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Accounts Receivable, Contract Assets, and Contract Liabilities (Tables) | 6 Months Ended
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Jul. 26, 2025
Receivables [Abstract] |
Accounts Receivable | Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):
| July 26, 2025 |  | January 25, 2025
Trade accounts receivable | $ | 585,264 |  |  | $ | 538,475 |
Unbilled accounts receivable | 976,584 |  |  | 801,423 |
Retainage | 28,708 |  |  | 34,934 |
Total | 1,590,556 |  |  | 1,374,832 |
Less: allowance for credit losses | (2,595) |  |  | (1,094) |
Accounts receivable, net | $ | 1,587,961 |  |  | $ | 1,373,738 |
The allowance for credit losses changed as follows (dollars in thousands):
| For the Three Months Ended |  | For the Six Months Ended
| July 26, 2025 |  | July 27, 2024 |  | July 26, 2025 |  | July 27, 2024
Allowance for credit losses at beginning of period | $ | 825 |  |  | $ | 1,539 |  |  | $ | 1,094 |  |  | $ | 2,776 |
Provision for (recovery of) bad debt | 1,770 |  |  | 147 |  |  | 1,600 |  |  | (1,090) |
Amounts charged against the allowance | — |  |  | (16) |  |  | (99) |  |  | (16) |
Allowance for credit losses at end of period | $ | 2,595 |  |  | $ | 1,670 |  |  | $ | 2,595 |  |  | $ | 1,670 |
Contract Assets and Contract Liabilities | Net contract assets (liabilities) consisted of the following (dollars in thousands):
| July 26, 2025 |  | January 25, 2025
Contract assets | $ | 119,655 |  |  | $ | 63,375 |
Contract liabilities | 69,897 |  |  | 73,548 |
Contract assets (liabilities), net | $ | 49,758 |  |  | $ | (10,173) |
Customer Credit Concentration | Customers whose combined amounts of accounts receivable and contract assets, net, exceeded 10% of total combined accounts receivable and contract assets, net as of July 26, 2025 or January 25, 2025 were as follows (dollars in millions):
| July 26, 2025 |  | January 25, 2025
| Amount |  | % of Total |  | Amount |  | % of Total
AT&T Inc. | $ | 201.0 |  |  | 12.3% |  | $ | 127.7 |  |  | 9.4%
Charter Communications | $ | 234.0 |  |  | 14.3% |  | $ | 158.9 |  |  | 11.7%
Lumen Technologies | $ | 255.4 |  |  | 15.6% |  | $ | 287.1 |  |  | 21.1%
Our customer base is highly concentrated. Customers whose contract revenues exceeded 10% of total contract revenues during the three and six months ended July 26, 2025 or July 27, 2024, as well as total contract revenues from all other customers combined, were as follows (dollars in millions):
| For the Three Months Ended |  | For the Six Months Ended
| July 26, 2025 |  | July 27, 2024 |  | July 26, 2025 |  | July 27, 2024
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total
AT&T Inc. | $ | 373.0 |  |  | 27.1% |  | $ | 210.2 |  |  | 17.5% |  | $ | 698.1 |  |  | 26.5% |  | $ | 425.7 |  |  | 18.2%
Lumen Technologies | 155.4 |  |  | 11.3 |  | 163.7 |  |  | 13.6 |  | 280.6 |  |  | 10.6 |  | 320.5 |  |  | 13.7
Total other customers combined | 849.5 |  |  | 61.6 |  | 829.2 |  | 68.9 |  | 1,657.9 |  |  | 62.9 |  | 1,599.3 |  |  | 68.1
Total contract revenues | $ | 1,377.9 |  |  | 100.0% |  | $ | 1,203.1 |  |  | 100.0% |  | $ | 2,636.6 |  |  | 100.0% |  | $ | 2,345.5 |  |  | 100.0%
Total contract revenues by customer type during the three and six months ended July 26, 2025 and July 27, 2024 were as follows (dollars in millions):
| For the Three Months Ended |  | For the Six Months Ended
| July 26, 2025 |  | July 27, 2024 |  | July 26, 2025 |  | July 27, 2024
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total
Telecommunications | $ | 1,269.1 |  |  | 92.1% |  | $ | 1,086.2 |  |  | 90.3% |  | $ | 2,418.0 |  |  | 91.7% |  | $ | 2,113.0 |  |  | 90.0%
Underground facility locating | 84.1 |  |  | 6.1 |  | 82.1 |  |  | 6.8 |  | 166.4 |  |  | 6.3 |  | 163.1 |  |  | 7.0
Electrical and gas utilities and other | 24.7 |  |  | 1.8 |  | 34.8 |  |  | 2.9 |  | 52.2 |  |  | 2.0 |  | 69.4 |  |  | 3.0
Total contract revenues | $ | 1,377.9 |  |  | 100.0% |  | $ | 1,203.1 |  |  | 100.0% |  | $ | 2,636.6 |  |  | 100.0% |  | $ | 2,345.5 |  |  | 100.0%

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-20 + Details
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