Home Business Wire Custom Truck One Source, Inc. Reports Continued Strong Results for Second Quarter...

Custom Truck One Source, Inc. Reports Continued Strong Results for Second Quarter 2023

KANSAS CITY, Mo.–(BUSINESS WIRE)–Custom Truck One Source, Inc. (NYSE: CTOS), a leading provider of specialty equipment to the electric utility, telecom, rail and other infrastructure-related end markets, today reported financial results for its three and six months ended June 30, 2023.


CTOS Second-Quarter Highlights

  • Total revenue of $456.8 million, an increase of $94.7 million or 26.2%, compared to the second quarter of 2022 as a result of continued strong demand across our end markets
  • Gross profit of $110.6 million, an improvement of $27.8 million, or 33.7%, compared to $82.8 million for the second quarter of 2022
  • Adjusted Gross Profit of $154.2 million, an increase of $28.2 million, or 22.3%, compared to $126.1 million for the second quarter of 2022
  • Net income of $11.6 million, a decrease of $2.0 million or 14.8%, compared to net income of $13.6 million, in the second quarter of 2022
  • Adjusted EBITDA of $103.2 million, an increase of $17.8 million, or 20.8% compared to $85.4 million in the second quarter of 2022
  • Further reduction in Net Leverage Ratio from 3.4 at the end of the last quarter to 3.3 as of June 30, 2023
  • Increasing Full Year 2023 Revenue and Adjusted EBITDA Guidance

“Our second quarter results reflect continued strong demand across our primary end markets. The tremendous efforts of our team allowed us to deliver the record levels of vehicle production required to both add to our fleet and meet the demand for new vehicle sales,” said Ryan McMonagle, Chief Executive Officer of CTOS. “All three of our business segments continued to experience strong year-over-year growth. The demand environment, the continued improvement in the supply chain and the performance of our team, together give us the confidence to improve our outlook for 2023. We continue to believe that our one-stop-shop business model and significant scale provide us with a competitive advantage that allows us to deliver unequaled service to our customers,” McMonagle added.

Summary Actual Financial Results

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

Three Months

Ended March 31,

2023

(in $000s)

2023

 

2022

 

2023

 

2022

 

Rental revenue

$

122,169

 

$

112,055

 

$

240,457

 

$

221,200

 

$

118,288

Equipment sales

 

302,117

 

 

 

218,506

 

 

 

603,407

 

 

 

445,692

 

 

 

301,290

 

Parts sales and services

 

32,544

 

 

 

31,545

 

 

 

65,129

 

 

 

61,690

 

 

 

32,585

 

Total revenue

 

456,830

 

 

 

362,106

 

 

 

908,993

 

 

 

728,582

 

 

 

452,163

 

Gross Profit

$

110,619

 

 

$

82,758

 

 

$

220,994

 

 

$

167,251

 

 

$

109,661

 

Adjusted Gross Profit1

$

154,235

 

 

$

126,082

 

 

$

304,226

 

 

$

255,539

 

 

$

149,991

 

Net Income

$

11,610

 

 

$

13,623

 

 

$

25,410

 

 

$

10,350

 

 

$

13,800

 

Adjusted EBITDA1

$

103,183

 

 

$

85,383

 

 

$

208,383

 

 

$

176,860

 

 

$

105,200

 

1

Each of Adjusted Gross Profit and Adjusted EBITDA is a non-GAAP financial measure. Further information and reconciliations for our non-GAAP measures to the most directly comparable financial measure under United States generally accepted accounting principles in the U.S. (“GAAP”) is included at the end of this press release.

Summary Actual Financial Results by Segment

Our results are reported for our three segments: Equipment Rental Solutions (“ERS”), Truck and Equipment Sales (“TES”) and Aftermarket Parts and Services (“APS”). ERS encompasses our core rental business, inclusive of sales of used rental equipment to our customers. TES encompasses our specialized truck and equipment production and new equipment sales activities. APS encompasses sales and rentals of parts, tools and other supplies to our customers, as well as our aftermarket repair service operations. Segment performance is presented below for the three and six months ended June 30, 2023 and 2022 and three months ended March 31, 2023.

