Custom Truck One Source (CTOS) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38186
Entity Registrant Name	CUSTOM TRUCK ONE SOURCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2531628
Entity Address, Address Line One	7701 Independence Ave
Entity Address, City or Town	Kansas City
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64125
City Area Code	816
Local Phone Number	241-4888
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		242,880,347
Entity Central Index Key	0001709682
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	CTOS
Security Exchange Name	NYSE
Redeemable warrants, exercisable for Common Stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, exercisable for Common Stock, $0.0001 par value per share
Trading Symbol	CTOS.WS
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Total revenue	$ 434,353	$ 357,780	$ 1,343,346	$ 1,086,362
Cost of Revenue
Depreciation of rental equipment	42,469	42,612	126,415	130,900
Total cost of revenue	327,197	269,608	1,015,910	830,939
Gross Profit	107,156	88,172	327,436	255,423
Operating Expenses
Selling, general and administrative expenses	56,955	49,835	171,974	152,269
Amortization	6,698	6,794	19,976	27,000
Non-rental depreciation	2,602	1,938	7,973	7,302
Transaction expenses and other	2,890	6,498	10,039	17,192
Total operating expenses	69,145	65,065	209,962	203,763
Operating Income	38,011	23,107	117,474	51,660
Other Expense
Interest expense, net	34,144	22,887	94,945	62,324
Financing and other income	(5,745)	(1,747)	(14,744)	(25,905)
Total other expense	28,399	21,140	80,201	36,419
Income Before Income Taxes	9,612	1,967	37,273	15,241
Income Tax Expense	432	4,349	2,683	7,273
Net Income (Loss)	9,180	(2,382)	34,590	7,968
Other Comprehensive Income (Loss):
Unrealized foreign currency translation adjustments	(2,823)	(7,651)	(259)	(10,287)
Other Comprehensive Loss	(2,823)	(7,651)	(259)	(10,287)
Comprehensive Income (Loss)	$ 6,357	$ (10,033)	$ 34,331	$ (2,319)
Net Income (Loss) Per Share:
Basic (in dollars per share)	$ 0.04	$ (0.01)	$ 0.14	$ 0.03
Diluted (in dollars per share)	$ 0.04	$ (0.01)	$ 0.14	$ 0.03
Weighted-Average Common Shares Outstanding:
Basic (in shares)	245,810	247,704	245,987	247,448
Diluted (in shares)	246,594	247,704	246,809	247,926
Rental revenue
Revenue
Total revenue	$ 118,209	$ 115,010	$ 358,666	$ 336,210
Cost of Revenue
Cost of goods and service	29,874	28,207	91,754	82,791
Equipment sales
Revenue
Total revenue	283,079	210,903	886,486	656,595
Cost of Revenue
Cost of goods and service	228,912	173,588	720,303	545,461
Parts sales and services
Revenue
Total revenue	33,065	31,867	98,194	93,557
Cost of Revenue
Cost of goods and service	$ 25,942	$ 25,201	$ 77,438	$ 71,787

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 8,793	$ 14,360
Accounts receivable, net	156,305	193,106
Financing receivables, net	41,914	38,271
Inventory	888,755	596,724
Prepaid expenses and other	21,036	25,784
Total current assets	1,116,803	868,245
Property and equipment, net	136,567	121,956
Rental equipment, net	924,315	883,674
Goodwill	703,812	703,827
Intangible assets, net	284,146	304,132
Operating lease assets	36,920	29,434
Other assets	25,107	26,944
Total Assets	3,227,670	2,938,212
Current Liabilities
Accounts payable	130,466	87,255
Accrued expenses	72,550	68,784
Deferred revenue and customer deposits	22,641	34,671
Floor plan payables - trade	194,929	136,634
Floor plan payables - non-trade	396,891	293,536
Operating lease liabilities - current	6,198	5,262
Current maturities of long-term debt	1,286	6,940
Current portion of finance lease obligations	0	1,796
Total current liabilities	824,961	634,878
Long-term debt, net	1,426,062	1,354,766
Finance leases	0	3,206
Operating lease liabilities - noncurrent	31,559	24,818
Deferred income taxes	31,091	29,086
Derivative, warrants and other liabilities	606	3,015
Total long-term liabilities	1,489,318	1,414,891
Stockholders' Equity
Common stock — $0.0001 par value, 500,000,000 shares authorized, 249,538,314 and 248,311,104 shares issued and outstanding, at September 30, 2023 and December 31, 2022, respectively	25	25
Treasury stock, at cost — 5,630,643 and 2,241,069 shares at September 30, 2023 and December 31, 2022, respectively	(37,256)	(15,537)
Additional paid-in capital	1,533,823	1,521,487
Accumulated other comprehensive loss	(9,206)	(8,947)
Accumulated deficit	(573,995)	(608,585)
Total stockholders' equity	913,391	888,443
Total Liabilities and Stockholders' Equity	$ 3,227,670	$ 2,938,212

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	249,538,314	248,311,104
Common stock, outstanding (in shares)	249,538,314	248,311,104
Treasury stock (in shares)	5,630,643	2,241,069

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net income	$ 34,590	$ 7,968
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	162,084	171,121
Amortization of debt issuance costs	4,221	3,485
Provision for losses on accounts receivable	4,522	5,905
Share-based compensation	10,312	9,526
Gain on sales and disposals of rental equipment	(48,392)	(35,064)
Change in fair value of derivative and warrants	(2,409)	(18,013)
Deferred tax expense	1,959	6,792
Changes in assets and liabilities:
Accounts and financing receivables	21,978	(17,637)
Inventories	(290,302)	(155,111)
Prepaids, operating leases and other	6,143	2,475
Accounts payable	42,707	9,900
Accrued expenses and other liabilities	3,620	9,397
Floor plan payables - trade, net	58,295	8,726
Customer deposits and deferred revenue	(12,034)	(5,126)
Net cash flow from operating activities	(2,706)	4,344
Investing Activities
Acquisition of business, net of cash acquired	0	(49,832)
Purchases of rental equipment	(289,984)	(224,002)
Proceeds from sales and disposals of rental equipment	177,623	135,436
Purchase of non-rental property and cloud computing arrangements	(33,251)	(15,529)
Net cash flow from investing activities	(145,612)	(153,927)
Financing Activities
Proceeds from debt	13,537	0
Share-based payments	387	(1,250)
Borrowings under revolving credit facilities	111,057	87,000
Repayments under revolving credit facilities	(56,377)	(34,945)
Repayments of notes payable	(6,674)	(6,126)
Finance lease payments	(2,682)	(3,308)
Repurchase of common stock	(19,936)	(1,752)
Acquisition of inventory through floor plan payables - non-trade	571,062	451,202
Repayment of floor plan payables - non-trade	(467,707)	(348,961)
Payment of debt issuance costs	(110)	0
Net cash flow from financing activities	142,557	141,860
Effect of exchange rate changes on cash and cash equivalents	194	(2,005)
Net Change in Cash and Cash Equivalents	(5,567)	(9,728)
Cash and Cash Equivalents at Beginning of Period	14,360	35,902
Cash and Cash Equivalents at End of Period	8,793	26,174
Supplemental Cash Flow Information
Interest paid	51,142	44,414
Income taxes paid	1,897	0
Non-Cash Investing and Financing Activities
Rental equipment and property and equipment purchases in accounts payable	596	0
Rental equipment sales in accounts receivable	$ 1,573	$ 747

