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Supplemental Consolidating Financial Statements (Tables) | 3 Months Ended
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Oct. 25, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule of Condensed Balance Sheet |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) OCTOBER 25, 2014
| Parent |  | Issuer |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations and Reclassifications |  | Dycom Consolidated
| (Dollars in thousands)
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | — |  |  | $ | — |  |  | $ | 15,801 |  |  | $ | 658 |  |  | $ | — |  |  | $ | 16,459 |
Accounts receivable, net | — |  |  | — |  |  | 293,310 |  |  | 3,522 |  |  | — |  |  | 296,832 |
Costs and estimated earnings in excess of billings | — |  |  | — |  |  | 255,062 |  |  | 1,889 |  |  | — |  |  | 256,951 |
Inventories | — |  |  | — |  |  | 47,003 |  |  | — |  |  | — |  |  | 47,003 |
Deferred tax assets, net | 4,001 |  |  | — |  |  | 17,017 |  |  | 177 |  |  | (173 | ) |  | 21,022 |
Other current assets | 7,434 |  |  | 2 |  |  | 6,605 |  |  | 426 |  |  | — |  |  | 14,467 |
Total current assets | 11,435 |  |  | 2 |  |  | 634,798 |  |  | 6,672 |  |  | (173 | ) |  | 652,734 |
PROPERTY AND EQUIPMENT, NET | 17,743 |  |  | — |  |  | 170,707 |  |  | 17,689 |  |  | — |  |  | 206,139 |
GOODWILL | — |  |  | — |  |  | 269,465 |  |  | — |  |  | — |  |  | 269,465 |
INTANGIBLE ASSETS, NET | — |  |  | — |  |  | 117,226 |  |  | 598 |  |  | — |  |  | 117,824 |
DEFERRED TAX ASSETS, NET NON-CURRENT | 403 |  |  | — |  |  | 4,294 |  |  | 35 |  |  | (4,732 | ) |  | — |
INVESTMENT IN SUBSIDIARIES | 830,423 |  |  | 1,565,469 |  |  | 1,681 |  |  | — |  |  | (2,397,573 | ) |  | — |
INTERCOMPANY RECEIVABLES | — |  |  | — |  |  | 612,828 |  |  | — |  |  | (612,828 | ) |  | — |
OTHER | 7,967 |  |  | 5,465 |  |  | 2,420 |  |  | 143 |  |  | — |  |  | 15,995 |
TOTAL NON-CURRENT ASSETS | 856,536 |  |  | 1,570,934 |  |  | 1,178,621 |  |  | 18,465 |  |  | (3,015,133 | ) |  | 609,423 |
TOTAL ASSETS | $ | 867,971 |  |  | $ | 1,570,936 |  |  | $ | 1,813,419 |  |  | $ | 25,137 |  |  | $ | (3,015,306 | ) |  | $ | 1,262,157 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 1,159 |  |  | $ | — |  |  | $ | 63,901 |  |  | $ | 1,362 |  |  | $ | — |  |  | $ | 66,422 |
Current portion of debt | 11,719 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,719 |
Billings in excess of costs and estimated earnings | — |  |  | — |  |  | 14,027 |  |  | — |  |  | — |  |  | 14,027 |
Accrued insurance claims | 565 |  |  | — |  |  | 32,900 |  |  | 60 |  |  | — |  |  | 33,525 |
Deferred tax liabilities | — |  |  | 80 |  |  | 64 |  |  | 29 |  |  | (173 | ) |  | — |
Other accrued liabilities | 20,437 |  |  | 5,492 |  |  | 58,909 |  |  | 2,067 |  |  | — |  |  | 86,905 |
Total current liabilities | 33,880 |  |  | 5,572 |  |  | 169,801 |  |  | 3,518 |  |  | (173 | ) |  | 212,598 |
LONG-TERM DEBT | 175,000 |  |  | 280,640 |  |  | — |  |  | — |  |  | — |  |  | 455,640 |
