Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | ||
Jan. 27, 2018 | Feb. 28, 2018 | Jul. 29, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | DYCOM INDUSTRIES INC | ||
Entity Central Index Key | 67,215 | ||
Current Fiscal Year End Date | --01-27 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,694,828,770 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-KT | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 27, 2018 | ||
Entity Common Stock, Shares Outstanding | 31,188,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Current assets: | |||
Cash and equivalents | $ 84,029 | $ 38,608 | $ 33,787 |
Accounts receivable, net | 318,684 | 369,800 | 328,030 |
Costs and estimated earnings in excess of billings | 369,472 | 389,286 | 376,972 |
Inventories | 79,039 | 83,204 | 73,606 |
Deferred tax assets, net | 0 | 26,524 | 22,733 |
Income tax receivable | 13,852 | 7,493 | 0 |
Other current assets | 39,710 | 23,603 | 16,106 |
Total current assets | 904,786 | 938,518 | 851,234 |
Property and equipment, net | 414,768 | 422,107 | 326,670 |
Goodwill | 321,743 | 321,748 | 310,157 |
Intangible assets, net | 171,469 | 183,561 | 197,879 |
Other | 28,190 | 33,373 | 33,776 |
Total non-current assets | 936,170 | 960,789 | 868,482 |
Total assets | 1,840,956 | 1,899,307 | 1,719,716 |
Current liabilities: | |||
Accounts payable | 92,361 | 132,974 | 115,492 |
Current portion of debt | 26,469 | 21,656 | 13,125 |
Billings in excess of costs and estimated earnings | 6,480 | 9,284 | 19,557 |
Accrued insurance claims | 53,890 | 39,909 | 36,844 |
Income taxes payable | 755 | 1,112 | 15,307 |
Other accrued liabilities | 79,657 | 113,603 | 122,302 |
Total current liabilities | 259,612 | 318,538 | 322,627 |
Long-term debt | 733,843 | 738,265 | 706,202 |
Accrued insurance claims | 59,385 | 62,007 | 52,835 |
Deferred tax liabilities, net non-current | 57,428 | 103,626 | 76,587 |
Other liabilities | 5,692 | 5,288 | 4,178 |
Total liabilities | 1,115,960 | 1,227,724 | 1,162,429 |
COMMITMENTS AND CONTINGENCIES, Note 18 | |||
Stockholders’ equity: | |||
Preferred stock, par value $1.00 per share: 1,000,000 shares authorized: no shares issued and outstanding | 0 | 0 | 0 |
Common stock, par value $0.33 1/3 per share: 150,000,000 shares authorized: 31,185,669, 31,087,285 and 31,420,310 issued and outstanding, respectively | 10,395 | 10,362 | 10,473 |
Additional paid-in capital | 6,170 | 10,092 | 10,208 |
Accumulated other comprehensive loss | (1,146) | (1,158) | (1,274) |
Retained earnings | 709,577 | 652,287 | 537,880 |
Total stockholders’ equity | 724,996 | 671,583 | 557,287 |
Total liabilities and stockholders’ equity | $ 1,840,956 | $ 1,899,307 | $ 1,719,716 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.333 | $ 0.333 | $ 0.333 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 31,185,669 | 31,087,285 | 31,420,310 |
Common stock, shares outstanding | 31,185,669 | 31,087,285 | 31,420,310 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 23, 2016 | Jan. 23, 2016 | Oct. 24, 2015 | Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
REVENUES: | |||||||||||||||
Contract revenues | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 789,159 | $ 664,645 | $ 559,470 | $ 659,268 | $ 1,411,348 | $ 1,500,355 | $ 3,066,880 | $ 2,672,542 | $ 2,022,312 |
EXPENSES: | |||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | 540,633 | 600,847 | 606,898 | 621,475 | 561,371 | 614,990 | 605,909 | 520,408 | 450,284 | 506,978 | 1,141,480 | 1,176,361 | 2,404,734 | 2,083,579 | 1,593,250 |
General and administrative (including stock-based compensation expense of $13.3 million, $20.8 million, $16.8 million, and $13.9 million, respectively) | 124,930 | 118,395 | 239,231 | 217,149 | 178,700 | ||||||||||
Depreciation and amortization | 85,053 | 70,252 | 147,906 | 124,940 | 96,044 | ||||||||||
Total | 1,351,463 | 1,365,008 | 2,791,871 | 2,425,668 | 1,867,994 | ||||||||||
Interest expense, net | (19,560) | (18,248) | (37,364) | (34,720) | (27,025) | ||||||||||
Loss on debt extinguishment | 0 | 0 | (16,260) | 0 | |||||||||||
Other income, net | 6,225 | 1,946 | 12,780 | 10,433 | 8,291 | ||||||||||
Income before income taxes | 46,550 | 119,045 | 250,425 | 206,327 | 135,584 | ||||||||||
Provision (benefit) for income taxes: | |||||||||||||||
Current | (2,620) | 74,975 | 50,805 | 50,016 | |||||||||||
Deferred | (19,665) | 18,233 | 26,782 | 1,244 | |||||||||||
Total provision for income taxes | (22,285) | 44,332 | 93,208 | 77,587 | 51,260 | ||||||||||
Net income | $ 40,059 | $ 28,776 | $ 43,708 | $ 38,796 | $ 23,663 | $ 51,050 | $ 49,360 | $ 33,083 | $ 15,473 | $ 30,824 | $ 68,835 | $ 74,713 | $ 157,217 | $ 128,740 | $ 84,324 |
Earnings per common share: | |||||||||||||||
Basic earnings per common share (in dollars per share) | $ 1.29 | $ 0.93 | $ 1.41 | $ 1.24 | $ 0.75 | $ 1.62 | $ 1.57 | $ 1.02 | $ 0.47 | $ 0.94 | $ 2.22 | $ 2.37 | $ 5.01 | $ 3.98 | $ 2.48 |
Diluted earnings per common share (in dollars per share) | $ 1.24 | $ 0.90 | $ 1.38 | $ 1.22 | $ 0.74 | $ 1.59 | $ 1.54 | $ 1 | $ 0.46 | $ 0.91 | $ 2.15 | $ 2.32 | $ 4.92 | $ 3.89 | $ 2.41 |
Shares used in computing earnings per common share: | |||||||||||||||
Basic (in shares) | 31,059,140 | 31,480,660 | 31,351,367 | 32,315,636 | 34,045,481 | ||||||||||
Diluted (in shares) | 32,054,945 | 32,180,923 | 31,984,731 | 33,115,755 | 35,026,688 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Income Statement [Abstract] | ||||
Stock-based compensation | $ 13,277 | $ 20,805 | $ 16,850 | $ 13,923 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 68,835 | $ 157,217 | $ 128,740 | $ 84,324 |
Foreign currency translation gains (losses), net of tax | 12 | 116 | (76) | (1,040) |
Comprehensive income | $ 68,847 | $ 157,333 | $ 128,664 | $ 83,284 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Beginning balance, value at Jul. 26, 2014 | $ 484,934 | $ 11,330 | $ 131,819 | $ (158) | $ 341,943 |
Beginning balance, shares at Jul. 26, 2014 | 33,990,589 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | 8,922 | $ 245 | 8,677 | ||
Stock options exercised, shares | 735,330 | ||||
Stock-based compensation, value | 13,923 | $ 1 | 13,922 | ||
Stock-based compensation, shares | 4,062 | ||||
Issuance of restricted stock, net of tax withholdings, value | (4,711) | $ 107 | (4,818) | ||
Issuance of restricted stock, net of tax withholdings, shares | 321,722 | ||||
Repurchase of common stock, value | $ (87,146) | $ (556) | (86,590) | ||
Repurchase of common stock, shares | (1,669,924) | (1,669,924) | |||
Tax benefits from stock-based compensation | $ 7,994 | 7,994 | |||
Other comprehensive loss | (1,040) | (1,040) | |||
Net income | 84,324 | 84,324 | |||
Ending balance, value at Jul. 25, 2015 | 507,200 | $ 11,127 | 71,004 | (1,198) | 426,267 |
Ending balance, shares at Jul. 25, 2015 | 33,381,779 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | 2,745 | $ 71 | 2,674 | ||
Stock options exercised, shares | 212,619 | ||||
Stock-based compensation, value | 16,850 | $ 1 | 16,849 | ||
Stock-based compensation, shares | 3,015 | ||||
Issuance of restricted stock, net of tax withholdings, value | (12,604) | $ 111 | (12,715) | ||
Issuance of restricted stock, net of tax withholdings, shares | 334,475 | ||||
Repurchase of common stock, value | $ (169,997) | $ (837) | (152,033) | (17,127) | |
Repurchase of common stock, shares | (2,511,578) | (2,511,578) | |||
Tax benefits from stock-based compensation | $ 13,003 | 13,003 | |||
Equity component of 0.75% convertible senior notes due 2021, net | 112,554 | 112,554 | |||
Sale of warrants | 74,690 | 74,690 | |||
Purchase of convertible note hedges | (115,818) | (115,818) | |||
Other comprehensive loss | (76) | (76) | |||
Net income | 128,740 | 128,740 | |||
Ending balance, value at Jul. 30, 2016 | $ 557,287 | $ 10,473 | 10,208 | (1,274) | 537,880 |
Ending balance, shares at Jul. 30, 2016 | 31,420,310 | 31,420,310 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | $ 1,449 | $ 34 | 1,415 | ||
Stock options exercised, shares | 102,831 | ||||
Stock-based compensation, value | 20,805 | $ 1 | 20,804 | ||
Stock-based compensation, shares | 2,847 | ||||
Issuance of restricted stock, net of tax withholdings, value | (10,767) | $ 92 | (10,859) | ||
Issuance of restricted stock, net of tax withholdings, shares | 274,303 | ||||
Repurchase of common stock, value | $ (62,909) | $ (238) | (19,861) | (42,810) | |
Repurchase of common stock, shares | (713,006) | (713,006) | |||
Tax benefits from stock-based compensation | $ 8,385 | 8,385 | |||
Other comprehensive loss | 116 | 116 | |||
Net income | 157,217 | ||||
Ending balance, value at Jul. 29, 2017 | $ 671,583 | $ 10,362 | 10,092 | (1,158) | 652,287 |
Ending balance, shares at Jul. 29, 2017 | 31,087,285 | 31,087,285 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Stock options exercised, value | $ 745 | $ 18 | 727 | ||
Stock options exercised, shares | 52,553 | ||||
Stock-based compensation, value | 13,277 | $ 1 | 13,276 | ||
Stock-based compensation, shares | 1,492 | ||||
Issuance of restricted stock, net of tax withholdings, value | (12,581) | $ 81 | (7,985) | (4,677) | |
Issuance of restricted stock, net of tax withholdings, shares | 244,339 | ||||
Repurchase of common stock, value | $ (16,875) | $ (67) | (9,940) | (6,868) | |
Repurchase of common stock, shares | (200,000) | (200,000) | |||
Other comprehensive loss | $ 12 | 12 | |||
Net income | 68,835 | ||||
Ending balance, value at Jan. 27, 2018 | $ 724,996 | $ 10,395 | $ 6,170 | $ (1,146) | $ 709,577 |
Ending balance, shares at Jan. 27, 2018 | 31,185,669 | 31,185,669 |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parentheticals) | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
0.75% Convertible Senior Notes Due 2021 | |||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
OPERATING ACTIVITIES: | ||||
Net income | $ 68,835 | $ 157,217 | $ 128,740 | $ 84,324 |
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: | ||||
Depreciation and amortization | 85,053 | 147,906 | 124,940 | 96,044 |
Deferred income tax (benefit) provision | (19,665) | 18,233 | 26,782 | 1,244 |
Stock-based compensation | 13,277 | 20,805 | 16,850 | 13,923 |
Bad debt expense, net | 201 | 199 | 1,252 | 465 |
Gain on sale of fixed assets | (7,217) | (14,866) | (9,806) | (7,110) |
Write-off of deferred financing fees and premium on long-term debt | 0 | 0 | 2,017 | 0 |
Amortization of premium on long-term debt | 0 | 0 | (94) | (397) |
Amortization of debt discount | 9,170 | 17,610 | 14,709 | 0 |
Amortization of debt issuance costs and other | 1,736 | 3,323 | 2,875 | 2,040 |
Excess tax benefit from share-based awards | 0 | (8,385) | (13,003) | (8,371) |
Change in operating assets and liabilities: | ||||
Accounts receivable, net | 50,955 | (33,068) | 2,729 | (40,444) |
Costs and estimated earnings in excess of billings, net | 16,982 | (27,773) | (70,957) | (41,021) |
Other current assets and inventory | (67) | (13,232) | (13,800) | (1,138) |
Other assets | 1,630 | 2,064 | (2,936) | (6,875) |
Income taxes receivable/payable | (6,716) | (13,189) | 20,148 | 11,758 |
Accounts payable | (21,503) | 977 | 15,132 | 7,114 |
Accrued liabilities, insurance claims, and other liabilities | (32,138) | (1,378) | 15,910 | 30,344 |
Net cash provided by operating activities | 160,533 | 256,443 | 261,488 | 141,900 |
INVESTING ACTIVITIES: | ||||
Cash paid for acquisitions, net of cash acquired | 0 | (26,070) | (157,183) | (31,909) |
Capital expenditures | (87,839) | (201,197) | (186,011) | (102,997) |
Proceeds from sale of assets | 11,808 | 16,029 | 10,540 | 9,392 |
Changes in restricted cash and other | (745) | 266 | (479) | (538) |
Proceeds from acquisition working capital adjustment | 0 | 1,825 | 0 | 0 |
Other investing activities | 0 | 0 | 0 | (4,000) |
Net cash used in investing activities | (76,776) | (209,147) | (333,133) | (130,052) |
FINANCING ACTIVITIES: | ||||
Proceeds from borrowings on senior credit agreement, including term loans | 0 | 707,000 | 1,310,000 | 535,750 |
Principal payments on senior credit agreement, including term loans | (9,625) | (685,563) | (1,209,000) | (467,563) |
Repurchase of common stock | (16,875) | (62,909) | (169,997) | (87,146) |
Proceeds from issuance of 0.75% convertible senior notes due 2021 | 0 | 0 | 485,000 | 0 |
Proceeds from sale of warrants | 0 | 0 | 74,690 | 0 |
Purchase of convertible note hedge | 0 | 0 | (115,818) | 0 |
Principal payments for satisfaction and discharge of 7.125% senior subordinated notes | 0 | 0 | (277,500) | 0 |
Debt issuance costs | 0 | (70) | (16,376) | (3,854) |
Exercise of stock options | 745 | 1,449 | 2,745 | 8,922 |
Restricted stock tax withholdings | (12,581) | (10,767) | (12,604) | (4,711) |
Excess tax benefit from share-based awards | 0 | 8,385 | 13,003 | 8,371 |
Principal payments on other financing activities | 0 | 0 | 0 | (1,000) |
Net cash (used in) provided by financing activities | (38,336) | (42,475) | 84,143 | (11,231) |
Net increase in cash and equivalents | 45,421 | 4,821 | 12,498 | 617 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 38,608 | 33,787 | 21,289 | 20,672 |
CASH AND EQUIVALENTS AT END OF PERIOD | 84,029 | 38,608 | 33,787 | 21,289 |
SUPPLEMENTAL DISCLOSURE OF OTHER CASH FLOW ACTIVITIES AND NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
Cash paid for interest | 7,748 | 16,505 | 15,917 | 25,369 |
Cash paid for taxes, net | 4,749 | 88,060 | 31,159 | 39,057 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $ 1,634 | $ 21,978 | $ 7,196 | $ 2,372 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 24, 2015 | Jul. 25, 2015 | Jul. 15, 2015 |
0.75% Convertible Senior Notes Due 2021 | ||||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | |||
7.125% Senior Subordinated Notes | ||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jan. 27, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies Basis of Presentation Dycom Industries, Inc. (“Dycom” or the “Company”) is a leading provider of specialty contracting services throughout the United States and in Canada. The Company provides program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. The accompanying 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”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of such statements have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. Accounting Period. In September 2017, the Company’s Board of Directors approved a change in the Company’s fiscal year end from the last Saturday in July to the last Saturday in January. The change in fiscal year end better aligns the Company’s fiscal year with the planning cycles of its customers. Year-over-year quarterly financial data continues to be comparative to prior periods as the months that comprise each fiscal quarter in the new fiscal year are the same as those in the Company’s historical financial statements. This Transition Report on Form 10-K covers the six month transition period of July 30, 2017 through January 27, 2018 (the “2018 transition period”). After the 2018 transition period, each fiscal year will end on the last Saturday in January and consist of either 52 or 53 weeks of operations (with the additional week of operations occurring in the fourth fiscal quarter). The Company refers to the period beginning July 31, 2016 and ending July 29, 2017 as “fiscal 2017”, the period beginning July 26, 2015 and ending July 30, 2016 as “fiscal 2016”, and the period beginning July 27, 2014 and ending July 25, 2015 as “fiscal 2015”. References herein to the six months ended January 28, 2017 represent the comparative prior year six month period from July 31, 2016 to January 28, 2017. Fiscal 2017 and 2015 each consisted of 52 weeks of operations and fiscal 2016 consisted of 53 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 30, 2021. 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). Management of the operating segments report to the Company’s Chief Operating Officer who reports to the 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 Company’s operating segments provide services throughout the United States, and in Canada. Revenues from services provided in Canada were not material during the six months ended January 27, 2018 or fiscal 2017, 2016, or 2015. Additionally, the Company had no material long-lived assets in Canada as of January 27, 2018 , July 29, 2017 , or July 30, 2016 . Significant Accounting Policies & 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 consolidated financial statements and accompanying notes. For the Company, key estimates include: the purchase price allocations of businesses acquired, the fair value of reporting units for goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, asset lives used in computing depreciation and amortization, accrued insurance claims, income taxes, accruals for contingencies, including legal matters, recognition of revenue for costs and estimated earnings under the cost-to-cost measure of the percentage of completion method of accounting, allowance for doubtful accounts, and stock-based compensation expense for performance-based stock awards. These estimates are based on the Company’s historical experience and management’s understanding of current facts and circumstances. At the time they are made, the Company believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. Revenue Recognition. The Company performs a substantial majority of its services under master service agreements and other agreements that contain customer-specified service requirements and have discrete pricing for individual tasks. Revenue is recognized under these arrangements based on units-of-delivery as each unit is completed. The remainder of the Company’s services, representing less than 5% of its contract revenues during the 2018 transition period and fiscal 2017 , 2016, and 2015, are performed under contracts using the cost-to-cost measure of the percentage of completion method of accounting. Revenue is recognized under these arrangements based on the ratio of contract costs incurred to date to total estimated contract costs. For contracts using the cost-to-cost measure of the percentage of completion method of accounting, the Company accrues the entire amount of a contract loss at the time the loss is determined to be probable and can be reasonably estimated. During the 2018 transition period and fiscal 2017 , 2016, and 2015, there were no material impacts to the Company’s results of operations due to changes in contract estimates. There were no material amounts of unapproved change orders or claims recognized during the 2018 transition period or fiscal 2017 , 2016, or 2015. The current asset “Costs and estimated earnings in excess of billings” represents revenues recognized in excess of amounts billed. The current liability “Billings in excess of costs and estimated earnings” represents billings in excess of revenues recognized. Cash and Equivalents. Cash and equivalents primarily include balances on deposit in banks. The Company maintains its cash and equivalents at financial institutions it believes to be of high credit quality. To date, the Company has not experienced any loss or lack of access to cash in its operating accounts. Allowance for Doubtful Accounts. The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. Management analyzes the collectability of accounts receivable balances each period. This analysis considers the aging of account balances, historical bad debt experience, changes in customer creditworthiness, current economic trends, customer payment activity, and other relevant factors. Should any of these factors change, the estimate made by management may also change, which could affect the level of the Company’s future provision for doubtful accounts. The Company recognizes an increase in the allowance for doubtful accounts when it is probable that a receivable is not collectible and the loss can be reasonably estimated. Any increase in the allowance account has a corresponding negative effect on the Company’s results of operations. Inventories. Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or net realizable value. Inventories also include certain job specific materials that are valued using the specific identification method. For contracts where the Company is required to supply part or all of the materials on behalf of a customer, the loss of a customer or declines in contract volumes could result in an impairment of the value of materials purchased. Property and Equipment. Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 7, Property and Equipment , for the range of useful lives). Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software is accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350-40, Internal Use Software. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $28.8 million , $27.5 million , and $23.0 million as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively. Goodwill and Intangible Assets. The Company accounts for goodwi ll and other intangibles in accordance with ASC Topic 350, Intangibles - Goodwill and Other (“ASC Topic 350”). 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 Company performs its annual impairment review of goodwill at the reporting unit level. Each of the Company’s operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If the Company determines the fair value of the reporting unit’s goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of the tests, an impairment loss is recognized and reflected in operating income or loss in the consolidated statements of operations during the period incurred. The Company has historically completed its annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in the Company’s fiscal year end, the annual goodwill impairment assessment date was changed to the first day of the fiscal quarter ending on the last Saturday in January, as this will be the first day of the Company’s fourth fiscal quarter. For the six month transition period ended January 27, 2018, the assessment was performed as of October 29, 2017, which is approximately six months earlier than in previous years. The change in the annual goodwill impairment assessment date is deemed a change in accounting principle, which the Company believes to be preferable as the change was made to better align the annual goodwill impairment test with the change in the Company’s annual planning and budgeting process related to the new fiscal year end. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge and had no effect on the consolidated financial statements, including any cumulative effect on retained earnings. See Note 8, Goodwill and Intangible Assets , for additional information regarding the Company’s assessment performed for the six month transition period ended January 27, 2018. In accordance with ASC Topic 360, Impairment or Disposal of Long-Lived Assets , the Company reviews finite-lived intangible assets for impairment whenever an event occurs or circumstances change that indicates that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. Should an asset not be recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If the Company determines the fair value of an asset is less than the carrying value, an impairment loss is recognized in operating income or loss in the consolidated statements of operations during the period incurred. The Company uses judgment in assessing whether goodwill and intangible assets are impaired. Estimates of fair value are based on the Company’s projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. The Company determines the fair value of its reporting units using a weighing of fair values derived in equal proportions from the income approach and market approach valuation methodologies. The income approach uses the discounted cash flow method and the market approach uses the guideline company method. Changes in the Company’s judgments and projections could result in significantly different estimates of fair value, potentially resulting in impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. See Note 8, Goodwill and Intangible Assets , for additional information regarding the Company’s annual assessment of goodwill and other indefinite-lived intangible assets. Business Combinations. The Company accounts for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, expected royalty rates for trademarks and trade names, as well as certain other information. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to the Company at that time, may become known during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. The Company will recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. Additionally, the Company will record, in the same period’s financial statements in which adjustments are recorded, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting adjustment had been completed at the acquisition date. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the consolidated financial statements from their dates of acquisition. Long-Lived Tangible Assets. The Company reviews long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. Accrued Insurance Claims. For claims within the Company’s insurance program, it retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. The Company has established reserves that it believes to be adequate based on current evaluations and its experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on the Company’s financial statements is generally limited to the amount needed to satisfy its insurance deductibles or retentions. The Company estimates the liability for claims based on facts, circumstances, and historical experience. Even though they will not be paid until sometime in the future, recorded loss reserves are not discounted. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the magnitude and quantity of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. Per Share Data. