Supplemental Consolidating Financial Statements

12 Months Ended

Jul. 27, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

Supplemental Consolidating Financial Statements

As of July 27, 2013, the outstanding aggregate principal amount of the 2021 Notes was $277.5 million, comprised of $187.5 million and $90.0 million in principal amount issued in fiscal 2011 and the second quarter of fiscal 2013, respectively. The 2021 Notes were issued by Dycom Investments, Inc., a wholly-owned subsidiary of the Company. See Note 10, Debt,for further information regarding the Company's debt financing. The following consolidating financial statements present, in separate columns, financial information for (i) Dycom Industries, Inc. ("Parent") on a parent only basis, (ii) Dycom Investments, Inc. ("the Issuer"), (iii) the guarantor subsidiaries for the 2021 Notes on a combined basis, (iv) other non-guarantor subsidiaries on a combined basis, (v) the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis, and (vi) the Company on a consolidated basis. The consolidating financial statements are presented in accordance with the equity method. Under this method, the investments in subsidiaries are recorded at cost and adjusted for the Company’s share of subsidiaries’ cumulative results of operations, capital contributions, distributions and other equity changes. Intercompany charges (income) between the Parent and subsidiaries are recognized in the consolidating financial statements during the period incurred and the settlement of intercompany balances is reflected in the consolidating statement of cash flows based on the nature of the underlying transactions.

Each guarantor and non-guarantor subsidiary is wholly-owned, directly or indirectly, by the Issuer and the Parent. The Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary and Parent. There are no contractual restrictions limiting transfers of cash from guarantor and non-guarantor subsidiaries to Issuer or Parent, within the meaning of Rule 3-10 of Regulation S-X.

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET  JULY 27, 2013
	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
CURRENT ASSETS:
Cash and equivalents	$	—	$	—	$	18,166	$	441	$	—		$	18,607
Accounts receivable, net	—		—		249,533		2,669		—			252,202
Costs and estimated earnings in excess of billings	—		—		202,651		1,698		—			204,349
Inventories	—		—		35,999		—		—			35,999
Deferred tax assets, net	2,285		—		15,873		121		(1,426		)	16,853
Income taxes receivable	2,516		—		—		—		—			2,516
Other current assets	2,563		10		7,583		452		—			10,608
Total current assets	7,364		10		529,805		5,381		(1,426		)	541,134
PROPERTY AND EQUIPMENT, NET	13,779		—		173,254		15,670		—			202,703
GOODWILL	—		—		267,810		—		—			267,810
INTANGIBLE ASSETS, NET	—		—		125,275		—		—			125,275
DEFERRED TAX ASSETS, NET NON-CURRENT	691		—		4,104		66		(4,861		)	—
INVESTMENT IN SUBSIDIARIES	769,639		1,472,559		—		—		(2,242,198		)	—
INTERCOMPANY RECEIVABLES	—		—		618,524		—		(618,524		)	—
OTHER	8,739		6,331		2,133		83		—			17,286
TOTAL NON-CURRENT ASSETS	792,848		1,478,890		1,191,100		15,819		(2,865,583		)	613,074
TOTAL ASSETS	$	800,212	$	1,478,900	$	1,720,905	$	21,200	$	(2,867,009	)	$	1,154,208
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	2,042	$	—	$	75,012	$	900	$	—		$	77,954
Current portion of debt	7,813		—		—		—		—			7,813
Billings in excess of costs and estimated earnings	—		—		13,788		—		—			13,788
Accrued insurance claims	619		—		28,342		108		—			29,069
Deferred tax liabilities	—		155		140		1,131		(1,426		)	—
Other accrued liabilities	9,151		1,321		59,374		1,345		—			71,191
Total current liabilities	19,625		1,476		176,656		3,484		(1,426		)	199,815
LONG-TERM DEBT	163,062		281,107		—		—		—			444,169
ACCRUED INSURANCE CLAIMS	726		—		26,426		98		—			27,250
DEFERRED TAX LIABILITIES, NET NON-CURRENT	—		427		52,436		610		(4,861		)	48,612

