reporting units, and all other assumptions were held constant, the conclusion of the assessment would remain unchanged and there would be no impairment of goodwill. Additionally, if there was a 25% decrease in the fair value of any of the reporting units due to a decline in their discounted cash flows resulting from lower operating performance, the conclusion of the assessment would remain unchanged for all reporting units except for one. For this reporting unit with goodwill of $5.7 million, the excess of fair value above its carrying value was approximately 7% of the fair value. Recent operating performance, along with assumptions for specific customer and industry opportunities, were considered in the key assumptions used during the fiscal 2023 impairment analysis. Management has determined the goodwill of the Company may have an increased likelihood of impairment if a prolonged downturn in customer demand were to occur, or if the reporting units was not able to execute against customer opportunities, and the long-term outlook for their cash flows were adversely impacted. Furthermore, changes in the long-term outlook may result in a change to other valuation assumptions. Factors monitored by management which could result in a change to the reporting units’ estimates include the outcome of customer requests for proposals and subsequent awards, strategies of competitors, labor market conditions and levels of overall economic activity. The Company determined that there were no events or changes in circumstances for the other reporting units or indefinite lived intangible assets during fiscal 2023 that would indicate a potential reduction in their fair value below their carrying amounts. As of January 28, 2023, the Company continues to believe the remaining goodwill and the indefinite-lived intangible asset are recoverable for all of its reporting units . However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and could be impaired. There can be no assurances that goodwill or the indefinite-lived intangible asset may not be impaired in future periods. During fiscal 2021 and 2022, the economy of the United States was severely impacted by the nation’s response to the COVID-19 pandemic. Measures taken included travel restrictions, social distancing requirements, quarantines, and shelter in place orders. As a result, businesses had been closed and certain business activities curtailed or modified. During the COVID-19 pandemic, our services have generally been considered essential in nature and have not been materially interrupted. However, certain customers of one of the Company’s reporting units (“Broadband”) had decided to restrict our technicians from entering third party premises. Furthermore, customers have modified their protocols to increase the self-installation of customer premise equipment by their subscribers. Broadband generates a substantial portion of its revenue and operating results from installation services inside third party premises. The events following the onset of COVID-19 were expected to result in a prolonged downturn in customer demand for installation services from Broadband. This was expected to have a direct, adverse impact on its revenue, operating results and cash flows. These indicators represented a triggering event that warranted impairment testing of Broadband during the three months ended April 25, 2020. The Broadband reporting unit includes the operations of Broadband Installation Services, Prince Telecom and certain other operations and generated revenue of less than 4% of the consolidated contract revenue of Dycom in fiscal 2020. The Broadband reporting unit did not incur losses in fiscal 2020. The fiscal 2021 interim impairment analysis for Broadband utilized the same valuation techniques used in the Company’s annual fiscal 2020 impairment analysis. The key assumptions used to determine the fair value of the Company’s reporting units during this interim impairment analysis were: (a) expected cash flow for a period of seven years based on our best estimate of revenue growth rates and projected operating margins; (b) terminal value based upon terminal growth rates; and (c) a discount rate based on the Company’s best estimate of the weighted average cost of capital adjusted for risks associated with Broadband. Recent operating performance, along with key assumptions for specific customer and industry opportunities, were used during the fiscal 2021 interim impairment analysis. The terminal growth rate used in the fiscal 2021 interim assessment was 1.5% as compared to 3.0% in the fiscal 2020 assessment reflecting lower long-term demand levels. The discount rate used in the fiscal 2021 interim assessment was 12% compared to 10% in the fiscal 2020 assessment reflecting increased risk associated with the outlook of Broadband. The combination of lower expected operating results and cash flows from the reduction in revenue, as well as changes in valuation assumptions in the fiscal 2021 interim analysis resulted in a substantial decline in the fair value of the Broadband reporting unit. In accordance with ASU 2017-04, the Company compared the estimated fair value of Broadband to its carrying amount. As a result, the Company recognized an impairment charge of $53.3 million which is the amount by which the carrying amount exceeded the reporting unit’s fair value. After the impairment charge, Broadband has $10.1 million of remaining goodwill. The goodwill impairment charge did not affect the Company’s compliance with its financial covenants and conditions under its revolving credit agreement. Intangible Assets Our intangible assets consisted of the following (dollars in thousands): January 28, 2023 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 7.5 $ 312,017 $ 231,028 $ 80,989 $ 312,017 $ 215,806 $ 96,211 Trade names, finite 7.5 9,250 8,448 802 9,250 8,329 921 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 Non-compete agreement 4.8 75 — 75 — — — $ 326,042 $ 239,476 $ 86,566 $ 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 $15.3 million, $17.5 million, and $20.6 million for fiscal 2023, fiscal 2022, and fiscal 2021, respectively. As of January 28, 2023, total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2024 $ 13,911 2025 13,732 2026 13,424 2027 11,288 2028 9,536 Thereafter 19,975 Total $ 81,866 As of January 28, 2023, we believe that the carrying amounts of our intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and the assets could be impaired. |
Accrued Insurance Claims
Accrued Insurance Claims | 12 Months Ended |
Jan. 28, 2023 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims | Accrued Insurance Claims For claims within our insurance program, we retain the risk of loss, up to certain annual stop-loss limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. Losses for claims beyond our retained risk of loss are covered by insurance up to our coverage limits. For workers’ compensation losses during fiscal 2023, 2022, and 2021, 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. For automobile liability and general liability losses during fiscal 2023, 2022, and 2021, 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 stop loss limits of $11.5 million within this layer of retention over the period from fiscal 2021 to fiscal 2023. During fiscal 2023 we retained $5.0 million risk of loss on a per occurrence basis for losses between $10.0 million and $15.0 million, if any. Additionally, during fiscal 2023 and 2022 we retained $10.0 million risk of loss on a per occurrence basis for losses between $30.0 million and $40.0 million, if any. We are party to a stop-loss agreement for losses under our employee group health plan. For the calendar year 2020, we retained the risk of loss on an annual basis, up to the first $450,000 of claims per participant, as well as an annual aggregate amount for all participants of $475,000. For the calendar years 2021, 2022, and 2023, we retain the risk of loss on an annual basis, up to the first $600,000 of claims per particip ant. A mounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): January 28, 2023 January 29, 2022 Accrued insurance claims - current $ 41,043 $ 36,805 Accrued insurance claims - non-current 49,347 48,238 Accrued insurance claims $ 90,390 $ 85,043 Insurance recoveries/receivables: Current (included in Other current assets) $ — $ 756 Non-current (included in Other assets) 4,957 3,687 Insurance recoveries/receivables $ 4,957 $ 4,443 The liability for total accrued insurance claims included incurred but not reported losses of approximately $48.0 million as of January 28, 2023 and January 29, 2022, respectively. |
Leases
Leases | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Leases | Leases We lease the majority of our office facilities as well as certain equipment, all of which are accounted for as operating leases. These leases have remaining terms ranging from less than 1 year to approximately 9 years. Some leases include options to extend the lease for up to 5 years and others include options to terminate. The following table summarizes the components of lease cost recognized in the consolidated statement of operations for fiscal 2023 and fiscal 2022 (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 Lease cost under long-term operating leases $ 34,464 $ 34,520 Lease cost under short-term operating leases 25,073 24,218 Variable lease cost under short-term and long-term operating leases (1) 5,567 3,405 Total lease cost $ 65,104 $ 62,143 (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 $67.2 million and $61.2 million as of January 28, 2023 and January 29, 2022, respectively. Supplemental balance sheet information related to these liabilities is as follows: January 28, 2023 January 29, 2022 Weighted average remaining lease term 2.9 years 3.1 years Weighted average discount rate 3.9 % 3.8 % Supplemental cash flow information related to our long-term operating lease liabilities as of January 28, 2023 and January 29, 2022 is as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 Cash paid for amounts included in the measurement of lease liabilities $ 33,693 $ 33,514 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 38,325 $ 29,725 As of January 28, 2023, 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 2024 $ 30,501 2025 22,626 2026 12,689 2027 5,976 2028 2,044 Thereafter 712 Total lease payments 74,548 Less: imputed interest (7,393) Total $ 67,155 As of January 28, 2023, the Company had additional operating leases with total leases costs of $0.1 million that have not yet commenced. These leases will commence in fiscal 2024. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Jan. 28, 2023 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Accrued payroll and related taxes $ 32,448 $ 47,303 Accrued employee benefit and incentive plan costs 44,487 26,942 Accrued construction costs 37,735 28,254 Other current liabilities 26,664 25,710 Other accrued liabilities $ 141,334 $ 128,209 |
Debt
Debt | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 13. Debt The following table summarizes the net carrying value of our outstanding indebtedness (dollars in thousands): January 28, 2023 January 29, 2022 Credit Agreement - Revolving facility (matures April 2026) $ — $ — Credit Agreement - Term loan facility (matures April 2026) 330,603 347,438 4.50% senior notes, net (mature April 2029) 494,264 493,313 824,867 840,751 Less: current portion (17,500) (17,500) Long-term debt $ 807,367 $ 823,251 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 (dollars in thousands): January 28, 2023 January 29, 2022 Principal amount of term loan $ 332,500 $ 350,000 Less: Debt issuance costs (1,897) (2,562) Net carrying amount of term loan $ 330,603 $ 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 four-quarter consolidated earnings before interest, taxes, depreciation, and amortization (“EBITDA”), as defined by the Credit Agreement. Borrowings under the Credit Agreement are guaranteed by substantially all of our domestic subsidiaries and secured by 100% 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 our Credit Agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing four-quarter consolidated EBITDA, as defined by our Credit Agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our consolidated net leverage ratio. Borrowings - Eurodollar Rate Loans 1.25%- 2.00% plus LIBOR (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% -1.00% (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 our Credit Agreement as of January 28, 2023 and January 29, 2022, respectively. The weighted average interest rates and fees for balances under our Credit Agreement as of January 28, 2023 and January 29, 2022 were as follows: Weighted Average Rate End of Period January 28, 2023 January 29, 2022 Borrowings - Term loan facility 6.21% 1.86% Borrowings - Revolving facility (1) —% —% Standby Letters of Credit 1.75% 1.75% Unused Revolver Commitment 0.35% 0.35% (1) There were no outstanding borrowings under our revolving facility as of January 28, 2023. Our Credit Agreement contains a financial covenant that requires us to maintain a consolidated net leverage ratio of not greater than 3.50 to 1.00, as measured at the end of each fiscal quarter, and provides for certain increases to this ratio in connection with permitted acquisitions. The consolidated net leverage ratio is the ratio of our consolidated indebtedness reduced by unrestricted cash and cash equivalents in excess of $25.0 million to our trailing four-quarter consolidated earnings before interest, taxes, depreciation, and amortization as defined by our Credit Agreement. The agreement also contains a financial covenant that requires us to maintain a consolidated interest coverage ratio, which is the ratio of our trailing four-quarter consolidated EBITDA to our consolidated interest expense, each as defined by our Credit Agreement, of not less than 3.00 to 1.00, as measured at the end of each fiscal quarter. At January 28, 2023 and January 29, 2022, we were in compliance with the financial covenants of our Credit Agreement and had borrowing availability under our revolving facility of $602.5 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 (dollars in thousands): January 28, 2023 January 29, 2022 Principal amount of 2029 Notes $ 500,000 $ 500,000 Less: Debt issuance costs (5,736) (6,687) Net carrying amount of 2029 Notes $ 494,264 $ 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 $90.25 and $97.50 as of January 28, 2023 and January 29, 2022, respectively (dollars in thousands): January 28, 2023 January 29, 2022 Fair value of principal amount of 2029 Notes $ 451,250 $ 487,500 Less: Debt issuance costs (5,736) (6,687) Fair value of 2029 Notes $ 445,514 $ 480,813 0.75% Convertible Senior Notes Due 2021 On September 15, 2015, we issued 0.75% convertible senior notes due September 2021 in a private placement in the principal amount of $485.0 million (the “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. Each $1,000 of principal of the Notes was convertible into 10.3211 shares of the Company’s common stock, which is equivalent to an initial conversion price of approximately $96.89 per share. The conversion rate is subject to adjustment in certain circumstances, including in connection with specified fundamental changes (as defined in the indenture). In addition, holders of the Notes had the right to require the Company to repurchase all or a portion of their notes on the occurrence of a fundamental change at a price of 100% of their principal amount plus accrued and unpaid interest. Prior to June 15, 2021, the Notes were convertible by the Note holder under the following circumstances: (1) during any fiscal quarter commencing after October 24, 2015 (and only during such fiscal quarter) if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days period ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on such trading day ($125.96 assuming an applicable conversion price of $96.89); (2) during the five five regardless of the foregoing circumstances. Upon conversion, the 2021 Convertible Notes would have been settled, at the Company’s election, in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. There was no conversion made of the 2021 Convertible Notes. During the fourth quarter of fiscal 2020, we purchased, through open-market transactions, $25.0 million aggregate principal amount of the 2021 Convertible Notes for $24.3 million, leaving the principal amount of $460.0 million outstanding. After the write-off of associated debt issuance costs, the net loss on extinguishment was $0.1 million for fiscal 2020. In fiscal 2021, we purchased $401.7 million aggregate principal amount of the Notes for $371.4 million, including interest and fees, leaving the principal amount of $58.3 million outstanding. These 2021 Convertible Notes were purchased through a privately-negotiated transactions and a tender offer. After the write-off of associated debt issuance costs, the net gain on extinguishment was $12.0 million for fiscal 2021. On the maturity date of September 15, 2021, the outstanding balance of $58.3 million under the 2021 Convertible Notes was repaid in full. Convertible debt instruments that may be settled in cash upon conversion are required to be accounted for as separate liability and equity components. As of the date of issuance, the carrying amount of the liability component is calculated by measuring the fair value of a similar instrument that does not have an associated convertible feature using an indicative market interest rate (“Comparable Yield”). The difference between the principal amount of the notes and the carrying amount represents a debt discount. The debt discount was amortized to interest expense using the Comparable Yield (5.5% with respect to the 2021 Convertible Notes) using the effective interest rate method over the term of the 2021 Convertible Notes. We incurred $1.7 million, and $7.4 million of interest expense during fiscal 2022 and fiscal 2021, respectively, for the non-cash amortization of the debt discount. The equity component of the 2021 Convertible Notes was recognized at issuance and represents the difference between the principal amount of the 2021 Convertible Notes and the fair value of the liability component of the 2021 Convertible Notes at issuance. The equity component approximated $112.6 million at the time of issuance and its fair value was not remeasured as long as the conditions for equity classification were met. Convertible Note Hedge and Warrant Transactions 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. In the event that shares or cash were deliverable to holders of the 2021 Convertible Notes upon conversion at limits defined in the indenture governing the 2021 Convertible Notes, counterparties to the convertible note hedge were required to deliver to us shares of our common stock or pay cash to us in a similar amount as the value that we delivered to the holders of the 2021 Convertible Notes based on a conversion price of $96.89 per share. At inception of the convertible note hedge transactions, up to 5.006 million of our shares could have been deliverable to us upon conversion. After the Company settled a portion of the note hedge transactions during fiscal 2020 and fiscal 2021 in connection with the purchase of $25 million and $401.7 million, respectively, of the 2021 Convertible Notes, the number of shares that could have been deliverable to us upon conversion was reduced to up to 0.601 million of our shares. The convertible note hedge transactions expired in September 2021. We also entered into separately negotiated warrant transactions with the same counterparties as the convertible note hedge transactions whereby we sold warrants to purchase, subject to certain anti-dilution adjustments, up to 5.006 million shares of our common stock at a price of $130.43 per share. After the Company purchased a portion of the warrants during fiscal 2020 and fiscal 2021 in connection with the purchase of $25 million and $401.7 million, respectively, of the 2021 Convertible Notes, the remaining warrant transactions provide for to up to 0.601 million shares. The warrants were scheduled to expire on a series of dates concluding on May 9, 2022. During the fourth quarter of fiscal 2022, we unwound the remaining warrants for $0.7 million and, as a result, there are no additional warrants outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the provision (benefit) for income taxes were as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Current: Federal $ 24,917 $ (3,323) $ 42,794 Foreign — (4) (2) State 8,460 (495) 10,273 33,377 (3,822) 53,065 Deferred: Federal 6,094 7,506 (24,380) Foreign — — — State (1,562) 518 (3,805) 4,532 8,024 (28,185) Provision for income taxes $ 37,909 $ 4,202 $ 24,880 Our effective income tax rate differs from the statutory rate primarily due to the difference in income tax rates from state to state where work was performed, non-deductible and non-taxable items, tax credits recognized, the tax effects of the vesting and exercise of share-based awards, impacts of tax filings for prior years, and changes in unrecognized tax benefits. During fiscal 2021 our effective tax rate was impacted by a $53.3 million goodwill impairment charge which was mostly non-deductible for income tax purposes. 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 were notified in the fourth quarter of this fiscal year that we have been selected for an income tax audit in Canada for fiscal years 2017 through 2020. We believe our provision for income taxes is adequate; however, any assessment may affect our results of operations and cash flows. Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Statutory rate applied to pre-tax income $ 37,826 $ 11,083 $ 12,436 State taxes, net of federal tax benefit 5,325 1,422 4,344 Change in accruals for uncertain tax positions 3,833 4,493 1,189 Compensation limitation 3,959 1,468 2,632 Tax filings for prior periods (2,505) (4,609) — Tax credits (5,056) (3,756) (3,145) Federal benefit of vesting and exercise of share-based awards (3,515) (2,425) (436) Deferred tax remeasurements 371 (1,355) — Effect of rates other than statutory (203) 71 (4) Non-deductible and non-taxable items, net 215 70 808 Change in valuation allowance (376) (12) 1 Non-deductible goodwill impairment — — 10,411 Tax Reform and related effects — — (2,631) Other items, net (1,965) (2,248) (725) Provision for income taxes $ 37,909 $ 4,202 $ 24,880 Deferred Income Taxes The deferred tax provision represents the change in the deferred tax assets and the liabilities representing the tax consequences of changes in the amount of temporary differences and changes in tax rates during the year. The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Deferred tax assets: Insurance and other reserves $ 22,866 $ 19,407 Capitalized research expenditures (IRC Section 174) 19,498 — Leases 17,096 15,718 Stock-based compensation 3,577 2,303 Allowance for doubtful accounts and reserves 2,984 1,356 Net operating loss carryforwards 591 9,183 CARES Act tax deferral — 4,791 Other 5,080 6,233 Total deferred tax assets 71,692 58,991 Valuation allowance (634) (1,131) Deferred tax assets, net of valuation allowance $ 71,058 $ 57,860 Deferred tax liabilities: Property and equipment $ 77,024 $ 63,310 Goodwill and intangibles 36,132 33,221 Leases 17,178 15,822 Other 929 1,181 Deferred tax liabilities $ 131,263 $ 113,534 Net deferred tax liabilities $ 60,205 $ 55,674 The 2017 Tax Cuts and Jobs Act ("TCJA") amended Internal Revenue Code Section 174 to require taxpayers to capitalize certain research and experimental (R&E) expenditures. This regulatory change is effective for amounts paid or incurred in tax years beginning after December 31, 2021. A new deferred tax asset has been established in relation to this law change and the capitalized Section 174 costs must be amortized over five years. The valuation allowance above reduces the deferred tax asset balances to the amount that we have determined is more likely than not to be realized. The valuation allowance primarily relates to immaterial foreign net operating loss carryforwards and immaterial state net operating loss carryforwards, which generally begin to expire in fiscal 2024. Uncertain Tax Positions As of January 28, 2023 and January 29, 2022, we had total unrecognized tax benefits of $15.8 million and $11.9 million, respectively, resulting from uncertain tax positions. Our effective tax rate will be reduced by $14.7 million during future periods if it is determined these unrecognized tax benefits are realizable. We had approximately $2.6 million and $2.3 million accrued for the payment of interest and penalties as of January 28, 2023 and January 29, 2022, respectively. Interest expense related to unrecognized tax benefits for the Company was not material during fiscal 2023, fiscal 2022, and fiscal 2021. A summary of unrecognized tax benefits is as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Balance at beginning of year $ 11,929 $ 5,940 $ 4,742 Additions based on tax positions related to the fiscal year 2,042 1,377 1,075 Additions based on tax positions related to prior years 2,957 4,612 530 Reductions related to the expiration of statutes of limitation (1,157) — (407) Balance at end of year $ 15,771 $ 11,929 $ 5,940 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Jan. 28, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net The components of other income, net, were as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Gain on sale of fixed assets $ 16,759 $ 4,203 $ 10,026 Miscellaneous income (expense), net (6,558) 243 (1,429) Other income, net $ 10,201 $ 4,446 $ 8,597 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 included as an expense component in miscellaneous income (expense), net in the table above. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 28, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We sponsor a defined contribution plan that provides retirement benefits to eligible employees who elect to participate (the “Dycom Plan”). Under the plan, participating employees may defer up to 75% of their base pre-tax eligible compensation up to the IRS limits. We contributed 30% of the first 5% of base eligible compensation that a participant contributes to the plan and may make discretionary matching contributions from time to time. Effective January 1, 2023, we increased our contribution to 50% of the first 6% of base eligible compensation. Our contributions were $5.3 million, $4.4 million, and $4.0 million related to fiscal 2023, fiscal 2022, and fiscal 2021, respectively. Certain of the Company’s subsidiaries contribute amounts to multiemployer defined benefit pension plans under the terms of collective bargaining agreements (“CBA”) that cover employees represented by unions. Contributions are generally based on fixed amounts per hour per employee for employees covered by the plan. Participating in a multiemployer plan entails risks different from single-employer plans in the following aspects: • assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; • if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be allocated to the remaining participating employers; and • if the Company stops participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan. This payment is referred to as a withdrawal liability. The information available to us about the multiemployer plans in which we participate is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act (“ERISA”) as amended by the Multiemployer Pension Plan Amendments Act. Based upon the most recently available annual reports, our contribution to each of the plans was less than 5% of each plan’s total contributions. All plans are presented in the aggregate in the following table (dollars in thousands): Company Contributions Expiration Date of CBA Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Fund 2023 2022 2021 All Plans $ 63 $ 83 $ 280 Various During the fourth quarter of fiscal 2016, one of the Company’s subsidiaries ceased operations. This subsidiary contributed to a multiemployer pension plan, the Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund (the “Plan”). In October 2016, the Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million. In December 2016, the subsidiary submitted a formal request to the Plan seeking review of the Plan’s withdrawal liability determination. The subsidiary disputes the claim that it is required to make payment of a withdrawal liability as demanded by the Plan as it believes that a statutory exemption under the Employee Retirement Income Security Act (“ERISA”) applies to its activities. The Plan has taken the position that the work at issue does not qualify for that statutory exemption. The subsidiary has submitted this dispute to arbitration, as required by ERISA. There can be no assurance that the Company’s subsidiary will be successful in asserting the statutory exemption as a defense in the arbitration proceeding. As required by ERISA, in November 2016, this subsidiary began making payments of a withdrawal liability to the Plan in the amount of approximately $0.1 million per month. If the subsidiary prevails in disputing the withdrawal liability, all such payments are expected to be refunded. Given the early stage of this action, it is not possible to estimate a range of loss that could result from either an adverse judgment or a settlement of this matter. |
Capital Stock
Capital Stock | 12 Months Ended |
