(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices, including zip code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
PART I - FINANCIAL INFORMATION | ||||||||
PART II - OTHER INFORMATION | ||||||||
SIGNATURES | ||||||||
July 31, 2021 | January 30, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and equivalents | $ | $ | |||||||||
Accounts receivable, net (Note 5) | |||||||||||
Contract assets | |||||||||||
Inventories | |||||||||||
Income tax receivable | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Current portion of debt | |||||||||||
Contract liabilities | |||||||||||
Accrued insurance claims | |||||||||||
Operating lease liabilities | |||||||||||
Income taxes payable | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Accrued insurance claims - non-current | |||||||||||
Operating lease liabilities - non-current | |||||||||||
Deferred tax liabilities, net - non-current | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
COMMITMENTS AND CONTINGENCIES (Note 19) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ | |||||||||
See notes to the condensed consolidated financial statements. |
For the Three Months Ended | |||||||||||
July 31, 2021 | July 25, 2020 | ||||||||||
Contract revenues | $ | $ | |||||||||
Costs of earned revenues, excluding depreciation and amortization | |||||||||||
General and administrative | |||||||||||
Depreciation and amortization | |||||||||||
Total | |||||||||||
Interest expense, net | ( | ( | |||||||||
Loss on debt extinguishment | ( | ||||||||||
Other income, net | |||||||||||
Income before income taxes | |||||||||||
Provision for income taxes | |||||||||||
Net income | $ | $ | |||||||||
Earnings per common share: | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share | $ | $ | |||||||||
Shares used in computing earnings per common share: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
See notes to the condensed consolidated financial statements. |
For the Six Months Ended | |||||||||||
July 31, 2021 | July 25, 2020 | ||||||||||
Contract revenues | $ | $ | |||||||||
Costs of earned revenues, excluding depreciation and amortization | |||||||||||
General and administrative | |||||||||||
Depreciation and amortization | |||||||||||
Goodwill impairment charge | |||||||||||
Total | |||||||||||
Interest expense, net | ( | ( | |||||||||
(Loss) gain on debt extinguishment | ( | ||||||||||
Other income, net | |||||||||||
Income before income taxes | |||||||||||
Provision for income taxes | |||||||||||
Net income | $ | $ | |||||||||
Earnings per common share: | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share | $ | $ | |||||||||
Shares used in computing earnings per common share: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
See notes to the condensed consolidated financial statements. |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation (losses) gains, net of tax | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
See notes to the condensed consolidated financial statements. |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
July 31, 2021 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances as of May 1, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of tax withholdings | ( | — | — | ( | |||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balances as of July 31, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
July 25, 2020 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances as of April 25, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Stock options exercised | — | — | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | |||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of tax withholdings | ( | — | — | ( | |||||||||||||||||||||||||||||||
Equity component of the settlement of | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Purchase of warrants | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Settlement of convertible note hedges related to extinguishment of convertible debt | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balances as of July 25, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
See notes to the condensed consolidated financial statements. |
For the Six Months Ended | |||||||||||||||||||||||||||||||||||
July 31, 2021 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances as of January 30, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Stock options exercised | — | — | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of tax withholdings | ( | — | ( | ( | |||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balances as of July 31, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||||||||||||
July 25, 2020 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances as of January 25, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Cumulative effect from implementation of ASU 2016-13 | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock options exercised | — | — | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | |||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of tax withholdings | ( | — | — | ( | |||||||||||||||||||||||||||||||
Equity component of the settlement of | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Purchase of warrants | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Settlement of convertible note hedges related to extinguishment of convertible debt | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balances as of July 25, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
See notes to the condensed consolidated financial statements. |
For the Six Months Ended | |||||||||||
July 31, 2021 | July 25, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash lease expense | |||||||||||
Deferred income tax provision (benefit) | ( | ||||||||||
Stock-based compensation | |||||||||||
Amortization of debt discount | |||||||||||
Provision for bad debt, net | |||||||||||
Gain on sale of fixed assets | ( | ( | |||||||||
Loss (gain) on debt extinguishment | ( | ||||||||||
Amortization of debt issuance costs and other | |||||||||||
Goodwill impairment charge | |||||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ( | |||||||||
Contract assets, net | ( | ||||||||||
Other current assets and inventories | ( | ||||||||||
Other assets | |||||||||||
Income taxes receivable/payable | ( | ||||||||||
Accounts payable | |||||||||||
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from sale of assets | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from 2029 Notes | |||||||||||
Proceeds from borrowings on senior credit agreement, including term loan | |||||||||||
Principal payments on senior credit agreement, including term loan | ( | ( | |||||||||
Debt issuance costs | ( | ||||||||||
Repurchase of common stock | ( | ||||||||||
Extinguishment of 2021 Convertible Notes | ( | ||||||||||
Redemption discount on convertible debt, net of costs | |||||||||||
Settlement of convertible note hedges related to extinguished convertible debt | |||||||||||
Purchase of warrants | ( | ||||||||||
Exercise of stock options | |||||||||||
Restricted stock tax withholdings | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period (Note 7) | |||||||||||
Cash, cash equivalents and restricted cash at end of period (Note 7) | $ | $ |
Supplemental disclosure of other cash flow activities and non-cash investing and financing activities: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for taxes, net | $ | $ | |||||||||
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $ | $ | |||||||||
See notes to the condensed consolidated financial statements. |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Net income available to common stockholders (numerator) | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average number of common shares (denominator) | ||||||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average number of common shares | ||||||||||||||||||||||||||
Potential shares of common stock arising from stock options, and unvested restricted share units | ||||||||||||||||||||||||||
Total shares-diluted (denominator) | ||||||||||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ | ||||||||||||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||||||||||||||||||||||||
Stock-based awards | ||||||||||||||||||||||||||
Warrants(1) (2) | ||||||||||||||||||||||||||
Total |
July 31, 2021 | January 30, 2021 | ||||||||||
Trade accounts receivable | $ | $ | |||||||||
Unbilled accounts receivable | |||||||||||
Retainage | |||||||||||
Total | |||||||||||
Less: allowance for doubtful accounts | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Cumulative effect from implementation of ASU 2016-13 | $ | $ | $ | $ | ||||||||||||||||||||||
Allowance for doubtful accounts at beginning of period | ||||||||||||||||||||||||||
Provision for bad debt | ||||||||||||||||||||||||||
Amounts charged against the allowance | ( | ( | ( | ( | ||||||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | $ | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Contract assets | $ | $ | |||||||||
Contract liabilities | |||||||||||
Contract assets, net | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||
Verizon Communications Inc. | $ | $ | |||||||||||||||||||||
Lumen Technologies(1) | $ | $ | |||||||||||||||||||||
Comcast Corporation | $ | $ | |||||||||||||||||||||
July 31, 2021 | January 30, 2021 | ||||||||||
Prepaid expenses | $ | $ | |||||||||
Deposits and other current assets | |||||||||||
Insurance recoveries/receivables for accrued insurance claims | |||||||||||
Restricted cash | |||||||||||
Receivables on equipment sales | |||||||||||
Other current assets | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Long-term contract assets | $ | $ | |||||||||
Deferred financing costs | |||||||||||
Restricted cash | |||||||||||