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET  JULY 27, 2013
INTERCOMPANY PAYABLES	185,296		426,251		—		6,977		(618,524		)	—
OTHER LIABILITIES	3,142		—		2,855		4		—			6,001
Total liabilities	371,851		709,261		258,373		11,173		(624,811		)	725,847
Total stockholders' equity	428,361		769,639		1,462,532		10,027		(2,242,198		)	428,361
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	800,212	$	1,478,900	$	1,720,905	$	21,200	$	(2,867,009	)	$	1,154,208

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES  CONSOLIDATED BALANCE SHEET JULY 28, 2012
	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
CURRENT ASSETS:
Cash and equivalents	$	—	$	—	$	51,563	$	1,018	$	—		$	52,581
Accounts receivable, net	—		—		140,426		1,362		—			141,788
Costs and estimated earnings in excess of billings	—		—		125,869		1,452		—			127,321
Inventories	—		—		26,274		—		—			26,274
Deferred tax assets, net	2,390		—		13,566		80		(403		)	15,633
Income taxes receivable	4,884		—		—		—		—			4,884
Other current assets	2,211		10		5,458		787		—			8,466
Total current assets	9,485		10		363,156		4,699		(403		)	376,947
PROPERTY AND EQUIPMENT, NET	9,671		—		133,145		15,431		—			158,247
GOODWILL	—		—		174,849		—		—			174,849
INTANGIBLE ASSETS, NET	—		—		49,773		—		—			49,773
DEFERRED TAX ASSETS, NET NON-CURRENT	—		65		9,341		1,085		(10,491		)	—
INVESTMENT IN SUBSIDIARIES	734,451		1,425,451		—		—		(2,159,902		)	—
INTERCOMPANY RECEIVABLES	—		—		860,758		54		(860,812		)	—
OTHER	6,075		4,338		1,731		233		—			12,377
TOTAL NON-CURRENT ASSETS	750,197		1,429,854		1,229,597		16,803		(3,031,205		)	395,246
TOTAL ASSETS	$	759,682	$	1,429,864	$	1,592,753	$	21,502	$	(3,031,608	)	$	772,193
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	2,785	$	—	$	33,441	$	597	$	—		$	36,823
Current portion of debt	—		—		74		—		—			74
Billings in excess of costs and estimated earnings	—		—		1,522		—		—			1,522
Accrued insurance claims	588		—		24,551		79		—			25,218
Deferred tax liabilities	—		249		84		70		(403		)	—
Other accrued liabilities	5,054		565		43,772		1,535		—			50,926
Total current liabilities	8,427		814		103,444		2,281		(403		)	114,563
LONG-TERM DEBT	—		187,500		—		—		—			187,500
ACCRUED INSURANCE CLAIMS	708		—		22,815		68		—			23,591
DEFERRED TAX LIABILITIES, NET NON-CURRENT	1,020		—		57,140		1,868		(10,491		)	49,537

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES  CONSOLIDATED BALANCE SHEET JULY 28, 2012
INTERCOMPANY PAYABLES	353,713		507,099		—		—		(860,812		)	—
OTHER LIABILITIES	2,883		—		1,185		3		—			4,071
Total liabilities	366,751		695,413		184,584		4,220		(871,706		)	379,262
Total stockholders' equity	392,931		734,451		1,408,169		17,282		(2,159,902		)	392,931
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	759,682	$	1,429,864	$	1,592,753	$	21,502	$	(3,031,608	)	$	772,193

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED JULY 27, 2013
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	—		$	—		$	1,594,363		$	14,249		$	—		$	1,608,612
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—			—			1,288,369			12,047			—			1,300,416
General and administrative	44,462			818			89,336			11,155			—			145,771
Depreciation and amortization	2,920			—			77,595			4,966			—			85,481
Intercompany charges (income), net	(53,377		)	—			54,720			(1,343		)	—			—
Total	(5,995		)	818			1,510,020			26,825			—			1,531,668
Interest expense, net	(5,675		)	(17,599		)	(60		)	—			—			(23,334		)
Other income, net	(320		)	—			4,794			115			—			4,589
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			(18,417		)	89,077			(12,461		)	—			58,199
PROVISION (BENEFIT) FOR INCOME TAXES	—			(7,281		)	35,214			(4,922		)	—			23,011
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—			(11,136		)	53,863			(7,539		)	—			35,188
EQUITY IN EARNINGS OF SUBSIDIARIES	35,188			46,324			—			—			(81,512		)	—
NET INCOME (LOSS)	$	35,188		$	35,188		$	53,863		$	(7,539	)	$	(81,512	)	$	35,188
Foreign currency translation loss	(35		)	(35		)	—			(35		)	70			(35		)
COMPREHENSIVE INCOME (LOSS)	$	35,153		$	35,153		$	53,863		$	(7,574	)	$	(81,442	)	$	35,153

