Custom Truck One Source (CTOS) 10-K 7 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 398.4
Entity Common Stock, Shares Outstanding		240,265,228
Documents Incorporated by Reference	Document Where Incorporated Proxy Statement related to the 2024 Annual Meeting of Stockholders, which is expected to be filed with the Securities and Exchange Commission on or before April 29, 2024. Part III (Items 10, 11, 12, 13, and 14)
Entity Central Index Key	0001709682
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, $0.0001 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	CTOS
Security Exchange Name	NYSE
Redeemable warrants, exercisable for Common Stock, $0.0001 par value
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, exercisable for Common Stock, $0.0001 par value
Trading Symbol	CTOS.WS
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Kansas City, Missouri

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Total revenue	$ 1,865,100	$ 1,573,086	$ 1,167,154
Cost of Revenue
Depreciation of rental equipment	170,664	171,703	157,110
Total cost of revenue	1,410,840	1,189,338	957,141
Gross Profit	454,260	383,748	210,013
Operating Expenses
Selling, general and administrative expenses	231,403	210,868	155,783
Amortization	27,110	33,940	40,754
Non-rental depreciation	10,656	9,414	3,613
Transaction expenses and other	14,143	26,218	51,830
Total operating expenses	283,312	280,440	251,980
Operating Income (Loss)	170,948	103,308	(41,967)
Other Expense
Loss on extinguishment of debt	0	0	61,695
Interest expense, net	131,315	88,906	72,843
Financing and other (income) expense	(18,443)	(32,330)	571
Total other expense	112,872	56,576	135,109
Income (Loss) Before Income Taxes	58,076	46,732	(177,076)
Income Tax Expense	7,364	7,827	4,425
Net Income (Loss)	50,712	38,905	(181,501)
Other Comprehensive Income (Loss):
Unrealized foreign currency translation adjustments, net	2,969	(8,947)	0
Other Comprehensive Income (Loss)	2,969	(8,947)	0
Comprehensive Income (Loss)	$ 53,681	$ 29,958	$ (181,501)
Net Income (Loss) Per Share:
Basic (in dollars per share)	$ 0.21	$ 0.16	$ (0.75)
Diluted (in dollars per share)	$ 0.21	$ 0.16	$ (0.75)
Weighted-Average Common Shares Outstanding:
Basic (in shares)	245,093	247,152	241,370
Diluted (in shares)	245,726	247,705	241,370
Rental revenue
Revenue
Total revenue	$ 478,910	$ 464,039	$ 370,067
Cost of Revenue
Cost of goods and service	120,198	110,272	99,885
Equipment sales
Revenue
Total revenue	1,253,453	982,341	695,334
Cost of Revenue
Cost of goods and service	1,016,149	805,852	618,444
Parts sales and services
Revenue
Total revenue	132,737	126,706	101,753
Cost of Revenue
Cost of goods and service	$ 103,829	$ 101,511	$ 81,702

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 10,309	$ 14,360
Accounts receivable, net	215,089	193,106
Financing receivables, net	30,845	38,271
Inventory	985,794	596,724
Prepaid expenses and other	23,862	25,784
Total current assets	1,265,899	868,245
Property and equipment, net	142,115	121,956
Rental equipment, net	916,704	883,674
Goodwill	704,011	703,827
Intangible assets, net	277,212	304,132
Operating lease assets	38,426	29,434
Other assets	23,430	26,944
Total Assets	3,367,797	2,938,212
Current Liabilities
Accounts payable	117,653	87,255
Accrued expenses	73,847	68,784
Deferred revenue and customer deposits	28,758	34,671
Floor plan payables - trade	253,197	136,634
Floor plan payables - non-trade	409,113	293,536
Operating lease liabilities - current	6,564	5,262
Current maturities of long-term debt	8,257	6,940
Current portion of finance lease obligations	0	1,796
Total current liabilities	897,389	634,878
Long-term debt, net	1,487,136	1,354,766
Finance leases	0	3,206
Operating lease liabilities - noncurrent	32,714	24,818
Deferred income taxes	33,355	29,086
Warrants and other liabilities	0	3,015
Total long-term liabilities	1,553,205	1,414,891
Stockholders' Equity
Common stock — $0.0001 par value, 500,000,000 shares authorized, 249,903,120 and 248,311,104 shares issued and outstanding, at December 31, 2023 and December 31, 2022, respectively	25	25
Treasury stock, at cost — 8,891,788 and 2,241,069 shares at December 31, 2023 and December 31, 2022, respectively	(56,524)	(15,537)
Additional paid-in capital	1,537,553	1,521,487
Accumulated other comprehensive loss	(5,978)	(8,947)
Accumulated deficit	(557,873)	(608,585)
Total stockholders' equity	917,203	888,443
Total Liabilities and Stockholders' Equity	$ 3,367,797	$ 2,938,212

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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)	249,903,120	248,311,104
Common stock, outstanding (in shares)	249,903,120	248,311,104
Treasury stock (in shares)	8,891,788	2,241,069

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income (loss)	$ 50,712	$ 38,905	$ (181,501)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	218,993	223,483	209,073
Amortization of debt issuance costs	5,653	4,860	4,740
Loss on extinguishment of debt	0	0	61,695
Provision for losses on accounts receivable	8,522	12,650	11,103
Share-based compensation	13,309	12,297	17,313
Gain on sales and disposals of rental equipment	(67,721)	(55,213)	(11,636)
Change in fair value of derivative and warrants	(2,485)	(20,290)	6,192
Deferred tax expense	4,241	7,387	3,863
Changes in assets and liabilities:
Accounts and financing receivables	(20,879)	(36,821)	(37,716)
Inventories	(388,063)	(194,691)	46,574
Prepaids, operating leases and other	3,518	(11,936)	(6,123)
Accounts payable	28,339	(5,589)	8,060
Accrued expenses and other liabilities	4,339	8,108	5,580
Floor plan payables - trade, net	116,563	63,920	(18,276)
Customer deposits and deferred revenue	(5,924)	(1,102)	19,985
Net cash flow from operating activities	(30,883)	45,968	138,926
Investing Activities
Acquisition of businesses, net of cash acquired	0	(49,832)	(1,337,686)
Purchases of rental equipment	(364,190)	(340,791)	(188,389)
Proceeds from sales and disposals of rental equipment	229,559	205,852	99,833
Purchase of non-rental property and cloud computing arrangements	(41,967)	(34,165)	(3,238)
Net cash flow from investing activities	(176,598)	(218,936)	(1,429,480)
Financing Activities
Proceeds from debt	21,417	0	952,743
Proceeds from issuance of common stock	0	0	883,000
Payment of common stock issuance costs	0	0	(6,386)
Payment of premiums on debt extinguishment	0	0	(53,469)
Share-based payments	792	(1,838)	(652)
Borrowings under revolving credit facilities	221,046	153,036	491,084
Repayments under revolving credit facilities	(106,377)	(110,249)	(347,111)
Repayments of notes payable	(7,679)	(1,012)	(507,509)
Finance lease payments	(2,682)	(3,955)	(5,223)
Repurchase of common stock	(38,845)	(10,279)	0
Acquisition of inventory through floor plan payables - non-trade	789,199	619,896	304,902
Repayment of floor plan payables - non-trade	(673,622)	(491,599)	(353,641)
Payment of debt issuance costs	(373)	(104)	(34,694)
Net cash flow from financing activities	202,876	153,896	1,323,044
Effect of exchange rate changes on cash and cash equivalents	554	(2,470)	0
Net Change in Cash and Cash Equivalents	(4,051)	(21,542)	32,490
Cash and Cash Equivalents at Beginning of Period	14,360	35,902	3,412
Cash and Cash Equivalents at End of Period	10,309	14,360	35,902
Supplemental Cash Flow Information
Interest paid	122,868	81,177	92,625
Income taxes paid	2,133	567	541
Non-Cash Investing and Financing Activities
Non-cash consideration - acquisition of business	0	0	187,935
Property and equipment purchases in accounts payable	2,120	68	0
Rental equipment sales in accounts receivable	$ 22,517	$ 11,283	$ 1,555

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - 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, 2020		49,156,753
Beginning balance (in shares) at Dec. 31, 2020			0
Beginning balance at Dec. 31, 2020	$ (31,067)	$ 5	$ 0	$ 434,917	$ 0	$ (465,989)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	(181,501)					(181,501)
Other comprehensive income (loss)	0
Share-based payments (in shares)		1,501,659	318,086
Share-based payments	16,819		$ (3,020)	19,839
Warrants liability reclassification	(10,290)			(10,290)
Shares issued in business combination (in shares)		196,700,000
Shares issued in business combination	1,064,549	$ 20		1,064,529
Ending balance (in shares) at Dec. 31, 2021		247,358,412
Ending balance (in shares) at Dec. 31, 2021			(318,086)
Ending 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)	38,905					38,905
Other comprehensive income (loss)	(8,947)				(8,947)
Common stock repurchases (in shares)			(1,657,635)
Common stock repurchases	(10,483)		$ (10,483)
Share-based payments (in shares)		952,692	265,348
Share-based payments	$ 10,458		$ (2,034)	12,492
Ending balance (in shares) at Dec. 31, 2022	248,311,104	248,311,104
Ending balance (in shares) at Dec. 31, 2022	(2,241,069)		(2,241,069)
Ending 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)	50,712					50,712
Other comprehensive income (loss)	2,969				2,969
Common stock repurchases (in shares)			(6,354,587)
Common stock repurchases	(39,021)		$ (39,021)
Share-based payments (in shares)		1,592,016	296,132
Share-based payments	$ 14,100		$ (1,966)	16,066
Ending balance (in shares) at Dec. 31, 2023	249,903,120	249,903,120
Ending balance (in shares) at Dec. 31, 2023	(8,891,788)		(8,891,788)
Ending balance at Dec. 31, 2023	$ 917,203	$ 25	$ (56,524)	$ 1,537,553	$ (5,978)	$ (557,873)

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 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 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. Immediately following the acquisition by Nesco Holdings II, Inc. of Custom Truck One Source, L.P. (“Custom Truck LP”) as discussed in Note 3: Business Combinations, on April 1, 2021 (the “Acquisition”), Nesco Holdings, Inc. (“Nesco Holdings”) changed its name to “Custom Truck One Source, Inc.” and changed The New York Stock Exchange ticker for its shares of common stock (“Common Stock”) from “NSCO” to “CTOS,” and the ticker of its redeemable warrants from “NSCO.WS” to “CTOS.WS.” Terms such as, “we,” “our,” “us,” or “the Company” refer to Nesco Holdings prior to the Acquisition, and to the combined company after the Acquisition. Unless the context otherwise requires, the term “Nesco” or “Nesco Holdings” as used in these financial statements means Nesco Holdings and its consolidated subsidiaries prior to the Acquisition, and the term “Custom Truck LP” means Custom Truck LP and its consolidated subsidiaries prior to and on the date of the Acquisition. We are a specialty equipment provider to the electric utility transmission and distribution, telecommunications, rail, forestry, waste management 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”). Segment information provided within this Annual Report on Form 10-K, is included in Note 20: Segments. Equipment Rental Solutions (“ERS”) Segment We own a broad range of new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks and other machinery and equipment. As of December 31, 2023, this equipment (the “rental fleet”) is comprised of more than 10,300 units. The majority of our rental fleet can be used across a variety of end-markets, which coincides with the needs of many of our customers who operate in multiple end-markets. As is customary for equipment rental companies, we sell used equipment out of our rental fleet to end user customers. These sales are often made in response to specific customer requests. These sales offer customers an opportunity to buy well-maintained equipment with long remaining useful lives and enable us to effectively manage the age and mix of our rental fleet to match current market demand. We also employ rental purchase options on a select basis, which provide a buyout option with an established purchase price that decreases over time as rental revenue is collected. Customers are given credit against such purchase price for a portion of the amounts paid over the life of the rental, allowing customers the flexibility of a rental with the option to purchase at any time at a known price. Activities in our ERS segment consist of the rental and sale from the rental fleet, of the foregoing products. Truck and Equipment Sales (“TES”) Segment We offer a broad variety of new equipment for sale to be used across our end-markets, which can be modified to meet our customers’ specific needs. We believe that our integrated production capabilities and extensive knowledge gained over a long history of selling equipment have established us as a trusted partner for customers seeking tailored solutions with short lead times. In support of these activities, we primarily employ a direct-to-customer sales model, leveraging our dedicated sales force of industry and product managers, who are focused on driving national and local sales. We also opportunistically engage in the sale of used equipment purchased from third parties or received via trade-ins from new equipment sales customers. In the majority of these cases, we will sell used equipment directly to customers, rather than relying on auctions. Activities in our TES segment consist of the production and sale of new and used specialty equipment and vocational trucks, which includes equipment from leading original equipment manufacturers (“OEMs”) across our end-markets, as well as our Load King TM brand. Aftermarket Parts and Services (“APS”) Segment The APS segment includes the sale of specialized aftermarket parts, including captive parts related to our Load King TM brand, used in the maintenance and repair of the equipment we sell and rent. Specialized tools, including stringing blocks, insulated hot stick, and rigging equipment, are sold or rented to our customers on an individual basis or in packaged specialty kits. We also provide truck and equipment maintenance and repair services, which are executed throughout our nationwide branch network and fleet of mobile technicians supported by our 24/7 call center based in Kansas City, Missouri.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Polices	Note 2: Summary of Significant Accounting Policies Basis of Presentation Our accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the accounting policies described below. Our 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 Consolidated Financial Statements and most of the disclosures in these Notes be presented on a historical basis, as of or for the current annual period or prior annual periods. The consolidated financial position and results of operations and cash flows (including segment information) presented herein include those of Custom Truck One Source, Inc. as of December 31, 2023 and since the date of the Acquisition. Financial information presented for periods prior to the Acquisition represent those of Nesco Holdings and its subsidiaries. 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. Recently Adopted Accounting Standards 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; however, there were no business combinations during the year ended December 31, 2023. 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. Recently Issued Accounting Standards Income Taxes In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes — Improvements to Income Tax Disclosures (Topic 740) (“ASU 2023-09”), which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. Segment Reporting In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting — Improvements to Reportable Segment Disclosures (Topic 280) (“ASU 2023-07”), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with retrospective application required and early adoption permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. Revenue Recognition We recognize revenue in accordance with two different accounting standards: Topic 606, Revenue from contracts with customers (“Topic 606”), and Topic 842, Leases (“Topic 842”). Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A “performance obligation” is a promise in a contract to transfer a distinct good or service to a customer and is the unit of account under Topic 606. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Our contracts with customers generally do not include multiple performance obligations. Rental Revenue – Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. We also charge customers for damaged equipment, which is assessed and billed at the time a rental asset is returned to the Company and recorded within Parts Sales and Services revenue. We record changes in the estimated collectability of operating lease trade receivables against rental revenue. Our rental contracts are for various types of equipment and tools under 28-day or monthly agreements which include automatic renewal provisions. The majority of our rental payments are due upon receipt, with a majority billed at the end of each 28-day or monthly period. Revenue is recognized ratably over the rental agreement period and in accordance with Topic 842. Unearned revenue is reported in deferred revenue and customer deposits in our consolidated balance sheets. We require our rental customers to maintain liability and property insurance covering the units during the rental term and to indemnify us from losses caused by the negligence of the customer, their employees or contractors during the rental term. We also provide rental customers the opportunity to enter into contracts containing a rental purchase option (“RPO”). The RPO allows the customer to earn credit towards the purchase price of the leased equipment. The earned credit is based on rental payments made. Certain leases containing these purchase options are classified as sales-type leases because the RPO purchase price related to the leased equipment is considered to be a “bargain purchase option” in the lease. However, distinguishing a sales-type lease from an operating lease in the Company's portfolio of rental contracts involves assessing whether a customer’s exercise of their purchase option meets the reasonably certain criteria of Topic 842. This assessment involves judgments about whether there exists a compelling economic reason for an exercise on the part of the customer, considering factors related to the rental contract itself, the underlying asset, specifics about the customer’s financial situation and market conditions related to rentals of similar classes of assets. Revenue on these lease contracts is recognized at the point in time when the Company is reasonably certain that the criteria are met. Revenue from these leases is recorded as equipment sales in the Consolidated Statements of Operations and Comprehensive Income (Loss). Equipment Sales – We sell both new and used equipment. There are no rights of return or warranties offered on equipment sales. The contractual sales price for each individual equipment represents the standalone selling price. Our used equipment is of a sufficiently unique nature, based on specific characteristics such as its age and usage, that it does not have an observable standalone selling price. Equipment sales revenue is recognized upon the transfer of control of equipment. Except for equipment sold under bill-and-hold arrangements, control is transferred when title and physical possession of the equipment has transferred to the customer, which is at the point in time of customer pickup or when the equipment is delivered to a specified destination and the Company has a present right to payment. Payment is usually due within 30 days subsequent to transfer of control of the equipment. We have bill and hold arrangements with a small number of customers who request to complete the purchase of equipment prior to their ability to take physical possession. In these cases, customers request that we retain physical possession of the equipment until customer pickup or delivery at a later date. Under these arrangements, control is transferred to the customer when the equipment is ready for transfer to the customer, the customer has taken legal title, and the Company has a present right to payment. Under the bill and hold arrangements, which are rare, we recognize sales only when all of the following criteria are met: 1) the customer’s reason for the bill-and-hold arrangement is substantive, 2) the equipment is separately identified as belonging to the customer, 3) the equipment is ready for transfer to the customer and 4) we do not have the ability to use the equipment or direct it to another customer. Parts Sales and Services – We sell aftermarket parts and services. We derive our services revenue primarily from maintenance, repair and upfit services on heavy-duty trucks and cranes. Revenue from these services includes parts sales needed to complete the service work. We recognize services revenue as the service work is completed. We record revenue on a point in time basis as parts are delivered. The amount of consideration we receive for parts is based upon a list price net of discounts and incentives, and the impact of such variable consideration is factored into the amount of revenue we recognize at any point in time. The amount of consideration received for services is based upon labor hours expended and parts utilized to perform and complete the necessary services for our customers. There are no rights of return or warranties offered on parts sales. Payment is usually due and collected within 30 days subsequent to delivery of parts or performance of service. We record sales tax billed to customers and remitted to governmental authorities on a net basis and, consequently, these amounts are excluded from revenues and expenses. Sales taxes are recorded as accrued expenses when billed. Shipping and Handling Costs – We classify shipping and handling fees billed to customers related to the placement of rental units as rental revenue in our Consolidated Statements of Operations and Comprehensive Income (Loss). We include the related shipping and handling costs in cost of rental revenue, excluding depreciation, in our Consolidated Statements of Operations and Comprehensive Income (Loss). Shipping and handling fees billed to customers related to the sale of equipment and parts are recorded as equipment sales or parts sales and services revenue, respectively. The related shipping and handling costs are recorded in cost of equipment sales or cost of parts sales and services, respectively. Cash and Cash Equivalents Cash and cash equivalents consists of cash and short-term investments with remaining maturities of three months or less when acquired. The carrying amount of cash and cash equivalents approximates its fair value. The Company maintains deposits at financial institutions in excess of federally insured limits. Trade Receivables and Allowance for Credit Losses We are exposed to credit losses from trade receivables generated through our leasing, sales and service businesses. We assess each customer’s ability to pay for the products and services by conducting a credit review. The credit review considers expected billing exposure and timing for payment and the customer’s established credit rating. We perform a credit review of new customers at inception of the customer relationship and, for existing customers, when the customer transacts new leases or product orders after a period of dormancy. We also consider contract terms and conditions, country risk and business strategy in the evaluation. We monitor ongoing credit exposure through an active review of customer balances against contract terms and due dates. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowances for credit losses reflect the estimate of the amount of receivables that management assesses will be unable to be collected based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. This estimate could require change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease the allowances. We review the adequacy of the allowance on a quarterly basis. The allowance for doubtful accounts is included in accounts receivable, net on our Consolidated Balance Sheets. Accounts receivable, net consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Accounts receivable $ 232,592 $ 212,347 Less: allowance for doubtful accounts (17,503) (19,241) Accounts receivable, net $ 215,089 $ 193,106 The relationship between provision for losses on accounts receivable and allowance for doubtful accounts is presented below: Year Ended December 31, (in $000s) 2023 2022 2021 Allowance - beginning of period $ 19,241 $ 10,820 $ 6,372 Provision for losses on accounts receivable 8,585 12,650 11,103 Accounts written off during period, net of recoveries (10,323) (4,229) (6,655) Allowance - end of period $ 17,503 $ 19,241 $ 10,820 Specifically identifiable lease revenue receivables not deemed probable of collection are recorded as a reduction of rental revenue. The remaining provision for credit losses, which relates to product sales and services, is recorded in selling, general and administrative expense. Inventory Inventory is carried at the lower of cost or net realizable value. The Company periodically reviews inventories on hand and maintains reserves for slow-moving, excess, or obsolete inventories. Whole goods inventory is comprised of chassis, attachments (i.e., boom cranes, aerial lifts, digger derricks, dump bodies, etc.), and the in-process costs incurred in the final assembly of those units. As part of our business model, we sell 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, which purchases are recorded directly to inventory when received. Cost is determined by specific identification for whole goods inventory. Aftermarket parts and services inventories are recorded at weighted average cost. Rental Equipment and Property and Equipment Rental Equipment Rental equipment is primarily comprised of the cost of truck-mounted aerial lifts, cranes, trucks, trailers, digger derricks, line equipment, cranes, pressure diggers, underground and other machinery and equipment. The rental equipment we purchase is recorded at cost and depreciated over the estimated rentable life of the equipment using the straight-line method over useful lives, depending on product categories, ranging from 1 to 7 years, to an estimated residual value, depending on product categories, ranging from 0% to 35% of cost. Depreciation of rental equipment commences when a rental unit is placed into the rental fleet and becomes available to rent and the cost is depreciated whether or not the equipment is on rent. We reevaluate the estimated rentable life as rental equipment is purchased, estimating the period that the asset will be held, considering factors such as historical rental activity and expectations of future rental activity. We also reevaluate the estimated residual values of the applicable rental equipment. The residual value of equipment is affected by factors that include equipment age, amount of usage and market conditions. Market conditions for used equipment sales can also be affected by external factors such as the economy, natural disasters, fuel prices, supply of similar used equipment, the market price for similar new equipment, and incentives offered by manufacturers of new equipment. These factors are considered when estimating future residual values and depreciation periods. Expenditures for repair and maintenance that extend the useful life of the equipment and are necessary to keep an equipment unit in rentable condition are capitalized and depreciated over the estimated remaining useful life of the equipment, which is the period the repair and maintenance is expected to provide future economic benefit. When making repairs, we dispose of damaged and replaced components at their net carrying values. The cost of routine and recurring maintenance activities related to the rental fleet are charged to expense as incurred. Property and Equipment Property and equipment is primarily comprised of land, buildings and improvements, machinery and equipment, and vehicles and is carried at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method based on useful lives ranging from three Leases as Lessee We determine if an arrangement is a lease at inception of an arrangement. Operating and finance lease assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease assets represent the Company’s right to use an underlying asset for the lease term, while lease liabilities represent the Company’s obligation to make lease payments arising from the lease. As most leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the lease commencement date, in determining the present value of lease payments. The length of a lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise those options. The Company does not recognize lease assets or liabilities for leases with a term of 12 months or less, and it recognizes these lease payments as lease cost on a straight-line basis over the lease term. We do not separate lease and non-lease components. The Company applies a portfolio approach to determine the discount rate for leases with similar characteristics. For our leases classified as operating, the ROU asset is measured throughout the lease term at the carrying amount of the lease liability, plus unamortized initial direct costs, plus/(minus) any unamortized prepaid/(accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For our leases classified as finance leases, the ROU asset is amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company, or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Rental assets leased under the finance leases are included in rental equipment and property and equipment, and depreciation thereon is recognized in depreciation of rental equipment, cost of revenue and non-rental depreciation expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). When we make our contractually required payments under finance leases, we allocate a portion to reduce the finance lease obligation and a portion is recognized as interest expense. Goodwill We recognize goodwill when the purchase price of an acquired business exceeds the fair value of net assets acquired. Goodwill is not amortized for financial reporting purposes. Goodwill is impaired when its carrying value exceeds its implied fair value. We perform our goodwill impairment analysis annually on October 1 or more frequently if an event or circumstance (such as a significant adverse change in the business climate, operating performance metrics, or legal factors) indicates that an impairment may have occurred. If the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not considered impaired. If the carrying value of the reporting unit exceeds its fair value, then there is an indication impairment may exist. Recognized goodwill from a business combination is assigned to our reporting units using an income approach based on the present value of estimated future cash flows. We estimate the fair value of our reporting units using both an income approach based on the present value of estimated future cash flows and a market approach based on traded values of selected companies. We believe this combined approach yields the most appropriate determination of fair value. Determining the fair value of our reporting units is judgmental and involves the use of significant estimates and assumptions. We base our fair value estimates on assumptions that we believe are reasonable. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for our reporting units. The Company performed a qualitative impairment test (the “Step 0 test”) on October 1, 2023 to evaluate the fair value of its three reporting units with respect to their carrying amounts as of the annual assessment date. Goodwill is tested for impairment at the reporting unit level, which the Company has determined to be the same as its reportable segments (ERS, TES, and APS). The impairment assessments may include, but are not limited to, reviewing factors such as macroeconomic conditions, industry and market considerations, cost factors, financial performance and other entity or reporting unit specific events. When performing a Step 0 test, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we then perform the Step 1 test by comparing the carrying amount to the estimated fair value of the reporting unit. We performed the Step 0 test for each of our reporting units and supplemented the analysis by performing a quantitative “Step 1 test” specific to the ERS and APS reporting units as of October 1, 2023. In performing the supplemental Step 1 test in 2023 related to the ERS and APS reporting units, we estimated the fair value of each reporting unit using the income approach. The income approach utilizes assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. The estimates of future cash flow require the Company to establish expectations about customer demand, investments in maintaining or expanding infrastructure for the markets that the reporting unit serves, and the supply and capacity of equipment in the rental market, among others. Significant management judgment is involved in estimating these factors, and they include inherent uncertainties, which fall under Level 3 within the fair value measurement hierarchy (refer to Fair Value Measurements within this Note). As a result of our analyses, the Company determined that there was no impairment of goodwill. See Note 11: Goodwill and Intangible Assets for additional information. Impairment of Long-Lived Assets, including Intangible Assets We evaluate the carrying value of long-lived assets held for use, including rental equipment and definite-lived intangible assets, for impairment whenever an event or circumstance has occurred (such as a significant adverse change in the business climate, operating performance metrics, or legal factors) which suggests that the carrying value may not be recoverable. Impairment of a long-lived asset held for use (or relative asset group, if applicable) is measured when the anticipated separately identifiable undiscounted cash flows from the asset are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily using anticipated cash flows discounted at a rate commensurate with the risk involved. Other intangible assets consist of customer relationships, non-compete agreements and trade names. We amortize intangible assets with finite lives over the period the economic benefits are estimated to be consumed. Definite lived intangibles are amortized using the straight-line method over their useful life, as we believe this method best matches the pattern of economic benefit. See Note 11: Goodwill and Intangible Assets for additional information. Fair Value Measurements Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets and liabilities. These inputs can be readily observable, market corroborated, or generally unobservable. Fair Value Hierarchy - In measuring fair value, we use observable market data when available and minimize the use of unobservable inputs. Unobservable inputs may be required to value certain financial instruments due to complexities in contract terms. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: Level 1 - Inputs that reflect unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur with both sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs that reflect quoted prices for similar assets and liabilities are available in active markets, and inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 - Inputs that are generally less observable or from unobservable sources in which there is little or no market data. These inputs may be used with internally developed methodologies that result in our best estimate of fair value. Valuation Techniques - Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques: Market approach - Technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Income approach - Technique that converts future amounts to a single present amount based upon market expectations (including present value techniques, option-pricing, and excess earnings models). Cost approach - Technique that estimates the amount that would be required to replace the service capacity of an asset (i.e., replacement cost). Assets and Liabilities with Recurring Fair Value Measurements - Certain assets and liabilities may be measured at fair value on an ongoing basis. We did not elect to apply the fair value option for recording financial assets and financial liabilities. Other than the warrants liability and an interest rate collar (which was settled in February 2022), we do not have any assets or liabilities which we measure at fair value on a recurring basis. Assets and Liabilities with Nonrecurring Fair Value Measurements - Certain assets and liabilities are not measured at fair value on an ongoing basis. These assets and liabilities, which include long-lived assets, goodwill, and intangible assets, are subject to fair value adjustment in certain circumstances. From time to time, the fair value is determined on these assets as part of related impairment tests. For certain assets and liabilities acquired in business combinations, we record the fair value as of the acquisition date. Refer to Note 3: Business Combinations, for the fair values of assets acquired and liabilities assumed in connection with our business combinations. Other than acquisition adjustments, no adjustments to fair value or fair value measurements were required for non-financial assets and liabilities for all periods presented. See Note 11: Goodwill and Intangible Assets and Note 15: Fair Value Measurements for additional information. Deferred Financing Costs Direct costs incurred in connection with the issuance, and amendments thereto, of our debt are capitalized and amortized over the terms of the respective agreements using the effective interest method, or the straight-line method when not materially different than the effective interest method. The net carrying value of deferred financing costs are classified as a reduction to long-term debt in the Consolidated Balance Sheets (see Note 9: Long-Term Debt). The amortization is included in interest expense on our Consolidated Statements of Operations and Comprehensive Income (Loss). Accrued Expenses Accrued expenses consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Accrued interest $ 16,891 $ 14,097 Accrued salaries, wages and benefits 41,667 39,653 Accrued sales taxes 8,834 8,533 Other 6,455 6,501 Total accrued expenses $ 73,847 $ 68,784 Cloud Computing Arrangement Implementation Costs The Company has entered into certain cloud-based hosting agreements that are accounted for as service contracts. For internal-use software obtained through a hosting arrangement that is a service contract, the Company capitalizes certain implementation costs, such as costs incurred to integrate, configure, and customize internal-use software, which are consistent with costs incurred during the application development stage for on-premises software. These capitalized development costs are recorded in other assets on our Consolidated Balance Sheets. Capitalized implementation costs are amortized straight-line over the term of the hosting arrangement plus any reasonably certain renewal periods, which together ranges from three years to 10 years. Cloud computing arrangements, net included in other assets in the Consolidated Balance Sheets consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Cloud computing arrangements $ 37,916 $ 34,587 Less: accumulated amortization (16,058) (9,703) Cloud computing arrangements, net $ 21,858 $ 24,884 Amortization expense for these assets is included in selling, general, and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). For the years ended December 31, 2023, 2022, and 2021, amortization expense was $6.4 million, $4.3 million and $2.5 million, respectively. Advertising Costs We promote our business through various industries media channels, and expense advertising costs as incurred to selling, general, and administrative expenses. For the years ended December 31, 2023, 2022, and 2021, advertising costs were approximately $3.3 million, $3.1 million and $4.8 million, respectively. Share-Based Compensation The fair value of equity-classified awards is determined at the grant date