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares arising from the Company’s stock-based awards (including unvested restricted share units), convertible senior notes, and warrants if their inclusion is dilutive under the treasury stock method. Common stock equivalents related to stock-based awards, convertible senior notes and warrants are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. The Company adopted FASB Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) effective July 30, 2017, the first day of the 2018 transition period. See Recently Issued Accounting Pronouncements - Recently Adopted Accounting Standards - Stock-Based Compensation below for additional information related to ASU 2016-09’s impact on per share data. Stock-Based Compensation. The Company has stock-based compensation plans under which it grants stock-based awards, including stock options, restricted share units, and performance-based restricted share units to attract, retain, and reward talented employees, officers and directors, and to align stockholder and employee interests. The Company’s policy is to issue new shares to satisfy equity awards under its stock-based compensation plans. The Company has outstanding stock-based awards under its 2003 Long-Term Incentive Plan, 2007 Non-Employee Directors Equity Plan, 2012 Long-Term Incentive Plan, and 2017 Non-Employee Directors Equity Plan (collectively, the “Plans”). No further awards will be granted under the 2003 Long-Term Incentive Plan, or 2007 Non-Employee Directors Equity Plan. During the 2018 transition period, the Company’s shareholders approved the 2017 Non-Employee Directors Equity Plan which replaced the 2007 Non-Employee Directors Equity Plan and authorized 140,000 shares of common stock for equity awards to non-employee directors. In addition, the Company’s shareholders approved an amendment to the 2012 Long-Term Incentive Plan to, among other things, increase the number of shares available for issuance by 865,000 . As of January 27, 2018 , the total number of shares available for grant under the Plans was 1,446,377 . Compensation expense for stock-based awards is based on fair value at the measurement date and fluctuates over time as a result of the vesting period of the stock-based awards and the Company’s performance, as measured by criteria set forth in performance-based awards. This expense is included in general and administrative expenses in the consolidated statements of operations and the amount of expense ultimately recognized depends on the number of awards that actually vest. For performance-based restricted share units (“Performance RSUs”), the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if it determines it is probable that the performance criteria for the awards will be met. In a period the Company determines it is no longer probable that it will achieve certain performance criteria for the awards, it reverses the stock-based compensation expense that it had previously recognized associated with the portion of Performance RSUs that are no longer expected to vest. Accordingly, stock-based compensation expense may vary from period to period. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. Stock options generally vest ratably over a four -year period and are exercisable over a period of up to ten years. The fair value of time-based restricted share units (“RSUs”) and Performance RSUs is estimated on the date of grant and is generally equal to the closing stock price on that date. Each RSU and Performance RSU is settled in one share of the Company’s common stock upon vesting. RSUs vest ratably over a period of four years. Performance RSUs vest over a period of three years from the date of grant if certain performance measures are achieved. The performance criteria for target awards are based on the Company’s operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its operating cash flow level (adjusted for certain amounts) for the applicable performance period. Additionally, certain awards include three -year performance goals that, if met, result in supplemental shares awarded. The three -year performance goals required to earn supplemental awards are more difficult to achieve than those required to earn annual target awards and are based on the Company’s three -year cumulative operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its three -year cumulative operating cash flow level (adjusted for certain amounts). Income Taxes. The Company accounts for income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The Company’s effective income tax rate differs from the statutory rate for the tax jurisdictions where it operates primarily as the result of the impact of non-deductible and non-taxable items, tax credits recognized in relation to pre-tax results, certain tax impacts from the vesting and exercise of share-based awards, and certain tax impacts from the Tax Cuts and Jobs Act of 2017 (“Tax Reform”). Tax Reform had a substantial impact on the Company’s consolidated financial statements for the 2018 transition period. See Note 12, Income Taxes , for further information. Measurement of the Company’s tax position is based on the applicable statutes, federal and state case law, and its interpretations of tax regulations. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all relevant factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would be able to realize deferred income tax assets in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes. In accordance with ASC Topic 740, Income Taxes (“ASC Topic 740”), the Company recognizes tax benefits in the amount that it deems more likely than not will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized during the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. The Company recognizes applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. The Company believes its provision for income taxes is adequate; however, any assessment would affect the Company’s results of operations and cash flows. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or Canadian income tax examinations for fiscal years ended 2013 and prior. During fiscal 2016, the Company was notified by the Internal Revenue Service (“IRS”) that its federal income tax return for fiscal 2014 was selected for examination. The IRS completed its examination during 2017 with no proposed adjustments to the Company’s tax return. Fair Value of Financial Instruments. The Company’s financial instruments primarily consist of cash and equivalents, restricted cash, accounts receivable, income taxes receivable and payable, accounts payable, certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for the Company’s long-term debt, which is based on observable market-based inputs (Level 2). See Note 11, Debt , for further information regarding the fair value of such financial instruments. The Company’s cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of January 27, 2018 , July 29, 2017 , and July 30, 2016 . During the 2018 transition period and fiscal 2017 and 2016, the Company had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. Taxes Collected from Customers. ASC Topic 605, Taxes Collected from Customers and Remitted to Governmental Authorities , addresses the income statement presentation of any taxes collected from customers and remitted to a government authority and provides that the presentation of taxes on either a gross basis or a net basis in an accounting policy decision that should be disclosed. The Company’s policy is to present contract revenues net of sales taxes. Recently Issued Accounting Pronouncements Recently Adopted Accounting Standards Income Taxes. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets are solely classified as non-current in a consolidated statement of financial position. The Company adopted ASU 2015-17 effective July 30, 2017, the first day of the 2018 transition period. In accordance with ASU 2015-17, these changes have been applied prospectively and prior periods have not been adjusted. Stock Compensation. In March 2016, the FASB issued ASU No. 2016-09 with the intention of simplifying accounting for share-based payment transactions. The Company adopted ASU 2016-09 effective July 30, 2017, the first day of the 2018 transition period. Under the amended guidance, excess tax benefits (“windfalls”) or tax deficiencies (“shortfalls”) are recognized in the Company’s provision for income taxes in the consolidated statements of operations rather than as additional paid-in capital in the consolidated balance sheets. Additionally, windfalls and shortfalls are presented as operating cash flows rather than financing activities. As a result of the amended guidance, the Company recognized approximately $7.8 million of windfalls as a reduction to income tax expense in the consolidated statements of operations during the six months ended January 27, 2018 . Additionally, this amount was presented as operating cash flows rather than as financing activities during the six months ended January 27, 2018 . Because windfalls and shortfalls are no longer recognized in additional paid-in capital, the amount is excluded from the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. As a result of the amended guidance, diluted shares increased by approximately 177,575 shares during the six months ended January 27, 2018 . The inclusion of windfalls and shortfalls as a component of income tax expense or benefit during the period in which they occur will increase the volatility of the Company’s provision for income taxes. The amount of windfalls and shortfalls recognized will be dependent on the volume of share-based award vesting or exercise activity as well as the Company’s stock price at the dates on which stock-based awards vest or are exercised. In accordance with ASU 2016-09, these changes have been applied prospectively and prior periods have not been adjusted. The other components of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. See Note 2, Computation of Earnings Per Share , Note 12, Income Taxes , and Note 16, Stock-Based Awards for additional disclosure related to the effects of ASU 2016-09. The Company also adopted the following Accounting Standards Updates during the 2018 transition period , neither of which had a material effect on the Company’s consolidated financial statements: Standard Adoption Date 2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory July 30, 2017 2017-09 Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting July 30, 2017 Accounting Standards Not Yet Adopted Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment testing. An entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company for the fiscal year ended January 30, 2021 and interim reporting periods within that year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. Business Combinations. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 will be effective for the Company for the fiscal year ended January 26, 2019 and interim reporting periods within that year. The Company expects the adoption of this guidance will not have a material ef |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 6 Months Ended |
Jan. 27, 2018 | |
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): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Net income available to common stockholders (numerator) $ 68,835 $ 157,217 $ 128,740 $ 84,324 Weighted-average number of common shares (denominator) 31,059,140 31,351,367 32,315,636 34,045,481 Basic earnings per common share $ 2.22 $ 5.01 $ 3.98 $ 2.48 Weighted-average number of common shares 31,059,140 31,351,367 32,315,636 34,045,481 Potential shares of common stock arising from stock options, and unvested restricted share units (1) 778,411 633,364 800,119 981,207 Potential shares of common stock issuable on conversion of 0.75% convertible senior notes due 2021 (2) 217,394 — — — Total shares-diluted (denominator) 32,054,945 31,984,731 33,115,755 35,026,688 Diluted earnings per common share $ 2.15 $ 4.92 $ 3.89 $ 2.41 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 93,117 73,830 65,514 103,896 0.75% convertible senior notes due 2021 4,788,340 5,005,734 5,005,734 — Warrants 5,005,734 5,005,734 5,005,734 — Total 9,887,191 10,085,298 10,076,982 103,896 (1) As discussed in Note 1, Basis of Presentation and Accounting Policies , the Company has adopted ASU 2016-09. The amended guidance changed the treatment of windfalls (or shortfalls) arising from the vesting and exercise of share-based awards. Prior to ASU 2016-09, these amounts were recorded as an adjustment to additional paid-in capital. With the adoption of ASU 2016-09, these amounts are now included in the Company’s provision for income taxes. Because windfalls are no longer recognized in additional paid-in capital, the amount is excluded from the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. As a result of the amended guidance, diluted shares increased by approximately 177,575 shares during the six months ended January 27, 2018 . (2) Under the treasury stock method, the convertible senior notes will have a dilutive impact on earnings per common share if the Company’s average stock price for the period exceeds the conversion price for the convertible senior notes of $96.89 per share. The warrants associated with the Company’s convertible senior notes will have a dilutive impact on earnings per common share if the Company’s average stock price for the period exceeds the warrant strike price of $130.43 per share. During the second quarter of the 2018 transition period , the Company’s average stock price of $106.11 exceeded the conversion price for the convertible senior notes. As a result, shares presumed to be issuable under the convertible senior notes that were dilutive during the period are included in the calculation of diluted earnings per share for the six months ended January 27, 2018 . As the Company’s average stock price did not exceed the strike price for the warrants, the underlying common shares were anti-dilutive as reflected in the table above. In connection with the offering of the convertible senior notes, the Company entered into convertible note hedge transactions with counterparties for the purpose of reducing the potential dilution to common stockholders from the conversion of the notes and offsetting any potential cash payments in excess of the principal amount of the 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 convertible senior notes when the average stock price for the period is above $96.89 per share. See Note 11, Debt , for additional information related to the Company’s convertible senior notes, warrant transactions, and hedge transactions. |
Acquisitions
Acquisitions | 6 Months Ended |
Jan. 27, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal 2017. During March 2017, the Company acquired Texstar Enterprises, Inc. (“Texstar”) for $26.1 million , net of cash acquired. Texstar provides construction and maintenance services for telecommunications providers in the Southwest and Pacific Northwestern regions of the United States. This acquisition expanded the Company’s geographic presence within its existing customer base. Fiscal 2016. During August 2015, the Company acquired TelCom Construction, Inc. and an affiliate (together, “TelCom”). The purchase price was $48.8 million paid in cash. TelCom, based in Clearwater, Minnesota, provides construction and maintenance services for telecommunications providers throughout the United States. This acquisition expands the Company’s geographic presence within its existing customer base. During May 2016, the Company acquired NextGen Telecom Services Group, Inc. (“NextGen”) for $5.6 million , net of cash acquired. NextGen provides construction and maintenance services for telecommunications providers in the Northeastern United States. Additionally, during July 2016, the Company acquired certain assets and assumed certain liabilities associated with the wireless network deployment and wireline operations of Goodman Networks Incorporated (“Goodman”) for a net cash purchase price of $100.9 million after an adjustment of approximately $6.6 million for working capital received below a target amount. The acquired operations provide wireless construction services in a number of markets, including Texas, Georgia, and Southern California. The acquisition reinforces the Company’s wireless construction resources and expands the Company’s geographic presence within its existing customer base. Fiscal 2015. During September 2014, the Company acquired Hewitt Power & Communications, Inc. (“Hewitt”) for $8.0 million , net of cash acquired. Hewitt provides specialty contracting services primarily for telecommunications providers in the Southeastern United States. During January 2015, the Company acquired the assets of two cable installation contractors for an aggregate purchase price of $1.5 million . During the April 2015, the Company acquired Moll’s Utility Services, LLC (“Moll’s”) for $6.5 million , net of cash acquired. Moll’s provides specialty contracting services primarily for utilities in the Midwestern United States. The Company also acquired the assets of Venture Communications Group, LLC (“Venture”) for $15.6 million during June 2015. Venture provides specialty contracting services primarily for telecommunications providers in the Midwest and Southeastern United States. Purchase Price Allocations The purchase price allocations of each of the 2016 and 2015 acquisitions were completed within the 12-month measurement period from the dates of acquisition. The purchase price allocation of Texstar was completed during the second quarter of the 2018 transition period. Adjustments to provisional amounts were recognized in the reporting period in which the adjustments were determined and were not material during the 2018 transition period or fiscal 2017, 2016, or 2015. The following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2017 and 2016 (dollars in millions): 2017 2016 Assets Accounts receivable $ 8.9 $ 16.9 Costs and estimated earnings in excess of billings 2.4 21.8 Inventories and other current assets 0.2 15.0 Property and equipment 5.6 11.5 Goodwill 10.1 39.9 Intangible assets - customer relationships 9.8 94.5 Intangible assets - trade names and other 0.7 1.8 Total assets 37.7 201.4 Liabilities Accounts payable 3.2 23.7 Accrued and other current liabilities 3.4 22.3 Deferred tax liabilities, net non-current 5.0 — Total liabilities 11.6 46.0 Net Assets Acquired $ 26.1 $ 155.4 Results of businesses acquired are included in the consolidated financial statements from their respective dates of acquisition. The revenues and net income of TelCom, NextGen, and Texstar were not material during the 2018 transition period , fiscal 2017, or fiscal 2016. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jan. 27, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Contract billings $ 300,271 $ 348,990 $ 297,532 Retainage 19,411 21,645 32,101 Total 319,682 370,635 329,633 Less: allowance for doubtful accounts (998 ) (835 ) (1,603 ) Accounts receivable, net $ 318,684 $ 369,800 $ 328,030 The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company expects to collect the outstanding balance of accounts receivable, net (including retainage) within the next twelve months. The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. During the 2018 transition period , fiscal 2017 , and fiscal 2016 , write-offs to the allowance for doubtful accounts, net of recoveries, were not material. There were no material accounts receivable amounts representing claims or other similar items subject to uncertainty as of January 27, 2018 , July 29, 2017 , or July 30, 2016 . The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings | 6 Months Ended |
Jan. 27, 2018 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | Costs and Estimated Earnings in Excess of Billings Costs and estimated earnings in excess of billings (“CIEB”) includes revenue for services performed under contracts using the units-of-delivery method of accounting and the cost-to-cost measure of the percentage of completion method of accounting. Amounts consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Costs incurred on contracts in progress $ 333,775 $ 327,312 $ 307,826 Estimated to date earnings 72,720 92,781 92,226 Total costs and estimated earnings 406,495 420,093 400,052 Less: billings to date (43,503 ) (40,091 ) (42,637 ) $ 362,992 $ 380,002 $ 357,415 Included in the accompanying consolidated balance sheets under the captions: Costs and estimated earnings in excess of billings $ 369,472 $ 389,286 $ 376,972 Billings in excess of costs and estimated earnings (6,480 ) (9,284 ) (19,557 ) $ 362,992 $ 380,002 $ 357,415 As of January 27, 2018 , the Company expects that substantially all of its CIEB will be billed to customers and collected in the normal course of business within the next twelve months. There were no material CIEB amounts representing claims or other similar items subject to uncertainty as of January 27, 2018 , July 29, 2017 , or July 30, 2016 . |
Other Current Assets and Other
Other Current Assets and Other Assets | 6 Months Ended |
Jan. 27, 2018 | |
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): January 27, 2018 July 29, 2017 July 30, 2016 Prepaid expenses $ 13,167 $ 10,588 $ 8,249 Insurance recoveries for accrued insurance claims 13,701 — — Receivables on equipment sales 31 2,761 913 Deposits and other current assets, including restricted cash 12,811 10,254 6,944 Total other current assets $ 39,710 $ 23,603 $ 16,106 Deposits and other current assets includes income tax receivable of approximately $1.4 million as of July 30, 2016. Other assets (long-term) consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Deferred financing costs $ 3,873 $ 4,797 $ 6,366 Restricted cash 5,253 5,408 5,008 Insurance recoveries for accrued insurance claims 6,722 9,243 5,714 Other non-current deposits and assets 12,342 13,925 16,688 Total other assets $ 28,190 $ 33,373 $ 33,776 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jan. 27, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) January 27, 2018 July 29, 2017 July 30, 2016 Land — $ 3,470 $ 3,470 $ 3,475 Buildings 10-35 12,315 12,073 11,969 Leasehold improvements 1-10 14,202 13,912 13,753 Vehicles 1-5 536,379 496,820 404,273 Computer hardware and software 1-7 117,058 107,779 95,570 Office furniture and equipment 1-10 11,686 12,226 10,374 Equipment and machinery 1-10 273,712 288,993 242,079 Total 968,822 935,273 781,493 Less: accumulated depreciation (554,054 ) (513,166 ) (454,823 ) Property and equipment, net $ 414,768 $ 422,107 $ 326,670 Depreciation expense and repairs and maintenance were as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Depreciation expense $ 72,961 $ 123,125 $ 105,514 $ 79,331 Repairs and maintenance expense $ 16,438 $ 31,272 $ 29,487 $ 22,054 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jan. 27, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company’s goodwill balance was $321.7 million , $321.7 million , and $310.2 million as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively. Changes in the carrying amount of goodwill were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of July 25, 2015 $ 467,420 $ (195,767 ) $ 271,653 Purchase price allocation adjustments 101 — 101 Goodwill from fiscal 2016 acquisitions 38,403 — 38,403 Balance as of July 30, 2016 505,924 (195,767 ) 310,157 Goodwill from fiscal 2017 acquisition 10,087 — 10,087 Purchase price allocation adjustments from fiscal 2016 acquisitions 1,504 — 1,504 Balance as of July 29, 2017 517,515 (195,767 ) 321,748 Purchase price allocation adjustments from fiscal 2017 acquisition (5 ) — (5 ) Balance as of January 27, 2018 $ 517,510 $ (195,767 ) $ 321,743 Goodwill largely consists of expected synergies resulting from acquisitions, including the expansion of the Company’s geographic presence and strengthening of its customer base. With respect to the fiscal 2017 acquisition of Texstar, the associated goodwill is not deductible for tax purposes. The Company’s goodwill resides in multiple reporting units. 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 and the level of overall economic activity including, in particular, construction and housing activity. The Company’s customers may reduce capital expenditures and defer or cancel pending projects during times of slowing economic conditions. 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. The Company evaluates current operating results, including any losses, in the assessment of goodwill and other intangible assets. The estimates and assumptions used in assessing the fair value of the reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Changes in judgments and estimates could result in significantly different estimates of the fair value of the reporting units and could result in impairments of goodwill or intangible assets of the reporting units. In addition, adverse changes to the key valuation assumptions contributing to the fair value of the Company’s reporting units could result in an impairment of goodwill or intangible assets. The Company has historically completed its annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in the Company’s fiscal year end, the annual goodwill impairment assessment date was changed to the first day of the fiscal quarter ending on the last Saturday in January, as this will be the first day of the Company’s fourth fiscal quarter. For the six month transition period ended January 27, 2018, the assessment was performed as of October 29, 2017, which is approximately six months earlier than in previous years. The change in the annual goodwill impairment assessment date is deemed a change in accounting principle, which the Company believes to be preferable as the change was made to better align the annual goodwill impairment test with the change in the Company’s annual planning and budgeting process related to the new fiscal year end. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge and had no effect on the consolidated financial statements, including any cumulative effect on retained earnings. The Company performed its annual impairment assessment for the 2018 transition period and each of fiscal 2017, 2016, and 2015 and concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit for any of the periods. In the 2018 transition period and each of fiscal 2017, 2016, and 2015, qualitative assessments were performed on reporting units that comprise a substantial portion of the Company’s consolidated goodwill balance. A qualitative assessment includes evaluating all identified events and circumstances that could affect the significant inputs used to determine the fair value of a reporting unit or indefinite-lived intangible asset for the purpose of determining whether it is more likely than not that these assets are impaired. The Company considers various factors while performing qualitative assessments, including macroeconomic conditions, industry and market conditions, financial performance of the reporting units, changes in market capitalization, and any other specific reporting unit considerations. These qualitative assessments indicated that it was more likely than not that the fair value exceeded carrying value for those reporting units. For the remaining reporting units, the Company performed the first step of the quantitative analysis described in ASC Topic 350 in the 2018 transition period and each of fiscal 2017, 2016, and 2015. When performing the quantitative analysis, the Company determines the fair value of its reporting units using a weighing of fair values derived in equal proportions from the income approach and market approach valuation methodologies. Under the income approach, the key valuation assumptions used in determining the fair value estimates of the Company’s reporting units for each annual test were: (a) a discount rate based on the Company’s best estimate of the weighted average cost of capital adjusted for certain risks for the reporting units; (b) terminal value based on the Company’s best estimate of terminal growth rates; and (c) seven expected years of cash flow before the terminal value. In fiscal 2017, the Company performed the first step of the quantitative analysis on its indefinite-lived intangible asset. In the 2018 transition period, fiscal 2016, and fiscal 2015, qualitative assessments were performed on the Company’s indefinite-lived intangible asset. The table below outlines certain assumptions used in the Company’s quantitative impairment analyses for the 2018 transition period and fiscal 2017, 2016, and 2015: 2018 2017 2016 2015 Terminal Growth Rate 2.5% - 3.0% 2.0% - 3.0% 2.0% - 3.0% 1.5% - 2.5% Discount Rate 11.0% 11.0% 11.5% 11.5% The discount rate reflects risks inherent within each reporting unit operating individually. These risks are greater than the risks inherent in the Company as a whole. Determination of discount rates included consideration of market inputs such as the risk-free rate, equity risk premium, industry premium, and cost of debt, among other assumptions. The discount rate for the 2018 transition period was consistent with the rate used for fiscal 2017. The slight decrease in discount rates for fiscal 2017 from fiscal 2016 is a result of reduced risk in industry conditions. The changes in these inputs for fiscal 2016 from fiscal 2015 had offsetting impacts and the discount rate remained at 11.5% . The Company believes the assumptions used in the impairment analysis each year are reflective of the risks inherent in the business models of its reporting units and within its industry. Under the market approach, the guideline company method develops valuation multiples by comparing the Company’s reporting units to similar publicly traded companies. Key valuation assumptions and valuation multiples used in determining the fair value estimates of the Company’s reporting units rely on: (a) the selection of similar companies; (b) obtaining estimates of forecast revenue and earnings before interest, taxes, depreciation, and amortization for the similar companies; and (c) selection of valuation multiples as they apply to the reporting unit characteristics. The Company determined that the fair values of each of the reporting units and the indefinite-lived intangible asset were substantially in excess of their carrying values in the 2018 transition period assessment. Management determined that significant changes were not likely in the factors considered to estimate fair value, and analyzed the impact of such changes were they to occur. Specifically, if there was a 25% decrease in the fair value of any of the reporting units due to a decline in their discounted cash flows resulting from lower operating performance, the conclusion of the assessment would remain unchanged. Additionally, if the discount rate applied in the 2018 transition period impairment analysis had been 100 basis points higher than estimated for each of the reporting units, and all other assumptions were held constant, the conclusion of the assessment would remain unchanged and there would be no impairment of goodwill. As of January 27, 2018 , the Company believes the goodwill and the indefinite-lived intangible asset are recoverable for all of the reporting units and that no impairment has occurred. However, significant adverse changes in the projected revenues and cash flows of a reporting unit could result in an impairment of goodwill or the indefinite-lived intangible asset . There can be no assurances that goodwill or the indefinite-lived intangible asset may not be impaired in future periods. Intangible Assets The Company’s intangible assets consisted of the following (dollars in thousands): Gross Carrying Amount Accumulated Amortization Intangible Assets, Net January 27, 2018: Customer relationships $ 299,717 $ 135,544 $ 164,173 Trade names 10,350 7,872 2,478 UtiliQuest trade name 4,700 — 4,700 Non-compete agreements 450 332 118 $ 315,217 $ 143,748 $ 171,469 July 29, 2017: Customer relationships $ 299,717 $ 124,084 $ 175,633 Trade names 10,350 7,285 3,065 UtiliQuest trade name 4,700 — 4,700 Non-compete agreements 450 287 163 $ 315,217 $ 131,656 $ 183,561 July 30, 2016: Customer relationships $ 289,955 $ 101,012 $ 188,943 Trade names 9,800 6,034 3,766 UtiliQuest trade name 4,700 — 4,700 Non-compete agreements 685 329 356 Contract backlog 4,780 4,666 114 $ 309,920 $ 112,041 $ 197,879 During fiscal 2017, certain intangible assets became fully amortized. As a result, the gross carrying amount and the associated accumulated amortization each decreased $5.2 million . This decrease had no effect on the net carrying value of intangible assets. Amortization of the Company’s customer relationship intangibles is recognized on an accelerated basis as a function of the expected economic benefit. Amortization for the Company’s other finite-lived intangibles is recognized on a straight-line basis over the estimated useful life. Amortization expense for finite-lived intangible assets was $12.1 million , $24.8 million , $19.4 million , and $16.7 million for the 2018 transition period and fiscal 2017 , 2016, and 2015, respectively. As of January 27, 2018 , customer relationships, trade names, and non-compete agreements had weighted average remaining useful lives of 11.6 years , 8.4 years , and 2.2 years , respectively. As of January 27, 2018 , total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2019 $ 21,656 2020 20,095 2021 19,208 2022 16,740 2023 14,294 Thereafter 74,776 Total $ 166,769 As of January 27, 2018 , the Company believes that the carrying amounts of its 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 and the assets could be impaired. |
Accrued Insurance Claims
Accrued Insurance Claims | 6 Months Ended |
Jan. 27, 2018 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims | Accrued Insurance Claims For claims within its insurance program, the Company retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. With regard to losses occurring in fiscal 2015 through the 2018 transition period, the Company retains the risk of loss up to $1.0 million on a per occurrence basis for automobile liability, general liability, and workers’ compensation. These retention amounts are applicable to all of the states in which the Company operates, except with respect to workers’ compensation insurance in two states in which the Company participates in state-sponsored insurance funds. Aggregate stop-loss coverage for automobile liability, general liability, and workers’ compensation claims was $67.1 million for the six month policy period ending January 31, 2018, $103.7 million for fiscal 2017, and $84.6 million for fiscal 2016. The Company is party to a stop-loss agreement for losses under its employee group health plan. For calendar years 2018, 2017, and 2016, the Company retains the risk of loss, on an annual basis, up to the first $400,000 of claims per participant, as well as an annual aggregate amount. With regard to losses occurring in calendar year 2015, the Company retained the risk of loss up to the first $250,000 of claims per participant, as well as an annual aggregate amount. Amounts for total accrued insurance claims and insurance recoveries/receivables is as follows (dollars in millions): January 27, 2018 July 29, 2017 July 30, 2016 Accrued insurance claims - current $ 53,890 $ 39,909 $ 36,844 Accrued insurance claims - non-current 59,385 62,007 52,835 Total accrued insurance claims $ 113,275 $ 101,916 $ 89,679 Insurance recoveries/receivables: Current (included in Other current assets) $ 13,701 $ — $ — Non-current (included in Other assets) 6,722 9,243 5,714 Total insurance recoveries/receivables $ 20,423 $ 9,243 $ 5,714 The liability for total accrued insurance claims included incurred but not reported losses of approximately $53.3 million , $50.0 million , and $45.0 million as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jan. 27, 2018 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Accrued payroll and related taxes $ 23,010 $ 24,554 $ 23,908 Accrued employee benefit and incentive plan costs 16,097 42,135 40,943 Accrued construction costs 24,582 29,942 41,123 Other current liabilities 15,968 16,972 16,328 Total other accrued liabilities $ 79,657 $ 113,603 $ 122,302 |
Debt
Debt | 6 Months Ended |
Jan. 27, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s outstanding indebtedness consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Credit Agreement - Revolving facility (matures April 2020) $ — $ — $ — Credit Agreement - Term loan facilities (mature April 2020) 358,063 367,688 346,250 0.75% convertible senior notes, net (mature September 2021) 402,249 392,233 373,077 760,312 759,921 719,327 Less: current portion (26,469 ) (21,656 ) (13,125 ) Long-term debt $ 733,843 $ 738,265 $ 706,202 Senior Credit Agreement The Company and certain of its subsidiaries are party to a credit agreement with various lenders, dated as of December 3, 2012 (as amended as of June 17, 2016, May 20, 2016, April 24, 2015 and September 9, 2015), that matures on April 24, 2020 (as amended, the “Credit Agreement”). The Credit Agreement provides for a $450.0 million revolving facility, $385.0 million in aggregate term loan facilities, and contains a sublimit of $200.0 million for the issuance of letters of credit. Subject to certain conditions the Credit Agreement provides the Company with the ability to enter into one or more incremental facilities, either by increasing the revolving commitments under the Credit Agreement and/or in the form of term loans up to the greater of (i) $150.0 million and (ii) an 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 leverage ratio does not exceed 2.25 to 1.00. The consolidated senior secured leverage ratio is the ratio of the Company’s consolidated senior secured indebtedness to its trailing twelve month consolidated earnings before interest, taxes, depreciation, and amortization (“EBITDA”), as defined by the Credit Agreement. Borrowings under the Credit Agreement are guaranteed by substantially all of the Company’s subsidiaries and secured by the equity interests of the substantial majority of the Company’s subsidiaries. Borrowings under the Credit Agreement bear interest at rates described below based upon the Company’s consolidated leverage ratio, which is the ratio of the Company’s consolidated total funded debt to its trailing twelve month consolidated EBITDA, as defined by the Credit Agreement. In addition, the Company incurs certain fees for unused balances and letters of credit at the rates described below, also based upon the Company’s consolidated leverage ratio: Borrowings - Eurodollar Rate Loans 1.25% - 2.00% plus LIBOR Borrowings - Base Rate Loans 0.25% - 1.00% plus administrative agent’s base rate (1) Unused Revolver Commitment 0.25% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% - 1.00% (1) The agent’s base rate is described in the Credit Agreement as the highest of (i) the administrative agent’s prime rate, (ii) the Federal Funds Rate plus 0.50% , and (iii) the Eurodollar rate plus 1.00% , plus an applicable margin. Standby letters of credit of approximately $48.6 million , $48.7 million , and $57.6 million , issued as part of the Company’s insurance program, were outstanding under the Credit Agreement as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively. The weighted average interest rates and fees for balances under the Credit Agreement as of January 27, 2018 , July 29, 2017 , and July 30, 2016 were as follows: Weighted Average Rate End of Period January 27, 2018 July 29, 2017 July 30, 2016 Borrowings - Term loan facilities 3.30% 2.98% 2.49% Borrowings - Revolving facility (1) —% —% —% Standby Letters of Credit 1.75% 1.75% 2.00% Unused Revolver Commitment 0.35% 0.35% 0.40% (1) There were no outstanding borrowings under the revolving facility as of January 27, 2018 , July 29, 2017 , or July 30, 2016 . The Credit Agreement contains a financial covenant that requires the Company to maintain a consolidated leverage ratio of not greater than 3.50 to 1.00 , as measured at the end of each fiscal quarter. It provides for certain increases to this ratio as specified in the Credit Agreement in connection with permitted acquisitions. In addition, the Credit Agreement contains a financial covenant that requires the Company to maintain a consolidated interest coverage ratio, which is the ratio of the Company’s trailing twelve month consolidated EBITDA to its consolidated interest expense, 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 January 27, 2018 , July 29, 2017 , and July 30, 2016 , the Company was in compliance with the financial covenants of the Credit Agreement and had borrowing availability in the revolving facility of $401.4 million , $401.3 million , and $392.4 million , respectively, as determined by the most restrictive covenant. 0.75% Convertible Senior Notes Due 2021 On September 15, 2015, the Company issued 0.75% convertible senior notes due September 2021 (the “Notes”) in a private placement in the principal amount of $485.0 million . The Company received net proceeds of approximately $471.7 million after deducting the initial purchasers’ discount of approximately $13.3 million . The Company used approximately $60.0 million of the net proceeds to repurchase 805,000 shares of its common stock from the initial purchasers of the Notes in privately negotiated transactions. In addition, the Company used approximately $296.6 million of the net proceeds to fund the redemption of all of its 7.125% senior subordinated notes due 2021 and approximately $41.1 million for the net cost of convertible note hedge transactions and warrant transactions as further described below. The remainder of the proceeds of approximately $73.9 million was used for general corporate purposes. The 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 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 the Company fails to perform certain obligations under the indenture, the Notes will accrue additional interest. Certain events are considered “events of default” under the Notes, which may result in the acceleration of the maturity of the Notes, as described in the indenture. Each $1,000 of principal of the 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 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 Notes are convertible by the Note holder 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 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. 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 Notes at any time regardless of the foregoing circumstances. Upon conversion, the 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 Notes with cash. During the second quarter of the 2018 transition period, the closing price of the Company’s common stock did not meet or exceed 130% of the applicable conversion price of the Notes for at least 20 of the last 30 consecutive trading dates of the quarter. Additionally, no other conditions allowing holders of the Notes to convert have been met as of January 27, 2018. As a result, the Notes are not convertible during the first quarter of fiscal 2019 and are classified as long-term debt. In accordance with ASC Topic 470, Debt , certain convertible debt instruments that may be settled in cash upon conversion are required to be accounted for as separate liability and equity components. 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”) as of the date of issuance. 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 Notes) using the effective interest rate method over the term of the notes. The Company incurred $9.2 million , $17.6 million , and $14.7 million of interest expense during the 2018 transition period and fiscal 2017 and 2016, respectively, for the non-cash amortization of the debt discount. The liability component of the Notes consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 485,000 $ 485,000 $ 485,000 Less: Debt discount (74,899 ) (84,069 ) (101,679 ) Less: Debt issuance costs (7,852 ) (8,698 ) (10,244 ) Net carrying amount of Notes $ 402,249 $ 392,233 $ 373,077 The equity component of the Notes was recognized at issuance and represents the difference between the principal amount of the Notes and the fair value of the liability component of the 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 carrying amount and fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $136.01 , $116.96 , and $117.65 as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Net carrying amount of Notes $ 402,249 $ 392,233 $ 373,077 Fair value of principal amount of Notes $ 659,649 $ 567,256 $ 570,603 Less: Debt discount and debt issuance costs (82,751 ) (92,767 ) (111,923 ) Fair value of Notes $ 576,898 $ 474,489 $ 458,680 Convertible Note Hedge and Warrant Transactions In connection with the offering of the Notes, the Company entered into convertible note hedge transactions with counterparties to reduce the potential dilution to common stockholders from the conversion of the Notes and offsetting any potential cash payments in excess of the principal amount of the Notes. In the event that shares or cash are deliverable to holders of the Notes upon conversion at limits defined in the indenture, counterparties to the convertible note hedge will be required to deliver up to 5.006 million shares of the Company’s common stock or pay cash to the Company in a similar amount as the value that the Company delivers to the holders of the Notes based on a conversion price of $96.89 per share. The total cost of the convertible note hedge transactions was $115.8 million . In addition, the Company entered into separately negotiated warrant transactions with the same counterparties as the convertible note hedge transactions whereby the Company sold warrants to purchase, subject to certain anti-dilution adjustments, up to 5.006 million shares of the Company’s common stock at a price of $130.43 per share. The warrants will not have a dilutive effect on the Company’s earnings per share unless the Company’s quarterly average share price exceeds the warrant strike price of $130.43 per share. In this event, the Company expects to settle the warrant transactions on a net share basis whereby it will issue shares of its common stock. The Company received proceeds of approximately $74.7 million from the sale of these warrants. Upon settlement of the conversion premium of the 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. The Company recorded an initial deferred tax liability of $43.4 million in connection with the debt discount associated with the Notes and recorded an initial deferred tax asset of $43.2 million in connection with the convertible note hedge transactions. Both the deferred tax liability and deferred tax asset are included in non-current deferred tax liabilities in the consolidated balance sheets. See Note 12, Income Taxes , for additional information regarding the Company’s deferred tax liabilities and assets with respect to Tax Reform. 7.125% Senior Subordinated Notes - Loss on Debt Extinguishment As of July 25, 2015, Dycom Investments, Inc. (the “Issuer”), a wholly-owned subsidiary of the Company, had outstanding an aggregate principal amount of $277.5 million of 7.125% senior subordinated notes due 2021 (the “ 7.125% Notes”). The outstanding 7.125% Notes were redeemed on October 15, 2015 (the “Redemption Date”) with a portion of the proceeds from the Notes offering described above. The aggregate amount paid in connection with the redemption was $296.6 million and was comprised of the $277.5 million principal amount of the outstanding 7.125% Notes, $4.9 million for accrued and unpaid interest to the Redemption Date, and approximately $14.2 million for the applicable call premium as defined in the indenture governing the 7.125% Notes. The call premium amount consisted of: (a) the present value as defined under the indenture of the sum of (i) approximately $4.9 million representing interest for the period from the Redemption Date through January 15, 2016, and (ii) the redemption price of 103.563% (expressed as a percentage of the principal amount) of the 7.125% Notes at January 15, 2016, minus (b) the principal amount of the 7.125% Notes. In connection with the redemption of the 7.125% Notes, the Company incurred a pre-tax charge for early extinguishment of debt of approximately $16.3 million during fiscal 2016. This charge is comprised of: (i) $4.9 million for the present value of the interest payments for the period from the Redemption Date through January 15, 2016, (ii) $6.5 million for the excess of the present value of the redemption price over the carrying value of the 7.125% Notes, and (iii) $4.9 million for the write-off of deferred financing charges related to the fees incurred in connection with the issuance of the 7.125% Notes. |
Income Taxes
Income Taxes | 6 Months Ended |
Jan. 27, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the (benefit) provision for income taxes were as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Current: Federal $ (4,384 ) $ 62,455 $ 42,096 $ 42,516 Foreign 598 176 310 502 State 1,166 12,344 8,399 6,998 (2,620 ) 74,975 50,805 50,016 Deferred: Federal (21,332 ) 17,051 26,467 305 Foreign (37 ) (35 ) (296 ) 268 State 1,704 1,217 611 671 (19,665 ) 18,233 26,782 1,244 Total (benefit) provision for income taxes $ (22,285 ) $ 93,208 $ 77,587 $ 51,260 The Tax Cu ts and Jobs Act of 2017 (“Tax Reform”) was enacted in December 2017 and includes significant changes to U.S. income tax law. Tax Reform, among other things, reduced the U.S. federal corporate tax rate from 35 percent to 21 percent. The Company’s interpretations of the provisions of Tax Reform could differ from future interpretations and guidance from the U.S Treasury Department, the IRS and other regulatory agencies, including state taxing authorities in jurisdictions where the Company operates. Any future adjustments resulting from these factors would impact the Company’s provision for income taxes and effective tax rate in the period in which they are made. The Company’s effective income tax rate differs from the statutory rate for the tax jurisdictions where it operates primarily as the result of the impact of non-deductible and non-taxable items, tax credits recognized in relation to pre-tax results, certain tax impacts from the vesting and exercise of share-based awards, and impacts from Tax Reform. The Company was subject to a blended statutory tax rate of approximately 33% for the six months ended January 27, 2018 resulting from Tax Reform taking effect for a portion of the period based on the Company’s fiscal year end. A reconciliation of the amount computed by applying the Company’s blended statutory income tax rate to pre-tax income to the total tax provision is as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Statutory rate applied to pre-tax income $ 15,334 $ 87,649 $ 72,214 $ 47,454 State taxes, net of federal tax benefit 1,406 9,868 7,398 5,159 Tax Reform and related effects (32,249 ) — — — Federal benefit of vesting and exercise of share-based awards (7,067 ) — — — Non-deductible and non-taxable items, net 1,585 (4,686 ) (2,013 ) (1,220 ) Change in accruals for uncertain tax positions 250 632 113 (74 ) Tax credits (1,596 ) — — — Other items, net 52 (255 ) (125 ) (59 ) Total (benefit) provision for income taxes $ (22,285 ) $ 93,208 $ 77,587 $ 51,260 During the six months ended January 27, 2018 , the Company recognized an income tax benefit of approximately $32.2 million primarily resulting from the re-measurement of the Company’s net deferred tax liabilities to reflect the reduced rate under Tax Reform that will apply in future periods when these deferred taxes are settled or realized. Additionally, the Company recognized an income tax benefit (including federal and state tax benefits) of approximately $7.8 million during the six months ended January 27, 2018 for certain tax effects of the vesting and exercise of share-based amounts in accordance with ASU 2016-09 as further described in Note 1, Basis of Presentation and Accounting Policies . During fiscal 2017, 2016, and 2015 non-taxable and non-deductible items consisted of a production related tax deduction of $6.0 million , $4.5 million , and $4.0 million , respectively, offset by $1.3 million , $2.5 million and $2.8 million of non-deductible items, respectively. There was no production related tax deduction for the six months ended January 27, 2018 . Additionally, beginning in fiscal 2019, the production related tax deduction will no longer be permitted as a result of changes from Tax Reform. During fiscal 2017, 2016 and 2015, tax credits of $1.0 million , $0.7 million and $0.5 million , respectively, were presented within Non-deductible and non-taxable items, net in the table above. Deferred Income Taxes The deferred tax provision represents the change in the deferred tax assets and the liabilities representing the tax consequences of changes in the amount of temporary differences and changes in tax rates during the year. The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Deferred tax assets: Insurance and other reserves $ 22,368 $ 36,955 $ 33,847 Allowance for doubtful accounts and reserves 1,081 1,975 1,013 Net operating loss carryforwards 822 765 1,151 Stock-based compensation 3,405 8,022 6,424 Other 1,174 1,750 1,363 Total deferred tax assets 28,850 49,467 43,798 Valuation allowance (148 ) (122 ) (358 ) Deferred tax assets, net of valuation allowance $ 28,702 $ 49,345 $ 43,440 Deferred tax liabilities: Property and equipment $ 59,933 $ 87,581 $ 63,926 Goodwill and intangibles 25,852 38,125 32,632 Other 345 741 736 Deferred tax liabilities $ 86,130 $ 126,447 $ 97,294 Net deferred tax liabilities $ 57,428 $ 77,102 $ 53,854 The Company’s net deferred tax liabilities as of January 27, 2018 have been re-measured to reflect the reduced rate under Tax Reform that will apply in future periods when these deferred taxes are settled or realized. As discussed in Note 1, Basis of Presentation and Accounting Policies , the Company has adopted ASU 2015-17 on a prospective basis effective July 30, 2017. Under the amended guidance of ASU 2015-17, deferred tax liabilities and assets are solely classified as non-current in the consolidated balance sheets. The valuation allowance above reduces the deferred tax asset balances to the amount that the Company has determined is more likely than not to be realized. The valuation allowance primarily relates to immaterial state net operating loss carryforwards, which generally begin to expire in fiscal 2022. Uncertain Tax Positions As of January 27, 2018 , July 29, 2017 , and July 30, 2016 the Company had total unrecognized tax benefits of $3.3 million , $3.1 million , and $2.4 million , respectively, resulting from uncertain tax positions. The Company’s effective tax rate will be reduced during future periods if it is determined these unrecognized tax benefits are realizable. The Company had approximately $1.2 million , $1.2 million , and $1.0 million accrued for the payment of interest and penalties as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively. Interest expense related to unrecognized tax benefits for the Company was not material during the 2018 transition period or fiscal 2017, 2016, or 2015. A summary of unrecognized tax benefits is as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Balance at beginning of year $ 3,072 $ 2,440 $ 2,327 $ 2,401 Additions based on tax positions related to the fiscal year 283 441 161 44 Additions (reductions) based on tax positions related to prior years (33 ) 229 86 (98 ) Reductions related to the expiration of statutes of limitation — (38 ) (134 ) (20 ) Balance at end of year $ 3,322 $ 3,072 $ 2,440 $ 2,327 |
