Supplemental Consolidating Financial Statements (Tables)

6 Months Ended

Jan. 24, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Balance Sheet

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)  JANUARY 24, 2015
	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
Current Assets:
Cash and equivalents	$	—	$	—	$	17,080	$	1,348	$	—		$	18,428
Accounts receivable, net	—		—		265,297		1,989		—			267,286
Costs and estimated earnings in excess of billings	—		—		210,921		1,393		—			212,314
Inventories	—		—		43,768		—		—			43,768
Deferred tax assets, net	3,602		—		15,228		71		(169		)	18,732
Other current assets	17,012		42		6,503		280		—			23,837
Total current assets	20,614		42		558,797		5,081		(169		)	584,365
Property and equipment, net	18,678		—		170,150		18,320		—			207,148
Goodwill	—		—		269,465		—		—			269,465
Intangible assets, net	—		—		113,596		577		—			114,173
Deferred tax assets, net non-current	705		—		3,618		—		(4,323		)	—
Investment in subsidiaries	839,856		1,595,469		1,566		—		(2,436,891		)	—
Intercompany receivables	—		—		708,222		—		(708,222		)	—
Other	10,625		5,295		2,315		147		—			18,382
Total non-current assets	869,864		1,600,764		1,268,932		19,044		(3,149,436		)	609,168
Total assets	$	890,478	$	1,600,806	$	1,827,729	$	24,125	$	(3,149,605	)	$	1,193,533
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	977	$	—	$	49,926	$	1,211	$	—		$	52,114
Current portion of debt	12,500		—		—		—		—			12,500
Billings in excess of costs and estimated earnings	—		—		16,422		—		—			16,422
Accrued insurance claims	162		—		33,973		50		—			34,185
Deferred tax liabilities	—		80		36		53		(169		)	—
Other accrued liabilities	8,203		532		52,752		1,504		—			62,991
Total current liabilities	21,842		612		153,109		2,818		(169		)	178,212
Long-term debt	140,875		280,543		—		—		—			421,418
Accrued insurance claims	86		—		38,215		47		—			38,348
Deferred tax liabilities, net non-current	—		432		48,312		1,175		(4,323		)	45,596
Intercompany payables	219,607		479,363		—		9,252		(708,222		)	—
Other liabilities	3,160		—		1,887		4		—			5,051
Total liabilities	385,570		760,950		241,523		13,296		(712,714		)	688,625
Total stockholders' equity	504,908		839,856		1,586,206		10,829		(2,436,891		)	504,908
Total liabilities and stockholders' equity	$	890,478	$	1,600,806	$	1,827,729	$	24,125	$	(3,149,605	)	$	1,193,533

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET JULY 26, 2014
	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
Current Assets:
Cash and equivalents	$	—	$	—	$	19,739	$	933	$	—		$	20,672
Accounts receivable, net	—		—		269,760		2,981		—			272,741
Costs and estimated earnings in excess of billings	—		—		228,541		2,028		—			230,569
Inventories	—		—		49,095		—		—			49,095
Deferred tax assets, net	3,822		—		16,193		87		(170		)	19,932
Other current assets	4,956		16		7,237		518		—			12,727
Total current assets	8,778		16		590,565		6,547		(170		)	605,736
Property and equipment, net	18,108		—		171,158		16,147		—			205,413
Goodwill	—		—		269,088		—		—			269,088
Intangible assets, net	—		—		115,483		633		—			116,116
Deferred tax assets, net non-current	182		—		3,884		15		(4,081		)	—
Investment in subsidiaries	809,617		1,540,338		1,621		—		(2,351,576		)	—
Intercompany receivables	—		—		628,443		—		(628,443		)
Other	7,748		5,636		2,466		151		—			16,001
Total non-current assets	835,655		1,545,974		1,192,143		16,946		(2,984,100		)	606,618
Total assets	$	844,433	$	1,545,990	$	1,782,708	$	23,493	$	(2,984,270	)	$	1,212,354
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	3,083	$	—	$	58,970	$	1,265	$	—		$	63,318
Current portion of debt	10,938		—		—		—		—			10,938
Billings in excess of costs and estimated earnings	—		—		13,882		—		—			13,882
Accrued insurance claims	612		—		31,599		49		—			32,260
Deferred tax liabilities	—		80		66		24		(170		)	—
Other accrued liabilities	12,668		566		61,284		1,616		—			76,134
Total current liabilities	27,301		646		165,801		2,954		(170		)	196,532
Long-term debt	166,125		280,738		—		—		—			446,863
Accrued insurance claims	778		—		32,959		45		—			33,782
Deferred tax liabilities, net non-current	—		432		48,593		417		(4,081		)	45,361
Intercompany payables	162,127		454,557		—		11,759		(628,443		)	—
Other liabilities	3,168		—		1,711		3		—			4,882
Total liabilities	359,499		736,373		249,064		15,178		(632,694		)	727,420
Total stockholders' equity	484,934		809,617		1,533,644		8,315		(2,351,576		)	484,934
Total liabilities and stockholders' equity	$	844,433	$	1,545,990	$	1,782,708	$	23,493	$	(2,984,270	)	$	1,212,354