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Note 3: Business Combinations Acquisition of Custom Truck One Source, L.P. On December 3, 2020, Nesco Holdings and Nesco Holdings II, Inc., a subsidiary of Nesco Holdings (the “Buyer” or the “Issuer”), entered into a Purchase and Sale Agreement (as amended, the “Purchase Agreement”) with certain affiliates of The Blackstone Group (“Blackstone”) and other direct and indirect equity holders (collectively, “Sellers”) of Custom Truck One Source, L.P., Blackstone Capital Partners VI-NQ L.P., and PE One Source Holdings, LLC, an affiliate of Platinum Equity, LLC (“Platinum”), pursuant to which Buyer agreed to acquire 100% of the partnership interests of Custom Truck LP. In connection with the Acquisition, Nesco Holdings and certain Sellers entered into Rollover and Contribution Agreements (the “Rollover Agreements”), pursuant to which such Sellers agreed to contribute a portion of their equity interests in Custom Truck LP (the “Rollovers”) with an aggregate value of $100.5 million in exchange for shares of Common Stock, valued at $5.00 per share. We believe the Acquisition creates a leading, one-stop shop for specialty equipment, serving highly attractive and growing infrastructure end-markets, including transmission and distribution, telecom, rail and other national infrastructure initiatives. Also on December 3, 2020, Nesco Holdings entered into a Common Stock Purchase Agreement (the “Investment Agreement”) with Platinum, relating to, among other things, the issuance and sale to Platinum (the “Subscription”) of shares of Common Stock, for an aggregate purchase price in the range of $700 million to $763 million, with the specific amount calculated in accordance with the Investment Agreement based upon the total equity funding required to fund the consideration paid pursuant to the terms of the Purchase Agreement. The shares of Common Stock issued and sold to Platinum had a purchase price of $5.00 per share. In accordance with the Investment Agreement, on December 21, 2020, Nesco Holdings entered into Subscription Agreements (the “Subscription Agreements”) with certain investors (the “PIPE Investors”) to finance, in part, the Acquisition. Pursuant to the Subscription Agreements, concurrently with the closing of the transactions contemplated by the Investment Agreement, the PIPE Investors agreed to purchase an aggregate of 28,000,000 shares of Common Stock at $5.00 per share for an aggregate purchase price of $140 million (the “Supplemental Equity Financing”). On April 1, 2021 (the “Closing Date”), in connection with (i) the Rollovers, the Company issued, in the aggregate, 20,100,000 shares of Common Stock to the parties to the Rollover Agreements, (ii) the Subscription, the Company issued 148,600,000 shares of Common Stock to Platinum, and (iii) the Supplemental Equity Financing, the Company issued, in the aggregate, 28,000,000 shares of Common Stock to the PIPE Investors. Purchase Price The Company issued 20,100,000 shares of Common Stock to Custom Truck LP equity interest holders, as well as paid cash and repaid debt obligations as consideration for the Acquisition. The trading price of the Common Stock was $9.35 per share on the Closing Date. The purchase price has been determined to be as follows: (in $000s, except share and per share data) Common stock issued 20,100,000 Common stock per share price as of April 1, 2021 $ 9.35 Fair value of common stock issued $ 187,935 Cash consideration paid to equity interest holders 790,324 Repayment of debt obligations 552,600 Total purchase price $ 1,530,859 During the year ended December 31, 2021, the Company transferred an additional $3.4 million of cash consideration to the Sellers related to certain customary closing adjustments set forth in the Purchase Agreement. Custom Truck LP generated $923.8 million of revenue and $28.2 million of pre-tax loss subsequent to the Closing Date for the year ended December 31, 2021, which was included in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2021. Financing Transactions On the Closing Date, the Issuer issued $920 million in aggregate principal amount of 5.50% senior secured second lien notes due 2029 (the “2029 Secured Notes”). The 2029 Secured Notes were issued pursuant to an indenture, dated as of April 1, 2021, by and among the Issuer, Wilmington Trust, National Association, as trustee, and the guarantors party thereto (the “Indenture”). The Issuer pays interest on the Notes semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2021. Unless earlier redeemed, the 2029 Secured Notes will mature on April 15, 2029. The notes were offered pursuant to a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside of the United States in reliance on Regulation S under the Securities Act. The proceeds from the issuance and sale of the 2029 Secured Notes were used to consummate the Acquisition and to repay the Senior Secured Notes due 2024 previously issued by Nesco Holdings, repay certain indebtedness of Custom Truck LP and pay certain fees and expenses related to the Acquisition and financing transactions. Also on the Closing Date, the Buyer, its direct parent, and certain of its direct and indirect subsidiaries entered into a senior secured asset-based revolving credit agreement (the “ABL Credit Agreement”) with Bank of America, N.A., as administrative agent and collateral agent, and certain other lenders party thereto, consisting of a $750.0 million first lien senior secured asset-based revolving credit facility with a maturity of five years (the “ABL Facility”), which includes borrowing capacity for revolving loans (with a swingline sub-facility) and the issuance of letters of credit. Proceeds from the ABL Facility were used to finance the repayment of certain indebtedness of (i) Custom Truck LP under that certain Credit Agreement, dated as of April 18, 2017 (the “Custom Truck LP Credit Facility”), by and among Custom Truck LP, the other entities party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, and (ii) Buyer under that certain Credit Agreement, dated as of July 31, 2019 (the “2019 Credit Facility”), by and among Capitol Investment Merger Sub 2, LLC, the other entities party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as well as to pay fees and expenses related to the Acquisition and the financing transactions. Pro Forma Information The below pro forma information is presented for the year ended December 31, 2021 and uses the estimated fair value of assets and liabilities on the Closing Date, and makes the following assumptions: (1) removes acquisition-related costs and charges that were recognized in the Company's consolidated financial statements in the year ended December 31, 2021, as if the Acquisition and related financing transactions had occurred on January 1, 2020; (2) removes the loss on the extinguishment of debt that was recognized in the Company's consolidated financial statements in the year ended December 31, 2021, as if the debt extinguishment giving rise to the loss had occurred on January 1, 2020; (3) adjusts for the impacts of purchase accounting in the years ended December 31, 2021; (4) adjusts interest expense, including amortization of debt issuance costs, to reflect borrowings on the ABL Facility and issuance of the 2029 Secured Notes, as if the funds had been borrowed and the notes had been issued on January 1, 2020 and used to repay Nesco’s 2019 Credit Facility, Nesco’s Senior Secured Notes due 2024 (both as defined in Note 9: Long-Term Debt) and the Custom Truck LP Credit Facility and term loan; and (5) adjusts for the income tax effect using a tax rate of 25%. The pro forma information is not necessarily indicative of the Company’s results of operations had the Acquisition been completed on January 1, 2020, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies, synergies, or revenue opportunities that could result from the Acquisition. Year Ended December 31, (in $000s) 2021 Revenue $ 1,483,625 Net loss $ (90,521) The following presents a summary of the pro forma adjustments that are directly attributable to the business combination: Year Ended December 31, (in $000s) 2021 Increase (decrease) net income/loss: Impact of fair value mark-ups on inventory a $ 19,186 Impact of fair value mark-ups on rental fleet depreciation b (3,817) Intangible asset amortization and other depreciation expense c (3,376) Transaction expenses d 40,277 Interest expense and amortization of debt issuance costs e 3,919 Loss on extinguishment of debt refinanced f 61,695 Income tax benefit g (29,471) a. Represents adjustments to cost of revenue for the run-off of the mark-up in fair value of inventory acquired and applied to the year ended December 31, 2020. b. Represents the adjustment for depreciation of rental fleet relating to the estimated increase in the value of the rental fleet to its fair value. c. Represents the differential in amortization and depreciation of non-rental equipment related to the respective fair values of the assets. d. Represents adjustments for transaction expenses that are applied to the year ended December 31, 2020. e. Reflects the differential in interest expense, inclusive of amortization of capitalized debt issuance costs, related to our debt structure after the Acquisition as though the following had occurred on January 1, 2020: (i) borrowings under the ABL Facility; (ii) repayment of the 2019 Credit Facility; (iii) repayment of the Senior Secured Notes due 2024; (iv) repayment of the Custom Truck LP’s borrowings under its revolving credit and term loan facility ; and (v) the issuance of the 2029 Secured Notes. f. Represents the adjustment of the loss on extinguishment of debt applied to the year ended December 31, 2020 as though the repayment of the 2019 Credit Facility and Senior Secured Notes due 2024 had occurred on January 1, 2020. g. Reflects the adjustment to recognize the tax impacts of the pro forma adjustments for which a tax expense is recognized using a statutory tax rate of 25%. This rate may vary from the actual effective rate of the historical and combined businesses. Transaction Costs The Company expensed approximately $51.8 million in transaction and post-acquisition integration costs related to the Acquisition within transaction expenses and other in the year ended December 31, 2021. 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 (as defined in Note 15: Fair Value Measurements). 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 $16.9 million of revenue and $2.6 million of pre-tax income subsequent to January 14, 2022 for the year ended December 31, 2022, which was included in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2022. 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 our consolidated financial statements.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Note 4: Revenue Revenue Disaggregation Geographic Areas The Company had total revenue in the following geographic areas: Year Ended December 31, (in $000s) 2023 2022 2021 United States $ 1,816,471 $ 1,529,165 $ 1,148,683 Canada 48,629 43,921 18,471 Total Revenue $ 1,865,100 $ 1,573,086 $ 1,167,154 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 are presented in the tables below. Year Ended December 31, Year Ended December 31, Year Ended December 31, 2023 2022 2021 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 453,696 $ — $ 453,696 $ 444,155 $ — $ 444,155 $ 355,658 $ — $ 355,658 Shipping and handling — 25,214 25,214 — 19,884 19,884 — 14,409 14,409 Total rental revenue 453,696 25,214 478,910 444,155 19,884 464,039 355,658 14,409 370,067 Sales and services: Equipment sales 58,064 1,195,389 1,253,453 30,547 951,794 982,341 16,274 679,060 695,334 Parts and services 22,124 110,613 132,737 13,402 113,304 126,706 6,726 95,027 101,753 Total sales and services 80,188 1,306,002 1,386,190 43,949 1,065,098 1,109,047 23,000 774,087 797,087 Total revenue $ 533,884 $ 1,331,216 $ 1,865,100 $ 488,104 $ 1,084,982 $ 1,573,086 $ 378,658 $ 788,496 $ 1,167,154 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. Parts and services revenue includes $30.0 million, $26.1 million and $21.5 million related to services provided to customers for the years ended December 31, 2023, 2022, and 2021, respectively. Receivables, Contract Assets and Liabilities As of December 31, 2023 and 2022, the Company had receivables related to contracts with customers of $112.1 million and $98.0 million, respectively. As of December 31, 2023 and 2022, the Company had receivables related to rental contracts and other of $103.0 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. Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures. 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. See Note 2: Summary of Significant Accounting Policies for further information regarding allowance for credit losses. When customers are billed for rentals in advance of the rental period, the Company defers recognition of revenue. As of December 31, 2023 and 2022, the Company had approximately $2.9 million and $3.0 million, respectively, of deferred rental revenue. Additionally, the Company collects deposits from customers for orders placed for equipment and rentals. The Company had approximately $25.9 million and $29.6 million in deposits as of December 31, 2023 and 2022, respectively. Of the $29.6 million deposit liability balance as of December 31, 2022, $29.5 million was recorded as revenue during the year ended December 31, 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 it did not recognize any material impairments of any contract assets. The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions related to the sale and rental of new and used units. For new unit and rental unit sales, the period benefited by each commission is less than one year. As a result, the Company expenses commissions as incurred.

Sales-Type Leases

Sales-Type Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Sales-Type Leases	Note 5: Sales-Type Leases Revenue from rental agreements qualifying as sales-type leases was as follows: Year Ended December 31, (in $000s) 2023 2022 Equipment sales $ 58,064 $ 41,525 Cost of equipment sales 55,716 37,582 Gross profit $ 2,348 $ 3,943 As these transactions remained under rental contracts, $28.9 million and $21.3 million for the years ended December 31, 2023 and 2022, respectively, were billed under the contracts as rentals. Interest income from financing receivables was $16.1 million and $12.1 million for the years ended December 31, 2023 and 2022, respectively. The Company’s financing receivables are related to sales-type leases and are collateralized by a security interest in the underlying equipment. As of December 31, 2023 and 2022 financing receivables, net of unearned income of $0.7 million and $0.7 million, were $30.8 million and $38.3 million, respectively.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory	Note 6: Inventory Inventory consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Whole goods $ 846,170 $ 468,557 Aftermarket parts and services inventory 139,624 128,167 Inventory $ 985,794 $ 596,724