ACCRUED INSURANCE CLAIMS | 707 |  |  | — |  |  | 35,424 |  |  | 58 |  |  | — |  |  | 36,189 |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — |  |  | 432 |  |  | 46,865 |  |  | 453 |  |  | (4,732 | ) |  | 43,018 |
INTERCOMPANY PAYABLES | 145,716 |  |  | 453,869 |  |  | — |  |  | 13,243 |  |  | (612,828 | ) |  | — |
OTHER LIABILITIES | 3,167 |  |  | — |  |  | 2,039 |  |  | 5 |  |  | — |  |  | 5,211 |
Total liabilities | 358,470 |  |  | 740,513 |  |  | 254,129 |  |  | 17,277 |  |  | (617,733 | ) |  | 752,656 |
Total stockholders' equity | 509,501 |  |  | 830,423 |  |  | 1,559,290 |  |  | 7,860 |  |  | (2,397,573 | ) |  | 509,501 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 867,971 |  |  | $ | 1,570,936 |  |  | $ | 1,813,419 |  |  | $ | 25,137 |  |  | $ | (3,015,306 | ) |  | $ | 1,262,157 |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET JULY 26, 2014
| Parent |  | Issuer |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations and Reclassifications |  | Dycom Consolidated
| (Dollars in thousands)
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | — |  |  | $ | — |  |  | $ | 19,739 |  |  | $ | 933 |  |  | $ | — |  |  | $ | 20,672 |
Accounts receivable, net | — |  |  | — |  |  | 269,760 |  |  | 2,981 |  |  | — |  |  | 272,741 |
Costs and estimated earnings in excess of billings | — |  |  | — |  |  | 228,541 |  |  | 2,028 |  |  | — |  |  | 230,569 |
Inventories | — |  |  | — |  |  | 49,095 |  |  | — |  |  | — |  |  | 49,095 |
Deferred tax assets, net | 3,822 |  |  | — |  |  | 16,193 |  |  | 87 |  |  | (170 | ) |  | 19,932 |
Other current assets | 4,956 |  |  | 16 |  |  | 7,237 |  |  | 518 |  |  | — |  |  | 12,727 |
Total current assets | 8,778 |  |  | 16 |  |  | 590,565 |  |  | 6,547 |  |  | (170 | ) |  | 605,736 |
PROPERTY AND EQUIPMENT, NET | 18,108 |  |  | — |  |  | 171,158 |  |  | 16,147 |  |  | — |  |  | 205,413 |
GOODWILL | — |  |  | — |  |  | 269,088 |  |  | — |  |  | — |  |  | 269,088 |
INTANGIBLE ASSETS, NET | — |  |  | — |  |  | 115,483 |  |  | 633 |  |  | — |  |  | 116,116 |
DEFERRED TAX ASSETS, NET NON-CURRENT | 182 |  |  | — |  |  | 3,884 |  |  | 15 |  |  | (4,081 | ) |  | — |
INVESTMENT IN SUBSIDIARIES | 809,617 |  |  | 1,540,338 |  |  | 1,621 |  |  | — |  |  | (2,351,576 | ) |  | — |
INTERCOMPANY RECEIVABLES | — |  |  | — |  |  | 628,443 |  |  | — |  |  | (628,443 | ) |  | — |
OTHER | 7,748 |  |  | 5,636 |  |  | 2,466 |  |  | 151 |  |  | — |  |  | 16,001 |
TOTAL NON-CURRENT ASSETS | 835,655 |  |  | 1,545,974 |  |  | 1,192,143 |  |  | 16,946 |  |  | (2,984,100 | ) |  | 606,618 |
TOTAL ASSETS | $ | 844,433 |  |  | $ | 1,545,990 |  |  | $ | 1,782,708 |  |  | $ | 23,493 |  |  | $ | (2,984,270 | ) |  | $ | 1,212,354 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 3,083 |  |  | $ | — |  |  | $ | 58,970 |  |  | $ | 1,265 |  |  | $ | — |  |  | $ | 63,318 |
Current portion of debt | 10,938 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,938 |
Billings in excess of costs and estimated earnings | — |  |  | — |  |  | 13,882 |  |  | — |  |  | — |  |  | 13,882 |
Accrued insurance claims | 612 |  |  | — |  |  | 31,599 |  |  | 49 |  |  | — |  |  | 32,260 |
