Accounts Receivable

9 Months Ended

Oct. 26, 2019

Receivables [Abstract]

Accounts Receivable

Accounts Receivable, Contract Assets, and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable, net; contract assets; and contract liabilities.

Accounts Receivable

Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):

	October 26, 2019			January 26, 2019
Trade accounts receivable	$	408,188		$	331,903
Unbilled accounts receivable	503,169			283,463
Retainage	12,696			10,831
Total	924,053			626,197
Less: allowance for doubtful accounts	(4,557		)	(939		)
Accounts receivable, net	$	919,496		$	625,258

The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. Approximately $16.8 million of the allowance for doubtful accounts as of January 26, 2019 was classified as non-current. The allowance for doubtful accounts changed as follows (dollars in thousands):

	For the Three Months Ended					For the Nine Months Ended
	October 26, 2019		October 27, 2018			October 26, 2019			October 27, 2018
Allowance for doubtful accounts at beginning of period	$	924	$	948		$	17,702		$	998
Provision for bad debt (recovery)	3,498		(36		)	(7,015		)	(73		)
Amounts recovered (charged) against the allowance	135		34			(6,130		)	21
Allowance for doubtful accounts at end of period	$	4,557	$	946		$	4,557		$	946

Contract Assets and Contract Liabilities

Net contract assets consisted of the following (dollars in thousands):

	October 26, 2019		January 26, 2019
Contract assets	$	343,191	$	215,849
Contract liabilities	19,893		15,125
Contract assets, net	$	323,298	$	200,724

Net contract assets were $323.3 million and $200.7 million as of October 26, 2019 and January 26, 2019, respectively. The increase primarily resulted from services performed under contracts consisting of multiple tasks which will be billed as the tasks are completed. During the three and nine months ended October 26, 2019, the Company performed services and recognized $1.6 million and $12.2 million, respectively, of contract revenues related to its contract liabilities that existed at January 26, 2019. See Note 6, Other Current Assets and Other Assets, for information on the Company’s 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 October 26, 2019 or January 26, 2019 were as follows (dollars in millions):

	October 26, 2019			January 26, 2019
	Amount		% of Total	Amount		% of Total
Verizon Communications Inc.	$	511.3	41.1%	$	298.4	36.2%
CenturyLink, Inc.	$	200.9	16.1%	$	147.2	17.9%
Comcast Corporation	$	160.2	12.9%	$	127.2	15.4%
AT&T Inc.	$	111.3	8.9%	$	90.6	11.0%

The Company believes that none of the customers above were experiencing financial difficulties that would materially impact the collectability of the Company’s total accounts receivable and contract assets, net, as of October 26, 2019 or January 26, 2019.