Floor Plan Financing

Floor Plan Financing	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Floor Plan Financing	Note 7: 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. See Note 9: Long-Term Debt. As of December 31, 2023, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows: (in $000s) December 31, 2023 December 31, 2022 Trade: Daimler Truck Financial $ 181,480 $ 105,447 PACCAR Financial Services 71,717 31,187 Trade floor plan payables $ 253,197 $ 136,634 Non-trade: PNC Equipment Finance, LLC $ 409,113 $ 293,536 Non-trade floor plan payables $ 409,113 $ 293,536 Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $36.6 million, $12.6 million and $5.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Trade Floor Plan Financing: Daimler Truck Financial The Company is party to the Wholesale Financing Agreement with Daimler Truck Financial (the “Daimler Facility”) which bears interest at a rate of the 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, however, from time to time, Daimler extends credit to the Company in excess of this amount. 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 $125.0 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 the 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 The Company has an Inventory Loan, Guaranty and Security Agreement (the “Loan Agreement”) with PNC Equipment Finance, LLC. On August 25, 2023, the Company renewed the Loan Agreement by an additional two years. As of December 31, 2023, the Loan Agreement provided the Company with a $410.0 million revolving credit facility, which matures on August 25, 2025 and bears interest at a three-month term secured overnight financing rate (“SOFR”) plus 3.00%. During January 2024, the Company entered into an amendment to the Loan Agreement which increased the revolving credit facility to $425.0 million and entered into another amendment in February 2024 that increased the revolving credit facility to $460.0 million. Note 9: Long-Term Debt Debt obligations and associated interest rates consisted of the following: (in $000s) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 ABL Facility $ 552,400 $ 437,731 7.7% 6.1% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 13,800 — 5.8% — Notes payable 31,599 31,661 3.1%-7.9% 3.1%-5.0% Total debt outstanding 1,517,799 1,389,392 Deferred financing fees (22,406) (27,686) Total debt excluding deferred financing fees 1,495,393 1,361,706 Less: current maturities (8,257) (6,940) Long-term debt $ 1,487,136 $ 1,354,766 In connection with the Acquisition and related financing transactions, on April 1, 2021, the Company entered into the ABL Facility and repaid the Custom Truck LP Credit Facility and Nesco’s 2019 Credit Facility as described in Note 3: Business Combinations. Additionally, on April 1, 2021, the Company redeemed all of Nesco’s Senior Secured Notes due 2024 and paid a make-whole premium. The terms of the ABL Facility and 2029 Secured Notes are described below. The financing transactions related to the Acquisition resulted in the recognition of a loss on the extinguishment of debt in the year ended December 31, 2021, comprised of (i) the elimination of unamortized deferred financing fees related to the 2019 Credit Facility and the Senior Secured Notes due 2024 of $8.2 million and, (ii) the payment of the make-whole premium to holders of the Senior Secured Notes due 2024 of $38.5 million. Additionally, prior to the consummation of the Acquisition, on December 3, 2020, the Company entered into a bridge financing commitment that was available to be used to provide a portion of the financing necessary to fund the consideration to be paid pursuant to the terms of the Acquisition. Because the Company entered into the ABL Facility and issued the 2029 Secured Notes, financing under the bridge facility was not used; however, on the Closing Date, the Company paid $15.0 million in fees to the bridge financing parties, which fees are included in loss on extinguishment of debt, in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2021. ABL Facility In connection with the Acquisition, Buyer, as borrower, and the ABL Guarantors (as defined in the ABL Credit Agreement) entered into the ABL Credit Agreement. The ABL Facility provides for revolving loans, in an amount equal to the lesser of the then-current borrowing base (described below) and the committed maximum borrowing capacity of $750.0 million, with a $75.0 million swingline sublimit, and letters of credit in an amount equal to the lesser of (a) $50.0 million and (b) the aggregate unused amount of commitments under the ABL Facility then in effect. The ABL Facility permits the Buyer to incur additional capacity under the ABL Facility in an aggregate amount equal to the greater of (x) $200.0 million and (y) 60.0% of Consolidated EBITDA (as defined in the ABL Credit Agreement) in additional commitments. As of the Closing Date, Buyer had no commitments from any lender to provide incremental commitments. Borrowings under the ABL Facility are limited by a borrowing base calculation based on the sum of, without duplication: (a) 90.0% of book value of eligible accounts of Buyer and certain ABL Guarantors; plus (b) the lesser of (i) 75.0% of book value of eligible parts inventory of Buyer and certain ABL Guarantors (subject to certain exceptions) and (ii) 90.0% of the net orderly liquidation value of eligible parts inventory of Buyer and certain ABL Guarantors; plus (c) the sum of (i) 95.0% of the net book value of the eligible fleet inventory of Buyer and certain ABL Guarantors that has not been appraised and (ii) 85.0% of the net orderly liquidation value of the eligible fleet inventory of Buyer and certain ABL Guarantors that has been appraised; plus (d) 100.0% of eligible cash of Buyer and certain ABL Guarantors; minus (e) any reserves established by the administrative agent from time to time. As of December 31, 2023, borrowing availability under the ABL Facility was $194.5 million, and outstanding standby letters of credit were $3.1 million. On March 27, 2023, the ABL Facility was amended to change the London Interbank Offered Rate (“LIBOR”) rate to the SOFR rate. Borrowings under the ABL Facility bears 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%. The ability to draw under the ABL Facility or issue letters of credit thereunder is conditioned upon, among other things, delivery of prior written notice of a borrowing or issuance, as applicable, the ability to reaffirm the representations and warranties contained in the ABL Credit Agreement and the absence of any default or event of default under the ABL Facility. Buyer is required to pay a commitment fee to the lenders under the ABL Facility in respect of the unutilized commitments thereunder at a rate equal to 0.375% per annum, which may be reduced following the first full fiscal quarter to 0.250% per annum based on average daily usage. Buyer must also pay customary letter of credit and agency fees. The balance outstanding under the ABL Facility will be due and payable on April 1, 2026. Buyer may, at any time and from time to time, prepay, without premium or penalty, any borrowing under the ABL Facility and terminate, or from time to time reduce, the commitments under the ABL Facility. The obligations under the ABL Facility are guaranteed by Capitol Investment Merger Sub 2, LLC, Buyer and each of Buyer’s existing and future direct and indirect wholly owned domestic restricted subsidiaries, subject to certain exceptions, as well as certain of Buyer’s material Canadian subsidiaries (the “ABL Guarantors”). The obligations under the ABL Facility and the guarantees of those obligations are secured by (subject to certain exceptions): (i) a first priority pledge by each ABL Guarantor of all of the equity interests of restricted subsidiaries directly owned by such ABL Guarantors (limited to 65% of voting capital stock in the case of foreign subsidiaries owned directly by a U.S. subsidiary and subject to certain other exceptions in the case of non-wholly owned subsidiaries) and (ii) a first priority security interest in substantially all of the ABL Guarantors’ present and after-acquired assets (subject to certain exceptions). The ABL Facility contains customary negative covenants for transactions of this type, including covenants that, among other things, limit Buyer’s and its restricted subsidiaries’ ability to: incur additional indebtedness; pay dividends, redeem stock, or make other distributions; repurchase, prepay or redeem subordinated indebtedness; make investments; create restrictions on the ability of Buyer’s restricted subsidiaries to pay dividends to Buyer; create liens; transfer or sell assets; consolidate, merge, sell, or otherwise dispose of all or substantially all of Buyer’s assets; enter into certain transactions with Buyer’s affiliates; and designate subsidiaries as unrestricted subsidiaries, in each case subject to certain exceptions, as well as a restrictive covenant applicable to each Specified Floor Plan Company (as defined in the ABL Credit Agreement) limiting its ability to own certain assets and engage in certain lines of business. The covenants governing the payment of dividends and making other distributions are based upon a combination of fixed amounts, percentages of Adjusted EBITDA or upon multiple pro forma measures depending on the purpose of any such dividend payments or distributions the Buyer and its restricted subsidiaries are permitted to make. In addition, the ABL Facility contains a springing financial covenant that requires Buyer and its restricted subsidiaries to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the ABL Credit Agreement) of at least 1.00 to 1.00; provided that the financial covenant shall only be tested when Specified Excess Availability (as defined in the ABL Credit Agreement) under the ABL Facility is less than the greater of (i) 10.0% of the Line Cap (as defined in the ABL Credit Agreement) and (ii) $60.0 million (the “FCCR Test Amount”), in which case it shall be tested at the end of each succeeding fiscal quarter thereafter until the date on which Specified Excess Availability has exceeded the FCCR Test Amount for 30 consecutive calendar days. As of December 31, 2023, Specified Excess Availability under the ABL Facility exceeded the required threshold and, as a result, this financial covenant was inapplicable. The ABL Facility provides for a number of customary events of default, including, among others, and in each case subject to an applicable grace period: payment defaults to the lenders; covenant defaults; material inaccuracies of representations and warranties; failure to pay certain other indebtedness after final maturity or acceleration of other indebtedness exceeding a specified amount; voluntary and involuntary bankruptcy proceedings; material judgments for payment of money exceeding a specified amount; and certain change of control events. The occurrence of an event of default could result in the acceleration of obligations and the termination of revolving commitments under the ABL Facility. 2029 Secured Notes On the Closing Date, the Issuer issued $920.0 million in aggregate principal amount of 5.50% senior secured second lien notes due 2029. The 2029 Secured Notes were issued pursuant to an indenture, dated as of April 1, 2021, between the Issuer, Wilmington Trust, National Association, as trustee and the guarantors party thereto (the “Indenture”). The Issuer pays interest on the 2029 Secured Notes semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2021. Unless earlier redeemed, the 2029 Secured Notes will mature on April 15, 2029. Ranking and Security The 2029 Secured Notes are jointly and severally guaranteed on a senior secured basis by Capitol Investment Merger Sub 2, LLC and, subject to certain exceptions, each of the Issuer’s existing and future wholly owned domestic restricted subsidiaries that is an obligor under the ABL Credit Agreement or certain other capital markets indebtedness. Under the terms of the Indenture, the 2029 Secured Notes and the related guarantees rank senior in right of payment to all of the Issuer’s and the guarantors’ subordinated indebtedness and are effectively senior to all of the Issuer’s and the guarantors’ unsecured indebtedness, and indebtedness secured by liens junior to the liens securing the 2029 Secured Notes, in each case, to the extent of the value of the collateral securing the 2029 Secured Notes. The 2029 Secured Notes and the related guarantees rank equally in right of payment with all of the Issuer’s and the guarantors’ senior indebtedness, without giving effect to collateral arrangements, and effectively equal to all of the Issuer’s and the guarantors’ senior indebtedness secured on the same priority basis as the 2029 Secured Notes. The 2029 Secured Notes and the related guarantees are effectively subordinated to any of the Issuer’s and the guarantors’ indebtedness that is secured by assets that do not constitute collateral for the 2029 Secured Notes to the extent of the value of the assets securing such indebtedness, and indebtedness that is secured by a senior-priority lien, including the ABL Credit Agreement to the extent of the value of the collateral securing such indebtedness, and are structurally subordinated to the liabilities of the Issuer’s non-guarantor subsidiaries. Optional Redemption Provisions and Repurchase Rights At any time, upon not less than 10 nor more than 60 days’ notice, the 2029 Secured Notes are redeemable at the Issuer’s option, in whole or in part, at a price equal to 100% of the principal amount of the 2029 Secured Notes redeemed, plus a make-whole premium as set forth in the Indenture, plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date. Beginning April 15, 2024, the Issuer may redeem the 2029 Secured Notes, at its option, in whole or in part, at any time, subject to the payment of a redemption price together with accrued and unpaid interest, if any, to, but not including, the applicable redemption date. The redemption price includes a call premium that varies (from 2.750% to 0.000%) depending on the year of redemption. In addition, at any time prior to April 15, 2024, the Issuer may redeem up to 40% of the aggregate principal amount of the 2029 Secured Notes, at a redemption price equal to 105.5% of the principal amount thereof, together with accrued and unpaid interest, if any, to, but not including, the applicable redemption date, with the net cash proceeds of sales of one or more equity offerings by the Issuer or any direct or indirect parent of the Issuer, subject to certain exceptions. In addition, at any time prior to April 15, 2024, the Issuer may redeem during each calendar year up to 10% of the aggregate principal amount of the 2029 Secured Notes at a redemption price equal to 103% of the aggregate principal amount of the 2029 Secured Notes to be redeemed, together with accrued and unpaid interest, if any, to, but not including, the applicable redemption date; provided that, in any given calendar year, any amount not previously utilized in any calendar year may be carried forward to subsequent calendar years. Subject to certain exceptions, the holders of the 2029 Secured Notes also have the right to require the Issuer to repurchase their 2029 Secured Notes upon the occurrence of a change in control, as defined in the Indenture, at an offer price equal to 101% of the principal amount of the 2029 Secured Notes plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. In addition, if the Issuer or any of its restricted subsidiaries sells assets, under certain circumstances, the Issuer is required to use the net proceeds to make an offer to purchase the 2029 Secured Notes at an offer price in cash equal to 100% of the principal amount of the 2029 Secured Notes plus accrued and unpaid interest to, but not including, the repurchase date. In connection with any offer to purchase all or any of the 2029 Secured Notes (including a change of control offer and any tender offer), if holders of no less than 90% of the aggregate principal amount of the 2029 Secured Notes validly tender their 2029 Secured Notes, the Issuer or a third party is entitled to redeem any remaining 2029 Secured Notes at the price offered to each holder. Restrictive Covenants The Indenture contains covenants that limit the Issuer’s (and certain of its subsidiaries’) ability to, among other things: (i) incur additional debt or issue certain preferred stock; (ii) pay dividends, redeem stock, or make other distributions; (iii) make other restricted payments or investments; (iv) create liens on assets; (v) transfer or sell assets; (vi) create restrictions on payment of dividends or other amounts by the Issuer to the Issuer’s restricted subsidiaries; (vii) engage in mergers or consolidations; (viii) engage in certain transactions with affiliates; or (ix) designate the Issuer’s subsidiaries as unrestricted subsidiaries. The covenants governing the payment of dividends and making other distributions are based upon a combination of fixed amounts, percentages of Adjusted EBITDA or upon multiple pro forma measures depending on the purpose of any such dividend payments or distributions the Issuer and its restricted subsidiaries are permitted to make. Events of Default The Indenture provides for customary events of default, including non-payment, failure to comply with covenants or other agreements in the Indenture, and certain events of bankruptcy or insolvency. If an event of default occurs and continues with respect to the 2029 Secured Notes, the trustee or the holders of at least 30% in aggregate principal amount of the outstanding 2029 Secured Notes of such series may declare the entire principal amount of all the 2029 Secured Notes to be due and payable immediately (except that if such event of default is caused by certain events of bankruptcy or insolvency, the entire principal of the 2029 Secured Notes will become due and payable immediately without further action or notice). 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, see Note 19: Related Parties for further information. A portion of the loan proceeds were used to finance improvements to the property. In connection with entering into the agreement, the Company received 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. Notes Payable Our notes payable require the Company to pay monthly and quarterly interest payments and have maturities through 2026. Notes payable include (i) debt assumed from the Acquisition related to borrowings for facilities renovations and to support general business activities, (ii) notes payable related to past businesses acquired, and (iii) term loans. Subsequent to the Acquisition, the Company consolidated certain notes payable assumed from the Acquisition into a $23.9 million loan agreement with Security Bank of Kansas City (“SBKC”) that bears interest at a rate of 3.125% per annum, and a $3.5 million loan agreement with SBKC that bears interest at a rate of 3.5% per annum. Debt Maturities As of December 31, 2023, the principal payments of debt outstanding over the next five years and thereafter were as follows: (in $000s) Notes Payable Long-Term Debt 2024 $ 7,958 $ 299 2025 1,117 612 2026 22,524 553,049 2027 — 688 2028 — 11,551 Thereafter — 920,000 Total $ 31,599 $ 1,486,199 Less unamortized discount and issuance costs (179) (22,227) $ 31,421 $ 1,463,972

Rental Equipment and Property a

Rental Equipment and Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Rental Equipment and Property and Equipment	Note 8: Rental Equipment and Property and Equipment Rental equipment, net consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Rental equipment $ 1,405,532 $ 1,360,205 Less: accumulated depreciation (488,828) (476,531) Rental equipment, net $ 916,704 $ 883,674 Property and equipment, net consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Buildings and leasehold improvements $ 65,374 $ 65,660 Vehicles 32,354 29,184 Land and improvements 26,382 25,773 Machinery and equipment 27,855 22,224 Furniture and fixtures 3,386 6,321 Construction in progress 27,581 2,981 Total property and equipment 182,932 152,143 Accumulated depreciation (40,817) (30,187) Property and equipment, net $ 142,115 $ 121,956

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 7: 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. See Note 9: Long-Term Debt. As of December 31, 2023, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows: (in $000s) December 31, 2023 December 31, 2022 Trade: Daimler Truck Financial $ 181,480 $ 105,447 PACCAR Financial Services 71,717 31,187 Trade floor plan payables $ 253,197 $ 136,634 Non-trade: PNC Equipment Finance, LLC $ 409,113 $ 293,536 Non-trade floor plan payables $ 409,113 $ 293,536 Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $36.6 million, $12.6 million and $5.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Trade Floor Plan Financing: Daimler Truck Financial The Company is party to the Wholesale Financing Agreement with Daimler Truck Financial (the “Daimler Facility”) which bears interest at a rate of the 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, however, from time to time, Daimler extends credit to the Company in excess of this amount. 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 $125.0 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 the 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 The Company has an Inventory Loan, Guaranty and Security Agreement (the “Loan Agreement”) with PNC Equipment Finance, LLC. On August 25, 2023, the Company renewed the Loan Agreement by an additional two years. As of December 31, 2023, the Loan Agreement provided the Company with a $410.0 million revolving credit facility, which matures on August 25, 2025 and bears interest at a three-month term secured overnight financing rate (“SOFR”) plus 3.00%. During January 2024, the Company entered into an amendment to the Loan Agreement which increased the revolving credit facility to $425.0 million and entered into another amendment in February 2024 that increased the revolving credit facility to $460.0 million. Note 9: Long-Term Debt Debt obligations and associated interest rates consisted of the following: (in $000s) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 ABL Facility $ 552,400 $ 437,731 7.7% 6.1% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 13,800 — 5.8% — Notes payable 31,599 31,661 3.1%-7.9% 3.1%-5.0% Total debt outstanding 1,517,799 1,389,392 Deferred financing fees (22,406) (27,686) Total debt excluding deferred financing fees 1,495,393 1,361,706 Less: current maturities (8,257) (6,940) Long-term debt $ 1,487,136 $ 1,354,766 In connection with the Acquisition and related financing transactions, on April 1, 2021, the Company entered into the ABL Facility and repaid the Custom Truck LP Credit Facility and Nesco’s 2019 Credit Facility as described in Note 3: Business Combinations. Additionally, on April 1, 2021, the Company redeemed all of Nesco’s Senior Secured Notes due 2024 and paid a make-whole premium. The terms of the ABL Facility and 2029 Secured Notes are described below. The financing transactions related to the Acquisition resulted in the recognition of a loss on the extinguishment of debt in the year ended December 31, 2021, comprised of (i) the elimination of unamortized deferred financing fees related to the 2019 Credit Facility and the Senior Secured Notes due 2024 of $8.2 million and, (ii) the payment of the make-whole premium to holders of the Senior Secured Notes due 2024 of $38.5 million. Additionally, prior to the consummation of the Acquisition, on December 3, 2020, the Company entered into a bridge financing commitment that was available to be used to provide a portion of the financing necessary to fund the consideration to be paid pursuant to the terms of the Acquisition. Because the Company entered into the ABL Facility and issued the 2029 Secured Notes, financing under the bridge facility was not used; however, on the Closing Date, the Company paid $15.0 million in fees to the bridge financing parties, which fees are included in loss on extinguishment of debt, in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2021. ABL Facility In connection with the Acquisition, Buyer, as borrower, and the ABL Guarantors (as defined in the ABL Credit Agreement) entered into the ABL Credit Agreement. The ABL Facility provides for revolving loans, in an amount equal to the lesser of the then-current borrowing base (described below) and the committed maximum borrowing capacity of $750.0 million, with a $75.0 million swingline sublimit, and letters of credit in an amount equal to the lesser of (a) $50.0 million and (b) the aggregate unused amount of commitments under the ABL Facility then in effect. The ABL Facility permits the Buyer to incur additional capacity under the ABL Facility in an aggregate amount equal to the greater of (x) $200.0 million and (y) 60.0% of Consolidated EBITDA (as defined in the ABL Credit Agreement) in additional commitments. As of the Closing Date, Buyer had no commitments from any lender to provide incremental commitments. Borrowings under the ABL Facility are limited by a borrowing base calculation based on the sum of, without duplication: (a) 90.0% of book value of eligible accounts of Buyer and certain ABL Guarantors; plus (b) the lesser of (i) 75.0% of book value of eligible parts inventory of Buyer and certain ABL Guarantors (subject to certain exceptions) and (ii) 90.0% of the net orderly liquidation value of eligible parts inventory of Buyer and certain ABL Guarantors; plus (c) the sum of (i) 95.0% of the net book value of the eligible fleet inventory of Buyer and certain ABL Guarantors that has not been appraised and (ii) 85.0% of the net orderly liquidation value of the eligible fleet inventory of Buyer and certain ABL Guarantors that has been appraised; plus (d) 100.0% of eligible cash of Buyer and certain ABL Guarantors; minus (e) any reserves established by the administrative agent from time to time. As of December 31, 2023, borrowing availability under the ABL Facility was $194.5 million, and outstanding standby letters of credit were $3.1 million. On March 27, 2023, the ABL Facility was amended to change the London Interbank Offered Rate (“LIBOR”) rate to the SOFR rate. Borrowings under the ABL Facility bears 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%. The ability to draw under the ABL Facility or issue letters of credit thereunder is conditioned upon, among other things, delivery of prior written notice of a borrowing or issuance, as applicable, the ability to reaffirm the representations and warranties contained in the ABL Credit Agreement and the absence of any default or event of default under the ABL Facility. Buyer is required to pay a commitment fee to the lenders under the ABL Facility in respect of the unutilized commitments thereunder at a rate equal to 0.375% per annum, which may be reduced following the first full fiscal quarter to 0.250% per annum based on average daily usage. Buyer must also pay customary letter of credit and agency fees. The balance outstanding under the ABL Facility will be due and payable on April 1, 2026. Buyer may, at any time and from time to time, prepay, without premium or penalty, any borrowing under the ABL Facility and terminate, or from time to time reduce, the commitments under the ABL Facility. The obligations under the ABL Facility are guaranteed by Capitol Investment Merger Sub 2, LLC, Buyer and each of Buyer’s existing and future direct and indirect wholly owned domestic restricted subsidiaries, subject to certain exceptions, as well as certain of Buyer’s material Canadian subsidiaries (the “ABL Guarantors”). The obligations under the ABL Facility and the guarantees of those obligations are secured by (subject to certain exceptions): (i) a first priority pledge by each ABL Guarantor of all of the equity interests of restricted subsidiaries directly owned by such ABL Guarantors (limited to 65% of voting capital stock in the case of foreign subsidiaries owned directly by a U.S. subsidiary and subject to certain other exceptions in the case of non-wholly owned subsidiaries) and (ii) a first priority security interest in substantially all of the ABL Guarantors’ present and after-acquired assets (subject to certain exceptions). The ABL Facility contains customary negative covenants for transactions of this type, including covenants that, among other things, limit Buyer’s and its restricted subsidiaries’ ability to: incur additional indebtedness; pay dividends, redeem stock, or make other distributions; repurchase, prepay or redeem subordinated indebtedness; make investments; create restrictions on the ability of Buyer’s restricted subsidiaries to pay dividends to Buyer; create liens; transfer or sell assets; consolidate, merge, sell, or otherwise dispose of all or substantially all of Buyer’s assets; enter into certain transactions with Buyer’s affiliates; and designate subsidiaries as unrestricted subsidiaries, in each case subject to certain exceptions, as well as a restrictive covenant applicable to each Specified Floor Plan Company (as defined in the ABL Credit Agreement) limiting its ability to own certain assets and engage in certain lines of business. The covenants governing the payment of dividends and making other distributions are based upon a combination of fixed amounts, percentages of Adjusted EBITDA or upon multiple pro forma measures depending on the purpose of any such dividend payments or distributions the Buyer and its restricted subsidiaries are permitted to make. In addition, the ABL Facility contains a springing financial covenant that requires Buyer and its restricted subsidiaries to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the ABL Credit Agreement) of at least 1.00 to 1.00; provided that the financial covenant shall only be tested when Specified Excess Availability (as defined in the ABL Credit Agreement) under the ABL Facility is less than the greater of (i) 10.0% of the Line Cap (as defined in the ABL Credit Agreement) and (ii) $60.0 million (the “FCCR Test Amount”), in which case it shall be tested at the end of each succeeding fiscal quarter thereafter until the date on which Specified Excess Availability has exceeded the FCCR Test Amount for 30 consecutive calendar days. As of December 31, 2023, Specified Excess Availability under the ABL Facility exceeded the required threshold and, as a result, this financial covenant was inapplicable. The ABL Facility provides for a number of customary events of default, including, among others, and in each case subject to an applicable grace period: payment defaults to the lenders; covenant defaults; material inaccuracies of representations and warranties; failure to pay certain other indebtedness after final maturity or acceleration of other indebtedness exceeding a specified amount; voluntary and involuntary bankruptcy proceedings; material judgments for payment of money exceeding a specified amount; and certain change of control events. The occurrence of an event of default could result in the acceleration of obligations and the termination of revolving commitments under the ABL Facility. 2029 Secured Notes On the Closing Date, the Issuer issued $920.0 million in aggregate principal amount of 5.50% senior secured second lien notes due 2029. The 2029 Secured Notes were issued pursuant to an indenture, dated as of April 1, 2021, between the Issuer, Wilmington Trust, National Association, as trustee and the guarantors party thereto (the “Indenture”). The Issuer pays interest on the 2029 Secured Notes semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2021. Unless earlier redeemed, the 2029 Secured Notes will mature on April 15, 2029. Ranking and Security The 2029 Secured Notes are jointly and severally guaranteed on a senior secured basis by Capitol Investment Merger Sub 2, LLC and, subject to certain exceptions, each of the Issuer’s existing and future wholly owned domestic restricted subsidiaries that is an obligor under the ABL Credit Agreement or certain other capital markets indebtedness. Under the terms of the Indenture, the 2029 Secured Notes and the related guarantees rank senior in right of payment to all of the Issuer’s and the guarantors’ subordinated indebtedness and are effectively senior to all of the Issuer’s and the guarantors’ unsecured indebtedness, and indebtedness secured by liens junior to the liens securing the 2029 Secured Notes, in each case, to the extent of the value of the collateral securing the 2029 Secured Notes. The 2029 Secured Notes and the related guarantees rank equally in right of payment with all of the Issuer’s and the guarantors’ senior indebtedness, without giving effect to collateral arrangements, and effectively equal to all of the Issuer’s and the guarantors’ senior indebtedness secured on the same priority basis as the 2029 Secured Notes. The 2029 Secured Notes and the related guarantees are effectively subordinated to any of the Issuer’s and the guarantors’ indebtedness that is secured by assets that do not constitute collateral for the 2029 Secured Notes to the extent of the value of the assets securing such indebtedness, and indebtedness that is secured by a senior-priority lien, including the ABL Credit Agreement to the extent of the value of the collateral securing such indebtedness, and are structurally subordinated to the liabilities of the Issuer’s non-guarantor subsidiaries. Optional Redemption Provisions and Repurchase Rights At any time, upon not less than 10 nor more than 60 days’ notice, the 2029 Secured Notes are redeemable at the Issuer’s option, in whole or in part, at a price equal to 100% of the principal amount of the 2029 Secured Notes redeemed, plus a make-whole premium as set forth in the Indenture, plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date. Beginning April 15, 2024, the Issuer may redeem the 2029 Secured Notes, at its option, in whole or in part, at any time, subject to the payment of a redemption price together with accrued and unpaid interest, if any, to, but not including, the applicable redemption date. The redemption price includes a call premium that varies (from 2.750% to 0.000%) depending on the year of redemption. In addition, at any time prior to April 15, 2024, the Issuer may redeem up to 40% of the aggregate principal amount of the 2029 Secured Notes, at a redemption price equal to 105.5% of the principal amount thereof, together with accrued and unpaid interest, if any, to, but not including, the applicable redemption date, with the net cash proceeds of sales of one or more equity offerings by the Issuer or any direct or indirect parent of the Issuer, subject to certain exceptions. In addition, at any time prior to April 15, 2024, the Issuer may redeem during each calendar year up to 10% of the aggregate principal amount of the 2029 Secured Notes at a redemption price equal to 103% of the aggregate principal amount of the 2029 Secured Notes to be redeemed, together with accrued and unpaid interest, if any, to, but not including, the applicable redemption date; provided that, in any given calendar year, any amount not previously utilized in any calendar year may be carried forward to subsequent calendar years. Subject to certain exceptions, the holders of the 2029 Secured Notes also have the right to require the Issuer to repurchase their 2029 Secured Notes upon the occurrence of a change in control, as defined in the Indenture, at an offer price equal to 101% of the principal amount of the 2029 Secured Notes plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. In addition, if the Issuer or any of its restricted subsidiaries sells assets, under certain circumstances, the Issuer is required to use the net proceeds to make an offer to purchase the 2029 Secured Notes at an offer price in cash equal to 100% of the principal amount of the 2029 Secured Notes plus accrued and unpaid interest to, but not including, the repurchase date. In connection with any offer to purchase all or any of the 2029 Secured Notes (including a change of control offer and any tender offer), if holders of no less than 90% of the aggregate principal amount of the 2029 Secured Notes validly tender their 2029 Secured Notes, the Issuer or a third party is entitled to redeem any remaining 2029 Secured Notes at the price offered to each holder. Restrictive Covenants The Indenture contains covenants that limit the Issuer’s (and certain of its subsidiaries’) ability to, among other things: (i) incur additional debt or issue certain preferred stock; (ii) pay dividends, redeem stock, or make other distributions; (iii) make other restricted payments or investments; (iv) create liens on assets; (v) transfer or sell assets; (vi) create restrictions on payment of dividends or other amounts by the Issuer to the Issuer’s restricted subsidiaries; (vii) engage in mergers or consolidations; (viii) engage in certain transactions with affiliates; or (ix) designate the Issuer’s subsidiaries as unrestricted subsidiaries. The covenants governing the payment of dividends and making other distributions are based upon a combination of fixed amounts, percentages of Adjusted EBITDA or upon multiple pro forma measures depending on the purpose of any such dividend payments or distributions the Issuer and its restricted subsidiaries are permitted to make. Events of Default The Indenture provides for customary events of default, including non-payment, failure to comply with covenants or other agreements in the Indenture, and certain events of bankruptcy or insolvency. If an event of default occurs and continues with respect to the 2029 Secured Notes, the trustee or the holders of at least 30% in aggregate principal amount of the outstanding 2029 Secured Notes of such series may declare the entire principal amount of all the 2029 Secured Notes to be due and payable immediately (except that if such event of default is caused by certain events of bankruptcy or insolvency, the entire principal of the 2029 Secured Notes will become due and payable immediately without further action or notice). 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, see Note 19: Related Parties for further information. A portion of the loan proceeds were used to finance improvements to the property. In connection with entering into the agreement, the Company received 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. Notes Payable Our notes payable require the Company to pay monthly and quarterly interest payments and have maturities through 2026. Notes payable include (i) debt assumed from the Acquisition related to borrowings for facilities renovations and to support general business activities, (ii) notes payable related to past businesses acquired, and (iii) term loans. Subsequent to the Acquisition, the Company consolidated certain notes payable assumed from the Acquisition into a $23.9 million loan agreement with Security Bank of Kansas City (“SBKC”) that bears interest at a rate of 3.125% per annum, and a $3.5 million loan agreement with SBKC that bears interest at a rate of 3.5% per annum. Debt Maturities As of December 31, 2023, the principal payments of debt outstanding over the next five years and thereafter were as follows: (in $000s) Notes Payable Long-Term Debt 2024 $ 7,958 $ 299 2025 1,117 612 2026 22,524 553,049 2027 — 688 2028 — 11,551 Thereafter — 920,000 Total $ 31,599 $ 1,486,199 Less unamortized discount and issuance costs (179) (22,227) $ 31,421 $ 1,463,972