Insurance recoveries/receivables for accrued insurance claims | |||||||||||
Other non-current deposits and assets | |||||||||||
Other assets | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in: | |||||||||||
Other current assets | |||||||||||
Other assets (long-term) | |||||||||||
Cash, cash equivalents and restricted cash | $ | $ |
Estimated Useful Lives (Years) | July 31, 2021 | January 30, 2021 | |||||||||||||||
Land | — | $ | $ | ||||||||||||||
Buildings | |||||||||||||||||
Leasehold improvements | |||||||||||||||||
Vehicles | |||||||||||||||||
Computer hardware and software | |||||||||||||||||
Office furniture and equipment | |||||||||||||||||
Equipment and machinery | |||||||||||||||||
Total | |||||||||||||||||
Less: accumulated depreciation | ( | ( | |||||||||||||||
Property and equipment, net | $ | $ |
July 31, 2021 | January 30, 2021 | |||||||||||||
Goodwill, gross | $ | $ | ||||||||||||
Accumulated impairment losses | ( | ( | ||||||||||||
Total | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||||||||||||||||||||||||||||||||
Weighted Average Remaining Useful Lives (Years) | Gross Carrying Amount | Accumulated Amortization | Intangible Assets, Net | Gross Carrying Amount | Accumulated Amortization | Intangible Assets, Net | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Trade names, finite | |||||||||||||||||||||||||||||||||||||||||
Trade name, indefinite | — | ||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Accrued insurance claims - current | $ | $ | |||||||||
Accrued insurance claims - non-current | |||||||||||
Accrued insurance claims | $ | $ | |||||||||
Insurance recoveries/receivables: | |||||||||||
Current (included in Other current assets) | $ | $ | |||||||||
Non-current (included in Other assets) | $ | $ | |||||||||
Insurance recoveries/receivables | $ | $ |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Lease cost under long-term operating leases | $ | $ | $ | $ | ||||||||||||||||||||||
Lease cost under short-term operating leases | ||||||||||||||||||||||||||
Variable lease cost under short-term and long-term operating leases(1) | ||||||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Weighted average remaining lease term | |||||||||||
Weighted average discount rate | % | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | $ | $ |
Fiscal Year | Amount | |||||||
Remainder of 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: imputed interest | ( | |||||||
Total | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Accrued payroll and related taxes | $ | $ | |||||||||
Accrued employee benefit and incentive plan costs | |||||||||||
Accrued construction costs | |||||||||||
Other current liabilities | |||||||||||
Other accrued liabilities | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Credit agreement - Revolving facility (matures April 2026) | $ | $ | |||||||||
Credit agreement - Term loan facility, net (matures April 2026) | |||||||||||
Less: current portion | ( | ( | |||||||||
Long-term debt | $ | $ |
July 31, 2021 | |||||
Principal amount of term loan | $ | ||||
Less: Debt issuance costs | ( | ||||
Net carrying amount of term loan | $ |
Borrowings - Eurodollar Rate Loans | |||||
Borrowings - Base Rate Loans | |||||
Unused Revolver Commitment | |||||
Standby Letters of Credit | |||||
Commercial Letters of Credit |
Weighted Average Rate End of Period | |||||||||||
July 31, 2021 | January 30, 2021 | ||||||||||
Borrowings - Term loan facility | |||||||||||
Borrowings - Revolving facility | |||||||||||
Standby Letters of Credit | |||||||||||
Unused Revolver Commitment |
July 31, 2021 | |||||
Principal amount of | $ | ||||
Less: Debt issuance costs | ( | ||||
Net carrying amount of 2029 Notes | $ |
July 31, 2021 | |||||
Fair value of principal amount of 2029 Notes | $ | ||||
Less: Debt issuance costs | ( | ||||
Fair value of 2029 Notes | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Liability component | |||||||||||
Principal amount of 2021 Convertible Notes | $ | $ | |||||||||
Less: Debt discount | ( | ( | |||||||||
Less: Debt issuance costs | ( | ( | |||||||||
Net carrying amount of 2021 Convertible Notes | $ | $ |
July 31, 2021 | January 30, 2021 | ||||||||||
Fair value of principal amount of 2021 Convertible Notes | $ | $ | |||||||||
Less: Debt discount and debt issuance costs | ( | ( | |||||||||
Fair value of 2021 Convertible Notes | $ | $ |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Gain on sale of fixed assets | $ | $ | $ | $ | ||||||||||||||||||||||
Discount fee expense | ( | ( | ( | ( | ||||||||||||||||||||||
Miscellaneous income, net | ||||||||||||||||||||||||||
Other income, net | $ | $ | $ | $ |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Stock-based compensation | $ | $ | $ | $ | ||||||||||||||||||||||
Income tax effect of stock-based compensation | $ | $ | $ | $ |
Stock Options | |||||||||||
Shares | Weighted Average Exercise Price | ||||||||||
Outstanding as of January 30, 2021 | $ | ||||||||||
Granted | $ | ||||||||||
Options exercised | ( | $ | |||||||||
Canceled | |||||||||||
Outstanding as of July 31, 2021 | $ | ||||||||||
Exercisable options as of July 31, 2021 | $ |
Restricted Stock | |||||||||||||||||||||||
RSUs | Performance RSUs | ||||||||||||||||||||||
Share Units | Weighted Average Grant Date Fair Value | Share Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding as of January 30, 2021 | $ | $ | |||||||||||||||||||||
Granted | $ | $ | |||||||||||||||||||||
Share units vested | ( | $ | ( | $ | |||||||||||||||||||
Forfeited or canceled | ( | $ | ( | $ | |||||||||||||||||||
Outstanding as of July 31, 2021 | $ | $ |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||||
AT&T Inc. | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Comcast Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Verizon Communications Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lumen Technologies(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total other customers combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total contract revenues | $ | $ | $ | $ |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||||
Telecommunications | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Underground facility locating | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electrical and gas utilities and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total contract revenues | $ | $ | $ | $ |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
AT&T Inc. | 22.5% | 16.3% | 22.0% | 17.6% | ||||||||||||||||||||||
Comcast Corporation | 15.5% | 15.9% | 16.7% | 15.2% | ||||||||||||||||||||||
Verizon Communications Inc. | 11.5% | 19.8% | 12.0% | 20.7% | ||||||||||||||||||||||
Lumen Technologies(1) | 12.1% | 19.2% | 12.0% | 18.7% | ||||||||||||||||||||||
Frontier Communications Corporation | 4.0% | 1.5% | 3.8% | 1.5% | ||||||||||||||||||||||
Windstream Corporation | 3.4% | 5.3% | 3.9% | 5.2% |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Multi-year master service agreements | 76.0 | % | 72.2 | % | 76.4 | % | 71.1 | % | ||||||||||||||||||
Other long-term contracts | 13.8 | 18.6 | 14.4 | 19.5 | ||||||||||||||||||||||
Total long-term contracts | 89.8 | % | 90.8 | % | 90.8 | % | 90.6 | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Contract revenues | $ | 787.6 | 100.0 | % | $ | 823.9 | 100.0 | % | $ | 1,515.1 | 100.0 | % | $ | 1,638.2 | 100.0 | % | ||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 651.4 | 82.7 | 658.0 | 79.9 | 1,271.4 | 83.9 | 1,338.2 | 81.7 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative | 64.7 | 8.2 | 67.4 | 8.2 | 131.7 | 8.7 | 133.2 | 8.1 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 38.5 | 4.9 | 44.1 | 5.4 | 77.5 | 5.1 | 90.0 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charge | — | — | — | — | — | — | 53.3 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||
Total | 754.6 | 95.8 | 769.4 | 93.4 | 1,480.7 | 97.7 | 1,614.7 | 98.6 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (9.3) | (1.2) | (7.9) | (1.0) | (15.2) | (1.0) | (20.3) | (1.2) | ||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on debt extinguishment | — | — | (0.5) | (0.1) | (0.1) | — | 12.0 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||
Other income, net | 1.0 | 0.1 | 3.1 | 0.4 | 3.7 | 0.2 | 4.2 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 24.7 | 3.1 | 49.3 | 6.0 | 22.8 | 1.5 | 19.5 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 6.5 | 0.8 | 12.2 | 1.5 | 3.8 | 0.2 | 14.9 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 18.2 | 2.3 | % | $ | 37.0 | 4.5 | % | $ | 19.1 | 1.3 | % | $ | 4.6 | 0.3 | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Income tax provision | $ | 6.5 | $ | 12.2 | $ | 3.8 | $ | 14.9 | ||||||||||||||||||
Effective income tax rate | 26.3 | % | 24.9 | % | 16.5 | % | 76.4 | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 25, 2020 | July 31, 2021 | July 25, 2020 | |||||||||||||||||||||||
Net income | $ | 18,165 | $ | 37,024 | $ | 19,063 | $ | 4,606 | ||||||||||||||||||
Interest expense, net | 9,334 | 7,853 | 15,211 | 20,310 | ||||||||||||||||||||||
Provision for income taxes | 6,496 | 12,244 | 3,772 | 14,921 | ||||||||||||||||||||||
Depreciation and amortization | 38,462 | 44,129 | 77,542 | 90,001 | ||||||||||||||||||||||
Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”) | 72,457 | 101,250 | 115,588 | 129,838 | ||||||||||||||||||||||
Gain on sale of fixed assets | (992) | (3,418) | (3,844) | (5,206) | ||||||||||||||||||||||
Stock-based compensation expense | 2,309 | 4,373 | 6,049 | 6,694 | ||||||||||||||||||||||
Loss (gain) on debt extinguishment | — | 458 | 62 | (12,046) | ||||||||||||||||||||||
Goodwill impairment charge | — | — | — | 53,264 | ||||||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 73,774 | $ | 102,663 | $ | 117,855 | $ | 172,544 | ||||||||||||||||||
