Custom Truck One Source (CTOS) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	CTOS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		240,418,172
Entity Central Index Key	0001709682
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Total revenue	$ 411,307	$ 452,163
Cost of Revenue
Depreciation of rental equipment	43,744	40,330
Total cost of revenue	320,598	342,502
Gross Profit	90,709	109,661
Operating Expenses
Selling, general and administrative expenses	57,995	56,991
Amortization	6,578	6,672
Non-rental depreciation	2,920	2,650
Transaction expenses and other	4,846	3,460
Total operating expenses	72,339	69,773
Operating Income	18,370	39,888
Other Expense
Interest expense, net	37,915	29,176
Financing and other expense (income)	(3,262)	(3,951)
Total other expense	34,653	25,225
Income (Loss) Before Income Taxes	(16,283)	14,663
Income Tax Expense (Benefit)	(1,948)	863
Net Income (Loss)	(14,335)	13,800
Other Comprehensive Income (Loss):
Unrealized foreign currency translation adjustments	(2,530)	342
Other Comprehensive Income (Loss)	(2,530)	342
Comprehensive Income (Loss)	$ (16,865)	$ 14,142
Net Income (Loss) Per Share:
Basic (in dollars per share)	$ (0.06)	$ 0.06
Diluted (in dollars per share)	$ (0.06)	$ 0.06
Weighted-Average Common Shares Outstanding:
Basic (in shares)	240,364	246,049
Diluted (in shares)	240,364	247,053
Rental revenue
Revenue
Total revenue	$ 106,171	$ 118,288
Cost of Revenue
Cost of goods and service	29,825	29,899
Equipment sales
Revenue
Total revenue	272,602	301,290
Cost of Revenue
Cost of goods and service	220,800	246,125
Parts sales and services
Revenue
Total revenue	32,534	32,585
Cost of Revenue
Cost of goods and service	$ 26,229	$ 26,148

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 7,990	$ 10,309
Accounts receivable, net	169,304	215,089
Financing receivables, net	19,824	30,845
Inventory	1,103,433	985,794
Prepaid expenses and other	26,069	23,862
Total current assets	1,326,620	1,265,899
Property and equipment, net	153,490	142,115
Rental equipment, net	931,690	916,704
Goodwill	703,836	704,011
Intangible assets, net	270,461	277,212
Operating lease assets	42,997	38,426
Other assets	21,421	23,430
Total Assets	3,450,515	3,367,797
Current Liabilities
Accounts payable	119,250	117,653
Accrued expenses	67,176	73,847
Deferred revenue and customer deposits	26,482	28,758
Floor plan payables - trade	307,646	253,197
Floor plan payables - non-trade	459,792	409,113
Operating lease liabilities - current	6,729	6,564
Current maturities of long-term debt	6,066	8,257
Total current liabilities	993,141	897,389
Long-term debt, net	1,492,346	1,487,136
Operating lease liabilities - noncurrent	37,398	32,714
Deferred income taxes	30,952	33,355
Total long-term liabilities	1,560,696	1,553,205
Stockholders' Equity
Common stock — $0.0001 par value, $500,000,000 shares authorized, $250,075,110 and $249,903,120 shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively	25	25
Treasury stock, at cost — $9,942,258 and $8,891,788 shares at March 31, 2024 and December 31, 2023, respectively	(62,958)	(56,524)
Additional paid-in capital	1,540,327	1,537,553
Accumulated other comprehensive loss	(8,508)	(5,978)
Accumulated deficit	(572,208)	(557,873)
Total stockholders' equity	896,678	917,203
Total Liabilities and Stockholders' Equity	$ 3,450,515	$ 3,367,797

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	250,075,110	249,903,120
Common stock, outstanding (in shares)	250,075,110	249,903,120
Treasury stock (in shares)	9,942,258	8,891,788

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net income (loss)	$ (14,335)	$ 13,800
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	56,160	52,091
Amortization of debt issuance costs	1,431	2,407
Provision for losses on accounts receivable	1,882	1,872
Share-based compensation	2,730	3,147
Gain on sales and disposals of rental equipment	(11,119)	(21,320)
Change in fair value of derivative and warrants	(527)	(525)
Deferred tax expense	(2,403)	514
Changes in assets and liabilities:
Accounts and financing receivables	21,064	17,161
Inventories	(116,823)	(117,580)
Prepaids, operating leases and other	(1,645)	(4,987)
Accounts payable	2,769	35,916
Accrued expenses and other liabilities	(5,745)	1,328
Floor plan payables - trade, net	54,450	22,395
Customer deposits and deferred revenue	(2,264)	(2,313)
Net cash flow from operating activities	(14,375)	3,906
Investing Activities
Acquisition of business, net of cash acquired	(1,410)	0
Purchases of rental equipment	(75,552)	(109,145)
Proceeds from sales and disposals of rental equipment	60,078	78,626
Purchase of non-rental property and cloud computing arrangements	(16,527)	(9,429)
Net cash flow for investing activities	(33,411)	(39,948)
Financing Activities
Proceeds from debt	4,200	13,537
Share-based payments	(10)	228
Borrowings under revolving credit facilities	35,000	35,000
Repayments under revolving credit facilities	(35,000)	(10,331)
Repayments of notes payable	0	(2,020)
Finance lease payments	0	(377)
Repurchase of common stock	(6,762)	(1,122)
Principal payments on long-term debt	(2,612)	0
Acquisition of inventory through floor plan payables - non-trade	162,781	187,381
Repayment of floor plan payables - non-trade	(112,102)	(168,447)
Net cash flow from financing activities	45,495	53,849
Effect of exchange rate changes on cash and cash equivalents	(28)	51
Net Change in Cash and Cash Equivalents	(2,319)	17,858
Cash and Cash Equivalents at Beginning of Period	10,309	14,360
Cash and Cash Equivalents at End of Period	7,990	32,218
Supplemental Cash Flow Information
Interest paid	23,098	13,130
Income taxes paid	2,133	10
Non-Cash Investing and Financing Activities
Rental equipment and property and equipment purchases in accounts payable	953	2,938
Rental equipment sales in accounts receivable	$ 2,210	$ 621