Leases as Lessee

Leases as Lessee	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases as Lessee	Note 10: Leases as Lessee The Company’s operating lease agreements primarily consist of real estate property, such as warehouses and office buildings, in addition to personal property, such as vehicles and equipment. The majority of the Company’s lease arrangements are comprised of fixed payments and a limited number of these arrangements include a variable payment component based on certain index fluctuations. The Company had certain rental equipment under master lease agreements, which were classified as finance leases. The master lease agreements are typically for a five-year period, at the end of which the Company is entitled to return or purchase the equipment or extend the life of the lease. During 2023, the Company purchased the equipment under its remaining finance leases, which would expire through 2024. Additional costs related to the purchase of the equipment were immaterial. Components of Lease Expense The components of lease expense are as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Operating lease cost $ 10,149 $ 7,659 $ 6,969 Finance lease cost: Amortization of lease assets 1,748 1,820 2,973 Interest on lease liabilities 300 1,189 1,431 Short-term lease cost 978 1,472 3,690 Sublease income (1,365) (1,730) (5,383) Total lease cost $ 11,810 $ 10,410 $ 9,680 Supplemental Cash Flow Information Supplemental cash flow information related to leases is as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows - payments on operating leases $ 7,891 $ 7,855 $ 6,969 Operating cash outflows - interest payments on finance leases $ 300 $ 1,189 $ 1,431 Finance cash outflows - payments on finance lease obligations $ 2,682 $ 3,955 $ 5,223 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 16,077 $ 3,761 $ 1,809 (1) Includes lease extension and option exercises. Supplemental Balance Sheet Information As of December 31, 2022, the Company included finance leases of $3.3 million, net of $1.1 million of accumulated depreciation, within the Property and Equipment line and finance leases of $4.8 million, net of $6.6 million of accumulated depreciation, within the Rental equipment, net line, on the Consolidated Balance Sheets. Future Maturities and Payment Information Maturities of lease liabilities as of December 31, 2023 are as follows: (in $000s) Operating Leases 2024 $ 8,787 2025 7,586 2026 6,150 2027 5,022 2028 4,864 Thereafter 17,964 Total lease payments 50,373 Less: imputed interest (11,095) Total present value of lease liabilities $ 39,278 As of December 31, 2023, the weighted average discount rate and remaining term under operating leases was 6.3% and 7.9 years years, respectively.
Leases as Lessee	Note 10: Leases as Lessee The Company’s operating lease agreements primarily consist of real estate property, such as warehouses and office buildings, in addition to personal property, such as vehicles and equipment. The majority of the Company’s lease arrangements are comprised of fixed payments and a limited number of these arrangements include a variable payment component based on certain index fluctuations. The Company had certain rental equipment under master lease agreements, which were classified as finance leases. The master lease agreements are typically for a five-year period, at the end of which the Company is entitled to return or purchase the equipment or extend the life of the lease. During 2023, the Company purchased the equipment under its remaining finance leases, which would expire through 2024. Additional costs related to the purchase of the equipment were immaterial. Components of Lease Expense The components of lease expense are as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Operating lease cost $ 10,149 $ 7,659 $ 6,969 Finance lease cost: Amortization of lease assets 1,748 1,820 2,973 Interest on lease liabilities 300 1,189 1,431 Short-term lease cost 978 1,472 3,690 Sublease income (1,365) (1,730) (5,383) Total lease cost $ 11,810 $ 10,410 $ 9,680 Supplemental Cash Flow Information Supplemental cash flow information related to leases is as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows - payments on operating leases $ 7,891 $ 7,855 $ 6,969 Operating cash outflows - interest payments on finance leases $ 300 $ 1,189 $ 1,431 Finance cash outflows - payments on finance lease obligations $ 2,682 $ 3,955 $ 5,223 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 16,077 $ 3,761 $ 1,809 (1) Includes lease extension and option exercises. Supplemental Balance Sheet Information As of December 31, 2022, the Company included finance leases of $3.3 million, net of $1.1 million of accumulated depreciation, within the Property and Equipment line and finance leases of $4.8 million, net of $6.6 million of accumulated depreciation, within the Rental equipment, net line, on the Consolidated Balance Sheets. Future Maturities and Payment Information Maturities of lease liabilities as of December 31, 2023 are as follows: (in $000s) Operating Leases 2024 $ 8,787 2025 7,586 2026 6,150 2027 5,022 2028 4,864 Thereafter 17,964 Total lease payments 50,373 Less: imputed interest (11,095) Total present value of lease liabilities $ 39,278 As of December 31, 2023, the weighted average discount rate and remaining term under operating leases was 6.3% and 7.9 years years, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 11: Goodwill and Intangible Assets Goodwill The following table summarizes the changes in goodwill by reporting unit: (in $000s) ERS TES APS Total Balance, December 31, 2021 $ 490,662 $ 167,307 $ 37,896 $ 695,865 Acquisition of HiRail (1) $ 8,644 $ — $ — $ 8,644 Currency translation adjustment (682) — — (682) Balance, December 31, 2022 498,624 167,307 37,896 703,827 Currency translation adjustment 184 — — 184 Balance, December 31, 2023 $ 498,808 $ 167,307 $ 37,896 $ 704,011 (1) See Note 3: Business Combinations, for additional information. Intangible Assets Intangible assets consisted of the following: December 31, 2023 December 31, 2022 (in $000s) Weighted Average Remaining Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Trade names 12.3 $ 180,780 $ (57,463) $ 180,780 $ (46,513) Customer relationships 10.9 212,587 (58,696) 212,351 (42,502) Non-compete agreements and other 1.3 535 (531) 535 (519) Total $ 393,902 $ (116,690) $ 393,666 $ (89,534) Amortization expense associated with the intangible assets noted above was $27.1 million, $33.9 million, and $40.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization Expense As of December 31, 2023, estimated amortization expense for intangible assets for each of the next five years and thereafter is estimated to be as follows: (in $000s) Amortization 2024 $ 26,331 2025 26,329 2026 26,328 2027 26,328 2028 26,328 Thereafter 145,568 Total estimated future amortization expense $ 277,212

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 12: Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of shares of Common Stock outstanding. Diluted net earnings (loss) per share includes the effects of potentially dilutive shares of Common Stock, if dilutive. Potentially dilutive effects include the exercise of warrants, contingently issuable shares, and share-based compensation. Our potentially dilutive shares aggregated 28.7 million, 26.7 million, and 24.4 million for years ended December 31, 2023, 2022 and 2021, respectively, were not included in the computation of diluted earnings (loss) per share because they would not be issuable if the end of the reporting period were the end of the contingency period or they would be anti-dilutive. The following tables set forth the computation of basic and dilutive earnings (loss) per share: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 (in $000s, except per share data) Net Income (Loss) Weighted Average Shares Per Share Amount Net Income (Loss) Weighted Average Shares Per Share Amount Net Income (Loss) Weighted Average Shares Per Share Amount Basic earnings (loss) per share $ 50,712 245,093 $ 0.21 $ 38,905 247,152 $ 0.16 $ (181,501) 241,370 $ (0.75) Dilutive common share equivalents — 633 — 553 — — Diluted earnings (loss) per share $ 50,712 245,726 $ 0.21 $ 38,905 247,705 $ 0.16 $ (181,501) 241,370 $ (0.75)

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Note 13: Equity Preferred Stock As of both December 31, 2023 and 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 both December 31, 2023 and 2022, there were no shares of preferred stock issued or outstanding. Common Stock As of December 31, 2023 and 2022, we were authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share. 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. The Company exhausted this program during 2023, and on September 14, 2023, the Board of Directors approved a stock repurchase program that authorized additional repurchases of up to $25 million of shares of the Company’s ordinary common shares. During the years ended December 31, 2023 and 2022, respectively, the Company repurchased approximately 6.4 million and 1.7 million shares of its common stock, which are held in treasury, for a total of $39.0 million and $10.5 million, including an accrual of $0.2 million and $0.2 million and also commission fees for the repurchase of its common stock. 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 (x) 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 (y) 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.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 14: Share-Based Compensation On July 8, 2021, the Company's stockholders approved the Amended and Restated 2019 Omnibus Incentive Plan, which increased the total authorized shares of Common Stock to 14,650,000 (the “Plan”). The purpose of the Plan is to provide the Company and its subsidiaries’ officers, directors, employees and consultants who, by their position, ability and diligence, are able to make important contributions to the Company’s growth and profitability, with an incentive to assist the Company in achieving its long-term corporate objectives, to attract and retain executive officers and other employees and to provide such persons with an opportunity to acquire an equity interest in the Company. To accomplish these objectives, the Plan provides for awards of equity-based incentives through granting of restricted stock units, stock options, stock appreciation rights and other stock or cash-based awards. The Plan provides for share recycling whereby shares underlying expired, lapsed or terminated awards, as well as shares surrendered, repurchased, redeemed, or canceled without having been fully exercised or forfeited in a manner that results in the Company acquiring shares covered by the award, are available for award grants under the Plan. At December 31, 2023, there were approximately 3.2 million shares in the share reserve still available for issuance. The Company records share-based compensation awards using a fair value method and recognizes compensation expense for an amount equal to the fair value of the share-based payment issued in its financial statements. The Company’s share-based compensation plans include programs for stock options, restricted stock units (“RSUs”), performance share units (“PSUs”) and deferred compensation. Compensation expense for equity awards recognized in selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss) was $13.3 million, $12.3 million and $17.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Restricted Stock Units and Performance Stock Units Restricted and performance stock awards vest over a period of one The following table summarizes the Company’s RSU and PSU award activity: Number of Shares Weighted Average Grant Date Fair Value Outstanding, December 31, 2020 1,177,592 $ 4.05 Granted 4,362,692 $ 7.70 Forfeited/cancelled/expired (24,919) $ 2.19 Vested (998,898) $ 4.39 Outstanding, December 31, 2021 4,516,467 $ 7.51 Granted 4,334,217 $ 5.53 Forfeited/cancelled/expired (449,189) $ 7.81 Vested (897,877) $ 7.54 Outstanding, December 31, 2022 7,503,618 $ 6.34 Granted 943,003 $ 6.72 Forfeited/cancelled/expired (824,357) $ 6.66 Vested (706,042) $ 5.25 Outstanding, December 31, 2023 6,916,222 $ 6.80 At December 31, 2023, unrecognized compensation expense related to these awards was $22.4 million and is expected to be recognized over a remaining period of approximately 2.4 years.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 15: Fair Value Measurements 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 December 31, 2023 ABL Facility $ 552,400 $ — $ 552,400 $ — 2029 Secured Notes 920,000 — 846,400 — 2023 Credit Facility 13,800 — 13,800 — Other notes payable 31,599 — 31,599 — December 31, 2022 ABL Facility $ 437,731 $ — $ 437,731 $ — 2029 Secured Notes 920,000 — 814,200 — Other notes payable 31,661 — 31,661 — The carrying amounts of the ABL Facility and other notes payable approximated fair value as of December 31, 2023 and 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 16: Income Taxes We are subject to taxation in all jurisdictions in which we operate within the United States and Canada. Substantially all of our income before income taxes for all periods presented is U.S. sourced. The provision for income tax expense (benefit), including the amount of domestic and foreign loss before taxes, is as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Components of income (loss) before tax: Domestic $ 56,000 $ 44,214 $ (180,669) Foreign 2,076 2,518 3,593 Total income (loss) before tax 58,076 46,732 (177,076) Current tax expense (benefit): Federal 62 — — Foreign (6) 161 320 State 3,325 772 242 Total current tax expense (benefit) 3,381 933 562 Deferred tax expense (benefit): Federal 12,971 6,262 (33,415) Foreign 523 (1,829) 826 State 1,484 4,963 (9,507) Total deferred tax expense (benefit) 14,978 9,396 (42,096) Expense (benefit) from change in valuation allowance (10,995) (2,502) 45,959 Total tax expense $ 7,364 $ 7,827 $ 4,425 A reconciliation between the federal statutory income tax rate and our actual effective income tax rate is as follows: Year Ended December 31, 2023 2022 2021 Expected federal statutory income tax rate 21.0% 21.0% 21.0% Tax effect of differences: Foreign operations 1.2% (3.3)% (0.3)% Share-based payments — (1.0)% 1.0% Effect of state income taxes, net of federal income tax benefit 5.6% 9.8% 5.2% Nondeductible acquisition costs — — (0.7)% Nontaxable income on warrants — (8.4)% (1.3)% Change in valuation allowance (17.4)% (3.3)% (25.8)% Nondeductible officer compensation 3.4% — — Other (1.1)% 1.9% (1.6)% Effective income tax rate 12.7% 16.7% (2.5)% The Company's effective tax rate differs from the U.S. federal statutory tax rate of 21% and is affected by a number of factors, such as the relative amounts of income we earn in differing tax jurisdictions, certain non-deductible expenses, such as compensation disallowance and mark-to-market adjustments on derivative financial instruments, and changes in the valuation allowance we establish against deferred tax assets. The rate is also affected by discrete items that may occur in any given year, such as legislative enactments and changes in our corporate structure that may occur. The components of the deferred tax assets and liabilities are as follows: (in $000s) December 31, 2023 December 31, 2022 Deferred tax assets Accounts receivable $ 4,382 $ 4,744 Inventory 19,859 5,602 Transaction and debt issuance costs 3,521 3,964 Compensation and benefits 6,273 6,511 Net operating loss carryforwards 214,697 252,804 Section 163j interest disallowance carryforwards 46,053 39,344 Operating lease liabilities 9,861 7,548 Foreign tax credits, accrued expenses, and other 1,069 1,547 Total deferred tax assets 305,715 322,064 Less: valuation allowance (67,605) (78,600) Total deferred tax assets, net 238,110 243,464 Deferred tax liabilities Financing receivable (7,498) (9,415) Rental equipment and other property and equipment (202,391) (208,108) Goodwill and other intangibles (50,344) (46,394) Operating lease assets (9,648) (7,388) Prepaid expenses and other items (1,584) (1,245) Total deferred tax liabilities (271,465) (272,550) Net deferred tax liability $ (33,355) $ (29,086) As a result of the Acquisition described in Note 3: Business Combinations, the Company expects to be able to amortize for U.S. tax purposes, a portion of the goodwill recognized from the Acquisition. For U.S. income taxes, the Acquisition was partly a taxable acquisition and partly a non-taxable acquisition. Accordingly, the taxable component is expected to give rise to increases in the tax bases for a portion of the net assets acquired, while the non-taxable component will result in a carryforward of pre-acquisition tax bases (referred as, “carryover basis”) for a portion of the net assets acquired. The differential between the fair values of the assets acquired and the carryover basis has been recognized as a net deferred tax liability as of the Closing Date. Additionally, certain federal and state net operating loss and interest expense carryforwards were acquired in the Acquisition and the utilization of these is subject to limitations prescribed by U.S. Internal Revenue Code Section 382 (“Section 382”). The aforementioned net deferred tax liabilities recognized in connection with the assignment of the purchase price from the Acquisition include deferred tax assets from the tax deduction carryforwards, and were reduced by a valuation allowance as of the Closing Date. The acquisition of HiRail did not give rise to any increase in the tax bases acquired in the acquisition and the Company has reflected the carryover tax bases of the net assets acquired. There is no tax basis in amortizable goodwill related to the HiRail acquisition. We record a valuation allowance against deferred tax assets when we determine that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The valuation allowance primarily relates to federal and state net operating loss carryforwards. While the Acquisition resulted in a significant increase in deferred tax liabilities, these tax liabilities, which give rise to future taxable income against which tax carryforwards may be applied, are subject to limitations. Federal and state income tax limitation rules are expected to limit the application of our carryforwards and, accordingly, we record a valuation allowance to reduce our deferred tax assets to amounts expected to be realized. The following presents changes in the valuation allowance: Year Ended December 31, (in $000s) 2023 2022 2021 Valuation allowance - beginning of year $ (78,600) $ (84,577) $ (16,542) Assigned in purchase accounting (see Note 3) — 3,475 (22,076) Charged to benefit (expense) 10,995 2,502 (45,959) Valuation allowance - end of year $ (67,605) $ (78,600) $ (84,577) As discussed above, the Company acquired certain federal and state net operating loss and interest expense carryforwards in connection with the Acquisition, the utilization of which is subject to limitations prescribed by Section 382. Accordingly, a portion of the carryforwards is expected to expire prior to being utilized. As of December 31, 2023, we had net operating loss carryforwards of approximately $909.9 million for U.S. federal income tax purposes, $397.2 million for state income tax purposes, and $15.3 million for foreign income tax purposes. As of December 31, 2022, we had net operating loss carryforwards of approximately $1,067.0 million for U.S. federal income tax purposes, $513.4 million for state income tax purposes and $9.6 million for foreign income tax purposes. The net operating loss carryforwards expire at various dates commencing during 2035 through 2037 for U.S. federal income tax purposes, 2025 through 2042 for state income tax purposes, and 2038 through 2042 for foreign income tax purposes. 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 the Company’s consolidated financial statements. The Organization for Economic Cooperation and Development (“OECD”) has issued “Pillar Two” model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the US has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation to do so. As currently designed, Pillar Two will ultimately apply to our worldwide operations. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially increase our global tax costs. We will continue to monitor US and global legislative activities related to Pillar Two for potential impacts.