Deferred tax liabilities | — |  |  | 80 |  |  | 66 |  |  | 24 |  |  | (170 | ) |  | — |
Other accrued liabilities | 12,668 |  |  | 566 |  |  | 61,284 |  |  | 1,616 |  |  | — |  |  | 76,134 |
Total current liabilities | 27,301 |  |  | 646 |  |  | 165,801 |  |  | 2,954 |  |  | (170 | ) |  | 196,532 |
LONG-TERM DEBT | 166,125 |  |  | 280,738 |  |  | — |  |  | — |  |  | — |  |  | 446,863 |
ACCRUED INSURANCE CLAIMS | 778 |  |  | — |  |  | 32,959 |  |  | 45 |  |  | — |  |  | 33,782 |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — |  |  | 432 |  |  | 48,593 |  |  | 417 |  |  | (4,081 | ) |  | 45,361 |
INTERCOMPANY PAYABLES | 162,127 |  |  | 454,557 |  |  | — |  |  | 11,759 |  |  | (628,443 | ) |  | — |
OTHER LIABILITIES | 3,168 |  |  | — |  |  | 1,711 |  |  | 3 |  |  | — |  |  | 4,882 |
Total liabilities | 359,499 |  |  | 736,373 |  |  | 249,064 |  |  | 15,178 |  |  | (632,694 | ) |  | 727,420 |
Total stockholders' equity | 484,934 |  |  | 809,617 |  |  | 1,533,644 |  |  | 8,315 |  |  | (2,351,576 | ) |  | 484,934 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 844,433 |  |  | $ | 1,545,990 |  |  | $ | 1,782,708 |  |  | $ | 23,493 |  |  | $ | (2,984,270 | ) |  | $ | 1,212,354 |
Schedule of Condensed Income Statement |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED OCTOBER 25, 2014 (Dollars in thousands)
| Parent |  | Issuer |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Dycom Consolidated
Contract revenues | $ | — |  |  | $ | — |  |  | $ | 505,689 |  |  | $ | 4,700 |  |  | $ | — |  |  | $ | 510,389 |
Costs of earned revenues, excluding depreciation and amortization | — |  |  | — |  |  | 400,091 |  |  | 3,377 |  |  | — |  |  | 403,468 |
General and administrative | 12,833 |  |  | 100 |  |  | 28,168 |  |  | 3,595 |  |  | — |  |  | 44,696 |
Depreciation and amortization | 1,239 |  |  | — |  |  | 20,581 |  |  | 1,110 |  |  | — |  |  | 22,930 |
Intercompany charges (income), net | (15,822 | ) |  | — |  |  | 16,408 |  |  | (586 | ) |  | — |  |  | — |
Interest expense, net | (1,750 | ) |  | (4,999 | ) |  | — |  |  | — |  |  | — |  |  | (6,749 | )
Other income, net | — |  |  | — |  |  | 1,779 |  |  | 16 |  |  | — |  |  | 1,795 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — |  |  | (5,099 | ) |  | 42,220 |  |  | (2,780 | ) |  | — |  |  | 34,341 |
PROVISION (BENEFIT) FOR INCOME TAXES | — |  |  | (2,010 | ) |  | 16,640 |  |  | (1,096 | ) |  | — |  |  | 13,534 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES | — |  |  | (3,089 | ) |  | 25,580 |  |  | (1,684 | ) |  | — |  |  | 20,807 |
EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES | 20,807 |  |  | 23,896 |  |  | (139 | ) |  | — |  |  | (44,564 | ) |  | — |
NET INCOME (LOSS) | $ | 20,807 |  |  | $ | 20,807 |  |  | $ | 25,441 |  |  | $ | (1,684 | ) |  | $ | (44,564 | ) |  | $ | 20,807 |
Foreign currency translation loss, net of tax | (268 | ) |  | (268 | ) |  | — |  |  | (268 | ) |  | 536 |  |  | (268 | )
COMPREHENSIVE INCOME (LOSS) | $ | 20,539 |  |  | $ | 20,539 |  |  | $ | 25,441 |  |  | $ | (1,952 | ) |  | $ | (44,028 | ) |  | $ | 20,539 |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED OCTOBER 26, 2013 (Dollars in thousands)