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		248,311,104
Beginning balance (in shares) at Dec. 31, 2022			(2,241,069)
Beginning balance at Dec. 31, 2022	$ 888,443	$ 25	$ (15,537)	$ 1,521,487	$ (8,947)	$ (608,585)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	13,800					13,800
Other comprehensive income (loss)	342				342
Common stock repurchase (in shares)			(174,744)
Common stock repurchases	(1,122)		$ (1,122)
Share-based payments (in shares)		130,484	11,582
Share-based payments	3,374		$ (77)	3,451
Ending balance (in shares) at Mar. 31, 2023		248,441,588
Ending balance (in shares) at Mar. 31, 2023			(2,427,395)
Ending balance at Mar. 31, 2023	$ 904,837	$ 25	$ (16,736)	1,524,938	(8,605)	(594,785)
Beginning balance (in shares) at Dec. 31, 2023	249,903,120	249,903,120
Beginning balance (in shares) at Dec. 31, 2023	(8,891,788)		(8,891,788)
Beginning balance at Dec. 31, 2023	$ 917,203	$ 25	$ (56,524)	1,537,553	(5,978)	(557,873)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Net income (loss)	(14,335)					(14,335)
Other comprehensive income (loss)	(2,530)				(2,530)
Common stock repurchase (in shares)			(1,040,585)
Common stock repurchases	(6,381)		$ (6,381)
Share-based payments (in shares)		171,990	9,885
Share-based payments	$ 2,721		$ (53)	2,774
Ending balance (in shares) at Mar. 31, 2024	250,075,110	250,075,110
Ending balance (in shares) at Mar. 31, 2024	(9,942,258)		(9,942,258)
Ending balance at Mar. 31, 2024	$ 896,678	$ 25	$ (62,958)	$ 1,540,327	$ (8,508)	$ (572,208)

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Note 1: Business and Organization Organization Custom Truck One Source, Inc., a Delaware corporation, and its wholly owned subsidiaries (“we,” “our,” “us,” or “the Company”) are engaged in the business of providing a range of products and services to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance and customization services related to that equipment. We are a specialty equipment provider to the electric utility transmission and distribution, telecommunications, rail, 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”). Basis of Presentation Our accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Our condensed consolidated financial statements include the accounts of all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires that these Unaudited Condensed Consolidated Financial Statements and most of the disclosures in these Notes be presented on a historical basis, as of or for the current interim period ended or comparable prior period. The accompanying interim statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X, and the Condensed Consolidated Balance Sheet at December 31, 2023, has been derived from the audited consolidated financial statements of Custom Truck One Source, Inc. at that date. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments and disclosures necessary for a fair statement of these interim statements, have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year or for any other periods. These interim statements should be read in conjunction with the Custom Truck One Source, Inc. audited consolidated financial statements included in the Custom Truck One Source, Inc. Annual Report on Form 10-K for the year ended December 31, 2023. 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 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 condensed 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 condensed consolidated financial statements and disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Note 2: Revenue Revenue Disaggregation Geographic Areas The Company had total revenue in the following geographic areas: Three Months Ended March 31, (in $000s) 2024 2023 United States $ 397,697 $ 438,278 Canada 13,610 13,885 Total Revenue $ 411,307 $ 452,163 Major Product Lines and Services Equipment leasing and equipment sales are the core businesses of the Company, with leasing complemented by the sale of rental units from the rental fleet. The Company’s revenue by major product and service line for the three months ended March 31, 2024 and 2023 are presented in the table below. Three Months Ended March 31, Three Months Ended March 31, 2024 2023 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 101,510 $ — $ 101,510 $ 112,903 $ — $ 112,903 Shipping and handling — 4,661 4,661 — 5,385 5,385 Total rental revenue 101,510 4,661 106,171 112,903 5,385 118,288 Sales and services: Equipment sales 3,018 269,584 272,602 17,708 283,582 301,290 Parts and services 3,244 29,290 32,534 4,815 27,770 32,585 Total sales and services 6,262 298,874 305,136 22,523 311,352 333,875 Total revenue $ 107,772 $ 303,535 $ 411,307 $ 135,426 $ 316,737 $ 452,163 Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. Equipment sales recognized pursuant to sales-type leases are recorded within equipment sales revenue. Charges to customers for damaged rental equipment are recorded within parts and services revenue. Receivables, Contract Assets and Liabilities As of March 31, 2024 and December 31, 2023, the Company had net receivables related to contracts with customers of $82.3 million and $112.1 million, respectively. As of March 31, 2024 and December 31, 2023, the Company had net receivables related to rental contracts and other of $87.0 million and $103.0 million, respectively. The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues. The Company’s allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are based upon a review of outstanding receivables, the related aging, including specific accounts if deemed necessary, and on the Company’s historical collection experience. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, including changes in the economy or in the particular circumstances of individual customers, and, as a result, the Company may be required to increase or decrease its allowance. Accounts receivable, net consisted of the following: (in $000s) March 31, 2024 December 31, 2023 Accounts receivable $ 186,700 $ 232,592 Less: allowance for doubtful accounts (17,396) (17,503) Accounts receivable, net $ 169,304 $ 215,089 When customers are billed for rentals in advance of the rental period, the Company defers recognition of revenue. As of March 31, 2024 and December 31, 2023, the Company had approximately $2.7 million and $2.9 million, respectively, of deferred rental revenue. Additionally, the Company collects deposits from customers for orders placed for equipment and rentals. The Company had approximately $23.8 million and $25.9 million in deposits as of March 31, 2024 and December 31, 2023, respectively. Of the $25.9 million deposit liability balance as of December 31, 2023, $6.7 million was recorded as revenue during the three months ended March 31, 2024 due to performance obligations being satisfied. The Company’s remaining performance obligations on its equipment deposit liabilities have original expected durations of one year or less. The Company does not have material contract assets, and as such, did not recognize any material impairments of any contract assets.