Non-GAAP Adjusted EBITDA % of contract revenues | 9.4 | % | 12.5 | % | 7.8 | % | 10.5 | % |
For the Six Months Ended | |||||||||||
July 31, 2021 | July 25, 2020 | ||||||||||
Net cash flows: | |||||||||||
Provided by operating activities | $ | 58.8 | $ | 167.5 | |||||||
Used in investing activities | $ | (64.1) | $ | (20.8) | |||||||
Provided by (used in) financing activities | $ | 255.5 | $ | (178.9) |
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% - 1.000% |
Weighted Average Rate End of Period | |||||||||||
July 31, 2021 | January 30, 2021 | ||||||||||
Borrowings - Term loan facility | 1.72% | 1.63% | |||||||||
Borrowings - Revolving facility | —% | 2.14% | |||||||||
Standby Letters of Credit | 1.75% | 1.50% | |||||||||
Unused Revolver Commitment | 0.35% | 0.25% |
Less than 1 Year | Years 1 – 3 | Years 3 – 5 | Greater than 5 Years | Total | |||||||||||||||||||||||||
2029 Notes | $ | — | $ | — | $ | — | $ | 500,000 | $ | 500,000 | |||||||||||||||||||
2021 Convertible Notes | 58,264 | — | — | — | 58,264 | ||||||||||||||||||||||||
Credit agreement – revolving facility | — | — | — | — | — | ||||||||||||||||||||||||
Credit agreement – term loan facility | 8,750 | 35,000 | 306,250 | — | 350,000 | ||||||||||||||||||||||||
Fixed interest payments on long-term debt(1) | 22,718 | 45,000 | 45,000 | 67,500 | 180,218 | ||||||||||||||||||||||||
Obligations under long-term operating leases(2) | 28,733 | 32,877 | 9,451 | 1,636 | 72,697 | ||||||||||||||||||||||||
Obligations under short-term operating leases(3) | 1,544 | — | — | — | 1,544 | ||||||||||||||||||||||||
Employment agreements | 16,115 | 5,531 | 921 | — | 22,567 | ||||||||||||||||||||||||
Deferral of tax payments(4) | 18,647 | 18,716 | — | — | 37,363 | ||||||||||||||||||||||||
Purchase and other contractual obligations(5) | 68,772 | 5,364 | — | — | 74,136 | ||||||||||||||||||||||||
Total | $ | 223,543 | $ | 142,488 | $ | 361,622 | $ | 569,136 | $ | 1,296,789 |
July 31, 2021 | |||||
Principal amount of 4.50% senior notes due April 2029 | $ | 500,000 | |||
Less: Debt issuance costs | (7,151) | ||||
Net carrying amount of 2029 Notes | $ | 492,849 |
July 31, 2021 | |||||
Fair value of principal amount of 2029 Notes | $ | 508,125 | |||
Less: Debt issuance costs | (7,151) | ||||
Fair value of 2029 Notes | $ | 500,974 |
July 31, 2021 | January 30, 2021 | ||||||||||
Principal amount of 2021 Convertible Notes | $ | 58,264 | $ | 58,264 | |||||||
Less: Debt discount and debt issuance costs | (375) | (1,854) | |||||||||
Net carrying amount of 2021 Convertible Notes | $ | 57,889 | $ | 56,410 | |||||||
Fair value of principal amount of 2021 Convertible Notes | $ | 57,609 | $ | 60,886 | |||||||
Less: Debt discount and debt issuance costs | (375) | (1,854) | |||||||||
Fair value of 2021 Convertible Notes | $ | 57,234 | $ | 59,032 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
May 02, 2021 - May 29, 2021 | — | $ | — | — | (2) | |||||||||||||||||||||
May 30, 2021 - June 26, 2021 | 631,638 | $ | 79.16 | — | (2) | |||||||||||||||||||||
June 27, 2021 - July 31, 2021 | — | $ | — | — | (2) |
Exhibit Number | |||||
First Amendment to Amended and Restated Credit Agreement and First Amendment to Amended and Restated Pledge Agreement, dated as of April 1, 2021, among Dy com Industries, Inc., as the Borrower, the subsidiaries of Dycom identified therein, certain lenders named therein, Bank of America, N.A., as Administrative Agent, Swingline Lender and L/C Issuer, and other parties named therein (incorporated by reference to Dycom Industries, Inc.'s Current Report on Form 8-K filed with the SEC on April 2, 2021). | |||||
101 + | The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2021 formatted in Inline XBRL: (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Condensed Consolidated Statements of Stockholders’ Equity; (v) the Condensed Consolidated Statements of Cash Flows; and (vi) the Notes to Condensed Consolidated Financial Statements. | ||||
104 + | The cover page from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2021, formatted in Inline XBRL (included as Exhibit 101) | ||||
+ | Filed herewith | ||||
++ | Furnished herewith |
DYCOM INDUSTRIES, INC. | ||||||||||||||
Registrant | ||||||||||||||
Date: | September 2, 2021 | /s/ Steven E. Nielsen | ||||||||||||
Name: Title: | Steven E. Nielsen President and Chief Executive Officer | |||||||||||||
Date: | September 2, 2021 | /s/ H. Andrew DeFerrari | ||||||||||||
Name: Title: | H. Andrew DeFerrari Senior Vice President and Chief Financial Officer |
Date: | September 2, 2021 | ||||
/s/ Steven E. Nielsen | |||||
Steven E. Nielsen | |||||
President and Chief Executive Officer |
Date: | September 2, 2021 | ||||
/s/ H. Andrew DeFerrari | |||||
H. Andrew DeFerrari | |||||
Senior Vice President and Chief Financial Officer |
Date: | September 2, 2021 | ||||
/s/ Steven E. Nielsen | |||||
Steven E. Nielsen | |||||
President and Chief Executive Officer |
Date: | September 2, 2021 | ||||
/s/ H. Andrew DeFerrari | |||||
H. Andrew DeFerrari | |||||
Senior Vice President and Chief Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred Stock, Shares Authorized | 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) | 30,170,076 | 30,615,167 |
Common stock, shares outstanding | 30,170,076 | 30,615,167 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
|
Income Statement [Abstract] | ||||
Contract revenues | $ 787,568 | $ 823,921 | $ 1,515,065 | $ 1,638,244 |
Costs of earned revenues, excluding depreciation and amortization | 651,367 | 657,953 | 1,271,378 | 1,338,159 |
General and administrative | 64,730 | 67,357 | 131,740 | 133,243 |
Depreciation and amortization | 38,462 | 44,129 | 77,542 | 90,001 |
Goodwill impairment charge | 0 | 53,264 | ||
Total | 754,559 | 769,439 | 1,480,660 | 1,614,667 |
Interest expense, net | (9,334) | (7,853) | (15,211) | (20,310) |
(Loss) gain on debt extinguishment | 0 | (458) | (62) | 12,046 |
Other income, net | 986 | 3,097 | 3,703 | 4,214 |
Income before income taxes | 24,661 | 49,268 | 22,835 | 19,527 |
Provision for income taxes | 6,496 | 12,244 | 3,772 | 14,921 |
Net income | $ 18,165 | $ 37,024 | $ 19,063 | $ 4,606 |
Earnings per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 0.60 | $ 1.17 | $ 0.62 | $ 0.15 |
Diluted earnings per common share (in dollars per share) | $ 0.59 | $ 1.15 | $ 0.61 | $ 0.14 |
Shares used in computing earnings per common share: | ||||
Basic (in shares) | 30,431,143 | 31,750,547 | 30,553,381 | 31,677,012 |
Diluted (in shares) | 30,872,506 | 32,128,098 | 31,085,985 | 31,947,346 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 18,165 | $ 37,024 | $ 19,063 | $ 4,606 |
Foreign currency translation (losses) gains, net of tax | (1) | 21 | 1 | (10) |
Comprehensive income | $ 18,164 | $ 37,045 | $ 19,064 | $ 4,596 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Apr. 01, 2021 |
|
Repurchase of common stock | $ (50,000) | $ 0 | |
4.50% senior notes, net (mature April 2029) | Senior Notes | |||
Debt, interest rate (in percent) | 4.50% | ||
0.75% Convertible Senior Notes Due 2021 | |||
Debt, interest rate (in percent) | 0.75% |
Basis of Presentation |
6 Months Ended |
---|---|
Jul. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Accounting | Basis of Presentation Dycom Industries, Inc. (“Dycom” or the “Company”) 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. The Company uses a 52/53 week fiscal year ending on the last Saturday in January. Fiscal 2021 consisted of 53 weeks of operations and fiscal year ending January 29, 2022 consists of 52 weeks of operations. The accompanying unaudited condensed 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”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for fiscal 2021, filed with the SEC on March 5, 2021. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods presented have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. Operating results for the interim period are not necessarily indicative of the results expected for any subsequent interim or annual period. 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), the results of which 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. The economy of the United States has been severely impacted by the nation’s response to a pandemic caused by a novel strain of coronavirus, including variants of the coronavirus, such as the Delta variant (“COVID-19”). Measures taken include travel restrictions, social distancing requirements, quarantines, and shelter in place orders. As a result, businesses have been closed and certain business activities curtailed for varying periods of time and in varying geographic regions. During the COVID-19 pandemic, our services have generally been considered essential in nature and have not been materially interrupted. As the situation continues to evolve, we are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business, including how it impacts our customers, subcontractors, suppliers, vendors and employees, in addition to how the COVID-19 pandemic impacts our ability to provide services to our customers. The full extent of the impact of the COVID-19 pandemic on the Company's operational and financial performance will be determined by factors which are uncertain, unpredictable and outside of our control, including the duration and severity of the pandemic, any worsening of the pandemic, the vaccination rates in the areas we operate and among our employees and subcontractors, the containment and mitigation actions taken by federal, state and local governments, and the resulting impact on the demand for our services from our customers. The situation surrounding COVID-19 remains fluid, and if disruptions do arise, they could materially adversely impact our business.