| Parent |  | Issuer |  | Subsidiary Guarantors |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Dycom Consolidated
Contract revenues | $ | — |  |  | $ | — |  |  | $ | 509,430 |  |  | $ | 3,290 |  |  | $ | — |  |  | $ | 512,720 |
Costs of earned revenues, excluding depreciation and amortization | — |  |  | — |  |  | 407,695 |  |  | 2,424 |  |  | — |  |  | 410,119 |
General and administrative | 11,237 |  |  | 226 |  |  | 28,945 |  |  | 2,667 |  |  | — |  |  | 43,075 |
Depreciation and amortization | 854 |  |  | — |  |  | 21,621 |  |  | 1,077 |  |  | — |  |  | 23,552 |
Intercompany charges (income), net | (13,976 | ) |  | — |  |  | 14,110 |  |  | (134 | ) |  | — |  |  | — |
Interest expense, net | (1,888 | ) |  | (4,994 | ) |  | (4 | ) |  | — |  |  | — |  |  | (6,886 | )
Other income, net | 3 |  |  | — |  |  | 1,945 |  |  | 64 |  |  | — |  |  | 2,012 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — |  |  | (5,220 | ) |  | 39,000 |  |  | (2,680 | ) |  | — |  |  | 31,100 |
PROVISION (BENEFIT) FOR INCOME TAXES | — |  |  | (2,087 | ) |  | 15,600 |  |  | (1,073 | ) |  | — |  |  | 12,440 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — |  |  | (3,133 | ) |  | 23,400 |  |  | (1,607 | ) |  | — |  |  | 18,660 |
EQUITY IN EARNINGS OF SUBSIDIARIES | 18,660 |  |  | 21,793 |  |  | — |  |  | — |  |  | (40,453 | ) |  | — |
NET INCOME (LOSS) | $ | 18,660 |  |  | $ | 18,660 |  |  | $ | 23,400 |  |  | $ | (1,607 | ) |  | $ | (40,453 | ) |  | $ | 18,660 |
Foreign currency translation loss, net of tax | (60 | ) |  | (60 | ) |  | — |  |  | (60 | ) |  | 120 |  |  | (60 | )
COMPREHENSIVE INCOME (LOSS) | $ | 18,600 |  |  | $ | 18,600 |  |  | $ | 23,400 |  |  | $ | (1,667 | ) |  | $ | (40,333 | ) |  | $ | 18,600 |
Schedule of Condensed Cash Flow Statement |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED OCTOBER 25, 2014 (Dollars in thousands)
| Parent |  | Issuer |  | Subsidiary Guarantor |  | Non- Guarantor Subsidiaries |  | Elim-inations |  | Dycom Consolidated
Net cash provided by (used in) operating activities | $ | (5,233 | ) |  | $ | 1,924 |  |  | $ | 14,666 |  |  | $ | (452 | ) |  | $ | — |  |  | $ | 10,905 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for acquisitions, net of cash acquired | — |  |  | — |  |  | (8,371 | ) |  | — |  |  | — |  |  | (8,371 | )
Capital expenditures | (1,597 | ) |  | — |  |  | (14,861 | ) |  | (1,570 | ) |  | — |  |  | (18,028 | )
Proceeds from sale of assets | — |  |  | — |  |  | 1,698 |  |  | — |  |  | — |  |  | 1,698 |
Return of capital from subsidiaries | — |  |  | 891 |  |  | — |  |  | — |  |  | (891 | ) |  | — |
Investment in subsidiaries | — |  |  | (2,125 | ) |  | (200 | ) |  | — |  |  | 2,325 |  |  | — |
Changes in restricted cash | (541 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (541 | )
Net cash used in investing activities | (2,138 | ) |  | (1,234 | ) |  | (21,734 | ) |  | (1,570 | ) |  | 1,434 |  |  | (25,242 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on senior Credit Agreement | 132,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 132,000 |