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		247,358,412
Beginning balance (in shares) at Dec. 31, 2021			(318,086)
Beginning balance at Dec. 31, 2021	$ 858,510	$ 25	$ (3,020)	$ 1,508,995	$ 0	$ (647,490)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	(3,273)					(3,273)
Share-based payments (in shares)		102,630	21,505
Share-based payments	3,272		$ (287)	3,559
Ending balance (in shares) at Mar. 31, 2022		247,461,042
Ending balance (in shares) at Mar. 31, 2022			(339,591)
Ending balance at Mar. 31, 2022	858,509	$ 25	$ (3,307)	1,512,554	0	(650,763)
Beginning balance (in shares) at Dec. 31, 2021		247,358,412
Beginning balance (in shares) at Dec. 31, 2021			(318,086)
Beginning balance at Dec. 31, 2021	858,510	$ 25	$ (3,020)	1,508,995	0	(647,490)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	7,968
Other comprehensive income (loss)	(10,287)
Ending balance (in shares) at Sep. 30, 2022		248,069,853
Ending balance (in shares) at Sep. 30, 2022			(878,837)
Ending balance at Sep. 30, 2022	862,030	$ 25	$ (6,903)	1,518,717	(10,287)	(639,522)
Beginning balance (in shares) at Mar. 31, 2022		247,461,042
Beginning balance (in shares) at Mar. 31, 2022			(339,591)
Beginning balance at Mar. 31, 2022	858,509	$ 25	$ (3,307)	1,512,554	0	(650,763)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	13,623					13,623
Other comprehensive income (loss)	(2,636)				(2,636)
Share-based payments (in shares)		607,561	150,420
Share-based payments	629		$ (1,156)	1,785
Ending balance (in shares) at Jun. 30, 2022		248,068,603
Ending balance (in shares) at Jun. 30, 2022			(490,011)
Ending balance at Jun. 30, 2022	870,125	$ 25	$ (4,463)	1,514,339	(2,636)	(637,140)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	(2,382)					(2,382)
Other comprehensive income (loss)	(7,651)				(7,651)
Common stock repurchase (in shares)			(388,521)
Common stock repurchase	(2,437)		$ (2,437)
Share-based payments (in shares)		1,250	305
Share-based payments	4,375		$ (3)	4,378
Ending balance (in shares) at Sep. 30, 2022		248,069,853
Ending balance (in shares) at Sep. 30, 2022			(878,837)
Ending balance at Sep. 30, 2022	$ 862,030	$ 25	$ (6,903)	1,518,717	(10,287)	(639,522)
Beginning balance (in shares) at Dec. 31, 2022	248,311,104	248,311,104
Beginning balance (in shares) at Dec. 31, 2022	(2,241,069)		(2,241,069)
Beginning balance at Dec. 31, 2022	$ 888,443	$ 25	$ (15,537)	1,521,487	(8,947)	(608,585)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	13,800					13,800
Other comprehensive income (loss)	342				342
Common stock repurchase (in shares)			(174,744)
Common stock repurchase	(1,122)		$ (1,122)
Share-based payments (in shares)		130,484	11,582
Share-based payments	3,374		$ (77)	3,451
Ending balance (in shares) at Mar. 31, 2023		248,441,588
Ending balance (in shares) at Mar. 31, 2023			(2,427,395)
Ending balance at Mar. 31, 2023	$ 904,837	$ 25	$ (16,736)	1,524,938	(8,605)	(594,785)
Beginning balance (in shares) at Dec. 31, 2022	248,311,104	248,311,104
Beginning balance (in shares) at Dec. 31, 2022	(2,241,069)		(2,241,069)
Beginning balance at Dec. 31, 2022	$ 888,443	$ 25	$ (15,537)	1,521,487	(8,947)	(608,585)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	34,590
Other comprehensive income (loss)	$ (259)
Ending balance (in shares) at Sep. 30, 2023	249,538,314	249,538,314
Ending balance (in shares) at Sep. 30, 2023	(5,630,643)		(5,630,643)
Ending balance at Sep. 30, 2023	$ 913,391	$ 25	$ (37,256)	1,533,823	(9,206)	(573,995)
Beginning balance (in shares) at Mar. 31, 2023		248,441,588
Beginning balance (in shares) at Mar. 31, 2023			(2,427,395)
Beginning balance at Mar. 31, 2023	904,837	$ 25	$ (16,736)	1,524,938	(8,605)	(594,785)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	11,610					11,610
Other comprehensive income (loss)	2,222				2,222
Common stock repurchase (in shares)			(505,142)
Common stock repurchase	(3,205)		$ (3,205)
Share-based payments (in shares)		919,763	221,233
Share-based payments	4,008		$ (1,497)	5,505
Ending balance (in shares) at Jun. 30, 2023		249,361,351
Ending balance (in shares) at Jun. 30, 2023			(3,153,770)
Ending balance at Jun. 30, 2023	919,472	$ 25	$ (21,438)	1,530,443	(6,383)	(583,175)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	9,180					9,180
Other comprehensive income (loss)	(2,823)				(2,823)
Common stock repurchase (in shares)			(2,466,609)
Common stock repurchase	(15,754)		$ (15,754)
Share-based payments (in shares)		176,963	10,264
Share-based payments	$ 3,316		$ (64)	3,380
Ending balance (in shares) at Sep. 30, 2023	249,538,314	249,538,314
Ending balance (in shares) at Sep. 30, 2023	(5,630,643)		(5,630,643)
Ending balance at Sep. 30, 2023	$ 913,391	$ 25	$ (37,256)	$ 1,533,823	$ (9,206)	$ (573,995)

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Note 1: Business and Organization Organization Custom Truck One Source, Inc., a Delaware corporation, and its wholly owned subsidiaries (“we,” “our,” “us,” or “the Company”) are engaged in the business of providing a range of products and services to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance and customization services related to that equipment. We are a specialty equipment provider to the electric utility transmission and distribution, telecommunications, rail and other infrastructure-related industries in North America. Our core business relates to our new equipment inventory and rental fleet of specialty equipment that is utilized by service providers in infrastructure development and improvement work. We offer our specialized equipment to a diverse customer base, including utilities and contractors, for the maintenance, repair, upgrade, and installation of critical infrastructure assets, including distribution and transmission electric lines, telecommunications networks and rail systems, as well as for lighting and signage. We rent, produce, sell and service a broad range of new and used equipment, including bucket trucks, digger derricks, dump trucks, cranes, service trucks, and heavy-haul trailers. We manage the business in three reporting segments: Equipment Rental Solutions (“ERS”), Truck and Equipment Sales (“TES”) and Aftermarket Parts and Services (“APS”). Supply Chain The Company purchases raw materials, component parts and finished goods to be used in the manufacturing, sale and rental of its products. Uncertainty remains regarding supply chain disruptions, inflationary pressures, public health crises, and geopolitical risks that have led to issues, broadly, in the supply chain. Changes in the Company’s relationships with suppliers, shortages in availability of materials, production delays, regulatory restrictions, public health crises, or other supply chain disruptions, whether due to suppliers or customers, could have a material adverse effect on the Company’s ability to timely manufacture and market products. Increases in the costs of shipping and transportation, purchased raw materials, component parts or finished goods could result in manufacturing interruptions, delays, inefficiencies or the Company’s inability to market products. The unprecedented nature of the supply chain disruptions continues to make it difficult to predict the Company’s future business and financial performance. The Company continues to monitor the impact on its supply chain, including, but not limited to, the commercial vehicle manufacturers that provide the chassis used in the Company’s production and manufacturing processes and the ongoing semiconductor shortage, which could potentially limit the ability of these manufacturers to meet demand in future periods. Basis of Presentation Our accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Our condensed consolidated financial statements include the accounts of all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires that these Unaudited Condensed Consolidated Financial Statements and most of the disclosures in these Notes be presented on a historical basis, as of or for the current interim period ended or comparable prior period. The accompanying interim statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X, and the Condensed Consolidated Balance Sheet at December 31, 2022, has been derived from the audited consolidated financial statements of Custom Truck One Source, Inc. at that date. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments and disclosures necessary for a fair statement of these interim statements, have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year or for any other periods. These interim statements should be read in conjunction with the Custom Truck One Source, Inc. audited consolidated financial statements included in the Custom Truck One Source, Inc. Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Accounting Pronouncements Recently Adopted Contract Assets and Contract Liabilities from Contracts with Customers. In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). This ASU improves the comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination and requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amended guidance specifies for all acquired revenue contracts regardless of their timing of payment (1) the circumstances in which the acquirer should recognize contract assets and contract liabilities that are acquired in a business combination and (2) how to measure those contract assets and contract liabilities, thereby providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The ASU was effective as of January 1, 2023. The Company applies the guidance in ASU 2021-08 prospectively to any future business combinations occurring on or after the effective date. Financing Receivables . In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326) (“ASU 2022-02”), which requires an entity to disclose current period gross write-offs by year of origination for financing receivables and net investment in leases. Gross write-off information must be included in the vintage disclosures, which requires that an entity disclose the amortized cost basis of financing receivables by credit-quality indicator and class of financing receivable by year of origination. The adoption on January 1, 2023 of the ASU had no impact to the Company’s disclosures.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Note 2: Acquisition Acquisition of HiRail On January 14, 2022, a subsidiary of the Company, CTOS Canada, Ltd., closed a Share Purchase Agreement with certain affiliates of Ontario Limited (d/b/a HiRail Leasing), Ontario Inc. (d/b/a Heavy Equipment Repairs), and Ontario Limited (d/b/a Northshore Rail Contracting) (collectively, “HiRail”) to acquire 100% of the equity interests of HiRail. The acquisition of HiRail expands our presence in our strategic markets and deepens our relationships with key customers. HiRail, including the assignment of purchase accounting goodwill (see below), is included in the Company’s ERS segment. Purchase Price The Company paid $51.0 million, net of working capital adjustments, to HiRail equity interest holders and to repay debt obligations as consideration for the HiRail acquisition. Opening Balance Sheet The acquisition of HiRail has been accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the Company was required to assign the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of January 14, 2022. The excess of the purchase price over those fair values was recorded as goodwill and was attributable to expanded access to markets for the Company’s product and service offering, synergies, and broader product offerings to existing customers of HiRail. The total purchase price has been assigned to the underlying assets acquired and liabilities assumed based upon their fair values as of January 14, 2022, and the estimated fair values have been recorded based on independent valuations, discounted cash flow analysis, quoted market prices, contributory asset charges, and estimates made by management, which estimates fall under “Level 3” of the fair value hierarchy. The following table summarizes the January 14, 2022 fair values of the assets acquired and liabilities assumed. The final assessment of the fair value of the HiRail assets acquired and liabilities assumed was complete as of December 31, 2022. (in $000s) January 14, 2022 Changes December 31, 2022 Current assets $ 2,891 $ 956 $ 3,847 Property, equipment and other assets 819 — 819 Rental equipment 34,224 — 34,224 Total identifiable assets acquired 37,934 956 38,890 Total identifiable liabilities assumed (6,011) (1,596) (7,607) Total net assets 31,923 (640) 31,283 Goodwill 8,685 (41) 8,644 Intangible assets 11,027 — 11,027 Net assets acquired (purchase price) 51,635 (681) 50,954 Less: cash acquired (1,122) — (1,122) Net cash paid $ 50,513 $ (681) $ 49,832 HiRail generated $3.8 million and $11.7 million, respectively, of revenue for the three and nine months ended September 30, 2022, and $1.6 million and $2.3 million, respectively, of pre-tax income from January 14, 2022 through September 30, 2022, for the three and nine months ended September 30, 2022, which were included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Costs and expenses related to the acquisition were expensed as incurred and were not material. Additionally, pro forma information as if the acquisition of HiRail had occurred on January 1, 2021 is not being presented as the information is not considered material to the Company’s financial statements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Note 3: Revenue Revenue Disaggregation Geographic Areas The Company had total revenue in the following geographic areas: Three Months Ended September 30, Nine Months Ended September 30, (in $000s) 2023 2022 2023 2022 United States $ 424,513 $ 347,093 $ 1,305,292 $ 1,056,324 Canada 9,840 10,687 38,054 30,038 Total revenue $ 434,353 $ 357,780 $ 1,343,346 $ 1,086,362 Major Product Lines and Services Equipment leasing and equipment sales are the core businesses of the Company, with leasing complemented by the sale of rental units from the rental fleet. The Company’s revenue by major product and service line for the three and nine months ended September 30, 2023 and 2022 are presented in the table below. Three Months Ended September 30, Three Months Ended September 30, 2023 2022 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 112,373 $ — $ 112,373 $ 110,054 $ — $ 110,054 Shipping and handling — 5,836 5,836 — 4,956 4,956 Total rental revenue 112,373 5,836 118,209 110,054 4,956 115,010 Sales and services: Equipment sales 12,760 270,319 283,079 4,456 206,447 210,903 Parts and services 4,216 28,849 33,065 970 30,897 31,867 Total sales and services 16,976 299,168 316,144 5,426 237,344 242,770 Total revenue $ 129,349 $ 305,004 $ 434,353 $ 115,480 $ 242,300 $ 357,780 Nine Months Ended September 30, Nine Months Ended September 30, 2023 2022 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 339,896 $ — $ 339,896 $ 322,634 $ — $ 322,634 Shipping and handling — 18,770 18,770 — 13,576 13,576 Total rental revenue 339,896 18,770 358,666 322,634 13,576 336,210 Sales and services: Equipment sales 56,535 829,951 886,486 20,572 636,023 656,595 Parts and services 15,969 82,225 98,194 8,949 84,608 93,557 Total sales and services 72,504 912,176 984,680 29,521 720,631 750,152 Total revenue $ 412,400 $ 930,946 $ 1,343,346 $ 352,155 $ 734,207 $ 1,086,362 Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. Equipment sales recognized pursuant to sales-type leases are recorded within equipment sales revenue. Charges to customers for damaged rental equipment are recorded within parts and services revenue. Receivables, Contract Assets and Liabilities As of September 30, 2023 and December 31, 2022, the Company had net receivables related to contracts with customers of $61.2 million and $98.0 million, respectively. As of September 30, 2023 and December 31, 2022, the Company had net receivables related to rental contracts and other of $95.1 million and $95.1 million, respectively. The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues. The Company’s allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are based upon a review of outstanding receivables, the related aging, including specific accounts if deemed necessary, and on the Company’s historical collection experience. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, including changes in the economy or in the particular circumstances of individual customers, and, as a result, the Company may be required to increase or decrease its allowance. Accounts receivable, net consisted of the following: (in $000s) September 30, 2023 December 31, 2022 Accounts receivable $ 170,514 $ 212,347 Less: allowance for doubtful accounts (14,209) (19,241) Accounts receivable, net $ 156,305 $ 193,106 When customers are billed for rentals in advance of the rental period, the Company defers recognition of revenue. As of both September 30, 2023 and December 31, 2022, the Company had approximately $3.0 million of deferred rental revenue. Additionally, the Company collects deposits from customers for orders placed for equipment and rentals. The Company had approximately $19.6 million and $29.6 million in deposits as of September 30, 2023 and December 31, 2022, respectively. Of the $29.6 million deposit liability balance as of December 31, 2022, $28.9 million was recorded as revenue during the nine months ended September 30, 2023 due to performance obligations being satisfied. The Company’s remaining performance obligations on its equipment deposit liabilities have original expected durations of one year or less. The Company does not have material contract assets, and as such, did not recognize any material impairments of any contract assets.