Jan. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock Repurchases of Common Stock. The company made the following repurchases during fiscal 2023, fiscal 2022, and fiscal 2021 (all shares repurchased have been canceled). Period Number of Shares Repurchased Total Consideration Average Price Per Share Fiscal 2023 514,030 $ 48,732 $ 94.80 Fiscal 2022 1,231,638 $ 106,133 $ 86.17 Fiscal 2021 1,324,381 $ 100,000 $ 75.51 On March 2, 2022 the Company announced that its Board of Directors authorized a new $150.0 million program to repurchase shares of the Company’s outstanding common stock through August 2023 in open market or private transactions. During fiscal 2023 we repurchased 514,030 shares of common stock, at an average price of $94.80, for $48.7 million. As of January 28, 2023, $101.3 million remained available for repurchases. On March 3, 2021 the Company announced that its Board of Directors had authorized a $150.0 million program to repurchase shares of the Company’s outstanding common stock through August 2022 in open market or private transactions. During fiscal 2022, we repurchased 1,231,638 shares of our common stock, at an average price of $86.17, for $106.1 million. On August 24, 2020 the Company announced that its Board of Directors had authorized a $100.0 million program to repurchase shares of the Company’s outstanding common stock through February 2022 in open market or private transactions. During the fourth quarter of fiscal 2021, we repurchased 1,324,381 shares of our common stock, at an average price of $75.51, for $100.0 million. Restricted Stock Tax Withholdings. During fiscal 2023, fiscal 2022, and fiscal 2021, we withheld 59,018 shares, 78,264 shares, and 19,081 shares, respectively, totaling $5.8 million, $6.6 million, and $0.7 million, respectively, to meet payroll tax withholding obligations arising from the vesting of restricted share units. All shares withheld have been canceled. Shares of common stock withheld for tax withholdings do not reduce our total share repurchase authority. Upon cancellation of shares repurchased or withheld for tax withholdings, the excess over par value is recorded as a reduction of additional paid-in capital until the balance is reduced to zero, with any additional excess recorded as a reduction of retained earnings. During fiscal 2023, $33.2 million was charged to retained earnings related to shares canceled during the fiscal year. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Jan. 28, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Awards | Stock-Based Awards We have outstanding stock-based awards under our 2003 Long-Term Incentive Plan, 2007 Non-Employee Directors Equity Plan, 2012 Long-Term Incentive Plan, and 2017 Non-Employee Directors Equity Plan (collectively, the “Plans”). No further awards will be granted under the 2003 Long-Term Incentive Plan or 2007 Non-Employee Directors Equity Plan. As of January 28, 2023, the total number of shares available for grant under the Plans was 1,214,005. Stock-based compensation expense and the related tax benefit recognized during fiscal 2023, fiscal 2022, and fiscal 2021 were as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Stock-based compensation $ 17,927 $ 9,866 $ 12,771 Income tax effect of stock-based compensation $ 4,433 $ 2,435 $ 3,141 In addition, we realized approximately $4.2 million, $2.9 million, and $0.5 million of net excess tax benefits during fiscal 2023, fiscal 2022, and fiscal 2021, respectively. As of January 28, 2023, we had unrecognized compensation expense related to stock options, RSUs, and target Performance RSUs (based on the Company’s expected achievement of performance measures) of $2.7 million, $16.2 million, and $15.0 million, respectively. This expense will be recognized over a weighted-average number of years of 2.6, 2.4, and 1.4, respectively, based on the average remaining service periods for the awards. As of January 28, 2023, we may recognize an additional $11.1 million in compensation expense in future periods if the maximum number of Performance RSUs is earned based on certain performance measures being met. The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2023, fiscal 2022, and fiscal 2021, and the significant valuation assumptions: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Weighted average fair value of RSUs granted $ 96.81 $ 82.25 $ 27.75 Weighted average fair value of Performance RSUs granted $ 97.49 $ 84.73 $ 25.15 Weighted average fair value of stock options granted $ 61.18 $ 52.33 $ 14.63 Stock option assumptions: Risk-free interest rate 2.4 % 1.6 % 0.7 % Expected life (in years) 8.9 9.3 9.4 Expected volatility 54.2 % 53.4 % 51.3 % Expected dividends — — — Stock Options The following table summarizes stock option award activity during fiscal 2023: Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 29, 2022 332,121 $ 52.39 Granted 33,015 $ 97.49 Options exercised (119,430) $ 38.16 Canceled — $ — Outstanding as of January 28, 2023 245,706 $ 65.36 6.4 $ 7,111 Exercisable options as of January 28, 2023 148,916 $ 65.12 5.3 $ 4,374 The total amount of exercisable options as of January 28, 2023 presented above reflects the approximate amount of options expected to vest. The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $92.73 on the last trading day of fiscal 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of fiscal 2023. The amount of aggregate intrinsic value will change based on the price of the Company’s common stock. The total intrinsic value of stock options exercised was $8.5 million, $1.9 million, and $8.1 million for fiscal 2023, fiscal 2022, and fiscal 2021, respectively. We received cash from the exercise of stock options of $4.6 million, $2.3 million, and $5.7 million during fiscal 2023, fiscal 2022, and fiscal 2021, respectively. RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during fiscal 2023: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of January 29, 2022 524,255 $ 38.49 455,800 $ 68.88 Granted 123,428 $ 96.81 202,212 $ 97.49 Share units vested (190,545) $ 40.60 (6,483) $ 25.15 Forfeited or canceled (17,235) $ 43.80 (265,856) $ 60.60 Outstanding as of January 28, 2023 439,903 $ 54.17 385,673 $ 90.32 The total number of granted Performance RSUs presented above consists of 137,605 target shares and 64,607 supplemental shares. During fiscal 2023, we canceled 164,066 target shares and 85,576 supplemental shares of Performance RSUs, as a result of performance criteria for attaining those shares being partially met for the applicable performance periods. Approximately 2,504 target shares and 57,199 supplemental shares outstanding as of January 28, 2023 will be canceled during the three months ending April 30, 2023 as a result of the fiscal 2023 performance period criteria being partially met. The total amount of Performance RSUs outstanding as of January 28, 2023 consists of 259,319 target shares and 126,354 supplemental shares. The total fair value of restricted share units vested during fiscal 2023, fiscal 2022, and fiscal 2021 was $18.4 million, $22.4 million, and $3.1 million, respectively. |
Customer Concentration and Reve
Customer Concentration and Revenue Information | 12 Months Ended |
Jan. 28, 2023 | |
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 66.7%, 66.2%, and 74.1%, of our total contract revenues during fiscal 2023, fiscal 2022, and fiscal 2021, respectively. Customers whose contract revenues exceeded 10% of total contract revenues during fiscal 2023, fiscal 2022, and fiscal 2021, as well as total contract revenues from all other customers combined, were as follows: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 958.0 25.2 % $ 735.2 23.5 % $ 533.7 16.7 % Lumen Technologies 483.5 12.7 % 373.0 11.9 % 542.0 16.9 % Comcast Corporation 430.6 11.3 % 473.8 15.1 % 533.9 16.7 % Verizon Communications Inc. 347.3 9.1 % 352.6 11.3 % 601.6 18.8 % Total other customers combined 1,589.1 41.7 % 1,195.9 38.2 % 988.0 30.9 % Total contract revenues $ 3,808.5 100.0% $ 3,130.5 100.0% $3,199.2 100.0% 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 fiscal 2023, fiscal 2022, and fiscal 2021, were as follows (dollars in millions): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 3,415.8 89.7% $ 2,777.6 88.7% $ 2,851.6 89.1% Underground facility locating 274.9 7.2% 255.4 8.2% 229.6 7.2% Electrical and gas utilities and other 117.8 3.1% 97.5 3.1% 118.0 3.7% Total contract revenues $ 3,808.5 100.0% $ 3,130.5 100.0% $ 3,199.2 100.0% Remaining Performance Obligations Master service agreements and other contractual agreements with customers contain customer-specified service requirements, such as discrete pricing for individual tasks. In most cases, our customers are not contractually committed to procure specific volumes of services under these agreements. Services are generally performed pursuant to these agreements in accordance with individual work orders. An individual work order generally is completed within one year. As a result, our remaining performance obligations under the work orders not yet completed is not meaningful in relation to our overall revenue at any given point in time. We apply the practical expedient in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and do not disclose information about remaining performance obligations that have original expected durations of one year or less. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jan. 28, 2023 | |
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. The Company’s subsidiary has entered into a preliminary settlement with plaintiffs in connection with this, which is subject to the parties entering into a definitive settlement agreement, which will also require court approval. This settlement does not include any admission by the Company’s subsidiary of the allegations made in the lawsuit. Due to the early stage of this litigation at the time that the terms of this settlement were reached, it is not possible to estimate a range of loss that could occur if this settlement is not consummated. 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, and an arbitrator has ruled that the subsidiary does not qualify for the statutory exemption. The subsidiary is appealing the arbitrator’s ruling on various grounds. There can be no assurance that the Company’s subsidiary will be successful in its appeal of the arbitrator’s ruling regarding this statutory exemption. 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, as required by ERISA. If the subsidiary prevails in disputing the withdrawal liability, all such payments are expected to be refunded. Given the early stage of this action, it is not possible to estimate a range of loss that could result from either an adverse judgment or a settlement of this matter. From time to time, we are party to other various claims and legal proceedings arising in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, it is the opinion of management, based on information available at this time, that the ultimate resolution of any such claims or legal proceedings will not, after considering applicable insurance coverage or other indemnities to which we may be entitled, have a material effect on our financial position, results of operations, or cash flow. Commitments Performance and Payment Bonds and Guarantees. We have obligations under performance and other surety contract bonds related to certain of our customer contracts. Performance bonds generally provide a customer with the right to obtain payment and/or performance from the issuer of the bond if we fail to perform our contractual obligations. As of January 28, 2023 and January 29, 2022, we had $299.8 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 January 28, 2023 and January 29, 2022, we had $20.4 million and $20.3 million, respectively, of outstanding surety bonds related to our insurance obligations. Additionally, the Company periodically guarantees certain obligations of its subsidiaries, including obligations in connection with obtaining state contractor licenses and leasing real property and equipment. Letters of Credit. We have issued standby letters of credit under our credit agreement that collateralize our obligations to our insurance carriers. As January 28, 2023 and January 29, 2022, we had $47.5 million and $46.3 million of outstanding standby letters of credit issued under our credit agreement, respectively. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 29, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) In the opinion of management, the following unaudited quarterly financial data from fiscal 2023 and fiscal 2022 reflect all adjustments (consisting of normal recurring accruals), which are necessary to present a fair presentation of amounts shown for such periods. Our fiscal year consists of either 52 weeks or 53 weeks of operations with the additional week of operations occurring in the fourth quarter. Fiscal 2023 and fiscal 2022 consisted of 52 weeks of operations. The sum of the quarterly results may not equal the reported annual amounts due to rounding (dollars in thousands, except per share amounts). Quarter Ended Fiscal 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Contract revenues $ 876,300 $ 972,273 $ 1,042,423 $ 917,466 Costs of earned revenues, excluding depreciation and amortization $ 745,730 $ 797,980 $ 850,897 $ 765,658 Gross profit $ 130,570 $ 174,293 $ 191,526 $ 151,808 Net income $ 19,536 $ 43,856 $ 54,012 $ 24,809 Earnings per common share - Basic $ 0.66 $ 1.48 $ 1.83 $ 0.84 Earnings per common share - Diluted $ 0.65 $ 1.46 $ 1.80 $ 0.83 Quarter Ended Fiscal 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Contract revenues $ 727,497 $ 787,568 $ 853,973 $ 761,481 Costs of earned revenues, excluding depreciation and amortization $ 620,011 $ 651,367 $ 705,865 $ 656,634 Gross profit $ 107,486 $ 136,201 $ 148,108 $ 104,847 Net income $ 898 $ 18,165 $ 28,717 $ 794 Earnings per common share - Basic $ 0.03 $ 0.60 $ 0.95 $ 0.03 Earnings per common share - Diluted $ 0.03 $ 0.59 $ 0.94 $ 0.03 |
Significant Accounting Polici_2
Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Accounting Period | Accounting Period. Our fiscal year ends on the last Saturday in January. As a result, each fiscal year consists of either 52 weeks or 53 weeks of operations (with the additional week of operations occurring in the fourth quarter). Fiscal 2023 and fiscal 2022 each consisted of 52 weeks of operations. Fiscal 2021 consisted of 53 weeks of operations. |
