Custom Truck One Source (CTOS) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		233,432,467
Entity Central Index Key	0001709682
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total revenue	$ 447,220	$ 434,353	$ 1,281,540	$ 1,343,346
Cost of Revenue
Depreciation of rental equipment	45,956	42,469	134,285	126,415
Total cost of revenue	355,391	327,197	1,009,735	1,015,910
Gross Profit	91,829	107,156	271,805	327,436
Operating Expenses
Selling, general and administrative expenses	54,630	56,955	168,322	171,974
Amortization	6,696	6,698	19,966	19,976
Non-rental depreciation	3,472	2,602	9,752	7,973
Transaction expenses and other	3,994	2,890	14,684	10,039
Total operating expenses	68,792	69,145	212,724	209,962
Operating Income	23,037	38,011	59,081	117,474
Other Expense
Interest expense, net	43,875	34,144	124,191	94,945
Financing and other expense (income)	(2,818)	(5,745)	(9,399)	(14,744)
Total other expense	41,057	28,399	114,792	80,201
Income (Loss) Before Income Taxes	(18,020)	9,612	(55,711)	37,273
Income Tax Expense (Benefit)	(604)	432	518	2,683
Net Income (Loss)	(17,416)	9,180	(56,229)	34,590
Other Comprehensive Income (Loss):
Unrealized foreign currency translation adjustments	1,310	(2,823)	(2,159)	(259)
Other Comprehensive Income (Loss)	1,310	(2,823)	(2,159)	(259)
Comprehensive Income (Loss)	$ (16,106)	$ 6,357	$ (58,388)	$ 34,331
Net Income (Loss) Per Share:
Basic (in dollars per share)	$ (0.07)	$ 0.04	$ (0.24)	$ 0.14
Diluted (in dollars per share)	$ (0.07)	$ 0.04	$ (0.24)	$ 0.14
Weighted-Average Common Shares Outstanding:
Basic (in shares)	234,438	245,810	238,162	245,987
Diluted (in shares)	234,438	246,594	238,162	246,809
Rental revenue
Revenue
Total revenue	$ 108,324	$ 118,209	$ 317,492	$ 358,666
Cost of Revenue
Cost of goods and service	29,439	29,874	88,559	91,754
Equipment sales
Revenue
Total revenue	305,476	283,079	863,711	886,486
Cost of Revenue
Cost of goods and service	251,987	228,912	704,105	720,303
Parts sales and services
Revenue
Total revenue	33,420	33,065	100,337	98,194
Cost of Revenue
Cost of goods and service	$ 28,009	$ 25,942	$ 82,786	$ 77,438

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 8,438	$ 10,309
Accounts receivable, net	176,037	215,089
Financing receivables, net	11,992	30,845
Inventory	1,200,925	985,794
Prepaid expenses and other	13,573	23,862
Total current assets	1,410,965	1,265,899
Property and equipment, net	161,023	142,115
Rental equipment, net	975,129	916,704
Goodwill	705,282	704,011
Intangible assets, net	259,497	277,212
Operating lease assets	50,126	38,426
Other assets	17,918	23,430
Total Assets	3,579,940	3,367,797
Current Liabilities
Accounts payable	88,744	117,653
Accrued expenses	58,405	73,847
Deferred revenue and customer deposits	20,059	28,758
Floor plan payables - trade	428,756	253,197
Floor plan payables - non-trade	493,786	409,113
Operating lease liabilities - current	7,225	6,564
Current maturities of long-term debt	1,458	8,257
Total current liabilities	1,098,433	897,389
Long-term debt, net	1,567,103	1,487,136
Operating lease liabilities - noncurrent	44,258	32,714
Deferred income taxes	32,637	33,355
Total long-term liabilities	1,643,998	1,553,205
Stockholders' Equity
Common stock — $0.0001 par value, 500,000,000 shares authorized; 251,411,684 and 249,903,120 shares issued; and 233,432,467 and 241,011,332 shares outstanding, at September 30, 2024 and December 31, 2023, respectively	25	25
Treasury stock, at cost — 17,979,217 and 8,891,788 shares at September 30, 2024 and December 31, 2023, respectively	(87,580)	(56,524)
Additional paid-in capital	1,547,303	1,537,553
Accumulated other comprehensive loss	(8,137)	(5,978)
Accumulated deficit	(614,102)	(557,873)
Total stockholders' equity	837,509	917,203
Total Liabilities and Stockholders' Equity	$ 3,579,940	$ 3,367,797

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parentheticals) - $ / shares	Sep. 30, 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)	251,411,684	249,903,120
Common stock, outstanding (in shares)	233,432,467	241,011,332
Treasury stock (in shares)	17,979,217	8,891,788

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income (loss)	$ (56,229)	$ 34,590
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	173,271	162,084
Amortization of debt issuance costs	4,627	4,221
Provision for losses on accounts receivable	9,541	4,522
Share-based compensation	8,748	10,312
Gain on sales and disposals of rental equipment	(34,702)	(48,392)
Change in fair value of derivative and warrants	(527)	(2,409)
Deferred tax expense (benefit)	(718)	1,959
Changes in assets and liabilities:
Accounts and financing receivables	12,980	21,978
Inventories	(213,468)	(290,302)
Prepaids, operating leases and other	11,390	6,143
Accounts payable	(27,219)	42,707
Accrued expenses and other liabilities	(14,628)	3,620
Floor plan payables - trade, net	175,559	58,295
Customer deposits and deferred revenue	(8,691)	(12,034)
Net cash flow from operating activities	39,934	(2,706)
Investing Activities
Acquisition of business, net of cash acquired	(6,015)	0
Purchases of rental equipment	(278,507)	(289,984)
Proceeds from sales and disposals of rental equipment	155,788	177,623
Purchase of non-rental property and cloud computing arrangements	(36,149)	(33,251)
Net cash flow for investing activities	(164,883)	(145,612)
Financing Activities
Proceeds from debt	4,200	13,537
Share-based payments	(1,451)	387
Borrowings under revolving credit facilities	168,069	111,057
Repayments under revolving credit facilities	(92,569)	(56,377)
Repayments of notes payable	(7,946)	(6,674)
Finance lease payments	0	(2,682)
Repurchase of common stock	(28,984)	(19,936)
Acquisition of inventory through floor plan payables - non-trade	490,195	571,062
Repayment of floor plan payables - non-trade	(405,522)	(467,707)
Payment of debt issuance costs	(3,213)	(110)
Net cash flow from financing activities	122,779	142,557
Effect of exchange rate changes on cash and cash equivalents	299	194
Net Change in Cash and Cash Equivalents	(1,871)	(5,567)
Cash and Cash Equivalents at Beginning of Period	10,309	14,360
Cash and Cash Equivalents at End of Period	8,438	8,793
Supplemental Cash Flow Information
Interest paid	105,202	51,142
Income taxes paid	4,140	1,897
Non-Cash Investing and Financing Activities
Rental equipment and property and equipment purchases in accounts payable	439	596
Rental equipment sales in accounts receivable	$ 111	$ 1,573