Equipment Rental Solutions

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

Three Months

Ended March 31,

2023

(in $000s)

2023

 

2022

 

2023

 

2022

 

Rental revenue

$

117,832

 

$

108,109

 

$

231,616

 

$

213,670

 

$

113,784

Equipment sales

 

50,694

 

 

 

37,200

 

 

 

142,830

 

 

 

96,553

 

 

 

92,136

 

Total revenue

 

168,526

 

 

 

145,309

 

 

 

374,446

 

 

 

310,223

 

 

 

205,920

 

Cost of rental revenue

 

31,341

 

 

 

27,851

 

 

 

60,401

 

 

 

52,642

 

 

 

29,060

 

Cost of equipment sales

 

39,802

 

 

 

30,418

 

 

 

110,883

 

 

 

73,648

 

 

 

71,081

 

Depreciation of rental equipment

 

42,805

 

 

 

42,384

 

 

 

82,317

 

 

 

86,350

 

 

 

39,512

 

Total cost of revenue

 

113,948

 

 

 

100,653

 

 

 

253,601

 

 

 

212,640

 

 

 

139,653

 

Gross profit

$

54,578

 

 

$

44,656

 

 

$

120,845

 

 

$

97,583

 

 

$

66,267

 

Truck and Equipment Sales

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

Three Months

Ended March 31,

2023

(in $000s)

2023

 

2022

 

2023

 

2022

 

Equipment sales

$

251,423

 

$

181,306

 

$

460,577

 

$

349,139

 

$

209,154

Cost of equipment sales

 

205,464

 

 

 

154,177

 

 

 

380,508

 

 

 

298,225

 

 

 

175,044

 

Gross profit

$

45,959

 

 

$

27,129

 

 

$

80,069

 

 

$

50,914

 

 

$

34,110

 

Aftermarket Parts and Services

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

Three Months

Ended March 31,

2023

(in $000s)

2023

 

2022

 

2023

 

2022

 

Rental revenue

$

4,337

 

$

3,946

 

$

8,841

 

$

7,530

 

$

4,504

Parts and services revenue

 

32,544

 

 

 

31,545

 

 

 

65,129

 

 

 

61,690

 

 

 

32,585

 

Total revenue

 

36,881

 

 

 

35,491

 

 

 

73,970

 

 

 

69,220

 

 

 

37,089

 

Cost of revenue

 

25,988

 

 

 

23,578

 

 

 

52,975

 

 

 

48,528

 

 

 

26,987

 

Depreciation of rental equipment

 

811

 

 

 

940

 

 

 

1,629

 

 

 

1,938

 

 

 

818

 

Total cost of revenue

 

26,799

 

 

 

24,518

 

 

 

54,604

 

 

 

50,466

 

 

 

27,805

 

Gross profit

$

10,082

 

 

$

10,973

 

 

$

19,366

 

 

$

18,754

 

 

$

9,284

 

Summary Combined Operating Metrics

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

Three Months

Ended March 31,

2023

(in $000s)

2023

 

2022

 

2023

 

2022

 

Ending OEC(a) (as of period end)

$

1,467,779

 

 

$

1,399,500

 

 

$

1,467,779

 

 

$

1,399,500

 

 

$

1,457,870

 

Average OEC on rent(b)

$

1,203,855

 

 

$

1,150,400

 

 

$

1,209,111

 

 

$

1,150,800

 

 

$

1,214,300

 

Fleet utilization(c)

 

81.7

%

 

 

82.8

%

 

 

82.6

%

 

 

82.6

%

 

 

83.6

%

OEC on rent yield(d)

 

40.1

%

 

 

39.2

%

 

 

39.8

%

 

 

39.1

%

 

 

39.6

%

Sales order backlog(e) (as of period end)

$

863,757

 

 

$

663,619

 

 

$

863,757

 

 

$

663,619

 

 

$

855,049

 

(a)

Ending OEC — original equipment cost (“OEC”) is the original equipment cost of units at the end of the measurement period.

(b)

Average OEC on rent — Average OEC on rent is calculated as the weighted-average OEC on rent during the stated period.

(c)

Fleet utilization — total number of days the rental equipment was rented during a specified period of time divided by the total number of days available during the same period and weighted based on OEC.

(d)

OEC on rent yield (“ORY”) — a measure of return realized by our rental fleet during a 12-month period. ORY is calculated as rental revenue (excluding freight recovery and ancillary fees) during the stated period divided by the Average OEC on rent for the same period. For period less than 12 months, the ORY is adjusted to an annualized basis.

