v3.25.2
Accounts Receivable, Contract Assets, and Contract Liabilities (Tables)
 6 Months Ended
Jul. 26, 2025
Receivables [Abstract]  
Accounts Receivable
Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):
July 26, 2025January 25, 2025
Trade accounts receivable$585,264 $538,475 
Unbilled accounts receivable976,584 801,423 
Retainage28,708 34,934 
Total1,590,556 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 EndedFor the Six Months Ended
July 26, 2025July 27, 2024July 26, 2025July 27, 2024
Allowance for credit losses at beginning of period$825 $1,539 $1,094 $2,776 
Provision for (recovery of) bad debt1,770 147 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, 2025January 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, 2025January 25, 2025
Amount% of TotalAmount% 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 EndedFor the Six Months Ended
July 26, 2025July 27, 2024July 26, 2025July 27, 2024
Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
AT&T Inc.$373.0 27.1%$210.2 17.5%$698.1 26.5%$425.7 18.2%
Lumen Technologies155.4 11.3163.7 13.6280.6 10.6320.5 13.7
Total other customers combined849.5 61.6829.268.91,657.9 62.91,599.3 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 EndedFor the Six Months Ended
July 26, 2025July 27, 2024July 26, 2025July 27, 2024
Amount% of TotalAmount% of TotalAmount% of TotalAmount% 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 locating84.1 6.182.1 6.8166.4 6.3163.1 7.0
Electrical and gas utilities and other24.7 1.834.8 2.952.2 2.069.4 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%