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' Equity [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, 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' Equity [Roll Forward]
Net income (loss)	34,590
Other comprehensive income (loss)	(259)
Ending balance (in shares) at Sep. 30, 2023		249,538,314
Ending balance (in shares) at Sep. 30, 2023			(5,630,643)
Ending balance at Sep. 30, 2023	913,391	$ 25	$ (37,256)	1,533,823	(9,206)	(573,995)
Beginning balance (in shares) at Mar. 31, 2023		248,441,588
Beginning balance (in shares) at Mar. 31, 2023			(2,427,395)
Beginning balance at Mar. 31, 2023	904,837	$ 25	$ (16,736)	1,524,938	(8,605)	(594,785)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	11,610					11,610
Other comprehensive income (loss)	2,222				2,222
Common stock repurchase (in shares)			(505,142)
Common stock repurchases	(3,205)		$ (3,205)
Share-based payments (in shares)		919,763	221,233
Share-based payments	4,008		$ (1,497)	5,505
Ending balance (in shares) at Jun. 30, 2023		249,361,351
Ending balance (in shares) at Jun. 30, 2023			(3,153,770)
Ending balance at Jun. 30, 2023	919,472	$ 25	$ (21,438)	1,530,443	(6,383)	(583,175)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,180					9,180
Other comprehensive income (loss)	(2,823)				(2,823)
Common stock repurchase (in shares)			(2,466,609)
Common stock repurchases	(15,754)		$ (15,754)
Share-based payments (in shares)		176,963	10,264
Share-based payments	3,316		$ (64)	3,380
Ending balance (in shares) at Sep. 30, 2023		249,538,314
Ending balance (in shares) at Sep. 30, 2023			(5,630,643)
Ending balance at Sep. 30, 2023	$ 913,391	$ 25	$ (37,256)	1,533,823	(9,206)	(573,995)
Beginning balance (in shares) at Dec. 31, 2023	241,011,332	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' Equity [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
Ending balance (in shares) at Mar. 31, 2024			(9,942,258)
Ending balance at Mar. 31, 2024	$ 896,678	$ 25	$ (62,958)	1,540,327	(8,508)	(572,208)
Beginning balance (in shares) at Dec. 31, 2023	241,011,332	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' Equity [Roll Forward]
Net income (loss)	(56,229)
Other comprehensive income (loss)	$ (2,159)
Ending balance (in shares) at Sep. 30, 2024	233,432,467	251,411,684
Ending balance (in shares) at Sep. 30, 2024	(17,979,217)		(17,979,217)
Ending balance at Sep. 30, 2024	$ 837,509	$ 25	$ (87,580)	1,547,303	(8,137)	(614,102)
Beginning balance (in shares) at Mar. 31, 2024		250,075,110
Beginning balance (in shares) at Mar. 31, 2024			(9,942,258)
Beginning balance at Mar. 31, 2024	896,678	$ 25	$ (62,958)	1,540,327	(8,508)	(572,208)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(24,478)					(24,478)
Other comprehensive income (loss)	(939)				(939)
Common stock repurchase (in shares)			(3,589,436)
Common stock repurchases	(16,736)		$ (16,736)
Share-based payments (in shares)		1,336,574	408,262
Share-based payments	2,157		$ (2,400)	4,557
Ending balance (in shares) at Jun. 30, 2024		251,411,684
Ending balance (in shares) at Jun. 30, 2024			(13,939,956)
Ending balance at Jun. 30, 2024	856,682	$ 25	$ (82,094)	1,544,884	(9,447)	(596,686)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(17,416)					(17,416)
Other comprehensive income (loss)	1,310				1,310
Common stock repurchase (in shares)			(1,260,827)
Common stock repurchases	$ (5,486)		$ (5,486)
Earnout share forfeitures (in shares)	(2,778,434)
Share-based payments (in shares)		0	0
Share-based payments	$ 2,419		$ 0	2,419
Ending balance (in shares) at Sep. 30, 2024	233,432,467	251,411,684
Ending balance (in shares) at Sep. 30, 2024	(17,979,217)		(17,979,217)
Ending balance at Sep. 30, 2024	$ 837,509	$ 25	$ (87,580)	$ 1,547,303	$ (8,137)	$ (614,102)