|
Significant Accounting Policies and Estimates |
6 Months Ended |
---|---|
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Estimates | Significant Accounting Policies and EstimatesThere have been no material changes to the Company’s significant accounting policies and critical accounting estimates described in the Company’s Annual Report on Form 10-K for fiscal 2021.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 condensed consolidated financial statements and accompanying notes. 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. |
Accounting Standards |
6 Months Ended |
---|---|
Jul. 31, 2021 | |
Accounting Standards [Abstract] | |
Accounting Standards | Accounting Standards Recently issued accounting pronouncements are disclosed in the Company’s Annual Report on Form 10-K for fiscal 2021. As of the date of this Quarterly Report on Form 10-Q, there have been no changes in the expected dates of adoption or estimated effects on the Company’s condensed consolidated financial statements of recently issued accounting pronouncements from those disclosed in the Company’s Annual Report on Form 10-K for fiscal 2021. Further, there have been no additional accounting standards issued as of the date of this Quarterly Report on Form 10-Q that are applicable to the condensed consolidated financial statements of the Company. Accounting standards adopted during the six months ended July 31, 2021 are disclosed in this Quarterly Report on Form 10-Q. Recently Adopted Accounting Standards Codification Improvement. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements (“ASU 2020-10”). The amendments in this ASU represent changes to clarify the Accounting Standards Codification (“ASC”), correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We adopted the provisions of this ASU in the first quarter of fiscal 2022 and there was no material effect on our condensed consolidated financial statements. Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022. The adoption of this ASU did not have a material effect on our condensed consolidated financial statements. Accounting Standards Not Yet Adopted All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operation.
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Computation of Earnings Per Common Share |
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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):
(1) Under the treasury stock method, the 2021 Convertible Notes (as defined in Note 13) notes will have a dilutive impact on earnings per common share if our average stock price for the period exceeds the $96.89 per share conversion price. Our average stock price did not exceed the per share conversion price during the three and six months ended July 31, 2021 and July 25, 2020; therefore, there was no dilutive impact on earnings per common share for these periods. The warrants associated with our 2021 Convertible Notes will have 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. (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 is not included for purposes of the calculation of earnings per common share as its effect would be anti-dilutive. Upon conversion, the convertible note hedge is expected to offset the dilutive effect of the 2021 Convertible Notes when the average stock price for the period is above $96.89 per share. See Note 13, Debt, for additional information related to our 2021 Convertible Notes, warrant transactions, and hedge transactions. In connection with the purchase of $401.7 million of the 2021 Convertible Notes in fiscal 2021 and $25.0 million in fiscal 2020, we unwound convertible note hedge transactions and warrants proportionately to the number of 2021 Convertible Notes, resulting in a decrease in the number of excluded weighted shares.
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Accounts Receivable, Contract Assets, and Contract Liabilities |
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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. Accounts Receivable Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):
We maintain an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows (dollars in thousands):
Contract Assets and Contract Liabilities Net contract assets consisted of the following (dollars in thousands):
Net contract assets were $150.2 million and $183.0 million as of July 31, 2021 and January 30, 2021, respectively. The decrease primarily resulted from reduced services performed and increased billings under contracts consisting of multiple tasks. During the three and six months ended July 31, 2021, we performed services and recognized $2.2 million and $8.1 million of contract revenues related to contract liabilities that existed at January 30, 2021. 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 July 31, 2021 or January 30, 2021 were as follows (dollars in millions):
(1) Formerly known as CenturyLink, Inc. We believe 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 July 31, 2021 or January 30, 2021.
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Other Current Assets and Other Assets |
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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):
Other assets consisted of the following (dollars in thousands):
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.
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Cash, Cash Equivalents and Restricted Cash |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands):
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment consisted of the following (dollars in thousands):
Depreciation expense was $33.8 million and $39.0 million for the three months ended July 31, 2021 and July 25, 2020, respectively, and $68.2 million and $79.6 million for the six months ended July 31, 2021 and July 25, 2020, respectively.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill There was no change in the carrying amount of goodwill during the six months ended July 31, 2021. The goodwill balance consisted of the following (dollars in thousands):
The Company’s goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of the Company’s geographic presence and strengthening of its customer base from acquisitions. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment, 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. The Company’s 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 the Company’s reporting units. The cyclical nature of the Company’s business, the high level of competition existing within its industry, and the concentration of its 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. During fiscal 2021 the economy of the United States was severely impacted by the nation’s response to the COVID-19 pandemic. Measures taken include travel restrictions, social distancing requirements, quarantines, and shelter in place orders. As a result, businesses have been closed and certain business activities curtailed for varying periods of time and in varying geographic regions. 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”) restricted our technicians from entering third party premises. Furthermore, customers had modified their protocols to increase the self-installation of customer premise equipment by their subscribers. The events following the onset of COVID-19 were expected to result in a prolonged downturn in customer demand for installation services and to have a direct, adverse impact on its revenue, operating results and cash flows. As a result, during the quarter ended April 25, 2020 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. The Company performs its annual impairment assessment as of the first day of the fourth fiscal quarter of each fiscal year. As a result of the Company’s fiscal 2021 period assessment, the Company 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 of July 31, 2021, the Company continues to believe the remaining goodwill and the indefinite-lived intangible asset are recoverable for all of its reporting units. Intangible Assets Our intangible assets consisted of the following (dollars in thousands):
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 $4.7 million and $5.2 million for the three months ended July 31, 2021 and July 25, 2020, respectively, and $9.4 million and $10.4 million for the six months ended July 31, 2021 and July 25, 2020, respectively. As of July 31, 2021, 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.
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Accrued Insurance Claims |
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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 fiscal 2021, with regard to workers’ compensation losses, 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. With regard to automobile liability and general liability losses, 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. In addition, 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 loss limits of $11.5 million within this layer of retention. For fiscal 2022, with regard to workers’ compensation losses, our retention of risk remains the same as fiscal 2021. With regard to automobile liability and general liability losses, our retention of primary risk remains the same as fiscal 2021. In addition, we reduced our coverage limit and retained $10.0 million risk of loss on a per occurrence basis for losses above $30.0 million. 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 year 2021, we retain the risk of loss on an annual basis, up to the first $600,000 of claims per participant. Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands):
Insurance recoveries/receivables represent the amount of accrued insurance claims that are covered by insurance as the amounts exceed the Company’s loss retention. During the six months ended July 31, 2021, total insurance recoveries/receivables decreased approximately $4.2 million primarily due to the settlement of claims that exceeded our loss retention. Accrued insurance claims decreased by a corresponding amount.
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Leases (Notes) |
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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 condensed consolidated statements of operations for the six months ended July 31, 2021 and July 25, 2020 (dollars in thousands):
(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 $67.0 million as of July 31, 2021 and $63.1 million as of January 30, 2021. Supplemental balance sheet information related to these liabilities is as follows:
Supplemental cash flow information related to our long-term operating lease liabilities as of July 31, 2021 and July 25, 2020 is as follows (dollars in thousands):
As of July 31, 2021, 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):
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Other Accrued Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands):
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Our outstanding indebtedness consisted of the following (dollars in thousands):
Senior 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 as of July 31, 2021 (dollars in thousands):
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 twelve-month consolidated earnings before interest, taxes, depreciation, and amortization, as defined by the Credit Agreement (“EBITDA”). 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 the 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 twelve-month consolidated EBITDA, as defined by the 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.