Concentration Risks

Concentration Risks	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration Risks	Note 17: Concentration Risks Concentration of Credit Risks Financial instruments that potentially subject us to significant concentrations of credit risk include cash and cash equivalents and accounts receivable. We maintain certain cash and cash equivalents with federally insured financial institutions and may maintain deposits in excess of financial insured limits or in financial institutions that are not federally insured. However, we believe that we are not exposed to significant credit risks due to the financial position of the depository institutions in which our deposits are held. No customer accounted for more than 10% of consolidated revenues during the years ended December 31, 2023, 2022 and 2021. Seven customers, collectively, accounted for 10.0% of consolidated revenue in 2023. Five customers, collectively, accounted for 11.7% of consolidated revenue in 2022. No customer accounted for more than 3% of consolidated revenue in 2021. Vendor Concentrations In 2023, two vendors individually accounted for more than 10% of purchases (total of approximately 31%), primarily related to chassis, and in 2022 one vendor accounted for 16% of purchases, primarily related to booms, lifts and parts. In 2023 and 2022, the top

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 18: 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 provide insurance recoveries related to punitive damages. For matters pertaining to the pre-Acquisition activities of Custom Truck LP, Sellers have agreed to indemnify Nesco and Buyer for losses arising out of the breach of Sellers’ pre-closing covenants in the Purchase Agreement and certain indemnified tax matters, with recourse limited to a $10 million and $8.5 million escrow account, respectively. From time to time, the Company is 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	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Parties	Note 19: 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. During the year ended December 31, 2021, the Company purchased approximately $19.4 million in rental equipment from R&M Equipment Rental. Prior to August 1, 2022, Energy Capital Partners (“ECP”), a stockholder of the Company, and their affiliates had ownership interests in PLH Group, Inc., which was a customer of the Company. The PIPE Investors, as described in Note 3: Business Combinations, included certain members of management and directors of the Company, which persons purchased approximately 1.4 million shares of the Company’s common stock at a price of $5.00 per share, during the year ended December 31, 2021. Facilities Leases and Other — The Company has 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 as of the Closing Date, 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 Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Total revenues from transactions with related parties $ 26,400 $ 33,816 $ 23,251 Expenses incurred from transactions with related parties included in cost of revenue $ 1,506 $ 2,318 $ 1,687 Expenses incurred from transactions with related parties included in operating expenses $ 5,652 $ 6,103 $ 4,283 Amounts receivable from/payable to related parties included in the Consolidated Balance Sheets are as follows: (in $000s) December 31, 2023 December 31, 2022 Accounts receivable from related parties $ 695 $ 5,053 Accounts payable to related parties $ 140 $ 36

Segments

Segments	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segments	Note 20: Segments Our operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on gross profit. The accounting policies of the reportable segments are consistent with those described in Note 2: Summary of Significant Accounting Policies to the financial statements. 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 segment operations are described in Note 1: Business and Organization to these financial statements. The revenue by geography is disclosed in Note 4: Revenue. Segment information is presented below. The Company’s segment results are presented in the tables below: Year Ended December 31, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 463,139 $ — $ 15,771 $ 478,910 Equipment sales 263,028 990,425 — 1,253,453 Parts and services — — 132,737 132,737 Total revenue 726,167 990,425 148,508 1,865,100 Cost of revenue: Rentals/parts and services 118,236 — 105,791 224,027 Equipment sales 198,510 817,639 — 1,016,149 Depreciation of rental equipment 167,199 — 3,465 170,664 Total cost of revenue 483,945 817,639 109,256 1,410,840 Gross profit $ 242,222 $ 172,786 $ 39,252 $ 454,260 Year Ended December 31, 2022 (in $000s) ERS TES APS Total Revenue: Rental $ 449,108 $ — $ 14,931 $ 464,039 Equipment sales 212,146 770,195 — 982,341 Parts and services — — 126,706 126,706 Total revenue 661,254 770,195 141,637 1,573,086 Cost of revenue: Rentals/parts and services 106,598 — 105,185 211,783 Equipment sales 158,167 647,685 — 805,852 Depreciation of rental equipment 167,962 — 3,741 171,703 Total cost of revenue 432,727 647,685 108,926 1,189,338 Gross profit $ 228,527 $ 122,510 $ 32,711 $ 383,748 Year Ended December 31, 2021 (in $000s) ERS TES APS Total Revenue: Rental $ 354,557 $ — $ 15,510 $ 370,067 Equipment sales 105,435 589,899 — 695,334 Parts and services — — 101,753 101,753 Total revenue 459,992 589,899 117,263 1,167,154 Cost of revenue: Rentals/parts and services 94,644 — 86,943 181,587 Equipment sales 90,420 528,024 — 618,444 Depreciation of rental equipment 151,954 — 5,156 157,110 Total cost of revenue 337,018 528,024 92,099 957,141 Gross profit $ 122,974 $ 61,875 $ 25,164 $ 210,013 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 (loss) before income taxes: Year Ended December 31, (in $000s) 2023 2022 2021 Gross Profit $ 454,260 $ 383,748 $ 210,013 Selling, general and administrative expenses 231,403 210,868 155,783 Amortization 27,110 33,940 40,754 Non-rental depreciation 10,656 9,414 3,613 Transaction expenses and other 14,143 26,218 51,830 Loss on extinguishment of debt — — 61,695 Interest expense, net 131,315 88,906 72,843 Financing and other (income) expense (18,443) (32,330) 571 Income (Loss) Before Income Taxes $ 58,076 $ 46,732 $ (177,076) The following table presents total assets by country: (in $000s) December 31, 2023 December 31, 2022 Assets: United States $ 3,243,619 $ 2,830,958 Canada 124,178 107,254 $ 3,367,797 $ 2,938,212

Condensed Financial Information

Condensed Financial Information of Custom Truck One Source, Inc.	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Custom Truck One Source, Inc.	Custom Truck One Source, Inc. Condensed Parent Company Balance Sheets (in $000s, except share data) December 31, 2023 December 31, 2022 Assets Investment in subsidiaries $ 943,396 $ 909,757 Total Assets $ 943,396 $ 909,757 Liabilities and Stockholders' Deficit Liabilities Derivative, warrants and other liabilities $ 527 $ 3,012 Deferred income taxes 30,835 23,471 Total long-term liabilities 31,362 26,483 Commitments and contingencies (see Note 4) Stockholders' Equity (Deficit) Common stock — 0.0001 par value, 500,000,000 shares authorized, 249,903,120 and 248,311,104 shares issued and outstanding, at December 31, 2023 and 2022, respectively 25 25 Treasury stock, at cost — 8,891,788 and 2,241,069 shares at December 31, 2023 and December 31, 2022, respectively (56,524) (15,537) Additional paid-in capital 1,532,384 1,516,318 Accumulated other comprehensive loss (5,978) (8,947) Accumulated deficit (557,873) (608,585) Total stockholders' equity (deficit) 912,034 883,274 Total Liabilities and Stockholders' Equity (Deficit) $ 943,396 $ 909,757 See accompanying notes to condensed parent company financial statements. Custom Truck One Source, Inc. Condensed Parent Company Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, (in $000s) 2023 2022 2021 Operating Expenses Selling, general, and administrative expenses $ 13,309 $ 12,297 $ 17,313 Total operating expenses 13,309 12,297 17,313 Operating Loss (13,309) (12,297) (17,313) Other Expense (Income) Equity in net (income) loss of subsidiaries (68,900) (40,436) 148,948 Other (income) expense (2,485) (18,593) 10,815 Total other expense (income) (71,385) (59,029) 159,763 Income (Loss) Before Income Taxes 58,076 46,732 (177,076) Income Tax Expense 7,364 7,827 4,425 Net Income (Loss) $ 50,712 $ 38,905 $ (181,501) Other Comprehensive Income (Loss): Unrealized foreign currency translation adjustment $ 2,969 $ (8,947) $ — Other Comprehensive Income (Loss) 2,969 (8,947) — Comprehensive Income (Loss) $ 53,681 $ 29,958 $ (181,501) See accompanying notes to condensed parent company financial statements. Custom Truck One Source, Inc. Condensed Parent Company Statements of Cash Flows Year Ended December 31, (in $000s) 2023 2022 2021 Operating Activities Net cash flow from operating activities $ 68,723 $ 40,231 $ (148,948) Investing Activities Changes in investment in subsidiaries (30,670) (28,114) (727,014) Net cash flow from investing activities (30,670) (28,114) (727,014) Financing Activities Proceeds from issuance of common stock — — 883,000 Common stock issuance costs — — (6,386) Share-based payments 792 (1,838) (652) Common stock repurchase (38,845) (10,279) — Net cash flow from financing activities (38,053) (12,117) 875,962 Net Change in Cash — — — Cash at Beginning of Period — — — Cash at End of Period $ — $ — $ — See accompanying notes to condensed parent company financial statements. Custom Truck One Source, Inc. Notes to Condensed Parent Company Financial Statements Note 1: Basis of Presentation Custom Truck One Source, Inc. (the “Parent”), a Delaware corporation, serves as the parent for its two primary operating companies, Custom Truck One Source, L.P. and NESCO, LLC (the “Subsidiaries”). The Subsidiaries are engaged in the business of providing a range of services and products to customers through sales and rentals of specialty equipment, sales of parts related to the specialty equipment, and repair and maintenance services related to that equipment. On April 1, 2021, the Parent, through its wholly-owned subsidiary, NESCO Holdings II, Inc., acquired Custom Truck One Source, L.P. (the “Acquisition”). In connection with the Acquisition, the Parent issued shares of its common stock to certain investors and in exchange for the member interests of Custom Truck One Source, L.P. Additionally, NESCO Holdings II, Inc. issued new notes payable, proceeds from which were used for the Acquisition, to repay prior indebtedness and to pay transaction expenses. Refer to Note 3: Business Combinations, to the Custom Truck One Source, Inc. consolidated financial statements included in this Annual Report on Form 10-K for information about the Acquisition and related financing transactions. These parent company condensed financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes thereto of Custom Truck One Source, Inc. included in this Annual Report on Form 10-K. For purposes of these condensed financial statements, the Parent’s wholly owned subsidiaries are recorded based upon its proportionate share of the subsidiaries’ net assets (similar to presenting them on the equity method). Note 2: Debt The Parent’s subsidiaries have debt obligations under a revolving credit facility that are guaranteed by the Parent and each of its direct and indirect, existing and future, material wholly-owned domestic subsidiaries. Obligations under the ABL will be secured by a first-priority lien on substantially all the assets of the Parent and its subsidiaries. The obligations contain customary financial and non-financial covenants, including covenants that impose restrictions on, among other things, additional indebtedness, liens, investments, advances, guarantees and mergers and acquisitions. These covenants also place restrictions on asset sales, dividends and certain transactions with affiliates. Refer to Note 9: Long-Term Debt, to the Custom Truck One Source, Inc. consolidated financial statements included in this Annual Report on Form 10-K for information about the Parent’s subsidiaries’ debt obligations. Note 3: Income Taxes Refer to Note 16: Income Taxes, to the Custom Truck One Source, Inc. consolidated financial statements included in this Annual Report on Form 10-K for information about subsidiaries’ income taxes. Note 4: Commitments and Contingencies Refer to Note 18: Commitments and Contingencies, to the Custom Truck One Source, Inc. consolidated financial statements included in this Annual Report on Form 10-K for information about commitments and contingencies. Note 5: Changes in Stockholders’ Equity (Deficit) The following table provides a reconciliation of the beginning and ending amounts of total stockholders’ equity (deficit) for the years ended December 31, 2023, 2022, and 2021. Common Stock Treasury Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity (Deficit) Shares (in $000s, except share data) Common Treasury Balance, December 31, 2020 49,156,753 — $ 5 $ — $ 429,748 $ — $ (465,989) $ (36,236) Net income (loss) — — — — — — (181,501) (181,501) Share-based payments 1,501,659 (318,086) — (3,020) 19,839 — — 16,819 Warrants liability reclassification — — — — (10,290) — — (10,290) Shares issued in business combination 196,700,000 — 20 — 1,064,529 — — 1,064,549 Balance, December 31, 2021 247,358,412 (318,086) $ 25 $ (3,020) $ 1,503,826 $ — $ (647,490) $ 853,341 Net income (loss) — — — — — — 38,905 38,905 Other comprehensive loss — — — — — (8,947) — (8,947) Common stock repurchase — (1,657,635) — (10,483) — — — (10,483) Share-based payments 952,692 (265,348) — (2,034) 12,492 — — 10,458 Balance, December 31, 2022 248,311,104 (2,241,069) $ 25 $ (15,537) $ 1,516,318 $ (8,947) $ (608,585) $ 883,274 Net income (loss) — — — — — — 50,712 50,712 Other comprehensive income — — — — — 2,969 — 2,969 Common stock repurchase — (6,354,587) — (39,021) — — — (39,021) Share-based payments 1,592,016 (296,132) — (1,966) 16,066 — — 14,100 Balance, December 31, 2023 249,903,120 (8,891,788) $ 25 $ (56,524) $ 1,532,384 $ (5,978) $ (557,873) $ 912,034

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards 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; however, there were no business combinations during the year ended December 31, 2023. 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. Recently Issued Accounting Standards Income Taxes In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes — Improvements to Income Tax Disclosures (Topic 740) (“ASU 2023-09”), which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. Segment Reporting In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting — Improvements to Reportable Segment Disclosures (Topic 280) (“ASU 2023-07”), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with retrospective application required and early adoption permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with two different accounting standards: Topic 606, Revenue from contracts with customers (“Topic 606”), and Topic 842, Leases (“Topic 842”). Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A “performance obligation” is a promise in a contract to transfer a distinct good or service to a customer and is the unit of account under Topic 606. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Our contracts with customers generally do not include multiple performance obligations. Rental Revenue – Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. We also charge customers for damaged equipment, which is assessed and billed at the time a rental asset is returned to the Company and recorded within Parts Sales and Services revenue. We record changes in the estimated collectability of operating lease trade receivables against rental revenue. Our rental contracts are for various types of equipment and tools under 28-day or monthly agreements which include automatic renewal provisions. The majority of our rental payments are due upon receipt, with a majority billed at the end of each 28-day or monthly period. Revenue is recognized ratably over the rental agreement period and in accordance with Topic 842. Unearned revenue is reported in deferred revenue and customer deposits in our consolidated balance sheets. We require our rental customers to maintain liability and property insurance covering the units during the rental term and to indemnify us from losses caused by the negligence of the customer, their employees or contractors during the rental term. We also provide rental customers the opportunity to enter into contracts containing a rental purchase option (“RPO”). The RPO allows the customer to earn credit towards the purchase price of the leased equipment. The earned credit is based on rental payments made. Certain leases containing these purchase options are classified as sales-type leases because the RPO purchase price related to the leased equipment is considered to be a “bargain purchase option” in the lease. However, distinguishing a sales-type lease from an operating lease in the Company's portfolio of rental contracts involves assessing whether a customer’s exercise of their purchase option meets the reasonably certain criteria of Topic 842. This assessment involves judgments about whether there exists a compelling economic reason for an exercise on the part of the customer, considering factors related to the rental contract itself, the underlying asset, specifics about the customer’s financial situation and market conditions related to rentals of similar classes of assets. Revenue on these lease contracts is recognized at the point in time when the Company is reasonably certain that the criteria are met. Revenue from these leases is recorded as equipment sales in the Consolidated Statements of Operations and Comprehensive Income (Loss). Equipment Sales – We sell both new and used equipment. There are no rights of return or warranties offered on equipment sales. The contractual sales price for each individual equipment represents the standalone selling price. Our used equipment is of a sufficiently unique nature, based on specific characteristics such as its age and usage, that it does not have an observable standalone selling price. Equipment sales revenue is recognized upon the transfer of control of equipment. Except for equipment sold under bill-and-hold arrangements, control is transferred when title and physical possession of the equipment has transferred to the customer, which is at the point in time of customer pickup or when the equipment is delivered to a specified destination and the Company has a present right to payment. Payment is usually due within 30 days subsequent to transfer of control of the equipment. We have bill and hold arrangements with a small number of customers who request to complete the purchase of equipment prior to their ability to take physical possession. In these cases, customers request that we retain physical possession of the equipment until customer pickup or delivery at a later date. Under these arrangements, control is transferred to the customer when the equipment is ready for transfer to the customer, the customer has taken legal title, and the Company has a present right to payment. Under the bill and hold arrangements, which are rare, we recognize sales only when all of the following criteria are met: 1) the customer’s reason for the bill-and-hold arrangement is substantive, 2) the equipment is separately identified as belonging to the customer, 3) the equipment is ready for transfer to the customer and 4) we do not have the ability to use the equipment or direct it to another customer. Parts Sales and Services – We sell aftermarket parts and services. We derive our services revenue primarily from maintenance, repair and upfit services on heavy-duty trucks and cranes. Revenue from these services includes parts sales needed to complete the service work. We recognize services revenue as the service work is completed. We record revenue on a point in time basis as parts are delivered. The amount of consideration we receive for parts is based upon a list price net of discounts and incentives, and the impact of such variable consideration is factored into the amount of revenue we recognize at any point in time. The amount of consideration received for services is based upon labor hours expended and parts utilized to perform and complete the necessary services for our customers. There are no rights of return or warranties offered on parts sales. Payment is usually due and collected within 30 days subsequent to delivery of parts or performance of service. We record sales tax billed to customers and remitted to governmental authorities on a net basis and, consequently, these amounts are excluded from revenues and expenses. Sales taxes are recorded as accrued expenses when billed. Shipping and Handling Costs – We classify shipping and handling fees billed to customers related to the placement of rental units as rental revenue in our Consolidated Statements of Operations and Comprehensive Income (Loss). We include the related shipping and handling costs in cost of rental revenue, excluding depreciation, in our Consolidated Statements of Operations and Comprehensive Income (Loss). Shipping and handling fees billed to customers related to the sale of equipment and parts are recorded as equipment sales or parts sales and services revenue, respectively. The related shipping and handling costs are recorded in cost of equipment sales or cost of parts sales and services, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and short-term investments with remaining maturities of three months or less when acquired. The carrying amount of cash and cash equivalents approximates its fair value. The Company maintains deposits at financial institutions in excess of federally insured limits.
Trade Receivables and Allowance for Credit Losses	Trade Receivables and Allowance for Credit Losses We are exposed to credit losses from trade receivables generated through our leasing, sales and service businesses. We assess each customer’s ability to pay for the products and services by conducting a credit review. The credit review considers expected billing exposure and timing for payment and the customer’s established credit rating. We perform a credit review of new customers at inception of the customer relationship and, for existing customers, when the customer transacts new leases or product orders after a period of dormancy. We also consider contract terms and conditions, country risk and business strategy in the evaluation. We monitor ongoing credit exposure through an active review of customer balances against contract terms and due dates. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowances for credit losses reflect the estimate of the amount of receivables that management assesses will be unable to be collected based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. This estimate could require change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease the allowances. We review the adequacy of the allowance on a quarterly basis. The allowance for doubtful accounts is included in accounts receivable, net on our Consolidated Balance Sheets.
Inventory	Inventory Inventory is carried at the lower of cost or net realizable value. The Company periodically reviews inventories on hand and maintains reserves for slow-moving, excess, or obsolete inventories.
Rental Equipment and Property and Equipment	Rental Equipment and Property and Equipment Rental Equipment Rental equipment is primarily comprised of the cost of truck-mounted aerial lifts, cranes, trucks, trailers, digger derricks, line equipment, cranes, pressure diggers, underground and other machinery and equipment. The rental equipment we purchase is recorded at cost and depreciated over the estimated rentable life of the equipment using the straight-line method over useful lives, depending on product categories, ranging from 1 to 7 years, to an estimated residual value, depending on product categories, ranging from 0% to 35% of cost. Depreciation of rental equipment commences when a rental unit is placed into the rental fleet and becomes available to rent and the cost is depreciated whether or not the equipment is on rent. We reevaluate the estimated rentable life as rental equipment is purchased, estimating the period that the asset will be held, considering factors such as historical rental activity and expectations of future rental activity. We also reevaluate the estimated residual values of the applicable rental equipment. The residual value of equipment is affected by factors that include equipment age, amount of usage and market conditions. Market conditions for used equipment sales can also be affected by external factors such as the economy, natural disasters, fuel prices, supply of similar used equipment, the market price for similar new equipment, and incentives offered by manufacturers of new equipment. These factors are considered when estimating future residual values and depreciation periods. Expenditures for repair and maintenance that extend the useful life of the equipment and are necessary to keep an equipment unit in rentable condition are capitalized and depreciated over the estimated remaining useful life of the equipment, which is the period the repair and maintenance is expected to provide future economic benefit. When making repairs, we dispose of damaged and replaced components at their net carrying values. The cost of routine and recurring maintenance activities related to the rental fleet are charged to expense as incurred. Property and Equipment Property and equipment is primarily comprised of land, buildings and improvements, machinery and equipment, and vehicles and is carried at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method based on useful lives ranging from three
Leases as Lessee	Leases as Lessee We determine if an arrangement is a lease at inception of an arrangement. Operating and finance lease assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease assets represent the Company’s right to use an underlying asset for the lease term, while lease liabilities represent the Company’s obligation to make lease payments arising from the lease. As most leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the lease commencement date, in determining the present value of lease payments. The length of a lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise those options. The Company does not recognize lease assets or liabilities for leases with a term of 12 months or less, and it recognizes these lease payments as lease cost on a straight-line basis over the lease term. We do not separate lease and non-lease components. The Company applies a portfolio approach to determine the discount rate for leases with similar characteristics. For our leases classified as operating, the ROU asset is measured throughout the lease term at the carrying amount of the lease liability, plus unamortized initial direct costs, plus/(minus) any unamortized prepaid/(accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For our leases classified as finance leases, the ROU asset is amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company, or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Rental assets leased under the finance leases are included in rental equipment and property and equipment, and depreciation thereon is recognized in depreciation of rental equipment, cost of revenue and non-rental depreciation expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). When we make our contractually required payments under finance leases, we allocate a portion to reduce the finance lease obligation and a portion is recognized as interest expense.
Goodwill	Goodwill We recognize goodwill when the purchase price of an acquired business exceeds the fair value of net assets acquired. Goodwill is not amortized for financial reporting purposes. Goodwill is impaired when its carrying value exceeds its implied fair value. We perform our goodwill impairment analysis annually on October 1 or more frequently if an event or circumstance (such as a significant adverse change in the business climate, operating performance metrics, or legal factors) indicates that an impairment may have occurred. If the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not considered impaired. If the carrying value of the reporting unit exceeds its fair value, then there is an indication impairment may exist. Recognized goodwill from a business combination is assigned to our reporting units using an income approach based on the present value of estimated future cash flows. We estimate the fair value of our reporting units using both an income approach based on the present value of estimated future cash flows and a market approach based on traded values of selected companies. We believe this combined approach yields the most appropriate determination of fair value. Determining the fair value of our reporting units is judgmental and involves the use of significant estimates and assumptions. We base our fair value estimates on assumptions that we believe are reasonable. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for our reporting units. The Company performed a qualitative impairment test (the “Step 0 test”) on October 1, 2023 to evaluate the fair value of its three reporting units with respect to their carrying amounts as of the annual assessment date. Goodwill is tested for impairment at the reporting unit level, which the Company has determined to be the same as its reportable segments (ERS, TES, and APS). The impairment assessments may include, but are not limited to, reviewing factors such as macroeconomic conditions, industry and market considerations, cost factors, financial performance and other entity or reporting unit specific events. When performing a Step 0 test, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we then perform the Step 1 test by comparing the carrying amount to the estimated fair value of the reporting unit. We performed the Step 0 test for each of our reporting units and supplemented the analysis by performing a quantitative “Step 1 test” specific to the ERS and APS reporting units as of October 1, 2023. In performing the supplemental Step 1 test in 2023 related to the ERS and APS reporting units, we estimated the fair value of each reporting unit using the income approach. The income approach utilizes assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. The estimates of future cash flow require the Company to establish expectations about customer demand, investments in maintaining or expanding infrastructure for the markets that the reporting unit serves, and the supply and capacity of equipment in the rental market, among others. Significant management judgment is involved in estimating these factors, and they include inherent uncertainties, which fall under Level 3 within the fair value measurement hierarchy (refer to Fair Value Measurements within this Note). As a result of our analyses, the Company determined that there was no impairment of goodwill.
Impairment of Long-Lived Assets, including Intangible Assets	Impairment of Long-Lived Assets, including Intangible Assets We evaluate the carrying value of long-lived assets held for use, including rental equipment and definite-lived intangible assets, for impairment whenever an event or circumstance has occurred (such as a significant adverse change in the business climate, operating performance metrics, or legal factors) which suggests that the carrying value may not be recoverable. Impairment of a long-lived asset held for use (or relative asset group, if applicable) is measured when the anticipated separately identifiable undiscounted cash flows from the asset are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily using anticipated cash flows discounted at a rate commensurate with the risk involved.
Fair Value Measurements	Fair Value Measurements Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets and liabilities. These inputs can be readily observable, market corroborated, or generally unobservable. Fair Value Hierarchy - In measuring fair value, we use observable market data when available and minimize the use of unobservable inputs. Unobservable inputs may be required to value certain financial instruments due to complexities in contract terms. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: Level 1 - Inputs that reflect unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur with both sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs that reflect quoted prices for similar assets and liabilities are available in active markets, and inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 - Inputs that are generally less observable or from unobservable sources in which there is little or no market data. These inputs may be used with internally developed methodologies that result in our best estimate of fair value. Valuation Techniques - Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques: Market approach - Technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Income approach - Technique that converts future amounts to a single present amount based upon market expectations (including present value techniques, option-pricing, and excess earnings models). Cost approach - Technique that estimates the amount that would be required to replace the service capacity of an asset (i.e., replacement cost). Assets and Liabilities with Recurring Fair Value Measurements - Certain assets and liabilities may be measured at fair value on an ongoing basis. We did not elect to apply the fair value option for recording financial assets and financial liabilities. Other than the warrants liability and an interest rate collar (which was settled in February 2022), we do not have any assets or liabilities which we measure at fair value on a recurring basis. Assets and Liabilities with Nonrecurring Fair Value Measurements -
Deferred Financing Costs	Deferred Financing Costs Direct costs incurred in connection with the issuance, and amendments thereto, of our debt are capitalized and amortized over the terms of the respective agreements using the effective interest method, or the straight-line method when not materially different than the effective interest method. The net carrying value of deferred financing costs are classified as a reduction to long-term debt in the Consolidated Balance Sheets (see Note 9: Long-Term Debt). The amortization is included in interest expense on our Consolidated Statements of Operations and Comprehensive Income (Loss).
Cloud Computing Arrangement Implementation Costs	Cloud Computing Arrangement Implementation Costs The Company has entered into certain cloud-based hosting agreements that are accounted for as service contracts. For internal-use software obtained through a hosting arrangement that is a service contract, the Company capitalizes certain implementation costs, such as costs incurred to integrate, configure, and customize internal-use software, which are consistent with costs incurred during the application development stage for on-premises software. These capitalized development costs are recorded in other assets on our Consolidated Balance Sheets. Capitalized implementation costs are amortized straight-line over the term of the hosting arrangement plus any reasonably certain renewal periods, which together ranges from three years to 10 years.
Advertising Costs	Advertising Costs
Share-Based Compensation	Share-Based Compensation
Income Taxes	Income Taxes We utilize the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between financial accounting and tax bases of assets and liabilities and are measured using the tax rates and laws that are expected to be in effect when the differences are expected to reverse. Recognition of deferred tax assets is limited to amounts considered by management to be more-likely-than-not to be realized in future periods. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that a deferred tax asset will not be realized. The effect on net deferred tax assets and liabilities resulting from a change in tax rates is recognized as income or expense in the period that the change in tax rates is enacted. We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of the deferred income tax expense or benefit associated with certain deferred tax assets and liabilities. Significant changes to these estimates may result in an increase or decrease to our tax provision in a subsequent period. Our income tax returns are subject to examination by federal, state and foreign tax authorities. There may be differing interpretations of tax laws and regulations, and as a result, disputes may arise with these tax authorities involving the timing and amount of deductions and allocation of income. With the exception of net operating loss carryforwards, we are generally no longer subject to federal, state, local, and foreign income tax examinations by tax authorities for years ending on or prior to December 31, 2019. We recognize uncertain income tax positions if it is more-likely-than-not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more-likely-than-not means a likelihood of more than 50%. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. Our determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Unrecognized tax benefits are tax benefits claimed in our tax returns that do not meet recognition and measurement standards. Our policy is to record interest and penalties related to unrecognized tax benefits in income tax expense (benefit) on our Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2023 and 2022, our uncertain income tax positions, unrecognized tax benefits, and accrued interest were not material.
Acquisition Accounting	Acquisition Accounting We have made acquisitions in the past and may continue to make acquisitions in the future. The assets acquired and liabilities assumed are recorded based on their respective fair values at the date of acquisition. Long-lived assets (principally rental equipment), goodwill and other intangible assets generally represent the largest components of our acquisitions. Rental equipment is valued utilizing either a cost, market or income approach, or a combination of certain of these methods, depending on the asset being valued and the availability of market or income data. The intangible assets that we have acquired are non-compete agreements, customer relationships and trade names and associated trademarks. The estimated fair values of these intangible assets reflect various assumptions about discount rates, revenue growth rates, operating margins, royalty rates, customer attrition rates, terminal values, useful lives and other prospective financial information. Goodwill is calculated as the excess of the cost of the acquired entity over the net of the fair value of the assets acquired and the liabilities assumed. Non-compete agreements, customer relationships and trade names and associated trademarks are valued based on an excess earnings or income approach based on projected cash flows. Determining the fair value of the assets and liabilities acquired is judgmental in nature and can involve the use of significant estimates and assumptions. The judgments made in determining the estimated fair value assigned to the assets acquired, as well as the estimated life of the assets, can materially impact net income (loss) in periods subsequent to the acquisition because of depreciation and amortization, and in certain instances through impairment charges if the asset becomes impaired in the future. As discussed above, we regularly review long-lived assets for impairments. When we make an acquisition, we also acquire other assets and assume liabilities. These other assets and liabilities typically include, but are not limited to, parts inventory, accounts receivable, accounts payable and other working capital items. Because of their short-term nature, the fair values of these other assets and liabilities generally approximate the carrying values on the acquired entities’ balance sheets.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Accounts Receivable	Accounts receivable, net consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Accounts receivable $ 232,592 $ 212,347 Less: allowance for doubtful accounts (17,503) (19,241) Accounts receivable, net $ 215,089 $ 193,106
Schedule of Allowance for Doubtful Accounts	The relationship between provision for losses on accounts receivable and allowance for doubtful accounts is presented below: Year Ended December 31, (in $000s) 2023 2022 2021 Allowance - beginning of period $ 19,241 $ 10,820 $ 6,372 Provision for losses on accounts receivable 8,585 12,650 11,103 Accounts written off during period, net of recoveries (10,323) (4,229) (6,655) Allowance - end of period $ 17,503 $ 19,241 $ 10,820
Schedule of Accrued Expenses	Accrued expenses consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Accrued interest $ 16,891 $ 14,097 Accrued salaries, wages and benefits 41,667 39,653 Accrued sales taxes 8,834 8,533 Other 6,455 6,501 Total accrued expenses $ 73,847 $ 68,784
Schedule of Cloud Computing Arrangements	Cloud computing arrangements, net included in other assets in the Consolidated Balance Sheets consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Cloud computing arrangements $ 37,916 $ 34,587 Less: accumulated amortization (16,058) (9,703) Cloud computing arrangements, net $ 21,858 $ 24,884

