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Supplemental Consolidating Financial Statements (Tables) | 6 Months Ended
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Jan. 24, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule of Condensed Balance Sheet |
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) JANUARY 24, 2015
| Parent |  | Issuer |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations and Reclassifications |  | Dycom Consolidated
| (Dollars in thousands)
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | — |  |  | $ | — |  |  | $ | 17,080 |  |  | $ | 1,348 |  |  | $ | — |  |  | $ | 18,428 |
Accounts receivable, net | — |  |  | — |  |  | 265,297 |  |  | 1,989 |  |  | — |  |  | 267,286 |
Costs and estimated earnings in excess of billings | — |  |  | — |  |  | 210,921 |  |  | 1,393 |  |  | — |  |  | 212,314 |
Inventories | — |  |  | — |  |  | 43,768 |  |  | — |  |  | — |  |  | 43,768 |
Deferred tax assets, net | 3,602 |  |  | — |  |  | 15,228 |  |  | 71 |  |  | (169 | ) |  | 18,732 |
Other current assets | 17,012 |  |  | 42 |  |  | 6,503 |  |  | 280 |  |  | — |  |  | 23,837 |
Total current assets | 20,614 |  |  | 42 |  |  | 558,797 |  |  | 5,081 |  |  | (169 | ) |  | 584,365 |
Property and equipment, net | 18,678 |  |  | — |  |  | 170,150 |  |  | 18,320 |  |  | — |  |  | 207,148 |
Goodwill | — |  |  | — |  |  | 269,465 |  |  | — |  |  | — |  |  | 269,465 |
Intangible assets, net | — |  |  | — |  |  | 113,596 |  |  | 577 |  |  | — |  |  | 114,173 |
Deferred tax assets, net non-current | 705 |  |  | — |  |  | 3,618 |  |  | — |  |  | (4,323 | ) |  | — |
Investment in subsidiaries | 839,856 |  |  | 1,595,469 |  |  | 1,566 |  |  | — |  |  | (2,436,891 | ) |  | — |
Intercompany receivables | — |  |  | — |  |  | 708,222 |  |  | — |  |  | (708,222 | ) |  | — |
Other | 10,625 |  |  | 5,295 |  |  | 2,315 |  |  | 147 |  |  | — |  |  | 18,382 |
Total non-current assets | 869,864 |  |  | 1,600,764 |  |  | 1,268,932 |  |  | 19,044 |  |  | (3,149,436 | ) |  | 609,168 |
Total assets | $ | 890,478 |  |  | $ | 1,600,806 |  |  | $ | 1,827,729 |  |  | $ | 24,125 |  |  | $ | (3,149,605 | ) |  | $ | 1,193,533 |
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 977 |  |  | $ | — |  |  | $ | 49,926 |  |  | $ | 1,211 |  |  | $ | — |  |  | $ | 52,114 |
Current portion of debt | 12,500 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,500 |
Billings in excess of costs and estimated earnings | — |  |  | — |  |  | 16,422 |  |  | — |  |  | — |  |  | 16,422 |
Accrued insurance claims | 162 |  |  | — |  |  | 33,973 |  |  | 50 |  |  | — |  |  | 34,185 |
Deferred tax liabilities | — |  |  | 80 |  |  | 36 |  |  | 53 |  |  | (169 | ) |  | — |
Other accrued liabilities | 8,203 |  |  | 532 |  |  | 52,752 |  |  | 1,504 |  |  | — |  |  | 62,991 |
Total current liabilities | 21,842 |  |  | 612 |  |  | 153,109 |  |  | 2,818 |  |  | (169 | ) |  | 178,212 |
Long-term debt | 140,875 |  |  | 280,543 |  |  | — |  |  | — |  |  | — |  |  | 421,418 |
Accrued insurance claims | 86 |  |  | — |  |  | 38,215 |  |  | 47 |  |  | — |  |  | 38,348 |
Deferred tax liabilities, net non-current | — |  |  | 432 |  |  | 48,312 |  |  | 1,175 |  |  | (4,323 | ) |  | 45,596 |
Intercompany payables | 219,607 |  |  | 479,363 |  |  | — |  |  | 9,252 |  |  | (708,222 | ) |  | — |
Other liabilities | 3,160 |  |  | — |  |  | 1,887 |  |  | 4 |  |  | — |  |  | 5,051 |
Total liabilities | 385,570 |  |  | 760,950 |  |  | 241,523 |  |  | 13,296 |  |  | (712,714 | ) |  | 688,625 |
Total stockholders' equity | 504,908 |  |  | 839,856 |  |  | 1,586,206 |  |  | 10,829 |  |  | (2,436,891 | ) |  | 504,908 |
Total liabilities and stockholders' equity | $ | 890,478 |  |  | $ | 1,600,806 |  |  | $ | 1,827,729 |  |  | $ | 24,125 |  |  | $ | (3,149,605 | ) |  | $ | 1,193,533 |
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 JANUARY 24, 2015 (Dollars in thousands)
| Parent |  | Issuer |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Dycom Consolidated
Contract revenues | $ | — |  |  | $ | — |  |  | $ | 437,970 |  |  | $ | 3,111 |  |  | $ | — |  |  | $ | 441,081 |