Sales-Type Leases

Sales-Type Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Sales-Type Leases	Note 4: Sales-Type Leases Revenue from sales-type leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in $000s) 2023 2022 2023 2022 Equipment sales $ 12,760 $ 7,099 $ 56,535 $ 27,007 Cost of equipment sales 11,714 5,938 54,354 23,073 Gross profit $ 1,046 $ 1,161 $ 2,181 $ 3,934 As these transactions remained under rental contracts, $7.1 million and $5.1 million for the three months ended September 30, 2023 and 2022, respectively, and $22.2 million and $15.6 million for the nine months ended September 30, 2023 and 2022, respectively, were billed under the contracts as rentals. Interest income from financing receivables was $4.5 million and $2.7 million for the three months ended September 30, 2023 and 2022, respectively, and $12.3 million and $7.8 million, for the nine months ended September 30, 2023 and 2022, respectively.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory	Note 5: Inventory Whole goods inventory is comprised of chassis, attachments (i.e., boom cranes, serial lifts, digger derricks, dump bodies, etc.) and the in-process costs incurred in the final assembly of those units. As part of the business model, the Company sells unassembled individual whole goods and whole goods with varying levels of customization direct to consumers or dealers. Whole goods inventory also includes new equipment purchased specifically for resale to customers. Inventory consisted of the following: (in $000s) September 30, 2023 December 31, 2022 Whole goods $ 750,047 $ 468,557 Aftermarket parts and services inventory 138,708 128,167 Inventory $ 888,755 $ 596,724

Floor Plan Financing

Floor Plan Financing	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Floor Plan Financing	Note 6: Floor Plan Financing Floor plan payables represent financing arrangements to facilitate the Company’s purchase of new and used trucks, cranes, and construction equipment inventory. All floor plan payables are collateralized by the inventory financed. These payables become due and payable upon the sale, transfer, or reclassification of each unit of inventory. Certain floor plan arrangements require the Company to satisfy various financial ratios consistent with those under the ABL Facility. As of September 30, 2023, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows: (in $000s) September 30, 2023 December 31, 2022 Trade: Daimler Truck Financial $ 131,637 $ 105,447 PACCAR Financial Services 63,292 31,187 Trade floor plan payables $ 194,929 $ 136,634 Non-trade: PNC Equipment Finance, LLC $ 396,891 $ 293,536 Non-trade floor plan payables $ 396,891 $ 293,536 Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $10.1 million and $25.0 million for the three and nine months ended September 30, 2023, respectively, and $3.6 million, and $7.5 million for the three and nine months ended September 30, 2022, respectively. Trade Floor Plan Financing: Daimler Truck Financial The Wholesale Financing Agreement with Daimler Truck Financial (the “Daimler Facility”) bears interest at a rate of U.S. Prime plus 0.80% after an initial interest free period of up to 150 days. The total borrowing capacity under the Daimler Facility is $175.0 million. The Daimler agreement is evergreen and is subject to termination by either party through written notice. PACCAR The Company has an Inventory Financing Agreement with PACCAR Financial Corp that provides the Company with a line of credit of $75.0 million to finance inventory purchases of new Peterbilt and/or Kenworth trucks, tractors, and chassis. Amounts borrowed against this line of credit incur interest at a rate of U.S. Prime Rate minus 0.71%. The PACCAR agreement extends automatically each April and is subject to termination by either party through written notice. References to the Prime Rate in the foregoing agreements represent the rate as published in The Wall Street Journal. Non-Trade Floor Plan Financing: PNC Equipment Finance, LLC Note 8: Long-Term Debt Debt obligations and associated interest rates consisted of the following: (in $000s) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 ABL Facility $ 492,400 $ 437,731 7.2% 6.1% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 13,800 — 5.8% — Notes payable 24,986 31,661 3.1%-5.0% 3.1%-5.0% Total debt outstanding 1,451,186 1,389,392 Deferred financing fees (23,838) (27,686) Total debt net of deferred financing fees 1,427,348 1,361,706 Less: current maturities (1,286) (6,940) Long-term debt $ 1,426,062 $ 1,354,766 As of September 30, 2023, borrowing availability under the ABL Facility was $254.5 million, and outstanding standby letters of credit were $3.1 million. ABL Facility Borrowings under the ABL Facility bear interest at a floating rate, which, at Buyer’s election, could be (a) in the case of U.S. dollar denominated loans, either (i) SOFR plus an applicable margin or (ii) the base rate plus an applicable margin; or (b) in the case of Canadian dollar denominated loans, the CDOR rate plus an applicable margin. The applicable margin varies based on Average Availability (as defined in the ABL Credit Agreement) from (a) with respect to base rate loans, 0.50% to 1.00% and (b) with respect to SOFR loans and CDOR rate loans, 1.50% to 2.00%. 2023 Credit Facility On January 13, 2023, the Company entered into a new credit agreement allowing for borrowings of up to $18.0 million (the “2023 Credit Facility”). Proceeds from the credit agreement were used to finance a portion of the Company’s acquisition of real property from a related party in December 2022. A portion of the loan proceeds has been used to finance improvements to the property. In connection with entering into the agreement, the Company received net proceeds of $13.7 million with the ability to draw an additional $4.2 million upon completion of certain construction milestones. Borrowings bear interest at a fixed rate of 5.75% per annum and are required to be repaid monthly in an amount of approximately $0.1 million with a balloon payment due on the maturity date of January 13, 2028. Borrowings are secured by the real property and improvements.