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), whose results are regularly reviewed by the Company’s Chief Executive Officer, the chief operating decision maker. All of the Company’s operating segments have been aggregated into one reportable segment based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. These key estimates include: the recognition of revenue under the cost-to-cost method of progress, accrued insurance claims, the allowance for doubtful accounts, accruals for contingencies, stock-based compensation expense for performance-based stock awards, the fair value of reporting units for the goodwill impairment analysis, the assessment of impairment of intangibles and other long lived assets, the purchase price allocations of businesses acquired, and income taxes. These estimates are based on our historical experience and management’s understanding of current facts and circumstances. At the time they are made, we believe that such estimates are fair when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition. We perform a significant amount of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks including, for example, the placement of underground or aerial fiber, directional boring, and fiber splicing, each based on a specific unit of measure. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable. Our services are performed for the sole benefit of our customers, whereby the assets being created or maintained are controlled by the customer and the services we perform do not have alternative benefits for us. Contract revenue is recognized over time as services are performed and customers simultaneously receive and consume the benefits we provide. Output measures such as units delivered are utilized to assess progress against specific contractual performance obligations for the majority of our services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. For us, the output method using units delivered best represents the measure of progress against the performance obligations incorporated within the contractual agreements. This method captures the amount of units delivered pursuant to contracts and is used only when our performance does not produce significant amounts of work in process prior to complete satisfaction of the performance obligation. For a portion of contract items, units to be completed consist of multiple tasks. For these items, the transaction price is allocated to each task based on relative standalone measurements, such as selling prices for similar tasks, or in the alternative, the cost to perform the tasks. Contract revenue is recognized as the tasks are completed as a measurement of progress in the satisfaction of the corresponding performance obligation. For certain contracts, representing less than 5% of contract revenues during fiscal 2023, fiscal 2022, and fiscal 2021, we use the cost-to-cost measure of progress. These contracts are generally projects that are completed over a period of less than 12 months and for which payment is received in a lump sum at the end of the project. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs. Contract costs include direct labor, direct materials, and subcontractor costs, as well as an allocation of indirect costs. Contract revenues are recorded as costs are incurred. We accrue the entire amount of a contract loss, if any, at the time the loss is determined to be probable and can be reasonably estimated. Contract Assets. Contract assets include unbilled amounts typically resulting from arrangements whereby complete satisfaction of a performance obligation and the right to payment are conditioned on completing additional tasks or services. Taxes Collected from Customers. ASC Topic 606, Taxes Collected from Customers and Remitted to Governmental Authorities , addresses the income statement presentation of any taxes collected from customers and remitted to a government authority and provides that the presentation of taxes on either a gross basis or a net basis is an accounting policy decision that should be disclosed. Our policy is to present contract revenues net of sales taxes. |
Accounts Receivable, net | Accounts Receivable, net. We grant credit to our customers, generally without collateral, under normal payment terms (typically 30 to 90 days after invoicing). Generally, invoicing occurs within 45 days after the related services are performed. Accounts receivable represents an unconditional right to consideration arising from our performance under contracts with customers. Accounts receivable include billed accounts receivable, unbilled accounts receivable, and retainage. The carrying value of such receivables, net of the allowance for doubtful accounts, represents their estimated realizable value. Unbilled accounts receivable represent amounts we have an unconditional right to receive payment for that will be billed at a later date due to administrative requirements in the billing processes specified by our customers. Certain of our contracts contain retainage provisions whereby a portion of the revenue earned is withheld from payment as a form of security until contractual provisions are satisfied. The collectability of retainage is included in our overall assessment of the collectability of accounts receivable. We expect to collect the outstanding balance of current accounts receivable, net (including trade accounts receivable, unbilled accounts receivable, and retainage) within the next 12 months. We estimate our allowance for doubtful accounts by evaluating specific accounts receivable balances based on historical collection trends, the age of outstanding receivables, and the credit worthiness of our customers. We participate in a customer-sponsored vendor payment program for one of our customers. All eligible accounts receivable from this customer are included in the program and payment is received pursuant to a non-recourse sale to a bank partner of the customer. This program effectively reduces the time to collect these receivables as compared to that customer’s standard payment terms. We incur a discount fee to the bank on the payments received that is reflected as an expense component in other income, net, in the consolidated statements of operations. |
Cash and Equivalents | Cash and Equivalents. Cash and equivalents primarily include balances on deposit in banks. We maintain our cash and equivalents at financial institutions we believe to be of high credit quality. To date, we have not experienced any loss or lack of access to cash in our operating accounts. |
Inventories | Inventories. Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or net realizable value. Inventories also include certain job specific materials that are valued using the specific identification method. For contracts where we are required to supply part or all of the materials on behalf of a customer, the loss of a customer or declines in contract volumes could result in an impairment of the value of materials purchased. |
Propert and Equipment | Property and Equipment. Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 8, Property and Equipment , for the range of useful lives). Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its |
Leases | Leases. Our leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For leases with initial terms greater than 12 months, we record operating lease right-of-use assets and corresponding operating lease liabilities. Operating lease right-of-use assets represent our right to use the underlying asset for the lease term and operating lease liabilities represent our obligation to make the related lease payments. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. We perform our annual impairment review of goodwill at the reporting unit level. Each of our operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If we determine the fair value of the reporting unit’s goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of an annual or interim test, an impairment loss is recognized and reflected in operating income or loss in the consolidated statements of operations during the period incurred. We review finite-lived intangible assets for impairment whenever an event occurs or circumstances change that indicate that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. If an asset is not recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If we determine the fair value of an asset is less than the carrying value, an impairment loss is recognized in operating income or loss in the consolidated statements of operations during the period incurred. We use judgment in assessing whether goodwill and intangible assets are impaired. Estimates of fair value are based on our projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. We determine the fair value of our reporting units using a weighing of fair values derived in equal proportions from the income approach and market approach valuation methodologies. The income approach uses the discounted cash flow method and the market approach uses the guideline company method. Changes in our judgments and projections could result in significantly different estimates of fair value, potentially resulting in impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. See Note 9, Goodwill and Intangible Assets , for additional information regarding our annual assessment of goodwill and other indefinite-lived intangible assets. |
Long-Lived Tangible Assets | Long-Lived Tangible Assets. We review long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. |
Accrued Insurance Claims | Accrued Insurance Claims. For claims within our insurance program, we retain the risk of loss, up to certain limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. Additionally, within our aggregate coverage limits and above our base layer of third-party insurance coverage, we have retained the risk of loss at certain levels of exposure. We have established reserves that we believe to be adequate based on current evaluations and our experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on our financial statements is generally limited to the amount needed to satisfy our insurance deductibles or retentions. We estimate the liability for claims based on facts, circumstances, and historical experience. Even though they will not be paid until sometime in the future, recorded loss reserves are not discounted. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the magnitude and quantity of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. |
Income Taxes | Income Taxes. We account for income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Measurement of our tax position is based on the applicable statutes, federal and state case law, and our interpretations of tax regulations. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all relevant factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we determine that we would be able to realize deferred income tax assets in excess of their net recorded amount, we would adjust the valuation allowance, which would reduce the provision for income taxes. We recognize tax benefits in the amount that we deem, more likely than not, will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized during the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. We recognize applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. We believe our provision for income taxes is adequate; however, any assessment would affect our results of operations and cash flows. With few exceptions, we are no longer subject to U.S. federal, state and local, or Canadian income tax examinations for fiscal years ended 2015 and prior. |
Per Share Data | Per Share Data. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares arising from our stock-based awards (including unvested restricted share units), convertible senior notes, and warrants if their inclusion is dilutive under the treasury stock method. Common stock equivalents related to stock-based awards, convertible senior notes, and warrants are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. |
Stock-based Compensation | Stock-Based Compensation. We have stock-based compensation plans under which we grant stock-based awards, including stock options, time-based restricted share units (“RSUs”), and performance-based restricted share units (“Performance RSUs”) to attract, retain, and reward talented employees, officers, and directors, and to align stockholder and employee interests. The resulting compensation expense is recognized on a straight-line basis over the vesting period, net of actual forfeitures, and is included in general and administrative expenses in the consolidated statements of operations. This expense fluctuates over time as a result of the vesting periods of the stock-based awards and, for our Performance RSUs, the expected achievement of performance measures. Compensation expense for stock-based awards is based on fair value at the measurement date. The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model. This valuation is affected by our stock price as well as other inputs, including the expected common stock price volatility over the expected life of the options, the expected term of the stock option, risk-free interest rates, and expected dividends, if any. Stock options vest ratably over a four four three For Performance RSUs, we evaluate compensation expense quarterly and recognize expense only if we determine it is probable that the performance measures for the awards will be met. The performance measures for target awards are based on our operating earnings (adjusted for certain amounts) as a percentage of contract revenues and our operating cash flow level (adjusted for certain amounts) for the applicable four-quarter performance period. Additionally, certain awards include three three three Stock-Based Awards . |
Contingencies and Litigation | Contingencies and Litigation. In the ordinary course of our business, we are involved in certain legal proceedings and other claims, including claims for indemnification by our customers. In determining whether a loss should be accrued, we evaluate, among other factors, the probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. If only a range of probable loss can be determined, we accrue for our best estimate within the range for the contingency. In those cases where none of the estimates within the range is better than another, we accrue for the amount representing the low end of the range. As additional information becomes available, we reassess the potential liability related to our pending litigation and other contingencies and revise our estimates as applicable. Revisions of our estimates of the potential liability could materially impact our results of operations. Additionally, if the final outcome of such litigation and contingencies differs adversely from that currently expected, it would result in a charge to operating results when determined. |