Other Income, Net
Other Income, Net | 6 Months Ended |
Jan. 27, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net The components of other income, net, were as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Gain on sale of fixed assets $ 7,217 $ 14,866 $ 9,806 $ 7,110 Miscellaneous expense, net (992 ) (2,086 ) 627 1,181 Total other income, net $ 6,225 $ 12,780 $ 10,433 $ 8,291 The Company participates in a customer-sponsored vendor payment program. All eligible accounts receivable from this customer are included in the program and payment is received pursuant to a non-recourse sale to the customer’s bank partner. This program effectively reduces the time to collect these receivables as compared to that customer’s standard payment terms. The Company incurs a discount fee to the bank on the payments received that is reflected as an expense component in other income, net, in the consolidated statements of operations. During the 2018 transition period , fiscal 2017 , and fiscal 2016 , miscellaneous expense, net includes approximately $1.4 million , $3.2 million and $0.2 million , respectively, of discount fee expense incurred in connection with the non-recourse sale of accounts receivable under this program. The program has not changed since its inception during fiscal 2016. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jan. 27, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company sponsors a defined contribution plan that provides retirement benefits to eligible employees who elect to participate (the “Dycom Plan”). Under the plan, participating employees may defer up to 75% of their base pre-tax eligible compensation up to the IRS limits. The Company contributes 30% of the first 5% of base eligible compensation that a participant contributes to the plan and may make discretionary matching contributions from time to time. The Company’s contributions were $1.7 million , $5.0 million , $4.8 million , and $4.0 million related to the 2018 transition period and fiscal 2017, 2016, and 2015, respectively. Certain of the Company’s subsidiaries contribute amounts to multiemployer defined benefit pension plans under the terms of collective bargaining agreements (“CBA”) that cover employees represented by unions. Contributions are generally based on fixed amounts per hour per employee for employees covered by the plan. Participating in a multiemployer plan entails risks different from single-employer plans in the following aspects: • assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; • if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be allocated to the remaining participating employers; and • if the Company stops participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan. This payment is referred to as a withdrawal liability. The information available to the Company about the multiemployer plans in which it participates is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act (“ERISA”) as amended by the Multiemployer Pension Plan Amendments Act (“MPPAA”). Based upon the most recently available annual reports, the Company’s contribution to each of the plans was less than 5% of each plans’ total contributions. The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund (“the Plan”) was considered individually significant and is presented separately below. All other plans are presented in the aggregate in the following table (dollars in thousands): Company Contributions Expiration Date of CBA PPA Zone Status (1) FIP/RP Status (2) Six Months Ended Fiscal Year Ended Surcharge Imposed Fund 2017 2016 2018 2017 2016 2015 The Plan (EIN 13-6123601) Green Green No $ — $ — $ 3,057 $ 3,852 No 5/5/2016 Other Plans 319 384 622 934 Various Total $ 319 $ 384 $ 3,679 $ 4,786 (1) The most recent Pension Protection Act (the “PPA”) zone status was provided by the Plan for Plan years ending September 30, 2017 and September 30, 2016, respectively. The zone status is based on information provided by the Plan and is certified by the Plan’s actuary. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. (2) The “FIR/RP Status” column indicates plans for which a financial improvement plan (FIP) or rehabilitation plan (RP), as required by the Internal Revenue Code, is either pending or has been implemented. In the fourth quarter of fiscal 2016, one of the Company’s subsidiaries, which previously contributed to the Plan, ceased operations. In October 2016, the Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million . In December 2016, the Company submitted a formal request to the Plan seeking review of the Plan’s withdrawal liability determination. The Company is disputing the claim of a withdrawal liability demanded by the Plan as it believes there is a statutory exemption available under ERISA for multiemployer pension plans that primarily cover employees in the building and construction industry. The Plan has taken the position that the work at issue does not qualify for the statutory exemption. The Company has submitted this dispute to arbitration, as required by ERISA, with a hearing expected sometime in calendar 2018. As required by ERISA, in November 2016, the subsidiary began making monthly payments of a withdrawal liability to the Plan in the amount of approximately $0.1 million . If the Company prevails in disputing the withdrawal liability, all such payments will be refunded to the Company. |
Capital Stock
Capital Stock | 6 Months Ended |
Jan. 27, 2018 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock Repurchases of Common Stock. The Company made the following share repurchases during fiscal 2015, 2016, and 2017 and the 2018 transition period (all shares repurchased have been canceled): Period Number of Shares Repurchased Total Consideration (In thousands) Average Price Per Share Fiscal 2015 1,669,924 $ 87,146 $ 52.19 Fiscal 2016 2,511,578 $ 169,997 $ 67.69 Fiscal 2017 713,006 $ 62,909 $ 88.23 Six months ended January 27, 2018 200,000 $ 16,875 $ 84.38 Fiscal 2015. The Company repurchased 1,669,924 shares of its common stock, at an average price of $52.19 per share, for $87.1 million during fiscal 2015. Fiscal 2016. In connection with the Notes offering in September 2015, the Company used approximately $60.0 million of the net proceeds from the Notes to repurchase 805,000 shares of its common stock from the initial purchasers of the Notes in privately negotiated transactions at a price of $74.53 per share, the closing price of Dycom’s common stock on September 9, 2015 . The additional $110.0 million paid during fiscal 2016 was for shares repurchased under the Company’s authorized share repurchase program. Fiscal 2017. As of the beginning of fiscal 2017, the Company had $100.0 million available for share repurchases through October 2017 under the Company’s April 26, 2016 repurchase authorization. During the second quarter of fiscal 2017, the Company repurchased 313,006 shares of its common stock, at an average price of $79.87 , for $25.0 million . During the third quarter of fiscal 2017, the Company’s Board of Directors extended the term of the $75.0 million remaining available under the April 26, 2016 authorization through August 2018. In connection with the extension of this authorization, the Company’s Board of Directors also authorized an additional $75.0 million to repurchase shares of the Company’s common stock through August 2018 in open market or private transactions. The Company repurchased 400,000 shares of its common stock, at an average price of $94.77 per share, for $37.9 million during the third quarter of fiscal 2017. 2018 Transition Period. The Company repurchased 200,000 shares of its common stock, at an average price of $84.38 per share, for $16.9 million during the 2018 transition period. As of January 27, 2018 , $95.2 million remained available for repurchases through August 2018. Restricted Stock Tax Withholdings. During the 2018 transition period and fiscal 2017, 2016, and 2015, the Company withheld 117,426 shares, 134,736 shares, 161,988 shares, and 145,395 shares, respectively, totaling $12.6 million , $10.8 million , $12.6 million , and $4.7 million , respectively, to meet payroll tax withholdings obligations arising from the vesting of restricted share units. All shares withheld have been canceled. Shares of common stock withheld for tax withholdings do not reduce the Company’s total share repurchase authority. Upon cancellation of shares repurchased or withheld for tax withholdings, the excess over par value is recorded as a reduction of additional paid-in capital until the balance is reduced to zero, with any additional excess recorded as a reduction of retained earnings. During the 2018 transition period , fiscal 2017, and fiscal 2016, $11.5 million , $42.8 million , and $17.1 million , respectively, was charged to retained earnings related to shares canceled during the respective fiscal year. |
Stock-Based Awards
Stock-Based Awards | 6 Months Ended |
Jan. 27, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | Stock-Based Awards Stock-based compensation expense and the related tax benefit recognized and realized during the 2018 transition period and fiscal 2017, 2016, and 2015 were as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Stock-based compensation $ 13,277 $ 20,805 $ 16,850 $ 13,923 Income tax effect of stock-based compensation $ 4,793 $ 7,996 $ 6,436 $ 5,458 In addition, as a result of the Company’s application of ASU 2016-09, the Company recognized approximately $7.8 million of certain tax benefits from share-based award activities during the 2018 transition period . As of January 27, 2018 , the Company had unrecognized compensation expense related to stock options, RSUs, and target Performance RSUs (based on the Company’s estimate of performance goal achievement) of $2.8 million , $8.6 million , and $18.3 million , respectively. This expense will be recognized over a weighted-average number of years of 2.5 , 2.5 , and 1.9 , respectively, based on the average remaining service periods for the awards. As of January 27, 2018 , the Company may recognize an additional $7.9 million in compensation expense in future periods if the maximum amount of Performance RSUs is earned based on certain performance measures being met. The following table summarizes the valuation of stock options and restricted share units granted during the 2018 transition period and fiscal 2017, 2016, and 2015 and the significant valuation assumptions: Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Weighted average fair value of RSUs granted $ 87.34 $ 79.04 $ 72.41 $ 31.42 Weighted average fair value of Performance RSUs granted $ 84.13 $ 79.29 $ 77.86 $ 31.03 Weighted average fair value of stock options granted $ 42.60 $ 39.90 $ 45.13 $ 19.48 Stock option assumptions: Risk-free interest rate 2.3 % 2.3 % 2.0 % 2.1 % Expected life (in years) 7.6 7.6 7.3 8.8 Expected volatility 43.4 % 44.7 % 55.0 % 54.5 % Expected dividends — — — — Stock Options The following table summarizes stock option award activity during the 2018 transition period : Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of July 29, 2017 670,350 $ 25.24 Granted 18,933 $ 85.15 Options exercised (52,553 ) $ 14.17 Canceled — $ — Outstanding as of January 27, 2018 636,730 $ 27.93 4.8 $ 58,176 Exercisable options as of January 27, 2018 549,507 $ 21.63 4.2 $ 53,670 The total amount of exercisable options as of January 27, 2018 presented above reflects the approximate amount of options expected to vest after giving effect to estimated forfeitures at an insignificant rate. The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $119.30 on the last trading day of the 2018 transition period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the 2018 transition period . The amount of aggregate intrinsic value will change based on the price of the Company’s common stock. The total intrinsic value of stock options exercised was $4.5 million , $7.8 million , $15.0 million , and $24.9 million for the 2018 transition period and fiscal 2017, 2016, and 2015, respectively. The Company received cash from the exercise of stock options of $0.7 million , $1.4 million , $2.7 million , and $8.9 million during the 2018 transition period and fiscal 2017, 2016, and 2015, respectively. RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during the 2018 transition period : Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of July 29, 2017 187,465 $ 60.71 553,882 $ 67.46 Granted 29,672 $ 87.34 138,261 $ 84.13 Share units vested (80,884 ) $ 51.49 (272,466 ) $ 57.98 Forfeited or canceled (2,357 ) $ 81.62 (29,350 ) $ 60.32 Outstanding as of January 27, 2018 133,896 $ 71.81 390,327 $ 80.52 The total amount of granted Performance RSUs presented above consists of 99,627 target shares and 38,634 supplemental shares. During the 2018 transition period , the Company canceled 21,139 supplemental shares of Performance RSUs, as a result of the fiscal 2017 performance criteria for attaining those supplemental shares being partially met. The total amount of Performance RSUs outstanding as of January 27, 2018 consists of 278,963 target shares and 111,364 supplemental shares. The unvested RSUs reflect the approximate amount of units expected to vest after giving effect to estimated forfeitures at an insignificant rate. The total fair value of restricted share units vested during the 2018 transition period and fiscal 2017, 2016, and 2015 was $37.7 million , $33.2 million , $39.1 million , and $15.2 million , respectively. |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Jan. 28, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk The Company is subject to concentrations of credit risk relating primarily to its cash and equivalents, accounts receivable, and costs and estimated earnings in excess of billings. The Company grants credit under normal payment terms, generally without collateral, to its customers. These customers primarily consist of telephone companies, cable multiple system operators, wireless carriers, network operators, telecommunication equipment and infrastructure providers, and electric and gas utilities and others. With respect to a portion of the services provided to these customers, the Company has statutory lien rights which may in certain circumstances assist in the Company’s collection efforts. Adverse changes in overall business and economic factors may impact the Company’s customers and increase credit risks. These risks may become elevated as a result of economic weakness and market volatility. In the past, some of the Company’s customers have experienced significant financial difficulties and some may experience financial difficulties in the future. These difficulties expose the Company to increased risks related to the collectability of amounts due for services performed. The Company’s customer base is highly concentrated, with its top five customers accounting for approximately 75.8% , 76.1% , 69.7% , and 61.1% , of its total contract revenues during the 2018 transition period and fiscal 2017, 2016, and 2015, respectively. Customers whose contract revenues exceeded 10% of total contract revenues during the 2018 transition period or fiscal 2017, 2016, or 2015 were as follows: Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Comcast Corporation 21.6% 17.7% 13.6% 12.9% AT&T Inc. 20.6% 26.3% 24.4% 20.8% CenturyLink, Inc. (1) 17.5% 18.2% 14.7% 14.5% Verizon Communications Inc. (2) 12.0% 9.2% 11.2% 7.7% Customers whose combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings, net (“CIEB, net”) exceeded 10% of total combined trade receivables and CIEB, net as of January 27, 2018 , July 29, 2017 , or July 30, 2016 were as follows (dollars in millions): January 27, 2018 July 29, 2017 July 30, 2016 Amount % of Total Amount % of Total Amount % of Total Comcast Corporation $ 166.5 24.5% $ 159.7 21.3% $ 95.3 13.9% CenturyLink, Inc. (1) $ 126.0 18.5% $ 148.1 19.8% $ 81.5 11.9% Verizon Communications Inc. (2) $ 98.2 14.4% $ 73.7 9.8% $ 70.2 10.2% AT&T Inc. $ 79.2 11.6% $ 87.1 11.6% $ 138.8 20.3% Windstream Corporation $ 42.9 6.3% $ 84.7 11.3% $ 79.0 11.5% (1) For comparison purposes in the tables above, amounts from CenturyLink, Inc. and Level 3 Communications, Inc. have been combined for periods prior to their November 2017 merger. (2) For comparison purposes in the tables above, amounts from Verizon Communications Inc. and XO Communications LLC’s fiber-optic network business have been combined for periods prior to their February 2017 merger. In addition another customer had combined amounts of trade accounts receivable and CIEB, net of $25.9 million , or 3.8% , as of January 27, 2018, $47.2 million , or 6.3% , as of July 29, 2017, and $71.5 million , or 10.4% , as of July 30, 2016. The Company believes that none of its significant customers were experiencing financial difficulties that would materially impact the collectability of the Company’s trade accounts receivable and costs in excess of billings as of January 27, 2018 . See Note 4, Accounts Receivable , and Note 5, Costs and Estimated Earnings in Excess of Billings , for additional information regarding the Company’s trade accounts receivable and costs and estimated earnings in excess of billings. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jan. 27, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In May 2013, CertusView Technologies, LLC (“CertusView”), a wholly-owned subsidiary of the Company, filed suit against S & N Communications, Inc. and S&N Locating Services, LLC (together, “S&N”) in the United States District Court for the Eastern District of Virginia alleging infringement of certain United States patents. In January 2015, the District Court granted S&N’s motion for judgment on the pleadings for failure to claim patent-eligible subject matter, and entered final judgment. CertusView appealed to the Federal Circuit Court the District Court judgment of patent invalidity. On August 11, 2017, the Federal Circuit Court affirmed the District Court’s decision. In October 2017, S&N filed a motion requesting that the District Court make a finding that the suit was an exceptional case and award S&N recovery of $3.8 million in attorney fees. On February 9, 2018, the District Court denied S&N’s motion for an exceptional case finding and any award of attorney fees. 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 Company submitted a formal request to the Plan seeking review of the Plan’s withdrawal liability determination. The Company is disputing the claim of a withdrawal liability demanded by the Plan as it believes there is a statutory exemption available under the Employee Retirement Income Security Act for multiemployer pension plans that primarily cover employees in the building and construction industry. The Plan has taken the position that the work at issue does not qualify for the statutory exemption. The Company has submitted this dispute to arbitration, as required by ERISA, with a hearing expected sometime in calendar 2018. There can be no assurance that the Company will be successful in asserting the statutory exemption as a defense in the arbitration proceeding. As required by ERISA, in November 2016, the subsidiary began making monthly payments of a withdrawal liability to the Plan in the amount of approximately $0.1 million . If the Company prevails in disputing the withdrawal liability, all such payments will be refunded to the subsidiary. With respect to the acquisition from Goodman, $22.5 million of the purchase price was placed into escrow to cover indemnification claims and working capital adjustments. During fiscal 2017, $2.5 million of escrowed funds were released following resolution of closing working capital and $10.0 million of escrowed funds were released as a result of Goodman’s resolution of a sales tax liability with the State of Texas. As of January 27, 2018 , $10.0 million remains in escrow pending resolution of certain post-closing indemnification claims. From time to time, the Company is party to various other claims and legal proceedings. It is the opinion of management, based on information available at this time, that such other pending claims or proceedings will not have a material effect on its financial statements. For claims within its insurance program, the Company retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. The Company has established reserves that it believes to be adequate based on current evaluations and experience with these types of claims. For these claims, the effect on the Company’s financial statements is generally limited to the amount needed to satisfy insurance deductibles or retentions. Commitments Leases. The Company and its subsidiaries have operating leases primarily covering office facilities that have original noncancelable terms in excess of one year. Certain of these leases contain renewal provisions and generally require the Company to pay insurance, maintenance, and other operating expenses. Total expense incurred under these operating lease agreements was $14.4 million , $32.5 million , $26.8 million , and $18.5 million for the 2018 transition period and fiscal 2017, 2016, and 2015, respectively. The future minimum obligation under these leases with original noncancelable terms in excess of one year is as follows (dollars in thousands): Future Minimum Lease Payments 2019 $ 24,955 2020 16,906 2021 9,870 2022 5,700 2023 3,443 Thereafter 3,756 Total $ 64,630 The Company also incurred rental expense under operating leases with original terms of one year or less of $15.0 million , $26.0 million , $23.0 million , and $20.4 million for the 2018 transition period and fiscal 2017, 2016, and 2015, respectively. Performance Bonds and Guarantees. The Company has obligations under performance and other surety contract bonds related to certain of its customer contracts. Performance bonds generally provide a customer with the right to obtain payment and/or performance from the issuer of the bond if the Company fails to perform its contractual obligations. As of January 27, 2018 , July 29, 2017 , and July 30, 2016 , the Company had $118.1 million , $118.2 million , and $165.8 million , respectively, of outstanding performance and other surety contract bonds. The Company periodically guarantees certain obligations of its subsidiaries, including obligations in connection with obtaining state contractor licenses and leasing real property and equipment. Letters of Credit. The Company has standby letters of credit issued under its Credit Agreement as part of its insurance program. These standby letters of credit collateralize obligations to the Company’s insurance carriers in connection with the settlement of potential claims. As of January 27, 2018 , July 29, 2017 , and July 30, 2016 , the Company had $48.6 million , $48.7 million , and $57.6 million , respectively, of outstanding standby letters of credit issued under the Credit Agreement. |
Transitional Comparative Period
Transitional Comparative Period | 6 Months Ended |
Jan. 27, 2018 | |