Rental Equipment

Rental Equipment	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Rental Equipment	Note 7: Rental Equipment Rental equipment, net consisted of the following: (in $000s) September 30, 2023 December 31, 2022 Rental equipment $ 1,399,840 $ 1,360,205 Less: accumulated depreciation (475,525) (476,531) Rental equipment, net $ 924,315 $ 883,674

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 6: Floor Plan Financing Floor plan payables represent financing arrangements to facilitate the Company’s purchase of new and used trucks, cranes, and construction equipment inventory. All floor plan payables are collateralized by the inventory financed. These payables become due and payable upon the sale, transfer, or reclassification of each unit of inventory. Certain floor plan arrangements require the Company to satisfy various financial ratios consistent with those under the ABL Facility. As of September 30, 2023, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows: (in $000s) September 30, 2023 December 31, 2022 Trade: Daimler Truck Financial $ 131,637 $ 105,447 PACCAR Financial Services 63,292 31,187 Trade floor plan payables $ 194,929 $ 136,634 Non-trade: PNC Equipment Finance, LLC $ 396,891 $ 293,536 Non-trade floor plan payables $ 396,891 $ 293,536 Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $10.1 million and $25.0 million for the three and nine months ended September 30, 2023, respectively, and $3.6 million, and $7.5 million for the three and nine months ended September 30, 2022, respectively. Trade Floor Plan Financing: Daimler Truck Financial The Wholesale Financing Agreement with Daimler Truck Financial (the “Daimler Facility”) bears interest at a rate of U.S. Prime plus 0.80% after an initial interest free period of up to 150 days. The total borrowing capacity under the Daimler Facility is $175.0 million. The Daimler agreement is evergreen and is subject to termination by either party through written notice. PACCAR The Company has an Inventory Financing Agreement with PACCAR Financial Corp that provides the Company with a line of credit of $75.0 million to finance inventory purchases of new Peterbilt and/or Kenworth trucks, tractors, and chassis. Amounts borrowed against this line of credit incur interest at a rate of U.S. Prime Rate minus 0.71%. The PACCAR agreement extends automatically each April and is subject to termination by either party through written notice. References to the Prime Rate in the foregoing agreements represent the rate as published in The Wall Street Journal. Non-Trade Floor Plan Financing: PNC Equipment Finance, LLC Note 8: Long-Term Debt Debt obligations and associated interest rates consisted of the following: (in $000s) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 ABL Facility $ 492,400 $ 437,731 7.2% 6.1% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 13,800 — 5.8% — Notes payable 24,986 31,661 3.1%-5.0% 3.1%-5.0% Total debt outstanding 1,451,186 1,389,392 Deferred financing fees (23,838) (27,686) Total debt net of deferred financing fees 1,427,348 1,361,706 Less: current maturities (1,286) (6,940) Long-term debt $ 1,426,062 $ 1,354,766 As of September 30, 2023, borrowing availability under the ABL Facility was $254.5 million, and outstanding standby letters of credit were $3.1 million. ABL Facility Borrowings under the ABL Facility bear interest at a floating rate, which, at Buyer’s election, could be (a) in the case of U.S. dollar denominated loans, either (i) SOFR plus an applicable margin or (ii) the base rate plus an applicable margin; or (b) in the case of Canadian dollar denominated loans, the CDOR rate plus an applicable margin. The applicable margin varies based on Average Availability (as defined in the ABL Credit Agreement) from (a) with respect to base rate loans, 0.50% to 1.00% and (b) with respect to SOFR loans and CDOR rate loans, 1.50% to 2.00%. 2023 Credit Facility On January 13, 2023, the Company entered into a new credit agreement allowing for borrowings of up to $18.0 million (the “2023 Credit Facility”). Proceeds from the credit agreement were used to finance a portion of the Company’s acquisition of real property from a related party in December 2022. A portion of the loan proceeds has been used to finance improvements to the property. In connection with entering into the agreement, the Company received net proceeds of $13.7 million with the ability to draw an additional $4.2 million upon completion of certain construction milestones. Borrowings bear interest at a fixed rate of 5.75% per annum and are required to be repaid monthly in an amount of approximately $0.1 million with a balloon payment due on the maturity date of January 13, 2028. Borrowings are secured by the real property and improvements.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 9: Earnings Per Share Basic earnings per share is computed by dividing net earnings by the weighted-average number of shares of Common Stock outstanding. Diluted earnings per share includes the effects of potentially dilutive shares of Common Stock, if dilutive. Our potentially dilutive shares aggregated 29.1 million and 29.0 million for the three and nine months ended September 30, 2023, respectively, and 26.4 million and 25.4 million for the three and nine months ended September 30, 2022, respectively, and included warrants, contingently issuable shares, and share-based compensation, and were not included in the computation of diluted earnings per share because they would be anti-dilutive. The following tables set forth the computation of basic and dilutive earnings per share: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 (in $000s, except per share data) Net Income Weighted Average Shares Per Share Amount Net Loss Weighted Average Shares Per Share Amount Basic earnings $ 9,180 245,810 $ 0.04 $ (2,382) 247,704 $ (0.01) Dilutive common share equivalents — 784 — — — — Diluted earnings $ 9,180 246,594 $ 0.04 $ (2,382) 247,704 $ (0.01) Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (in $000s, except per share data) Net Income Weighted Average Shares Per Share Amount Net Income Weighted Average Shares Per Share Amount Basic earnings $ 34,590 245,987 $ 0.14 $ 7,968 247,448 $ 0.03 Dilutive common share equivalents — 822 — — 478 — Diluted earnings $ 34,590 246,809 $ 0.14 $ 7,968 247,926 $ 0.03

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity	Note 10: Equity Preferred Stock As of September 30, 2023 and December 31, 2022, we were authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001 per share, with such designation, rights and preferences as may be determined from time to time by our board of directors. As of September 30, 2023 and December 31, 2022, there were no shares of preferred stock issued or outstanding. Common Stock On August 2, 2022, the Company’s Board of Directors authorized a stock repurchase program, allowing for the repurchase of up to $30 million of the Company’s ordinary common shares. Under the repurchase program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of its common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. As the Company exhausted this program during the quarter, on September 14, 2023, the Board of Directors approved a stock repurchase program that authorizes additional repurchases of up to $25 million of shares of the Company’s ordinary common shares. During the three and nine months ended September 30, 2023, the Company repurchased approximately 2.5 million and 3.1 million shares of its common stock, respectively, which are held in treasury, for a total cost of $15.8 million and $20.1 million including commission fees. At September 30, 2023, $24.4 million was available under the stock repurchase program. Contingently Issuable Shares NESCO Holdings, LP is a Delaware limited partnership holding shares of our common stock. NESCO Holdings, LP is owned and controlled by Energy Capital Partners, and has the right to receive: (1) up to an additional 1,800,000 shares of common stock through July 31, 2024, in increments of 900,000 shares, if the trading price of the common stock exceeds $13.00 per share or $16.00 per share for any 20 trading days during a 30 consecutive trading day period or if a sale transaction of the Company occurs in which the consideration paid per share to holders of common stock of the Company exceeds $13.00 per share or $16.00 per share, and (2) an additional 1,651,798 shares of common stock if during the seven-year period ending July 31, 2026, the trading price of common stock exceeds $19.00 per share for any 20 trading days during a 30 consecutive trading day period or if a sale transaction of the Company occurs in which the consideration paid per share to holders of common stock exceeds $19.00 per share.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11: Fair Value Measurements The FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. The following table sets forth the carrying values (exclusive of deferred financing fees) and fair values of our financial liabilities: Carrying Value Fair Value (in $000s) Level 1 Level 2 Level 3 September 30, 2023 ABL Facility $ 492,400 $ — $ 492,400 $ — 2029 Secured Notes 920,000 — 809,600 — 2023 Credit Facility 13,800 — 13,800 — Other notes payable 24,986 — 24,986 — Warrant liabilities 603 — — 603 December 31, 2022 ABL Facility $ 437,731 $ — $ 437,731 $ — 2029 Secured Notes 920,000 — 814,200 — Other notes payable 31,661 — 31,661 — Warrant liabilities 3,012 — — 3,012 The carrying amounts of the ABL Facility, the 2023 Credit Facility and other notes payable approximated fair value as of September 30, 2023 and December 31, 2022 based upon terms and conditions available to the Company at those dates in comparison to the terms and conditions of its outstanding debt. The estimated fair value of the 2029 Secured Notes is calculated using Level 2 inputs, based on bid prices obtained from brokers. The Level 3 fair value presented above consists of the fair value of the Non-Public Warrants. The Company estimated the fair value using the Black-Scholes option-pricing model based on the market value of the underlying Common Stock, the remaining contractual term of the warrant, risk-free interest rates and expected dividends, and expected volatility of the price of the underlying Common Stock. The changes in the fair value of the warrant liabilities are recorded in