Schedule of Condensed Income Statement

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED JANUARY 24, 2015 (Dollars in thousands)
	Parent			Issuer			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations			Dycom Consolidated
Contract revenues	$	—		$	—		$	437,970	$	3,111		$	—		$	441,081
Costs of earned revenues, excluding depreciation and amortization	—			—			353,182		2,247			—			355,429
General and administrative	11,974			140			26,502		3,199			—			41,815
Depreciation and amortization	1,304			—			20,789		1,171			—			23,264
Intercompany charges (income), net	(15,009		)	—			15,515		(506		)	—			—
Interest expense, net	(1,731		)	(4,999		)	—		—			—			(6,730		)
Other income (expense), net	—			—			1,913		(178		)	—			1,735
Income (loss) before income taxes and equity in earnings of subsidiaries	—			(5,139		)	23,895		(3,178		)	—			15,578
Provision (benefit) for income taxes:	—			(2,027		)	9,426		(1,253		)	—			6,146
Net income (loss) before equity in earnings of subsidiaries	—			(3,112		)	14,469		(1,925		)	—			9,432
Equity in earnings of subsidiaries	9,432			12,544			—		—			(21,976		)	—
Net income (loss)	$	9,432		$	9,432		$	14,469	$	(1,925	)	$	(21,976	)	$	9,432
Foreign currency translation loss, net of tax	(458		)	(458		)	—		(458		)	916			(458		)
Comprehensive income (loss)	$	8,974		$	8,974		$	14,469	$	(2,383	)	$	(21,060	)	$	8,974

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED JANUARY 25, 2014 (Dollars in thousands)
	Parent			Issuer			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations		Dycom Consolidated
Contract revenues	$	—		$	—		$	388,402	$	2,116		$	—	$	390,518
Costs of earned revenues, excluding depreciation and amortization	—			—			325,678		1,675			—		327,353
General and administrative	10,284			215			25,322		2,741			—		38,562
Depreciation and amortization	1,039			—			21,230		1,166			—		23,435
Intercompany charges (income), net	(13,130		)	—			13,271		(141		)	—		—
Interest expense, net	(1,807		)	(4,994		)	1		—			—		(6,800		)
Other income (expense), net	—			—			630		(35		)	—		595
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries	—			(5,209		)	3,532		(3,360		)	—		(5,037		)
Provision (benefit) for income taxes	—			(2,102		)	1,485		(1,353		)	—		(1,970		)
Net income (loss) before equity in earnings (loss) of subsidiaries	—			(3,107		)	2,047		(2,007		)	—		(3,067		)
Equity in earnings (loss) of subsidiaries	(3,067		)	40			—		—			3,027		—
Net income (loss)	$	(3,067	)	$	(3,067	)	$	2,047	$	(2,007	)	$	3,027	$	(3,067	)
Foreign currency translation loss, net of tax	(226		)	(226		)	—		(226		)	452		(226		)
Comprehensive income (loss)	$	(3,293	)	$	(3,293	)	$	2,047	$	(2,233	)	$	3,479	$	(3,293	)