Accounting Policies [Abstract] | |
Transition Period Comparative Data | Transition Period Comparative Data The following table presents certain financial information for the six months ended January 27, 2018 and January 28, 2017 , respectively (dollars in thousands, except share amounts): For the Six Months Ended January 27, 2018 January 28, 2017 (Unaudited) Revenues $ 1,411,348 $ 1,500,355 Expenses: Cost of earned revenue, excluding depreciation and amortization 1,141,480 1,176,361 General and administrative 124,930 118,395 Depreciation and amortization 85,053 70,252 Total 1,351,463 1,365,008 Interest expense, net (19,560 ) (18,248 ) Other income, net 6,225 1,946 Income before income taxes 46,550 119,045 (Benefit) provision for income taxes (22,285 ) 44,332 Net income $ 68,835 $ 74,713 Earnings per common share: Basic $ 2.22 $ 2.37 Diluted $ 2.15 $ 2.32 Shares used in computing earnings per common share: Basic 31,059,140 31,480,660 Diluted 32,054,945 32,180,923 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 6 Months Ended |
Jan. 27, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) In the opinion of management, the following unaudited quarterly financial data from the 2018 transition period and fiscal 2017 and 2016 reflect all adjustments (consisting of normal recurring accruals), which are necessary to present a fair presentation of amounts shown for such periods. The Company’s fiscal year consists of either 52 weeks or 53 weeks of operations with the additional week of operations occurring in the fourth quarter. Fiscal 2017 consisted of 52 weeks, compared to fiscal 2016 which consisted of 53 weeks. The sum of the quarterly results may not equal the reported annual amounts due to rounding (dollars in thousands, except per share amounts). Quarter Ended 2018 Transition Period (1) : First Quarter Second Quarter Contract revenues $ 756,215 $ 655,133 Costs of earned revenues, excluding depreciation and amortization $ 600,847 $ 540,633 Gross profit $ 155,368 $ 114,500 Net income $ 28,776 $ 40,059 Earnings per common share - Basic $ 0.93 $ 1.29 Earnings per common share - Diluted $ 0.90 $ 1.24 Quarter Ended Fiscal 2017 : First Quarter Second Quarter Third Quarter Fourth Quarter Contract revenues $ 799,223 $ 701,131 $ 786,338 $ 780,188 Costs of earned revenues, excluding depreciation and amortization $ 614,990 $ 561,371 $ 621,475 $ 606,898 Gross profit $ 184,233 $ 139,760 $ 164,863 $ 173,290 Net income $ 51,050 $ 23,663 $ 38,796 $ 43,708 Earnings per common share - Basic $ 1.62 $ 0.75 $ 1.24 $ 1.41 Earnings per common share - Diluted $ 1.59 $ 0.74 $ 1.22 $ 1.38 Quarter Ended Fiscal 2016 : First Quarter (2) Second Quarter Third Quarter Fourth Quarter Contract revenues $ 659,268 $ 559,470 $ 664,645 $ 789,159 Costs of earned revenues, excluding depreciation and amortization $ 506,978 $ 450,284 $ 520,408 $ 605,909 Gross profit $ 152,290 $ 109,186 $ 144,237 $ 183,250 Net income $ 30,824 $ 15,473 $ 33,083 $ 49,360 Earnings per common share - Basic $ 0.94 $ 0.47 $ 1.02 $ 1.57 Earnings per common share - Diluted $ 0.91 $ 0.46 $ 1.00 $ 1.54 (1) The second quarter of the 2018 transition period includes an income tax benefit associated with Tax Reform of approximately $32.2 million . This benefit primarily resulted from the re-measurement of the Company’s net deferred tax liabilities at a lower U.S. federal corporate income tax rate. The 2018 transition period also includes an income tax benefit of approximately $7.8 million for the tax effects of the vesting and exercise of share-based awards as a result of the application of ASU 2016-09. See Note 12, Income Taxes , for additional information regarding these tax benefits. (2) During the first quarter of fiscal 2016, the Company incurred a pre-tax charge of approximately $16.3 million for early extinguishment of debt in connection with the redemption of the Company’s 7.125% senior subordinated notes. See Note 11, Debt , for additional information regarding the Company’s debt transactions. |
Basis of Presentation and Acc31
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jan. 27, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Dycom Industries, Inc. (“Dycom” or the “Company”) is a leading provider of specialty contracting services throughout the United States and in Canada. The Company provides program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. The accompanying 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”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of such statements have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. |
Accounting Period | Accounting Period. In September 2017, the Company’s Board of Directors approved a change in the Company’s fiscal year end from the last Saturday in July to the last Saturday in January. The change in fiscal year end better aligns the Company’s fiscal year with the planning cycles of its customers. Year-over-year quarterly financial data continues to be comparative to prior periods as the months that comprise each fiscal quarter in the new fiscal year are the same as those in the Company’s historical financial statements. This Transition Report on Form 10-K covers the six month transition period of July 30, 2017 through January 27, 2018 (the “2018 transition period”). After the 2018 transition period, each fiscal year will end on the last Saturday in January and consist of either 52 or 53 weeks of operations (with the additional week of operations occurring in the fourth fiscal quarter). The Company refers to the period beginning July 31, 2016 and ending July 29, 2017 as “fiscal 2017”, the period beginning July 26, 2015 and ending July 30, 2016 as “fiscal 2016”, and the period beginning July 27, 2014 and ending July 25, 2015 as “fiscal 2015”. References herein to the six months ended January 28, 2017 represent the comparative prior year six month period from July 31, 2016 to January 28, 2017. Fiscal 2017 and 2015 each consisted of 52 weeks of operations and fiscal 2016 consisted of 53 weeks of operations. The next 53 week fiscal period will occur in the fiscal year ending January 30, 2021. |
Segment Information | 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). Management of the operating segments report to the Company’s Chief Operating Officer who reports to the 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 Company’s operating segments provide services throughout the United States, and in Canada. Revenues from services provided in Canada were not material during the six months ended January 27, 2018 or fiscal 2017, 2016, or 2015. Additionally, the Company had no material long-lived assets in Canada as of January 27, 2018 , July 29, 2017 , or July 30, 2016 . |
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 consolidated financial statements and accompanying notes. For the Company, key estimates include: the purchase price allocations of businesses acquired, the fair value of reporting units for goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, asset lives used in computing depreciation and amortization, accrued insurance claims, income taxes, accruals for contingencies, including legal matters, recognition of revenue for costs and estimated earnings under the cost-to-cost measure of the percentage of completion method of accounting, allowance for doubtful accounts, and stock-based compensation expense for performance-based stock awards. These estimates are based on the Company’s historical experience and management’s understanding of current facts and circumstances. At the time they are made, the Company believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition. The Company performs a substantial majority of its services under master service agreements and other agreements that contain customer-specified service requirements and have discrete pricing for individual tasks. Revenue is recognized under these arrangements based on units-of-delivery as each unit is completed. The remainder of the Company’s services, representing less than 5% of its contract revenues during the 2018 transition period and fiscal 2017 , 2016, and 2015, are performed under contracts using the cost-to-cost measure of the percentage of completion method of accounting. Revenue is recognized under these arrangements based on the ratio of contract costs incurred to date to total estimated contract costs. For contracts using the cost-to-cost measure of the percentage of completion method of accounting, the Company accrues the entire amount of a contract loss at the time the loss is determined to be probable and can be reasonably estimated. During the 2018 transition period and fiscal 2017 , 2016, and 2015, there were no material impacts to the Company’s results of operations due to changes in contract estimates. There were no material amounts of unapproved change orders or claims recognized during the 2018 transition period or fiscal 2017 , 2016, or 2015. The current asset “Costs and estimated earnings in excess of billings” represents revenues recognized in excess of amounts billed. The current liability “Billings in excess of costs and estimated earnings” represents billings in excess of revenues recognized. |
Cash and Cash Equivalents | Cash and Equivalents. Cash and equivalents primarily include balances on deposit in banks. The Company maintains its cash and equivalents at financial institutions it believes to be of high credit quality. To date, the Company has not experienced any loss or lack of access to cash in its operating accounts. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts. The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company maintains an allowance for doubtful accounts for estimated losses on uncollected balances. Management analyzes the collectability of accounts receivable balances each period. This analysis considers the aging of account balances, historical bad debt experience, changes in customer creditworthiness, current economic trends, customer payment activity, and other relevant factors. Should any of these factors change, the estimate made by management may also change, which could affect the level of the Company’s future provision for doubtful accounts. The Company recognizes an increase in the allowance for doubtful accounts when it is probable that a receivable is not collectible and the loss can be reasonably estimated. Any increase in the allowance account has a corresponding negative effect on the Company’s results of operations. |
Inventories | Inventories. Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or net realizable value. Inventories also include certain job specific materials that are valued using the specific identification method. For contracts where the Company is required to supply part or all of the materials on behalf of a customer, the loss of a customer or declines in contract volumes could result in an impairment of the value of materials purchased. |
Property and Equipment | Property and Equipment. Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 7, Property and Equipment , for the range of useful lives). Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software is accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350-40, Internal Use Software. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software at net book value of $28.8 million , $27.5 million , and $23.0 million as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets. The Company accounts for goodwi ll and other intangibles in accordance with ASC Topic 350, Intangibles - Goodwill and Other (“ASC Topic 350”). 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 Company performs its annual impairment review of goodwill at the reporting unit level. Each of the Company’s operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If the Company determines the fair value of the reporting unit’s goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of the tests, an impairment loss is recognized and reflected in operating income or loss in the consolidated statements of operations during the period incurred. The Company has historically completed its annual goodwill impairment assessment as of the first day of the fourth fiscal quarter of each year. As a result of the change in the Company’s fiscal year end, the annual goodwill impairment assessment date was changed to the first day of the fiscal quarter ending on the last Saturday in January, as this will be the first day of the Company’s fourth fiscal quarter. For the six month transition period ended January 27, 2018, the assessment was performed as of October 29, 2017, which is approximately six months earlier than in previous years. The change in the annual goodwill impairment assessment date is deemed a change in accounting principle, which the Company believes to be preferable as the change was made to better align the annual goodwill impairment test with the change in the Company’s annual planning and budgeting process related to the new fiscal year end. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge and had no effect on the consolidated financial statements, including any cumulative effect on retained earnings. See Note 8, Goodwill and Intangible Assets , for additional information regarding the Company’s assessment performed for the six month transition period ended January 27, 2018. In accordance with ASC Topic 360, Impairment or Disposal of Long-Lived Assets , the Company reviews finite-lived intangible assets for impairment whenever an event occurs or circumstances change that indicates that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. Should an asset not be recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If the Company determines the fair value of an asset is less than the carrying value, an impairment loss is recognized in operating income or loss in the consolidated statements of operations during the period incurred. The Company uses judgment in assessing whether goodwill and intangible assets are impaired. Estimates of fair value are based on the Company’s projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. The Company determines the fair value of its reporting units using a weighing of fair values derived in equal proportions from the income approach and market approach valuation methodologies. The income approach uses the discounted cash flow method and the market approach uses the guideline company method. Changes in the Company’s judgments and projections could result in significantly different estimates of fair value, potentially resulting in impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. See Note 8, Goodwill and Intangible Assets , for additional information regarding the Company’s annual assessment of goodwill and other indefinite-lived intangible assets. |
Impairment or Disposal of Long-Lived Assets | Long-Lived Tangible Assets. The Company reviews long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. |
Business Combinations | Business Combinations. The Company accounts for business combinations under the acquisition method of accounting. The purchase price of each business acquired is allocated to the tangible and intangible assets acquired and the liabilities assumed based on information regarding their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, expected royalty rates for trademarks and trade names, as well as certain other information. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to the Company at that time, may become known during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. The Company will recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. Additionally, the Company will record, in the same period’s financial statements in which adjustments are recorded, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting adjustment had been completed at the acquisition date. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the consolidated financial statements from their dates of acquisition. |
Accrued Insurance Claims | Accrued Insurance Claims. For claims within the Company’s insurance program, it retains the risk of loss, up to certain limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. The Company has established reserves that it believes to be adequate based on current evaluations and its experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on the Company’s financial statements is generally limited to the amount needed to satisfy its insurance deductibles or retentions. The Company estimates the liability for claims based on facts, circumstances, and historical experience. Even though they will not be paid until sometime in the future, recorded loss reserves are not discounted. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the magnitude and quantity of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. |
Per Share Data | Per Share Data. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares arising from the Company’s stock-based awards (including unvested restricted share units), convertible senior notes, and warrants if their inclusion is dilutive under the treasury stock method. Common stock equivalents related to stock-based awards, convertible senior notes and warrants are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. The Company adopted FASB Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) effective July 30, 2017, the first day of the 2018 transition period. See Recently Issued Accounting Pronouncements - Recently Adopted Accounting Standards - Stock-Based Compensation below for additional information related to ASU 2016-09’s impact on per share data. |
Stock-Based Compensation | Stock-Based Compensation. The Company has stock-based compensation plans under which it grants stock-based awards, including stock options, restricted share units, and performance-based restricted share units to attract, retain, and reward talented employees, officers and directors, and to align stockholder and employee interests. The Company’s policy is to issue new shares to satisfy equity awards under its stock-based compensation plans. The Company has outstanding stock-based awards under its 2003 Long-Term Incentive Plan, 2007 Non-Employee Directors Equity Plan, 2012 Long-Term Incentive Plan, and 2017 Non-Employee Directors Equity Plan (collectively, the “Plans”). No further awards will be granted under the 2003 Long-Term Incentive Plan, or 2007 Non-Employee Directors Equity Plan. During the 2018 transition period, the Company’s shareholders approved the 2017 Non-Employee Directors Equity Plan which replaced the 2007 Non-Employee Directors Equity Plan and authorized 140,000 shares of common stock for equity awards to non-employee directors. In addition, the Company’s shareholders approved an amendment to the 2012 Long-Term Incentive Plan to, among other things, increase the number of shares available for issuance by 865,000 . As of January 27, 2018 , the total number of shares available for grant under the Plans was 1,446,377 . Compensation expense for stock-based awards is based on fair value at the measurement date and fluctuates over time as a result of the vesting period of the stock-based awards and the Company’s performance, as measured by criteria set forth in performance-based awards. This expense is included in general and administrative expenses in the consolidated statements of operations and the amount of expense ultimately recognized depends on the number of awards that actually vest. For performance-based restricted share units (“Performance RSUs”), the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if it determines it is probable that the performance criteria for the awards will be met. In a period the Company determines it is no longer probable that it will achieve certain performance criteria for the awards, it reverses the stock-based compensation expense that it had previously recognized associated with the portion of Performance RSUs that are no longer expected to vest. Accordingly, stock-based compensation expense may vary from period to period. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. Stock options generally vest ratably over a four -year period and are exercisable over a period of up to ten years. The fair value of time-based restricted share units (“RSUs”) and Performance RSUs is estimated on the date of grant and is generally equal to the closing stock price on that date. Each RSU and Performance RSU is settled in one share of the Company’s common stock upon vesting. RSUs vest ratably over a period of four years. Performance RSUs vest over a period of three years from the date of grant if certain performance measures are achieved. The performance criteria for target awards are based on the Company’s operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its operating cash flow level (adjusted for certain amounts) for the applicable performance period. Additionally, certain awards include three -year performance goals that, if met, result in supplemental shares awarded. The three -year performance goals required to earn supplemental awards are more difficult to achieve than those required to earn annual target awards and are based on the Company’s three -year cumulative operating earnings (adjusted for certain amounts) as a percentage of contract revenues and its three -year cumulative operating cash flow level (adjusted for certain amounts). |
Income Taxes | Income Taxes. The Company accounts for income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The Company’s effective income tax rate differs from the statutory rate for the tax jurisdictions where it operates primarily as the result of the impact of non-deductible and non-taxable items, tax credits recognized in relation to pre-tax results, certain tax impacts from the vesting and exercise of share-based awards, and certain tax impacts from the Tax Cuts and Jobs Act of 2017 (“Tax Reform”). Tax Reform had a substantial impact on the Company’s consolidated financial statements for the 2018 transition period. See Note 12, Income Taxes , for further information. Measurement of the Company’s tax position is based on the applicable statutes, federal and state case law, and its interpretations of tax regulations. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all relevant factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would be able to realize deferred income tax assets in excess of their net recorded amount, the Company would adjust the valuation allowance, which would reduce the provision for income taxes. In accordance with ASC Topic 740, Income Taxes (“ASC Topic 740”), the Company recognizes tax benefits in the amount that it deems more likely than not will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized during the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. The Company recognizes applicable interest related to tax amounts in interest expense and penalties within general and administrative expenses. The Company believes its provision for income taxes is adequate; however, any assessment would affect the Company’s results of operations and cash flows. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or Canadian income tax examinations for fiscal years ended 2013 and prior. During fiscal 2016, the Company was notified by the Internal Revenue Service (“IRS”) that its federal income tax return for fiscal 2014 was selected for examination. The IRS completed its examination during 2017 with no proposed adjustments to the Company’s tax return. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The Company’s financial instruments primarily consist of cash and equivalents, restricted cash, accounts receivable, income taxes receivable and payable, accounts payable, certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for the Company’s long-term debt, which is based on observable market-based inputs (Level 2). See Note 11, Debt , for further information regarding the fair value of such financial instruments. The Company’s cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of January 27, 2018 , July 29, 2017 , and July 30, 2016 . During the 2018 transition period and fiscal 2017 and 2016, the Company had no material nonrecurring fair value measurements of assets or liabilities subsequent to their initial recognition. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted Accounting Standards Income Taxes. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets are solely classified as non-current in a consolidated statement of financial position. The Company adopted ASU 2015-17 effective July 30, 2017, the first day of the 2018 transition period. In accordance with ASU 2015-17, these changes have been applied prospectively and prior periods have not been adjusted. Stock Compensation. In March 2016, the FASB issued ASU No. 2016-09 with the intention of simplifying accounting for share-based payment transactions. The Company adopted ASU 2016-09 effective July 30, 2017, the first day of the 2018 transition period. Under the amended guidance, excess tax benefits (“windfalls”) or tax deficiencies (“shortfalls”) are recognized in the Company’s provision for income taxes in the consolidated statements of operations rather than as additional paid-in capital in the consolidated balance sheets. Additionally, windfalls and shortfalls are presented as operating cash flows rather than financing activities. As a result of the amended guidance, the Company recognized approximately $7.8 million of windfalls as a reduction to income tax expense in the consolidated statements of operations during the six months ended January 27, 2018 . Additionally, this amount was presented as operating cash flows rather than as financing activities during the six months ended January 27, 2018 . Because windfalls and shortfalls are no longer recognized in additional paid-in capital, the amount is excluded from the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. As a result of the amended guidance, diluted shares increased by approximately 177,575 shares during the six months ended January 27, 2018 . The inclusion of windfalls and shortfalls as a component of income tax expense or benefit during the period in which they occur will increase the volatility of the Company’s provision for income taxes. The amount of windfalls and shortfalls recognized will be dependent on the volume of share-based award vesting or exercise activity as well as the Company’s stock price at the dates on which stock-based awards vest or are exercised. In accordance with ASU 2016-09, these changes have been applied prospectively and prior periods have not been adjusted. The other components of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. See Note 2, Computation of Earnings Per Share , Note 12, Income Taxes , and Note 16, Stock-Based Awards for additional disclosure related to the effects of ASU 2016-09. The Company also adopted the following Accounting Standards Updates during the 2018 transition period , neither of which had a material effect on the Company’s consolidated financial statements: Standard Adoption Date 2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory July 30, 2017 2017-09 Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting July 30, 2017 Accounting Standards Not Yet Adopted Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment testing. An entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company for the fiscal year ended January 30, 2021 and interim reporting periods within that year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. Business Combinations. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 will be effective for the Company for the fiscal year ended January 26, 2019 and interim reporting periods within that year. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. Revenue Recognition . In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU No. 2014-09 and related updates are referred to herein as “ASU 2014-09”. ASU 2014-09 replaces numerous requirements in GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company has evaluated the effect of ASU 2014-09 on its systems, business processes, controls, disclosures, and consolidated financial statements. This assessment involves the comparison of representative contracts with customers with requirements of the new standard and historical accounting practices. Based on the results of the contract reviews performed to date, the Company is expecting to recognize the substantial majority of its revenue from master service agreements and other agreements that contain customer-specified service requirements, recognized over time, using the units-of-delivery output method under ASU 2014-09. Output measures such as units delivered are utilized to assess progress against specific contractual performance obligations for the majority of the Company’s services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. ASU 2014-09 must be applied using either a full retrospective approach or a modified (cumulative effect) retrospective approach. The Company will adopt ASU 2014-09 under the modified (cumulative effect) retrospective approach. Under this approach, ASU 2014-09 would apply to all new contracts initiated on or after January 28, 2018, the first day of fiscal 2019. As a practical expedient the Company will adopt the new standard only for existing contracts as of January 28, 2018, the date of adoption. Any contracts that had expired prior to January 28, 2018 will not be evaluated against the new standard. Adoption of ASU 2014-09 is not expected to have a material impact on the timing or amount of revenue recognized under contracts with customers, as compared to current revenue recognition practices. The Company expects the cumulative impact adjustment to opening retained earnings to be immaterial, with an immaterial impact to the Company’s net income on an ongoing basis. Prior periods will not be retrospectively adjusted. Restricted Cash. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 is intended to reduce the diversity in practice regarding the classification and presentation of changes in restricted cash within the statement of cash flows. The amendments in this update require that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for the Company for the fiscal year ended January 26, 2019 and interim reporting periods within that year. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. Income Taxes. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 amends the current GAAP prohibition of recognizing current and deferred income taxes for intra-entity asset transfers until the asset has been sold to an outside party. The update requires an entity to recognize the income tax consequences of an intra-entity transfer for assets other than inventory when the transfer occurs. ASU 2016-16 will be effective for the Company for the fiscal year ended January 26, 2019 and interim reporting periods within that year. The Company expects the adoption of this guidance will not have a material effect on the Company’s consolidated financial statements. Statement of Cash Flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) . In an effort to reduce diversity in practice regarding the classification of certain transactions within the statement of cash flows, ASU 2016-15 addresses eight specific cash flow issues including, among other things, the classification of debt prepayment or debt extinguishment costs. Historically, the Company has classified certain cash flows related to debt prepayment or debt extinguishment costs as operating activities. Upon adoption of ASU 2016-15, the Company will be required to classify such cash flows as financing activities on a retrospective basis. The adoption of ASU 2016-15 as it relates to any of the other seven cash flow issues specified is not expected to have a material effect on the Company’s Consolidated Statement of Cash Flows. ASU 2016-15 will be effective for the Company for the fiscal year ended January 26, 2019 and interim reporting periods within that year. Early adoption is permitted as of the beginning of an interim or annual reporting period. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 substantially retains the classification for leasing transactions as finance or operating leases. The new guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms greater than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. For finance leases the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases the lessee would recognize straight-line total lease expense. ASU 2016-02 will be effective for the Company for the fiscal year ended January 25, 2020 and interim reporting periods within that year. The Company is currently evaluating the effect of the adoption of this guidance on the Company’s consolidated financial statements. |
Computation of Earnings Per C32
Computation of Earnings Per Common Share (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
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): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Net income available to common stockholders (numerator) $ 68,835 $ 157,217 $ 128,740 $ 84,324 Weighted-average number of common shares (denominator) 31,059,140 31,351,367 32,315,636 34,045,481 Basic earnings per common share $ 2.22 $ 5.01 $ 3.98 $ 2.48 Weighted-average number of common shares 31,059,140 31,351,367 32,315,636 34,045,481 Potential shares of common stock arising from stock options, and unvested restricted share units (1) 778,411 633,364 800,119 981,207 Potential shares of common stock issuable on conversion of 0.75% convertible senior notes due 2021 (2) 217,394 — — — Total shares-diluted (denominator) 32,054,945 31,984,731 33,115,755 35,026,688 Diluted earnings per common share $ 2.15 $ 4.92 $ 3.89 $ 2.41 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 93,117 73,830 65,514 103,896 0.75% convertible senior notes due 2021 4,788,340 5,005,734 5,005,734 — Warrants 5,005,734 5,005,734 5,005,734 — Total 9,887,191 10,085,298 10,076,982 103,896 (1) As discussed in Note 1, Basis of Presentation and Accounting Policies , the Company has adopted ASU 2016-09. The amended guidance changed the treatment of windfalls (or shortfalls) arising from the vesting and exercise of share-based awards. Prior to ASU 2016-09, these amounts were recorded as an adjustment to additional paid-in capital. With the adoption of ASU 2016-09, these amounts are now included in the Company’s provision for income taxes. Because windfalls are no longer recognized in additional paid-in capital, the amount is excluded from the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. As a result of the amended guidance, diluted shares increased by approximately 177,575 shares during the six months ended January 27, 2018 . |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2017 and 2016 (dollars in millions): 2017 2016 Assets Accounts receivable $ 8.9 $ 16.9 Costs and estimated earnings in excess of billings 2.4 21.8 Inventories and other current assets 0.2 15.0 Property and equipment 5.6 11.5 Goodwill 10.1 39.9 Intangible assets - customer relationships 9.8 94.5 Intangible assets - trade names and other 0.7 1.8 Total assets 37.7 201.4 Liabilities Accounts payable 3.2 23.7 Accrued and other current liabilities 3.4 22.3 Deferred tax liabilities, net non-current 5.0 — Total liabilities 11.6 46.0 Net Assets Acquired $ 26.1 $ 155.4 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Contract billings $ 300,271 $ 348,990 $ 297,532 Retainage 19,411 21,645 32,101 Total 319,682 370,635 329,633 Less: allowance for doubtful accounts (998 ) (835 ) (1,603 ) Accounts receivable, net $ 318,684 $ 369,800 $ 328,030 |
Costs and Estimated Earnings 35
Costs and Estimated Earnings in Excess of Billings (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net | Costs and estimated earnings in excess of billings (“CIEB”) includes revenue for services performed under contracts using the units-of-delivery method of accounting and the cost-to-cost measure of the percentage of completion method of accounting. Amounts consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Costs incurred on contracts in progress $ 333,775 $ 327,312 $ 307,826 Estimated to date earnings 72,720 92,781 92,226 Total costs and estimated earnings 406,495 420,093 400,052 Less: billings to date (43,503 ) (40,091 ) (42,637 ) $ 362,992 $ 380,002 $ 357,415 Included in the accompanying consolidated balance sheets under the captions: Costs and estimated earnings in excess of billings $ 369,472 $ 389,286 $ 376,972 Billings in excess of costs and estimated earnings (6,480 ) (9,284 ) (19,557 ) $ 362,992 $ 380,002 $ 357,415 |
Other Current Assets and Othe36
Other Current Assets and Other Assets (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Prepaid expenses $ 13,167 $ 10,588 $ 8,249 Insurance recoveries for accrued insurance claims 13,701 — — Receivables on equipment sales 31 2,761 913 Deposits and other current assets, including restricted cash 12,811 10,254 6,944 Total other current assets $ 39,710 $ 23,603 $ 16,106 |
Schedule of Non current Assets | Other assets (long-term) consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Deferred financing costs $ 3,873 $ 4,797 $ 6,366 Restricted cash 5,253 5,408 5,008 Insurance recoveries for accrued insurance claims 6,722 9,243 5,714 Other non-current deposits and assets 12,342 13,925 16,688 Total other assets $ 28,190 $ 33,373 $ 33,776 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) January 27, 2018 July 29, 2017 July 30, 2016 Land — $ 3,470 $ 3,470 $ 3,475 Buildings 10-35 12,315 12,073 11,969 Leasehold improvements 1-10 14,202 13,912 13,753 Vehicles 1-5 536,379 496,820 404,273 Computer hardware and software 1-7 117,058 107,779 95,570 Office furniture and equipment 1-10 11,686 12,226 10,374 Equipment and machinery 1-10 273,712 288,993 242,079 Total 968,822 935,273 781,493 Less: accumulated depreciation (554,054 ) (513,166 ) (454,823 ) Property and equipment, net $ 414,768 $ 422,107 $ 326,670 Depreciation expense and repairs and maintenance were as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Depreciation expense $ 72,961 $ 123,125 $ 105,514 $ 79,331 Repairs and maintenance expense $ 16,438 $ 31,272 $ 29,487 $ 22,054 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The Company’s goodwill balance was $321.7 million , $321.7 million , and $310.2 million as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively. Changes in the carrying amount of goodwill were as follows (dollars in thousands): Goodwill Accumulated Impairment Losses Total Balance as of July 25, 2015 $ 467,420 $ (195,767 ) $ 271,653 Purchase price allocation adjustments 101 — 101 Goodwill from fiscal 2016 acquisitions 38,403 — 38,403 Balance as of July 30, 2016 505,924 (195,767 ) 310,157 Goodwill from fiscal 2017 acquisition 10,087 — 10,087 Purchase price allocation adjustments from fiscal 2016 acquisitions 1,504 — 1,504 Balance as of July 29, 2017 517,515 (195,767 ) 321,748 Purchase price allocation adjustments from fiscal 2017 acquisition (5 ) — (5 ) Balance as of January 27, 2018 $ 517,510 $ (195,767 ) $ 321,743 |
Impairment Calculation Rates | The table below outlines certain assumptions used in the Company’s quantitative impairment analyses for the 2018 transition period and fiscal 2017, 2016, and 2015: 2018 2017 2016 2015 Terminal Growth Rate 2.5% - 3.0% 2.0% - 3.0% 2.0% - 3.0% 1.5% - 2.5% Discount Rate 11.0% 11.0% 11.5% 11.5% |
Schedule of Intangible Assets | The Company’s intangible assets consisted of the following (dollars in thousands): Gross Carrying Amount Accumulated Amortization Intangible Assets, Net January 27, 2018: Customer relationships $ 299,717 $ 135,544 $ 164,173 Trade names 10,350 7,872 2,478 UtiliQuest trade name 4,700 — 4,700 Non-compete agreements 450 332 118 $ 315,217 $ 143,748 $ 171,469 July 29, 2017: Customer relationships $ 299,717 $ 124,084 $ 175,633 Trade names 10,350 7,285 3,065 UtiliQuest trade name 4,700 — 4,700 Non-compete agreements 450 287 163 $ 315,217 $ 131,656 $ 183,561 July 30, 2016: Customer relationships $ 289,955 $ 101,012 $ 188,943 Trade names 9,800 6,034 3,766 UtiliQuest trade name 4,700 — 4,700 Non-compete agreements 685 329 356 Contract backlog 4,780 4,666 114 $ 309,920 $ 112,041 $ 197,879 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of January 27, 2018 , total amortization expense for existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows (dollars in thousands): Amount 2019 $ 21,656 2020 20,095 2021 19,208 2022 16,740 2023 14,294 Thereafter 74,776 Total $ 166,769 |
Accrued Insurance Claims (Table
Accrued Insurance Claims (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Disclosure | Amounts for total accrued insurance claims and insurance recoveries/receivables is as follows (dollars in millions): January 27, 2018 July 29, 2017 July 30, 2016 Accrued insurance claims - current $ 53,890 $ 39,909 $ 36,844 Accrued insurance claims - non-current 59,385 62,007 52,835 Total accrued insurance claims $ 113,275 $ 101,916 $ 89,679 Insurance recoveries/receivables: Current (included in Other current assets) $ 13,701 $ — $ — Non-current (included in Other assets) 6,722 9,243 5,714 Total insurance recoveries/receivables $ 20,423 $ 9,243 $ 5,714 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Accrued payroll and related taxes $ 23,010 $ 24,554 $ 23,908 Accrued employee benefit and incentive plan costs 16,097 42,135 40,943 Accrued construction costs 24,582 29,942 41,123 Other current liabilities 15,968 16,972 16,328 Total other accrued liabilities $ 79,657 $ 113,603 $ 122,302 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Debt Disclosure [Abstract] | |
Outstanding Indebtedness | The Company’s outstanding indebtedness consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Credit Agreement - Revolving facility (matures April 2020) $ — $ — $ — Credit Agreement - Term loan facilities (mature April 2020) 358,063 367,688 346,250 0.75% convertible senior notes, net (mature September 2021) 402,249 392,233 373,077 760,312 759,921 719,327 Less: current portion (26,469 ) (21,656 ) (13,125 ) Long-term debt $ 733,843 $ 738,265 $ 706,202 |
Schedule Interest Rates for the Credit Agreement | Borrowings under the Credit Agreement bear interest at rates described below based upon the Company’s consolidated leverage ratio, which is the ratio of the Company’s consolidated total funded debt to its trailing twelve month consolidated EBITDA, as defined by the Credit Agreement. In addition, the Company incurs certain fees for unused balances and letters of credit at the rates described below, also based upon the Company’s consolidated leverage ratio: Borrowings - Eurodollar Rate Loans 1.25% - 2.00% plus LIBOR Borrowings - Base Rate Loans 0.25% - 1.00% plus administrative agent’s base rate (1) Unused Revolver Commitment 0.25% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% - 1.00% (1) The agent’s base rate is described in the Credit Agreement as the highest of (i) the administrative agent’s prime rate, (ii) the Federal Funds Rate plus 0.50% , and (iii) the Eurodollar rate plus 1.00% , plus an applicable margin. The weighted average interest rates and fees for balances under the Credit Agreement as of January 27, 2018 , July 29, 2017 , and July 30, 2016 were as follows: Weighted Average Rate End of Period January 27, 2018 July 29, 2017 July 30, 2016 Borrowings - Term loan facilities 3.30% 2.98% 2.49% Borrowings - Revolving facility (1) —% —% —% Standby Letters of Credit 1.75% 1.75% 2.00% Unused Revolver Commitment 0.35% 0.35% 0.40% (1) There were no outstanding borrowings under the revolving facility as of January 27, 2018 , July 29, 2017 |
Convertible Debt | The liability component of the Notes consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Liability component Principal amount of 0.75% convertible senior notes due September 2021 $ 485,000 $ 485,000 $ 485,000 Less: Debt discount (74,899 ) (84,069 ) (101,679 ) Less: Debt issuance costs (7,852 ) (8,698 ) (10,244 ) Net carrying amount of Notes $ 402,249 $ 392,233 $ 373,077 The following table summarizes the carrying amount and fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $136.01 , $116.96 , and $117.65 as of January 27, 2018 , July 29, 2017 , and July 30, 2016 , respectively (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Net carrying amount of Notes $ 402,249 $ 392,233 $ 373,077 Fair value of principal amount of Notes $ 659,649 $ 567,256 $ 570,603 Less: Debt discount and debt issuance costs (82,751 ) (92,767 ) (111,923 ) Fair value of Notes $ 576,898 $ 474,489 $ 458,680 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the (benefit) provision for income taxes were as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Current: Federal $ (4,384 ) $ 62,455 $ 42,096 $ 42,516 Foreign 598 176 310 502 State 1,166 12,344 8,399 6,998 (2,620 ) 74,975 50,805 50,016 Deferred: Federal (21,332 ) 17,051 26,467 305 Foreign (37 ) (35 ) (296 ) 268 State 1,704 1,217 611 671 (19,665 ) 18,233 26,782 1,244 Total (benefit) provision for income taxes $ (22,285 ) $ 93,208 $ 77,587 $ 51,260 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the amount computed by applying the Company’s blended statutory income tax rate to pre-tax income to the total tax provision is as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Statutory rate applied to pre-tax income $ 15,334 $ 87,649 $ 72,214 $ 47,454 State taxes, net of federal tax benefit 1,406 9,868 7,398 5,159 Tax Reform and related effects (32,249 ) — — — Federal benefit of vesting and exercise of share-based awards (7,067 ) — — — Non-deductible and non-taxable items, net 1,585 (4,686 ) (2,013 ) (1,220 ) Change in accruals for uncertain tax positions 250 632 113 (74 ) Tax credits (1,596 ) — — — Other items, net 52 (255 ) (125 ) (59 ) Total (benefit) provision for income taxes $ (22,285 ) $ 93,208 $ 77,587 $ 51,260 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities consisted of the following (dollars in thousands): January 27, 2018 July 29, 2017 July 30, 2016 Deferred tax assets: Insurance and other reserves $ 22,368 $ 36,955 $ 33,847 Allowance for doubtful accounts and reserves 1,081 1,975 1,013 Net operating loss carryforwards 822 765 1,151 Stock-based compensation 3,405 8,022 6,424 Other 1,174 1,750 1,363 Total deferred tax assets 28,850 49,467 43,798 Valuation allowance (148 ) (122 ) (358 ) Deferred tax assets, net of valuation allowance $ 28,702 $ 49,345 $ 43,440 Deferred tax liabilities: Property and equipment $ 59,933 $ 87,581 $ 63,926 Goodwill and intangibles 25,852 38,125 32,632 Other 345 741 736 Deferred tax liabilities $ 86,130 $ 126,447 $ 97,294 Net deferred tax liabilities $ 57,428 $ 77,102 $ 53,854 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | The components of other income, net, were as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Gain on sale of fixed assets $ 7,217 $ 14,866 $ 9,806 $ 7,110 Miscellaneous expense, net (992 ) (2,086 ) 627 1,181 Total other income, net $ 6,225 $ 12,780 $ 10,433 $ 8,291 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Multiemployer Plans | Company Contributions Expiration Date of CBA PPA Zone Status (1) FIP/RP Status (2) Six Months Ended Fiscal Year Ended Surcharge Imposed Fund 2017 2016 2018 2017 2016 2015 The Plan (EIN 13-6123601) Green Green No $ — $ — $ 3,057 $ 3,852 No 5/5/2016 Other Plans 319 384 622 934 Various Total $ 319 $ 384 $ 3,679 $ 4,786 |
Capital Stock (Tables)
Capital Stock (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | Repurchases of Common Stock. The Company made the following share repurchases during fiscal 2015, 2016, and 2017 and the 2018 transition period (all shares repurchased have been canceled): Period Number of Shares Repurchased Total Consideration (In thousands) Average Price Per Share Fiscal 2015 1,669,924 $ 87,146 $ 52.19 Fiscal 2016 2,511,578 $ 169,997 $ 67.69 Fiscal 2017 713,006 $ 62,909 $ 88.23 Six months ended January 27, 2018 200,000 $ 16,875 $ 84.38 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-based Compensation Expense and Related Tax Benefit Recognized | Stock-based compensation expense and the related tax benefit recognized and realized during the 2018 transition period and fiscal 2017, 2016, and 2015 were as follows (dollars in thousands): Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Stock-based compensation $ 13,277 $ 20,805 $ 16,850 $ 13,923 Income tax effect of stock-based compensation $ 4,793 $ 7,996 $ 6,436 $ 5,458 In addition, as a result of the Company’s application of ASU 2016-09, the Company recognized approximately $7.8 million of certain tax benefits from share-based award activities during the 2018 transition period . |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the valuation of stock options and restricted share units granted during the 2018 transition period and fiscal 2017, 2016, and 2015 and the significant valuation assumptions: Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Weighted average fair value of RSUs granted $ 87.34 $ 79.04 $ 72.41 $ 31.42 Weighted average fair value of Performance RSUs granted $ 84.13 $ 79.29 $ 77.86 $ 31.03 Weighted average fair value of stock options granted $ 42.60 $ 39.90 $ 45.13 $ 19.48 Stock option assumptions: Risk-free interest rate 2.3 % 2.3 % 2.0 % 2.1 % Expected life (in years) 7.6 7.6 7.3 8.8 Expected volatility 43.4 % 44.7 % 55.0 % 54.5 % Expected dividends — — — — |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during the 2018 transition period : Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of July 29, 2017 670,350 $ 25.24 Granted 18,933 $ 85.15 Options exercised (52,553 ) $ 14.17 Canceled — $ — Outstanding as of January 27, 2018 636,730 $ 27.93 4.8 $ 58,176 Exercisable options as of January 27, 2018 549,507 $ 21.63 4.2 $ 53,670 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during the 2018 transition period : Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Price Share Units Weighted Average Grant Price Outstanding as of July 29, 2017 187,465 $ 60.71 553,882 $ 67.46 Granted 29,672 $ 87.34 138,261 $ 84.13 Share units vested (80,884 ) $ 51.49 (272,466 ) $ 57.98 Forfeited or canceled (2,357 ) $ 81.62 (29,350 ) $ 60.32 Outstanding as of January 27, 2018 133,896 $ 71.81 390,327 $ 80.52 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 6 Months Ended |
Jan. 28, 2017 | |
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 contract revenues exceeded 10% of total contract revenues during the 2018 transition period or fiscal 2017, 2016, or 2015 were as follows: Six Months Ended Fiscal Year Ended January 27, 2018 July 29, 2017 July 30, 2016 July 25, 2015 Comcast Corporation 21.6% 17.7% 13.6% 12.9% AT&T Inc. 20.6% 26.3% 24.4% 20.8% CenturyLink, Inc. (1) 17.5% 18.2% 14.7% 14.5% Verizon Communications Inc. (2) 12.0% 9.2% 11.2% 7.7% Customers whose combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings, net (“CIEB, net”) exceeded 10% of total combined trade receivables and CIEB, net as of January 27, 2018 , July 29, 2017 , or July 30, 2016 were as follows (dollars in millions): January 27, 2018 July 29, 2017 July 30, 2016 Amount % of Total Amount % of Total Amount % of Total Comcast Corporation $ 166.5 24.5% $ 159.7 21.3% $ 95.3 13.9% CenturyLink, Inc. (1) $ 126.0 18.5% $ 148.1 19.8% $ 81.5 11.9% Verizon Communications Inc. (2) $ 98.2 14.4% $ 73.7 9.8% $ 70.2 10.2% AT&T Inc. $ 79.2 11.6% $ 87.1 11.6% $ 138.8 20.3% Windstream Corporation $ 42.9 6.3% $ 84.7 11.3% $ 79.0 11.5% |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum obligation under these leases with original noncancelable terms in excess of one year is as follows (dollars in thousands): Future Minimum Lease Payments 2019 $ 24,955 2020 16,906 2021 9,870 2022 5,700 2023 3,443 Thereafter 3,756 Total $ 64,630 |
Transitional Comparative Peri49
Transitional Comparative Period (Tables) | 12 Months Ended |
Jul. 29, 2017 | |
Accounting Policies [Abstract] | |
Transition Period Comparative Data | The following table presents certain financial information for the six months ended January 27, 2018 and January 28, 2017 , respectively (dollars in thousands, except share amounts): For the Six Months Ended January 27, 2018 January 28, 2017 (Unaudited) Revenues $ 1,411,348 $ 1,500,355 Expenses: Cost of earned revenue, excluding depreciation and amortization 1,141,480 1,176,361 General and administrative 124,930 118,395 Depreciation and amortization 85,053 70,252 Total 1,351,463 1,365,008 Interest expense, net (19,560 ) (18,248 ) Other income, net 6,225 1,946 Income before income taxes 46,550 119,045 (Benefit) provision for income taxes (22,285 ) 44,332 Net income $ 68,835 $ 74,713 Earnings per common share: Basic $ 2.22 $ 2.37 Diluted $ 2.15 $ 2.32 Shares used in computing earnings per common share: Basic 31,059,140 31,480,660 Diluted 32,054,945 32,180,923 |
