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Interest Rate Risk
−Removed: Our interest rate risk results primarily from our variable rate indebtedness under our ABL Facility, which is influenced by movements in short-term rates.
−Removed: Borrowings under the ABL Facility bear interest through maturity at a variable rate based upon, at our option, an annual rate of either a base rate (“Base Rate”), an Adjusted Term SOFR ("Adjusted Term SOFR"), or at the Canadian Prime Rate, plus an applicable margin.
−Removed: The Adjusted Term SOFR is defined as (i) the SOFR plus (ii) 11.448 basis points for a one-month tenor and 26.161 basis points for a three-month tenor;
−Removed: provided that the Adjusted Term SOFR cannot be below zero.
+Added: Our interest rate risk results primarily from our variable rate indebtedness under our ABL Facility and our cash and cash equivalents balance.
+Added: Borrowings under the ABL Facility bear interest through maturity at a variable rate based upon, at our option, an annual rate of either a base rate (“Base Rate”), a Term SOFR, or at the Canadian Prime Rate, plus an applicable margin.
+Added: The Term SOFR rate, whether for one-month or three-month tenor, is provided by a third party as defined in the ABL Facility ("Term SOFR Administrator").
+Added: The Term SOFR Administrator publishes a daily set of forward-looking interest rates for various tenors, provided that the Term SOFR cannot be below zero.
The Base Rate is defined as a fluctuating interest rate equal to the greater of:
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federal funds rate plus 0.50%;
−Removed: (iii) Adjusted Term SOFR for one month period plus 1.00%;
−Removed: or (iv) 1.00%.
+Added: (iii) Term SOFR for one month period plus 1.00%;
+Added: and (iv) 1.00%.
Depending on the amount of average availability, the applicable margin is between 1.00% to 1.50% for Base Rate and Canadian Prime Rate borrowings, which includes either U.S.
−Removed: or Canadian prime rate, and between 2.00% and 2.50% for Adjusted Term SOFR borrowings.
−Removed: Interest is payable either (i) monthly for Base Rate or Canadian Prime Rate borrowings or (ii) the last day of the interest period for Adjusted Term SOFR borrowings, as set forth in the ABL Facility.
−Removed: The fee for undrawn amounts is 0.25% per annum and is due quarterly.
+Added: or Canadian prime rate, and between 2.00% and 2.50% for Term SOFR borrowings.
+Added: As of June 30, 2025, no amounts were drawn on the credit facility.
+Added: We also invest certain cash balances in highly liquid instruments classified as cash equivalents on our balance sheet, which generally earn interest income based upon prevailing interest rates.
+Added: As of June 30, 2025, we held cash and cash equivalents, including restricted cash, of $249.6 million.
+Added: At June 30, 2025, a 100-basis point (or 1%) increase or decrease in the interest rate would increase or decrease interest income by approximately $2.5 million per year.
Foreign Currency Risk
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We have no direct commodity exposure, but we do have exposure to materials derived from certain commodities including steel plate, steel pipe, and copper, which are key materials we use.
−Removed: Disruptions to global supply chains in recent years have led to higher prices for some of the materials we need to run our business.
−Removed: We mitigate these risks primarily by procuring materials upon contract execution to ensure that our purchase price approximates the costs included in the project estimate, and also by negotiating contract provisions that mitigate our exposure to fluctuations in materials costs.
+Added: We mitigate risks associated with these exposures primarily by procuring materials upon contract execution to ensure that our purchase price approximates the costs included in the project estimate, and also by negotiating contract provisions that mitigate our exposure to fluctuations in materials costs.
We have been proactive with managing our procurement processes to help reduce the impacts of rising materials prices on our business and to help ensure we continue to have the materials we need available.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.