Sales-Type Leases

Sales-Type Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Sales-Type Leases	Note 3: Sales-Type Leases Revenue from rental agreements qualifying as sales-type leases was as follows: Three Months Ended March 31, (in $000s) 2024 2023 Equipment sales $ 3,018 $ 24,172 Cost of equipment sales 2,822 23,225 Gross profit $ 196 $ 947 As these transactions remained under rental contracts, $5.4 million and $7.2 million for the three months ended March 31, 2024 and 2023, respectively, were billed under the contracts as rentals. Interest income from financing receivables was $2.7 million and $3.4 million for the three months ended March 31, 2024 and 2023, respectively.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventory	Note 4: Inventory 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 the business model, the Company sells unassembled individual whole goods and whole goods with varying levels of customization direct to consumers or dealers. Whole goods inventory also includes new equipment purchased specifically for resale to customers. Inventory consisted of the following: (in $000s) March 31, 2024 December 31, 2023 Whole goods $ 961,349 $ 846,170 Aftermarket parts and services inventory 142,084 139,624 Inventory $ 1,103,433 $ 985,794

Floor Plan Financing

Floor Plan Financing	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Floor Plan Financing	Note 5: Floor Plan Financing Floor plan payables represent financing arrangements to facilitate the Company’s purchase of new and used trucks, cranes, and construction equipment inventory. All floor plan payables are collateralized by the inventory financed. These payables become due and payable upon the sale, transfer, or reclassification of each unit of inventory. Certain floor plan arrangements require the Company to satisfy various financial ratios consistent with those under the ABL Facility (as defined below). As of March 31, 2024, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows: (in $000s) March 31, 2024 December 31, 2023 Trade: Daimler Truck Financial $ 202,016 $ 181,480 PACCAR Financial Services 105,630 71,717 Trade floor plan payables $ 307,646 $ 253,197 Non-trade: PNC Equipment Finance, LLC $ 459,792 $ 409,113 Non-trade floor plan payables $ 459,792 $ 409,113 Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $12.9 million and $6.8 million for the three months ended March 31, 2024, and 2023, 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 U.S. Prime Rate 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 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. Ford Motor Credit Company On April 2, 2024, the Company entered into the Master Loan and Security Agreement with Ford Motor Credit Company, LLC (the “FMCC Facility”), which allows the Company to enter into individual loan supplements which bear interest based on bank prime loan rate as reported by the Federal Reserve Board for the Friday preceding the last Monday of a given month. The total borrowing capacity under the FMCC Facility is $30.0 million. The FMCC agreement is evergreen and is subject to termination by either party through written notice. The Company has not executed any loan supplements under the FMCC Facility as of the date of this filing. 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. The Loan Agreement, as of March 31, 2024, provides the Company with a $460.0 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 April 2024, the Company entered into an amendment to the Loan Agreement which increased the revolving credit facility to $480.0 million. Note 7: Long-Term Debt Debt obligations and associated interest rates consisted of the following: (in $000s) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 ABL Facility $ 552,400 $ 552,400 7.5% 7.7% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 17,904 13,800 5.8% 5.8% Other notes payable 29,083 31,599 3.1%-7.9% 3.1%-7.9% Total debt outstanding 1,519,387 1,517,799 Deferred financing fees (20,975) (22,406) Total debt net of deferred financing fees 1,498,412 1,495,393 Less: current maturities (6,066) (8,257) Long-term debt $ 1,492,346 $ 1,487,136 As of March 31, 2024, borrowing availability under the ABL Facility was $194.5 million, and outstanding standby letters of credit were $3.1 million. ABL Facility The Company and certain of its direct and indirect subsidiaries are party to an asset-based revolving credit agreement (the “ABL Credit Agreement”), consisting of a $750.0 million first lien senior secured asset-based revolving credit facility (the “ABL Facility”), which matures on April 1, 2026. Borrowings under the ABL Facility bear interest at a floating rate, which, at the Company’s election, could be (a) in the case of U.S. dollar denominated loans, either (i) SOFR plus an applicable margin or (ii) the base rate plus an applicable margin; or (b) in the case of Canadian dollar denominated loans, the CDOR rate plus an applicable margin. The applicable margin varies based on Average Availability (as defined in the ABL Credit Agreement) from (a) with respect to base rate loans, 0.50% to 1.00% and (b) with respect to SOFR loans and CDOR rate loans, 1.50% to 2.00%. 2023 Credit Facility On January 13, 2023, the Company entered into a new credit agreement allowing for borrowings of up to $18.0 million (the “2023 Credit Facility”). Proceeds from the credit agreement were used to finance a portion of the Company’s acquisition of real property from a related party in December 2022. A portion of the loan proceeds has been used to finance improvements to the property. In connection with entering into the agreement, the Company received net proceeds of $13.7 million. During the first quarter of 2024, the Company drew down an additional $4.2 million, as certain required construction milestones were met. Borrowings bear interest at a fixed rate of 5.75% per annum and are required to be repaid monthly in an amount of approximately $0.1 million with a balloon payment due on the maturity date of January 13, 2028. Borrowings are secured by the real property and improvements.

Rental Equipment

Rental Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Rental Equipment	Note 6: Rental Equipment Rental equipment, net consisted of the following: (in $000s) March 31, 2024 December 31, 2023 Rental equipment $ 1,428,910 $ 1,405,532 Less: accumulated depreciation (497,220) (488,828) Rental equipment, net $ 931,690 $ 916,704