Principal payments on senior Credit Agreement | (122,344 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (122,344 | )
Exercise of stock options | 567 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 567 |
Restricted stock tax withholdings | (309 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (309 | )
Excess tax benefit from share-based awards | 210 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 210 |
Intercompany funding | (2,753 | ) |  | (690 | ) |  | 3,130 |  |  | 1,747 |  |  | (1,434 | ) |  | — |
Net cash provided by (used in) financing activities | 7,371 |  |  | (690 | ) |  | 3,130 |  |  | 1,747 |  |  | (1,434 | ) |  | 10,124 |
Net decrease in cash and equivalents | — |  |  | — |  |  | (3,938 | ) |  | (275 | ) |  | — |  |  | (4,213 | )
CASH AT BEGINNING OF PERIOD | — |  |  | — |  |  | 19,739 |  |  | 933 |  |  | — |  |  | 20,672 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — |  |  | $ | — |  |  | $ | 15,801 |  |  | $ | 658 |  |  | $ | — |  |  | $ | 16,459 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED OCTOBER 26, 2013 (Dollars in thousands)
| Parent |  | Issuer |  | Subsidiary Guarantor |  | Non- Guarantor Subsidiaries |  | Elim-inations |  | Dycom Consolidated
Net cash (used in) provided by operating activities | $ | (2,905 | ) |  | $ | 1,835 |  |  | $ | (17,351 | ) |  | $ | (272 | ) |  | $ | — |  |  | $ | (18,693 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (1,680 | ) |  | — |  |  | (27,042 | ) |  | (1,566 | ) |  | — |  |  | (30,288 | )
Proceeds from sale of assets | — |  |  | — |  |  | 2,422 |  |  | 43 |  |  | — |  |  | 2,465 |
Changes in restricted cash | (305 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (305 | )
Net cash (used in) investing activities | (1,985 | ) |  | — |  |  | (24,620 | ) |  | (1,523 | ) |  | — |  |  | (28,128 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on senior Credit Agreement | 164,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 164,000 |
Principal payments on senior Credit Agreement | (131,563 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (131,563 | )
Exercise of stock options | 10,124 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,124 |
Restricted stock tax withholdings | (609 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (609 | )
Excess tax benefit from share-based awards | 656 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 656 |
Intercompany funding | (37,718 | ) |  | (1,835 | ) |  | 37,436 |  |  | 2,117 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | 4,890 |  |  | (1,835 | ) |  | 37,436 |  |  | 2,117 |  |  | — |  |  | 42,608 |
Net (decrease) increase in cash and equivalents | — |  |  | — |  |  | (4,535 | ) |  | 322 |  |  | — |  |  | (4,213 | )
CASH AT BEGINNING OF PERIOD | — |  |  | — |  |  | 18,166 |  |  | 441 |  |  | — |  |  | 18,607 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — |  |  | $ | — |  |  | $ | 13,631 |  |  | $ | 763 |  |  | $ | — |  |  | $ | 14,394 |

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