Costs of earned revenues, excluding depreciation and amortization | — |  |  | — |  |  | 353,182 |  |  | 2,247 |  |  | — |  |  | 355,429 |
General and administrative | 11,974 |  |  | 140 |  |  | 26,502 |  |  | 3,199 |  |  | — |  |  | 41,815 |
Depreciation and amortization | 1,304 |  |  | — |  |  | 20,789 |  |  | 1,171 |  |  | — |  |  | 23,264 |
Intercompany charges (income), net | (15,009 | ) |  | — |  |  | 15,515 |  |  | (506 | ) |  | — |  |  | — |
Interest expense, net | (1,731 | ) |  | (4,999 | ) |  | — |  |  | — |  |  | — |  |  | (6,730 | )
Other income (expense), net | — |  |  | — |  |  | 1,913 |  |  | (178 | ) |  | — |  |  | 1,735 |
Income (loss) before income taxes and equity in earnings of subsidiaries | — |  |  | (5,139 | ) |  | 23,895 |  |  | (3,178 | ) |  | — |  |  | 15,578 |
Provision (benefit) for income taxes: | — |  |  | (2,027 | ) |  | 9,426 |  |  | (1,253 | ) |  | — |  |  | 6,146 |
Net income (loss) before equity in earnings of subsidiaries | — |  |  | (3,112 | ) |  | 14,469 |  |  | (1,925 | ) |  | — |  |  | 9,432 |
Equity in earnings of subsidiaries | 9,432 |  |  | 12,544 |  |  | — |  |  | — |  |  | (21,976 | ) |  | — |
Net income (loss) | $ | 9,432 |  |  | $ | 9,432 |  |  | $ | 14,469 |  |  | $ | (1,925 | ) |  | $ | (21,976 | ) |  | $ | 9,432 |
Foreign currency translation loss, net of tax | (458 | ) |  | (458 | ) |  | — |  |  | (458 | ) |  | 916 |  |  | (458 | )
Comprehensive income (loss) | $ | 8,974 |  |  | $ | 8,974 |  |  | $ | 14,469 |  |  | $ | (2,383 | ) |  | $ | (21,060 | ) |  | $ | 8,974 |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED JANUARY 25, 2014 (Dollars in thousands)
| Parent |  | Issuer |  | Subsidiary Guarantors |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Dycom Consolidated
Contract revenues | $ | — |  |  | $ | — |  |  | $ | 388,402 |  |  | $ | 2,116 |  |  | $ | — |  |  | $ | 390,518 |
Costs of earned revenues, excluding depreciation and amortization | — |  |  | — |  |  | 325,678 |  |  | 1,675 |  |  | — |  |  | 327,353 |
General and administrative | 10,284 |  |  | 215 |  |  | 25,322 |  |  | 2,741 |  |  | — |  |  | 38,562 |
Depreciation and amortization | 1,039 |  |  | — |  |  | 21,230 |  |  | 1,166 |  |  | — |  |  | 23,435 |
Intercompany charges (income), net | (13,130 | ) |  | — |  |  | 13,271 |  |  | (141 | ) |  | — |  |  | — |
Interest expense, net | (1,807 | ) |  | (4,994 | ) |  | 1 |  |  | — |  |  | — |  |  | (6,800 | )
Other income (expense), net | — |  |  | — |  |  | 630 |  |  | (35 | ) |  | — |  |  | 595 |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | — |  |  | (5,209 | ) |  | 3,532 |  |  | (3,360 | ) |  | — |  |  | (5,037 | )
Provision (benefit) for income taxes | — |  |  | (2,102 | ) |  | 1,485 |  |  | (1,353 | ) |  | — |  |  | (1,970 | )
Net income (loss) before equity in earnings (loss) of subsidiaries | — |  |  | (3,107 | ) |  | 2,047 |  |  | (2,007 | ) |  | — |  |  | (3,067 | )
Equity in earnings (loss) of subsidiaries | (3,067 | ) |  | 40 |  |  | — |  |  | — |  |  | 3,027 |  |  | — |
Net income (loss) | $ | (3,067 | ) |  | $ | (3,067 | ) |  | $ | 2,047 |  |  | $ | (2,007 | ) |  | $ | 3,027 |  |  | $ | (3,067 | )
Foreign currency translation loss, net of tax | (226 | ) |  | (226 | ) |  | — |  |  | (226 | ) |  | 452 |  |  | (226 | )
Comprehensive income (loss) | $ | (3,293 | ) |  | $ | (3,293 | ) |  | $ | 2,047 |  |  | $ | (2,233 | ) |  | $ | 3,479 |  |  | $ | (3,293 | )
Schedule of Condensed Cash Flow Statement |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JANUARY 24, 2015 (Dollars in thousands)
| Parent |  | Issuer |  | Subsidiary Guarantor |  | Non-Guarantor Subsidiaries |  | Elim-inations |  | Dycom Consolidated
Net cash provided by (used in) operating activities | $ | (8,331 | ) |  | $ | (6,115 | ) |  | $ | 96,931 |  |  | $ | 770 |  |  | $ | — |  |  | $ | 83,255 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for acquisitions, net of cash acquired | — |  |  | — |  |  | (9,821 | ) |  | — |  |  | — |  |  | (9,821 | )
Capital expenditures | (4,144 | ) |  | — |  |  | (31,281 | ) |  | (3,347 | ) |  | — |  |  | (38,772 | )
