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  "documentTitle": "Dycom Industries, Inc. (DY)",
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  "presentationDate": "2025-02-19 00:00:00",
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  "notes": "The slide uses a side-by-side comparison of disclosure language to suggest a shift in accounting presentation.",
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      "kind": "callout",
      "text": "2019 - 2022\n“Operating cash flow also excludes payments made to a customer to obtain a new contract or extend or modify an existing contract.”",
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      "text": "As a result, this is a potential lever being used by management to embellish operating cash flow.",
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      "text": "2023 Disclosure Change To “Pre-Paid Discounts”",
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      "text": "Starting in 2019, Dycom revealed that its operating cash flow excluded payments made to customers to obtain a new contract, extend or modify an existing contract. Dycom does not report the exact amount of this figure in any other SEC filings or on conference calls. Starting in 2023, Dycom changed the language to reference exclusion of “pre-paid discounts”. Prepaid expenses are often recorded on the balance sheet and expensed over time. Dycom has reported some contract awards and extensions up to 4 years.(1) As a result, this is a potential lever being used by management to embellish operating cash flow.",
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      "text": "Operating cash flow also excludes payments made to a customer to obtain a new contract or extend or modify an existing contract. — Dycom 2019 and 2023 Proxy Statements",
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      "text": "1) See Q4'24 presentation, slide 7\nSource: Dycom 2019 and 2023 Proxy Statements",
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      "text": "Dycom's Proxy Statement Reveals Potential For Cash Flow Embellishment",
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