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 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 Financial Accounting Standards Board (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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in $000s) 2024 2023 2024 2023 United States $ 435,919 $ 424,513 $ 1,247,682 $ 1,305,292 Canada 11,301 9,840 33,858 38,054 Total Revenue $ 447,220 $ 434,353 $ 1,281,540 $ 1,343,346 Major Product Lines and Services Equipment leasing and equipment sales are the core businesses of the Company, with leasing complemented by the sale of rental units from the rental fleet. The Company’s revenue by major product and service line for the three and nine months ended September 30, 2024 and 2023 are presented in the table below. Three Months Ended September 30, Three Months Ended September 30, 2024 2023 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 103,703 $ — $ 103,703 $ 112,373 $ — $ 112,373 Shipping and handling — 4,621 4,621 — 5,836 5,836 Total rental revenue 103,703 4,621 108,324 112,373 5,836 118,209 Sales and services: Equipment sales 3,701 301,775 305,476 12,760 270,319 283,079 Parts and services 2,300 31,120 33,420 4,216 28,849 33,065 Total sales and services 6,001 332,895 338,896 16,976 299,168 316,144 Total revenue $ 109,704 $ 337,516 $ 447,220 $ 129,349 $ 305,004 $ 434,353 Nine Months Ended September 30, Nine Months Ended September 30, 2024 2023 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 303,418 $ — $ 303,418 $ 339,896 $ — $ 339,896 Shipping and handling — 14,074 14,074 — 18,770 18,770 Total rental revenue 303,418 14,074 317,492 339,896 18,770 358,666 Sales and services: Equipment sales 8,273 855,438 863,711 56,535 829,951 886,486 Parts and services 8,170 92,167 100,337 15,969 82,225 98,194 Total sales and services 16,443 947,605 964,048 72,504 912,176 984,680 Total revenue $ 319,861 $ 961,679 $ 1,281,540 $ 412,400 $ 930,946 $ 1,343,346 Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. Equipment sales recognized pursuant to sales-type leases are recorded within equipment sales revenue. Charges to customers for damaged rental equipment are recorded within parts and services revenue. Receivables, Contract Assets and Liabilities As of September 30, 2024 and December 31, 2023, the Company had net receivables related to contracts with customers of $81.5 million and $112.1 million, respectively. As of September 30, 2024 and December 31, 2023, the Company had net receivables related to rental contracts and other of $94.3 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 address how credit risk and the Company's allowance for credit losses impact the Company's total revenues. The Company’s allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are based upon a review of outstanding receivables, the related aging, including specific accounts if deemed necessary, and on the Company’s historical collection experience. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, including changes in the economy or in the particular circumstances of individual customers, and, as a result, the Company may be required to increase or decrease its allowance. Accounts receivable, net consisted of the following: (in $000s) September 30, 2024 December 31, 2023 Accounts receivable $ 194,022 $ 232,592 Less: allowance for doubtful accounts (17,985) (17,503) Accounts receivable, net $ 176,037 $ 215,089 For the nine months ended September 30, 2024 and 2023, the Company wrote-off $8.4 million and $9.6 million, respectively, of receivables, net of recoveries. When customers are billed for rentals in advance of the rental period, the Company defers recognition of revenue. As of both September 30, 2024 and December 31, 2023, the Company had approximately $2.8 million of deferred rental revenue. Additionally, the Company collects deposits from customers for orders placed for equipment and rentals. The Company had approximately $17.3 million and $25.9 million in deposits as of September 30, 2024 and December 31, 2023, respectively. All of the $25.9 million deposit liability balance as of December 31, 2023, was recorded as revenue during the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in $000s) 2024 2023 2024 2023 Equipment sales $ 3,701 $ 12,760 $ 8,273 $ 56,535 Cost of equipment sales 4,111 11,714 8,162 54,354 Gross margin $ (410) $ 1,046 $ 111 $ 2,181 As these transactions remained under rental contracts, $3.7 million and $7.1 million for the three months ended September 30, 2024 and 2023, respectively, and $14.6 million and $22.2 million for the nine months ended September 30, 2024 and 2023, respectively, were billed under the contracts as rentals. Interest income from financing receivables was $2.8 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $8.8 million and $12.3 million for the nine months ended September 30, 2024 and 2023, respectively.

Inventory

Inventory	9 Months Ended
	Sep. 30, 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) September 30, 2024 December 31, 2023 Whole goods $ 1,068,328 $ 846,170 Aftermarket parts and services inventory 132,597 139,624 Inventory $ 1,200,925 $ 985,794

Floor Plan Financing

Floor Plan Financing	9 Months Ended
	Sep. 30, 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 September 30, 2024, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows: (in $000s) September 30, 2024 December 31, 2023 Trade: Daimler Truck Financial $ 237,938 $ 181,480 PACCAR Financial Services 148,859 71,717 Ford Motor Credit Company, LLC 41,959 — Trade floor plan payables $ 428,756 $ 253,197 Non-trade: PNC Equipment Finance, LLC $ 493,786 $ 409,113 Non-trade floor plan payables $ 493,786 $ 409,113 Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $16.7 million and $45.0 million for the three and nine months ended September 30, 2024, respectively, and $10.1 million and $25.0 million for the same periods in 2023. 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 $225.0 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 $150.0 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. In October 2024, the revolving credit facility limit was increased to $175.0 million. Ford Motor Credit Company, LLC 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 the 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 as of September 30, 2024 was $42.0 million. The FMCC agreement is evergreen and is subject to termination by either party through written notice. References to the U.S. 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. The Loan Agreement, as of September 30, 2024, provides the Company with a $500.0 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%. Note 8: Long-Term Debt Debt obligations and associated interest rates consisted of the following: (in $000s) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 ABL Facility $ 627,900 $ 552,400 7.0% 7.7% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 17,733 13,800 5.8% 5.8% Other notes payable 23,920 31,599 3.1%-3.5% 3.1%-7.9% Total debt outstanding 1,589,553 1,517,799 Deferred financing fees (20,992) (22,406) Total debt net of deferred financing fees 1,568,561 1,495,393 Less: current maturities (1,458) (8,257) Long-term debt $ 1,567,103 $ 1,487,136 As of September 30, 2024, borrowing availability under the ABL Facility was $319.0 million, and outstanding standby letters of credit were $3.1 million. ABL Facility On August 9, 2024, the Company and certain of its direct and indirect subsidiaries entered into an amendment to its asset-based revolving credit agreement (the “ABL Amendment,” and the credit agreement as amended, supplemented or modified, including by the ABL Amendment, the “ABL Credit Agreement”), to increase the borrowing capacity under its first lien senior secured asset-based revolving credit facility (the “ABL Facility”) from $750.0 million to $950.0 million, and extend the maturity date of the agreement from April 1, 2026 to August 9, 2029, or, if earlier, the date that is 91 days prior to the maturity date of the Company’s existing senior notes or any debt that refinances such existing notes. Additionally, the ABL Amendment changes the rate provisions for Canadian dollar denominated loans from the Canadian dollar offered rate to the term Canadian Overnight Repo Rate Average (the “CORRA” rate), and adds a leverage based step-down to the pricing grid otherwise based on Average Availability (as defined in the ABL Credit Agreement). 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 CORRA 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 CORRA 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	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Rental Equipment	Note 6: Rental Equipment Rental equipment, net consisted of the following: (in $000s) September 30, 2024 December 31, 2023 Rental equipment $ 1,491,918 $ 1,405,532 Less: accumulated depreciation (516,789) (488,828) Rental equipment, net $ 975,129 $ 916,704