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Note 5: Floor Plan Financing Floor plan payables represent financing arrangements to facilitate the Company’s purchase of new and used trucks, cranes, and construction equipment inventory. All floor plan payables are collateralized by the inventory financed. These payables become due and payable upon the sale, transfer, or reclassification of each unit of inventory. Certain floor plan arrangements require the Company to satisfy various financial ratios consistent with those under the ABL Facility (as defined below). As of March 31, 2024, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows: (in $000s) March 31, 2024 December 31, 2023 Trade: Daimler Truck Financial $ 202,016 $ 181,480 PACCAR Financial Services 105,630 71,717 Trade floor plan payables $ 307,646 $ 253,197 Non-trade: PNC Equipment Finance, LLC $ 459,792 $ 409,113 Non-trade floor plan payables $ 459,792 $ 409,113 Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $12.9 million and $6.8 million for the three months ended March 31, 2024, and 2023, 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 U.S. Prime Rate 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 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. Ford Motor Credit Company On April 2, 2024, the Company entered into the Master Loan and Security Agreement with Ford Motor Credit Company, LLC (the “FMCC Facility”), which allows the Company to enter into individual loan supplements which bear interest based on bank prime loan rate as reported by the Federal Reserve Board for the Friday preceding the last Monday of a given month. The total borrowing capacity under the FMCC Facility is $30.0 million. The FMCC agreement is evergreen and is subject to termination by either party through written notice. The Company has not executed any loan supplements under the FMCC Facility as of the date of this filing. 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. The Loan Agreement, as of March 31, 2024, provides the Company with a $460.0 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 April 2024, the Company entered into an amendment to the Loan Agreement which increased the revolving credit facility to $480.0 million. Note 7: Long-Term Debt Debt obligations and associated interest rates consisted of the following: (in $000s) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 ABL Facility $ 552,400 $ 552,400 7.5% 7.7% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 17,904 13,800 5.8% 5.8% Other notes payable 29,083 31,599 3.1%-7.9% 3.1%-7.9% Total debt outstanding 1,519,387 1,517,799 Deferred financing fees (20,975) (22,406) Total debt net of deferred financing fees 1,498,412 1,495,393 Less: current maturities (6,066) (8,257) Long-term debt $ 1,492,346 $ 1,487,136 As of March 31, 2024, borrowing availability under the ABL Facility was $194.5 million, and outstanding standby letters of credit were $3.1 million. ABL Facility The Company and certain of its direct and indirect subsidiaries are party to an asset-based revolving credit agreement (the “ABL Credit Agreement”), consisting of a $750.0 million first lien senior secured asset-based revolving credit facility (the “ABL Facility”), which matures on April 1, 2026. Borrowings under the ABL Facility bear interest at a floating rate, which, at the Company’s election, could be (a) in the case of U.S. dollar denominated loans, either (i) SOFR plus an applicable margin or (ii) the base rate plus an applicable margin; or (b) in the case of Canadian dollar denominated loans, the CDOR rate plus an applicable margin. The applicable margin varies based on Average Availability (as defined in the ABL Credit Agreement) from (a) with respect to base rate loans, 0.50% to 1.00% and (b) with respect to SOFR loans and CDOR rate loans, 1.50% to 2.00%. 2023 Credit Facility On January 13, 2023, the Company entered into a new credit agreement allowing for borrowings of up to $18.0 million (the “2023 Credit Facility”). Proceeds from the credit agreement were used to finance a portion of the Company’s acquisition of real property from a related party in December 2022. A portion of the loan proceeds has been used to finance improvements to the property. In connection with entering into the agreement, the Company received net proceeds of $13.7 million. During the first quarter of 2024, the Company drew down an additional $4.2 million, as certain required construction milestones were met. Borrowings bear interest at a fixed rate of 5.75% per annum and are required to be repaid monthly in an amount of approximately $0.1 million with a balloon payment due on the maturity date of January 13, 2028. Borrowings are secured by the real property and improvements.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 8: 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 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 31.4 million and 30.0 million for the three months ended March 31, 2024 and 2023, respectively, and were not included in the computation of diluted earnings (loss) per share because the impact would have been anti-dilutive due to the loss reported during the period. The following tables set forth the computation of basic and dilutive earnings per share: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (in $000s, except per share data) Net Income (loss) Weighted Average Shares Per Share Amount Net Income Weighted Average Shares Per Share Amount Basic earnings (loss) per share $ (14,335) 240,364 $ (0.06) $ 13,800 246,049 $ 0.06 Dilutive common share equivalents — — — — 1,004 — Diluted earnings (loss) per share $ (14,335) 240,364 $ (0.06) $ 13,800 247,053 $ 0.06

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Note 9: Equity Preferred Stock As of both March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding. Common Stock As of both March 31, 2024 and December 31, 2023, 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 shares of common stock, which authorization was further increased by $25 million of shares on September 14, 2023, and increased again by $25 million of shares on March 11, 2024, upon exhaustion of prior authorization. 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. During the three months ended March 31, 2024 and 2023, the Company repurchased approximately 1.0 million and 0.2 million shares of its common stock, respectively, which are held in treasury, for a total cost of $6.4 million and $1.1 million, including commission fees. At March 31, 2024, $24.1 million was available under the stock repurchase program. Contingently Issuable Shares NESCO Holdings, LP is a Delaware limited partnership holding shares of our common stock. NESCO Holdings, LP is owned and controlled by Energy Capital Partners, and has the right to receive: (1) up to an additional 1,800,000 shares of common stock through July 31, 2024, in increments of 900,000 shares, if (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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10: Fair Value Measurements The FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. The following table sets forth the carrying values (exclusive of deferred financing fees) and fair values of our financial liabilities: Carrying Value Fair Value (in $000s) Level 1 Level 2 Level 3 March 31, 2024 ABL Facility $ 552,400 $ — $ 552,400 $ — 2029 Secured Notes 920,000 — 864,800 — 2023 Credit Facility 17,904 — 17,904 — Other notes payable 29,083 — 29,083 — 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 — The carrying amounts of the ABL Facility, 2023 Credit Facility and other notes payable approximated fair value as of March 31, 2024 and December 31, 2023 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	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 11: Income Taxes For interim periods, we estimate our annual effective tax rate, exclusive of discrete items, which is derived primarily by our estimate of our valuation allowance as of the end of our fiscal year. The Company’s effective tax rate for the three months ended March 31, 2024 and 2023 differs from the U.S. federal statutory tax rate due to the recording of valuation allowances. We recorded an income tax benefit of $1.9 million for the three months ended March 31, 2024 resulting in an effective tax rate of (12.0)% compared to an income tax expense of $0.9 million for the comparable prior year period, at an effective tax rate of 5.9%. The decrease in the effective tax rate for the three months ended March 31, 2024 compared to same period in 2023, was primarily due to a pretax loss in the current period. 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12: Commitments and Contingencies We record a liability when we believe that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. We review these provisions at least quarterly and adjust these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Legal Matters In the normal course of business, there are various claims in process, matters in litigation, and other contingencies. At this time, no claims of these types, certain of which are covered by insurance policies, have had a material effect on the Company. Certain jurisdictions in which the Company operates do not allow insurance recoveries related to punitive damages. For matters pertaining to the pre-Acquisition activities of Custom Truck One Source, L.P. (“Custom Truck LP”), the sellers of Custom Truck LP have agreed to indemnify the Company for losses arising out of the breach of pre-closing covenants in the purchase agreement and certain indemnified tax matters discussed below, with recourse limited to $10.0 million and $8.5 million escrow accounts, respectively. From time to time, the Company 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	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	Note 13: 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. Other — The Company has purchased aircraft charter services from entities owned by members of the Company’s management and their immediate families. Charter services payments related to these transactions are immaterial. Air travel expenses are recorded in selling, general, and administrative expenses. Management Fees — The Company is obligated under a Corporate Advisory Services Agreement with Platinum, under which management fees are payable to Platinum quarterly. The management fees are recorded in transaction expenses and other in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). A summary of the transactions with the foregoing related parties included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: Three Months Ended March 31, (in $000s) 2024 2023 Total revenues from transactions with related parties $ 3,677 $ 8,455 Expenses incurred from transactions with related parties included in cost of revenue $ 466 $ 358 Expenses incurred from transactions with related parties included in operating expenses $ 1,273 $ 1,395 Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows: (in $000s) March 31, 2024 December 31, 2023 Accounts receivable from related parties $ 1,904 $ 695 Accounts payable to related parties $ 179 $ 140