(1) To address the transition in financial markets away from LIBOR by the end of 2021, 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 $46.3 million and $52.2 million, issued as part of our insurance program, were outstanding under the Credit Agreement as of July 31, 2021 and January 30, 2021, respectively. The weighted average interest rates and fees for balances under our Credit Agreement as of July 31, 2021 and January 30, 2021 were as follows:
The 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 agreement also contains a financial covenant that requires us to maintain a consolidated interest coverage ratio, which is the ratio of our trailing twelve-month consolidated EBITDA to our consolidated interest expense, each as defined by the Credit Agreement, of not less than 3.00 to 1.00, as measured at the end of each fiscal quarter. At July 31, 2021 and January 30, 2021, we were in compliance with the financial covenants of our Credit Agreement and had borrowing availability under the revolving facility of $273.9 million and $558.7 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 as of July 31, 2021 (dollars in thousands):
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 $101.63 as of July 31, 2021 (dollars in thousands):
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, are unsecured obligations and do 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 bear interest at a rate of 0.75% per year, payable in cash semiannually in March and September, and will mature on September 15, 2021, unless earlier purchased by the Company or converted. In the event we fail to perform certain obligations under the indenture, the 2021 Convertible Notes will accrue additional interest. Certain events are considered “events of default” under the 2021 Convertible Notes, which may result in the acceleration of the maturity of the 2021 Convertible Notes, as described in the indenture. 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 2021 Convertible 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 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. Each $1,000 of principal of the 2021 Convertible Notes is 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 2021 Convertible Notes have 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 2021 Convertible Notes were convertible by the 2021 Convertible Note holders 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 consecutive business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2021 Convertible Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. During the three months ended July 31, 2021, none of the conditions were met. On or after June 15, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2021 Convertible Notes at any time regardless of the foregoing circumstances. Upon conversion, the 2021 Convertible Notes will be 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. The Company intends to settle the principal amount of the 2021 Convertible Notes with cash. 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 is 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. During the three months ended July 31, 2021 and July 25, 2020, we incurred $0.7 million and $1.7 million, respectively, of interest expense for the non-cash amortization of the debt discount. During the six months ended July 31, 2021 and July 25, 2020 we incurred $1.3 million and $6.1 million, respectively, of interest expense for the non-cash amortization of the debt discount. The liability component of the 2021 Convertible Notes consisted of the following (dollars in thousands):
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 is not remeasured as long as it continues to meet the conditions for equity classification. The following table summarizes the fair value of the 2021 Convertible Notes, net of the debt discount and debt issuance costs. The fair value of the 2021 Convertible Notes is based on the closing trading price per $100 of the 2021 Convertible Notes as of the last day of trading for the respective periods (Level 2), which was $98.88 and $104.50 as of July 31, 2021 and January 30, 2021, respectively (dollars in thousands):
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 are 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 will be required to deliver to us shares of our common stock or pay cash to us in a similar amount as the value that we deliver 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 be 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 $25.0 million and $401.7 million, respectively, of the 2021 Convertible Notes, the number of shares that could be deliverable to us upon conversion was reduced to up to 0.601 million of our shares. 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 $25.0 million and $401.7 million, respectively, of the 2021 Convertible Notes, the remaining warrant transactions provide for up to 0.601 million shares. The warrants will not have a dilutive effect on our earnings per share unless our quarterly average share price exceeds the warrant strike price of $130.43 per share. In this event, we expect to settle the warrant transactions on a net share basis whereby we will issue shares of our common stock. Upon settlement of the conversion premium of the 2021 Convertible Notes, convertible note hedge, and warrants, the resulting dilutive impact of these transactions, if any, would be the number of shares necessary to settle the value of the warrant transactions above $130.43 per share. The net amounts incurred in connection with the convertible note hedge and warrant transactions were recorded as a reduction to additional paid-in capital on the consolidated balance sheets during fiscal 2016 and are not expected to be remeasured in subsequent reporting periods.
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Income Taxes |
3 Months Ended |
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Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our interim income tax provisions are based on the effective income tax rate expected to be applicable for the full fiscal year, adjusted for specific items that are required to be recognized in the period in which they occur. Deferred tax assets and liabilities are based on the enacted tax rate that will apply in future periods when such assets and liabilities are expected to be settled or realized. Our effective income tax rate was 26.3% and 24.9% for the three months ended July 31, 2021 and July 25, 2020, respectively, and 16.5% and 76.4% for the six months ended July 31, 2021 and July 25, 2020, respectively. The effective tax rate differs from the statutory rate primarily due to the impact of the vesting and exercise of share-based awards during the six months ended July 31, 2021. Other fluctuations in our effective income tax rate from the statutory rate each period are mainly attributable to the difference in income tax rates from state to state where work was performed, changes in unrecognized tax benefits, tax law changes, tax credits recognized, and variances in non-deductible and non-taxable items. Additionally, during the six months ended July 25, 2020, our effective tax rate was impacted by the $53.3 million goodwill impairment charge which was mostly non-deductible for income tax purposes, and the benefit from the $2.6 million tax loss carryback technical correction under the CARES Act. During the second quarter of fiscal 2022, we were notified by the Internal Revenue Service that our federal income tax return for fiscal 2020 was selected for examination. We believe our provision for income taxes is adequate; however, any assessment may affect our results of operations and cash flows.
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Other Income, Net |
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Other Income, Net | Other Income, NetThe components of other income, net, were as follows (dollars in thousands):
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Capital Stock |
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Jul. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital StockRepurchases of Common Stock. On March 3, 2021 the Company announced that its Board of Directors had authorized a new $150 million |
Stock-Based Awards |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Awards | Stock-Based Awards We have certain stock-based compensation plans under which we grant stock-based awards, including common stock, 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. Compensation expense for stock-based awards is based on fair value at the measurement date. This expense fluctuates over time as a function of the duration of vesting periods of the stock-based awards and the Company’s performance, as measured by criteria set forth in performance-based awards. Stock-based compensation expense is included in general and administrative expenses in the condensed consolidated statements of operations and the amount of expense ultimately recognized depends on the quantity of awards that actually vest. Accordingly, stock-based compensation expense may vary from period to period. The performance criteria for the Company’s performance-based equity awards utilize the Company’s operating earnings (adjusted for certain amounts) as a percentage of contract revenues for the applicable four-quarter period (a “Performance Year”) and its Performance Year operating cash flow level (adjusted for certain amounts). Additionally, certain awards include three-year performance measures that, if met, result in supplemental shares awarded. For Performance RSUs, the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if it determines it is probable that performance criteria for the awards will be met. Stock-based compensation expense and the related tax benefit recognized during the three and six months ended July 31, 2021 and July 25, 2020 were as follows (dollars in thousands):
In addition, during the three months ended July 31, 2021 and July 25, 2020 the Company realized $0.2 million and $0.7 million of net excess tax benefits, respectively, related to the vesting and exercise of share-based awards. During the six months ended July 31, 2021 and July 25, 2020, the Company realized approximately $2.8 million and $0.2 million of net excess tax benefits, respectively. As of July 31, 2021, 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 $2.6 million, $17.1 million, and $2.0 million, respectively. This expense will be recognized over a weighted-average number of years of 2.9, 2.8, and 2.2, respectively, based on the average remaining service periods for the awards. As of July 31, 2021, we may recognize an additional $28.4 million in compensation expense in future periods if the maximum number of Performance RSUs is earned based on certain performance measures being met. Stock Options The following table summarizes stock option award activity during the six months ended July 31, 2021:
RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during the six months ended July 31, 2021:
The total number of granted Performance RSUs presented above consists of 187,967 target shares and 84,975 supplemental shares. The total number of Performance RSUs outstanding as of July 31, 2021 consists of 308,573 target shares and 153,161 supplemental shares. With respect to the Company’s Performance Year ended January 30, 2021, the Company canceled 88,057 target shares and 74,024 supplemental shares during the six months ended July 31, 2021.
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Customer Concentration and Revenue Information |
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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 66.5% and 77.5% of total contract revenues during the six months ended July 31, 2021 and July 25, 2020, respectively. Customers whose contract revenues exceeded 10% of total contract revenues during the three and six months ended July 31, 2021 or July 25, 2020, as well as total contract revenues from all other customers combined, were as follows (dollars in millions):
(1) Formerly known as CenturyLink, Inc. 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 the three and six months ended July 31, 2021 and July 25, 2020 were as follows (dollars in millions):
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.
