Supplemental Consolidating Financial Statements (Tables)

9 Months Ended

Apr. 25, 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)  April 25, 2015
	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
Current Assets:
Cash and equivalents	$	—	$	—	$	21,279	$	1,263	$	—		$	22,542
Accounts receivable, net	—		—		264,290		1,482		—			265,772
Costs and estimated earnings in excess of billings	—		—		246,539		1,440		—			247,979
Inventories	—		—		45,205		—		—			45,205
Deferred tax assets, net	3,191		—		16,161		76		(150		)	19,278
Other current assets	11,673		36		7,716		687		—			20,112
Total current assets	14,864		36		601,190		4,948		(150		)	620,888
Property and equipment, net	20,272		—		186,187		19,869		—			226,328
Goodwill	—		—		269,465		—		—			269,465
Intangible assets, net	—		—		109,492		539		—			110,031
Deferred tax assets, net non-current	375		52		3,556		333		(4,316		)	—
Investment in subsidiaries	860,114		2,003,652		1,660		—		(2,865,426		)	—
Intercompany receivables	—		—		1,082,143		—		(1,082,143		)	—
Other	18,229		5,118		2,960		4,097		—			30,404
Total non-current assets	898,990		2,008,822		1,655,463		24,838		(3,951,885		)	636,228
Total assets	$	913,854	$	2,008,858	$	2,256,653	$	29,786	$	(3,952,035	)	$	1,257,116
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	1,494	$	—	$	61,803	$	1,166	$	—		$	64,463
Current portion of debt	—		—		—		—		—			—
Billings in excess of costs and estimated earnings	—		—		14,271		—		—			14,271
Accrued insurance claims	166		—		37,827		43		—			38,036
Deferred tax liabilities	—		80		14		56		(150		)	—
Other accrued liabilities	10,959		5,458		60,911		896		—			78,224
Total current liabilities	12,619		5,538		174,826		2,161		(150		)	194,994
Long-term debt	166,250		280,442		—		—		—			446,692
Accrued insurance claims	56		—		39,402		29		—			39,487
Deferred tax liabilities, net non-current	—		485		51,128		1,518		(4,316		)	48,815
Intercompany payables	209,597		862,279		—		10,267		(1,082,143		)	—
Other liabilities	3,146		—		1,792		4		—			4,942
Total liabilities	391,668		1,148,744		267,148		13,979		(1,086,609		)	734,930
Total stockholders' equity	522,186		860,114		1,989,505		15,807		(2,865,426		)	522,186
Total liabilities and stockholders' equity	$	913,854	$	2,008,858	$	2,256,653	$	29,786	$	(3,952,035	)	$	1,257,116

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 April 25, 2015 (Dollars in thousands)
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Dycom Consolidated
Contract revenues	$	—		$	—		$	490,351		$	2,012		$	—		$	492,363
Costs of earned revenues, excluding depreciation and amortization	—			—			386,689			1,550			—			388,239
General and administrative	13,249			131			28,552			2,775			—			44,707
Depreciation and amortization	1,410			—			21,344			1,231			—			23,985
Intercompany charges (income), net	(16,294		)	—			16,877			(583		)	—			—
Interest expense, net	(1,635		)	(5,002		)	(9		)	—			—			(6,646		)
Other income, net	—			—			3,438			33			—			3,471
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	—			(5,133		)	40,318			(2,928		)	—			32,257
Provision (benefit) for income taxes:	—			(1,889		)	14,965			(1,077		)	—			11,999
Net income (loss) before equity in earnings of subsidiaries	—			(3,244		)	25,353			(1,851		)	—			20,258
Equity in earnings (losses) of subsidiaries	20,258			23,502			(10		)	—			(43,750		)	—
Net income (loss)	$	20,258		$	20,258		$	25,343		$	(1,851	)	$	(43,750	)	$	20,258
Foreign currency translation gains, net of tax	38			38			—			38			(76		)	38
Comprehensive income (loss)	$	20,296		$	20,296		$	25,343		$	(1,813	)	$	(43,826	)	$	20,296