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED JULY 28, 2012
	Parent			Issuer			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	—		$	—		$	1,186,380		$	14,739		$	—		$	1,201,119
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—			—			957,449			11,500			—			968,949
General and administrative	28,048			574			65,185			10,217			—			104,024
Depreciation and amortization	3,137			—			54,735			4,833			(12		)	62,693
Intercompany charges (income), net	(34,212		)	—			33,749			463			—			—
Total	(3,027		)	574			1,111,118			27,013			(12		)	1,135,666
Interest income (expense), net	(3,049		)	(13,660		)	(8		)	—			—			(16,717		)
Other income, net	22			—			15,281			522			—			15,825
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			(14,234		)	90,535			(11,752		)	12			64,561
PROVISION (BENEFIT) FOR INCOME TAXES	—			(5,550		)	35,299			(4,566		)	—			25,183
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—			(8,684		)	55,236			(7,186		)	12			39,378
EQUITY IN EARNINGS OF SUBSIDIARIES	39,378			48,062			—			—			(87,440		)	—
NET INCOME (LOSS)	$	39,378		$	39,378		$	55,236		$	(7,186	)	$	(87,428	)	$	39,378
Foreign currency translation loss	(161		)	(161		)	—			(161		)	322			(161		)
COMPREHENSIVE INCOME (LOSS)	$	39,217		$	39,217		$	55,236		$	(7,347	)	$	(87,106	)	$	39,217

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED JULY 30, 2011
	Parent				Issuer			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	—			$	—		$	1,025,484	$	10,384		$	—		$	1,035,868
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—				—			827,980		9,139			—			837,119
General and administrative	23,520				648			62,174		8,280			—			94,622
Depreciation and amortization	3,192				—			54,232		5,156			(47		)	62,533
Intercompany charges (income), net	(29,852		)		—			29,437		415			—			—
Total	(3,140		)		648			973,823		22,990			(47		)	994,274
Interest income (expense), net	(3,140		)		(12,852		)	81		—			—			(15,911		)
Loss on debt extinguishment	—				(8,295		)	—		—			—			(8,295		)
Other income, net	—				—			10,845		251			—			11,096
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			—	(21,795		)	62,587		(12,355		)	47			28,484
PROVISION (BENEFIT) FOR INCOME TAXES	—				(9,430		)	27,142		(5,335		)	—			12,377
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—				(12,365		)	35,445		(7,020		)	47			16,107
EQUITY IN EARNINGS OF SUBSIDIARIES	16,107				28,472			—		—			(44,579		)	—
NET INCOME (LOSS)	$	16,107			$	16,107		$	35,445	$	(7,020	)	$	(44,532	)	$	16,107
Foreign currency translation gain	130				130			—		130			(260		)	130
COMPREHENSIVE INCOME (LOSS)	$	16,237			$	16,237		$	35,445	$	(6,890	)	$	(44,792	)	$	16,237