Quarterly Financial Data (Una50
Quarterly Financial Data (Unaudited) (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | (dollars in thousands, except per share amounts). Quarter Ended 2018 Transition Period (1) : First Quarter Second Quarter Contract revenues $ 756,215 $ 655,133 Costs of earned revenues, excluding depreciation and amortization $ 600,847 $ 540,633 Gross profit $ 155,368 $ 114,500 Net income $ 28,776 $ 40,059 Earnings per common share - Basic $ 0.93 $ 1.29 Earnings per common share - Diluted $ 0.90 $ 1.24 Quarter Ended Fiscal 2017 : First Quarter Second Quarter Third Quarter Fourth Quarter Contract revenues $ 799,223 $ 701,131 $ 786,338 $ 780,188 Costs of earned revenues, excluding depreciation and amortization $ 614,990 $ 561,371 $ 621,475 $ 606,898 Gross profit $ 184,233 $ 139,760 $ 164,863 $ 173,290 Net income $ 51,050 $ 23,663 $ 38,796 $ 43,708 Earnings per common share - Basic $ 1.62 $ 0.75 $ 1.24 $ 1.41 Earnings per common share - Diluted $ 1.59 $ 0.74 $ 1.22 $ 1.38 Quarter Ended Fiscal 2016 : First Quarter (2) Second Quarter Third Quarter Fourth Quarter Contract revenues $ 659,268 $ 559,470 $ 664,645 $ 789,159 Costs of earned revenues, excluding depreciation and amortization $ 506,978 $ 450,284 $ 520,408 $ 605,909 Gross profit $ 152,290 $ 109,186 $ 144,237 $ 183,250 Net income $ 30,824 $ 15,473 $ 33,083 $ 49,360 Earnings per common share - Basic $ 0.94 $ 0.47 $ 1.02 $ 1.57 Earnings per common share - Diluted $ 0.91 $ 0.46 $ 1.00 $ 1.54 (1) The second quarter of the 2018 transition period includes an income tax benefit associated with Tax Reform of approximately $32.2 million . This benefit primarily resulted from the re-measurement of the Company’s net deferred tax liabilities at a lower U.S. federal corporate income tax rate. The 2018 transition period also includes an income tax benefit of approximately $7.8 million for the tax effects of the vesting and exercise of share-based awards as a result of the application of ASU 2016-09. See Note 12, Income Taxes , for additional information regarding these tax benefits. (2) During the first quarter of fiscal 2016, the Company incurred a pre-tax charge of approximately $16.3 million for early extinguishment of debt in connection with the redemption of the Company’s 7.125% senior subordinated notes. See Note 11, Debt , for additional information regarding the Company’s debt transactions. |
Basis of Presentation and Acc51
Basis of Presentation and Accounting Policies (Details) $ in Millions | 6 Months Ended |
Jan. 27, 2018USD ($)segmentshares | |
Accounting Policies [Abstract] | |
Number of reportable segments | segment | 1 |
Cash tax benefit realized from option exercises and stock vestings | $ | $ 7.8 |
Adoption of accounting principled effect on diluted shares | shares | 177,575 |
Basis of Presentation and Acc52
Basis of Presentation and Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Accounting Policies [Abstract] | ||||
Insurance recoveries for accrued insurance claims | $ 6,722 | $ 9,243 | $ 5,714 | |
Maximum | Revenue Recognized Using Cost To Cost Percentage of Completion Method | ||||
Revenue from External Customer [Line Items] | ||||
Percentage of Revenue | 5.00% | 5.00% | 5.00% | 5.00% |
Basis of Presentation and Acc53
Basis of Presentation and Accounting Policies Accrued Insurance Claims (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | |
Accounting Policies [Abstract] | |||
Insurance recoveries for accrued insurance claims | $ 6,722 | $ 9,243 | $ 5,714 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Insurance recoveries for accrued insurance claims | 20,423 | 9,243 | 5,714 |
Losses Incurred but not Recognized from Insurance Claims | 53,300 | 50,000 | 45,000 |
Accrued Insurance | 113,275 | 101,916 | 89,679 |
Insurance recoveries for accrued insurance claims | $ 13,701 | $ 0 | $ 0 |
Basis of Presentation and Acc54
Basis of Presentation and Accounting Policies Share-based Compensation (Details) | 6 Months Ended |
Jan. 27, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,446,377 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Supplemental Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Performance RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
2017 Non-Employee Directors Equity Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 140,000 |
2012 Long-Term Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 865,000 |
Basis of Presentation and Acc55
Basis of Presentation and Accounting Policies Property and Equipment (Details) - USD ($) $ in Millions | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Accounting Policies [Abstract] | |||
Internally developed software | $ 28.8 | $ 27.5 | $ 23 |
Computation of Earnings Per C56
Computation of Earnings Per Common Share - Basic and Diluted Earnings Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 23, 2016 | Jan. 23, 2016 | Oct. 24, 2015 | Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Basic earnings per unit | |||||||||||||||
Net income | $ 40,059 | $ 28,776 | $ 43,708 | $ 38,796 | $ 23,663 | $ 51,050 | $ 49,360 | $ 33,083 | $ 15,473 | $ 30,824 | $ 68,835 | $ 74,713 | $ 157,217 | $ 128,740 | $ 84,324 |
Weighted-average number of common shares (in shares) | 31,059,140 | 31,480,660 | 31,351,367 | 32,315,636 | 34,045,481 | ||||||||||
Basic earnings per common share (in dollars per share) | $ 1.29 | $ 0.93 | $ 1.41 | $ 1.24 | $ 0.75 | $ 1.62 | $ 1.57 | $ 1.02 | $ 0.47 | $ 0.94 | $ 2.22 | $ 2.37 | $ 5.01 | $ 3.98 | $ 2.48 |
Diluted earnings per unit | |||||||||||||||
Weighted-average number of common shares (in shares) | 31,059,140 | 31,480,660 | 31,351,367 | 32,315,636 | 34,045,481 | ||||||||||
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 778,411 | 633,364 | 800,119 | 981,207 | |||||||||||
Potential shares of common stock issuable on exercise of convertible senior notes | 217,394 | 0 | 0 | 0 | |||||||||||
Total shares-diluted (in shares) | 32,054,945 | 32,180,923 | 31,984,731 | 33,115,755 | 35,026,688 | ||||||||||
Diluted earnings per common share (in dollars per share) | $ 1.24 | $ 0.90 | $ 1.38 | $ 1.22 | $ 0.74 | $ 1.59 | $ 1.54 | $ 1 | $ 0.46 | $ 0.91 | $ 2.15 | $ 2.32 | $ 4.92 | $ 3.89 | $ 2.41 |
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 9,887,191 | 10,085,298 | 10,076,982 | 103,896 | |||||||||||
Stock-based awards | |||||||||||||||
Diluted earnings per unit | |||||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 93,117 | 73,830 | 65,514 | 103,896 | |||||||||||
Convertible senior notes | |||||||||||||||
Diluted earnings per unit | |||||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 4,788,340 | 5,005,734 | 5,005,734 | 0 | |||||||||||
Warrants | |||||||||||||||
Diluted earnings per unit | |||||||||||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 5,005,734 | 5,005,734 | 5,005,734 | 0 |
Computation of Earnings Per C57
Computation of Earnings Per Common Share - Narratives (Details) - $ / shares | 6 Months Ended | |||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Sep. 15, 2015 | |
Shares used in computing earnings per common share: | ||||
Adoption of accounting principled effect on diluted shares | 177,575 | |||
Weighted average stock price (usd per share) | $ 106.11 | |||
Convertible Note Hedge | ||||
Shares used in computing earnings per common share: | ||||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | $ 96.89 | ||
0.75% Convertible Senior Notes Due 2021 | ||||
Shares used in computing earnings per common share: | ||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | |
Debt instrument, convertible, conversion price (per share) | 96.89 | |||
Class of warrant or right, exercise price of warrants or rights (per warrant) | $ 130.43 | $ 130.43 |
Acquisitions - Narratives (Deta
Acquisitions - Narratives (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017USD ($) | Jul. 30, 2016USD ($) | May 31, 2016USD ($) | Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Apr. 29, 2015USD ($) | Jan. 24, 2015USD ($) | Sep. 30, 2014USD ($) | Jan. 24, 2015business | Jan. 27, 2018USD ($) | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | Jul. 25, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 26,070 | $ 157,183 | $ 31,909 | |||||||||
Texstar Enterprises, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payment to acquire business, net of cash acquired | $ 26,100 | ||||||||||||
TelCom Construction, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payment to acquire business, net of cash acquired | $ 48,800 | ||||||||||||
NextGen Telecom Services Group, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payment to acquire business, net of cash acquired | $ 5,600 | ||||||||||||
Goodman Networks, Inc. Wireline Operations | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 100,900 | ||||||||||||
Hewitt Power & Communications, Inc | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payment to acquire business, net of cash acquired | $ 8,000 | ||||||||||||
Series of Individually Immaterial Business Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payment to acquire business, net of cash acquired | $ 1,500 | ||||||||||||
Number of Businesses Acquired | business | 2 | ||||||||||||
Moll's Utility Services, LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payment to acquire business, net of cash acquired | $ 6,500 | ||||||||||||
Venture Communications Group, LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payment to acquire business, net of cash acquired | $ 15,600 | ||||||||||||
Working Capital Adjustment | Goodman Networks, Inc. Wireline Operations | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Working Capital Adjustment | $ 6,600 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | Jul. 29, 2017 | Jul. 30, 2016 |
Business Acquisition [Line Items] | ||
Accounts receivable | $ 8.9 | $ 16.9 |
Costs and estimated earnings in excess of billings | 2.4 | 21.8 |
Inventories and other current assets | 0.2 | 15 |
Property and equipment | 5.6 | 11.5 |
Goodwill | 10.1 | 39.9 |
Total assets | 37.7 | 201.4 |
Accounts payable | 3.2 | 23.7 |
Accrued and other current liabilities | 3.4 | 22.3 |
Deferred tax liabilities, net non-current | 5 | 0 |
Total liabilities | 11.6 | 46 |
Net Assets Acquired | 26.1 | 155.4 |
Customer relationships | ||
Business Acquisition [Line Items] | ||
Intangible assets | 9.8 | 94.5 |
Trade names | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 0.7 | $ 1.8 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 |
Receivables [Abstract] | ||||
Contract billings | $ 300,271 | $ 348,990 | $ 297,532 | |
Retainage | 19,411 | 21,645 | 32,101 | |
Total | 319,682 | 370,635 | 329,633 | |
Less: allowance for doubtful accounts | (998) | (835) | (1,603) | $ (1,216) |
Accounts receivable, net | $ 318,684 | $ 369,800 | $ 328,030 |
Accounts Receivable Allowance f
Accounts Receivable Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Allowance for Doubtful Accounts Receivable | ||||
Allowance for doubtful accounts at beginning of period | $ 835 | $ 1,603 | $ 1,216 | |
Bad debt expense | 201 | 199 | 1,252 | $ 465 |
Amounts charged against the allowance | 38 | 967 | 865 | |
Allowance for doubtful accounts at end of period | $ 998 | $ 835 | $ 1,603 | $ 1,216 |
Costs and Estimated Earnings 62
Costs and Estimated Earnings in Excess of Billings (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Contractors [Abstract] | |||
Costs incurred on contracts in progress | $ 333,775 | $ 327,312 | $ 307,826 |
Estimated to date earnings | 72,720 | 92,781 | 92,226 |
Total costs and estimated earnings | 406,495 | 420,093 | 400,052 |
Less: billings to date | (43,503) | (40,091) | (42,637) |
Total costs in excess of billings | 362,992 | 380,002 | 357,415 |
Included in the accompanying consolidated balance sheets under the captions: | |||
Costs and estimated earnings in excess of billings | 369,472 | 389,286 | 376,972 |
Billings in excess of costs and estimated earnings | (6,480) | (9,284) | (19,557) |
Total costs in excess of billings | $ 362,992 | $ 380,002 | $ 357,415 |
Other Current Assets and Othe63
Other Current Assets and Other Assets - Current (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepaid expenses | $ 13,167 | $ 10,588 | $ 8,249 |
Insurance recoveries for accrued insurance claims | 13,701 | 0 | 0 |
Receivables on equipment sales | 31 | 2,761 | 913 |
Deposits and other current assets, including restricted cash | 12,811 | 10,254 | 6,944 |
Total other current assets | 39,710 | 23,603 | 16,106 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Income tax receivable | $ 13,852 | $ 7,493 | 0 |
Other Current Assets | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Income tax receivable | $ 1,400 |
Other Current Assets and Othe64
Other Current Assets and Other Assets - Non-current (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deferred financing costs | $ 3,873 | $ 4,797 | $ 6,366 |
Restricted cash | 5,253 | 5,408 | 5,008 |
Insurance recoveries for accrued insurance claims | 6,722 | 9,243 | 5,714 |
Other non-current deposits and assets | 12,342 | 13,925 | 16,688 |
Total other assets | $ 28,190 | $ 33,373 | $ 33,776 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Total | $ 968,822 | $ 935,273 | $ 781,493 |
Less: accumulated depreciation | (554,054) | (513,166) | (454,823) |
Property and equipment, net | 414,768 | 422,107 | 326,670 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total | 3,470 | 3,470 | 3,475 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 12,315 | 12,073 | 11,969 |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 35 years | ||
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 14,202 | 13,912 | 13,753 |
Leasehold improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Leasehold improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years | ||
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 536,379 | 496,820 | 404,273 |
Vehicles | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Vehicles | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 5 years | ||
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 117,058 | 107,779 | 95,570 |
Computer hardware and software | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Computer hardware and software | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 7 years | ||
Office furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 11,686 | 12,226 | 10,374 |
Office furniture and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Office furniture and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years | ||
Equipment and machinery | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 273,712 | $ 288,993 | $ 242,079 |
Equipment and machinery | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Equipment and machinery | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense and Repairs (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 72,961 | $ 123,125 | $ 105,514 | $ 79,331 |
Repairs and maintenance expense | $ 16,438 | $ 31,272 | $ 29,487 | $ 22,054 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets - Narratives (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 321,743 | $ 321,748 | $ 310,157 | $ 271,653 |
Fair Value Inputs, Discount Rate | 11.00% | 11.00% | 11.50% | 11.50% |
Amortization of intangible assets | $ 12,100 | $ 24,800 | $ 19,400 | $ 16,700 |
Change In Fair Value, Percentage | 25.00% | |||
Percentage Change in Fair Value Input | 100.00% | |||
Contract backlog | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Change in finite lived assets | $ (5,200) | |||
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Usesul life | 11 years 7 months 6 days | |||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Usesul life | 8 years 4 months 24 days | |||
Non-compete agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Usesul life | 2 years 2 months 12 days |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill gross | $ 517,510 | $ 517,515 | $ 505,924 | $ 467,420 |
Accumulated impairment losses | (195,767) | (195,767) | (195,767) | $ (195,767) |
Beginning balance | 321,748 | 310,157 | 271,653 | |
Purchase price allocation adjustments from fiscal 2017 acquisition | (5) | 1,504 | 101 | |
Goodwill, Acquired During Period | 10,087 | 38,403 | ||
Ending balance | $ 321,743 | $ 321,748 | $ 310,157 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets - Impairment Analysis (Details) | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Fair Value Inputs, Discount Rate | 11.00% | 11.00% | 11.50% | 11.50% |
Maximum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | 3.00% | 3.00% | 2.50% |
Minimum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Fair Value Inputs, Long-term Revenue Growth Rate | 2.50% | 2.00% | 2.00% | 1.50% |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 315,217 | $ 315,217 | $ 309,920 |
Accumulated Amortization | 143,748 | 131,656 | 112,041 |
Intangible Assets, Net | 171,469 | 183,561 | 197,879 |
UtiliQuest | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | 4,700 | 4,700 | 4,700 |
Accumulated Amortization | 0 | 0 | 0 |
Intangible Assets, Net | 4,700 | 4,700 | 4,700 |
Customer relationships | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | 299,717 | 299,717 | 289,955 |
Accumulated Amortization | 135,544 | 124,084 | 101,012 |
Intangible Assets, Net | 164,173 | 175,633 | 188,943 |
Trade names | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | 10,350 | 10,350 | 9,800 |
Accumulated Amortization | 7,872 | 7,285 | 6,034 |
Intangible Assets, Net | 2,478 | 3,065 | 3,766 |
Non-compete agreements | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | 450 | 450 | 685 |
Accumulated Amortization | 332 | 287 | 329 |
Intangible Assets, Net | $ 118 | $ 163 | 356 |
Contract backlog | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | 4,780 | ||
Accumulated Amortization | 4,666 | ||
Intangible Assets, Net | $ 114 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands | Jan. 27, 2018USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |
2,019 | $ 21,656 |
2,020 | 20,095 |
2,021 | 19,208 |
2,022 | 16,740 |
2,023 | 14,294 |
Thereafter | 74,776 |
Total | $ 166,769 |
Accrued Insurance Claims - Narr
Accrued Insurance Claims - Narratives (Details) | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018USD ($)state | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | Jul. 25, 2015USD ($) | |
Accrued Insurance Claims [Line Items] | ||||
Number of states with state-sponsored insurance fund | state | 2 | |||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | $ 67,100,000 | $ 103,700,000 | $ 84,600,000 | |
Insurance liability, annual retained risk loss | 400,000 | $ 250,000 | ||
Losses Incurred but not Recognized from Insurance Claims | 53,300,000 | $ 50,000,000 | $ 45,000,000 | |
Maximum | ||||
Accrued Insurance Claims [Line Items] | ||||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | $ 1,000,000 |
Accrued Insurance Claims (Detai
Accrued Insurance Claims (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Accrued Insurance Claims [Abstract] | |||
Accrued insurance claims - current | $ 53,890 | $ 39,909 | $ 36,844 |
Accrued insurance claims - non-current | 59,385 | 62,007 | 52,835 |
Total accrued insurance claims | 113,275 | 101,916 | 89,679 |
Insurance recoveries/receivables: | |||
Current (included in Other current assets) | 13,701 | 0 | 0 |
Non-current (included in Other assets) | 6,722 | 9,243 | 5,714 |
Insurance Settlements Receivable | $ 20,423 | $ 9,243 | $ 5,714 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Payables and Accruals [Abstract] | |||
Accrued payroll and related taxes | $ 23,010 | $ 24,554 | $ 23,908 |
Accrued employee benefit and incentive plan costs | 16,097 | 42,135 | 40,943 |
Accrued construction costs | 24,582 | 29,942 | 41,123 |
Other current liabilities | 15,968 | 16,972 | 16,328 |
Total other accrued liabilities | $ 79,657 | $ 113,603 | $ 122,302 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 760,312 | $ 759,921 | $ 719,327 |
Less: current portion | (26,469) | (21,656) | (13,125) |
Long-term debt | 733,843 | 738,265 | 706,202 |
0.75% Convertible Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 402,249 | $ 392,233 | $ 373,077 |
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% |
Credit Agreement - Revolving facility (matures April 2020) | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 0 | $ 0 | $ 0 |
Credit Agreement - Term Loan (matures April 2020) | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 358,063 | $ 367,688 | $ 346,250 |
Debt - Senior Credit Agreement
Debt - Senior Credit Agreement (Details) | Sep. 15, 2015USD ($) | Jan. 27, 2018USD ($) | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) |
Line of Credit Facility [Line Items] | ||||
Debt instrument, covenant compliance, consolidated leverage ratio, maximum | 3.50 | |||
Letters of credit outstanding amount | $ 48,600,000 | $ 48,700,000 | $ 57,600,000 | |
Debt instrument, covenant compliance, consolidated interest coverage ratio, maximum | 3 | |||
Additional borrowing availability | $ 401,400,000 | 401,300,000 | $ 392,400,000 | |
Standby Letters of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit current borrowing capacity | $ 200,000,000 | |||
Letters of credit outstanding amount | $ 48,600,000 | $ 48,700,000 | ||
Incremental Facility, Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, face amount | 150,000,000 | |||
Credit Agreement - Term Loan (matures April 2020) | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, face amount | $ 385,000,000 | |||
Debt instrument, covenant compliance, consolidated leverage ratio, maximum | 2.25 | |||
Credit Agreement - Revolving facility (matures April 2020) | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit current borrowing capacity | $ 450,000,000 |
Debt - Interest Rates of the Cr
Debt - Interest Rates of the Credit Agreement (Details) | 6 Months Ended | 12 Months Ended | |
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | |
Credit Agreement - Revolving facility (matures April 2020) | |||
Line of Credit Facility [Line Items] | |||
Unutilized commitment fee (in percent) | 0.35% | 0.35% | 0.40% |
Minimum | Standby Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Unutilized commitment fee (in percent) | 1.25% | ||
Minimum | Commercial Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Unutilized commitment fee (in percent) | 0.625% | ||
Minimum | Credit Agreement - Revolving facility (matures April 2020) | |||
Line of Credit Facility [Line Items] | |||
Unutilized commitment fee (in percent) | 0.25% | ||
Maximum | Standby Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Unutilized commitment fee (in percent) | 2.00% | ||
Maximum | Commercial Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Unutilized commitment fee (in percent) | 1.00% | ||
Maximum | Credit Agreement - Revolving facility (matures April 2020) | |||
Line of Credit Facility [Line Items] | |||
Unutilized commitment fee (in percent) | 0.40% | ||
Eurodollar | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Eurodollar | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
Eurodollar | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.00% | ||
Administrative Agent Base Rate | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.25% | ||
Administrative Agent Base Rate | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Federal Funds | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% |
Debt - Interest Rates at Period
Debt - Interest Rates at Period End (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | |
Line of Credit Facility [Line Items] | |||
Debt Instrument Fair Value, Per Stated Incremental Portion on Principal | $ 136.01 | $ 116.96 | $ 117.65 |
Standby Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, effective interest rate | 1.75% | 1.75% | 2.00% |
Line of credit | $ 0 | $ 0 | |
Credit Agreement - Term Loan (matures April 2020) | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, effective interest rate | 3.30% | 2.98% | 2.49% |
Credit Agreement - Revolving facility (matures April 2020) | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, effective interest rate | 0.00% | 0.00% | 0.00% |
Unutilized commitment fee (in percent) | 0.35% | 0.35% | 0.40% |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes Due 2021 (Details) | Sep. 15, 2015USD ($)$ / sharesshares | Sep. 09, 2015USD ($)shares | Apr. 29, 2017shares | Jan. 28, 2017shares | Oct. 24, 2015trading_day | Jan. 27, 2018USD ($)shares | Jul. 29, 2017USD ($)shares | Jul. 30, 2016USD ($)shares | Jul. 25, 2015USD ($)shares | Jul. 15, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||
Amortization of debt discount | $ 9,170,000 | $ 17,610,000 | $ 14,709,000 | $ 0 | ||||||
Stock Repurchased and Retired During Period, Value | $ 60,000,000 | $ 60,000,000 | $ 16,875,000 | $ 62,909,000 | $ 169,997,000 | $ 87,146,000 | ||||
Repurchase of common stock, shares | shares | 805,000 | 805,000 | 400,000 | 313,006 | 200,000 | 713,006 | 2,511,578 | 1,669,924 | ||
Payments for Hedge, Financing Activities | $ 0 | $ 0 | $ 115,818,000 | $ 0 | ||||||
0.75% Convertible Senior Notes Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 485,000,000 | $ 485,000,000 | $ 485,000,000 | $ 485,000,000 | ||||||
Debt, interest rate (in percent) | 0.75% | 0.75% | 0.75% | |||||||
Debt instrument conversion ratio | 0.0103211 | |||||||||
Debt instrument, convertible, conversion price (per share) | $ / shares | $ 96.89 | |||||||||
Convertible debt, trading day threshold | trading_day | 20 | |||||||||
Convertible debt, consecutive trading day threshold | 30 days | |||||||||
Convertible debt, percentage of stock trigger price threshold | 130.00% | |||||||||
Convertible debt, measurement period for percentage of product sale price of common stock and applicable conversion threshold | 98.00% | |||||||||
Convertible debt, comparable yield | 5.50% | |||||||||