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price	The purchase price has been determined to be as follows: (in $000s, except share and per share data) Common stock issued 20,100,000 Common stock per share price as of April 1, 2021 $ 9.35 Fair value of common stock issued $ 187,935 Cash consideration paid to equity interest holders 790,324 Repayment of debt obligations 552,600 Total purchase price $ 1,530,859
Schedule of Pro Forma Information	The pro forma information does not reflect any cost savings from operating efficiencies, synergies, or revenue opportunities that could result from the Acquisition. Year Ended December 31, (in $000s) 2021 Revenue $ 1,483,625 Net loss $ (90,521)
Schedule of Pro Forma Adjustments	The following presents a summary of the pro forma adjustments that are directly attributable to the business combination: Year Ended December 31, (in $000s) 2021 Increase (decrease) net income/loss: Impact of fair value mark-ups on inventory a $ 19,186 Impact of fair value mark-ups on rental fleet depreciation b (3,817) Intangible asset amortization and other depreciation expense c (3,376) Transaction expenses d 40,277 Interest expense and amortization of debt issuance costs e 3,919 Loss on extinguishment of debt refinanced f 61,695 Income tax benefit g (29,471) a. Represents adjustments to cost of revenue for the run-off of the mark-up in fair value of inventory acquired and applied to the year ended December 31, 2020. b. Represents the adjustment for depreciation of rental fleet relating to the estimated increase in the value of the rental fleet to its fair value. c. Represents the differential in amortization and depreciation of non-rental equipment related to the respective fair values of the assets. d. Represents adjustments for transaction expenses that are applied to the year ended December 31, 2020. e. Reflects the differential in interest expense, inclusive of amortization of capitalized debt issuance costs, related to our debt structure after the Acquisition as though the following had occurred on January 1, 2020: (i) borrowings under the ABL Facility; (ii) repayment of the 2019 Credit Facility; (iii) repayment of the Senior Secured Notes due 2024; (iv) repayment of the Custom Truck LP’s borrowings under its revolving credit and term loan facility ; and (v) the issuance of the 2029 Secured Notes. f. Represents the adjustment of the loss on extinguishment of debt applied to the year ended December 31, 2020 as though the repayment of the 2019 Credit Facility and Senior Secured Notes due 2024 had occurred on January 1, 2020. g. Reflects the adjustment to recognize the tax impacts of the pro forma adjustments for which a tax expense is recognized using a statutory tax rate of 25%. This rate may vary from the actual effective rate of the historical and combined businesses.
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)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Geographic Areas	The Company had total revenue in the following geographic areas: Year Ended December 31, (in $000s) 2023 2022 2021 United States $ 1,816,471 $ 1,529,165 $ 1,148,683 Canada 48,629 43,921 18,471 Total Revenue $ 1,865,100 $ 1,573,086 $ 1,167,154
Schedule of Revenue by Major Product and Service Line	The Company’s revenue by major product and service line are presented in the tables below. Year Ended December 31, Year Ended December 31, Year Ended December 31, 2023 2022 2021 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 453,696 $ — $ 453,696 $ 444,155 $ — $ 444,155 $ 355,658 $ — $ 355,658 Shipping and handling — 25,214 25,214 — 19,884 19,884 — 14,409 14,409 Total rental revenue 453,696 25,214 478,910 444,155 19,884 464,039 355,658 14,409 370,067 Sales and services: Equipment sales 58,064 1,195,389 1,253,453 30,547 951,794 982,341 16,274 679,060 695,334 Parts and services 22,124 110,613 132,737 13,402 113,304 126,706 6,726 95,027 101,753 Total sales and services 80,188 1,306,002 1,386,190 43,949 1,065,098 1,109,047 23,000 774,087 797,087 Total revenue $ 533,884 $ 1,331,216 $ 1,865,100 $ 488,104 $ 1,084,982 $ 1,573,086 $ 378,658 $ 788,496 $ 1,167,154

Sales-Type Leases (Tables)

Sales-Type Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Revenue from Sales-type Leases	Revenue from rental agreements qualifying as sales-type leases was as follows: Year Ended December 31, (in $000s) 2023 2022 Equipment sales $ 58,064 $ 41,525 Cost of equipment sales 55,716 37,582 Gross profit $ 2,348 $ 3,943

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Whole goods $ 846,170 $ 468,557 Aftermarket parts and services inventory 139,624 128,167 Inventory $ 985,794 $ 596,724

Floor Plan Financing (Tables)

Floor Plan Financing (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Floor Plan Payables	The amounts owed under floor plan payables are summarized as follows: (in $000s) December 31, 2023 December 31, 2022 Trade: Daimler Truck Financial $ 181,480 $ 105,447 PACCAR Financial Services 71,717 31,187 Trade floor plan payables $ 253,197 $ 136,634 Non-trade: PNC Equipment Finance, LLC $ 409,113 $ 293,536 Non-trade floor plan payables $ 409,113 $ 293,536

Rental Equipment and Property_2

Rental Equipment and Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Rental Equipment	Rental equipment, net consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Rental equipment $ 1,405,532 $ 1,360,205 Less: accumulated depreciation (488,828) (476,531) Rental equipment, net $ 916,704 $ 883,674
Schedule of Property and Equipment	Property and equipment, net consisted of the following: (in $000s) December 31, 2023 December 31, 2022 Buildings and leasehold improvements $ 65,374 $ 65,660 Vehicles 32,354 29,184 Land and improvements 26,382 25,773 Machinery and equipment 27,855 22,224 Furniture and fixtures 3,386 6,321 Construction in progress 27,581 2,981 Total property and equipment 182,932 152,143 Accumulated depreciation (40,817) (30,187) Property and equipment, net $ 142,115 $ 121,956

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Obligations and Associated Interest Rates	Debt obligations and associated interest rates consisted of the following: (in $000s) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 ABL Facility $ 552,400 $ 437,731 7.7% 6.1% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 13,800 — 5.8% — Notes payable 31,599 31,661 3.1%-7.9% 3.1%-5.0% Total debt outstanding 1,517,799 1,389,392 Deferred financing fees (22,406) (27,686) Total debt excluding deferred financing fees 1,495,393 1,361,706 Less: current maturities (8,257) (6,940) Long-term debt $ 1,487,136 $ 1,354,766
Schedule of Maturities of Debt	As of December 31, 2023, the principal payments of debt outstanding over the next five years and thereafter were as follows: (in $000s) Notes Payable Long-Term Debt 2024 $ 7,958 $ 299 2025 1,117 612 2026 22,524 553,049 2027 — 688 2028 — 11,551 Thereafter — 920,000 Total $ 31,599 $ 1,486,199 Less unamortized discount and issuance costs (179) (22,227) $ 31,421 $ 1,463,972

Leases as Lessee (Tables)

Leases as Lessee (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Lease Expense	The components of lease expense are as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Operating lease cost $ 10,149 $ 7,659 $ 6,969 Finance lease cost: Amortization of lease assets 1,748 1,820 2,973 Interest on lease liabilities 300 1,189 1,431 Short-term lease cost 978 1,472 3,690 Sublease income (1,365) (1,730) (5,383) Total lease cost $ 11,810 $ 10,410 $ 9,680 Supplemental cash flow information related to leases is as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows - payments on operating leases $ 7,891 $ 7,855 $ 6,969 Operating cash outflows - interest payments on finance leases $ 300 $ 1,189 $ 1,431 Finance cash outflows - payments on finance lease obligations $ 2,682 $ 3,955 $ 5,223 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 16,077 $ 3,761 $ 1,809 (1) Includes lease extension and option exercises.
Summary of Operating Lease Maturity	Maturities of lease liabilities as of December 31, 2023 are as follows: (in $000s) Operating Leases 2024 $ 8,787 2025 7,586 2026 6,150 2027 5,022 2028 4,864 Thereafter 17,964 Total lease payments 50,373 Less: imputed interest (11,095) Total present value of lease liabilities $ 39,278
Summary of Finance Lease Maturity	Maturities of lease liabilities as of December 31, 2023 are as follows: (in $000s) Operating Leases 2024 $ 8,787 2025 7,586 2026 6,150 2027 5,022 2028 4,864 Thereafter 17,964 Total lease payments 50,373 Less: imputed interest (11,095) Total present value of lease liabilities $ 39,278

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the changes in goodwill by reporting unit: (in $000s) ERS TES APS Total Balance, December 31, 2021 $ 490,662 $ 167,307 $ 37,896 $ 695,865 Acquisition of HiRail (1) $ 8,644 $ — $ — $ 8,644 Currency translation adjustment (682) — — (682) Balance, December 31, 2022 498,624 167,307 37,896 703,827 Currency translation adjustment 184 — — 184 Balance, December 31, 2023 $ 498,808 $ 167,307 $ 37,896 $ 704,011 (1) See Note 3: Business Combinations, for additional information.
Schedule of Intangible Assets and Goodwill	Intangible assets consisted of the following: December 31, 2023 December 31, 2022 (in $000s) Weighted Average Remaining Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Trade names 12.3 $ 180,780 $ (57,463) $ 180,780 $ (46,513) Customer relationships 10.9 212,587 (58,696) 212,351 (42,502) Non-compete agreements and other 1.3 535 (531) 535 (519) Total $ 393,902 $ (116,690) $ 393,666 $ (89,534)
Schedule of Future Amortization Expense	As of December 31, 2023, estimated amortization expense for intangible assets for each of the next five years and thereafter is estimated to be as follows: (in $000s) Amortization 2024 $ 26,331 2025 26,329 2026 26,328 2027 26,328 2028 26,328 Thereafter 145,568 Total estimated future amortization expense $ 277,212

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Computation of Basic and Dilutive Loss Per Share	The following tables set forth the computation of basic and dilutive earnings (loss) per share: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 (in $000s, except per share data) Net Income (Loss) Weighted Average Shares Per Share Amount Net Income (Loss) Weighted Average Shares Per Share Amount Net Income (Loss) Weighted Average Shares Per Share Amount Basic earnings (loss) per share $ 50,712 245,093 $ 0.21 $ 38,905 247,152 $ 0.16 $ (181,501) 241,370 $ (0.75) Dilutive common share equivalents — 633 — 553 — — Diluted earnings (loss) per share $ 50,712 245,726 $ 0.21 $ 38,905 247,705 $ 0.16 $ (181,501) 241,370 $ (0.75)

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock and Performance Stock	The following table summarizes the Company’s RSU and PSU award activity: Number of Shares Weighted Average Grant Date Fair Value Outstanding, December 31, 2020 1,177,592 $ 4.05 Granted 4,362,692 $ 7.70 Forfeited/cancelled/expired (24,919) $ 2.19 Vested (998,898) $ 4.39 Outstanding, December 31, 2021 4,516,467 $ 7.51 Granted 4,334,217 $ 5.53 Forfeited/cancelled/expired (449,189) $ 7.81 Vested (897,877) $ 7.54 Outstanding, December 31, 2022 7,503,618 $ 6.34 Granted 943,003 $ 6.72 Forfeited/cancelled/expired (824,357) $ 6.66 Vested (706,042) $ 5.25 Outstanding, December 31, 2023 6,916,222 $ 6.80

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
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 December 31, 2023 ABL Facility $ 552,400 $ — $ 552,400 $ — 2029 Secured Notes 920,000 — 846,400 — 2023 Credit Facility 13,800 — 13,800 — Other notes payable 31,599 — 31,599 — December 31, 2022 ABL Facility $ 437,731 $ — $ 437,731 $ — 2029 Secured Notes 920,000 — 814,200 — Other notes payable 31,661 — 31,661 —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision for income tax expense (benefit), including the amount of domestic and foreign loss before taxes, is as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Components of income (loss) before tax: Domestic $ 56,000 $ 44,214 $ (180,669) Foreign 2,076 2,518 3,593 Total income (loss) before tax 58,076 46,732 (177,076) Current tax expense (benefit): Federal 62 — — Foreign (6) 161 320 State 3,325 772 242 Total current tax expense (benefit) 3,381 933 562 Deferred tax expense (benefit): Federal 12,971 6,262 (33,415) Foreign 523 (1,829) 826 State 1,484 4,963 (9,507) Total deferred tax expense (benefit) 14,978 9,396 (42,096) Expense (benefit) from change in valuation allowance (10,995) (2,502) 45,959 Total tax expense $ 7,364 $ 7,827 $ 4,425
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation between the federal statutory income tax rate and our actual effective income tax rate is as follows: Year Ended December 31, 2023 2022 2021 Expected federal statutory income tax rate 21.0% 21.0% 21.0% Tax effect of differences: Foreign operations 1.2% (3.3)% (0.3)% Share-based payments — (1.0)% 1.0% Effect of state income taxes, net of federal income tax benefit 5.6% 9.8% 5.2% Nondeductible acquisition costs — — (0.7)% Nontaxable income on warrants — (8.4)% (1.3)% Change in valuation allowance (17.4)% (3.3)% (25.8)% Nondeductible officer compensation 3.4% — — Other (1.1)% 1.9% (1.6)% Effective income tax rate 12.7% 16.7% (2.5)%
Schedule of Deferred Tax Assets and Liabilities	The components of the deferred tax assets and liabilities are as follows: (in $000s) December 31, 2023 December 31, 2022 Deferred tax assets Accounts receivable $ 4,382 $ 4,744 Inventory 19,859 5,602 Transaction and debt issuance costs 3,521 3,964 Compensation and benefits 6,273 6,511 Net operating loss carryforwards 214,697 252,804 Section 163j interest disallowance carryforwards 46,053 39,344 Operating lease liabilities 9,861 7,548 Foreign tax credits, accrued expenses, and other 1,069 1,547 Total deferred tax assets 305,715 322,064 Less: valuation allowance (67,605) (78,600) Total deferred tax assets, net 238,110 243,464 Deferred tax liabilities Financing receivable (7,498) (9,415) Rental equipment and other property and equipment (202,391) (208,108) Goodwill and other intangibles (50,344) (46,394) Operating lease assets (9,648) (7,388) Prepaid expenses and other items (1,584) (1,245) Total deferred tax liabilities (271,465) (272,550) Net deferred tax liability $ (33,355) $ (29,086)
Summary of Valuation Allowance	The following presents changes in the valuation allowance: Year Ended December 31, (in $000s) 2023 2022 2021 Valuation allowance - beginning of year $ (78,600) $ (84,577) $ (16,542) Assigned in purchase accounting (see Note 3) — 3,475 (22,076) Charged to benefit (expense) 10,995 2,502 (45,959) Valuation allowance - end of year $ (67,605) $ (78,600) $ (84,577)

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of the transactions with the foregoing related parties included in the Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: Year Ended December 31, (in $000s) 2023 2022 2021 Total revenues from transactions with related parties $ 26,400 $ 33,816 $ 23,251 Expenses incurred from transactions with related parties included in cost of revenue $ 1,506 $ 2,318 $ 1,687 Expenses incurred from transactions with related parties included in operating expenses $ 5,652 $ 6,103 $ 4,283 Amounts receivable from/payable to related parties included in the Consolidated Balance Sheets are as follows: (in $000s) December 31, 2023 December 31, 2022 Accounts receivable from related parties $ 695 $ 5,053 Accounts payable to related parties $ 140 $ 36

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Company’s Segment Results	The Company’s segment results are presented in the tables below: Year Ended December 31, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 463,139 $ — $ 15,771 $ 478,910 Equipment sales 263,028 990,425 — 1,253,453 Parts and services — — 132,737 132,737 Total revenue 726,167 990,425 148,508 1,865,100 Cost of revenue: Rentals/parts and services 118,236 — 105,791 224,027 Equipment sales 198,510 817,639 — 1,016,149 Depreciation of rental equipment 167,199 — 3,465 170,664 Total cost of revenue 483,945 817,639 109,256 1,410,840 Gross profit $ 242,222 $ 172,786 $ 39,252 $ 454,260 Year Ended December 31, 2022 (in $000s) ERS TES APS Total Revenue: Rental $ 449,108 $ — $ 14,931 $ 464,039 Equipment sales 212,146 770,195 — 982,341 Parts and services — — 126,706 126,706 Total revenue 661,254 770,195 141,637 1,573,086 Cost of revenue: Rentals/parts and services 106,598 — 105,185 211,783 Equipment sales 158,167 647,685 — 805,852 Depreciation of rental equipment 167,962 — 3,741 171,703 Total cost of revenue 432,727 647,685 108,926 1,189,338 Gross profit $ 228,527 $ 122,510 $ 32,711 $ 383,748 Year Ended December 31, 2021 (in $000s) ERS TES APS Total Revenue: Rental $ 354,557 $ — $ 15,510 $ 370,067 Equipment sales 105,435 589,899 — 695,334 Parts and services — — 101,753 101,753 Total revenue 459,992 589,899 117,263 1,167,154 Cost of revenue: Rentals/parts and services 94,644 — 86,943 181,587 Equipment sales 90,420 528,024 — 618,444 Depreciation of rental equipment 151,954 — 5,156 157,110 Total cost of revenue 337,018 528,024 92,099 957,141 Gross profit $ 122,974 $ 61,875 $ 25,164 $ 210,013
Schedule of Reconciliation of Consolidated Gross Profit to Consolidated Income (Loss) Before Income Taxes	The following table presents a reconciliation of consolidated gross profit to consolidated income (loss) before income taxes: Year Ended December 31, (in $000s) 2023 2022 2021 Gross Profit $ 454,260 $ 383,748 $ 210,013 Selling, general and administrative expenses 231,403 210,868 155,783 Amortization 27,110 33,940 40,754 Non-rental depreciation 10,656 9,414 3,613 Transaction expenses and other 14,143 26,218 51,830 Loss on extinguishment of debt — — 61,695 Interest expense, net 131,315 88,906 72,843 Financing and other (income) expense (18,443) (32,330) 571 Income (Loss) Before Income Taxes $ 58,076 $ 46,732 $ (177,076)
Schedule of Total Assets by Country	The following table presents total assets by country: (in $000s) December 31, 2023 December 31, 2022 Assets: United States $ 3,243,619 $ 2,830,958 Canada 124,178 107,254 $ 3,367,797 $ 2,938,212