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 27, 2013
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	6,952		$	(9,612	)	$	112,176		$	(2,772	)	$	—		$	106,744
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			—			(330,291		)	—			—			(330,291		)
Capital expenditures	(8,151		)	—			(51,647		)	(4,852		)	—			(64,650		)
Proceeds from sale of assets	—			—			5,770			57			—			5,827
Return of capital from subsidiaries	—			1,816			—			—			(1,816		)	—
Investment in subsidiaries	—			(2,600		)	—			—			2,600			—
Changes in restricted cash	60			—			—			—			—			60
Net cash (provided by) used in investing activities	(8,091		)	(784		)	(376,168		)	(4,795		)	784			(389,054		)
Cash flows from financing activities:
Proceeds from issuance of 7.125% senior subordinated notes due 2021, (including $3.8 million premium on issuance)	—			93,825			—			—			—			93,825
Proceeds from Term Loan on Senior Credit Agreement	125,000			—			—			—			—			125,000
Proceeds from borrowings on Senior Credit Agreement	404,500			—			—			—			—			404,500
Principal payments on Senior Credit Agreement	(358,625		)	—			—			—			—			(358,625		)
Debt issuance costs	(4,158		)	(2,581		)	—			—			—			(6,739		)
Repurchases of common stock	(15,203		)	—			—			—			—			(15,203		)
Exercise of stock options and other	5,253			—			—			—			—			5,253
Restricted stock tax withholdings	(884		)	—			—			—			—			(884		)
Excess tax benefit from share-based awards	1,283			—			—			—			—			1,283
Principal payments on capital lease obligations	—			—			(74		)	—			—			(74		)
Intercompany funding	(156,027		)	(80,848		)	230,669			6,990			(784		)	—
Net cash provided by financing activities	1,139			10,396			230,595			6,990			(784		)	248,336
Net decrease in cash and equivalents	—			—			(33,397		)	(577		)	—			(33,974		)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	—			—			51,563			1,018			—			52,581
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	18,166		$	441		$	—		$	18,607

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 28, 2012
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	6,755		$	(8,774	)	$	69,823		$	(2,679	)	$	—		$	65,125
Cash flows from investing activities:
Capital expenditures	(3,685		)	—			(69,362		)	(4,565		)	—			(77,612		)
Proceeds from sale of assets	—			—			19,211			5,572			—			24,783
Changes in restricted cash	926			—			—			—			—			926
Capital contributions to subsidiaries, net	—			(4,943		)	—			—			4,943			—
Net cash provided by (used in) investing activities	(2,759		)	(4,943		)	(50,151		)	1,007			4,943			(51,903		)
Cash flows from financing activities:
Repurchases of common stock	(12,960		)	—			—			—			—			(12,960		)
Exercise of stock options and other	6,490			—			—			—			—			6,490
Restricted stock tax withholdings	(329		)	—			—			—			—			(329		)
Excess tax benefit from share-based awards	1,625			—			—			—			—			1,625
Principal payments on capital lease obligations	—			—			(233		)	—			—			(233		)
Intercompany funding	1,178			13,717			(12,484		)	2,532			(4,943		)	—
Net cash provided by (used in) financing activities	(3,996		)	13,717			(12,717		)	2,532			(4,943		)	(5,407		)
Net increase in cash and equivalents	—			—			6,955			860			—			7,815
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	—			—			44,608			158			—			44,766
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	51,563		$	1,018		$	—		$	52,581

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED JULY 30, 2011
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	7,979		$	(12,343	)	$	53,611		$	(5,390	)	$	—		$	43,857
Cash flows from investing activities:
Capital expenditures	(1,746		)	—			(53,346		)	(6,365		)	—			(61,457		)
Proceeds from sale of assets	—			—			11,645			660			—			12,305
Cash paid for acquisitions	—			(27,500		)	(8,951		)	—			—			(36,451		)
Changes in restricted cash	25			—			200			—			—			225
Capital contributions to subsidiaries	—			(52,492		)	—			—			52,492			—
Net cash used in investing activities	(1,721		)	(79,992		)	(50,452		)	(5,705		)	52,492			(85,378		)
Cash flows from financing activities:
Repurchases of common stock	(64,548		)	—			—			—			—			(64,548		)
Exercise of stock options and other	1,321			—			—			—			—			1,321
Restricted stock tax withholdings	(197		)	—			—			—			—			(197		)
Principal payments on capital lease obligations	—			—			(582		)	—			—			(582		)
Debt issuance costs	(456		)	(4,721		)	—			—			—			(5,177		)
Proceeds from issuance of 7.125% senior subordinated notes due 2021	—			187,500			—			—			—			187,500
Purchase of 8.125% senior subordinated notes due 2015	—			(135,350		)	—			—			—			(135,350		)
Intercompany funding	57,622			44,906			(60,827		)	10,791			(52,492		)	—
Net cash provided by (used in) financing activities	(6,258		)	92,335			(61,409		)	10,791			(52,492		)	(17,033		)
Net decrease in cash and equivalents	—			—			(58,250		)	(304		)	—			(58,554		)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	—			—			102,858			462			—			103,320
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	44,608		$	158		$	—		$	44,766