Intangible Assets, Goodwill and

Intangible Assets, Goodwill and Other	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Disclosure	Note 7: 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. During the quarter ended June 30, 2024, we identified factors indicating goodwill may be impaired related to two of our reporting units, ERS and APS. These factors were decreased utilization levels driven by continuing transmission project declines and delays. To derive the fair value of each reporting unit, we utilized the income approach, specifically the discounted cash flow method, as well as the market approach, which included analysis of comparable publicly-traded companies, to determine the fair value of the reporting units. The income method approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting these after-tax cash flows to a present value using a risk-adjusted discount rate. The market approach analyzed how the market values of comparable publicly-traded companies’ operating metrics, such as sales and earnings, compare to each of the respective metrics of the reporting units. These methodologies are consistent with how we estimate the fair value of reporting units during the annual goodwill impairment test. Inputs used to calculate fair value of our reporting units are considered “Level 3” inputs of the fair value hierarchy and include the following: • Our projections were based on management's assessment of macroeconomic variables, industry trends and market opportunities, as well as our strategic objectives and future growth plans. Revenue growth rates assumed from approximately 5% to 7% for 2025 and from approximately 3% to 8% for 2026 and beyond. • The discount rate used to measure the present value of the projected future cash flows is set using a weighted-average cost of capital method that considers market and industry data, as well as our specific risk factors that are likely to be considered by a market participant. The weighted-average cost of capital is our estimate of the overall after-tax rate of return required by equity and debt holders of a business enterprise. The discount rates applied to the reporting units ranged from 10.0% to 10.5%.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 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 September 30, 2024, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows: (in $000s) September 30, 2024 December 31, 2023 Trade: Daimler Truck Financial $ 237,938 $ 181,480 PACCAR Financial Services 148,859 71,717 Ford Motor Credit Company, LLC 41,959 — Trade floor plan payables $ 428,756 $ 253,197 Non-trade: PNC Equipment Finance, LLC $ 493,786 $ 409,113 Non-trade floor plan payables $ 493,786 $ 409,113 Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $16.7 million and $45.0 million for the three and nine months ended September 30, 2024, respectively, and $10.1 million and $25.0 million for the same periods in 2023. 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 $225.0 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 $150.0 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. In October 2024, the revolving credit facility limit was increased to $175.0 million. Ford Motor Credit Company, LLC 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 the 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 as of September 30, 2024 was $42.0 million. The FMCC agreement is evergreen and is subject to termination by either party through written notice. References to the U.S. 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. The Loan Agreement, as of September 30, 2024, provides the Company with a $500.0 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%. Note 8: Long-Term Debt Debt obligations and associated interest rates consisted of the following: (in $000s) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 ABL Facility $ 627,900 $ 552,400 7.0% 7.7% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 17,733 13,800 5.8% 5.8% Other notes payable 23,920 31,599 3.1%-3.5% 3.1%-7.9% Total debt outstanding 1,589,553 1,517,799 Deferred financing fees (20,992) (22,406) Total debt net of deferred financing fees 1,568,561 1,495,393 Less: current maturities (1,458) (8,257) Long-term debt $ 1,567,103 $ 1,487,136 As of September 30, 2024, borrowing availability under the ABL Facility was $319.0 million, and outstanding standby letters of credit were $3.1 million. ABL Facility On August 9, 2024, the Company and certain of its direct and indirect subsidiaries entered into an amendment to its asset-based revolving credit agreement (the “ABL Amendment,” and the credit agreement as amended, supplemented or modified, including by the ABL Amendment, the “ABL Credit Agreement”), to increase the borrowing capacity under its first lien senior secured asset-based revolving credit facility (the “ABL Facility”) from $750.0 million to $950.0 million, and extend the maturity date of the agreement from April 1, 2026 to August 9, 2029, or, if earlier, the date that is 91 days prior to the maturity date of the Company’s existing senior notes or any debt that refinances such existing notes. Additionally, the ABL Amendment changes the rate provisions for Canadian dollar denominated loans from the Canadian dollar offered rate to the term Canadian Overnight Repo Rate Average (the “CORRA” rate), and adds a leverage based step-down to the pricing grid otherwise based on Average Availability (as defined in the ABL Credit Agreement). 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 CORRA 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 CORRA 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	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 9: 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, or share-based compensation. Our potentially dilutive shares aggregated 9.8 million and 24.8 million for the three and nine months ended September 30, 2024, respectively, and 29.1 million and 29.0 million for the same periods in 2023, and were not included in the computation of diluted earnings (loss) per share because the impact would have been anti-dilutive. The following tables set forth the computation of basic and dilutive earnings per share: Three Months Ended September 30, 2024 Three Months Ended September 30, 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 $ (17,416) 234,438 $ (0.07) $ 9,180 245,810 $ 0.04 Dilutive common share equivalents — — — — 784 — Diluted earnings (loss) per share $ (17,416) 234,438 $ (0.07) $ 9,180 246,594 $ 0.04 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 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 $ (56,229) 238,162 $ (0.24) $ 34,590 245,987 $ 0.14 Dilutive common share equivalents — — — — 822 — Diluted earnings (loss) per share $ (56,229) 238,162 $ (0.24) $ 34,590 246,809 $ 0.14