(e)

Sales order backlog — purchase orders received for customized and stock equipment. Sales order backlog should not be considered an accurate measure of future net sales.

Management Commentary

Total revenue in the second quarter of 2023 was characterized by continued strong customer demand for both rental and new equipment across our end markets. Second quarter 2023 rental revenue increased 9.0% to $122.2 million, compared to $112.1 million in the second quarter of 2022, reflecting the continued expansion of our rental fleet, stable utilization, and pricing gains. Equipment sales increased 38.3% in the second quarter of 2023 to $302.1 million, compared to $218.5 million in the second quarter of 2022, reflecting continuing improvements in the supply chain and our ability to replenish inventory. Parts sales and service revenue increased 3.2% to $32.5 million, compared to $31.5 million in the second quarter of 2022. On a sequential quarter basis, total second quarter of 2023 revenue increased $4.7 million, or 1.0%, primarily due to the expansion of rental fleet.

In our ERS segment, rental revenue in the second quarter of 2023 was $117.8 million compared to $108.1 million in the second quarter of 2022, a 9.0% increase. Fleet utilization continued to be strong at 81.7% compared to 82.8% in the second quarter of 2022, and average OEC on rent increased 4.6% year-over-year. Total segment gross profit in the second quarter of 2023 was $54.6 million, an increase of 22.2% compared to $44.7 million in the second quarter of 2022. Adjusted Gross Profit in the segment, was $97.4 million in the second quarter of 2023, compared to $87.0 million in the second quarter of 2022, representing 11.9% year-over-year growth. Rental Gross Profit improved to $86.5 million in the second quarter of 2023 compared to $80.3 million in the second quarter of 2022, a 7.8% increase. On a sequential quarter basis, total segment second quarter of 2023 revenue decreased $37.4 million, or 18.2%, driven by a 45.0% decrease in rental equipment sales from the first quarter’s record levels. Despite the decline, we experienced favorable pricing, with OEC on-rent yield increasing to a record 40.1% in the second quarter of 2023, up from 39.6% in the first quarter of 2023.

Revenue in our TES segment increased 38.7% to $251.4 million in the second quarter of 2023, from $181.3 million in the second quarter of 2022, primarily as a result of continued supply chain improvements, greater order fulfillments as a result of record production levels, and sustained strong customer demand. Gross profit improved by 69.4% to $46.0 million in the second quarter of 2023 compared to $27.1 million in the second quarter of 2022. Gross profit margin for the quarter was 18.3%, up from 15.0% in the second quarter of 2022 and 16.3% to the first quarter of 2023. On a sequential quarter basis, total revenue in the second quarter of 2023 increased $42.3 million, or 20.2%.

APS segment revenue increased 3.9% in the second quarter of 2023 to $36.9 million, compared to $35.5 million in the second quarter of 2022. Growth in demand for parts, tools and accessories sales was augmented by increased tools and accessories rentals in the Parts, Tools and Accessories (“PTA”) division. Gross profit margin in the segment slightly declined to 27.3% in the second quarter of 2023 from 30.9% in the second quarter of 2022. On a sequential quarter basis, total segment gross profit margin in the second quarter of 2023 increased 230 bps from 25.0%.

Net income was $11.6 million in the second quarter of 2023, compared to net income of $13.6 million for the second quarter of 2022. The $2.0 million or 14.8% decrease in net income is primarily the result of higher interest expense on variable-rate debt and variable-rate floor plan liabilities, the change in fair value of the private warrants liability from a gain to a loss, and higher operating expenses, largely offset by gross profit expansion. On a sequential quarter basis, total second quarter of 2023 net income declined $2.2 million for the reasons mentioned above.

Adjusted EBITDA for the second quarter of 2023 was $103.2 million, an increase of 20.8%, compared to $85.4 million for the second quarter of 2022. The increase in Adjusted EBITDA was largely driven by growth in rental revenue and new and used equipment sales, all of which contributed to margin expansion. On a sequential quarter basis, Adjusted EBITDA declined by $2.0 million.