Segments

Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	Note 14: Segments Our operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on gross profit. Intersegment sales and any related profits are eliminated in consolidation. We manage the business in three reporting segments: Equipment Rental Solutions (“ERS”), Truck and Equipment Sales (“TES”) and Aftermarket Parts and Services (“APS”). The Company’s segment results are presented in the tables below: Three Months Ended March 31, 2024 (in $000s) ERS TES APS Total Revenue: Rental $ 103,288 $ — $ 2,883 $ 106,171 Equipment sales 32,740 239,862 — 272,602 Parts and services — — 32,534 32,534 Total revenue 136,028 239,862 35,417 411,307 Cost of revenue: Rentals/parts and services 29,800 — 26,254 56,054 Equipment sales 24,098 196,702 — 220,800 Depreciation of rental equipment 42,697 — 1,047 43,744 Total cost of revenue 96,595 196,702 27,301 320,598 Gross profit $ 39,433 $ 43,160 $ 8,116 $ 90,709 Three Months Ended March 31, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 113,784 $ — $ 4,504 $ 118,288 Equipment sales 92,136 209,154 — 301,290 Parts and services — — 32,585 32,585 Total revenue 205,920 209,154 37,089 452,163 Cost of revenue: Rentals/parts and services 29,060 — 26,987 56,047 Equipment sales 71,081 175,044 — 246,125 Depreciation of rental equipment 39,512 — 818 40,330 Total cost of revenue 139,653 175,044 27,805 342,502 Gross profit $ 66,267 $ 34,110 $ 9,284 $ 109,661 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: Three Months Ended March 31, (in $000s) 2024 2023 Gross profit $ 90,709 $ 109,661 Selling, general and administrative expenses 57,995 56,991 Amortization 6,578 6,672 Non-rental depreciation 2,920 2,650 Transaction expenses and other 4,846 3,460 Interest expense, net 37,915 29,176 Financing and other expense (income) (3,262) (3,951) Income (loss) before income taxes $ (16,283) $ 14,663 The following table presents total assets by country: (in $000s) March 31, 2024 December 31, 2023 Assets: United States $ 3,332,762 $ 3,243,619 Canada 117,753 124,178 Total Assets $ 3,450,515 $ 3,367,797

Business and Organization (Poli

Business and Organization (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Our condensed consolidated financial statements include the accounts of all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires that these Unaudited Condensed Consolidated Financial Statements and most of the disclosures in these Notes be presented on a historical basis, as of or for the current interim period ended or comparable prior period. The accompanying interim statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X, and the Condensed Consolidated Balance Sheet at December 31, 2023, has been derived from the audited consolidated financial statements of Custom Truck One Source, Inc. at that date. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments and disclosures necessary for a fair statement of these interim statements, have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year or for any other periods. These interim statements should be read in conjunction with the Custom Truck One Source, Inc. audited consolidated financial statements included in the Custom Truck One Source, Inc. Annual Report on Form 10-K for the year ended December 31, 2023.
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 Issued Accounting Standards	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 condensed 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 condensed consolidated financial statements and disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Geographic Areas	The Company had total revenue in the following geographic areas: Three Months Ended March 31, (in $000s) 2024 2023 United States $ 397,697 $ 438,278 Canada 13,610 13,885 Total Revenue $ 411,307 $ 452,163
Schedule of Revenue by Major Product and Service Line	The Company’s revenue by major product and service line for the three months ended March 31, 2024 and 2023 are presented in the table below. Three Months Ended March 31, Three Months Ended March 31, 2024 2023 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 101,510 $ — $ 101,510 $ 112,903 $ — $ 112,903 Shipping and handling — 4,661 4,661 — 5,385 5,385 Total rental revenue 101,510 4,661 106,171 112,903 5,385 118,288 Sales and services: Equipment sales 3,018 269,584 272,602 17,708 283,582 301,290 Parts and services 3,244 29,290 32,534 4,815 27,770 32,585 Total sales and services 6,262 298,874 305,136 22,523 311,352 333,875 Total revenue $ 107,772 $ 303,535 $ 411,307 $ 135,426 $ 316,737 $ 452,163
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: (in $000s) March 31, 2024 December 31, 2023 Accounts receivable $ 186,700 $ 232,592 Less: allowance for doubtful accounts (17,396) (17,503) Accounts receivable, net $ 169,304 $ 215,089

Sales-Type Leases (Tables)

Sales-Type Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Revenue from Rental Agreements Qualifying as Sales-Type Leases	Revenue from rental agreements qualifying as sales-type leases was as follows: Three Months Ended March 31, (in $000s) 2024 2023 Equipment sales $ 3,018 $ 24,172 Cost of equipment sales 2,822 23,225 Gross profit $ 196 $ 947

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following: (in $000s) March 31, 2024 December 31, 2023 Whole goods $ 961,349 $ 846,170 Aftermarket parts and services inventory 142,084 139,624 Inventory $ 1,103,433 $ 985,794

Floor Plan Financing (Tables)

Floor Plan Financing (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Floor Plan Payables	The amounts owed under floor plan payables are summarized as follows: (in $000s) March 31, 2024 December 31, 2023 Trade: Daimler Truck Financial $ 202,016 $ 181,480 PACCAR Financial Services 105,630 71,717 Trade floor plan payables $ 307,646 $ 253,197 Non-trade: PNC Equipment Finance, LLC $ 459,792 $ 409,113 Non-trade floor plan payables $ 459,792 $ 409,113