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Note 10: Equity Preferred Stock As of both September 30, 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 September 30, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding. Common Stock As of both September 30, 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 and nine months ended September 30, 2024, the Company repurchased approximately 1.3 million and 5.9 million shares of its common stock, respectively, which are held in treasury, for a total cost of $5.5 million and $28.6 million, including commission fees. During the three and nine months ended September 30, 2023, the Company repurchased approximately 2.5 million and 3.1 million shares of common stock, respectively, for a total cost of $15.8 million and $20.1 million. At September 30, 2024, $1.9 million was available under the stock repurchase program. Contingently Issuable and Earnout Shares 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, as of September 30, 2024, had the right to receive 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. Earnout Shares Pursuant to the Stockholders’ Agreement dated July 31, 2019 (as amended and restated from time to time, the “Stockholders’ Agreement”), certain stockholders agreed to restrictions on approximately 3,100,000 of their shares of the Company’s Common Stock (the “Earnout Shares”). The Earnout Shares shall be automatically forfeited by the holders thereof to the Company for no consideration with respect to (i) 2.8 million shares unless the trading price of the Common Stock equals or exceeds certain price targets by July 31 2024 (the “Minimum and Second Target Earnout Shares”) and (ii) 0.3 million shares unless the trading price of the Common Stock equals or exceeds $19.00 per share for any period of 20 trading days out of 30 consecutive trading days to and including July 31, 2026 (the “Maximum Target Earnout Shares”). On July 31, 2024, the price targets for the Minimum and Second Target Earnout Shares were not met, and such shares were forfeited by the respective holders pursuant to the Stockholders’ Agreement.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11: Fair Value Measurements The FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. The following table sets forth the carrying values (exclusive of deferred financing fees) and fair values of our financial liabilities: Carrying Value Fair Value (in $000s) Level 1 Level 2 Level 3 September 30, 2024 ABL Facility $ 627,900 $ — $ 627,900 $ — 2029 Secured Notes 920,000 — 841,800 — 2023 Credit Facility 17,733 — 17,733 — Other notes payable 23,920 — 23,920 — 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 September 30, 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	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 12: Income Taxes For interim periods, we estimate our annual effective tax rate, exclusive of discrete items, which is derived primarily by our estimate of our valuation allowance as of the end of our fiscal year. The Company’s effective tax rate for the nine months ended September 30, 2024 and 2023 differs from the U.S. federal statutory tax rate due to the recording of valuation allowances. We recorded an income tax expense of $0.5 million for the nine months ended September 30, 2024 resulting in an effective tax rate of (0.9)% compared to an income tax expense of $2.7 million for the comparable prior year period, at an effective tax rate of 7.2%. The decrease in the effective tax rate for the nine months ended September 30, 2024 compared to same period in 2023, was primarily due to state and local income tax updates enacted during 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% effective on January 1, 2024. While the US has not adopted the Pillar Two rules, effective June 20, 2024, Canada has enacted legislation formally adopting Pillar Two. 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 liability. We will continue to monitor US and global legislative activities related to Pillar Two.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13: Commitments and Contingencies We record a liability when we believe that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. We review these provisions at least quarterly and adjust these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Legal Matters In the normal course of business, there are various claims in process, matters in litigation, and other contingencies. At this time, no claims of these types, certain of which are covered by insurance policies, have had a material effect on the Company. Certain jurisdictions in which the Company operates do not allow insurance recoveries related to punitive damages. For matters pertaining to the pre-acquisition activities of Custom Truck One Source, L.P. (“Custom Truck LP”), the sellers of Custom Truck LP have agreed to indemnify the Company for losses arising out of the breach of pre-closing covenants in the purchase agreement and certain indemnified tax matters discussed below, with recourse limited to $10.0 million and $5.0 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	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Note 14: Related Parties The Company has transactions with related parties as summarized below. Rentals and Sales — The Company rents and sells equipment and provides services to R&M Equipment Rental, a business partially owned by members of the Company’s management. The Company also rents equipment and purchases inventory from R&M Equipment Rental. 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 September 30, Nine Months Ended September 30, (in $000s) 2024 2023 2024 2023 Total revenues from transactions with related parties $ 6,341 $ 4,728 $ 17,945 $ 23,231 Expenses incurred from transactions with related parties included in cost of revenue $ 287 $ 239 $ 1,039 $ 1,091 Expenses incurred from transactions with related parties included in operating expenses $ 693 $ 1,391 $ 2,093 $ 4,154 Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows: (in $000s) September 30, 2024 December 31, 2023 Accounts receivable from related parties $ 1,499 $ 695 Accounts payable to related parties $ 115 $ 140

Segments

Segments	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segments	Note 15: Segments Our operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on gross profit. Intersegment sales and any related profits are eliminated in consolidation. We manage the business in three reporting segments: Equipment Rental Solutions (“ERS”), Truck and Equipment Sales (“TES”) and Aftermarket Parts and Services (“APS”). The Company’s segment results are presented in the tables below: Three Months Ended September 30, 2024 (in $000s) ERS TES APS Total Revenue: Rental $ 105,317 $ — $ 3,007 $ 108,324 Equipment sales 45,574 259,902 — 305,476 Parts and services — — 33,420 33,420 Total revenue 150,891 259,902 36,427 447,220 Cost of revenue: Rentals/parts and services 29,415 — 28,033 57,448 Equipment sales 33,975 218,012 — 251,987 Depreciation of rental equipment 44,964 — 992 45,956 Total cost of revenue 108,354 218,012 29,025 355,391 Gross profit $ 42,537 $ 41,890 $ 7,402 $ 91,829 Three Months Ended September 30, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 114,929 $ — $ 3,280 118,209 Equipment sales 52,175 230,904 — 283,079 Parts and services — — 33,065 33,065 Total revenue 167,104 230,904 36,345 434,353 Cost of revenue: Rentals/parts and services 29,613 — 26,203 55,816 Equipment sales 37,828 191,084 — 228,912 Depreciation of rental equipment 41,652 — 817 42,469 Total cost of revenue 109,093 191,084 27,020 327,197 Gross profit $ 58,011 $ 39,820 $ 9,325 $ 107,156 Nine Months Ended September 30, 2024 (in $000s) ERS TES APS Total Revenue: Rental $ 309,304 $ — $ 8,188 $ 317,492 Equipment sales 116,026 747,685 — 863,711 Parts and services — — 100,337 100,337 Total revenue 425,330 747,685 108,525 1,281,540 Cost of revenue: Rentals/parts and services 88,496 — 82,849 171,345 Equipment sales 83,865 620,240 — 704,105 Depreciation of rental equipment 131,242 — 3,043 134,285 Total cost of revenue 303,603 620,240 85,892 1,009,735 Gross profit $ 121,727 $ 127,445 $ 22,633 $ 271,805 Nine Months Ended September 30, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 346,545 $ — $ 12,121 $ 358,666 Equipment sales 195,005 691,481 — 886,486 Parts and services — — 98,194 98,194 Total revenue 541,550 691,481 110,315 1,343,346 Cost of revenue: Rentals/parts and services 90,014 — 79,178 169,192 Equipment sales 148,711 571,592 — 720,303 Depreciation of rental equipment 123,969 — 2,446 126,415 Total cost of revenue 362,694 571,592 81,624 1,015,910 Gross profit $ 178,856 $ 119,889 $ 28,691 $ 327,436 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 September 30, Nine Months Ended September 30, (in $000s) 2024 2023 2024 2023 Gross profit $ 91,829 $ 107,156 $ 271,805 $ 327,436 Selling, general and administrative expenses 54,630 56,955 168,322 171,974 Amortization 6,696 6,698 19,966 19,976 Non-rental depreciation 3,472 2,602 9,752 7,973 Transaction expenses and other 3,994 2,890 14,684 10,039 Interest expense, net 43,875 34,144 124,191 94,945 Financing and other expense (income) (2,818) (5,745) (9,399) (14,744) Income (loss) before income taxes $ (18,020) $ 9,612 $ (55,711) $ 37,273 The following table presents total assets by country: (in $000s) September 30, 2024 December 31, 2023 Assets: United States $ 3,457,031 $ 3,243,619 Canada 122,909 124,178 Total Assets $ 3,579,940 $ 3,367,797