Business Combinations | Business Combinations. We account for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, expected royalty rates for trademarks and trade names, as well as certain other information. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to us at that time, may become known during the remainder of the measurement period. This measurement period may not exceed 12 months from the acquisition date. We will recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. Additionally, in the same period in which adjustments are recognized, we will record the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting adjustment had been completed at the acquisition date. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the consolidated financial statements from their dates of acquisition. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. Our financial instruments primarily consist of cash and equivalents, restricted cash, accounts receivable, income taxes receivable and payable, accounts payable, certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for the fair value of our long-term debt, which is based on observable market-based inputs (Level 2). See Note 13, Debt |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards None. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU was effective for adoption at any time between March 12, 2020 and December 31, 2022. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. We have determined that the adoption of this ASU would not have a material effect on our financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require acquiring entities to apply Topic 606 to recognize and measure contract assets and liabilities in a business combination. This update is intended to improve comparability after the business combination by providing consistent recognition and measurement of acquired revenue contracts and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied prospectively. We will adopt the provisions of this ASU in the first quarter of fiscal 2024 and do not expect the adoption to have a material effect on our consolidated financial statements. |
Computation of Earnings Per C_2
Computation of Earnings Per Common Share (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Net income available to common stockholders (numerator) $ 142,213 $ 48,574 $ 34,337 Weighted-average number of common shares (denominator) 29,549,990 30,337,544 31,665,183 Basic earnings per common share $ 4.81 $ 1.60 $ 1.08 Weighted-average number of common shares 29,549,990 30,337,544 31,665,183 Potential shares of common stock arising from stock options, and unvested restricted share units 446,601 506,667 425,395 Total shares-diluted (denominator) 29,996,591 30,844,211 32,090,578 Diluted earnings per common share $ 4.74 $ 1.57 $ 1.07 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 98,530 91,816 233,988 0.75% convertible senior notes due 2021 (1) (2) — 375,013 1,715,972 Warrants (1) (2) — 538,124 1,715,972 Total 98,530 1,004,953 3,665,932 |
Accounts Receivable, Contract_2
Accounts Receivable, Contract Assets, and Contract Liabilities (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net classified as current, consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Trade accounts receivable $ 367,842 $ 330,811 Unbilled accounts receivable 670,066 545,493 Retainage 32,351 20,318 Total 1,070,259 896,622 Less: allowance for doubtful accounts (3,246) (724) Accounts receivable, net $ 1,067,013 $ 895,898 January 28, 2023 January 29, 2022 Allowance for doubtful accounts at beginning of period $ 724 $ 1,676 Provision for bad debt 2,600 2,911 Amounts charged against the allowance (78) (3,863) Allowance for doubtful accounts at end of period $ 3,246 $ 724 |
Contract with Customer, Asset and Liability | Net contract assets consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Contract assets $ 43,932 $ 24,539 Contract liabilities 19,512 18,512 Contract assets, net $ 24,420 $ 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 January 28, 2023 or January 29, 2022 were as follows (dollars in millions): January 28, 2023 January 29, 2022 Amount % of Total Amount % of Total Lumen Technologies $ 189.3 17.4 % $ 166.0 18.4 % AT&T Inc. $ 136.2 12.5 % $ 106.0 11.7 % Comcast Corporation $ 125.2 11.5 % $ 113.5 12.6 % Verizon Communications Inc. $ 102.7 9.4 % $ 144.3 16.0 % Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 958.0 25.2 % $ 735.2 23.5 % $ 533.7 16.7 % Lumen Technologies 483.5 12.7 % 373.0 11.9 % 542.0 16.9 % Comcast Corporation 430.6 11.3 % 473.8 15.1 % 533.9 16.7 % Verizon Communications Inc. 347.3 9.1 % 352.6 11.3 % 601.6 18.8 % Total other customers combined 1,589.1 41.7 % 1,195.9 38.2 % 988.0 30.9 % Total contract revenues $ 3,808.5 100.0% $ 3,130.5 100.0% $3,199.2 100.0% Total contract revenues by customer type during fiscal 2023, fiscal 2022, and fiscal 2021, were as follows (dollars in millions): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 3,415.8 89.7% $ 2,777.6 88.7% $ 2,851.6 89.1% Underground facility locating 274.9 7.2% 255.4 8.2% 229.6 7.2% Electrical and gas utilities and other 117.8 3.1% 97.5 3.1% 118.0 3.7% Total contract revenues $ 3,808.5 100.0% $ 3,130.5 100.0% $ 3,199.2 100.0% |
Other Current Assets and Othe_2
Other Current Assets and Other Assets (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Prepaid expenses $ 17,357 $ 14,640 Deposits and other current assets 19,919 14,083 Insurance recoveries/receivables for accrued insurance claims — 756 Restricted cash 1,372 1,372 Receivables on equipment sales 25 Other current assets $ 38,648 $ 30,876 |
Schedule of Non current Assets | Other assets consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Long-term contract assets $ 8,333 $ 14,056 Deferred financing costs 3,685 4,834 Restricted cash 432 432 Insurance recoveries/receivables for accrued insurance claims 4,957 3,687 Other non-current deposits and assets 8,964 8,909 Other assets $ 26,371 $ 31,918 |
Cash and Equivalents and Rest_2
Cash and Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | January 28, 2023 January 29, 2022 Cash and equivalents $ 224,186 $ 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 $ 225,990 $ 312,561 |
Restrictions on Cash and Cash Equivalents | January 28, 2023 January 29, 2022 Cash and equivalents $ 224,186 $ 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 $ 225,990 $ 312,561 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) January 28, 2023 January 29, 2022 Land — $ 8,419 $ 4,127 Buildings 10-35 10,466 10,649 Leasehold improvements 1-10 17,623 17,706 Vehicles 1-5 815,266 714,515 Computer hardware and software 1-7 165,582 153,072 Office furniture and equipment 1-10 12,215 12,939 Equipment and machinery 1-10 359,021 329,145 Total 1,388,592 1,242,153 Less: accumulated depreciation (1,020,740) (947,355) Property and equipment, net $ 367,852 $ 294,798 Depreciation expense and repairs and maintenance expense were as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Depreciation expense $ 128,840 $ 135,163 $ 155,274 Repairs and maintenance expense $ 62,724 $ 51,150 $ 47,586 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill during fiscal 2023 were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of January 29, 2022 $ 521,516 $ (249,031) $ 272,485 Goodwill from fiscal 2023 acquisition 60 — 60 Balance as of January 28, 2023 $ 521,576 $ (249,031) $ 272,545 |
Impairment Calculation Rates | The table below outlines certain assumptions used in our annual quantitative impairment analyses for fiscal 2023, fiscal 2022, and fiscal 2021: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Terminal Growth Rate 2% - 3% 2% - 3% 3.0% Discount Rate 11.5% 10.5% 10.0% |
Schedule of Intangible Assets | Our intangible assets consisted of the following (dollars in thousands): January 28, 2023 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 7.5 $ 312,017 $ 231,028 $ 80,989 $ 312,017 $ 215,806 $ 96,211 Trade names, finite 7.5 9,250 8,448 802 9,250 8,329 921 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 Non-compete agreement 4.8 75 — 75 — — — $ 326,042 $ 239,476 $ 86,566 $ 325,967 $ 224,135 $ 101,832 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of January 28, 2023, total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2024 $ 13,911 2025 13,732 2026 13,424 2027 11,288 2028 9,536 Thereafter 19,975 Total $ 81,866 |
Accrued Insurance Claims (Table
Accrued Insurance Claims (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance and Insurance Recoveries/Receivables | A mounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): January 28, 2023 January 29, 2022 Accrued insurance claims - current $ 41,043 $ 36,805 Accrued insurance claims - non-current 49,347 48,238 Accrued insurance claims $ 90,390 $ 85,043 Insurance recoveries/receivables: Current (included in Other current assets) $ — $ 756 Non-current (included in Other assets) 4,957 3,687 Insurance recoveries/receivables $ 4,957 $ 4,443 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Lease, Cost | The following table summarizes the components of lease cost recognized in the consolidated statement of operations for fiscal 2023 and fiscal 2022 (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 Lease cost under long-term operating leases $ 34,464 $ 34,520 Lease cost under short-term operating leases 25,073 24,218 Variable lease cost under short-term and long-term operating leases (1) 5,567 3,405 Total lease cost $ 65,104 $ 62,143 (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 $67.2 million and $61.2 million as of January 28, 2023 and January 29, 2022, respectively. Supplemental balance sheet information related to these liabilities is as follows: January 28, 2023 January 29, 2022 Weighted average remaining lease term 2.9 years 3.1 years Weighted average discount rate 3.9 % 3.8 % Supplemental cash flow information related to our long-term operating lease liabilities as of January 28, 2023 and January 29, 2022 is as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 Cash paid for amounts included in the measurement of lease liabilities $ 33,693 $ 33,514 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 38,325 $ 29,725 |
Operating Lease, Liability, Maturity | As of January 28, 2023, 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 2024 $ 30,501 2025 22,626 2026 12,689 2027 5,976 2028 2,044 Thereafter 712 Total lease payments 74,548 Less: imputed interest (7,393) Total $ 67,155 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Accrued payroll and related taxes $ 32,448 $ 47,303 Accrued employee benefit and incentive plan costs 44,487 26,942 Accrued construction costs 37,735 28,254 Other current liabilities 26,664 25,710 Other accrued liabilities $ 141,334 $ 128,209 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Outstanding Indebtedness | ur outstanding indebtedness (dollars in thousands): January 28, 2023 January 29, 2022 Credit Agreement - Revolving facility (matures April 2026) $ — $ — Credit Agreement - Term loan facility (matures April 2026) 330,603 347,438 4.50% senior notes, net (mature April 2029) 494,264 493,313 824,867 840,751 Less: current portion (17,500) (17,500) Long-term debt $ 807,367 $ 823,251 |
Schedule of Long-term Debt Instruments | The following table summarizes the net carrying value of the term loan (dollars in thousands): January 28, 2023 January 29, 2022 Principal amount of term loan $ 332,500 $ 350,000 Less: Debt issuance costs (1,897) (2,562) Net carrying amount of term loan $ 330,603 $ 347,438 The following table summarizes the net carrying value of the 2029 Notes (dollars in thousands): January 28, 2023 January 29, 2022 Principal amount of 2029 Notes $ 500,000 $ 500,000 Less: Debt issuance costs (5,736) (6,687) Net carrying amount of 2029 Notes $ 494,264 $ 493,313 |
Schedule Interest Rates for the Credit Agreement | Under our Credit Agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing four-quarter consolidated EBITDA, as defined by our Credit Agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our consolidated net leverage ratio. Borrowings - Eurodollar Rate Loans 1.25%- 2.00% plus LIBOR (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% -1.00% (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 January 28, 2023 and January 29, 2022 were as follows: Weighted Average Rate End of Period January 28, 2023 January 29, 2022 Borrowings - Term loan facility 6.21% 1.86% Borrowings - Revolving facility (1) —% —% Standby Letters of Credit 1.75% 1.75% Unused Revolver Commitment 0.35% 0.35% (1) There were no outstanding borrowings under our revolving facility as of January 28, 2023. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | 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 $90.25 and $97.50 as of January 28, 2023 and January 29, 2022, respectively (dollars in thousands): January 28, 2023 January 29, 2022 Fair value of principal amount of 2029 Notes $ 451,250 $ 487,500 Less: Debt issuance costs (5,736) (6,687) Fair value of 2029 Notes $ 445,514 $ 480,813 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes were as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Current: Federal $ 24,917 $ (3,323) $ 42,794 Foreign — (4) (2) State 8,460 (495) 10,273 33,377 (3,822) 53,065 Deferred: Federal 6,094 7,506 (24,380) Foreign — — — State (1,562) 518 (3,805) 4,532 8,024 (28,185) Provision for income taxes $ 37,909 $ 4,202 $ 24,880 |
Schedule of Effective Income Tax Rate Reconciliation | Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Statutory rate applied to pre-tax income $ 37,826 $ 11,083 $ 12,436 State taxes, net of federal tax benefit 5,325 1,422 4,344 Change in accruals for uncertain tax positions 3,833 4,493 1,189 Compensation limitation 3,959 1,468 2,632 Tax filings for prior periods (2,505) (4,609) — Tax credits (5,056) (3,756) (3,145) Federal benefit of vesting and exercise of share-based awards (3,515) (2,425) (436) Deferred tax remeasurements 371 (1,355) — Effect of rates other than statutory (203) 71 (4) Non-deductible and non-taxable items, net 215 70 808 Change in valuation allowance (376) (12) 1 Non-deductible goodwill impairment — — 10,411 Tax Reform and related effects — — (2,631) Other items, net (1,965) (2,248) (725) Provision for income taxes $ 37,909 $ 4,202 $ 24,880 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands): January 28, 2023 January 29, 2022 Deferred tax assets: Insurance and other reserves $ 22,866 $ 19,407 Capitalized research expenditures (IRC Section 174) 19,498 — Leases 17,096 15,718 Stock-based compensation 3,577 2,303 Allowance for doubtful accounts and reserves 2,984 1,356 Net operating loss carryforwards 591 9,183 CARES Act tax deferral — 4,791 Other 5,080 6,233 Total deferred tax assets 71,692 58,991 Valuation allowance (634) (1,131) Deferred tax assets, net of valuation allowance $ 71,058 $ 57,860 Deferred tax liabilities: Property and equipment $ 77,024 $ 63,310 Goodwill and intangibles 36,132 33,221 Leases 17,178 15,822 Other 929 1,181 Deferred tax liabilities $ 131,263 $ 113,534 Net deferred tax liabilities $ 60,205 $ 55,674 |