Rental Equipment (Tables)

Rental Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Rental Equipment	Rental equipment, net consisted of the following: (in $000s) March 31, 2024 December 31, 2023 Rental equipment $ 1,428,910 $ 1,405,532 Less: accumulated depreciation (497,220) (488,828) Rental equipment, net $ 931,690 $ 916,704

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Obligations and Associated Interest Rates	Debt obligations and associated interest rates consisted of the following: (in $000s) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 ABL Facility $ 552,400 $ 552,400 7.5% 7.7% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 17,904 13,800 5.8% 5.8% Other notes payable 29,083 31,599 3.1%-7.9% 3.1%-7.9% Total debt outstanding 1,519,387 1,517,799 Deferred financing fees (20,975) (22,406) Total debt net of deferred financing fees 1,498,412 1,495,393 Less: current maturities (6,066) (8,257) Long-term debt $ 1,492,346 $ 1,487,136

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Dilutive Earnings Per Share	The following tables set forth the computation of basic and dilutive earnings per share: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (in $000s, except per share data) Net Income (loss) Weighted Average Shares Per Share Amount Net Income Weighted Average Shares Per Share Amount Basic earnings (loss) per share $ (14,335) 240,364 $ (0.06) $ 13,800 246,049 $ 0.06 Dilutive common share equivalents — — — — 1,004 — Diluted earnings (loss) per share $ (14,335) 240,364 $ (0.06) $ 13,800 247,053 $ 0.06

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Financial Liabilities	The following table sets forth the carrying values (exclusive of deferred financing fees) and fair values of our financial liabilities: Carrying Value Fair Value (in $000s) Level 1 Level 2 Level 3 March 31, 2024 ABL Facility $ 552,400 $ — $ 552,400 $ — 2029 Secured Notes 920,000 — 864,800 — 2023 Credit Facility 17,904 — 17,904 — Other notes payable 29,083 — 29,083 — 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 —

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of the transactions with the foregoing related parties included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: Three Months Ended March 31, (in $000s) 2024 2023 Total revenues from transactions with related parties $ 3,677 $ 8,455 Expenses incurred from transactions with related parties included in cost of revenue $ 466 $ 358 Expenses incurred from transactions with related parties included in operating expenses $ 1,273 $ 1,395 Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows: (in $000s) March 31, 2024 December 31, 2023 Accounts receivable from related parties $ 1,904 $ 695 Accounts payable to related parties $ 179 $ 140

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Company’s Segment Results	The Company’s segment results are presented in the tables below: Three Months Ended March 31, 2024 (in $000s) ERS TES APS Total Revenue: Rental $ 103,288 $ — $ 2,883 $ 106,171 Equipment sales 32,740 239,862 — 272,602 Parts and services — — 32,534 32,534 Total revenue 136,028 239,862 35,417 411,307 Cost of revenue: Rentals/parts and services 29,800 — 26,254 56,054 Equipment sales 24,098 196,702 — 220,800 Depreciation of rental equipment 42,697 — 1,047 43,744 Total cost of revenue 96,595 196,702 27,301 320,598 Gross profit $ 39,433 $ 43,160 $ 8,116 $ 90,709 Three Months Ended March 31, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 113,784 $ — $ 4,504 $ 118,288 Equipment sales 92,136 209,154 — 301,290 Parts and services — — 32,585 32,585 Total revenue 205,920 209,154 37,089 452,163 Cost of revenue: Rentals/parts and services 29,060 — 26,987 56,047 Equipment sales 71,081 175,044 — 246,125 Depreciation of rental equipment 39,512 — 818 40,330 Total cost of revenue 139,653 175,044 27,805 342,502 Gross profit $ 66,267 $ 34,110 $ 9,284 $ 109,661
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: Three Months Ended March 31, (in $000s) 2024 2023 Gross profit $ 90,709 $ 109,661 Selling, general and administrative expenses 57,995 56,991 Amortization 6,578 6,672 Non-rental depreciation 2,920 2,650 Transaction expenses and other 4,846 3,460 Interest expense, net 37,915 29,176 Financing and other expense (income) (3,262) (3,951) Income (loss) before income taxes $ (16,283) $ 14,663
Schedule of Total Assets by Country	The following table presents total assets by country: (in $000s) March 31, 2024 December 31, 2023 Assets: United States $ 3,332,762 $ 3,243,619 Canada 117,753 124,178 Total Assets $ 3,450,515 $ 3,367,797

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Revenue - Schedule of Revenue b

Revenue - Schedule of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 411,307	$ 452,163
United States
Disaggregation of Revenue [Line Items]
Total revenue	397,697	438,278
Canada
Disaggregation of Revenue [Line Items]
Total revenue	$ 13,610	$ 13,885

Revenue - Schedule of Revenue_2

Revenue - Schedule of Revenue by Major Product and Service Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Topic 842	$ 107,772	$ 135,426
Topic 606	303,535	316,737
Total	411,307	452,163
Total rental revenue
Disaggregation of Revenue [Line Items]
Topic 842	101,510	112,903
Topic 606	4,661	5,385
Total	106,171	118,288
Rental
Disaggregation of Revenue [Line Items]
Topic 842	101,510	112,903
Topic 606	0	0
Total	101,510	112,903
Shipping and handling
Disaggregation of Revenue [Line Items]
Topic 842	0	0
Topic 606	4,661	5,385
Total	4,661	5,385
Total sales and services
Disaggregation of Revenue [Line Items]
Topic 842	6,262	22,523
Topic 606	298,874	311,352
Total	305,136	333,875
Equipment sales
Disaggregation of Revenue [Line Items]
Topic 842	3,018	17,708
Topic 606	269,584	283,582
Total	272,602	301,290
Parts and services
Disaggregation of Revenue [Line Items]
Topic 842	3,244	4,815
Topic 606	29,290	27,770
Total	$ 32,534	$ 32,585

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Net receivables related to contracts with customers	$ 82.3	$ 112.1
Net receivables related to rental contracts and other	87	103
Deferred rent revenue	2.7	2.9
Customer deposits	23.8	$ 25.9
Performance obligation satisfied, revenue recognized	$ 6.7
Expected duration	1 year