Condensed Financial Informati_2

Condensed Financial Information of Custom Truck One Source, Inc. (Tables)	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Condensed Parent Company Balance Sheets	Condensed Parent Company Balance Sheets (in $000s, except share data) December 31, 2023 December 31, 2022 Assets Investment in subsidiaries $ 943,396 $ 909,757 Total Assets $ 943,396 $ 909,757 Liabilities and Stockholders' Deficit Liabilities Derivative, warrants and other liabilities $ 527 $ 3,012 Deferred income taxes 30,835 23,471 Total long-term liabilities 31,362 26,483 Commitments and contingencies (see Note 4) Stockholders' Equity (Deficit) Common stock — 0.0001 par value, 500,000,000 shares authorized, 249,903,120 and 248,311,104 shares issued and outstanding, at December 31, 2023 and 2022, respectively 25 25 Treasury stock, at cost — 8,891,788 and 2,241,069 shares at December 31, 2023 and December 31, 2022, respectively (56,524) (15,537) Additional paid-in capital 1,532,384 1,516,318 Accumulated other comprehensive loss (5,978) (8,947) Accumulated deficit (557,873) (608,585) Total stockholders' equity (deficit) 912,034 883,274 Total Liabilities and Stockholders' Equity (Deficit) $ 943,396 $ 909,757
Condensed Parent Company Statements of Operations and Comprehensive Income (Loss)	Condensed Parent Company Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, (in $000s) 2023 2022 2021 Operating Expenses Selling, general, and administrative expenses $ 13,309 $ 12,297 $ 17,313 Total operating expenses 13,309 12,297 17,313 Operating Loss (13,309) (12,297) (17,313) Other Expense (Income) Equity in net (income) loss of subsidiaries (68,900) (40,436) 148,948 Other (income) expense (2,485) (18,593) 10,815 Total other expense (income) (71,385) (59,029) 159,763 Income (Loss) Before Income Taxes 58,076 46,732 (177,076) Income Tax Expense 7,364 7,827 4,425 Net Income (Loss) $ 50,712 $ 38,905 $ (181,501) Other Comprehensive Income (Loss): Unrealized foreign currency translation adjustment $ 2,969 $ (8,947) $ — Other Comprehensive Income (Loss) 2,969 (8,947) — Comprehensive Income (Loss) $ 53,681 $ 29,958 $ (181,501)
Condensed Parent Company Statements of Cash Flows	Condensed Parent Company Statements of Cash Flows Year Ended December 31, (in $000s) 2023 2022 2021 Operating Activities Net cash flow from operating activities $ 68,723 $ 40,231 $ (148,948) Investing Activities Changes in investment in subsidiaries (30,670) (28,114) (727,014) Net cash flow from investing activities (30,670) (28,114) (727,014) Financing Activities Proceeds from issuance of common stock — — 883,000 Common stock issuance costs — — (6,386) Share-based payments 792 (1,838) (652) Common stock repurchase (38,845) (10,279) — Net cash flow from financing activities (38,053) (12,117) 875,962 Net Change in Cash — — — Cash at Beginning of Period — — — Cash at End of Period $ — $ — $ —
Schedule of Stockholders Equity	The following table provides a reconciliation of the beginning and ending amounts of total stockholders’ equity (deficit) for the years ended December 31, 2023, 2022, and 2021. Common Stock Treasury Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity (Deficit) Shares (in $000s, except share data) Common Treasury Balance, December 31, 2020 49,156,753 — $ 5 $ — $ 429,748 $ — $ (465,989) $ (36,236) Net income (loss) — — — — — — (181,501) (181,501) Share-based payments 1,501,659 (318,086) — (3,020) 19,839 — — 16,819 Warrants liability reclassification — — — — (10,290) — — (10,290) Shares issued in business combination 196,700,000 — 20 — 1,064,529 — — 1,064,549 Balance, December 31, 2021 247,358,412 (318,086) $ 25 $ (3,020) $ 1,503,826 $ — $ (647,490) $ 853,341 Net income (loss) — — — — — — 38,905 38,905 Other comprehensive loss — — — — — (8,947) — (8,947) Common stock repurchase — (1,657,635) — (10,483) — — — (10,483) Share-based payments 952,692 (265,348) — (2,034) 12,492 — — 10,458 Balance, December 31, 2022 248,311,104 (2,241,069) $ 25 $ (15,537) $ 1,516,318 $ (8,947) $ (608,585) $ 883,274 Net income (loss) — — — — — — 50,712 50,712 Other comprehensive income — — — — — 2,969 — 2,969 Common stock repurchase — (6,354,587) — (39,021) — — — (39,021) Share-based payments 1,592,016 (296,132) — (1,966) 16,066 — — 14,100 Balance, December 31, 2023 249,903,120 (8,891,788) $ 25 $ (56,524) $ 1,532,384 $ (5,978) $ (557,873) $ 912,034

Business and Organization (Deta

Business and Organization (Details)	12 Months Ended
	Dec. 31, 2023 segment unit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment	3
Number of units | unit	10,300

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) reporting_unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenue from External Customer [Line Items]
Term of operating lease	28 days
Number of reporting units | reporting_unit	3
Amortization expense	$ 6.4	$ 4.3	$ 2.5
Advertising expense	$ 3.3	$ 3.1	$ 4.8
Equipment sales
Revenue from External Customer [Line Items]
Lease payment term	30 days
Parts sales and services
Revenue from External Customer [Line Items]
Lease payment term	30 days
Minimum
Revenue from External Customer [Line Items]
Useful life	3 years
Amortization period	3 years
Minimum | Rental Equipment
Revenue from External Customer [Line Items]
Useful life	1 year
Estimated residual value	0%
Maximum
Revenue from External Customer [Line Items]
Useful life	39 years 6 months
Amortization period	10 years
Maximum | Rental Equipment
Revenue from External Customer [Line Items]
Useful life	7 years
Estimated residual value	35%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accounts receivable	$ 232,592	$ 212,347
Less: allowance for doubtful accounts	(17,503)	(19,241)	$ (10,820)	$ (6,372)
Accounts receivable, net	$ 215,089	$ 193,106

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance - beginning of period	$ 19,241	$ 10,820	$ 6,372
Provision for losses on accounts receivable	8,585	12,650	11,103
Accounts written off during period, net of recoveries	(10,323)	(4,229)	(6,655)
Allowance - end of period	$ 17,503	$ 19,241	$ 10,820

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accrued interest	$ 16,891	$ 14,097
Accrued salaries, wages and benefits	41,667	39,653
Accrued sales taxes	8,834	8,533
Other	6,455	6,501
Total accrued expenses	$ 73,847	$ 68,784

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Cloud Computing Arrangement (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cloud computing arrangements	$ 37,916	$ 34,587
Less: accumulated amortization	(16,058)	(9,703)
Cloud computing arrangements, net	$ 21,858	$ 24,884

Business Combinations - Acquisi

Business Combinations - Acquisition of Custom Truck One Source L.P (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Apr. 01, 2021	Dec. 03, 2020	Dec. 31, 2021
Business Acquisition [Line Items]
Value of shares issued in acquisition			$ 1,064,549
Common stock trading price (in dollars per share)		$ 5
Private Placement
Business Acquisition [Line Items]
Consideration received on sale of stock		$ 140,000
Price per share (in dollars per share)		$ 5
Shares purchased (in shares)	28,000,000	28,000,000
Rollover Agreement
Business Acquisition [Line Items]
Shares purchased (in shares)	20,100,000
Subscription
Business Acquisition [Line Items]
Shares purchased (in shares)	148,600,000
Custom Truck
Business Acquisition [Line Items]
Percentage of voting rights acquired		100%
Value of shares issued in acquisition		$ 100,500
PE One Source
Business Acquisition [Line Items]
Price per share (in dollars per share)		$ 5
PE One Source | Minimum
Business Acquisition [Line Items]
Consideration received on sale of stock		$ 700,000
PE One Source | Maximum
Business Acquisition [Line Items]
Consideration received on sale of stock		$ 763,000

Business Combinations - Purchas

Business Combinations - Purchase Price (Details) - Custom Truck - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Apr. 01, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Common stock issued (in shares)	20,100,000
Common stock share price (in dollars per share)	$ 9.35
Fair value of common stock issued	$ 187,935
Cash consideration paid to equity interest holders	790,324	$ 3,400
Repayment of debt obligations	552,600
Total purchase price	$ 1,530,859

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($)		9 Months Ended	12 Months Ended
	Apr. 01, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Expected federal statutory income tax rate			21%	21%	21%
Custom Truck
Business Acquisition [Line Items]
Cash consideration paid to equity interest holders	$ 790,324,000	$ 3,400,000
Revenues		923,800,000
Pre-tax loss		$ 28,200,000
Expected federal statutory income tax rate			25%
Transaction costs					$ 51,800,000
2029 Secured Notes | Secured Debt
Business Acquisition [Line Items]
Debt instrument, face amount	$ 920,000,000
Debt interest rate	5.50%
ABL Facility | Revolving Credit Facility
Business Acquisition [Line Items]
Maximum borrowing capacity	$ 750,000,000
Debt instrument, term	5 years

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - Custom Truck $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Revenue	$ 1,483,625
Net loss	$ (90,521)

Business Combinations - Schedul

Business Combinations - Schedule of Pro Forma Adjustments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (decrease) net income/loss:
Net income (loss)	$ 50,712	$ 38,905	$ (181,501)
Expected federal statutory income tax rate	21%	21%	21%
Custom Truck
Increase (decrease) net income/loss:
Expected federal statutory income tax rate	25%
Impact of fair value mark-ups on inventory
Increase (decrease) net income/loss:
Net income (loss)			$ 19,186
Impact of fair value mark-ups on rental fleet depreciation
Increase (decrease) net income/loss:
Net income (loss)			(3,817)
Intangible asset amortization and other depreciation expense
Increase (decrease) net income/loss:
Net income (loss)			(3,376)
Transaction expenses
Increase (decrease) net income/loss:
Net income (loss)			40,277
Interest expense and amortization of debt issuance costs
Increase (decrease) net income/loss:
Net income (loss)			3,919
Loss on extinguishment of debt refinanced
Increase (decrease) net income/loss:
Net income (loss)			61,695
Income tax benefit
Increase (decrease) net income/loss:
Net income (loss)			$ (29,471)

Business Combinations - Acqui_2

Business Combinations - Acquisition of Hi-Rail (Details) - Hi-Rail - USD ($) $ in Millions		12 Months Ended
	Jan. 14, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Percentage of voting rights acquired	100%
Cash consideration paid to equity interest holders	$ 51
Revenues		$ 16.9
Pretax income		$ 2.6

Business Combinations - Hi-Rail

Business Combinations - Hi-Rail Assets (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 31, 2022	Jan. 14, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 703,827		$ 704,011	$ 703,827	$ 703,827	$ 695,865
Net cash paid			$ 0		49,832	$ 1,337,686
Hi-Rail
Business Acquisition [Line Items]
Current assets	3,847	$ 2,891		3,847	3,847
Changes in current assets				956
Property, equipment and other assets	819	819		819	819
Changes in property, equipment and other assets				0
Rental equipment	34,224	34,224		34,224	34,224
Changes in rental equipment				0
Total identifiable assets acquired	38,890	37,934		38,890	38,890
Changes in total identifiable assets acquired				956
Total identifiable liabilities assumed	(7,607)	(6,011)		(7,607)	(7,607)
Changes in total identifiable liabilities assumed				(1,596)
Total net assets	31,283	31,923		31,283	31,283
Changes in total net assets				(640)
Goodwill	8,644	8,685		8,644	8,644
Changes in goodwill				(41)
Intangible assets	11,027	11,027		11,027	11,027
Changes in intangible assets				0
Net assets acquired (purchase price)	50,954	51,635		50,954	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,865,100	$ 1,573,086	$ 1,167,154
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,816,471	1,529,165	1,148,683
Canada
Disaggregation of Revenue [Line Items]
Total revenue	$ 48,629	$ 43,921	$ 18,471

Revenue - Schedule of Revenue_2

Revenue - Schedule of Revenue by Major Product and Service Line (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Topic 842	$ 533,884	$ 488,104	$ 378,658
Topic 606	1,331,216	1,084,982	788,496
Total	1,865,100	1,573,086	1,167,154
Total rental revenue
Disaggregation of Revenue [Line Items]
Topic 842	453,696	444,155	355,658
Topic 606	25,214	19,884	14,409
Total	478,910	464,039	370,067
Rental
Disaggregation of Revenue [Line Items]
Topic 842	453,696	444,155	355,658
Topic 606	0	0	0
Total	453,696	444,155	355,658
Shipping and handling
Disaggregation of Revenue [Line Items]
Topic 842	0	0	0
Topic 606	25,214	19,884	14,409
Total	25,214	19,884	14,409
Total sales and services
Disaggregation of Revenue [Line Items]
Topic 842	80,188	43,949	23,000
Topic 606	1,306,002	1,065,098	774,087
Total	1,386,190	1,109,047	797,087
Equipment sales
Disaggregation of Revenue [Line Items]
Topic 842	58,064	30,547	16,274
Topic 606	1,195,389	951,794	679,060
Total	1,253,453	982,341	695,334
Parts and services
Disaggregation of Revenue [Line Items]
Topic 842	22,124	13,402	6,726
Topic 606	110,613	113,304	95,027
Total	$ 132,737	$ 126,706	$ 101,753

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,865,100	$ 1,573,086	$ 1,167,154
Receivables related to contracts with customers	112,100	98,000
Receivables related to rental contracts and other	103,000	95,100
Deferred rent revenue	2,900	3,000
Customer deposits	25,900	29,600
Performance obligation satisfied, revenue recognized	$ 29,500
Expected duration	1 year
Benefit period	1 year
Sales and Services, Parts And Services, Services To Customers
Disaggregation of Revenue [Line Items]
Total revenue	$ 30,000	$ 26,100	$ 21,500

Sales-Type Leases - Schedule of

Sales-Type Leases - Schedule of Revenue from Sales-type Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Equipment sales	$ 58,064	$ 41,525
Cost of equipment sales	55,716	37,582
Gross profit	$ 2,348	$ 3,943

Sales-Type Leases - Narrative (

Sales-Type Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Sales-type lease, rental contracts	$ 28,900	$ 21,300
Interest income	16,100	12,100
Unearned income	700	700
Financing receivables, net	$ 30,845	$ 38,271

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Inventory	$ 985,794	$ 596,724
Whole goods
Inventory [Line Items]
Inventory	846,170	468,557
Aftermarket parts and services inventory
Inventory [Line Items]
Inventory	$ 139,624	$ 128,167

Floor Plan Financing - Schedule

Floor Plan Financing - Schedule of Floor Plan Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	$ 253,197	$ 136,634
Non-trade floor plan payables	409,113	293,536
Daimler Truck Financial
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	181,480	105,447
PACCAR Financial Services
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	71,717	31,187
PNC Equipment Finance, LLC
Debt Instrument, Redemption [Line Items]
Non-trade floor plan payables	$ 409,113	$ 293,536

Floor Plan Financing - Narrativ

Floor Plan Financing - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 25, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 29, 2024	Jan. 31, 2024
Debt Instrument [Line Items]
Interest expense		$ 36.6	$ 12.6	$ 5.2
Daimler Truck Financial | Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest free period		150 days
Maximum borrowing capacity		$ 175
Daimler Truck Financial | Line of Credit | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread		0.80%
PACCAR Financial Corp | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 125
PACCAR Financial Corp | Line of Credit | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread		(0.71%)
PNC Equipment Finance, LLC | Line of Credit | Revolving Credit Facility | PNC Equipment Finance, LLC
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 410
Renewal term	2 years
PNC Equipment Finance, LLC | Line of Credit | Revolving Credit Facility | PNC Equipment Finance, LLC | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 460	$ 425
PNC Equipment Finance, LLC | Line of Credit | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | PNC Equipment Finance, LLC
Debt Instrument [Line Items]
Debt instrument, basis spread		3%

Rental Equipment and Property_3

Rental Equipment and Property and Equipment - Schedule of Rental Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Rental equipment	$ 1,405,532	$ 1,360,205
Less: accumulated depreciation	(488,828)	(476,531)
Rental equipment, net	$ 916,704	$ 883,674

Rental Equipment and Property_4

Rental Equipment and Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 182,932	$ 152,143
Accumulated depreciation	(40,817)	(30,187)
Property and equipment, net	142,115	121,956
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	65,374	65,660
Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	32,354	29,184
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	26,382	25,773
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	27,855	22,224
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	3,386	6,321
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 27,581	$ 2,981

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt Obligations and Associated Interest Rates (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 13, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt outstanding	$ 1,517,799		$ 1,389,392
Deferred financing fees	(22,406)		(27,686)
Total debt excluding deferred financing fees	1,495,393		1,361,706
Less: current maturities	(8,257)		(6,940)
Long-term debt	1,487,136		1,354,766
Notes payable
Debt Instrument [Line Items]
Total debt outstanding	31,599		$ 31,661
Deferred financing fees	(179)
Total debt excluding deferred financing fees	$ 31,421
Notes payable | Minimum
Debt Instrument [Line Items]
Debt interest rate	3.10%		3.10%
Notes payable | Maximum
Debt Instrument [Line Items]
Debt interest rate	7.90%		5%
ABL Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Total debt outstanding	$ 552,400		$ 437,731
Debt interest rate	7.70%		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)			12 Months Ended
	Jan. 13, 2023 USD ($)	Apr. 01, 2021 USD ($) trading_day	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Payments of debt fees			$ 373,000	$ 104,000	$ 34,694,000
2019 Credit Facility and 2024 Senior Secured Notes
Debt Instrument [Line Items]
Elimination of unamortized deferred financing fees					8,200,000
Senior Secured Notes Due 2024
Debt Instrument [Line Items]
Payment of make-whole premium					38,500,000
2029 Secured Notes | Secured Debt
Debt Instrument [Line Items]
Payments of debt fees					$ 15,000,000
Debt instrument, face amount		$ 920,000,000
Debt interest rate		5.50%
Threshold of principal amount outstanding		30%
2029 Secured Notes | Secured Debt | Anytime redemption with not less than 10 nor more than 60 days notice
Debt Instrument [Line Items]
Debt redemption price percent		100%
2029 Secured Notes | Secured Debt | Any time prior to April 15, 2024 with net cash proceeds of sales of one or more equity offerings
Debt Instrument [Line Items]
Debt redemption price percent		105.50%
Debt instrument, percent of principal amount redeemed		40%
2029 Secured Notes | Secured Debt | Any time prior to April 15, 2024 redeemable during each calendar year
Debt Instrument [Line Items]
Debt redemption price percent		103%
Debt instrument, percent of principal amount redeemed		10%
2029 Secured Notes | Secured Debt | Anytime redemption related to change in control
Debt Instrument [Line Items]
Debt redemption price percent		101%
2029 Secured Notes | Secured Debt | Net proceeds required to make an offer price in cash
Debt Instrument [Line Items]
Debt redemption price percent		100%
2029 Secured Notes | Secured Debt | Anytime redemption related to change in control and any tender offer
Debt Instrument [Line Items]
Debt instrument, holders percentage		90%
2029 Secured Notes | Secured Debt | Minimum
Debt Instrument [Line Items]
Required redemption notice		10 days
2029 Secured Notes | Secured Debt | Minimum | Anytime redemption with not less than 10 nor more than 60 days notice
Debt Instrument [Line Items]
Debt redemption, call premium percent		0%
2029 Secured Notes | Secured Debt | Maximum
Debt Instrument [Line Items]
Required redemption notice		60 days
2029 Secured Notes | Secured Debt | Maximum | Anytime redemption with not less than 10 nor more than 60 days notice
Debt Instrument [Line Items]
Debt redemption, call premium percent		2.75%
2023 Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 18,000,000
Debt interest rate	5.75%		5.80%	0%
Company received proceeds	$ 13,700,000
Line of credit facility	4,200,000
Balloon payment to be paid	$ 100,000
3.125% Loan Agreement | Notes Payable to Banks
Debt Instrument [Line Items]
Debt instrument, face amount			$ 23,900,000
Debt interest rate			3.125%
3.5% Loan Agreement | Notes Payable to Banks
Debt Instrument [Line Items]
Debt instrument, face amount			$ 3,500,000
Debt interest rate			3.50%
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000,000
Additional capacity amount		$ 200,000,000
Additional capacity percentage		60%
Remaining borrowing capacity			$ 194,500,000
Commitment fee percentage		0.375%
Future commitment fee percentage based on average daily usage		0.25%
Voting capital stock limitation		65%
Fixed charge coverage ratio		1
Line cap percentage		10%
Test amount		$ 60,000,000
Consecutive calendar days | trading_day		30
Revolving Credit Facility | ABL Facility | Eligible accounts of Buyer and certain ABL Guarantors
Debt Instrument [Line Items]
Percentage of book value		90%
Revolving Credit Facility | ABL Facility | Lesser of book value of eligible parts inventory and net orderly liquidation of Buyer and certain ABL Guarantors
Debt Instrument [Line Items]
Percentage of book value		75%
Percentage of net orderly liquidation value		90%
Revolving Credit Facility | ABL Facility | Lesser of book value of eligible fleet inventory and net orderly liquidation of Buyer and certain ABL Guarantors
Debt Instrument [Line Items]
Percentage of book value		95%
Percentage of net orderly liquidation value		85%
Revolving Credit Facility | ABL Facility | Eligible cash of Buyer and certain ABL Guarantors
Debt Instrument [Line Items]
Percentage of eligible cash		100%
Revolving Credit Facility | ABL Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread		0.50%
Revolving Credit Facility | ABL Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread		1%
Revolving Credit Facility | ABL Facility | Canadian Dollar Offer Rate (CDOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread		1.50%
Revolving Credit Facility | ABL Facility | Canadian Dollar Offer Rate (CDOR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread		2%
Revolving Credit Facility | ABL Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread		1.50%
Revolving Credit Facility | ABL Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread		2%
Revolving Credit Facility | ABL Facility | Line of Credit
Debt Instrument [Line Items]
Debt interest rate			7.70%	6.10%
Swingline | ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000
Letter of Credit | ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50,000,000
Outstanding borrowings			$ 3,100,000

Long-Term Debt - Schedule of _2

Long-Term Debt - Schedule of Debt Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 1,517,799	$ 1,389,392
Less unamortized discount and issuance costs	(22,406)	(27,686)
Total debt excluding deferred financing fees	1,495,393	1,361,706
Notes payable
Debt Instrument [Line Items]
2024	7,958
2025	1,117
2026	22,524
2027	0
2028	0
Thereafter	0
Total	31,599	$ 31,661
Less unamortized discount and issuance costs	(179)
Total debt excluding deferred financing fees	31,421
Long-Term Debt
Debt Instrument [Line Items]
2024	299
2025	612
2026	553,049
2027	688
2028	11,551
Thereafter	920,000
Total	1,486,199
Less unamortized discount and issuance costs	(22,227)
Total debt excluding deferred financing fees	$ 1,463,972

Leases as Lessee - Narrative (D

Leases as Lessee - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Lease term	5 years
Operating lease weighted average discount rate	6.30%
Operating lease weighted average remaining term	7 years 10 months 24 days
Property and Equipment, Net
Lessee, Lease, Description [Line Items]
Finance leases, net of amortization		$ 3.3
Finance lease accumulated amortization		1.1
Rental Equipment, Net
Lessee, Lease, Description [Line Items]
Finance leases, net of amortization		4.8
Finance lease accumulated amortization		$ 6.6

Leases as Lessee - Summary of L

Leases as Lessee - Summary of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 10,149	$ 7,659	$ 6,969
Finance lease cost:
Amortization of lease assets	1,748	1,820	2,973
Interest on lease liabilities	300	1,189	1,431
Short-term lease cost	978	1,472	3,690
Sublease income	(1,365)	(1,730)	(5,383)
Total lease cost	$ 11,810	$ 10,410	$ 9,680

Leases as Lessee - Supplemental

Leases as Lessee - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$ 7,891	$ 7,855	$ 6,969
Operating cash outflows - interest payments on finance leases	300	1,189	1,431
Finance cash outflows - payments on finance lease obligations	2,682	3,955	5,223
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 16,077	$ 3,761	$ 1,809

Leases as Lessee - Maturity (De

Leases as Lessee - Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 8,787
2025	7,586
2026	6,150
2027	5,022
2028	4,864
Thereafter	17,964
Total lease payments	50,373
Less: imputed interest	(11,095)
Total present value of lease liabilities	$ 39,278