Schedule of Unrecognized Tax Benefits Roll Forward | A summary of unrecognized tax benefits is as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Balance at beginning of year $ 11,929 $ 5,940 $ 4,742 Additions based on tax positions related to the fiscal year 2,042 1,377 1,075 Additions based on tax positions related to prior years 2,957 4,612 530 Reductions related to the expiration of statutes of limitation (1,157) — (407) Balance at end of year $ 15,771 $ 11,929 $ 5,940 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | The components of other income, net, were as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Gain on sale of fixed assets $ 16,759 $ 4,203 $ 10,026 Miscellaneous income (expense), net (6,558) 243 (1,429) Other income, net $ 10,201 $ 4,446 $ 8,597 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Plans | All plans are presented in the aggregate in the following table (dollars in thousands): Company Contributions Expiration Date of CBA Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Fund 2023 2022 2021 All Plans $ 63 $ 83 $ 280 Various |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | Repurchases of Common Stock. The company made the following repurchases during fiscal 2023, fiscal 2022, and fiscal 2021 (all shares repurchased have been canceled). Period Number of Shares Repurchased Total Consideration Average Price Per Share Fiscal 2023 514,030 $ 48,732 $ 94.80 Fiscal 2022 1,231,638 $ 106,133 $ 86.17 Fiscal 2021 1,324,381 $ 100,000 $ 75.51 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense and Related Tax Benefit Recognized | Stock-based compensation expense and the related tax benefit recognized during fiscal 2023, fiscal 2022, and fiscal 2021 were as follows (dollars in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Stock-based compensation $ 17,927 $ 9,866 $ 12,771 Income tax effect of stock-based compensation $ 4,433 $ 2,435 $ 3,141 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2023, fiscal 2022, and fiscal 2021, and the significant valuation assumptions: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Weighted average fair value of RSUs granted $ 96.81 $ 82.25 $ 27.75 Weighted average fair value of Performance RSUs granted $ 97.49 $ 84.73 $ 25.15 Weighted average fair value of stock options granted $ 61.18 $ 52.33 $ 14.63 Stock option assumptions: Risk-free interest rate 2.4 % 1.6 % 0.7 % Expected life (in years) 8.9 9.3 9.4 Expected volatility 54.2 % 53.4 % 51.3 % Expected dividends — — — |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during fiscal 2023: Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 29, 2022 332,121 $ 52.39 Granted 33,015 $ 97.49 Options exercised (119,430) $ 38.16 Canceled — $ — Outstanding as of January 28, 2023 245,706 $ 65.36 6.4 $ 7,111 Exercisable options as of January 28, 2023 148,916 $ 65.12 5.3 $ 4,374 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during fiscal 2023: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of January 29, 2022 524,255 $ 38.49 455,800 $ 68.88 Granted 123,428 $ 96.81 202,212 $ 97.49 Share units vested (190,545) $ 40.60 (6,483) $ 25.15 Forfeited or canceled (17,235) $ 43.80 (265,856) $ 60.60 Outstanding as of January 28, 2023 439,903 $ 54.17 385,673 $ 90.32 |
Customer Concentration and Re_2
Customer Concentration and Revenue Information (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Risks and Uncertainties [Abstract] | |
Customer Credit Concentration | Customers whose combined amounts of accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 28, 2023 or January 29, 2022 were as follows (dollars in millions): January 28, 2023 January 29, 2022 Amount % of Total Amount % of Total Lumen Technologies $ 189.3 17.4 % $ 166.0 18.4 % AT&T Inc. $ 136.2 12.5 % $ 106.0 11.7 % Comcast Corporation $ 125.2 11.5 % $ 113.5 12.6 % Verizon Communications Inc. $ 102.7 9.4 % $ 144.3 16.0 % Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 958.0 25.2 % $ 735.2 23.5 % $ 533.7 16.7 % Lumen Technologies 483.5 12.7 % 373.0 11.9 % 542.0 16.9 % Comcast Corporation 430.6 11.3 % 473.8 15.1 % 533.9 16.7 % Verizon Communications Inc. 347.3 9.1 % 352.6 11.3 % 601.6 18.8 % Total other customers combined 1,589.1 41.7 % 1,195.9 38.2 % 988.0 30.9 % Total contract revenues $ 3,808.5 100.0% $ 3,130.5 100.0% $3,199.2 100.0% Total contract revenues by customer type during fiscal 2023, fiscal 2022, and fiscal 2021, were as follows (dollars in millions): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 3,415.8 89.7% $ 2,777.6 88.7% $ 2,851.6 89.1% Underground facility locating 274.9 7.2% 255.4 8.2% 229.6 7.2% Electrical and gas utilities and other 117.8 3.1% 97.5 3.1% 118.0 3.7% Total contract revenues $ 3,808.5 100.0% $ 3,130.5 100.0% $ 3,199.2 100.0% |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | The sum of the quarterly results may not equal the reported annual amounts due to rounding (dollars in thousands, except per share amounts). Quarter Ended Fiscal 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Contract revenues $ 876,300 $ 972,273 $ 1,042,423 $ 917,466 Costs of earned revenues, excluding depreciation and amortization $ 745,730 $ 797,980 $ 850,897 $ 765,658 Gross profit $ 130,570 $ 174,293 $ 191,526 $ 151,808 Net income $ 19,536 $ 43,856 $ 54,012 $ 24,809 Earnings per common share - Basic $ 0.66 $ 1.48 $ 1.83 $ 0.84 Earnings per common share - Diluted $ 0.65 $ 1.46 $ 1.80 $ 0.83 Quarter Ended Fiscal 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Contract revenues $ 727,497 $ 787,568 $ 853,973 $ 761,481 Costs of earned revenues, excluding depreciation and amortization $ 620,011 $ 651,367 $ 705,865 $ 656,634 Gross profit $ 107,486 $ 136,201 $ 148,108 $ 104,847 Net income $ 898 $ 18,165 $ 28,717 $ 794 Earnings per common share - Basic $ 0.03 $ 0.60 $ 0.95 $ 0.03 Earnings per common share - Diluted $ 0.03 $ 0.59 $ 0.94 $ 0.03 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended |
Jan. 28, 2023 segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Significant Accounting Polici_3
Significant Accounting Policies and Estimates - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Capitalized computer software, net | $ 12.8 | $ 17 | |
Revenue Recognized Using Cost To Cost Percentage of Completion Method | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Percentage of revenue | 5% | 5% | 5% |
Stock Options | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Award vesting period | 4 years | ||
Expiration period | 10 years | ||
RSUs | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Award vesting period | 4 years | ||
Performance RSUs | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Award vesting period | 3 years | ||
Performance Restricted Stock Unit | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Share-based payment award, performance measure duration | 3 years | ||
Share-based payment award, cumulative operating earnings duration | 3 years | ||
Share-based payment award, cumulative operating cash flow level duration | 3 years |
Computation of Earnings Per C_3
Computation of Earnings Per Common Share - Basic and Diluted Earnings Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 28, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Sep. 15, 2015 | |
Basic earnings per unit | ||||||||||||
Net income | $ 24,809 | $ 54,012 | $ 43,856 | $ 19,536 | $ 794 | $ 28,717 | $ 18,165 | $ 898 | $ 142,213 | $ 48,574 | $ 34,337 | |
Weighted-average number of common shares (in shares) | 29,549,990 | 30,337,544 | 31,665,183 | |||||||||
Basic earnings per common share (in dollars per share) | $ 0.84 | $ 1.83 | $ 1.48 | $ 0.66 | $ 0.03 | $ 0.95 | $ 0.60 | $ 0.03 | $ 4.81 | $ 1.60 | $ 1.08 | |
Diluted earnings per unit | ||||||||||||
Weighted-average number of common shares (in shares) | 29,549,990 | 30,337,544 | 31,665,183 | |||||||||
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 446,601 | 506,667 | 425,395 | |||||||||
Total shares-diluted (in shares) | 29,996,591 | 30,844,211 | 32,090,578 | |||||||||
Diluted earnings per common share (in dollars per share) | $ 0.83 | $ 1.80 | $ 1.46 | $ 0.65 | $ 0.03 | $ 0.94 | $ 0.59 | $ 0.03 | $ 4.74 | $ 1.57 | $ 1.07 | |
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 98,530 | 1,004,953 | 3,665,932 | |||||||||
0.75% Convertible Senior Notes Due 2021 | ||||||||||||
Diluted earnings per unit | ||||||||||||
Debt, interest rate (in percent) | 0.75% | |||||||||||
Stock-based awards | ||||||||||||
Diluted earnings per unit | ||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 98,530 | 91,816 | 233,988 | |||||||||
Convertible senior notes | ||||||||||||
Diluted earnings per unit | ||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 0 | 375,013 | 1,715,972 | |||||||||
Warrants | ||||||||||||
Diluted earnings per unit | ||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 0 | 538,124 | 1,715,972 |
Computation of Earnings Per C_4
Computation of Earnings Per Common Share - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Sep. 15, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Purchase of warrants | $ 700 | $ 700 | ||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 0 | $ 95,000 | $ 1,056,000 | |||
Convertible Note Hedge | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | |||||
Warrant Transaction | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Class of warrant or right, exercise price of warrants or rights (per warrant) | 130.43 | |||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000 | 25,000 | ||||
0.75% Convertible Senior Notes Due 2021 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | |||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000 | $ 401,700 |
Accounts Receivable, Contract_3
Accounts Receivable, Contract Assets, and Contract Liabilities - Accounts Receivable Net Classification (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 367,842 | $ 330,811 |
Unbilled accounts receivable | 670,066 | 545,493 |
Retainage | 32,351 | 20,318 |
Total | 1,070,259 | 896,622 |
Less: allowance for doubtful accounts | (3,246) | (724) |
Accounts receivable, net | $ 1,067,013 | $ 895,898 |
Accounts Receivable, Contract_4
Accounts Receivable, Contract Assets, and Contract Liabilities - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Receivables [Abstract] | ||
Allowance for doubtful accounts at beginning of period | $ 724 | $ 1,676 |
Provision for bad debt | 2,600 | 2,911 |
Amounts charged against the allowance | (78) | (3,863) |
Allowance for doubtful accounts at end of period | $ 3,246 | $ 724 |
Accounts Receivable, Contract_5
Accounts Receivable, Contract Assets, and Contract Liabilities - Narratives (Details) $ in Millions | 12 Months Ended |
Jan. 28, 2023 USD ($) | |
Receivables [Abstract] | |
Contract with customer, liability, revenue recognized | $ 15.9 |
Accounts Receivable, Contract_6
Accounts Receivable, Contract Assets, and Contract Liabilities - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Receivables [Abstract] | ||
Contract assets | $ 43,932 | $ 24,539 |
Contract liabilities | 19,512 | 18,512 |
Contract assets, net | $ 24,420 | $ 6,027 |
Accounts Receivable, Contract_7
Accounts Receivable, Contract Assets, and Contract Liabilities - Customer Credit Concentration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount | $ 1,067,013 | $ 895,898 | |
% of Total | 100% | 100% | 100% |
Lumen Technologies | Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount | $ 189,300 | $ 166,000 | |
% of Total | 17.40% | 18.40% | |
AT&T Inc. | Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount | $ 136,200 | $ 106,000 | |
% of Total | 12.50% | 11.70% | |
Comcast Corporation | Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount | $ 125,200 | $ 113,500 | |
% of Total | 11.50% | 12.60% | |
Verizon Communications Inc. | Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount | $ 102,700 | $ 144,300 | |
% of Total | 9.40% | 16% |
Other Current Assets and Othe_3
Other Current Assets and Other Assets - Current (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 17,357 | $ 14,640 |
Deposits and other current assets | 19,919 | 14,083 |
Current (included in Other current assets) | 0 | 756 |
Restricted cash | 1,372 | 1,372 |
Receivables on equipment sales | 25 | |
Other current assets | $ 38,648 | $ 30,876 |
Other Current Assets and Othe_4
Other Current Assets and Other Assets - Non-current (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Long-term contract assets | $ 8,333 | $ 14,056 |
Deferred financing costs | 3,685 | 4,834 |
Restricted cash | 432 | 432 |
Insurance recoveries/receivables for accrued insurance claims | 4,957 | 3,687 |
Other non-current deposits and assets | 8,964 | 8,909 |
Other assets | $ 26,371 | $ 31,918 |
Cash and Equivalents and Rest_3
Cash and Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 25, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and equivalents | $ 224,186 | $ 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 | $ 225,990 | $ 312,561 | $ 13,574 | $ 59,869 |
Property and Equipment - Estima
Property and Equipment - Estimated Useful Lives and Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,388,592 | $ 1,242,153 |
Less: accumulated depreciation | (1,020,740) | (947,355) |
Property and equipment, net | 367,852 | 294,798 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 8,419 | 4,127 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 10,466 | 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 | $ 17,623 | 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 | $ 815,266 | 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 | $ 165,582 | 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 | $ 12,215 | 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 | $ 359,021 | $ 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, Repairs and Maintenance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 128,840 | $ 135,163 | $ 155,274 |
Repairs and maintenance expense | $ 62,724 | $ 51,150 | $ 47,586 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended |
Jan. 28, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance, gross | $ 521,516 |
Beginning balance, accumulated impairment losses | (249,031) |
Beginning balance, net | 272,485 |
Goodwill from fiscal 2023 acquisition | 60 |
Ending balance, gross | 521,576 |
Ending balance, accumulated impairment losses | (249,031) |
Ending balance, net | $ 272,545 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Impairment Analysis (Details) | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Terminal Growth Rate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible asset, measurement input | 3 | ||
Discount Rate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible asset, measurement input | 0.115 | 0.105 | 0.100 |
Minimum | Terminal Growth Rate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible asset, measurement input | 0.02 | ||
Maximum | Terminal Growth Rate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible asset, measurement input | 0.03 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narratives (Details) $ in Thousands | 12 Months Ended | ||||
Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | Jan. 25, 2020 | Apr. 25, 2020 USD ($) | |
Goodwill [Line Items] | |||||
Fair value, valuation assumption, expected cash flow, period | 7 years | ||||
Percentage change in fair value input | 1% | ||||
Potential change in fair value, percentage | 25% | ||||
Goodwill, excess of fair value above carrying value | $ 5,700 | ||||
Percentage of fair value in excess of carrying amount | 7% | ||||
% of Total | 100% | 100% | 100% | ||
Goodwill impairment charge | $ 0 | $ 0 | $ 53,264 | ||
Goodwill | 272,545 | 272,485 | |||