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 12: Income Taxes For interim periods, we estimate our annual effective tax rate, exclusive of discrete items, which is derived primarily by our estimate of our valuation allowance as of the end of our fiscal year. The Company’s effective tax rate for the nine months ended September 30, 2023 and 2022 differs from the U.S. federal statutory tax rate due to the recording of valuation allowances. We recorded an income tax expense of $2.7 million for the nine months ended September 30, 2023 resulting in an effective tax rate of 7% compared to an income tax expense of $7.3 million for the comparable prior year period, at an effective tax rate of 48%. The reduction in the effective tax rate for the nine months ended September 30, 2023 compared to same period in 2022, was primarily due to discrete items recorded in the third quarter of 2022, including derivative mark-to-market adjustments and certain tax attribute changes related to personal property. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”), which, among other things, implements a 15% minimum tax for certain large corporations, a 1% excise tax on net stock repurchases, and several tax incentives to promote clean energy. The IRA is effective for tax years beginning after December 31, 2022. The IRA does not have a material effect on our consolidated financial statements. We will continue to monitor the additional guidance from the Internal Revenue Service (the “IRS”).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13: Commitments and Contingencies We record a liability when we believe that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. We review these provisions at least quarterly and adjust these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Legal Matters In the normal course of business, there are various claims in process, matters in litigation, and other contingencies. At this time, no claims of these types, certain of which are covered by insurance policies, have had a material effect on the Company. Certain jurisdictions in which the Company operates do not allow insurance recoveries related to punitive damages. For matters pertaining to the pre-acquisition activities of Custom Truck One Source, L.P. (“Custom Truck LP”), the sellers of Custom Truck LP have agreed to indemnify the Company for losses arising out of the breach of pre-closing covenants in the purchase agreement and certain indemnified tax matters discussed below, with recourse limited to $10.0 million and $8.5 million escrow accounts, respectively. From time to time, the Company may be audited by state and local taxing authorities. These audits typically focus on the Company’s withholding of state-specific sales tax and rental-related taxes. Custom Truck LP’s withholdings of federal excise taxes for each of the four quarterly periods during 2015 are currently under audit by the IRS. The IRS issued an assessment on October 28, 2020 in an aggregate amount of $2.4 million for the 2015 periods, alleging that certain types of sold equipment are not eligible for the Mobile Machinery Exemption set forth in the Internal Revenue Code (the “Code”). An appeal was filed on January 28, 2021. Based on management’s understanding of the facts and circumstances, including the relevant provisions of the Code, and historical precedent, including previous successful appeals of similar assessments in prior years, management does not believe the likelihood of a loss resulting from the IRS assessment to be probable at this time. While it is not possible to predict the outcome of the foregoing matters with certainty, it is the opinion of management that the final outcome of these matters will not have a material effect on the Company’s consolidated financial condition, results of operations and cash flows. Purchase Commitments

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Parties	Note 14: Related Parties The Company has transactions with related parties as summarized below. Rentals and Sales — The Company rents and sells equipment and provides services to R&M Equipment Rental, a business partially owned by members of the Company’s management. The Company also rents equipment and purchases inventory from R&M Equipment Rental. Prior to August 1, 2022, Energy Capital Partners (“ECP”), a stockholder of the Company, and its affiliates had ownership interests in PLH Group, Inc., which was a customer of the Company. Facilities Leases and Other — The Company leased certain facilities, as well as purchased aircraft charter services, from entities owned by members of the Company’s management and their immediate families. Lease and charter services payments related to these transactions are immaterial. Rent and air travel expenses are recorded in selling, general, and administrative expenses. In December 2022, the Company terminated the lease agreements and purchased the facilities and land from these related parties for a purchase price of approximately $15.4 million. Management Fees — The Company entered into the Corporate Advisory Services Agreement with Platinum effective in April 2021, under which management fees are payable to Platinum quarterly. The management fees are recorded in transaction expenses and other in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). A summary of the transactions with the foregoing related parties included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in $000s) 2023 2022 2023 2022 Total revenues from transactions with related parties $ 4,728 $ 8,385 $ 23,231 $ 27,128 Expenses incurred from transactions with related parties included in cost of revenue $ 239 $ 297 $ 1,091 $ 2,109 Expenses incurred from transactions with related parties included in operating expenses $ 1,391 $ 1,398 $ 4,154 $ 4,635 Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows: (in $000s) September 30, 2023 December 31, 2022 Accounts receivable from related parties $ 695 $ 5,053 Accounts payable to related parties $ 140 $ 36

Segments

Segments	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segments	Note 15: Segments Our operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on gross profit. Intersegment sales and any related profits are eliminated in consolidation. We manage the business in three reporting segments: Equipment Rental Solutions (“ERS”), Truck and Equipment Sales (“TES”) and Aftermarket Parts and Services (“APS”). The Company’s segment results are presented in the tables below: Three Months Ended September 30, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 114,929 $ — $ 3,280 $ 118,209 Equipment sales 52,175 230,904 — 283,079 Parts and services — — 33,065 33,065 Total revenue 167,104 230,904 36,345 434,353 Cost of revenue: Rentals/parts and services 29,613 — 26,203 55,816 Equipment sales 37,828 191,084 — 228,912 Depreciation of rental equipment 41,652 — 817 42,469 Total cost of revenue 109,093 191,084 27,020 327,197 Gross profit $ 58,011 $ 39,820 $ 9,325 $ 107,156 Three Months Ended September 30, 2022 (in $000s) ERS TES APS Total Revenue: Rental $ 112,009 $ — $ 3,001 $ 115,010 Equipment sales 37,121 173,782 — 210,903 Parts and services — — 31,867 31,867 Total revenue 149,130 173,782 34,868 357,780 Cost of revenue: Rentals/parts and services 27,221 — 26,187 53,408 Equipment sales 27,015 146,573 — 173,588 Depreciation of rental equipment 41,776 — 836 42,612 Total cost of revenue 96,012 146,573 27,023 269,608 Gross profit $ 53,118 $ 27,209 $ 7,845 $ 88,172 Nine Months Ended September 30, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 346,545 $ — $ 12,121 $ 358,666 Equipment sales 195,005 691,481 — 886,486 Parts and services — — 98,194 98,194 Total revenue 541,550 691,481 110,315 1,343,346 Cost of revenue: Rentals/parts and services 90,014 — 79,178 169,192 Equipment sales 148,711 571,592 — 720,303 Depreciation of rental equipment 123,969 — 2,446 126,415 Total cost of revenue 362,694 571,592 81,624 1,015,910 Gross profit $ 178,856 $ 119,889 $ 28,691 $ 327,436 Nine Months Ended September 30, 2022 (in $000s) ERS TES APS Total Revenue: Rental $ 325,679 $ — $ 10,531 $ 336,210 Equipment sales 133,674 522,921 — 656,595 Parts and services — — 93,557 93,557 Total revenue 459,353 522,921 104,088 1,086,362 Cost of revenue: Rentals/parts and services 79,863 — 74,715 154,578 Equipment sales 100,663 444,798 — 545,461 Depreciation of rental equipment 128,126 — 2,774 130,900 Total cost of revenue 308,652 444,798 77,489 830,939 Gross profit $ 150,701 $ 78,123 $ 26,599 $ 255,423 Total assets by operating segment are not disclosed herein because asset by operating segment data is not reviewed by the chief operating decision-maker (“CODM”) to assess performance and allocate resources. Gross profit is the primary operating result whereby our segments are evaluated for performance and resource allocation. The following table presents a reconciliation of consolidated gross profit to consolidated income before income taxes: Three Months Ended September 30, Nine Months Ended September 30, (in $000s) 2023 2022 2023 2022 Gross Profit $ 107,156 $ 88,172 $ 327,436 $ 255,423 Selling, general and administrative expenses 56,955 49,835 171,974 152,269 Amortization 6,698 6,794 19,976 27,000 Non-rental depreciation 2,602 1,938 7,973 7,302 Transaction expenses and other 2,890 6,498 10,039 17,192 Interest expense, net 34,144 22,887 94,945 62,324 Financing and other income (5,745) (1,747) (14,744) (25,905) Income Before Income Taxes $ 9,612 $ 1,967 $ 37,273 $ 15,241 The following table presents total assets by country: (in $000s) September 30, 2023 December 31, 2022 Assets: United States $ 3,109,472 $ 2,830,958 Canada 118,198 107,254 Total Assets $ 3,227,670 $ 2,938,212

Business and Organization (Poli

Business and Organization (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Our condensed consolidated financial statements include the accounts of all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires that these Unaudited Condensed Consolidated Financial Statements and most of the disclosures in these Notes be presented on a historical basis, as of or for the current interim period ended or comparable prior period. The accompanying interim statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X, and the Condensed Consolidated Balance Sheet at December 31, 2022, has been derived from the audited consolidated financial statements of Custom Truck One Source, Inc. at that date. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments and disclosures necessary for a fair statement of these interim statements, have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year or for any other periods. These interim statements should be read in conjunction with the Custom Truck One Source, Inc. audited consolidated financial statements included in the Custom Truck One Source, Inc. Annual Report on Form 10-K for the year ended December 31, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted Contract Assets and Contract Liabilities from Contracts with Customers. In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). This ASU improves the comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination and requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amended guidance specifies for all acquired revenue contracts regardless of their timing of payment (1) the circumstances in which the acquirer should recognize contract assets and contract liabilities that are acquired in a business combination and (2) how to measure those contract assets and contract liabilities, thereby providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The ASU was effective as of January 1, 2023. The Company applies the guidance in ASU 2021-08 prospectively to any future business combinations occurring on or after the effective date. Financing Receivables . In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326) (“ASU 2022-02”), which requires an entity to disclose current period gross write-offs by year of origination for financing receivables and net investment in leases. Gross write-off information must be included in the vintage disclosures, which requires that an entity disclose the amortized cost basis of financing receivables by credit-quality indicator and class of financing receivable by year of origination. The adoption on January 1, 2023 of the ASU had no impact to the Company’s disclosures.