Business and Organization (Poli

Business and Organization (Policies)	9 Months Ended
	Sep. 30, 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 Financial Accounting Standards Board (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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in $000s) 2024 2023 2024 2023 United States $ 435,919 $ 424,513 $ 1,247,682 $ 1,305,292 Canada 11,301 9,840 33,858 38,054 Total Revenue $ 447,220 $ 434,353 $ 1,281,540 $ 1,343,346
Schedule of Revenue by Major Product and Service Line	The Company’s revenue by major product and service line for the three and nine months ended September 30, 2024 and 2023 are presented in the table below. Three Months Ended September 30, Three Months Ended September 30, 2024 2023 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 103,703 $ — $ 103,703 $ 112,373 $ — $ 112,373 Shipping and handling — 4,621 4,621 — 5,836 5,836 Total rental revenue 103,703 4,621 108,324 112,373 5,836 118,209 Sales and services: Equipment sales 3,701 301,775 305,476 12,760 270,319 283,079 Parts and services 2,300 31,120 33,420 4,216 28,849 33,065 Total sales and services 6,001 332,895 338,896 16,976 299,168 316,144 Total revenue $ 109,704 $ 337,516 $ 447,220 $ 129,349 $ 305,004 $ 434,353 Nine Months Ended September 30, Nine Months Ended September 30, 2024 2023 (in $000s) Topic 842 Topic 606 Total Topic 842 Topic 606 Total Rental: Rental $ 303,418 $ — $ 303,418 $ 339,896 $ — $ 339,896 Shipping and handling — 14,074 14,074 — 18,770 18,770 Total rental revenue 303,418 14,074 317,492 339,896 18,770 358,666 Sales and services: Equipment sales 8,273 855,438 863,711 56,535 829,951 886,486 Parts and services 8,170 92,167 100,337 15,969 82,225 98,194 Total sales and services 16,443 947,605 964,048 72,504 912,176 984,680 Total revenue $ 319,861 $ 961,679 $ 1,281,540 $ 412,400 $ 930,946 $ 1,343,346
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: (in $000s) September 30, 2024 December 31, 2023 Accounts receivable $ 194,022 $ 232,592 Less: allowance for doubtful accounts (17,985) (17,503) Accounts receivable, net $ 176,037 $ 215,089

Sales-Type Leases (Tables)

Sales-Type Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in $000s) 2024 2023 2024 2023 Equipment sales $ 3,701 $ 12,760 $ 8,273 $ 56,535 Cost of equipment sales 4,111 11,714 8,162 54,354 Gross margin $ (410) $ 1,046 $ 111 $ 2,181

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following: (in $000s) September 30, 2024 December 31, 2023 Whole goods $ 1,068,328 $ 846,170 Aftermarket parts and services inventory 132,597 139,624 Inventory $ 1,200,925 $ 985,794

Floor Plan Financing (Tables)

Floor Plan Financing (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Floor Plan Payables	The amounts owed under floor plan payables are summarized as follows: (in $000s) September 30, 2024 December 31, 2023 Trade: Daimler Truck Financial $ 237,938 $ 181,480 PACCAR Financial Services 148,859 71,717 Ford Motor Credit Company, LLC 41,959 — Trade floor plan payables $ 428,756 $ 253,197 Non-trade: PNC Equipment Finance, LLC $ 493,786 $ 409,113 Non-trade floor plan payables $ 493,786 $ 409,113

Rental Equipment (Tables)

Rental Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Rental Equipment	Rental equipment, net consisted of the following: (in $000s) September 30, 2024 December 31, 2023 Rental equipment $ 1,491,918 $ 1,405,532 Less: accumulated depreciation (516,789) (488,828) Rental equipment, net $ 975,129 $ 916,704

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Obligations and Associated Interest Rates	Debt obligations and associated interest rates consisted of the following: (in $000s) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 ABL Facility $ 627,900 $ 552,400 7.0% 7.7% 2029 Secured Notes 920,000 920,000 5.5% 5.5% 2023 Credit Facility 17,733 13,800 5.8% 5.8% Other notes payable 23,920 31,599 3.1%-3.5% 3.1%-7.9% Total debt outstanding 1,589,553 1,517,799 Deferred financing fees (20,992) (22,406) Total debt net of deferred financing fees 1,568,561 1,495,393 Less: current maturities (1,458) (8,257) Long-term debt $ 1,567,103 $ 1,487,136

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 Three Months Ended September 30, 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 $ (17,416) 234,438 $ (0.07) $ 9,180 245,810 $ 0.04 Dilutive common share equivalents — — — — 784 — Diluted earnings (loss) per share $ (17,416) 234,438 $ (0.07) $ 9,180 246,594 $ 0.04 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 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 $ (56,229) 238,162 $ (0.24) $ 34,590 245,987 $ 0.14 Dilutive common share equivalents — — — — 822 — Diluted earnings (loss) per share $ (56,229) 238,162 $ (0.24) $ 34,590 246,809 $ 0.14

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 ABL Facility $ 627,900 $ — $ 627,900 $ — 2029 Secured Notes 920,000 — 841,800 — 2023 Credit Facility 17,733 — 17,733 — Other notes payable 23,920 — 23,920 — 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in $000s) 2024 2023 2024 2023 Total revenues from transactions with related parties $ 6,341 $ 4,728 $ 17,945 $ 23,231 Expenses incurred from transactions with related parties included in cost of revenue $ 287 $ 239 $ 1,039 $ 1,091 Expenses incurred from transactions with related parties included in operating expenses $ 693 $ 1,391 $ 2,093 $ 4,154 Amounts receivable from/payable to related parties included in the Condensed Consolidated Balance Sheets are as follows: (in $000s) September 30, 2024 December 31, 2023 Accounts receivable from related parties $ 1,499 $ 695 Accounts payable to related parties $ 115 $ 140