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Commitment and Contingencies |
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Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On December 17, 2018 and May 8, 2020, shareholder derivative actions were filed in the United States District Court for the Southern District of Florida against the Company, as nominal defendant, and the members of its Board of Directors (and, in the second action, the Company’s Chief Financial Officer), alleging that the defendants breached fiduciary duties owed to the Company and violated the securities laws by causing the Company to issue false and misleading statements regarding the Company’s financial condition and business operations, including those related to the Company’s dependency on, and uncertainties related to, the permitting necessary for its large projects. On November 16, 2020, the plaintiffs filed a consolidated amended complaint in which the plaintiffs alleged the same breaches of fiduciary duty and violations of the securities laws as were alleged in the two consolidated lawsuits when they were initially filed. The consolidated amended complaint names the Company as nominal defendant and asserts claims against seven current members of its Board of Directors and two former members of the Board. The parties to this suit have reached an agreement to settle these claims and, on July 23, 2021, the court issued an order providing preliminary approval of the terms of the settlement. This preliminary agreement is subject to final approval by the court. Due to the early stage of this litigation, it is not possible to estimate a range of loss that could occur if this preliminary settlement is not finalized. On December 1, 2017, one of the Company’s subsidiaries was named in a lawsuit alleging that its nonexempt employees performing utility locating services in California were not paid appropriate minimum and overtime wages, provided required breaks, reimbursed for necessary business expenses, provided with accurate wage statements, and timely pay all wages at termination of employment. The plaintiff seeks to pursue these allegations as a class action under the California Private Attorney General Act of 2004. Although the Company believes these claims are without merit it has engaged in early settlement discussions and has reached a preliminary agreement to settle these claims on a class-wide basis for an aggregate settlement value of $2.2 million and, on July 29, 2021, the court issued an order providing preliminary approval of the terms of the settlement. This preliminary agreement is subject to final approval by the court. Due to the early stage of this litigation, it is not possible to estimate a range of loss that could occur if this preliminary settlement is not finalized. 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. 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 July 31, 2021 and January 30, 2021, we had $232.5 million and $208.7 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 July 31, 2021 and January 30, 2021, we had $20.3 million and $20.9 million, respectively, of outstanding surety bonds related to our insurance obligations. Additionally, we periodically guarantee certain obligations of our subsidiaries, including obligations in connection with obtaining state contractor licenses and leasing real property and equipment. |
Significant Accounting Policies and Estimates (Policies) |
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Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Dycom Industries, Inc. (“Dycom” or the “Company”) 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 | The Company uses a 52/53 week fiscal year ending on the last Saturday in January. Fiscal 2021 consisted of 53 weeks of operations and fiscal year ending January 29, 2022 consists of 52 weeks of operations. |
Segment Reporting Disclosure | 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), the results of which 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. The economy of the United States has been severely impacted by the nation’s response to a pandemic caused by a novel strain of coronavirus, including variants of the coronavirus, such as the Delta variant (“COVID-19”). Measures taken include travel restrictions, social distancing requirements, quarantines, and shelter in place orders. As a result, businesses have been closed and certain business activities curtailed for varying periods of time and in varying geographic regions. During the COVID-19 pandemic, our services have generally been considered essential in nature and have not been materially interrupted. As the situation continues to evolve, we are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business, including how it impacts our customers, subcontractors, suppliers, vendors and employees, in addition to how the COVID-19 pandemic impacts our ability to provide services to our customers. The full extent of the impact of the COVID-19 pandemic on the Company's operational and financial performance will be determined by factors which are uncertain, unpredictable and outside of our control, including the duration and severity of the pandemic, any worsening of the pandemic, the vaccination rates in the areas we operate and among our employees and subcontractors, the containment and mitigation actions taken by federal, state and local governments, and the resulting impact on the demand for our services from our customers. The situation surrounding COVID-19 remains fluid, and if disruptions do arise, they could materially adversely impact our business. |
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 condensed consolidated financial statements and accompanying notes. 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. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Standards Codification Improvement. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements (“ASU 2020-10”). The amendments in this ASU represent changes to clarify the Accounting Standards Codification (“ASC”), correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We adopted the provisions of this ASU in the first quarter of fiscal 2022 and there was no material effect on our condensed consolidated financial statements. Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022. The adoption of this ASU did not have a material effect on our condensed consolidated financial statements. Accounting Standards Not Yet Adopted All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operation.
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Computation of Earnings Per Common Share (Tables) |
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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):
(1) Under the treasury stock method, the 2021 Convertible Notes (as defined in Note 13) notes will have a dilutive impact on earnings per common share if our average stock price for the period exceeds the $96.89 per share conversion price. Our average stock price did not exceed the per share conversion price during the three and six months ended July 31, 2021 and July 25, 2020; therefore, there was no dilutive impact on earnings per common share for these periods. The warrants associated with our 2021 Convertible Notes will have 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. (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 is not included for purposes of the calculation of earnings per common share as its effect would be anti-dilutive. Upon conversion, the convertible note hedge is expected to offset the dilutive effect of the 2021 Convertible Notes when the average stock price for the period is above $96.89 per share. See Note 13, Debt, for additional information related to our 2021 Convertible Notes, warrant transactions, and hedge transactions. In connection with the purchase of $401.7 million of the 2021 Convertible Notes in fiscal 2021 and $25.0 million in fiscal 2020, we unwound convertible note hedge transactions and warrants proportionately to the number of 2021 Convertible Notes, resulting in a decrease in the number of excluded weighted shares.
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Accounts Receivable, Contract Assets, and Contract Liabilities (Tables) |
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):
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Contract Assets and Contract Liabilities | Net contract assets consisted of the following (dollars in thousands):
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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 July 31, 2021 or January 30, 2021 were as follows (dollars in millions):
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Other Current Assets and Other Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets consisted of the following (dollars in thousands):
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Schedule of Non current Assets | Other assets consisted of the following (dollars in thousands):
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Cash, Cash Equivalents and Restricted Cash (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands):
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Schedule of Restricted Cash and Cash Equivalents | Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands):
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Property and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment consisted of the following (dollars in thousands):
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | There was no change in the carrying amount of goodwill during the six months ended July 31, 2021. The goodwill balance consisted of the following (dollars in thousands):
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Schedule of Intangible Assets | Our intangible assets consisted of the following (dollars in thousands):
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Accrued Insurance Claims (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Insurance Claims [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Insurance Claims and Insurance Recoveries/Receivables | Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands):
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Cost, Supplemental Balance Sheet, and Supplmental Cash Flows | The following table summarizes the components of lease cost recognized in the condensed consolidated statements of operations for the six months ended July 31, 2021 and July 25, 2020 (dollars in thousands):
(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 $67.0 million as of July 31, 2021 and $63.1 million as of January 30, 2021. Supplemental balance sheet information related to these liabilities is as follows: Supplemental cash flow information related to our long-term operating lease liabilities as of July 31, 2021 and July 25, 2020 is as follows (dollars in thousands):
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Operating Lease Liability Maturity Schedule | As of July 31, 2021, 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):
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Other Accrued Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands):
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Debt (Tables) |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 |
Jul. 31, 2021 |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Indebtedness | Our outstanding indebtedness consisted of the following (dollars in thousands):
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Schedule Interest Rates for the Credit Agreement | Under the 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 twelve-month consolidated EBITDA, as defined by the 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.