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill by Reporting Unit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 703,827	$ 695,865
Currency translation adjustment	184	(682)
Goodwill, ending balance	704,011	703,827
Hi-Rail
Goodwill [Roll Forward]
Goodwill, beginning balance	8,644
Acquisition of HiRail		8,644
Goodwill, ending balance		8,644
ERS
Goodwill [Roll Forward]
Goodwill, beginning balance	498,624	490,662
Currency translation adjustment	184	(682)
Goodwill, ending balance	498,808	498,624
ERS | Hi-Rail
Goodwill [Roll Forward]
Acquisition of HiRail		8,644
TES
Goodwill [Roll Forward]
Goodwill, beginning balance	167,307	167,307
Currency translation adjustment	0	0
Goodwill, ending balance	167,307	167,307
TES | Hi-Rail
Goodwill [Roll Forward]
Acquisition of HiRail		0
APS
Goodwill [Roll Forward]
Goodwill, beginning balance	37,896	37,896
Currency translation adjustment	0	0
Goodwill, ending balance	$ 37,896	37,896
APS | Hi-Rail
Goodwill [Roll Forward]
Acquisition of HiRail		$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 393,902	$ 393,666
Accumulated Amortization	(116,690)	(89,534)
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	180,780	180,780
Accumulated Amortization	$ (57,463)	(46,513)
Trade names | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (Years)	12 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 212,587	212,351
Accumulated Amortization	$ (58,696)	(42,502)
Customer relationships | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (Years)	10 years 10 months 24 days
Non-compete agreements and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 535	535
Accumulated Amortization	$ (531)	$ (519)
Non-compete agreements and other | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (Years)	1 year 3 months 18 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 27.1	$ 33.9	$ 40.8

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Future Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 26,331
2025	26,329
2026	26,328
2027	26,328
2028	26,328
Thereafter	145,568
Total estimated future amortization expense	$ 277,212

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computation of Basic and Dilutive Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Potentially dilutive shares excluded in aggregate (in shares)	28,700	26,700	24,400
Net Income (Loss)
Basic earnings (loss) per share	$ 50,712	$ 38,905	$ (181,501)
Dilutive common share equivalents	0	0	0
Diluted earnings (loss) per share	$ 50,712	$ 38,905	$ (181,501)
Weighted Average Shares
Weighted-average shares, basic (in shares)	245,093	247,152	241,370
Dilutive common share equivalents (in shares)	633	553	0
Weighted-average shares, diluted (in shares)	245,726	247,705	241,370
Per Share Amount
Basic earnings (loss) per share (in dollars per share)	$ 0.21	$ 0.16	$ (0.75)
Diluted earnings (loss) per share (in dollars per share)	$ 0.21	$ 0.16	$ (0.75)

Equity (Details)

Equity (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Jul. 31, 2019 trading_day $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 14, 2023 USD ($)	Aug. 02, 2022 USD ($)
Business Acquisition [Line Items]
Preferred stock authorized (in shares) | shares		10,000,000	10,000,000
Preferred stock par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Preferred stock outstanding (in shares) | shares		0	0
Preferred stock issued (in shares) | shares		0	0
Common stock, authorized (in shares) | shares		500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Stock repurchase program | $					$ 30
Additional authorized amount | $				$ 25
Shares repurchased (in shares) | shares		6,400,000	1,700,000
Cost method | $		$ 39	$ 10.5
Commission fees | $		$ 0.2	$ 0.2
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

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 08, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)				14,650,000
Shares of common stock reserved for issuance (in shares)	3,200,000
Compensation expense	$ 13.3	$ 12.3	$ 17.3
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 22.4
Weighted average period for recognition	2 years 4 months 24 days
RSUs and PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
RSUs and PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

Share-Based Compensation - RSUs

Share-Based Compensation - RSUs/PSUs (Details) - RSUs and PSUs - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Number of shares, beginning balance (in shares)	7,503,618	4,516,467	1,177,592
Granted (in shares)	943,003	4,334,217	4,362,692
Forfeited/cancelled/expired (in shares)	(824,357)	(449,189)	(24,919)
Vested (in shares)	(706,042)	(897,877)	(998,898)
Number of shares, ending balance (in shares)	6,916,222	7,503,618	4,516,467
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 6.34	$ 7.51	$ 4.05
Granted (in dollars per share)	6.72	5.53	7.70
Forfeited/cancelled/expired (in dollars per share)	6.66	7.81	2.19
Vested (in dollars per share)	5.25	7.54	4.39
Weighted average grant date fair value, ending balance (in dollars per share)	$ 6.80	$ 6.34	$ 7.51

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Value | Other notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 31,599	$ 31,661
Carrying Value | 2029 Secured Notes | 2029 Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	920,000	920,000
Carrying Value | 2023 Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	13,800
Carrying Value | Revolving Credit Facility | ABL Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	552,400	437,731
Fair Value | Other notes payable | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Fair Value | Other notes payable | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	31,599	31,661
Fair Value | Other notes payable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Fair Value | 2029 Secured Notes | 2029 Secured Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Fair Value | 2029 Secured Notes | 2029 Secured Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	846,400	814,200
Fair Value | 2029 Secured Notes | 2029 Secured Notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Fair Value | 2023 Credit Facility | Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0
Fair Value | 2023 Credit Facility | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	13,800
Fair Value | 2023 Credit Facility | Line of Credit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0
Fair Value | Revolving Credit Facility | ABL Facility | Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Fair Value | Revolving Credit Facility | ABL Facility | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	552,400	437,731
Fair Value | Revolving Credit Facility | ABL Facility | Line of Credit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 0	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of income (loss) before tax:
Domestic	$ 56,000	$ 44,214	$ (180,669)
Foreign	2,076	2,518	3,593
Income (Loss) Before Income Taxes	58,076	46,732	(177,076)
Current tax expense (benefit):
Federal	62	0	0
Foreign	(6)	161	320
State	3,325	772	242
Total current tax expense (benefit)	3,381	933	562
Deferred tax expense (benefit):
Federal	12,971	6,262	(33,415)
Foreign	523	(1,829)	826
State	1,484	4,963	(9,507)
Total deferred tax expense (benefit)	14,978	9,396	(42,096)
Expense (benefit) from change in valuation allowance	(10,995)	(2,502)	45,959
Total tax expense	$ 7,364	$ 7,827	$ 4,425

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Expected federal statutory income tax rate	21%	21%	21%
Foreign operations	1.20%	(3.30%)	(0.30%)
Share-based payments	0%	(1.00%)	1%
Effect of state income taxes, net of federal income tax benefit	5.60%	9.80%	5.20%
Nondeductible acquisition costs	0%	0%	(0.70%)
Nontaxable income on warrants	0%	(8.40%)	(1.30%)
Change in valuation allowance	(17.40%)	(3.30%)	(25.80%)
Nondeductible officer compensation	3.40%	0%	0%
Other	(1.10%)	1.90%	(1.60%)
Effective income tax rate	12.70%	16.70%	(2.50%)

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Accounts receivable	$ 4,382	$ 4,744
Inventory	19,859	5,602
Transaction and debt issuance costs	3,521	3,964
Compensation and benefits	6,273	6,511
Net operating loss carryforwards	214,697	252,804
Section 163j interest disallowance carryforwards	46,053	39,344
Operating lease liabilities	9,861	7,548
Foreign tax credits, accrued expenses, and other	1,069	1,547
Total deferred tax assets	305,715	322,064
Less: valuation allowance	(67,605)	(78,600)
Total deferred tax assets, net	238,110	243,464
Deferred tax liabilities
Financing receivable	(7,498)	(9,415)
Rental equipment and other property and equipment	(202,391)	(208,108)
Goodwill and other intangibles	(50,344)	(46,394)
Operating lease assets	(9,648)	(7,388)
Prepaid expenses and other items	(1,584)	(1,245)
Total deferred tax liabilities	(271,465)	(272,550)
Net deferred tax liability	$ (33,355)	$ (29,086)

Income Taxes - Valuation Allowa

Income Taxes - Valuation Allowance Rollforward (Details) - Valuation allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance - beginning of year	$ (78,600)	$ (84,577)	$ (16,542)
Assigned in purchase accounting (see Note 3)	0	3,475	(22,076)
Charged to benefit (expense)	10,995	2,502	(45,959)
Valuation allowance - end of year	$ (67,605)	$ (78,600)	$ (84,577)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Domestic Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 909.9	$ 1,067
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	397.2	513.4
Foreign Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 15.3	$ 9.6

Concentration Risks (Details)

Concentration Risks (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Seven Customers | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Five Customers | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		11.70%
Two Vendors | Cost of Goods and Service Benchmark | Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	31%
One Vendor | Cost of Goods and Service Benchmark | Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		16%
Top Five Vendors | Cost of Goods and Service Benchmark | Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	51%	41%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Oct. 28, 2020	Dec. 31, 2023
Tax Year 2015
Loss Contingencies [Line Items]
Tax assessment amount	$ 2.4
Custom Truck | Nesco Owner | Sellers
Loss Contingencies [Line Items]
Estimate of possible loss		$ 10
Custom Truck | Buyer | Sellers
Loss Contingencies [Line Items]
Estimate of possible loss		$ 8.5

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	Apr. 01, 2021	Dec. 03, 2020	Dec. 31, 2022	Dec. 31, 2021
Private Placement
Related Party Transaction [Line Items]
Shares purchased (in shares)	28,000,000	28,000,000
Price per share (in dollars per share)		$ 5
Affiliated Entity | R&M Equipment Rental | Rentals and Sales of Equipment
Related Party Transaction [Line Items]
Purchases with related party				$ 19.4
Affiliated Entity | Members of Management and Directors | PIPE Investor Transaction | Private Placement
Related Party Transaction [Line Items]
Shares purchased (in shares)				1,400,000
Price per share (in dollars per share)				$ 5
Affiliated Entity | Companies Management and Immediate Families | Facilities Leased and Other
Related Party Transaction [Line Items]
Purchases with related party			$ 15.4

Related Parties - Condensed Con

Related Parties - Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Total revenues from transactions with related parties	$ 1,865,100	$ 1,573,086	$ 1,167,154
Expenses incurred from transactions with related parties included in cost of revenue	1,410,840	1,189,338	957,141
Expenses incurred from transactions with related parties included in operating expenses	283,312	280,440	251,980
Related Party
Related Party Transaction [Line Items]
Total revenues from transactions with related parties	26,400	33,816	23,251
Expenses incurred from transactions with related parties included in cost of revenue	1,506	2,318	1,687
Expenses incurred from transactions with related parties included in operating expenses	$ 5,652	$ 6,103	$ 4,283

Related Parties - Condensed C_2

Related Parties - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts receivable from related parties	$ 215,089	$ 193,106
Accounts payable to related parties	117,653	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)	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 1,865,100	$ 1,573,086	$ 1,167,154
Depreciation of rental equipment	170,664	171,703	157,110
Total cost of revenue	1,410,840	1,189,338	957,141
Gross Profit	454,260	383,748	210,013
ERS
Segment Reporting Information [Line Items]
Total revenue	726,167	661,254	459,992
Depreciation of rental equipment	167,199	167,962	151,954
Total cost of revenue	483,945	432,727	337,018
Gross Profit	242,222	228,527	122,974
TES
Segment Reporting Information [Line Items]
Total revenue	990,425	770,195	589,899
Depreciation of rental equipment	0	0	0
Total cost of revenue	817,639	647,685	528,024
Gross Profit	172,786	122,510	61,875
APS
Segment Reporting Information [Line Items]
Total revenue	148,508	141,637	117,263
Depreciation of rental equipment	3,465	3,741	5,156
Total cost of revenue	109,256	108,926	92,099
Gross Profit	39,252	32,711	25,164
Rental
Segment Reporting Information [Line Items]
Total revenue	478,910	464,039	370,067
Cost of revenue	120,198	110,272	99,885
Rental | ERS
Segment Reporting Information [Line Items]
Total revenue	463,139	449,108	354,557
Rental | TES
Segment Reporting Information [Line Items]
Total revenue	0	0	0
Rental | APS
Segment Reporting Information [Line Items]
Total revenue	15,771	14,931	15,510
Equipment sales
Segment Reporting Information [Line Items]
Total revenue	1,253,453	982,341	695,334
Cost of revenue	1,016,149	805,852	618,444
Equipment sales | ERS
Segment Reporting Information [Line Items]
Total revenue	263,028	212,146	105,435
Cost of revenue	198,510	158,167	90,420
Equipment sales | TES
Segment Reporting Information [Line Items]
Total revenue	990,425	770,195	589,899
Cost of revenue	817,639	647,685	528,024
Equipment sales | APS
Segment Reporting Information [Line Items]
Total revenue	0	0	0
Cost of revenue	0	0	0
Parts and services
Segment Reporting Information [Line Items]
Total revenue	132,737	126,706	101,753
Cost of revenue	103,829	101,511	81,702
Parts and services | ERS
Segment Reporting Information [Line Items]
Total revenue	0	0	0
Parts and services | TES
Segment Reporting Information [Line Items]
Total revenue	0	0	0
Parts and services | APS
Segment Reporting Information [Line Items]
Total revenue	132,737	126,706	101,753
Rentals/parts and services
Segment Reporting Information [Line Items]
Cost of revenue	224,027	211,783	181,587
Rentals/parts and services | ERS
Segment Reporting Information [Line Items]
Cost of revenue	118,236	106,598	94,644
Rentals/parts and services | TES
Segment Reporting Information [Line Items]
Cost of revenue	0	0	0
Rentals/parts and services | APS
Segment Reporting Information [Line Items]
Cost of revenue	$ 105,791	$ 105,185	$ 86,943

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of Consolidated Gross Profit to Consolidated Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Gross Profit	$ 454,260	$ 383,748	$ 210,013
Selling, general and administrative expenses	231,403	210,868	155,783
Amortization	27,110	33,940	40,754
Non-rental depreciation	10,656	9,414	3,613
Transaction expenses and other	14,143	26,218	51,830
Loss on extinguishment of debt	0	0	61,695
Interest expense, net	131,315	88,906	72,843
Financing and other (income) expense	(18,443)	(32,330)	571
Income (Loss) Before Income Taxes	$ 58,076	$ 46,732	$ (177,076)

Segments - Schedule of Total As

Segments - Schedule of Total Assets by Country (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 3,367,797	$ 2,938,212
United States
Segment Reporting Information [Line Items]
Assets	3,243,619	2,830,958
Canada
Segment Reporting Information [Line Items]
Assets	$ 124,178	$ 107,254

Condensed Financial Informati_3

Condensed Financial Information of Custom Truck One Source, Inc. - Condensed Parent Company Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Total Assets	$ 3,367,797	$ 2,938,212
Warrants and other liabilities	0	3,015
Deferred income taxes	33,355	29,086
Total long-term liabilities	1,553,205	1,414,891
Common stock — 0.0001 par value, 500,000,000 shares authorized, 249,903,120 and 248,311,104 shares issued and outstanding, at December 31, 2023 and 2022, respectively	25	25
Treasury stock, at cost — 8,891,788 and 2,241,069 shares at December 31, 2023 and December 31, 2022, respectively	(56,524)	(15,537)
Additional paid-in capital	1,537,553	1,521,487
Accumulated other comprehensive loss	(5,978)	(8,947)
Accumulated deficit	(557,873)	(608,585)
Total stockholders' equity	917,203	888,443	$ 858,510	$ (31,067)
Total Liabilities and Stockholders' Equity	3,367,797	2,938,212
Parent Company
Condensed Financial Statements, Captions [Line Items]
Investment in subsidiaries	943,396	909,757
Total Assets	943,396	909,757
Warrants and other liabilities	527	3,012
Deferred income taxes	30,835	23,471
Total long-term liabilities	31,362	26,483
Commitments and contingencies (see Note 4)
Common stock — 0.0001 par value, 500,000,000 shares authorized, 249,903,120 and 248,311,104 shares issued and outstanding, at December 31, 2023 and 2022, respectively	25	25
Treasury stock, at cost — 8,891,788 and 2,241,069 shares at December 31, 2023 and December 31, 2022, respectively	(56,524)	(15,537)
Additional paid-in capital	1,532,384	1,516,318
Accumulated other comprehensive loss	(5,978)	(8,947)
Accumulated deficit	(557,873)	(608,585)
Total stockholders' equity	912,034	883,274	$ 853,341	$ (36,236)
Total Liabilities and Stockholders' Equity	$ 943,396	$ 909,757

Condensed Financial Informati_4

Condensed Financial Information of Custom Truck One Source, Inc. - Condensed Parent Company Balance Sheets Narrative (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
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)	249,903,120	248,311,104
Common stock, outstanding (in shares)	249,903,120	248,311,104
Treasury stock (in shares)	8,891,788	2,241,069
Parent Company
Condensed Financial Statements, Captions [Line Items]
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)	249,903,120	248,311,104
Common stock, outstanding (in shares)	249,903,120	248,311,104
Treasury stock (in shares)	8,891,788	2,241,069

Condensed Financial Informati_5

Condensed Financial Information of Custom Truck One Source, Inc. - Condensed Parent Company Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Selling, general, and administrative expenses	$ 231,403	$ 210,868	$ 155,783
Total operating expenses	283,312	280,440	251,980
Operating Income (Loss)	170,948	103,308	(41,967)
Other (income) expense	(18,443)	(32,330)	571
Total other expense	112,872	56,576	135,109
Income (Loss) Before Income Taxes	58,076	46,732	(177,076)
Income Tax Expense	7,364	7,827	4,425
Net Income (Loss)	50,712	38,905	(181,501)
Other Comprehensive Income (Loss):
Unrealized foreign currency translation adjustment	2,969	(8,947)	0
Other Comprehensive Income (Loss)	2,969	(8,947)	0
Comprehensive Income (Loss)	53,681	29,958	(181,501)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Selling, general, and administrative expenses	13,309	12,297	17,313
Total operating expenses	13,309	12,297	17,313
Operating Income (Loss)	(13,309)	(12,297)	(17,313)
Equity in net (income) loss of subsidiaries	(68,900)	(40,436)	148,948
Other (income) expense	(2,485)	(18,593)	10,815
Total other expense	(71,385)	(59,029)	159,763
Income (Loss) Before Income Taxes	58,076	46,732	(177,076)
Income Tax Expense	7,364	7,827	4,425
Net Income (Loss)	50,712	38,905	(181,501)
Other Comprehensive Income (Loss):
Unrealized foreign currency translation adjustment	2,969	(8,947)	0
Other Comprehensive Income (Loss)	2,969	(8,947)	0
Comprehensive Income (Loss)	$ 53,681	$ 29,958	$ (181,501)

Condensed Financial Informati_6

Condensed Financial Information of Custom Truck One Source, Inc. - Condensed Parent Company Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Net cash flow from operating activities	$ (30,883)	$ 45,968	$ 138,926
Net cash flow from investing activities	(176,598)	(218,936)	(1,429,480)
Proceeds from issuance of common stock	0	0	883,000
Common stock issuance costs	0	0	(6,386)
Repurchase of common stock	(38,845)	(10,279)	0
Net cash flow from financing activities	202,876	153,896	1,323,044
Net Change in Cash and Cash Equivalents	(4,051)	(21,542)	32,490
Cash and Cash Equivalents at Beginning of Period	14,360	35,902	3,412
Cash and Cash Equivalents at End of Period	10,309	14,360	35,902
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net cash flow from operating activities	68,723	40,231	(148,948)
Changes in investment in subsidiaries	(30,670)	(28,114)	(727,014)
Net cash flow from investing activities	(30,670)	(28,114)	(727,014)
Proceeds from issuance of common stock	0	0	883,000
Common stock issuance costs	0	0	(6,386)
Share-based payments	792	(1,838)	(652)
Repurchase of common stock	(38,845)	(10,279)	0
Net cash flow from financing activities	(38,053)	(12,117)	875,962
Net Change in Cash and Cash Equivalents	0	0	0
Cash and Cash Equivalents at Beginning of Period	0	0	0
Cash and Cash Equivalents at End of Period	$ 0	$ 0	$ 0

Condensed Financial Informati_7

Condensed Financial Information of Custom Truck One Source, Inc. - Changes in Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance (in shares)	248,311,104
Beginning balance (in shares)	(2,241,069)
Beginning balance	$ 888,443	$ 858,510	$ (31,067)
Net income (loss)	50,712	38,905	(181,501)
Other comprehensive income (loss)	2,969	(8,947)	0
Common stock repurchases	(39,021)	(10,483)
Share-based payments	$ 14,100	$ 10,458	16,819
Warrants liability reclassification			(10,290)
Shares issued in business combination			1,064,549
Ending balance (in shares)	249,903,120	248,311,104
Ending balance (in shares)	(8,891,788)	(2,241,069)
Ending balance	$ 917,203	$ 888,443	858,510
Parent Company
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance (in shares)	248,311,104
Beginning balance (in shares)	(2,241,069)
Beginning balance	$ 883,274	853,341	(36,236)
Net income (loss)	50,712	38,905	(181,501)
Other comprehensive income (loss)	2,969	(8,947)	0
Common stock repurchases	(39,021)	(10,483)
Share-based payments	$ 14,100	$ 10,458	16,819
Warrants liability reclassification			(10,290)
Shares issued in business combination			1,064,549
Ending balance (in shares)	249,903,120	248,311,104
Ending balance (in shares)	(8,891,788)	(2,241,069)
Ending balance	$ 912,034	$ 883,274	$ 853,341
Common Stock
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance (in shares)	248,311,104	247,358,412	49,156,753
Beginning balance	$ 25	$ 25	$ 5
Share-based payments (in shares)	1,592,016	952,692	1,501,659
Shares issued in business combination (in shares)			196,700,000
Shares issued in business combination			$ 20
Ending balance (in shares)	249,903,120	248,311,104	247,358,412
Ending balance	$ 25	$ 25	$ 25
Common Stock | Parent Company
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance (in shares)	248,311,104	247,358,412	49,156,753
Beginning balance	$ 25	$ 25	$ 5
Share-based payments (in shares)	1,592,016	952,692	1,501,659
Shares issued in business combination (in shares)			196,700,000
Shares issued in business combination			$ 20
Ending balance (in shares)	249,903,120	248,311,104	247,358,412
Ending balance	$ 25	$ 25	$ 25
Treasury Stock
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance (in shares)	(2,241,069)	(318,086)	0
Beginning balance	$ (15,537)	$ (3,020)	$ 0
Common stock repurchases (in shares)	(6,354,587)	(1,657,635)
Common stock repurchases	$ (39,021)	$ (10,483)
Share-based payments (in shares)	296,132	265,348	318,086
Share-based payments	$ (1,966)	$ (2,034)	$ (3,020)
Ending balance (in shares)	(8,891,788)	(2,241,069)	(318,086)
Ending balance	$ (56,524)	$ (15,537)	$ (3,020)
Treasury Stock | Parent Company
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance (in shares)	(2,241,069)	(318,086)	0
Beginning balance	$ (15,537)	$ (3,020)	$ 0
Common stock repurchases (in shares)	(6,354,587)	(1,657,635)
Common stock repurchases	$ (39,021)	$ (10,483)
Share-based payments (in shares)	296,132	265,348	318,086
Share-based payments	$ (1,966)	$ (2,034)	$ (3,020)
Ending balance (in shares)	(8,891,788)	(2,241,069)	(318,086)
Ending balance	$ (56,524)	$ (15,537)	$ (3,020)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance	1,521,487	1,508,995	434,917
Share-based payments	16,066	12,492	19,839
Warrants liability reclassification			(10,290)
Shares issued in business combination			1,064,529
Ending balance	1,537,553	1,521,487	1,508,995
Additional Paid-in Capital | Parent Company
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance	1,516,318	1,503,826	429,748
Share-based payments	16,066	12,492	19,839
Warrants liability reclassification			(10,290)
Shares issued in business combination			1,064,529
Ending balance	1,532,384	1,516,318	1,503,826
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance	(8,947)	0	0
Other comprehensive income (loss)	2,969	(8,947)
Ending balance	(5,978)	(8,947)	0
Accumulated Other Comprehensive Loss | Parent Company
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance	(8,947)	0	0
Other comprehensive income (loss)	2,969	(8,947)
Ending balance	(5,978)	(8,947)	0
Accumulated Deficit
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance	(608,585)	(647,490)	(465,989)
Net income (loss)	50,712	38,905	(181,501)
Ending balance	(557,873)	(608,585)	(647,490)
Accumulated Deficit | Parent Company
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Beginning balance	(608,585)	(647,490)	(465,989)
Net income (loss)	50,712	38,905	(181,501)
Ending balance	$ (557,873)	$ (608,585)	$ (647,490)