Revenue - Schedule of Accounts

Revenue - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 186,700	$ 232,592
Less: allowance for doubtful accounts	(17,396)	(17,503)
Accounts receivable, net	$ 169,304	$ 215,089

Sales-Type Leases (Details)

Sales-Type Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Equipment sales	$ 3,018	$ 24,172
Cost of equipment sales	2,822	23,225
Gross profit	196	947
Sales-type lease, rental contracts	5,400	7,200
Interest income	$ 2,700	$ 3,400

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Inventory	$ 1,103,433	$ 985,794
Whole goods
Inventory [Line Items]
Inventory	961,349	846,170
Aftermarket parts and services inventory
Inventory [Line Items]
Inventory	$ 142,084	$ 139,624

Floor Plan Financing - Schedule

Floor Plan Financing - Schedule of Floor Plan Payables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	$ 307,646	$ 253,197
Non-trade floor plan payables	459,792	409,113
Daimler Truck Financial
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	202,016	181,480
PACCAR Financial Services
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	105,630	71,717
PNC Equipment Finance, LLC
Debt Instrument, Redemption [Line Items]
Non-trade floor plan payables	$ 459,792	$ 409,113

Floor Plan Financing - Narrativ

Floor Plan Financing - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Apr. 30, 2024	Apr. 02, 2024
Debt Instrument [Line Items]
Interest expense	$ 12.9	$ 6.8
Daimler Truck Financial | Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest free period (up to)	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%)
FMCC Facility | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 30
PNC Equipment Finance, LLC | Line of Credit | Revolving Credit Facility | PNC Equipment Finance, LLC
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 460
PNC Equipment Finance, LLC | Line of Credit | Revolving Credit Facility | PNC Equipment Finance, LLC | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 480
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 (Details)

Rental Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Rental equipment	$ 1,428,910	$ 1,405,532
Less: accumulated depreciation	(497,220)	(488,828)
Rental equipment, net	$ 931,690	$ 916,704

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt Obligations and Associated Interest Rates (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jan. 13, 2023
Debt Instrument [Line Items]
Total debt outstanding	$ 1,519,387	$ 1,517,799
Deferred financing fees	(20,975)	(22,406)
Total debt net of deferred financing fees	1,498,412	1,495,393
Less: current maturities	(6,066)	(8,257)
Long-term debt	1,492,346	1,487,136
Other notes payable
Debt Instrument [Line Items]
Total debt outstanding	$ 29,083	$ 31,599
Other notes payable | Minimum
Debt Instrument [Line Items]
Debt interest rate	3.10%	3.10%
Other notes payable | Maximum
Debt Instrument [Line Items]
Debt interest rate	7.90%	7.90%
ABL Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Total debt outstanding	$ 552,400	$ 552,400
Debt interest rate	7.50%	7.70%
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	$ 17,904	$ 13,800
Debt interest rate	5.80%	5.80%	5.75%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)		3 Months Ended
	Jan. 13, 2023	Mar. 31, 2024	Dec. 31, 2023
2023 Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 18,000,000
Proceeds from lines of credit	$ 13,700,000	$ 4,200,000
Debt interest rate	5.75%	5.80%	5.80%
Balloon payment to be paid	$ 100,000
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 194,500,000
Maximum borrowing capacity		$ 750,000,000
Revolving Credit Facility | ABL Facility | Line of Credit
Debt Instrument [Line Items]
Debt interest rate		7.50%	7.70%
Revolving Credit Facility | ABL Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread		0.50%
Revolving Credit Facility | ABL Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread		1.50%
Revolving Credit Facility | ABL Facility | Minimum | Canadian Dollar Offer Rate (CDOR)
Debt Instrument [Line Items]
Debt instrument, basis spread		1.50%
Revolving Credit Facility | ABL Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread		1%
Revolving Credit Facility | ABL Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread		2%
Revolving Credit Facility | ABL Facility | Maximum | Canadian Dollar Offer Rate (CDOR)
Debt Instrument [Line Items]
Debt instrument, basis spread		2%
Letter of Credit | ABL Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 3,100,000

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Potentially dilutive shares excluded in aggregate (in shares)	31,400	30,000
Net Income (loss)
Basic earnings (loss) per share	$ (14,335)	$ 13,800
Dilutive common share equivalents	0	0
Diluted earnings (loss) per share	$ (14,335)	$ 13,800
Weighted Average Shares
Weighted-average shares, basic (in shares)	240,364	246,049
Dilutive common share equivalents (in shares)	0	1,004
Weighted-average shares, diluted (in shares)	240,364	247,053
Per Share Amount
Basic earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.06
Basic earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.06

Equity (Details)

Equity (Details)		3 Months Ended
	Jul. 31, 2019 trading_day $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Mar. 11, 2024 USD ($)	Dec. 31, 2023 $ / 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, amount authorized | $							$ 30,000,000
Additional authorized amount | $				$ 25,000,000		$ 25,000,000
Common stock repurchases (in shares) | shares		1,000,000	200,000
Repurchase of common stock value | $		$ 6,400,000	$ 1,100,000
Amount available under repurchase program | $		$ 24,100,000
Nesco Owner | Additional Shares if Common Stock Exceeds $13 Per Share or $16 Per Share | Common Stock | Capitol
Business Acquisition [Line Items]
Contingent consideration, additional shares (up to) (in shares) | shares	1,800,000
Contingent consideration, incremental shares transferred (in shares) | shares	900,000
Consecutive trading days threshold | trading_day	30
Nesco Owner | Additional Shares if Common Stock Exceeds $13 Per Share | Capitol
Business Acquisition [Line Items]
Contingent consideration stock price trigger (in dollars per share) | $ / shares	$ 13
Nesco Owner | Additional Shares if Common Stock Exceeds $13 Per Share | Common Stock | Capitol
Business Acquisition [Line Items]
Contingent consideration stock price trigger (in dollars per share) | $ / shares	13
Nesco Owner | Additional Shares if Common Stock Exceeds $16 Per Share | Capitol
Business Acquisition [Line Items]
Contingent consideration stock price trigger (in dollars per share) | $ / shares	16
Nesco Owner | Additional Shares if Common Stock Exceeds $16 Per Share | Common Stock | Capitol
Business Acquisition [Line Items]
Contingent consideration stock price trigger (in dollars per share) | $ / shares	$ 16
Trading days threshold | trading_day	20
Nesco Owner | Additional Shares if Common Stock Exceeds $19 Per Share | Capitol
Business Acquisition [Line Items]
Contingent consideration, additional shares (up to) (in shares) | shares	1,651,798
Contingent consideration stock price trigger (in dollars per share) | $ / shares	$ 19
Trading days threshold | trading_day	20
Consecutive trading days threshold | trading_day	30
Contingent consideration term (in years)	7 years
Share price consideration (in dollars per share) | $ / shares	$ 19

