v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes:
(dollar amounts in thousands)Inception DateStated Interest
Rate (per annum)		Payment
Frequency		Term
(years)
Outstanding
Balance as of
September 30, 2026
Outstanding
Balance as of
December 31, 2025
Credit Agreement
Revolving loan9/8/2026VariableVariable5$10,000 $47,414 
U.S. term loan9/8/2026VariableQuarterly5150,000 — 
Canadian term loan9/8/2026VariableQuarterly549,287 — 
Equipment Notes
Equipment Note 108/26/20224.32%Semi-annual57,066 11,605 
Other equipment notes4/11/2022 to 5/27/2030
0% - 7.35%
Monthly
3 - 5
249 18 
7,315 11,623 
Term loan - debt issuance costs(832)— 
Total debt215,770 59,037 
Less: current portion of long-term debt(16,988)(4,554)
Long-term debt$198,782 $54,483 
Credit Agreement
On September 8, 2026, the Company entered into a five-year Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A., Bank of America, N.A. and Wells Fargo Bank, National Association. The Credit Agreement provides for a revolving credit facility of $690 million (the “Revolving Facility”) and a term loan credit facility consisting of a U.S. Dollar tranche of $150 million and a Canadian Dollar tranche of C$70 million (the “Term Facility” and, together with the Revolving Facility, the “Facilities”). The Revolving Facility allows for revolving loans in Canadian dollars and other non-US currencies, up to the U.S. dollar equivalent of $200 million. The Credit Agreement also allows for up to $100 million of letters of credit and up to $25 million of swingline loans. The Company has an expansion option to increase the commitments under the Revolving Facility or enter into incremental term loans, subject to certain conditions, up to an additional $445 million upon receipt of additional commitments from new or existing lenders. Subject to certain exceptions, borrowings under the Facilities are secured by substantially all of the assets of the Company and its domestic subsidiaries, and by a pledge of substantially all of the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of the direct foreign subsidiaries of the Company. In addition, subject to certain exceptions, the Company’s domestic subsidiaries also guarantee the repayment of all amounts due under the Credit Agreement. The Credit Agreement also provides for customary events of default. If an event of default occurs and is continuing, on the terms and subject to the conditions set forth in the Credit Agreement, amounts outstanding under the Facilities may be accelerated and may become or be declared immediately due and payable. Borrowings under the Credit Agreement are generally used to refinance existing indebtedness and for future working capital, capital expenditures, acquisitions and other general corporate purposes.
The Credit Agreement amended and restated the Company’s five-year amended and restated credit agreement, dated May 31, 2023, as amended, which included a $490 million revolving credit facility (the “Prior Revolving Facility”) and a $200 million expansion option.
Amounts borrowed under the Credit Agreement bear interest, at the Company’s option, at a rate equal to either (1) the Alternate Base Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 0.25% to 1.00%; or (2) the Term Benchmark Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.25% to 2.00%. The applicable margin is determined based on the Company’s Net Leverage Ratio (as defined in the Credit Agreement). Letters of credit issued under the Revolving Facility are subject to a letter of credit fee of 1.25% to 2.00% for standby letters of credit or 0.625% to 1.00% for commercial letters of credit, in each case based on the Company’s Net Leverage Ratio. The Company is also subject to a commitment fee of 0.20% to 0.30%, based on the Company’s Net Leverage Ratio, on any unused portion of the Revolving Facility. The Credit Agreement restricts certain types of payments when the Company’s Net Leverage Ratio, after giving pro forma effect to those payments, exceeds 2.75. The weighted average interest rate on borrowings outstanding on the Facilities was 5.01%, per annum, for the nine months ended September 30, 2026. The weighted average interest rate on borrowings outstanding on the Prior Revolving Facility was 4.92%, per annum, for the nine months ended September 30, 2025.
Under the Credit Agreement, the Company is subject to certain financial covenants including a maximum Net Leverage Ratio of 3.0 and a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.0. The Credit Agreement also contains covenants, including limitations on asset sales, investments, indebtedness and liens. The Company was in compliance with all of its financial covenants under the Credit Agreement as of September 30, 2026.
As of September 30, 2026, the Company had $10.0 million of borrowings outstanding under the Revolving Facility and letters of credit outstanding under the Revolving Facility of $29.5 million related to the Company's payment obligation under its insurance programs.
As of December 31, 2025, the Company had $47.4 million of borrowings outstanding under the Prior Revolving Facility and letters of credit outstanding under the Prior Revolving Facility of $34.3 million, including $34.2 million related to the Company's payment obligation under its insurance programs and $0.1 million related to contract performance obligations.
As of September 30, 2026, the Company had $199.3 million of borrowings outstanding under the Term Facility, consisting of approximately $10.0 million of short-term debt and approximately $189.3 million of long-term debt.
The Company had remaining deferred debt issuance costs totaling $4.6 million as of September 30, 2026, related to the line of credit and Facilities. As permitted, debt issuance costs associated with the Company's Revolving Facility have been deferred and are presented as an asset within other assets, which is amortized as interest expense over the term of the Revolving Facility. Debt issuance costs associated with the Company's Term Facility have been deferred and are presented as a reduction of the outstanding loan balance and will be amortized as interest expense over the term of the Term Facility. Unamortized deferred debt issuance costs totaling $0.9 million relating to the Prior Revolving Facility will be amortized over the life of the Revolving Facility. The Company had remaining deferred debt issuance costs related to the Prior Revolving Facility totaling $1.2 million as of December 31, 2025.
Equipment Notes
The Company has entered into Master Equipment Loan and Security Agreements (the “Master Loan Agreements”) with multiple finance companies. The Master Loan Agreements may be used for the financing of equipment between the Company and the lenders pursuant to one or more equipment notes ("Equipment Note"). Each Equipment Note executed under the Master Loan Agreements constitutes a separate, distinct and independent financing of equipment and a contractual obligation of the Company, which may contain prepayment clauses. As of September 30, 2026, the Company had one Equipment Note outstanding under the Master Loan Agreements that is collateralized by equipment and vehicles owned by the Company.
As of September 30, 2026, the Company had other equipment notes outstanding that are collateralized by equipment owned by the Company, some of which were assumed in connection with the Valley acquisition. As of September 30, 2026, the weighted average interest rate on the other equipment notes was 1.65% per annum, with a weighted average remaining term of 2.6 years.
The following table sets forth the remaining principal payments for all of the Company’s outstanding equipment notes and Term Facility as of September 30, 2026:
(in thousands)Future
Equipment Notes
Principal Payments		Future
Term Facility
Principal Payments		Total
Remainder of 2026
$41 $2,491 $2,532 
20277,165 9,964 17,129 
202849 9,964 10,013 
202945 9,964 10,009 
203015 9,964 9,979 
2031— 156,940 156,940 
Total future principal payments$7,315 $199,287 $206,602