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED APRIL 26, 2014 (Dollars in thousands)
	Parent			Issuer			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Dycom Consolidated
Contract revenues	$	—		$	—		$	423,853	$	2,431		$	—		$	426,284
Costs of earned revenues, excluding depreciation and amortization	—			—			348,602		1,750			—			350,352
General and administrative	9,878			211			26,308		2,765			—			39,162
Depreciation and amortization	1,164			—			20,506		1,056			—			22,726
Intercompany charges (income), net	(12,608		)	—			12,669		(61		)	—			—
Interest expense, net	(1,566		)	(4,997		)	—		—			—			(6,563		)
Other income, net	—			—			5,554		39			—			5,593
Income (loss) before income taxes and equity in earnings of subsidiaries	—			(5,208		)	21,322		(3,040		)	—			13,074
Provision (benefit) for income taxes	—			(2,063		)	8,447		(1,205		)	—			5,179
Net income (loss) before equity in earnings of subsidiaries	—			(3,145		)	12,875		(1,835		)	—			7,895
Equity in earnings of subsidiaries	7,895			11,040			70		—			(19,005		)	—
Net income (loss)	$	7,895		$	7,895		$	12,945	$	(1,835	)	$	(19,005	)	$	7,895
Foreign currency translation losses, net of tax	(46		)	(46		)	—		(46		)	92			(46		)
Comprehensive income (loss)	$	7,849		$	7,849		$	12,945	$	(1,881	)	$	(18,913	)	$	7,849

Schedule of Condensed Cash Flow Statement

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED APRIL 25, 2015 (Dollars in thousands)
	Parent			Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Elim-inations			Dycom Consolidated
Net cash provided by (used in) operating activities	$	(9,001	)	$	(4,350	)	$	136,999		$	(64	)	$	—		$	123,584
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			—			(9,821		)	—			—			(9,821		)
Capital expenditures	(7,171		)	—			(63,421		)	(6,233		)	—			(76,825		)
Proceeds from sale of assets	—			—			6,756			8			—			6,764
Return of capital from subsidiaries	—			2,149			—			—			(2,149		)	—
Investment in subsidiaries	—			(406,749		)	(400		)	—			407,149			—
Changes in restricted cash	(541		)	—			—			—			—			(541		)
Other investing activities	—			—			—			(4,000		)	—			(4,000		)
Net cash used in investing activities	(7,712		)	(404,600		)	(66,886		)	(10,225		)	405,000			(84,423		)
Cash flows from financing activities:
Borrowings on senior Credit Agreement	310,750			—			—			—			—			310,750
Principal payments on senior Credit Agreement	(321,563		)	—			—			—			—			(321,563		)
Debt issuance costs	(3,527		)	—			—			—			—			(3,527		)
Repurchases of common stock	(30,687		)	—			—			—			—			(30,687		)
Exercise of stock options	6,842			—			—			—			—			6,842
Restricted stock tax withholdings	(4,330		)	—			—			—			—			(4,330		)
Excess tax benefit from share-based awards	5,224			—			—			—			—			5,224
Intercompany funding	54,004			408,950			(460,517		)	(2,437		)	—			—
Receipt of capital contributions, net	—			—			391,944			13,056			(405,000		)	—
Net cash (used in) provided by financing activities	16,713			408,950			(68,573		)	10,619			(405,000		)	(37,291		)
Net increase in cash and equivalents	—			—			1,540			330			—			1,870
CASH AT BEGINNING OF PERIOD	—			—			19,739			933			—			20,672
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	21,279		$	1,263		$	—		$	22,542

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED APRIL 26, 2014 (Dollars in thousands)
	Parent			Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Elim-inations			Dycom Consolidated
Net cash provided by (used in) operating activities	$	2,007		$	(4,261	)	$	102,153		$	(2,408	)	$	—		$	97,491
Cash flows from investing activities:
Cash paid for acquisition, net of cash acquired	—			—			—			(700		)	—			(700		)
Capital expenditures	(6,901		)	—			(59,504		)	(4,180		)	—			(70,585		)
Proceeds from sale of assets	—			—			7,813			1,612			—			9,425
Return of capital from subsidiaries	—			683			—			—			(683		)	—
Investment in subsidiaries	—			(4,635		)	(185		)	—			4,820			—
Changes in restricted cash	(305		)	—			—			—			—			(305		)
Net cash used in investing activities	(7,206		)	(3,952		)	(51,876		)	(3,268		)	4,137			(62,165		)
Cash flows from financing activities:
Borrowings on senior credit agreement	337,000			—			—			—			—			337,000
Principal payments on senior credit agreement	(375,469		)	—			—			—			—			(375,469		)
Repurchases of common stock	(9,999		)	—			—			—			—			(9,999		)
Exercise of stock options	14,010			—			—			—			—			14,010
Restricted stock tax withholdings	(3,590		)	—			—			—			—			(3,590		)
Excess tax benefit from share-based awards	2,837			—			—			—			—			2,837
Intercompany funding	40,410			8,213			(50,434		)	5,948			(4,137		)	—
Net cash (used in) provided by financing activities	5,199			8,213			(50,434		)	5,948			(4,137		)	(35,211		)
Net increase (decrease) in cash and equivalents	—			—			(157		)	272			—			115
CASH AT BEGINNING OF PERIOD	—			—			18,166			441			—			18,607
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	18,009		$	713		$	—		$	18,722