v3.25.1
Accounts Receivable, Contract Assets, and Contract Liabilities (Tables)
 3 Months Ended
Apr. 26, 2025
Receivables [Abstract]  
Accounts Receivable
Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):
April 26, 2025January 25, 2025
Trade accounts receivable$587,909 $538,475 
Unbilled accounts receivable907,522 801,423 
Retainage33,239 34,934 
Total1,528,670 1,374,832 
Less: allowance for credit losses(825)(1,094)
Accounts receivable, net$1,527,845 $1,373,738 
The allowance for credit losses changed as follows (dollars in thousands):
For the Three Months Ended
April 26, 2025April 27, 2024
Allowance for credit losses accounts at beginning of period$1,094 $2,776 
Recovery of bad debt(170)(1,237)
Amounts charged against the allowance(99)— 
Allowance for credit losses accounts at end of period$825 $1,539 
Contract Assets and Contract Liabilities
Net contract assets (liabilities) consisted of the following (dollars in thousands):
April 26, 2025January 25, 2025
Contract assets$101,992 $63,375 
Contract liabilities 92,109 73,548 
Contract assets (liabilities), net$9,883 $(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 April 26, 2025 or January 25, 2025 were as follows (dollars in millions):

April 26, 2025January 25, 2025
Amount% of TotalAmount% of Total
AT&T Inc.$175.8 11.4%$127.7 9.4%
Charter Communications$202.3 13.2%$158.9 11.7%
Lumen Technologies$250.7 16.3%$287.1 21.1%
Our customer base is highly concentrated. Customers whose contract revenues exceeded 10% of total contract revenues during the three months ended April 26, 2025 or April 27, 2024, as well as total contract revenues from all other customers combined, were as follows (dollars in millions):
For the Three Months Ended
April 26, 2025April 27, 2024
Amount% of TotalAmount% of Total
AT&T Inc.$325.1 25.8%$215.5 18.9%
Lumen Technologies125.2 9.9156.8 13.7
Total other customers combined808.3 64.2770.167.4
Total contract revenues$1,258.6 100.0%$1,142.4 100.0%
Total contract revenues by customer type during the three months ended April 26, 2025 and April 27, 2024 were as follows (dollars in millions):
For the Three Months Ended
April 26, 2025April 27, 2024
Amount% of TotalAmount% of Total
Telecommunications$1,148.9 91.3%$1,026.8 89.9%
Underground facility locating82.2 6.581.0 7.1
Electrical and gas utilities and other27.5 2.234.6 3.0
Total contract revenues$1,258.6 100.0%$1,142.4 100.0%