(1) To address the transition in financial markets away from LIBOR by the end of 2021, 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 July 31, 2021 and January 30, 2021 were as follows:
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Carrying Value and Fair Value of Notes | 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 $101.63 as of July 31, 2021 (dollars in thousands):
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Convertible Debt | The liability component of the 2021 Convertible Notes consisted of the following (dollars in thousands):
The following table summarizes the fair value of the 2021 Convertible Notes, net of the debt discount and debt issuance costs. The fair value of the 2021 Convertible Notes is based on the closing trading price per $100 of the 2021 Convertible Notes as of the last day of trading for the respective periods (Level 2), which was $98.88 and $104.50 as of July 31, 2021 and January 30, 2021, respectively (dollars in thousands):
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Schedule of Long-term Debt Instruments | The following table summarizes the net carrying value of the 2029 Notes as of July 31, 2021 (dollars in thousands):
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Other Income, Net (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income, Net | The components of other income, net, were as follows (dollars in thousands):
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Stock-Based Awards (Tables) |
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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 the three and six months ended July 31, 2021 and July 25, 2020 were as follows (dollars in thousands):
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Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during the six months ended July 31, 2021:
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Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during the six months ended July 31, 2021:
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Customer Concentration and Revenue Information (Tables) |
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Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule that Represents A Significant Portion of the Company’s Customer Base and Each Over 10% of Total Revenue | Customers whose combined amounts of accounts receivable and contract assets, net, exceeded 10% of total combined accounts receivable and contract assets, net, as of July 31, 2021 or January 30, 2021 were as follows (dollars in millions):
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Basis of Presentation (Details) |
6 Months Ended |
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Jul. 31, 2021
segment
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Basis of Presentation [Abstract] | |
Number of reportable segments | 1 |
Accounting Standards (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 66,954 | $ 63,179 |
Operating lease liability related to long-term operating leases | $ 66,976 | $ 63,100 |
Accounts Receivable, Contract Assets, and Contract Liabilities - Accounts Receivable (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Receivables [Abstract] | ||
Trade accounts receivable | $ 327,481 | $ 352,501 |
Unbilled accounts receivable | 584,960 | 492,324 |
Retainage | 18,206 | 14,974 |
Total | 930,647 | 859,799 |
Less: allowance for doubtful accounts | (1,527) | (1,676) |
Accounts receivable, net | $ 929,120 | $ 858,123 |
Accounts Receivable, Contract Assets, and Contract Liabilities - Change in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cumulative effect from implementation of ASU 2016-13 | $ 4,237 | $ 5,166 | $ 1,676 | $ 4,582 |
Provision for bad debt | 78 | 119 | 2,901 | 236 |
Amounts charged against the allowance | (2,788) | (3,680) | (3,050) | (3,684) |
Allowance for doubtful accounts at end of period | 1,527 | 1,605 | 1,527 | 1,605 |
Cumulative effect from implementation of ASU 2016-13 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cumulative effect from implementation of ASU 2016-13 | $ 0 | $ 0 | $ 0 | $ 471 |
Accounts Receivable, Contract Assets, and Contract Liabilities - Narratives (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2021 |
Jan. 30, 2021 |
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Receivables [Abstract] | |||
Net contract assets | $ 150,205 | $ 150,205 | $ 183,009 |
Contract liabilities, revenues recognized | $ 2,200 | $ 8,100 |
Accounts Receivable, Contract Assets, and Contract Liabilities - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Receivables [Abstract] | ||
Contract assets | $ 163,691 | $ 197,110 |
Contract liabilities | 13,486 | 14,101 |
Contract assets, net | $ 150,205 | $ 183,009 |
Accounts Receivable, Contract Assets, and Contract Liabilities - Customer Credit Concentration (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
Jan. 30, 2021 |
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Concentration Risk | |||||
Amount | $ 929,120 | $ 929,120 | $ 858,123 | ||
% of Total | 100.00% | 100.00% | 100.00% | 100.00% | |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Verizon Communications Inc. | |||||
Concentration Risk | |||||
Amount | $ 333,700 | $ 333,700 | $ 389,900 | ||
% of Total | 30.90% | 37.40% | |||
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Lumen Technologies | |||||
Concentration Risk | |||||
Amount | 163,400 | $ 163,400 | $ 173,500 | ||
% of Total | 15.10% | 16.60% | |||
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Comcast Corporation | |||||
Concentration Risk | |||||
Amount | $ 131,500 | $ 131,500 | $ 131,700 | ||
% of Total | 12.20% | 12.60% |
Other Current Assets and Other Assets - Current (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 23,923 | $ 14,849 |
Deposits and other current assets | 15,511 | 12,706 |
Insurance recoveries/receivables for accrued insurance claims | 2,462 | 111 |
Restricted cash | 1,372 | 1,372 |
Receivables on equipment sales | 288 | 34 |
Other current assets | $ 43,556 | $ 29,072 |
Other Current Assets and Other Assets - Non-current (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Long-term contract assets | $ 16,714 | $ 17,574 |
Deferred financing costs | 5,346 | 5,205 |
Restricted cash | 432 | 432 |
Insurance recoveries/receivables for accrued insurance claims | 9,280 | 15,837 |
Other non-current deposits and assets | 6,304 | 7,541 |
Other assets | $ 38,076 | $ 46,589 |
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
Jul. 25, 2020 |
Jan. 25, 2020 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and equivalents | $ 261,947 | $ 11,770 | ||
Restricted cash included in: | ||||
Other current assets | 1,372 | 1,372 | ||
Other assets (long-term) | 432 | 432 | ||
Cash, cash equivalents and restricted cash | $ 263,751 | $ 13,574 | $ 27,660 | $ 59,869 |
Property and Equipment - Depreciation Expense and Repairs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 33.8 | $ 39.0 | $ 68.2 | $ 79.6 |
Goodwill and Intangible Assets - Narratives (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Apr. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
Jan. 30, 2021 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill impairment charge | $ 53,300 | $ 0 | $ 53,264 | |||
Goodwill | $ 272,485 | 272,485 | $ 272,485 | |||
Amortization of intangible assets | $ 4,700 | $ 5,200 | $ 9,400 | $ 10,400 |
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, gross | $ 521,516 | $ 521,516 |
Accumulated impairment losses | (249,031) | (249,031) |
Total | $ 272,485 | $ 272,485 |
Accrued Insurance Claims (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Accrued Insurance Claims [Abstract] | ||
Accrued insurance claims - current | $ 43,783 | $ 41,736 |
Accrued insurance claims - non-current | 60,714 | 70,224 |
Accrued insurance claims | 104,497 | 111,960 |
Insurance recoveries/receivables: | ||
Insurance recoveries/receivables for accrued insurance claims | 2,462 | 111 |
Non-current (included in Other assets) | 9,280 | 15,837 |
Insurance Settlements Receivable | $ 11,742 | $ 15,948 |
Leases - Narratives (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Lessee, Lease, Description | ||
Operating lease reneewal term | 5 years | |
Operating lease liability related to long-term operating leases | $ 66,976 | $ 63,100 |
Minimum | ||
Lessee, Lease, Description | ||
Operating lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description | ||
Operating lease term | 9 years |
Leases - Lease Cost and Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
Jan. 30, 2021 |
|
Leases [Abstract] | |||||
Lease cost under long-term operating leases | $ 8,796 | $ 8,763 | $ 17,426 | $ 17,615 | |
Lease cost under short-term operating leases | 6,064 | 7,153 | 11,255 | 15,984 | |
Variable lease cost under short-term and long-term operating leases | 696 | 1,066 | 1,940 | 2,160 | |
Total lease cost | $ 15,556 | $ 16,982 | $ 30,621 | $ 35,759 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 2 months 12 days | 3 years 2 months 12 days | 3 years 2 months 12 days | ||
Weighted average discount rate (percent) | 4.10% | 4.10% | 4.60% |
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
|
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 6,835 | $ 8,508 | $ 17,586 | $ 16,472 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 7,859 | $ 6,516 | $ 19,569 | $ 17,756 |
Leases - Operating Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Operating Lease Liabilities After Adoption | ||
Remainder of 2022 | $ 15,071 | |
2023 | 25,129 | |
2024 | 15,878 | |
2025 | 9,479 | |
2026 | 4,416 | |
Thereafter | 2,724 | |
Total lease payments | 72,697 | |
Less: imputed interest | (5,721) | |
Total | $ 66,976 | $ 63,100 |
Other Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 49,534 | $ 43,593 |
Accrued employee benefit and incentive plan costs | 16,152 | 32,988 |