Proceeds from sale of assets | — |  |  | — |  |  | 4,031 |  |  | 8 |  |  | — |  |  | 4,039 |
Return of capital from subsidiaries | — |  |  | 1,749 |  |  | — |  |  | — |  |  | (1,749 | ) |  | — |
Investment in subsidiaries | — |  |  | (21,668 | ) |  | (300 | ) |  | — |  |  | 21,968 |  |  | — |
Changes in restricted cash | (541 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (541 | )
Net cash used in investing activities | (4,685 | ) |  | (19,919 | ) |  | (37,371 | ) |  | (3,339 | ) |  | 20,219 |  |  | (45,095 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on senior Credit Agreement | 175,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 175,000 |
Principal payments on senior Credit Agreement | (198,688 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (198,688 | )
Repurchases of common stock | (17,147 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (17,147 | )
Exercise of stock options | 2,335 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,335 |
Restricted stock tax withholdings | (4,330 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,330 | )
Excess tax benefit from share-based awards | 2,426 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,426 |
Intercompany funding | 53,420 |  |  | 26,034 |  |  | (62,219 | ) |  | 2,984 |  |  | (20,219 | ) |  | — |
Net cash (used in) provided by financing activities | 13,016 |  |  | 26,034 |  |  | (62,219 | ) |  | 2,984 |  |  | (20,219 | ) |  | (40,404 | )
Net (decrease) increase in cash and equivalents | — |  |  | — |  |  | (2,659 | ) |  | 415 |  |  | — |  |  | (2,244 | )
CASH AT BEGINNING OF PERIOD | — |  |  | — |  |  | 19,739 |  |  | 933 |  |  | — |  |  | 20,672 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — |  |  | $ | — |  |  | $ | 17,080 |  |  | $ | 1,348 |  |  | $ | — |  |  | $ | 18,428 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JANUARY 25, 2014 (Dollars in thousands)
| Parent |  | Issuer |  | Subsidiary Guarantor |  | Non-Guarantor Subsidiaries |  | Elim-inations |  | Dycom Consolidated
Net cash provided by (used in) operating activities | $ | (4,085 | ) |  | $ | (6,135 | ) |  | $ | 79,911 |  |  | $ | (1,825 | ) |  | $ | — |  |  | $ | 67,866 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (3,351 | ) |  | — |  |  | (43,150 | ) |  | (2,739 | ) |  | — |  |  | (49,240 | )
Proceeds from sale of assets | — |  |  | — |  |  | 3,361 |  |  | 1,603 |  |  | — |  |  | 4,964 |
Return of capital from subsidiaries | — |  |  | 683 |  |  | — |  |  | — |  |  | (683 | ) |  | — |
Investment in subsidiaries | — |  |  | (800 | ) |  | — |  |  | — |  |  | 800 |  |  | — |
Changes in restricted cash | (305 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (305 | )
Net cash used in investing activities | (3,656 | ) |  | (117 | ) |  | (39,789 | ) |  | (1,136 | ) |  | 117 |  |  | (44,581 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on senior Credit Agreement | 221,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 221,000 |
Principal payments on senior Credit Agreement | (247,125 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (247,125 | )
Repurchases of common stock | (9,999 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,999 | )
Exercise of stock options | 11,869 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,869 |
Restricted stock tax withholdings | (3,590 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,590 | )
Excess tax benefit from share-based awards | 2,297 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,297 |
Intercompany funding | 33,289 |  |  | 6,252 |  |  | (43,076 | ) |  | 3,652 |  |  | (117 | ) |  | — |
Net cash (used in) provided by financing activities | 7,741 |  |  | 6,252 |  |  | (43,076 | ) |  | 3,652 |  |  | (117 | ) |  | (25,548 | )
Net (decrease) increase in cash and equivalents | — |  |  | — |  |  | (2,954 | ) |  | 691 |  |  | — |  |  | (2,263 | )
CASH AT BEGINNING OF PERIOD | — |  |  | — |  |  | 18,166 |  |  | 441 |  |  | — |  |  | 18,607 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — |  |  | $ | — |  |  | $ | 15,212 |  |  | $ | 1,132 |  |  | $ | — |  |  | $ | 16,344 |

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