As of June 30, 2023, cash and cash equivalents was $42.2 million, Total Debt outstanding was $1,453.8 million, Net Debt was $1,414.9 million and Net Leverage Ratio was 3.3x. Availability under the senior secured credit facility was $254.5 million as of June 30, 2023, and $296.0 million of suppressed availability based on the borrowing base calculation, with the ability to upsize the facility. For the three months ended June 30, 2023, Ending OEC increased by $68.3 million as our fleet additions were only partially offset by our continued focus on selling older equipment from our rental fleet at current advantageous residual values. During the three months ended June 30, 2023, CTOS purchased $3.2 million of its common stock under the previously announced stock repurchase program.

OUTLOOK

We are updating our full-year revenue and Adjusted EBITDA guidance for 2023 at this time. We believe our ERS segment will continue to benefit from strong demand from our rental customers, higher average OEC on rent and for purchases of rental fleet units, particularly older equipment, in 2023. As we noted in our initial 2023 guidance, we also expect to grow our rental fleet (based on Ending OEC) by mid- to high-single digits this year. Regarding our TES segment, supply chain improvements, improved inventory levels, record production and backlog levels continue to improve our ability to produce and deliver an even greater number of units in 2023.

2023 Consolidated Outlook

 

 

 

Revenue

$1,725 million

$1,830 million

Adjusted EBITDA1

$425 million

$445 million

 

 

 

 

2023 Revenue Outlook by Segment

 

 

 

ERS

$700 million

$735 million

TES

$880 million

$940 million

APS

$145 million

$155 million

1

CTOS is not able to present a quantitative reconciliation of its forward-looking Adjusted EBITDA for the year ending December 31, 2023 to its most directly comparable GAAP financial measure, net income, because management cannot reliably present a quantitative reconciliation of its forward-looking Adjusted EBITDA for the year ending December 31, 2023 to its most directly comparable GAAP financial measure, net income, because management cannot reliably forecast net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP net income including, but not limited to, customer buyout requests on rentals with rental purchase options, income tax expense and changes in fair value of derivative financial instruments. Adjusted EBITDA should not be used to predict net income as the difference between the two measures is variable.

RECENT EVENT

Effective July 31, 2023, the Company’s Board of Directors appointed Paul Jolas to serve as Executive Vice President, General Counsel. Mr. Jolas reports to Custom Truck CEO Ryan McMonagle and directly oversees all legal affairs for the Company, as well as its Environment, Health & Safety and Risk Management functions. Mr. Jolas has almost 20 years of experience serving as general counsel for publicly traded companies, most recently for U.S. Concrete, Inc., where he advised on a wide range of complex legal matters, including 35 mergers and acquisitions. He received his Bachelor of Arts degree in Economics from Northwestern University and his Juris Doctor degree from Duke University School of Law. Mr. Jolas succeeds Adam Haubenreich, who left the Company in July to pursue another opportunity.

CONFERENCE CALL INFORMATION

The Company has scheduled a conference call at 5:00 P.M. Eastern Time on August 8, 2023, to discuss its second quarter 2023 financial results. A webcast and a presentation of financial information will be publicly available at: investors.customtruck.com. To listen by phone, please dial 1-855-327-6837 or 1-631-891-4304. A replay of the call will be available until midnight ET, Tuesday, August 15, 2023, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 10022174.

ABOUT CTOS

CTOS is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America, with a differentiated “one-stop-shop” business model. CTOS offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets, including electric lines, telecommunications networks and rail systems. The Company’s coast-to-coast rental fleet of more than 10,200 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, Hi-rail equipment, repair parts, tools and accessories. For more information, please visit customtruck.com.

FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in this press release. This press release is based on certain assumptions that the Company’s management has made in light of its experience in the industry, as well as the Company’s perceptions of historical trends, current conditions, expected future developments and other factors the Company believes are appropriate in these circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. Many factors could affect the Company’s actual performance and results and could cause actual results to differ materially from those expressed in this press release. Important factors, among others, that may affect actual results or outcomes include: increases in labor costs, our inability to obtain raw materials, component parts and/or finished goods in a timely and cost-effective manner, and our inability to manage our rental equipment in an effective manner; our sales order backlog may not be indicative of the level of our future revenues; increases in unionization rate in our workforce; our inability to recruit and retain the experienced personnel, including skilled technicians, we need to compete in our industries; our inability to attract and retain highly skilled personnel and our inability to retain our senior management; material disruptions to our operation and manufacturing locations as a result of public health concerns, equipment failures, natural disasters, work stoppages, power outages or other reasons; potential impairment charges; any further increase in the cost of new equipment that we purchase for use in our rental fleet or for sale as inventory; aging or obsolescence of our existing equipment, and the fluctuations of market value thereof; disruptions in our supply chain; our business may be impacted by government spending; we may experience losses in excess of our recorded reserves for receivables; unfavorable conditions in the capital and credit markets and our inability to obtain additional capital as required; increases in price of fuel or freight; regulatory technological advancement, or other changes in our core end-markets may affect our customers’ spending; difficulty in integrating acquired businesses and fully realizing the anticipated benefits and cost savings of the acquired businesses, as well as additional transaction and transition costs that we will continue to incur following acquisitions; material weakness in our internal control over financial reporting which, if not remediated, could result in material misstatements in our financial statements; the interest of our majority stockholder, which may not be consistent with the other stockholders; our significant indebtedness, which may adversely affect our financial position, limit our available cash and our access to additional capital, prevent us from growing our business and increase our risk of default; our inability to generate cash, which could lead to a default; significant operating and financial restrictions imposed by our debt agreements; changes in interest rates, which could increase our debt service obligations on the variable rate indebtedness and decrease our net income and cash flows; disruptions in our information technology systems or a compromise of our system security, limiting our ability to effectively monitor and control our operations, adjust to changing market conditions, and implement strategic initiatives; we are subject to complex laws and regulations, including environmental and safety regulations that can adversely affect cost, manner or feasibility of doing business; we are subject to a series of risks related to climate change; and increased attention to, and evolving expectations for, sustainability and environmental, social and governance initiatives. For a more complete description of these and other possible risks and uncertainties, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements.

CUSTOM TRUCK ONE SOURCE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

Three Months

Ended March 31,

2023

(in $000s except per share data)

2023

 

2022

 

2023

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

Rental revenue

$

122,169

 

 

$

112,055

 

 

$

240,457

 

 

$

221,200

 

 

$

118,288

 

Equipment sales

 

302,117

 

 

 

218,506

 

 

 

603,407

 

 

 

445,692

 

 

 

301,290

 

Parts sales and services

 

32,544

 

 

 

31,545

 

 

 

65,129

 

 

 

61,690

 

 

 

32,585

 

Total revenue

 

456,830

 

 

 

362,106

 

 

 

908,993

 

 

 

728,582

 

 

 

452,163

 

Cost of Revenue

 

 

 

 

 

 

 

 

 

Cost of rental revenue

 

31,981

 

 

 

28,791

 

 

 

61,880

 

 

 

54,584

 

 

 

29,899

 

Depreciation of rental equipment

 

43,616

 

 

 

43,324

 

 

 

83,946

 

 

 

88,288

 

 

 

40,330

 

Cost of equipment sales

 

245,266

 

 

 

184,595

 

 

 

491,391

 

 

 

371,873

 

 

 

246,125

 

Cost of parts sales and services

 

25,348

 

 

 

22,638

 

 

 

51,496

 

 

 

46,586

 

 

 

26,148

 

Total cost of revenue

 

346,211

 

 

 

279,348

 

 

 

688,713

 

 

 

561,331

 

 

 

342,502

 

Gross Profit

 

110,619

 

 

 

82,758

 

 

 

220,280

 

 

 

167,251

 

 

 

109,661

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

58,028

 

 

 

48,779

 

 

 

115,019

 

 

 

102,434

 

 

 

56,991

 

Amortization

 

6,606

 

 

 

6,871

 

 

 

13,278

 

 

 

20,206

 

 

 

6,672

 

Non-rental depreciation

 

2,721

 

 

 

2,317

 

 

 

5,371

 

 

 

5,364

 

 

 

2,650

 

Transaction expenses and other

 

3,689

 

 

 

6,046

 

 

 

7,149

 

 

 

10,694

 

 

 

3,460

 

Total operating expenses

 

71,044

 

 

 

64,013

 

 

 

140,817

 

 

 

138,698

 

 

 

69,773

 

Operating Income

 

39,575

 

 

 

18,745

 

 

 

79,463

 

 

 

28,553

 

 

 