Accrued construction costs | 26,798 | 22,972 |
Other current liabilities | 31,574 | 21,256 |
Other accrued liabilities | $ 124,058 | $ 120,809 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Apr. 01, 2021 |
Jan. 30, 2021 |
|
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 897,836 | $ 583,284 | ||
Less: current portion | (66,639) | (81,722) | ||
Long-term debt | 831,197 | 501,562 | ||
Proceeds from borrowings on senior credit agreement, including term loan | 95,000 | $ 683,000 | ||
0.75% Convertible Senior Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 57,889 | 56,410 | ||
Debt, interest rate (in percent) | 0.75% | |||
Credit Agreement - Revolving facility (matures April 2020) | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 0 | 105,000 | ||
Credit Agreement - Term Loan (matures April 2020) | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | 347,098 | 421,874 | ||
Senior Notes | 4.50% senior notes, net (mature April 2029) | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 492,849 | $ 0 | ||
Debt, interest rate (in percent) | 4.50% |
Debt - Carrying Value of Debt (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 897,836 | $ 583,284 |
Senior Notes | 4.50% senior notes, net (mature April 2029) | ||
Debt Instrument [Line Items] | ||
Fair value of principal amount of 2029 Notes | 500,000 | |
Less: Debt issuance costs | (7,151) | |
Debt and capital lease obligations | 492,849 | 0 |
Credit Agreement - Term Loan (matures April 2020) | ||
Debt Instrument [Line Items] | ||
Fair value of principal amount of 2029 Notes | 350,000 | |
Less: Debt issuance costs | (2,902) | |
Debt and capital lease obligations | $ 347,098 | $ 421,874 |
Debt - Interest Rates at Period End (Details) - $ / shares |
Jul. 31, 2021 |
Jan. 30, 2021 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Debt Instrument Fair Value, Per Stated Incremental Portion on Principal | $ 98.88 | $ 104.50 |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.75% | 1.50% |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.72% | 1.63% |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 0.00% | 2.14% |
Debt - Components of the Convertible Notes (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
Jan. 30, 2021 |
Jan. 25, 2020 |
Sep. 15, 2015 |
|
Debt Instrument [Line Items] | |||||||
Equity component of 0.75% senior convertible notes due 2021, net | $ 112,600,000 | $ 112,600,000 | |||||
Amortization of debt discount | 1,329,000 | $ 6,089,000 | |||||
Estimate of Fair Value Measurement | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 57,609,000 | 57,609,000 | $ 60,886,000 | ||||
Less: Debt discount and debt issuance costs | (375,000) | (375,000) | (1,854,000) | ||||
Convertible Debt | 57,234,000 | 57,234,000 | 59,032,000 | ||||
0.75% Convertible Senior Notes Due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Unamortized Discount | (337,000) | (337,000) | (1,665,000) | ||||
Debt issuance cost | (38,000) | (38,000) | (189,000) | ||||
Amortization of debt discount | 700,000 | $ 1,700,000 | 1,300,000 | $ 6,100,000 | |||
Debt instrument, face amount | 58,264,000 | 58,264,000 | 58,264,000 | $ 460,000,000 | $ 485,000,000 | ||
Convertible Debt | $ 57,889,000 | $ 57,889,000 | $ 56,410,000 |
Debt - Convertible Note Hedge and Warrant Transactions (Details) - $ / shares shares in Thousands |
Sep. 15, 2015 |
Jul. 31, 2021 |
---|---|---|
Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | $ 96.89 | |
Note Warrant | ||
Debt Instrument [Line Items] | ||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | $ 130.43 | |
0.75% Convertible Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Warrant | ||
Debt Instrument [Line Items] | ||
Class of Warrant or Right, Unissued (shares) | 601 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 5,006 |
Debt - Senior Notes Due 2029 (Details) - Senior Notes - 4.50% senior notes, net (mature April 2029) |
Apr. 01, 2021
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Debt, interest rate (in percent) | 4.50% |
Debt instrument, face amount | $ 500,000,000 |
Debt - Fair Value of 2029 Notes (Details) $ / shares in Units, $ in Thousands |
Jul. 31, 2021
USD ($)
$ / shares
|
---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Share Price | $ / shares | $ 101.63 |
Senior Notes | 4.50% senior notes, net (mature April 2029) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value of principal amount of 2029 Notes | $ 500,000 |
Less: Debt issuance costs | (7,151) |
Estimate of Fair Value Measurement | Senior Notes | 4.50% senior notes, net (mature April 2029) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value of principal amount of 2029 Notes | 508,125 |
Less: Debt issuance costs | (7,151) |
Fair value of 2029 Notes | $ 500,974 |
Income Taxes - Narratives (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Apr. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
|
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 26.30% | 24.90% | 16.50% | 76.40% | |
Goodwill impairment charge | $ 53,300 | $ 0 | $ 53,264 | ||
Tax loss carryback technical correction | $ 2,600 | $ 2,600 |
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
|
Other Income and Expenses [Abstract] | ||||
Gain on sale of fixed assets | $ 992 | $ 3,418 | $ 3,844 | $ 5,206 |
Discount fee expense | (384) | (483) | (873) | (1,274) |
Miscellaneous income, net | 378 | 162 | 732 | 282 |
Other income, net | $ 986 | $ 3,097 | $ 3,703 | $ 4,214 |
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Mar. 03, 2021 |
|
Stockholders' Equity Note [Abstract] | ||
Amount authorized to repurchase shares | $ 150.0 | |
Treasury Stock, Shares, Acquired | 631,638 | |
Treasury Stock Acquired, Average Cost Per Share | $ 79.16 | |
Treasury Stock, Value, Acquired, Cost Method | $ 50.0 | |
Remaining authorized repurchase amount | 100.0 | |
Treasury Stock, Retired, Par Value Method, Amount | $ 46.0 |
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||||
Net tax (deficiency) benefit | $ 200 | $ (700) | $ 2,800 | $ (200) |
Stock-based compensation | 6,049 | 6,694 | ||
Stock-based compensation | 2,309 | 4,373 | 6,049 | 6,694 |
Income tax effect of stock-based compensation | $ 560 | $ 1,089 | $ 1,479 | $ 1,663 |
Stock-Based Awards - Stock Options (Details) - Stock Options |
6 Months Ended |
---|---|
Jul. 31, 2021
$ / shares
shares
| |
Stock Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 344,963 |
Granted (in shares) | shares | 29,738 |
Options exercised (in shares) | shares | (11,169) |
Canceled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 363,532 |
Exercisable options (in shares) | shares | 259,211 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 49.66 |
Options granted (in dollars per shares) | $ / shares | 85.02 |
Options exercised (in dollars per shares) | $ / shares | 32.77 |
Canceled (in dollars per shares) | $ / shares | 0 |
Ending balance (in dollars per shares) | $ / shares | 53.07 |
Weighted average remaining contractual life, shares exercisable (In years) | $ / shares | $ 53.77 |
Customer Concentration and Revenue Information - Narratives (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2021
USD ($)
customer
|
Jul. 25, 2020
USD ($)
|
Jul. 31, 2021
USD ($)
customer
Rate
|
Jul. 25, 2020
USD ($)
Rate
|
Jan. 30, 2021
USD ($)
|
|
Concentration Risk | |||||
Number of customers classified as highly concentrated | customer | 5 | 5 | |||
% of Total | 100.00% | 100.00% | 100.00% | 100.00% | |
Amount | $ 929,120 | $ 929,120 | $ 858,123 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 787,568 | $ 823,921 | $ 1,515,065 | $ 1,638,244 | |
Revenue Benchmark | Customer Concentration Risk | Five Unnamed Customers | |||||
Concentration Risk | |||||
% of Total | Rate | 66.50% | 77.50% |
Customer Concentration and Revenue Information - Revenue Concentration Risk (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 25, 2020 |
Jul. 31, 2021 |
Jul. 25, 2020 |
|
Concentration Risk | ||||
Contract revenues | $ 787,568 | $ 823,921 | $ 1,515,065 | $ 1,638,244 |
% of Total | 100.00% | 100.00% | 100.00% | 100.00% |
Revenue Benchmark | Customer Concentration Risk | AT&T Inc. | ||||
Concentration Risk | ||||
Contract revenues | $ 177,500 | $ 134,600 | $ 333,100 | $ 288,600 |
% of Total | 22.50% | 16.30% | 22.00% | 17.60% |
Revenue Benchmark | Customer Concentration Risk | Comcast Corporation | ||||
Concentration Risk | ||||
Contract revenues | $ 121,700 | $ 131,400 | $ 252,800 | $ 249,300 |
% of Total | 15.50% | 15.90% | 16.70% | 15.20% |
Revenue Benchmark | Customer Concentration Risk | Verizon Communications Inc. | ||||
Concentration Risk | ||||
Contract revenues | $ 90,800 | $ 163,000 | $ 182,300 | $ 339,100 |
% of Total | 11.50% | 19.80% | 12.00% | 20.70% |
Revenue Benchmark | Customer Concentration Risk | Lumen Technologies | ||||
Concentration Risk | ||||
Contract revenues | $ 95,400 | $ 158,400 | $ 181,200 | $ 307,100 |
% of Total | 12.10% | 19.20% | 12.00% | 18.70% |
Revenue Benchmark | Customer Concentration Risk | Total other customers combined | ||||
Concentration Risk | ||||
Contract revenues | $ 302,200 | $ 236,500 | $ 565,700 | $ 454,100 |
% of Total | 38.40% | 28.70% | 37.30% | 27.70% |
Commitment and Contingencies - Narratives (Details) - USD ($) $ in Millions |
1 Months Ended | ||||
---|---|---|---|---|---|
Dec. 01, 2017 |
Dec. 31, 2016 |
Jul. 31, 2021 |
Jan. 30, 2021 |
Jan. 27, 2018 |
|
Loss Contingencies [Line Items] | |||||
Aggregate settlement | $ 2.2 | ||||
Loss contingency, estimated loss | $ 13.0 | ||||
Loss contingency accrual, payments | $ 0.1 | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 20.3 | $ 20.9 | |||
Letters of credit outstanding amount | 46.3 | 52.2 | |||
Performance Guarantee and Surety Bond [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantor obligations, carrying value | $ 232.5 | $ 208.7 |
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