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The following table summarizes the January 14, 2022 fair values of the assets acquired and liabilities assumed. The final assessment of the fair value of the HiRail assets acquired and liabilities assumed was complete as of December 31, 2022. (in $000s) January 14, 2022 Changes December 31, 2022 Current assets $ 2,891 $ 956 $ 3,847 Property, equipment and other assets 819 — 819 Rental equipment 34,224 — 34,224 Total identifiable assets acquired 37,934 956 38,890 Total identifiable liabilities assumed (6,011) (1,596) (7,607) Total net assets 31,923 (640) 31,283 Goodwill 8,685 (41) 8,644 Intangible assets 11,027 — 11,027 Net assets acquired (purchase price) 51,635 (681) 50,954 Less: cash acquired (1,122) — (1,122) Net cash paid $ 50,513 $ (681) $ 49,832

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Geographic Areas	The Company had total revenue in the following geographic areas: Three Months Ended September 30, Nine Months Ended September 30, (in $000s) 2023 2022 2023 2022 United States $ 424,513 $ 347,093 $ 1,305,292 $ 1,056,324 Canada 9,840 10,687 38,054 30,038 Total revenue $ 434,353 $ 357,780 $ 1,343,346 $ 1,086,362
Schedule of Revenue by Major Product and Service Line	The Company’s revenue by major product and service line for the three and nine months ended September 30, 2023 and 2022 are presented in the table below. Three Months Ended September 30, Three Months Ended September 30, 2023 2022 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 112,373 $ — $ 112,373 $ 110,054 $ — $ 110,054 Shipping and handling — 5,836 5,836 — 4,956 4,956 Total rental revenue 112,373 5,836 118,209 110,054 4,956 115,010 Sales and services: Equipment sales 12,760 270,319 283,079 4,456 206,447 210,903 Parts and services 4,216 28,849 33,065 970 30,897 31,867 Total sales and services 16,976 299,168 316,144 5,426 237,344 242,770 Total revenue $ 129,349 $ 305,004 $ 434,353 $ 115,480 $ 242,300 $ 357,780 Nine Months Ended September 30, Nine Months Ended September 30, 2023 2022 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 339,896 $ — $ 339,896 $ 322,634 $ — $ 322,634 Shipping and handling — 18,770 18,770 — 13,576 13,576 Total rental revenue 339,896 18,770 358,666 322,634 13,576 336,210 Sales and services: Equipment sales 56,535 829,951 886,486 20,572 636,023 656,595 Parts and services 15,969 82,225 98,194 8,949 84,608 93,557 Total sales and services 72,504 912,176 984,680 29,521 720,631 750,152 Total revenue $ 412,400 $ 930,946 $ 1,343,346 $ 352,155 $ 734,207 $ 1,086,362
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: (in $000s) September 30, 2023 December 31, 2022 Accounts receivable $ 170,514 $ 212,347 Less: allowance for doubtful accounts (14,209) (19,241) Accounts receivable, net $ 156,305 $ 193,106

Sales-Type Leases (Tables)

Sales-Type Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Revenue from Sales-Type Leases	Revenue from sales-type leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in $000s) 2023 2022 2023 2022 Equipment sales $ 12,760 $ 7,099 $ 56,535 $ 27,007 Cost of equipment sales 11,714 5,938 54,354 23,073 Gross profit $ 1,046 $ 1,161 $ 2,181 $ 3,934

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following: (in $000s) September 30, 2023 December 31, 2022 Whole goods $ 750,047 $ 468,557 Aftermarket parts and services inventory 138,708 128,167 Inventory $ 888,755 $ 596,724

Floor Plan Financing (Tables)

Floor Plan Financing (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Floor Plan Payables	The amounts owed under floor plan payables are summarized as follows: (in $000s) September 30, 2023 December 31, 2022 Trade: Daimler Truck Financial $ 131,637 $ 105,447 PACCAR Financial Services 63,292 31,187 Trade floor plan payables $ 194,929 $ 136,634 Non-trade: PNC Equipment Finance, LLC $ 396,891 $ 293,536 Non-trade floor plan payables $ 396,891 $ 293,536

Rental Equipment (Tables)

Rental Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Rental Equipment, Net	Rental equipment, net consisted of the following: (in $000s) September 30, 2023 December 31, 2022 Rental equipment $ 1,399,840 $ 1,360,205 Less: accumulated depreciation (475,525) (476,531) Rental equipment, net $ 924,315 $ 883,674

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt Obligations and Associated Interest Rates	Debt obligations and associated interest rates consisted of the following: (in $000s) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 ABL Facility $ 492,400 $ 437,731 7.2% 6.1% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 13,800 — 5.8% — Notes payable 24,986 31,661 3.1%-5.0% 3.1%-5.0% Total debt outstanding 1,451,186 1,389,392 Deferred financing fees (23,838) (27,686) Total debt net of deferred financing fees 1,427,348 1,361,706 Less: current maturities (1,286) (6,940) Long-term debt $ 1,426,062 $ 1,354,766

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Dilutive Earnings Per Share	The following tables set forth the computation of basic and dilutive earnings per share: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 (in $000s, except per share data) Net Income Weighted Average Shares Per Share Amount Net Loss Weighted Average Shares Per Share Amount Basic earnings $ 9,180 245,810 $ 0.04 $ (2,382) 247,704 $ (0.01) Dilutive common share equivalents — 784 — — — — Diluted earnings $ 9,180 246,594 $ 0.04 $ (2,382) 247,704 $ (0.01) Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (in $000s, except per share data) Net Income Weighted Average Shares Per Share Amount Net Income Weighted Average Shares Per Share Amount Basic earnings $ 34,590 245,987 $ 0.14 $ 7,968 247,448 $ 0.03 Dilutive common share equivalents — 822 — — 478 — Diluted earnings $ 34,590 246,809 $ 0.14 $ 7,968 247,926 $ 0.03

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Financial Liabilities	The following table sets forth the carrying values (exclusive of deferred financing fees) and fair values of our financial liabilities: Carrying Value Fair Value (in $000s) Level 1 Level 2 Level 3 September 30, 2023 ABL Facility $ 492,400 $ — $ 492,400 $ — 2029 Secured Notes 920,000 — 809,600 — 2023 Credit Facility 13,800 — 13,800 — Other notes payable 24,986 — 24,986 — Warrant liabilities 603 — — 603 December 31, 2022 ABL Facility $ 437,731 $ — $ 437,731 $ — 2029 Secured Notes 920,000 — 814,200 — Other notes payable 31,661 — 31,661 — Warrant liabilities 3,012 — — 3,012

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of the transactions with the foregoing related parties included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in $000s) 2023 2022 2023 2022 Total revenues from transactions with related parties $ 4,728 $ 8,385 $ 23,231 $ 27,128 Expenses incurred from transactions with related parties included in cost of revenue $ 239 $ 297 $ 1,091 $ 2,109 Expenses incurred from transactions with related parties included in operating expenses $ 1,391 $ 1,398 $ 4,154 $ 4,635 Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows: (in $000s) September 30, 2023 December 31, 2022 Accounts receivable from related parties $ 695 $ 5,053 Accounts payable to related parties $ 140 $ 36

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Company’s Segment Results	The Company’s segment results are presented in the tables below: Three Months Ended September 30, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 114,929 $ — $ 3,280 $ 118,209 Equipment sales 52,175 230,904 — 283,079 Parts and services — — 33,065 33,065 Total revenue 167,104 230,904 36,345 434,353 Cost of revenue: Rentals/parts and services 29,613 — 26,203 55,816 Equipment sales 37,828 191,084 — 228,912 Depreciation of rental equipment 41,652 — 817 42,469 Total cost of revenue 109,093 191,084 27,020 327,197 Gross profit $ 58,011 $ 39,820 $ 9,325 $ 107,156 Three Months Ended September 30, 2022 (in $000s) ERS TES APS Total Revenue: Rental $ 112,009 $ — $ 3,001 $ 115,010 Equipment sales 37,121 173,782 — 210,903 Parts and services — — 31,867 31,867 Total revenue 149,130 173,782 34,868 357,780 Cost of revenue: Rentals/parts and services 27,221 — 26,187 53,408 Equipment sales 27,015 146,573 — 173,588 Depreciation of rental equipment 41,776 — 836 42,612 Total cost of revenue 96,012 146,573 27,023 269,608 Gross profit $ 53,118 $ 27,209 $ 7,845 $ 88,172 Nine Months Ended September 30, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 346,545 $ — $ 12,121 $ 358,666 Equipment sales 195,005 691,481 — 886,486 Parts and services — — 98,194 98,194 Total revenue 541,550 691,481 110,315 1,343,346 Cost of revenue: Rentals/parts and services 90,014 — 79,178 169,192 Equipment sales 148,711 571,592 — 720,303 Depreciation of rental equipment 123,969 — 2,446 126,415 Total cost of revenue 362,694 571,592 81,624 1,015,910 Gross profit $ 178,856 $ 119,889 $ 28,691 $ 327,436 Nine Months Ended September 30, 2022 (in $000s) ERS TES APS Total Revenue: Rental $ 325,679 $ — $ 10,531 $ 336,210 Equipment sales 133,674 522,921 — 656,595 Parts and services — — 93,557 93,557 Total revenue 459,353 522,921 104,088 1,086,362 Cost of revenue: Rentals/parts and services 79,863 — 74,715 154,578 Equipment sales 100,663 444,798 — 545,461 Depreciation of rental equipment 128,126 — 2,774 130,900 Total cost of revenue 308,652 444,798 77,489 830,939 Gross profit $ 150,701 $ 78,123 $ 26,599 $ 255,423
Schedule of Reconciliation of Consolidated Gross Profit to Consolidated Income Before Income Taxes	The following table presents a reconciliation of consolidated gross profit to consolidated income before income taxes: Three Months Ended September 30, Nine Months Ended September 30, (in $000s) 2023 2022 2023 2022 Gross Profit $ 107,156 $ 88,172 $ 327,436 $ 255,423 Selling, general and administrative expenses 56,955 49,835 171,974 152,269 Amortization 6,698 6,794 19,976 27,000 Non-rental depreciation 2,602 1,938 7,973 7,302 Transaction expenses and other 2,890 6,498 10,039 17,192 Interest expense, net 34,144 22,887 94,945 62,324 Financing and other income (5,745) (1,747) (14,744) (25,905) Income Before Income Taxes $ 9,612 $ 1,967 $ 37,273 $ 15,241
Schedule of Total Assets by Country	The following table presents total assets by country: (in $000s) September 30, 2023 December 31, 2022 Assets: United States $ 3,109,472 $ 2,830,958 Canada 118,198 107,254 Total Assets $ 3,227,670 $ 2,938,212