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Company’s Segment Results	The Company’s segment results are presented in the tables below: Three Months Ended September 30, 2024 (in $000s) ERS TES APS Total Revenue: Rental $ 105,317 $ — $ 3,007 $ 108,324 Equipment sales 45,574 259,902 — 305,476 Parts and services — — 33,420 33,420 Total revenue 150,891 259,902 36,427 447,220 Cost of revenue: Rentals/parts and services 29,415 — 28,033 57,448 Equipment sales 33,975 218,012 — 251,987 Depreciation of rental equipment 44,964 — 992 45,956 Total cost of revenue 108,354 218,012 29,025 355,391 Gross profit $ 42,537 $ 41,890 $ 7,402 $ 91,829 Three Months Ended September 30, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 114,929 $ — $ 3,280 118,209 Equipment sales 52,175 230,904 — 283,079 Parts and services — — 33,065 33,065 Total revenue 167,104 230,904 36,345 434,353 Cost of revenue: Rentals/parts and services 29,613 — 26,203 55,816 Equipment sales 37,828 191,084 — 228,912 Depreciation of rental equipment 41,652 — 817 42,469 Total cost of revenue 109,093 191,084 27,020 327,197 Gross profit $ 58,011 $ 39,820 $ 9,325 $ 107,156 Nine Months Ended September 30, 2024 (in $000s) ERS TES APS Total Revenue: Rental $ 309,304 $ — $ 8,188 $ 317,492 Equipment sales 116,026 747,685 — 863,711 Parts and services — — 100,337 100,337 Total revenue 425,330 747,685 108,525 1,281,540 Cost of revenue: Rentals/parts and services 88,496 — 82,849 171,345 Equipment sales 83,865 620,240 — 704,105 Depreciation of rental equipment 131,242 — 3,043 134,285 Total cost of revenue 303,603 620,240 85,892 1,009,735 Gross profit $ 121,727 $ 127,445 $ 22,633 $ 271,805 Nine Months Ended September 30, 2023 (in $000s) ERS TES APS Total Revenue: Rental $ 346,545 $ — $ 12,121 $ 358,666 Equipment sales 195,005 691,481 — 886,486 Parts and services — — 98,194 98,194 Total revenue 541,550 691,481 110,315 1,343,346 Cost of revenue: Rentals/parts and services 90,014 — 79,178 169,192 Equipment sales 148,711 571,592 — 720,303 Depreciation of rental equipment 123,969 — 2,446 126,415 Total cost of revenue 362,694 571,592 81,624 1,015,910 Gross profit $ 178,856 $ 119,889 $ 28,691 $ 327,436
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 September 30, Nine Months Ended September 30, (in $000s) 2024 2023 2024 2023 Gross profit $ 91,829 $ 107,156 $ 271,805 $ 327,436 Selling, general and administrative expenses 54,630 56,955 168,322 171,974 Amortization 6,696 6,698 19,966 19,976 Non-rental depreciation 3,472 2,602 9,752 7,973 Transaction expenses and other 3,994 2,890 14,684 10,039 Interest expense, net 43,875 34,144 124,191 94,945 Financing and other expense (income) (2,818) (5,745) (9,399) (14,744) Income (loss) before income taxes $ (18,020) $ 9,612 $ (55,711) $ 37,273
Schedule of Total Assets by Country	The following table presents total assets by country: (in $000s) September 30, 2024 December 31, 2023 Assets: United States $ 3,457,031 $ 3,243,619 Canada 122,909 124,178 Total Assets $ 3,579,940 $ 3,367,797

Business and Organization (Deta

Business and Organization (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 447,220	$ 434,353	$ 1,281,540	$ 1,343,346
United States
Disaggregation of Revenue [Line Items]
Total revenue	435,919	424,513	1,247,682	1,305,292
Canada
Disaggregation of Revenue [Line Items]
Total revenue	$ 11,301	$ 9,840	$ 33,858	$ 38,054

Revenue - Schedule of Revenue_2

Revenue - Schedule of Revenue by Major Product and Service Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Topic 842	$ 109,704	$ 129,349	$ 319,861	$ 412,400
Topic 606	337,516	305,004	961,679	930,946
Total	447,220	434,353	1,281,540	1,343,346
Total rental revenue
Disaggregation of Revenue [Line Items]
Topic 842	103,703	112,373	303,418	339,896
Topic 606	4,621	5,836	14,074	18,770
Total	108,324	118,209	317,492	358,666
Rental
Disaggregation of Revenue [Line Items]
Topic 842	103,703	112,373	303,418	339,896
Topic 606	0	0	0	0
Total	103,703	112,373	303,418	339,896
Shipping and handling
Disaggregation of Revenue [Line Items]
Topic 842	0	0	0	0
Topic 606	4,621	5,836	14,074	18,770
Total	4,621	5,836	14,074	18,770
Total sales and services
Disaggregation of Revenue [Line Items]
Topic 842	6,001	16,976	16,443	72,504
Topic 606	332,895	299,168	947,605	912,176
Total	338,896	316,144	964,048	984,680
Equipment sales
Disaggregation of Revenue [Line Items]
Topic 842	3,701	12,760	8,273	56,535
Topic 606	301,775	270,319	855,438	829,951
Total	305,476	283,079	863,711	886,486
Parts and services
Disaggregation of Revenue [Line Items]
Topic 842	2,300	4,216	8,170	15,969
Topic 606	31,120	28,849	92,167	82,225
Total	$ 33,420	$ 33,065	$ 100,337	$ 98,194

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Net receivables related to contracts with customers	$ 81.5	$ 112.1
Net receivables related to rental contracts and other	94.3	103
Deferred rent revenue	2.8
Customer deposits	17.3	$ 25.9
Performance obligation satisfied, revenue recognized	$ 25.9
Expected duration	1 year

Revenue - Schedule of Accounts

Revenue - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 194,022		$ 232,592
Less: allowance for doubtful accounts	(17,985)		(17,503)
Accounts receivable, net	176,037		$ 215,089
Accounts written off during period, net of recoveries	$ 8,400	$ 9,600

Sales-Type Leases (Details)

Sales-Type Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Equipment sales	$ 3,701	$ 12,760	$ 8,273	$ 56,535
Cost of equipment sales	4,111	11,714	8,162	54,354
Gross margin	(410)	1,046	111	2,181
Sales-type lease, rental contracts	3,700	7,100	14,600	22,200
Interest income	$ 2,800	$ 4,500	$ 8,800	$ 12,300

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Inventory	$ 1,200,925	$ 985,794
Whole goods
Inventory [Line Items]
Inventory	1,068,328	846,170
Aftermarket parts and services inventory
Inventory [Line Items]
Inventory	$ 132,597	$ 139,624

Floor Plan Financing - Schedule

Floor Plan Financing - Schedule of Floor Plan Payables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	$ 428,756	$ 253,197
Non-trade floor plan payables	493,786	409,113
Daimler Truck Financial
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	237,938	181,480
PACCAR Financial Services
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	148,859	71,717
FMCC Facility
Debt Instrument, Redemption [Line Items]
Trade floor plan payables	41,959	0
PNC Equipment Finance, LLC
Debt Instrument, Redemption [Line Items]
Non-trade floor plan payables	$ 493,786	$ 409,113