Amortization of intangible assets | 15,300 | $ 17,500 | $ 20,600 | ||
Revenue Benchmark | Product Concentration Risk | Broadband Reporting Unit | |||||
Goodwill [Line Items] | |||||
% of Total | 4% | ||||
Broadband | |||||
Goodwill [Line Items] | |||||
Goodwill impairment charge | $ 53,300 | ||||
Goodwill | $ 10,100 | ||||
Terminal Growth Rate | |||||
Goodwill [Line Items] | |||||
Indefinite-lived Intangible Asset, Measurement Input | 3 | ||||
Terminal Growth Rate | Broadband | |||||
Goodwill [Line Items] | |||||
Indefinite-lived Intangible Asset, Measurement Input | 0.015 | 0.030 | |||
Discount Rate | |||||
Goodwill [Line Items] | |||||
Indefinite-lived Intangible Asset, Measurement Input | 0.115 | 0.105 | 0.100 | ||
Discount Rate | Broadband | |||||
Goodwill [Line Items] | |||||
Indefinite-lived Intangible Asset, Measurement Input | 0.12 | 0.10 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 326,042 | $ 325,967 |
Accumulated Amortization | 239,476 | 224,135 |
Intangible Assets, Net | 86,566 | 101,832 |
Trade name, indefinite | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,700 | 4,700 |
Intangible Assets, Net | 4,700 | 4,700 |
Non-compete agreement | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 75 | 0 |
Intangible Assets, Net | $ 75 | 0 |
Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (Years) | 7 years 6 months | |
Gross Carrying Amount | $ 312,017 | 312,017 |
Accumulated Amortization | 231,028 | 215,806 |
Intangible Assets, Net | $ 80,989 | 96,211 |
Trade names, finite | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (Years) | 7 years 6 months | |
Gross Carrying Amount | $ 9,250 | 9,250 |
Accumulated Amortization | 8,448 | 8,329 |
Intangible Assets, Net | $ 802 | 921 |
Non-compete agreement | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Lives (Years) | 4 years 9 months 18 days | |
Accumulated Amortization | $ 0 | $ 0 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands | Jan. 28, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |
2024 | $ 13,911 |
2025 | 13,732 |
2026 | 13,424 |
2027 | 11,288 |
2028 | 9,536 |
Thereafter | 19,975 |
Total | $ 81,866 |
Accrued Insurance Claims - Narr
Accrued Insurance Claims - Narratives (Details) | 12 Months Ended | ||
Jan. 28, 2023 USD ($) state | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Accrued Insurance Claims [Line Items] | |||
Number of states with state-sponsored insurance fund | state | 2 | ||
Insurance liability, annual retained risk loss, annual aggregate amount for all participants | $ 475,000 | ||
Increase (decrease) in insurance recoveries/ receivable | $ (500,000) | ||
Automobile insurance liability and general liability | 5,000,000 | ||
Accrued insurance, claims incurred but not reported | 48,000,000 | $ 48,000,000 | |
Maximum | |||
Accrued Insurance Claims [Line Items] | |||
Insurance liability, annual retained risk loss | 600,000 | $ 450,000 | |
Losses below 5 million | |||
Accrued Insurance Claims [Line Items] | |||
Retained risk of loss, workers compensation | 1,000,000 | ||
Insurance coverage threshold | 5,000,000 | ||
Losses in excess of 5 million | |||
Accrued Insurance Claims [Line Items] | |||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | 11,500,000 | ||
Insurance coverage threshold | 5,000,000 | ||
Losses between 10 and 30 million | Minimum | |||
Accrued Insurance Claims [Line Items] | |||
Automobile insurance liability and general liability | 10,000,000 | ||
Losses between 10 and 30 million | Maximum | |||
Accrued Insurance Claims [Line Items] | |||
Automobile insurance liability and general liability | 15,000,000 | ||
Threshold Four | |||
Accrued Insurance Claims [Line Items] | |||
Insurance coverage threshold | 10,000,000 | 10,000,000 | |
Threshold Four | Minimum | |||
Accrued Insurance Claims [Line Items] | |||
Automobile insurance liability and general liability | 30,000,000 | 30,000,000 | |
Threshold Four | Maximum | |||
Accrued Insurance Claims [Line Items] | |||
Automobile insurance liability and general liability | $ 40,000,000 | $ 40,000,000 |
Accrued Insurance Claims - Accr
Accrued Insurance Claims - Accrued Insurance and Insurance Recoveries/Receivables (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Accrued Insurance Claims [Abstract] | ||
Accrued insurance claims - current | $ 41,043 | $ 36,805 |
Accrued insurance claims - non-current | 49,347 | 48,238 |
Accrued insurance claims | 90,390 | 85,043 |
Insurance recoveries/receivables: | ||
Current (included in Other current assets) | 0 | 756 |
Non-current (included in Other assets) | 4,957 | 3,687 |
Insurance recoveries/receivables | $ 4,957 | $ 4,443 |
Leases - Narratives (Details)
Leases - Narratives (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Lessee, Lease, Description [Line Items] | ||
Operating lease reneewal term | 5 years | |
Operating lease liability | $ 67,155 | $ 61,200 |
Operating lease that have yet to commence | $ 100 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 9 years |
Leases - Lease Cost and Supplem
Leases - Lease Cost and Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Leases [Abstract] | ||
Lease cost under long-term operating leases | $ 34,464 | $ 34,520 |
Lease cost under short-term operating leases | 25,073 | 24,218 |
Variable lease cost under short-term and long-term operating leases | 5,567 | 3,405 |
Total lease cost | $ 65,104 | $ 62,143 |
Weighted average remaining lease term | 2 years 10 months 24 days | 3 years 1 month 6 days |
Weighted average discount rate | 3.90% | 3.80% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 33,693 | $ 33,514 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 38,325 | $ 29,725 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Leases [Abstract] | ||
2024 | $ 30,501 | |
2025 | 22,626 | |
2026 | 12,689 | |
2027 | 5,976 | |
2028 | 2,044 | |
Thereafter | 712 | |
Total lease payments | 74,548 | |
Less: imputed interest | (7,393) | |
Total | $ 67,155 | $ 61,200 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 32,448 | $ 47,303 |
Accrued employee benefit and incentive plan costs | 44,487 | 26,942 |
Accrued construction costs | 37,735 | 28,254 |
Other current liabilities | 26,664 | 25,710 |
Other accrued liabilities | $ 141,334 | $ 128,209 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | Apr. 01, 2021 |
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 824,867 | $ 840,751 | |
Less: current portion | (17,500) | (17,500) | |
Long-term debt | 807,367 | 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 | 330,603 | 347,438 | |
Senior Notes | Senior Notes 4.50% Due April 2029 | |||
Debt Instrument [Line Items] | |||
Debt, interest rate (in percent) | 4.50% | ||
Debt and capital lease obligations | $ 494,264 | $ 493,313 |
Debt - Senior Credit Agreement
Debt - Senior Credit Agreement (Details) | 12 Months Ended | ||||
Sep. 15, 2015 USD ($) | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | Apr. 01, 2021 USD ($) | Oct. 19, 2018 USD ($) | |
Line of Credit Facility [Line Items] | |||||
Net carrying amount of term loan | $ 824,867,000 | $ 840,751,000 | |||
Debt instrument, security, percentage of voting equity interests | 65% | ||||
Debt instrument, security, percentage of equity interests of direct and indirect domestic subsidiaries | 100% | ||||
Debt instrument, security, percentage of non-voting interests of first-tier foreign subsidiaries | 100% | ||||
Letters of credit outstanding amount | $ 47,500,000 | 46,300,000 | |||
Line of credit facility, remaining borrowing capacity | $ 602,500,000 | $ 326,300,000 | |||
Convertible debt, closing price determination value (in dollars per share) | 100 | ||||
Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, covenant compliance, consolidated leverage ratio | 3.50 | ||||
Debt instrument, covenant compliance, consolidated interest coverage ratio | 3 | ||||
Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, covenant compliance, consolidated leverage ratio | 1 | ||||
Debt instrument, covenant compliance, consolidated interest coverage ratio | 1 | ||||
Standby Letters of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | ||||
Swingline Loans | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 50,000,000 | ||||
Incremental Facility, Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, face amount | $ 350,000,000 | ||||
Credit Agreement - Revolving facility (matures April 2020) | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 750,000,000 | $ 650,000,000 | |||
Net carrying amount of term loan | $ 0 | $ 0 | |||
Credit Agreement - Term Loan (matures April 2020) | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | $ 416,300,000 | |||
Principal amount of term loan | 332,500,000 | 350,000,000 | |||
Less: Debt issuance costs | (1,897,000) | (2,562,000) | |||
Net carrying amount of term loan | 330,603,000 | $ 347,438,000 | |||
Debt instrument, covenant compliance, consolidated leverage ratio | 2.25 | ||||
Unrestricted cash and cash equivalents credit agreement threshold | $ 25,000,000 |
Debt - Interest Rates of the Cr
Debt - Interest Rates of the Credit Agreement (Details) - USD ($) | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unrestricted cash and cash equivalents credit agreement threshold | $ 25,000,000 | |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.35% | 0.35% |
Minimum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Minimum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.625% | |
Minimum | Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.20% | |
Maximum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2% | |
Maximum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 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) | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.75% | 1.75% |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 6.21% | 1.86% |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 0% | 0% |
Unutilized commitment fee (in percent) | 0.35% | 0.35% |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes Due 2021 (Details) | 3 Months Ended | 12 Months Ended | ||||||
Sep. 15, 2015 USD ($) $ / shares | Jan. 28, 2023 USD ($) $ / shares | Jan. 29, 2022 USD ($) $ / shares | Apr. 28, 2018 USD ($) trading_day | Jan. 28, 2023 USD ($) $ / shares | Jan. 29, 2022 USD ($) $ / shares | Jan. 30, 2021 USD ($) | Apr. 01, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Net carrying amount of term loan | $ 824,867,000 | $ 840,751,000 | $ 824,867,000 | $ 840,751,000 | ||||
Share price (in dollars per share) | $ / shares | $ 90.25 | $ 97.50 | $ 90.25 | $ 97.50 | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 0 | $ 95,000,000 | $ 1,056,000,000 | |||||
Repayments of Long-term Lines of Credit | 17,500,000 | 271,875,000 | 973,500,000 | |||||
Loss (gain) on debt extinguishment | 0 | 62,000 | (12,046,000) | |||||
Amortization of debt discount | 0 | 1,665,000 | 7,441,000 | |||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 112,600,000 | 112,600,000 | ||||||
Senior Notes 4.50% Due April 2029 | Senior Notes | Estimate of Fair Value Measurement | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of term loan | 451,250,000 | $ 487,500,000 | 451,250,000 | 487,500,000 | ||||
Less: Debt issuance costs | (5,736,000) | (6,687,000) | (5,736,000) | (6,687,000) | ||||
Net carrying amount of 2029 Notes | 445,514,000 | 480,813,000 | 445,514,000 | 480,813,000 | ||||
Senior Notes 4.50% Due April 2029 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, interest rate (in percent) | 4.50% | |||||||
Debt instrument, face amount | $ 500,000,000 | |||||||
Principal amount of term loan | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Net carrying amount of term loan | 494,264,000 | 493,313,000 | $ 494,264,000 | 493,313,000 | ||||
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 | 58,300,000 | 58,300,000 | 460,000,000 | ||||
Debt Conversion, Converted Instrument, Amount | $ 1,000 | $ 1,000 | ||||||
Debt instrument conversion ratio | 10.3211 | |||||||
Debt instrument, convertible, conversion price (per share) | $ / shares | $ 96.89 | |||||||
Convertible debt, trading day threshold | trading_day | 20 | |||||||
Convertible debt, consecutive trading day threshold | trading_day | 30 | |||||||
Convertible debt, percentage of stock trigger price threshold | 130% | |||||||
Debt Instrument, Convertible, Conversion Price, Threshold Trigger Price | $ / shares | $ 125.96 | |||||||
Convertible debt, measurement period for percentage of product sale price of common stock and applicable conversion threshold | 98% | |||||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000,000 | 401,700,000 | ||||||
Repayments of Long-term Lines of Credit | $ 24,300,000 | 371,400,000 | ||||||
Loss (gain) on debt extinguishment | $ 12,000,000 | 100,000 | ||||||
Convertible debt, comparable yield | 5.50% | |||||||
Amortization of debt discount | $ 1,700,000 | $ 7,400,000 | ||||||
Debt Instrument, Convertible, Measurement Period, Business Day Period | 5 days | |||||||
Debt Instrument, Convertible, Measurement Period, Trading Day Period | 5 days |
Debt - Convertible Note Hedge a
Debt - Convertible Note Hedge and Warrant Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Sep. 15, 2015 | |
Debt Instrument [Line Items] | ||||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 0 | $ 95,000 | $ 1,056,000 | |||
Purchase of warrants | $ 700 | $ 700 | ||||
Convertible Note Hedge | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | |||||
0.75% Convertible Senior Notes Due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | |||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000 | 401,700 | ||||
Warrant Transaction | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from borrowings on senior credit agreement, including term loans | $ 25,000 | $ 25,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 5,006 | 5,006 | 601 | |||
Class of warrant or right, exercise price of warrants or rights (per warrant) | $ 130.43 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Current: | |||
Federal | $ 24,917 | $ (3,323) | $ 42,794 |
Foreign | 0 | (4) | (2) |
State | 8,460 | (495) | 10,273 |
Current Income Tax Expense (Benefit) | 33,377 | (3,822) | 53,065 |
Deferred: | |||
Federal | 6,094 | 7,506 | (24,380) |
Foreign | 0 | 0 | 0 |
State | (1,562) | 518 | (3,805) |
Deferred income tax (benefit) provision | 4,532 | 8,024 | (28,185) |
Provision for income taxes | $ 37,909 | $ 4,202 | $ 24,880 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 25, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Goodwill impairment charge | $ 0 | $ 0 | $ 53,264 | |
Unrecognized tax benefits | 15,771 | 11,929 | $ 5,940 | $ 4,742 |
Unrecognized tax benefits that would impact effective tax rate | 14,700 | |||
Payment of interest and penalties accrued | $ 2,600 | $ 2,300 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate applied to pre-tax income | $ 37,826 | $ 11,083 | $ 12,436 |
State taxes, net of federal tax benefit | 5,325 | 1,422 | 4,344 |
Tax Reform and related effects | 0 | 0 | (2,631) |