Business and Organization (Deta

Business and Organization (Details)	9 Months Ended
	Sep. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 14, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Total revenue		$ 434,353	$ 357,780	$ 1,343,346	$ 1,086,362
Hi-Rail
Business Acquisition [Line Items]
Percentage of voting rights acquired	100%
Working capital adjustments	$ 51,000
Pretax income (loss)			1,600			$ 2,300
Hi-Rail | Hi-Rail
Business Acquisition [Line Items]
Total revenue			$ 3,800		$ 11,700

Acquisition - Schedule of Asset

Acquisition - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands			9 Months Ended		12 Months Ended
	Dec. 31, 2022	Jan. 14, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 703,827		$ 703,812		$ 703,827
Net cash paid			$ 0	$ 49,832
Hi-Rail
Business Acquisition [Line Items]
Current assets	3,847	$ 2,891			3,847
Changes in current assets					956
Property, equipment and other assets	819	819			819
Changes in property, equipment and other assets					0
Rental equipment	34,224	34,224			34,224
Changes in rental equipment					0
Total identifiable assets acquired	38,890	37,934			38,890
Changes in total identifiable assets acquired					956
Total identifiable liabilities assumed	(7,607)	(6,011)			(7,607)
Changes in total identifiable liabilities assumed					(1,596)
Total net assets	31,283	31,923			31,283
Changes in total net assets					(640)
Goodwill	8,644	8,685			8,644
Changes in goodwill					(41)
Intangible assets	11,027	11,027			11,027
Changes in intangible assets					0
Net assets acquired (purchase price)	50,954	51,635			50,954
Changes in net assets acquired (purchase price)					(681)
Less: cash acquired	(1,122)	(1,122)
Changes in less: cash acquired					0
Net cash paid	$ 49,832	$ 50,513
Changes in net cash paid					$ (681)

Revenue - Schedule of Revenue b

Revenue - Schedule of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 434,353	$ 357,780	$ 1,343,346	$ 1,086,362
United States
Disaggregation of Revenue [Line Items]
Total revenue	424,513	347,093	1,305,292	1,056,324
Canada
Disaggregation of Revenue [Line Items]
Total revenue	$ 9,840	$ 10,687	$ 38,054	$ 30,038

Revenue - Schedule of Revenue_2

Revenue - Schedule of Revenue by Major Product and Service Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Topic 842	$ 129,349	$ 115,480	$ 412,400	$ 352,155
Topic 606	305,004	242,300	930,946	734,207
Total	434,353	357,780	1,343,346	1,086,362
Total rental revenue
Disaggregation of Revenue [Line Items]
Topic 842	112,373	110,054	339,896	322,634
Topic 606	5,836	4,956	18,770	13,576
Total	118,209	115,010	358,666	336,210
Rental
Disaggregation of Revenue [Line Items]
Topic 842	112,373	110,054	339,896	322,634
Topic 606	0	0	0	0
Total	112,373	110,054	339,896	322,634
Shipping and handling
Disaggregation of Revenue [Line Items]
Topic 842	0	0	0	0
Topic 606	5,836	4,956	18,770	13,576
Total	5,836	4,956	18,770	13,576
Total sales and services
Disaggregation of Revenue [Line Items]
Topic 842	16,976	5,426	72,504	29,521
Topic 606	299,168	237,344	912,176	720,631
Total	316,144	242,770	984,680	750,152
Equipment sales
Disaggregation of Revenue [Line Items]
Topic 842	12,760	4,456	56,535	20,572
Topic 606	270,319	206,447	829,951	636,023
Total	283,079	210,903	886,486	656,595
Parts and services
Disaggregation of Revenue [Line Items]
Topic 842	4,216	970	15,969	8,949
Topic 606	28,849	30,897	82,225	84,608
Total	$ 33,065	$ 31,867	$ 98,194	$ 93,557

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Net receivables related to contracts with customers	$ 61.2	$ 98
Net receivables related to rental contracts and other	95.1	95.1
Deferred rent revenue	3	3
Customer deposits	19.6	$ 29.6
Performance obligation satisfied, revenue recognized	$ 28.9
Expected duration	1 year

Revenue - Schedule of Accounts

Revenue - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 170,514	$ 212,347
Less: allowance for doubtful accounts	(14,209)	(19,241)
Accounts receivable, net	$ 156,305	$ 193,106

Sales-Type Leases (Details)

Sales-Type Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Equipment sales	$ 12,760	$ 7,099	$ 56,535	$ 27,007
Cost of equipment sales	11,714	5,938	54,354	23,073
Gross profit	1,046	1,161	2,181	3,934
Sales-type lease, rental contracts	7,100	5,100	22,200	15,600
Interest income	$ 4,500	$ 2,700	$ 12,300	$ 7,800

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Inventory	$ 888,755	$ 596,724
Whole goods
Inventory [Line Items]
Inventory	750,047	468,557
Aftermarket parts and services inventory
Inventory [Line Items]
Inventory	$ 138,708	$ 128,167

Floor Plan Financing - Schedule

Floor Plan Financing - Schedule of Floor Plan Payables (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	$ 194,929	$ 136,634
Non-trade floor plan payables	396,891	293,536
Daimler Truck Financial
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	131,637	105,447
PACCAR Financial Services
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	63,292	31,187
PNC Equipment Finance, LLC
Debt Instrument, Redemption [Line Items]
Non-trade floor plan payables	$ 396,891	$ 293,536

Floor Plan Financing - Narrativ

Floor Plan Financing - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 25, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Interest expense		$ 10.1	$ 3.6	$ 25	$ 7.5
Daimler Truck Financial | ABL Facility
Debt Instrument [Line Items]
Debt instrument, interest free period				150 days
Maximum borrowing capacity		175		$ 175
Daimler Truck Financial | ABL Facility | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread				0.80%
PACCAR Financial Corp | ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		75		$ 75
PACCAR Financial Corp | ABL Facility | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread				0.71%
PNC Equipment Finance, LLC | ABL Facility | ABL Facility | PNC Equipment Finance, LLC
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400		$ 400
Renewal term	2 years
PNC Equipment Finance, LLC | ABL Facility | Secured Overnight Financing Rate (SOFR) | ABL Facility | PNC Equipment Finance, LLC
Debt Instrument [Line Items]
Debt instrument, basis spread				3%

Rental Equipment (Details)

Rental Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Rental equipment	$ 1,399,840	$ 1,360,205
Less: accumulated depreciation	(475,525)	(476,531)
Rental equipment, net	$ 924,315	$ 883,674

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt Obligations and Associated Interest Rates (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 13, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt outstanding	$ 1,451,186		$ 1,389,392
Deferred financing fees	(23,838)		(27,686)
Total debt net of deferred financing fees	1,427,348		1,361,706
Less: current maturities	(1,286)		(6,940)
Long-term debt	1,426,062		1,354,766
Notes payable
Debt Instrument [Line Items]
Total debt outstanding	$ 24,986		$ 31,661
Notes payable | Minimum
Debt Instrument [Line Items]
Debt interest rate	3.10%		3.10%
Notes payable | Maximum
Debt Instrument [Line Items]
Debt interest rate	5%		5%
ABL Facility | ABL Facility | Line of Credit
Debt Instrument [Line Items]
Total debt outstanding	$ 492,400		$ 437,731
Debt interest rate	7.20%		6.10%
2029 Secured Notes | 2029 Secured Notes
Debt Instrument [Line Items]
Total debt outstanding	$ 920,000		$ 920,000
Debt interest rate	5.50%		5.50%
2023 Credit Facility | Line of Credit
Debt Instrument [Line Items]
Total debt outstanding	$ 13,800		$ 0
Debt interest rate	5.80%	5.75%	0%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 27, 2023	Jan. 13, 2023	Sep. 30, 2023	Dec. 31, 2022
2023 Credit Facility | ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 18
Proceeds from lines of credit		13.7
Line of credit facility		$ 4.2
Debt interest rate		5.75%	5.80%	0%
Balloon payment to be paid		$ 0.1
ABL Facility | ABL Facility
Debt Instrument [Line Items]
Remaining borrowing capacity			$ 254.5
ABL Facility | ABL Facility | ABL Facility
Debt Instrument [Line Items]
Debt interest rate			7.20%	6.10%
ABL Facility | ABL Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread	0.50%
ABL Facility | ABL Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread	1.50%
ABL Facility | ABL Facility | Minimum | Canadian Dollar Offer Rate (CDOR)
Debt Instrument [Line Items]
Debt instrument, basis spread	1.50%
ABL Facility | ABL Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread	1%
ABL Facility | ABL Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread	2%
ABL Facility | ABL Facility | Maximum | Canadian Dollar Offer Rate (CDOR)
Debt Instrument [Line Items]
Debt instrument, basis spread	2%
Letter of Credit | ABL Facility
Debt Instrument [Line Items]
Outstanding borrowings			$ 3.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Potentially dilutive shares excluded in aggregate (in shares)	29,100	26,400	29,000	25,400
Net Income (Loss)
Basic earnings	$ 9,180	$ (2,382)	$ 34,590	$ 7,968
Dilutive common share equivalents	0	0	0	0
Diluted earnings	$ 9,180	$ (2,382)	$ 34,590	$ 7,968
Weighted Average Shares
Basic (in shares)	245,810	247,704	245,987	247,448
Dilutive common share equivalents (in shares)	784	0	822	478
Diluted earnings (in shares)	246,594	247,704	246,809	247,926
Per Share Amount
Basic (in dollars per share)	$ 0.04	$ (0.01)	$ 0.14	$ 0.03
Diluted (in dollars per share)	$ 0.04	$ (0.01)	$ 0.14	$ 0.03