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value | Other notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 29,083	$ 31,599
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	29,083	31,599
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
2029 Secured Notes | Carrying Value | 2029 Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	920,000	920,000
2029 Secured Notes | Fair Value | 2029 Secured Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
2029 Secured Notes | Fair Value | 2029 Secured Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	864,800	846,400
2029 Secured Notes | Fair Value | 2029 Secured Notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
2023 Credit Facility | Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	17,904	13,800
2023 Credit Facility | Fair Value | Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
2023 Credit Facility | Fair Value | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	17,904	13,800
2023 Credit Facility | Fair Value | Line of Credit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Revolving Credit Facility | ABL Facility | Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	552,400	552,400
Revolving Credit Facility | ABL Facility | Fair Value | Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Revolving Credit Facility | ABL Facility | Fair Value | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	552,400	552,400
Revolving Credit Facility | ABL Facility | Fair Value | 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 (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (1,948)	$ 863
Effective tax rate	(12.00%)	5.90%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Oct. 28, 2020	Mar. 31, 2024
Tax Year 2015
Loss Contingencies [Line Items]
Tax assessment amount	$ 2.4
Nesco Holdings | Custom Truck | Sellers
Loss Contingencies [Line Items]
Estimate of possible loss		$ 10
Buyer | Custom Truck | Sellers
Loss Contingencies [Line Items]
Estimate of possible loss		$ 8.5

Related Parties - Schedule of R

Related Parties - Schedule of Related Party Transactions in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Total revenues from transactions with related parties	$ 411,307	$ 452,163
Expenses incurred from transactions with related parties included in cost of revenue	320,598	342,502
Expenses incurred from transactions with related parties included in operating expenses	72,339	69,773
Related Party
Related Party Transaction [Line Items]
Total revenues from transactions with related parties	3,677	8,455
Expenses incurred from transactions with related parties included in cost of revenue	466	358
Expenses incurred from transactions with related parties included in operating expenses	$ 1,273	$ 1,395

Related Parties - Schedule of_2

Related Parties - Schedule of Related Party Transactions in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable from related parties	$ 169,304	$ 215,089
Accounts payable to related parties	119,250	117,653
Related Party
Related Party Transaction [Line Items]
Accounts receivable from related parties	1,904	695
Accounts payable to related parties	$ 179	$ 140

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments - Schedule of Company_

Segments - Schedule of Company’s Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 411,307	$ 452,163
Depreciation of rental equipment	43,744	40,330
Total cost of revenue	320,598	342,502
Gross profit	90,709	109,661
ERS
Segment Reporting Information [Line Items]
Total revenue	136,028	205,920
Depreciation of rental equipment	42,697	39,512
Total cost of revenue	96,595	139,653
Gross profit	39,433	66,267
TES
Segment Reporting Information [Line Items]
Total revenue	239,862	209,154
Depreciation of rental equipment	0	0
Total cost of revenue	196,702	175,044
Gross profit	43,160	34,110
APS
Segment Reporting Information [Line Items]
Total revenue	35,417	37,089
Depreciation of rental equipment	1,047	818
Total cost of revenue	27,301	27,805
Gross profit	8,116	9,284
Rental
Segment Reporting Information [Line Items]
Total revenue	106,171	118,288
Cost of revenue	29,825	29,899
Rental | ERS
Segment Reporting Information [Line Items]
Total revenue	103,288	113,784
Rental | TES
Segment Reporting Information [Line Items]
Total revenue	0	0
Rental | APS
Segment Reporting Information [Line Items]
Total revenue	2,883	4,504
Equipment sales
Segment Reporting Information [Line Items]
Total revenue	272,602	301,290
Cost of revenue	220,800	246,125
Equipment sales | ERS
Segment Reporting Information [Line Items]
Total revenue	32,740	92,136
Cost of revenue	24,098	71,081
Equipment sales | TES
Segment Reporting Information [Line Items]
Total revenue	239,862	209,154
Cost of revenue	196,702	175,044
Equipment sales | APS
Segment Reporting Information [Line Items]
Total revenue	0	0
Cost of revenue	0	0
Parts and services
Segment Reporting Information [Line Items]
Total revenue	32,534	32,585
Cost of revenue	26,229	26,148
Parts and services | ERS
Segment Reporting Information [Line Items]
Total revenue	0	0
Parts and services | TES
Segment Reporting Information [Line Items]
Total revenue	0	0
Parts and services | APS
Segment Reporting Information [Line Items]
Total revenue	32,534	32,585
Rentals/parts and services
Segment Reporting Information [Line Items]
Cost of revenue	56,054	56,047
Rentals/parts and services | ERS
Segment Reporting Information [Line Items]
Cost of revenue	29,800	29,060
Rentals/parts and services | TES
Segment Reporting Information [Line Items]
Cost of revenue	0	0
Rentals/parts and services | APS
Segment Reporting Information [Line Items]
Cost of revenue	$ 26,254	$ 26,987

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of Consolidated Gross Profit to Consolidated Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Gross profit	$ 90,709	$ 109,661
Selling, general and administrative expenses	57,995	56,991
Amortization	6,578	6,672
Non-rental depreciation	2,920	2,650
Transaction expenses and other	4,846	3,460
Interest expense, net	37,915	29,176
Financing and other expense (income)	(3,262)	(3,951)
Income (Loss) Before Income Taxes	$ (16,283)	$ 14,663

Segments - Schedule of Total As

Segments - Schedule of Total Assets by Country (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 3,450,515	$ 3,367,797
United States
Segment Reporting Information [Line Items]
Assets	3,332,762	3,243,619
Canada
Segment Reporting Information [Line Items]
Assets	$ 117,753	$ 124,178