Schedule of Condensed Cash Flow Statement

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JANUARY 24, 2015 (Dollars in thousands)
	Parent			Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Elim-inations			Dycom Consolidated
Net cash provided by (used in) operating activities	$	(8,331	)	$	(6,115	)	$	96,931		$	770		$	—		$	83,255
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			—			(9,821		)	—			—			(9,821		)
Capital expenditures	(4,144		)	—			(31,281		)	(3,347		)	—			(38,772		)
Proceeds from sale of assets	—			—			4,031			8			—			4,039
Return of capital from subsidiaries	—			1,749			—			—			(1,749		)	—
Investment in subsidiaries	—			(21,668		)	(300		)	—			21,968			—
Changes in restricted cash	(541		)	—			—			—			—			(541		)
Net cash used in investing activities	(4,685		)	(19,919		)	(37,371		)	(3,339		)	20,219			(45,095		)
Cash flows from financing activities:
Borrowings on senior Credit Agreement	175,000			—			—			—			—			175,000
Principal payments on senior Credit Agreement	(198,688		)	—			—			—			—			(198,688		)
Repurchases of common stock	(17,147		)	—			—			—			—			(17,147		)
Exercise of stock options	2,335			—			—			—			—			2,335
Restricted stock tax withholdings	(4,330		)	—			—			—			—			(4,330		)
Excess tax benefit from share-based awards	2,426			—			—			—			—			2,426
Intercompany funding	53,420			26,034			(62,219		)	2,984			(20,219		)	—
Net cash (used in) provided by financing activities	13,016			26,034			(62,219		)	2,984			(20,219		)	(40,404		)
Net (decrease) increase in cash and equivalents	—			—			(2,659		)	415			—			(2,244		)
CASH AT BEGINNING OF PERIOD	—			—			19,739			933			—			20,672
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	17,080		$	1,348		$	—		$	18,428

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JANUARY 25, 2014 (Dollars in thousands)
	Parent			Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Elim-inations			Dycom Consolidated
Net cash provided by (used in) operating activities	$	(4,085	)	$	(6,135	)	$	79,911		$	(1,825	)	$	—		$	67,866
Cash flows from investing activities:
Capital expenditures	(3,351		)	—			(43,150		)	(2,739		)	—			(49,240		)
Proceeds from sale of assets	—			—			3,361			1,603			—			4,964
Return of capital from subsidiaries	—			683			—			—			(683		)	—
Investment in subsidiaries	—			(800		)	—			—			800			—
Changes in restricted cash	(305		)	—			—			—			—			(305		)
Net cash used in investing activities	(3,656		)	(117		)	(39,789		)	(1,136		)	117			(44,581		)
Cash flows from financing activities:
Borrowings on senior Credit Agreement	221,000			—			—			—			—			221,000
Principal payments on senior Credit Agreement	(247,125		)	—			—			—			—			(247,125		)
Repurchases of common stock	(9,999		)	—			—			—			—			(9,999		)
Exercise of stock options	11,869			—			—			—			—			11,869
Restricted stock tax withholdings	(3,590		)	—			—			—			—			(3,590		)
Excess tax benefit from share-based awards	2,297			—			—			—			—			2,297
Intercompany funding	33,289			6,252			(43,076		)	3,652			(117		)	—
Net cash (used in) provided by financing activities	7,741			6,252			(43,076		)	3,652			(117		)	(25,548		)
Net (decrease) increase in cash and equivalents	—			—			(2,954		)	691			—			(2,263		)
CASH AT BEGINNING OF PERIOD	—			—			18,166			441			—			18,607
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	15,212		$	1,132		$	—		$	16,344