Equity (Details)

Equity (Details) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Jul. 31, 2019 trading_day $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 14, 2023 USD ($)	Dec. 31, 2022 $ / shares shares	Aug. 02, 2022 USD ($)
Business Acquisition [Line Items]
Preferred stock authorized (in shares) | shares		10,000,000	10,000,000		10,000,000
Preferred stock par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock outstanding (in shares) | shares		0	0		0
Preferred stock issued (in shares) | shares		0	0		0
Stock repurchase program, amount authorized | $				$ 25		$ 30
Common stock repurchases (in shares) | shares		2,500,000	3,100,000
Repurchase of common stock value | $		$ 15.8	$ 20.1
Amount available under repurchase program | $		$ 24.4	$ 24.4
Nesco Owner | Additional Shares if Common Stock Exceeds $13 Per Share or $16 Per Share | Common Stock | Capitol
Business Acquisition [Line Items]
Contingent consideration, additional shares (up to) (in shares) | shares	1,800,000
Contingent consideration, incremental shares transferred (in shares) | shares	900,000
Consecutive trading days threshold | trading_day	30
Nesco Owner | Additional Shares if Common Stock Exceeds $13 Per Share | Capitol
Business Acquisition [Line Items]
Contingent consideration stock price trigger (in dollars per share) | $ / shares	$ 13
Nesco Owner | Additional Shares if Common Stock Exceeds $13 Per Share | Common Stock | Capitol
Business Acquisition [Line Items]
Contingent consideration stock price trigger (in dollars per share) | $ / shares	13
Nesco Owner | Additional Shares if Common Stock Exceeds $16 Per Share | Capitol
Business Acquisition [Line Items]
Contingent consideration stock price trigger (in dollars per share) | $ / shares	16
Nesco Owner | Additional Shares if Common Stock Exceeds $16 Per Share | Common Stock | Capitol
Business Acquisition [Line Items]
Contingent consideration stock price trigger (in dollars per share) | $ / shares	$ 16
Trading days threshold | trading_day	20
Nesco Owner | Additional Shares if Common Stock Exceeds $19 Per Share | Capitol
Business Acquisition [Line Items]
Contingent consideration, additional shares (up to) (in shares) | shares	1,651,798
Contingent consideration stock price trigger (in dollars per share) | $ / shares	$ 19
Trading days threshold | trading_day	20
Consecutive trading days threshold | trading_day	30
Contingent consideration term (in years)	7 years
Share price consideration (in dollars per share) | $ / shares	$ 19

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 603	$ 3,012
Carrying Value | Other notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	24,986	31,661
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	603	3,012
Fair Value | Other notes payable | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	0	0
Fair Value | Other notes payable | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	24,986	31,661
Fair Value | Other notes payable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	0	0
2029 Secured Notes | Carrying Value | 2029 Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	920,000	920,000
2029 Secured Notes | Fair Value | 2029 Secured Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	0	0
2029 Secured Notes | Fair Value | 2029 Secured Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	809,600	814,200
2029 Secured Notes | Fair Value | 2029 Secured Notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	0	0
2023 Credit Facility | Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	13,800
2023 Credit Facility | Fair Value | Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	0
2023 Credit Facility | Fair Value | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	13,800
2023 Credit Facility | Fair Value | Line of Credit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	0
ABL Facility | ABL Facility | Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	492,400	437,731
ABL Facility | ABL Facility | Fair Value | Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	0	0
ABL Facility | ABL Facility | Fair Value | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	492,400	437,731
ABL Facility | ABL Facility | Fair Value | Line of Credit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other notes payable	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 432	$ 4,349	$ 2,683	$ 7,273
Effective tax rate			7%	48%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Oct. 28, 2020	Sep. 30, 2023
Tax Year 2015
Loss Contingencies [Line Items]
Tax assessment amount	$ 2.4
Nesco Holdings | Custom Truck | Sellers
Loss Contingencies [Line Items]
Estimate of possible loss		$ 10
Buyer | Custom Truck | Sellers
Loss Contingencies [Line Items]
Estimate of possible loss		$ 8.5

Related Parties - Narrative (De

Related Parties - Narrative (Details) $ in Millions	1 Months Ended
	Dec. 31, 2022 USD ($)
Affiliated Entity | Companies Management and Immediate Families
Related Party Transaction [Line Items]
Purchases with related party	$ 15.4

Related Parties - Schedule of R

Related Parties - Schedule of Related Party Transactions in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Total revenues from transactions with related parties	$ 434,353	$ 357,780	$ 1,343,346	$ 1,086,362
Expenses incurred from transactions with related parties included in cost of revenue	327,197	269,608	1,015,910	830,939
Expenses incurred from transactions with related parties included in operating expenses	69,145	65,065	209,962	203,763
Related Party
Related Party Transaction [Line Items]
Total revenues from transactions with related parties	4,728	8,385	23,231	27,128
Expenses incurred from transactions with related parties included in cost of revenue	239	297	1,091	2,109
Expenses incurred from transactions with related parties included in operating expenses	$ 1,391	$ 1,398	$ 4,154	$ 4,635

Related Parties - Schedule of_2

Related Parties - Schedule of Related Party Transactions in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts receivable from related parties	$ 156,305	$ 193,106
Accounts payable to related parties	130,466	87,255
Related Party
Related Party Transaction [Line Items]
Accounts receivable from related parties	695	5,053
Accounts payable to related parties	$ 140	$ 36

Segments - Narrative (Details)

Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments - Schedule of Company_

Segments - Schedule of Company’s Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 434,353	$ 357,780	$ 1,343,346	$ 1,086,362
Depreciation of rental equipment	42,469	42,612	126,415	130,900
Total cost of revenue	327,197	269,608	1,015,910	830,939
Gross Profit	107,156	88,172	327,436	255,423
ERS
Segment Reporting Information [Line Items]
Total revenue	167,104	149,130	541,550	459,353
Depreciation of rental equipment	41,652	41,776	123,969	128,126
Total cost of revenue	109,093	96,012	362,694	308,652
Gross Profit	58,011	53,118	178,856	150,701
TES
Segment Reporting Information [Line Items]
Total revenue	230,904	173,782	691,481	522,921
Depreciation of rental equipment	0	0	0	0
Total cost of revenue	191,084	146,573	571,592	444,798
Gross Profit	39,820	27,209	119,889	78,123
APS
Segment Reporting Information [Line Items]
Total revenue	36,345	34,868	110,315	104,088
Depreciation of rental equipment	817	836	2,446	2,774
Total cost of revenue	27,020	27,023	81,624	77,489
Gross Profit	9,325	7,845	28,691	26,599
Rental
Segment Reporting Information [Line Items]
Total revenue	118,209	115,010	358,666	336,210
Cost of revenue	29,874	28,207	91,754	82,791
Rental | ERS
Segment Reporting Information [Line Items]
Total revenue	114,929	112,009	346,545	325,679
Rental | TES
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Rental | APS
Segment Reporting Information [Line Items]
Total revenue	3,280	3,001	12,121	10,531
Equipment sales
Segment Reporting Information [Line Items]
Total revenue	283,079	210,903	886,486	656,595
Cost of revenue	228,912	173,588	720,303	545,461
Equipment sales | ERS
Segment Reporting Information [Line Items]
Total revenue	52,175	37,121	195,005	133,674
Cost of revenue	37,828	27,015	148,711	100,663
Equipment sales | TES
Segment Reporting Information [Line Items]
Total revenue	230,904	173,782	691,481	522,921
Cost of revenue	191,084	146,573	571,592	444,798
Equipment sales | APS
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Cost of revenue	0	0	0	0
Parts and services
Segment Reporting Information [Line Items]
Total revenue	33,065	31,867	98,194	93,557
Cost of revenue	25,942	25,201	77,438	71,787
Parts and services | ERS
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Parts and services | TES
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Parts and services | APS
Segment Reporting Information [Line Items]
Total revenue	33,065	31,867	98,194	93,557
Rentals/parts and services
Segment Reporting Information [Line Items]
Cost of revenue	55,816	53,408	169,192	154,578
Rentals/parts and services | ERS
Segment Reporting Information [Line Items]
Cost of revenue	29,613	27,221	90,014	79,863
Rentals/parts and services | TES
Segment Reporting Information [Line Items]
Cost of revenue	0	0	0	0
Rentals/parts and services | APS
Segment Reporting Information [Line Items]
Cost of revenue	$ 26,203	$ 26,187	$ 79,178	$ 74,715

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of Consolidated Gross Profit to Consolidated Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Gross Profit	$ 107,156	$ 88,172	$ 327,436	$ 255,423
Selling, general and administrative expenses	56,955	49,835	171,974	152,269
Amortization	6,698	6,794	19,976	27,000
Non-rental depreciation	2,602	1,938	7,973	7,302
Transaction expenses and other	2,890	6,498	10,039	17,192
Interest expense, net	34,144	22,887	94,945	62,324
Financing and other income	(5,745)	(1,747)	(14,744)	(25,905)
Income Before Income Taxes	$ 9,612	$ 1,967	$ 37,273	$ 15,241

Segments - Schedule of Total As

Segments - Schedule of Total Assets by Country (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 3,227,670	$ 2,938,212
United States
Segment Reporting Information [Line Items]
Assets	3,109,472	2,830,958
Canada
Segment Reporting Information [Line Items]
Assets	$ 118,198	$ 107,254