Amortization of debt discount | $ 9,200,000 | $ 17,600,000 | $ 14,700,000 | |||||||
Convertible Debt | 402,249,000 | 392,233,000 | 373,077,000 | |||||||
Unamortized discount | 74,899,000 | 84,069,000 | 101,679,000 | |||||||
Debt issuance cost | $ 7,852,000 | $ 8,698,000 | $ 10,244,000 | |||||||
Proceeds from Convertible Debt | $ 471,700,000 | |||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 13,300,000 | |||||||||
Payments for Hedge, Financing Activities | 41,100,000 | |||||||||
Proceeds from Debt for General Corporate Purposes | 73,900,000 | |||||||||
7.125% Senior Subordinated Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 277,500,000 | |||||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% | ||||||
Repayments of Debt | $ 296,600,000 |
Debt - Components of the Conver
Debt - Components of the Convertible Notes (Details) - USD ($) | Sep. 15, 2015 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 |
Debt Instrument [Line Items] | |||||
Proceeds from sale of warrants | $ 0 | $ 0 | $ 74,690,000 | $ 0 | |
Payments for Hedge, Financing Activities | 0 | 0 | 115,818,000 | 0 | |
Equity component of 0.75% senior convertible notes due 2021, net | 112,600,000 | ||||
Amortization of debt discount | 9,170,000 | 17,610,000 | 14,709,000 | $ 0 | |
Reported Value Measurement | |||||
Debt Instrument [Line Items] | |||||
Net carrying amount of Notes | 402,249,000 | 392,233,000 | 373,077,000 | ||
Estimate of Fair Value Measurement | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | 659,649,000 | 567,256,000 | 570,603,000 | ||
Less: Debt discount and debt issuance costs | (82,751,000) | (92,767,000) | (111,923,000) | ||
Net carrying amount of Notes | 576,898,000 | 474,489,000 | 458,680,000 | ||
0.75% Convertible Senior Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Proceeds from sale of warrants | $ 74,700,000 | ||||
Payments for Hedge, Financing Activities | 41,100,000 | ||||
Debt instrument, face amount | 485,000,000 | 485,000,000 | 485,000,000 | 485,000,000 | |
Debt Instrument, Unamortized Discount | (74,899,000) | (84,069,000) | (101,679,000) | ||
Debt issuance cost | (7,852,000) | (8,698,000) | (10,244,000) | ||
Net carrying amount of Notes | 402,249,000 | 392,233,000 | 373,077,000 | ||
Amortization of debt discount | $ 9,200,000 | $ 17,600,000 | $ 14,700,000 | ||
Convertible Note Hedge | |||||
Debt Instrument [Line Items] | |||||
Payments for Hedge, Financing Activities | $ 115,800,000 |
Debt - Convertible Note Hedge a
Debt - Convertible Note Hedge and Warrant Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Jan. 27, 2018 | Sep. 15, 2015 |
Convertible Note Hedge | ||
Debt Instrument [Line Items] | ||
Derivative, Number of Instruments Held | 5,006 | |
Debt instrument, convertible, conversion price (per share) | $ 96.89 | $ 96.89 |
Deferred tax liability | $ 43.4 | |
Deferred tax asset, derivative instrument | $ 43.2 | |
0.75% Convertible Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt instrument, convertible, conversion price (per share) | $ 96.89 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 5,006 | |
Class of warrant or right, exercise price of warrants or rights (per warrant) | $ 130.43 | $ 130.43 |
Debt - Senior Subordinated Note
Debt - Senior Subordinated Notes - Loss on Extinguishment (Details) - USD ($) | Oct. 15, 2015 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | Oct. 24, 2015 | Jul. 15, 2015 |
Debt Instrument [Line Items] | |||||||
Loss on debt extinguishment | $ 0 | $ 0 | $ (16,260,000) | $ 0 | |||
Write-off of deferred financing fees and premium on long-term debt | $ 0 | $ 0 | $ 2,017,000 | $ 0 | |||
7.125% Senior Subordinated Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 277,500,000 | ||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% | |||
Increase in accrued interest | $ 4,900,000 | ||||||
Redemption price, percentage | 103.563% | ||||||
Redemption premium | $ 14,200,000 | ||||||
Loss on debt extinguishment | $ 16,300,000 | ||||||
gain on the extinguishment of debt | 6,500,000 | ||||||
Write-off of deferred financing fees and premium on long-term debt | $ 4,900,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Current: | |||||
Federal | $ (4,384) | $ 62,455 | $ 42,096 | $ 42,516 | |
Foreign | 598 | 176 | 310 | 502 | |
State | 1,166 | 12,344 | 8,399 | 6,998 | |
Current Income Tax Expense (Benefit) | (2,620) | 74,975 | 50,805 | 50,016 | |
Deferred: | |||||
Federal | (21,332) | 17,051 | 26,467 | 305 | |
Foreign | (37) | (35) | (296) | 268 | |
State | 1,704 | 1,217 | 611 | 671 | |
Deferred income tax (benefit) provision | (19,665) | 18,233 | 26,782 | 1,244 | |
Total provision for income taxes | $ (22,285) | $ 44,332 | $ 93,208 | $ 77,587 | $ 51,260 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | Jul. 26, 2014 | |
Income Tax Contingency [Line Items] | |||||
Tax Cuts and Jobs Act of 2017, adjustment to income tax liability | $ 32,200 | ||||
Effective tax rate | 33.00% | ||||
Cash tax benefit realized from option exercises and stock vestings | $ 7,800 | ||||
Unrecognized tax benefits | 3,322 | $ 3,072 | $ 2,440 | $ 2,327 | $ 2,401 |
Payment of interest and penalties accrued | 1,200 | 1,200 | 1,000 | ||
Tax benefit from exercise of stock options | 7,800 | ||||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | 6,000 | 4,500 | 4,000 | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 1,300 | 2,500 | 2,800 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 1,596 | 0 | 0 | 0 | |
Non deductible ana non taxable item | |||||
Income Tax Contingency [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 1,000 | $ 700 | $ 500 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | $ 6,000 | $ 4,500 | $ 4,000 | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 1,300 | 2,500 | 2,800 | ||
Statutory rate applied to pre-tax income | $ 15,334 | 87,649 | 72,214 | 47,454 | |
State taxes, net of federal tax benefit | 1,406 | 9,868 | 7,398 | 5,159 | |
Tax Reform and related effects | (32,249) | 0 | 0 | 0 | |
Federal benefit of vesting and exercise of share-based awards | (7,067) | 0 | 0 | 0 | |
Non-deductible and non-taxable items, net | 1,585 | (4,686) | (2,013) | (1,220) | |
Change in accruals for uncertain tax positions | 250 | 632 | 113 | (74) | |
Tax credits | (1,596) | 0 | 0 | 0 | |
Other items, net | 52 | (255) | (125) | (59) | |
Total provision for income taxes | $ (22,285) | $ 44,332 | $ 93,208 | $ 77,587 | $ 51,260 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 |
Deferred tax assets: | |||
Insurance and other reserves | $ 22,368 | $ 36,955 | $ 33,847 |
Allowance for doubtful accounts and reserves | 1,081 | 1,975 | 1,013 |
Net operating loss carryforwards | 822 | 765 | 1,151 |
Stock-based compensation | 3,405 | 8,022 | 6,424 |
Other | 1,174 | 1,750 | 1,363 |
Total deferred tax assets | 28,850 | 49,467 | 43,798 |
Valuation allowance | (148) | (122) | (358) |
Deferred tax assets, net of valuation allowance | 28,702 | 49,345 | 43,440 |
Deferred tax liabilities: | |||
Property and equipment | 59,933 | 87,581 | 63,926 |
Goodwill and intangibles | 25,852 | 38,125 | 32,632 |
Other | 345 | 741 | 736 |
Deferred tax liabilities | 86,130 | 126,447 | 97,294 |
Net deferred tax liabilities | $ 57,428 | $ 77,102 | $ 53,854 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | ||||
Balance at beginning of year | $ 3,072 | $ 2,440 | $ 2,327 | $ 2,401 |
Additions based on tax positions related to the fiscal year | 283 | 441 | 161 | 44 |
Additions (reductions) based on tax positions related to prior years | 229 | 86 | ||
Additions (reductions) based on tax positions related to prior years | (33) | (98) | ||
Reductions related to the expiration of statutes of limitation | 0 | (38) | (134) | (20) |
Balance at end of year | $ 3,322 | $ 3,072 | $ 2,440 | $ 2,327 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Other Income and Expenses [Abstract] | |||||
Gain on sale of fixed assets | $ 7,217 | $ 14,866 | $ 9,806 | $ 7,110 | |
Miscellaneous expense, net | (992) | (2,086) | 627 | 1,181 | |
Total other income, net | 6,225 | $ 1,946 | 12,780 | 10,433 | $ 8,291 |
Other financial services costs | $ 1,400 | $ 3,200 | $ 200 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Oct. 31, 2016 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | Nov. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined contribution maximum annual contribution for employee | 75.00% | |||||
Defined contribution employer match | 30.00% | |||||
Defined contribution employer match | 5.00% | |||||
Employer contribution amount | $ 1.7 | $ 5 | $ 4.8 | $ 4 | ||
Multiemployer plan periodic withdraw liability | $ 0.1 | |||||
Maximum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Plan contribution | 5.00% | |||||
Multiemployer plans, red zone threshold | 65.00% | |||||
Multiemployer plans, yellow zone threshold | 80.00% | |||||
Minimum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Multiemployer plans, yellow zone threshold | 65.00% | |||||
Multiemployer plans, green zone threshold | 80.00% | |||||
The Plan (EIN 13-6123601) | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Claim amount | $ 13 |
Employee Benefit Plans - Contri
Employee Benefit Plans - Contribution Details (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Company Contributions | $ 319 | $ 384 | $ 3,679 | $ 4,786 | |
The Plan (EIN 13-6123601) | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Multiemployer lans, certified zone status | Green | ||||
Multiemployer plans, FIP/RP Status | No | ||||
Company Contributions | $ 0 | 0 | 3,057 | 3,852 | |
Surcharge Imposed | No | ||||
Expiration Date of CBA | May 5, 2016 | ||||
Claim amount | $ 13,000 | ||||
Other Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Company Contributions | $ 319 | $ 384 | $ 622 | $ 934 |
Capital Stock - Repurchase of C
Capital Stock - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 15, 2015 | Sep. 09, 2015 | Apr. 29, 2017 | Jan. 28, 2017 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 |
Stockholders' Equity Note [Abstract] | ||||||||
Repurchase of common stock, shares | 805,000 | 805,000 | 400,000 | 313,006 | 200,000 | 713,006 | 2,511,578 | 1,669,924 |
Total Consideration (In thousands) | $ 37,900 | $ 25,000 | $ 16,875 | $ 62,909 | $ 169,997 | $ 87,146 | ||
Average Price Per Share (in dollars per share) | $ 74.53 | $ 94.77 | $ 79.87 | $ 84.38 | $ 88.23 | $ 67.69 | $ 52.19 |
Capital Stock - Narratives (Det
Capital Stock - Narratives (Details) - USD ($) | Sep. 15, 2015 | Sep. 09, 2015 | Apr. 29, 2017 | Jan. 28, 2017 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Repurchase of common stock, shares | 805,000 | 805,000 | 400,000 | 313,006 | 200,000 | 713,006 | 2,511,578 | 1,669,924 |
Remaining authorized shares for repurchases (shares) | $ 95,200,000 | $ 100,000,000 | ||||||
Shares paid for tax withholding for share based compensation | 117,426 | 134,736 | 161,988 | 145,395 | ||||
Value of shares paid for tax withholding for share based compensation | $ 12,600,000 | $ 10,800,000 | $ 12,600,000 | $ 4,700,000 | ||||
Average Price Per Share (in dollars per share) | $ 74.53 | $ 94.77 | $ 79.87 | $ 84.38 | $ 88.23 | $ 67.69 | $ 52.19 | |
Total Consideration (In thousands) | $ 37,900,000 | $ 25,000,000 | $ 16,875,000 | $ 62,909,000 | $ 169,997,000 | $ 87,146,000 | ||
Shares repurchased value | $ 75,000,000 | 75,000,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ 60,000,000 | $ 60,000,000 | 16,875,000 | 62,909,000 | 169,997,000 | $ 87,146,000 | ||
Shares cancelled, value | $ 11,500,000 | $ 42,800,000 | 17,100,000 | |||||
Notes Offering [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Total Consideration (In thousands) | $ 110,000,000 |
Stock-Based Awards - Tax Benefi
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation | $ 13,277 | $ 20,805 | $ 16,850 | $ 13,923 |
Income tax effect of stock-based compensation | 4,793 | $ 7,996 | $ 6,436 | $ 5,458 |
Cash tax benefit realized from option exercises and stock vestings | $ 7,800 |
Stock-Based Awards - Narratives
Stock-Based Awards - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash tax benefit realized from option exercises and stock vestings | $ 7,800 | ||||
Proceeds from stock options exercised | $ 745 | $ 1,449 | $ 2,745 | $ 8,922 | |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Price | $ 119.30 | ||||
Share based compensation intrinsic value | $ 4,500 | 7,800 | 15,000 | 24,900 | |
Unrecognized compensation expense related to stock options | $ 2,800 | ||||
Total compensation cost not yet recognized, period for recognition | 2 years 6 months 1 day | ||||
Proceeds from stock options exercised | $ 700 | $ 1,400 | 2,700 | 8,900 | |
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to stock options | $ 8,600 | ||||
Total compensation cost not yet recognized, period for recognition | 2 years 6 months 1 day | ||||
Granted (in shares) | 29,672 | ||||
Forfeited or canceled (in shares) | 2,357 | ||||
Shares outstanding (in shares) | 133,896 | 187,465 | |||
Share units vested (in shares) | 80,884 | ||||
Share based compensation vested in period | $ 37,700 | $ 33,200 | $ 39,100 | $ 15,200 | |
Performance RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to stock options | $ 18,300 | ||||
Total compensation cost not yet recognized, period for recognition | 1 year 11 months 1 day | ||||
Compensation expense | $ 7,900 | ||||
RSUs outstanding (in shares) | 99,627 | ||||
Granted (in shares) | 138,261 | ||||
Forfeited or canceled (in shares) | 29,350 | ||||
Shares outstanding (in shares) | 390,327 | 553,882 | |||
Share units vested (in shares) | 272,466 | ||||
Target Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding (in shares) | 278,963 | ||||
Supplemental Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 38,634 | ||||
Forfeited or canceled (in shares) | 21,139 | ||||
Shares outstanding (in shares) | 111,364 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Valuation Inputs (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Stock option assumptions: | ||||
Risk-free interest rate | 2.30% | 2.30% | 2.00% | 2.10% |
Expected life (in years) | 7 years 6 months 29 days | 7 years 6 months 29 days | 7 years 3 months 29 days | 8 years 9 months 11 days |
Expected volatility | 43.40% | 44.70% | 55.00% | 54.50% |
Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
RSUs | ||||
Stock option assumptions: | ||||
Weighted average fair value of shares other than options granted (usd per share) | $ 87.34 | $ 79.04 | $ 72.41 | $ 31.42 |
Performance RSUs | ||||
Stock option assumptions: | ||||
Weighted average fair value of shares other than options granted (usd per share) | 84.13 | 79.29 | 77.86 | 31.03 |
Stock Options | ||||
Stock option assumptions: | ||||
Weighted average fair value of options granted (usd per share) | $ 42.60 | $ 39.90 | $ 45.13 | $ 19.48 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - Stock Options $ / shares in Units, $ in Thousands | 6 Months Ended |
Jan. 27, 2018USD ($)$ / sharesshares | |
Stock Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 670,350 |
Granted (in shares) | shares | 18,933 |
Options exercised (in shares) | shares | (52,553) |
Canceled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 636,730 |
Exercisable options (in shares) | shares | 549,507 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 25.24 |
Options granted (in dollars per shares) | $ / shares | 85.15 |
Options exercised (in dollars per shares) | $ / shares | 14.17 |
Canceled (in dollars per shares) | $ / shares | 0 |
Ending balance (in dollars per shares) | $ / shares | 27.93 |
Weighted average remaining contractual life, shares exercisable (In years) | $ / shares | $ 21.63 |
Weighted Average Remaining Contractual Life (In years), outstanding | 4 years 9 months |
Aggregate Intrinsic Value (In thousands), outstanding | $ | $ 58,176 |
Weighted Average Remaining Contractual Life (In years). exercisable | 4 years 2 months |
Aggregate Intrinsic Value (In thousands), exercisable | $ | $ 53,670 |
Stock-Based Awards - RSU's and
Stock-Based Awards - RSU's and Performance RSU's (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 187,465 | |||
Granted (in shares) | 29,672 | |||
Share units vested (in shares) | (80,884) | |||
Forfeited or canceled (in shares) | (2,357) | |||
Ending balance (in shares) | 133,896 | 187,465 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Beginning balance (in dollars per shares) | $ 60.71 | |||
Granted (in dollars per shares) | 87.34 | $ 79.04 | $ 72.41 | $ 31.42 |
Share units vested (in dollars per shares) | 51.49 | |||
Forfeited or canceled (in dollars per shares) | 81.62 | |||
Ending balance (in dollars per shares) | $ 71.81 | $ 60.71 | ||
Performance RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 553,882 | |||
Granted (in shares) | 138,261 | |||
Share units vested (in shares) | (272,466) | |||
Forfeited or canceled (in shares) | (29,350) | |||
Ending balance (in shares) | 390,327 | 553,882 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Beginning balance (in dollars per shares) | $ 67.46 | |||
Granted (in dollars per shares) | 84.13 | $ 79.29 | $ 77.86 | $ 31.03 |
Share units vested (in dollars per shares) | 57.98 | |||
Forfeited or canceled (in dollars per shares) | 60.32 | |||
Ending balance (in dollars per shares) | $ 80.52 | $ 67.46 |
Concentration of Credit Risk -
Concentration of Credit Risk - Narratives (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018USD ($)customer | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | Jul. 25, 2015 | |
Concentration Risk [Line Items] | ||||
Number of customers classified as highly concentrated | customer | 5 | |||
Accounts receivable, net | $ 318,684 | $ 369,800 | $ 328,030 | |
Sales Revenue, Services, Net | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.00% | |||
Sales Revenue, Services, Net | Customer Concentration Risk | Five Unnamed Customers | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 75.80% | 76.10% | 69.70% | 61.10% |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.00% | |||
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | CIEB | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 3.80% | 6.30% | 10.40% | |
Accounts receivable, net | $ 25,900 | $ 47,200 | $ 71,500 |
Concentration of Credit Risk 99
Concentration of Credit Risk - Revenue Concentration Risk (Details) - Sales Revenue, Services, Net - Customer Concentration Risk | 6 Months Ended | 12 Months Ended | ||
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.00% | |||
Comcast Corporation | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 21.60% | 17.70% | 13.60% | 12.90% |
AT&T Inc. | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 20.60% | 26.30% | 24.40% | 20.80% |
CenturyLink, Inc.(1) | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 17.50% | 18.20% | 14.70% | 14.50% |
Verizon Communications Inc | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 12.00% | 9.20% | 11.20% | 7.70% |
Concentration of Credit Risk100
Concentration of Credit Risk - Trade Receivable Risk (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | |
Concentration Risk [Line Items] | |||
Accounts receivable, net | $ 318,684 | $ 369,800 | $ 328,030 |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Comcast Corporation | |||
Concentration Risk [Line Items] | |||
Accounts receivable, net | $ 166,500 | $ 159,700 | $ 95,300 |
Concentration risk percentage | 24.50% | 21.30% | 13.90% |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | CenturyLink, Inc.(1) | |||
Concentration Risk [Line Items] | |||
Accounts receivable, net | $ 126,000 | $ 148,100 | $ 81,500 |
Concentration risk percentage | 18.50% | 19.80% | 11.90% |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Verizon Communications Inc | |||
Concentration Risk [Line Items] | |||
Accounts receivable, net | $ 98,200 | $ 73,700 | $ 70,200 |
Concentration risk percentage | 14.40% | 9.80% | 10.20% |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | AT&T Inc. | |||
Concentration Risk [Line Items] | |||
Accounts receivable, net | $ 79,200 | $ 87,100 | $ 138,800 |
Concentration risk percentage | 11.60% | 11.60% | 20.30% |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Windstream Corporation | |||
Concentration Risk [Line Items] | |||
Accounts receivable, net | $ 42,900 | $ 84,700 | $ 79,000 |
Concentration risk percentage | 6.30% | 11.30% | 11.50% |
Commitment and Contingencies -
Commitment and Contingencies - Narratives (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 28, 2017 | Dec. 31, 2016 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | Oct. 29, 2016 | |
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimated loss | $ 13 | ||||||
Loss contingency accrual, payments | $ 0.1 | ||||||
Operating lease rental | $ 14.4 | $ 32.5 | $ 26.8 | $ 18.5 | |||
Machinery rental expense | 15 | 26 | 23 | $ 20.4 | |||
Letters of credit outstanding amount | 48.6 | 48.7 | 57.6 | ||||
Standby Letters of Credit | |||||||
Loss Contingencies [Line Items] | |||||||
Letters of credit outstanding amount | 48.6 | 48.7 | |||||
Goodman Networks, Inc. Wireline Operations | |||||||
Loss Contingencies [Line Items] | |||||||
Escrow deposit | 10 | ||||||
Funds released from escrow | 2.5 | ||||||
Indemnification Portion Subject to Certain Conditions, Not Less Than Twelve Months | Goodman Networks, Inc. Wireline Operations | |||||||
Loss Contingencies [Line Items] | |||||||
Escrow deposit | 22.5 | ||||||
Indemnification Portion Subject to Seller Satisfaction of Certain Liabilities | Goodman Networks, Inc. Wireline Operations | |||||||
Loss Contingencies [Line Items] | |||||||
Escrow deposit | 10 | ||||||
Performance Guarantee and Surety Bond [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Guarantor obligations, carrying value | $ 118.1 | $ 118.2 | $ 165.8 | ||||
S and N | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought | $ 3.8 |
Commitment and Contingencies102
Commitment and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Jan. 27, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2,018 | $ 24,955 |
2,019 | 16,906 |
2,020 | 9,870 |
2,021 | 5,700 |
2,022 | 3,443 |
Thereafter | 3,756 |
Total | $ 64,630 |
Transitional Comparative Per103
Transitional Comparative Period (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 23, 2016 | Jan. 23, 2016 | Oct. 24, 2015 | Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Accounting Policies [Abstract] | |||||||||||||||
Revenues | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 789,159 | $ 664,645 | $ 559,470 | $ 659,268 | $ 1,411,348 | $ 1,500,355 | $ 3,066,880 | $ 2,672,542 | $ 2,022,312 |
EXPENSES: | |||||||||||||||
Cost of earned revenue, excluding depreciation and amortization | 540,633 | 600,847 | 606,898 | 621,475 | 561,371 | 614,990 | 605,909 | 520,408 | 450,284 | 506,978 | 1,141,480 | 1,176,361 | 2,404,734 | 2,083,579 | 1,593,250 |
General and administrative | 124,930 | 118,395 | 239,231 | 217,149 | 178,700 | ||||||||||
Depreciation and amortization | 85,053 | 70,252 | 147,906 | 124,940 | 96,044 | ||||||||||
Total | 1,351,463 | 1,365,008 | 2,791,871 | 2,425,668 | 1,867,994 | ||||||||||
Interest expense, net | (19,560) | (18,248) | (37,364) | (34,720) | (27,025) | ||||||||||
Other income, net | 6,225 | 1,946 | 12,780 | 10,433 | 8,291 | ||||||||||
Income before income taxes | 46,550 | 119,045 | 250,425 | 206,327 | 135,584 | ||||||||||
(Benefit) provision for income taxes | (22,285) | 44,332 | 93,208 | 77,587 | 51,260 | ||||||||||
Net income | $ 40,059 | $ 28,776 | $ 43,708 | $ 38,796 | $ 23,663 | $ 51,050 | $ 49,360 | $ 33,083 | $ 15,473 | $ 30,824 | $ 68,835 | $ 74,713 | $ 157,217 | $ 128,740 | $ 84,324 |
Earnings per common share: | |||||||||||||||
Basic earnings per common share (in dollars per share) | $ 1.29 | $ 0.93 | $ 1.41 | $ 1.24 | $ 0.75 | $ 1.62 | $ 1.57 | $ 1.02 | $ 0.47 | $ 0.94 | $ 2.22 | $ 2.37 | $ 5.01 | $ 3.98 | $ 2.48 |
Diluted earnings per common share (in dollars per share) | $ 1.24 | $ 0.90 | $ 1.38 | $ 1.22 | $ 0.74 | $ 1.59 | $ 1.54 | $ 1 | $ 0.46 | $ 0.91 | $ 2.15 | $ 2.32 | $ 4.92 | $ 3.89 | $ 2.41 |
Shares used in computing earnings per common share: | |||||||||||||||
Basic (in shares) | 31,059,140 | 31,480,660 | 31,351,367 | 32,315,636 | 34,045,481 | ||||||||||
Diluted (in shares) | 32,054,945 | 32,180,923 | 31,984,731 | 33,115,755 | 35,026,688 |
Quarterly Financial Data (Un104
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 23, 2016 | Jan. 23, 2016 | Oct. 24, 2015 | Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Contract revenues | $ 655,133 | $ 756,215 | $ 780,188 | $ 786,338 | $ 701,131 | $ 799,223 | $ 789,159 | $ 664,645 | $ 559,470 | $ 659,268 | $ 1,411,348 | $ 1,500,355 | $ 3,066,880 | $ 2,672,542 | $ 2,022,312 |
Costs of earned revenues, excluding depreciation and amortization | 540,633 | 600,847 | 606,898 | 621,475 | 561,371 | 614,990 | 605,909 | 520,408 | 450,284 | 506,978 | 1,141,480 | 1,176,361 | 2,404,734 | 2,083,579 | 1,593,250 |
Gross profit | 114,500 | 155,368 | 173,290 | 164,863 | 139,760 | 184,233 | 183,250 | 144,237 | 109,186 | 152,290 | |||||
Net income | $ 40,059 | $ 28,776 | $ 43,708 | $ 38,796 | $ 23,663 | $ 51,050 | $ 49,360 | $ 33,083 | $ 15,473 | $ 30,824 | $ 68,835 | $ 74,713 | $ 157,217 | $ 128,740 | $ 84,324 |
Basic earnings per common share (in dollars per share) | $ 1.29 | $ 0.93 | $ 1.41 | $ 1.24 | $ 0.75 | $ 1.62 | $ 1.57 | $ 1.02 | $ 0.47 | $ 0.94 | $ 2.22 | $ 2.37 | $ 5.01 | $ 3.98 | $ 2.48 |
Diluted earnings per common share (in dollars per share) | $ 1.24 | $ 0.90 | $ 1.38 | $ 1.22 | $ 0.74 | $ 1.59 | $ 1.54 | $ 1 | $ 0.46 | $ 0.91 | $ 2.15 | $ 2.32 | $ 4.92 | $ 3.89 | $ 2.41 |
Quarterly Financial Data (Un105
Quarterly Financial Data (Unaudited) - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Oct. 24, 2015 | Jan. 27, 2018 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 25, 2015 | Jul. 15, 2015 | |
Interim Period, Costs Not Allocable [Line Items] | ||||||
Tax Cuts and Jobs Act of 2017, adjustment to income tax liability | $ 32.2 | |||||
Tax benefit from exercise of stock options | $ 7.8 | |||||
Debt extinguishment cost | $ 16.3 | |||||
7.125% Senior Subordinated Notes | ||||||
Interim Period, Costs Not Allocable [Line Items] | ||||||
Debt, interest rate (in percent) | 7.125% | 7.125% | 7.125% | 7.125% |