Non-deductible goodwill impairment | 0 | 0 | 10,411 |
Compensation limitation | 3,959 | 1,468 | 2,632 |
Non-deductible and non-taxable items, net | 215 | 70 | 808 |
Federal benefit of vesting and exercise of share-based awards | (3,515) | (2,425) | (436) |
Tax credits | (5,056) | (3,756) | (3,145) |
Change in accruals for uncertain tax positions | 3,833 | 4,493 | 1,189 |
Change in valuation allowance | (376) | (12) | 1 |
Effect of rates other than statutory | (203) | 71 | (4) |
Tax filings for prior periods | (2,505) | (4,609) | 0 |
Deferred tax remeasurements | 371 | (1,355) | 0 |
Other items, net | (1,965) | (2,248) | (725) |
Provision for income taxes | $ 37,909 | $ 4,202 | $ 24,880 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Deferred tax assets: | ||
Insurance and other reserves | $ 22,866 | $ 19,407 |
Capitalized research expenditures (IRC Section 174) | 19,498 | 0 |
Leases | 17,096 | 15,718 |
Stock-based compensation | 3,577 | 2,303 |
Allowance for doubtful accounts and reserves | 2,984 | 1,356 |
Net operating loss carryforwards | 591 | 9,183 |
CARES Act tax deferral | 0 | 4,791 |
Other | 5,080 | 6,233 |
Total deferred tax assets | 71,692 | 58,991 |
Valuation allowance | (634) | (1,131) |
Deferred tax assets, net of valuation allowance | 71,058 | 57,860 |
Deferred tax liabilities: | ||
Property and equipment | 77,024 | 63,310 |
Goodwill and intangibles | 36,132 | 33,221 |
Leases | 17,178 | 15,822 |
Other | 929 | 1,181 |
Deferred tax liabilities | 131,263 | 113,534 |
Net deferred tax liabilities | $ 60,205 | $ 55,674 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of year | $ 11,929 | $ 5,940 | $ 4,742 |
Additions based on tax positions related to the fiscal year | 2,042 | 1,377 | 1,075 |
Additions based on tax positions related to prior years | 2,957 | 4,612 | 530 |
Reductions related to the expiration of statutes of limitation | (1,157) | 0 | (407) |
Balance at end of year | $ 15,771 | $ 11,929 | $ 5,940 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Other Income and Expenses [Abstract] | |||
Gain on sale of fixed assets | $ 16,759 | $ 4,203 | $ 10,026 |
Miscellaneous income (expense), net | (6,558) | 243 | (1,429) |
Other income, net | $ 10,201 | $ 4,446 | $ 8,597 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 01, 2023 | Dec. 31, 2022 | Oct. 31, 2016 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Nov. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined contribution maximum annual contribution for employee | 75% | ||||||
Defined contribution employer match | 50% | 30% | |||||
Defined contribution employer match | 6% | 5% | |||||
Employer contribution amount | $ 5.3 | $ 4.4 | $ 4 | ||||
Multiemployer plan periodic withdraw liability | $ 0.1 | ||||||
Maximum | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Plan contribution | 5% | ||||||
The Plan | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Claim amount | $ 13 |
Employee Benefit Plans - Contri
Employee Benefit Plans - Contribution Details (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company Contributions | $ 63 | $ 83 | $ 280 |
Capital Stock - Repurchase of C
Capital Stock - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 30, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Stockholders' Equity Note [Abstract] | ||||
Number of shares repurchased (in shares) | 1,324,381 | 514,030 | 1,231,638 | 1,324,381 |
Total consideration | $ 100,000 | $ 48,732 | $ 106,133 | $ 100,000 |
Average price per share (in usd per share) | $ 75.51 | $ 94.80 | $ 86.17 | $ 75.51 |
Capital Stock - Narratives (Det
Capital Stock - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jan. 30, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Mar. 02, 2022 | Mar. 03, 2021 | Aug. 24, 2020 | |
Stockholders' Equity Note [Abstract] | |||||||
Stock repurchase program, authorized amount | $ 150,000 | $ 150,000 | $ 100,000 | ||||
Stock repurchased during period, shares (in shares) | 514,030 | 1,231,638 | |||||
Average repurchase price (in usd per share) | $ 75.51 | $ 94.80 | $ 86.17 | $ 75.51 | |||
Stock repurchased during period, value | $ 48,700 | ||||||
Number of shares authorized to be repurchased | 101,300,000 | ||||||
Common stock repurchased (in shares) | 1,324,381 | 514,030 | 1,231,638 | 1,324,381 | |||
Repurchase consideration | $ 100,000 | $ 48,732 | $ 106,133 | $ 100,000 | |||
Shares paid for tax withholding for share based compensation (in shares) | 59,018 | 78,264 | 19,081 | ||||
Value of shares paid for tax withholding for share based compensation | $ 5,800 | $ 6,600 | $ 700 | ||||
Shares cancelled, value | $ 33,200 |
Stock-Based Awards - Tax Benefi
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation | $ 17,927 | $ 9,866 | $ 12,771 |
Income tax effect of stock-based compensation | $ 4,433 | $ 2,435 | $ 3,141 |
Stock-Based Awards - Narratives
Stock-Based Awards - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2023 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of shares available for grant (in shares) | 1,214,005 | |||
Tax benefit from exercise of stock options | $ 4,200 | $ 2,900 | $ 500 | |
Share price (in dollars per share) | $ 90.25 | $ 97.50 | ||
Proceeds from stock options exercised | $ 4,557 | $ 2,261 | 5,738 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 2,700 | |||
Total compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days | |||
Share price (in dollars per share) | $ 92.73 | |||
Share based compensation intrinsic value | $ 8,500 | $ 1,900 | 8,100 | |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 16,200 | |||
Total compensation cost not yet recognized, period for recognition | 2 years 4 months 24 days | |||
Granted (in shares) | 123,428 | |||
Forfeited or canceled (in shares) | 17,235 | |||
Shares outstanding (in shares) | 439,903 | 524,255 | ||
Share based compensation vested in period | $ 18,400 | $ 22,400 | $ 3,100 | |
Performance RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 15,000 | |||
Total compensation cost not yet recognized, period for recognition | 1 year 4 months 24 days | |||
Compensation expense | $ 11,100 | |||
Granted (in shares) | 202,212 | |||
Forfeited or canceled (in shares) | 265,856 | |||
Shares outstanding (in shares) | 385,673 | 455,800 | ||
Target Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs outstanding (in shares) | 137,605 | |||
Forfeited or canceled (in shares) | 164,066 | |||
Shares outstanding (in shares) | 259,319 | |||
Target Share Units | Scenario, Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeited or canceled (in shares) | 2,504 | |||
Supplemental Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 64,607 | |||
Forfeited or canceled (in shares) | 85,576 | |||
Shares outstanding (in shares) | 126,354 | |||
Supplemental Shares | Scenario, Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeited or canceled (in shares) | 57,199 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Valuation Inputs (Details) - $ / shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Stock option assumptions: | |||
Risk-free interest rate | 2.40% | 1.60% | 0.70% |
Expected life (in years) | 8 years 10 months 24 days | 9 years 3 months 18 days | 9 years 4 months 24 days |
Expected volatility | 54.20% | 53.40% | 51.30% |
Expected dividends | 0% | 0% | 0% |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of shares other than options granted (usd per share) | $ 96.81 | $ 82.25 | $ 27.75 |
Performance RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of shares other than options granted (usd per share) | 97.49 | 84.73 | 25.15 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of options granted (usd per share) | $ 61.18 | $ 52.33 | $ 14.63 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - Stock Options $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 28, 2023 USD ($) $ / shares shares | |
Shares | |
Beginning balance (in shares) | shares | 332,121 |
Granted (in shares) | shares | 33,015 |
Options exercised (in shares) | shares | (119,430) |
Canceled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 245,706 |
Exercisable options (in shares) | shares | 148,916 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per shares) | $ / shares | $ 52.39 |
Options granted (in dollars per shares) | $ / shares | 97.49 |
Options exercised (in dollars per shares) | $ / shares | 38.16 |
Canceled (in dollars per shares) | $ / shares | 0 |
Ending balance (in dollars per shares) | $ / shares | 65.36 |
Weighted average remaining contractual life, shares exercisable (In years) | $ / shares | $ 65.12 |
Weighted Average Remaining Contractual Life (In years), outstanding | 6 years 4 months 24 days |
Aggregate Intrinsic Value (In thousands), outstanding | $ | $ 7,111 |
Weighted Average Remaining Contractual Life (In years). exercisable | 5 years 3 months 18 days |
Aggregate Intrinsic Value (In thousands), exercisable | $ | $ 4,374 |
Stock-Based Awards - RSU's and
Stock-Based Awards - RSU's and Performance RSU's (Details) - $ / shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
RSUs | |||
Share Units | |||
Beginning balance (in shares) | 524,255 | ||
Granted (in shares) | 123,428 | ||
Share units vested (in shares) | (190,545) | ||
Forfeited or canceled (in shares) | (17,235) | ||
Ending balance (in shares) | 439,903 | 524,255 | |
Weighted Average Grant Price | |||
Beginning balance (in dollars per shares) | $ 38.49 | ||
Granted (in dollars per shares) | 96.81 | $ 82.25 | $ 27.75 |
Share units vested (in dollars per shares) | 40.60 | ||
Forfeited or canceled (in dollars per shares) | 43.80 | ||
Ending balance (in dollars per shares) | $ 54.17 | $ 38.49 | |
Performance RSUs | |||
Share Units | |||
Beginning balance (in shares) | 455,800 | ||
Granted (in shares) | 202,212 | ||
Share units vested (in shares) | (6,483) | ||
Forfeited or canceled (in shares) | (265,856) | ||
Ending balance (in shares) | 385,673 | 455,800 | |
Weighted Average Grant Price | |||
Beginning balance (in dollars per shares) | $ 68.88 | ||
Granted (in dollars per shares) | 97.49 | $ 84.73 | $ 25.15 |
Share units vested (in dollars per shares) | 25.15 | ||
Forfeited or canceled (in dollars per shares) | 60.60 | ||
Ending balance (in dollars per shares) | $ 90.32 | $ 68.88 |
Customer Concentration and Re_3
Customer Concentration and Revenue Information - Narratives (Details) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Concentration Risk [Line Items] | |||
% of Total | 100% | 100% | 100% |
Revenue Benchmark | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
% of Total | 100% | 100% | 100% |
Revenue Benchmark | Customer Concentration Risk | Five Unnamed Customers | |||
Concentration Risk [Line Items] | |||
% of Total | 66.70% | 66.20% | 74.10% |
Customer Concentration and Re_4
Customer Concentration and Revenue Information - Contract Revenues by Customer Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Concentration Risk [Line Items] | |||||||||||
Amount | $ 917,466 | $ 1,042,423 | $ 972,273 | $ 876,300 | $ 761,481 | $ 853,973 | $ 787,568 | $ 727,497 | $ 3,808,462 | $ 3,130,519 | $ 3,199,165 |
% of Total | 100% | 100% | 100% | ||||||||
Revenue Benchmark | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 3,808,500 | $ 3,130,500 | $ 3,199,200 | ||||||||
% of Total | 100% | 100% | 100% | ||||||||
Revenue Benchmark | Customer Concentration Risk | AT&T Inc. | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 958,000 | $ 735,200 | $ 533,700 | ||||||||
% of Total | 25.20% | 23.50% | 16.70% | ||||||||
Revenue Benchmark | Customer Concentration Risk | Lumen Technologies | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 483,500 | $ 373,000 | $ 542,000 | ||||||||
% of Total | 12.70% | 11.90% | 16.90% | ||||||||
Revenue Benchmark | Customer Concentration Risk | Comcast Corporation | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 430,600 | $ 473,800 | $ 533,900 | ||||||||
% of Total | 11.30% | 15.10% | 16.70% | ||||||||
Revenue Benchmark | Customer Concentration Risk | Verizon Communications Inc. | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 347,300 | $ 352,600 | $ 601,600 | ||||||||
% of Total | 9.10% | 11.30% | 18.80% | ||||||||
Revenue Benchmark | Customer Concentration Risk | Total other customers combined | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 1,589,100 | $ 1,195,900 | $ 988,000 | ||||||||
% of Total | 41.70% | 38.20% | 30.90% |
Customer Concentration and Re_5
Customer Concentration and Revenue Information - Trade Receivable Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Concentration Risk [Line Items] | |||||||||||
Amount | $ 917,466 | $ 1,042,423 | $ 972,273 | $ 876,300 | $ 761,481 | $ 853,973 | $ 787,568 | $ 727,497 | $ 3,808,462 | $ 3,130,519 | $ 3,199,165 |
% of Total | 100% | 100% | 100% | ||||||||
Customer Concentration Risk | Revenue Benchmark | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 3,808,500 | $ 3,130,500 | $ 3,199,200 | ||||||||
% of Total | 100% | 100% | 100% | ||||||||
Telecommunications | Customer Concentration Risk | Revenue Benchmark | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 3,415,800 | $ 2,777,600 | $ 2,851,600 | ||||||||
% of Total | 89.70% | 88.70% | 89.10% | ||||||||
Underground facility locating | Customer Concentration Risk | Revenue Benchmark | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 274,900 | $ 255,400 | $ 229,600 | ||||||||
% of Total | 7.20% | 8.20% | 7.20% | ||||||||
Electrical and gas utilities and other | Customer Concentration Risk | Revenue Benchmark | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Amount | $ 117,800 | $ 97,500 | $ 118,000 | ||||||||
% of Total | 3.10% | 3.10% | 3.70% |
Commitment and Contingencies -
Commitment and Contingencies - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Oct. 31, 2016 | Jan. 28, 2023 | 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 | ||
The Plan | ||||
Loss Contingencies [Line Items] | ||||
Claim amount | $ 13 | |||
Performance Guarantee and Surety Bond | ||||
Loss Contingencies [Line Items] | ||||
Guarantor obligations, carrying value | $ 299.8 | $ 296.4 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Contract revenues | $ 917,466 | $ 1,042,423 | $ 972,273 | $ 876,300 | $ 761,481 | $ 853,973 | $ 787,568 | $ 727,497 | $ 3,808,462 | $ 3,130,519 | $ 3,199,165 |
Costs of earned revenues, excluding depreciation and amortization | 765,658 | 850,897 | 797,980 | 745,730 | 656,634 | 705,865 | 651,367 | 620,011 | 3,160,264 | 2,633,877 | 2,641,989 |
Gross profit | 151,808 | 191,526 | 174,293 | 130,570 | 104,847 | 148,108 | 136,201 | 107,486 | |||
Net Income | $ 24,809 | $ 54,012 | $ 43,856 | $ 19,536 | $ 794 | $ 28,717 | $ 18,165 | $ 898 | $ 142,213 | $ 48,574 | $ 34,337 |
Basic earnings per common share (in dollars per share) | $ 0.84 | $ 1.83 | $ 1.48 | $ 0.66 | $ 0.03 | $ 0.95 | $ 0.60 | $ 0.03 | $ 4.81 | $ 1.60 | $ 1.08 |
Diluted earnings per common share (in dollars per share) | $ 0.83 | $ 1.80 | $ 1.46 | $ 0.65 | $ 0.03 | $ 0.94 | $ 0.59 | $ 0.03 | $ 4.74 | $ 1.57 | $ 1.07 |