39,888

 

Other Expense

 

 

 

 

 

 

 

 

 

Interest expense, net

 

31,625

 

 

 

20,281

 

 

 

60,801

 

 

 

39,437

 

 

 

29,176

 

Financing and other income

 

(5,048

)

 

 

(15,078

)

 

 

(8,999

)

 

 

(24,158

)

 

 

(3,951

)

Total other expense

 

26,577

 

 

 

5,203

 

 

 

51,802

 

 

 

15,279

 

 

 

25,225

 

Income Before Income Taxes

 

12,998

 

 

 

13,542

 

 

 

27,661

 

 

 

13,274

 

 

 

14,663

 

Income Tax Expense (Benefit)

 

1,388

 

 

 

(81

)

 

 

2,251

 

 

 

2,924

 

 

 

863

 

Net Income

$

11,610

 

 

$

13,623

 

 

$

25,410

 

 

$

10,350

 

 

$

13,800

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share

 

 

 

 

 

 

 

 

 

Basic

$

0.05

 

 

$

0.05

 

 

$

0.10

 

 

$

0.04

 

 

$

0.06

 

Diluted

$

0.05

 

 

$

0.05

 

 

$

0.10

 

 

$

0.04

 

 

$

0.06

 

CUSTOM TRUCK ONE SOURCE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

(in $000s)

June 30, 2023

 

December 31, 2022

Assets

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

$

42,229

 

 

$

14,360

 

Accounts receivable, net

 

151,953

 

 

 

193,106

 

Financing receivables, net

 

41,957

 

 

 

38,271

 

Inventory

 

765,424

 

 

 

596,724

 

Prepaid expenses and other

 

27,587

 

 

 

25,784

 

Total current assets

 

1,029,150

 

 

 

868,245

 

Property and equipment, net

 

134,358

 

 

 

121,956

 

Rental equipment, net

 

920,676

 

 

 

883,674

 

Goodwill

 

704,012

 

 

 

703,827

 

Intangible assets, net

 

291,053

 

 

 

304,132

 

Operating lease assets

 

33,495

 

 

 

29,434

 

Other assets

 

25,900

 

 

 

26,944

 

Total Assets

$

3,138,644

 

 

$

2,938,212

 

Liabilities and Stockholders’ Equity

 

 

 

Current Liabilities

 

 

 

Accounts payable

$

117,104

 

 

$

87,255

 

Accrued expenses

 

67,043

 

 

 

68,784

 

Deferred revenue and customer deposits

 

30,088

 

 

 

34,671

 

Floor plan payables – trade

 

139,723

 

 

 

136,634

 

Floor plan payables – non-trade

 

366,092

 

 

 

293,536

 

Operating lease liabilities – current

 

5,442

 

 

 

5,262

 

Current maturities of long-term debt

 

3,550

 

 

 

6,940

 

Current portion of finance lease obligations

 

247

 

 

 

1,796

 

Total current liabilities

 

729,289

 

 

 

634,878

 

Long-term debt, net

 

1,425,117

 

 

 

1,354,766

 

Finance leases

 

3,077

 

 

 

3,206

 

Operating lease liabilities – noncurrent

 

28,725

 

 

 

24,818

 

Deferred income taxes

 

31,078

 

 

 

29,086

 

Derivative, warrants and other liabilities

 

1,886

 

 

 

3,015

 

Total long-term liabilities

 

1,489,883

 

 

 

1,414,891

 

Stockholders’ Equity

 

 

 

Common stock

 

25

 

 

 

25

 

Treasury stock, at cost

 

(21,438

)

 

 

(15,537

)

Additional paid-in capital

 

1,530,443

 

 

 

1,521,487

 

Accumulated other comprehensive loss

 

(6,383

)

 

 

(8,947

)

Accumulated deficit

 

(583,175

)

 

 

(608,585

)

Total stockholders’ equity

 

919,472

 

 

 

888,443

 

Total Liabilities and Stockholders’ Equity

$

3,138,644

 

 

$

2,938,212

 

Contacts

INVESTOR CONTACT
Brian Perman, Vice President, Investor Relations

(844) 403-6138

investors@customtruck.com

Read full story here

Se questo articolo ti è piaciuto e vuoi rimanere sempre informato sulle novità tecnologiche
css.php