Floor Plan Financing - Narrativ

Floor Plan Financing - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 30, 2024
Debt Instrument [Line Items]
Interest expense	$ 16.7	$ 10.1	$ 45	$ 25
Daimler Truck Financial | Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest free period (up to)			150 days
Maximum borrowing capacity	225		$ 225
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	150		$ 150
PACCAR Financial Corp | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 175
PACCAR Financial Corp | Line of Credit | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread			(0.71%)
FMCC Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	42		$ 42
PNC Equipment Finance, LLC | Line of Credit | Revolving Credit Facility | PNC Equipment Finance, LLC
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500		$ 500
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	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Rental equipment	$ 1,491,918	$ 1,405,532
Less: accumulated depreciation	(516,789)	(488,828)
Rental equipment, net	$ 975,129	$ 916,704

Intangible Assets, Goodwill a_2

Intangible Assets, Goodwill and Other (Details)	3 Months Ended
	Jun. 30, 2024 USD ($) reporting_unit
Goodwill [Line Items]
Number of Reporting Units Tested | reporting_unit	2
Impairment of goodwill | $	$ 0
Minimum | Measurement Input, Long-Term Revenue Growth Rate | Fiscal Year 2025
Goodwill [Line Items]
Goodwill Measurement Input	0.05
Minimum | Measurement Input, Long-Term Revenue Growth Rate | Fiscal Year 2026
Goodwill [Line Items]
Goodwill Measurement Input	0.03
Minimum | Measurement Input, Discount Rate
Goodwill [Line Items]
Goodwill Measurement Input	0.100
Maximum | Measurement Input, Long-Term Revenue Growth Rate | Fiscal Year 2025
Goodwill [Line Items]
Goodwill Measurement Input	0.07
Maximum | Measurement Input, Long-Term Revenue Growth Rate | Fiscal Year 2026
Goodwill [Line Items]
Goodwill Measurement Input	0.08
Maximum | Measurement Input, Discount Rate
Goodwill [Line Items]
Goodwill Measurement Input	0.105

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt Obligations and Associated Interest Rates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jan. 13, 2023
Debt Instrument [Line Items]
Total debt outstanding	$ 1,589,553	$ 1,517,799
Deferred financing fees	(20,992)	(22,406)
Total debt net of deferred financing fees	1,568,561	1,495,393
Less: current maturities	(1,458)	(8,257)
Long-term debt	1,567,103	1,487,136
Other notes payable
Debt Instrument [Line Items]
Total debt outstanding	$ 23,920	$ 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	3.50%	7.90%
ABL Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Total debt outstanding	$ 627,900	$ 552,400
Debt interest rate	7%	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	$ 17,733	$ 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	9 Months Ended
	Jan. 13, 2023	Mar. 31, 2024	Sep. 30, 2024	Aug. 08, 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%
Required monthly repayment amount	$ 100,000
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Remaining borrowing capacity			$ 319,000,000
Maximum borrowing capacity			$ 950,000,000	$ 750,000,000
Revolving Credit Facility | ABL Facility | Line of Credit
Debt Instrument [Line Items]
Debt interest rate			7%		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 | Term Canadian Overnight Repo Rate Average (CORRA)
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 | Term Canadian Overnight Repo Rate Average (CORRA)
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Potentially dilutive shares excluded in aggregate (in shares)	9,800	29,100	24,800	29,000
Net Income (loss)
Basic earnings (loss) per share	$ (17,416)	$ 9,180	$ (56,229)	$ 34,590
Dilutive common share equivalents	0	0	0	0
Diluted earnings (loss) per share	$ (17,416)	$ 9,180	$ (56,229)	$ 34,590
Weighted Average Shares
Weighted-average shares, basic (in shares)	234,438	245,810	238,162	245,987
Dilutive common share equivalents (in shares)	0	784	0	822
Weighted-average shares, diluted (in shares)	234,438	246,594	238,162	246,809
Per Share Amount
Basic earnings (loss) per share (in dollars per share)	$ (0.07)	$ 0.04	$ (0.24)	$ 0.14
Basic earnings (loss) per share (in dollars per share)	$ (0.07)	$ 0.04	$ (0.24)	$ 0.14

Equity (Details)

Equity (Details)		3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) trading_day $ / shares shares	Sep. 30, 2024 USD ($) trading_day $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) trading_day $ / shares shares	Sep. 30, 2023 USD ($) shares	Mar. 11, 2024 USD ($)	Dec. 31, 2023 $ / shares shares	Sep. 14, 2023 USD ($)	Aug. 02, 2022 USD ($)	Jul. 31, 2019 trading_day $ / shares shares
Business Acquisition [Line Items]
Preferred stock authorized (in shares)	10,000,000	10,000,000		10,000,000			10,000,000
Preferred stock par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001		$ 0.0001			$ 0.0001
Preferred stock outstanding (in shares)	0	0		0			0
Preferred stock issued (in shares)	0	0		0			0
Common stock, authorized (in shares)	500,000,000	500,000,000		500,000,000			500,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001		$ 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)		1,300,000	2,500,000	5,900,000	3,100,000
Repurchase of common stock value | $		$ 5,500,000	$ 15,800,000	$ 28,600,000	$ 20,100,000
Amount available under repurchase program | $	$ 1,900,000	$ 1,900,000		$ 1,900,000
Maximum Target Earnout Shares
Business Acquisition [Line Items]
Earnout shares, share price consideration (in dollars per share) | $ / shares										$ 19
Earnout shares, trading days threshold | trading_day										20
Earnout shares, consecutive trading days threshold | trading_day										30
Common Stock
Business Acquisition [Line Items]
Earnout shares										3,100,000
Common Stock | Minimum and Second Target Earnout Shares
Business Acquisition [Line Items]
Earnout shares										2,800,000
Common Stock | Maximum Target Earnout Shares
Business Acquisition [Line Items]
Earnout shares										300,000
Nesco Owner | Additional Shares if Common Stock Exceeds $19 Per Share
Business Acquisition [Line Items]
Contingent consideration, additional shares (up to) (in shares)	1,651,798	1,651,798		1,651,798
Trading days threshold | trading_day	20	20		20
Consecutive trading days threshold | trading_day	30	30		30
Contingent consideration term (in years)	7 years
Share price consideration (in dollars per share) | $ / shares	$ 19	$ 19		$ 19
Contingent consideration stock price trigger (in dollars per share) | $ / shares	$ 19	$ 19		$ 19

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 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	$ 23,920	$ 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	23,920	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	841,800	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	17,733	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	17,733	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	627,900	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	627,900	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (604)	$ 432	$ 518	$ 2,683
Effective tax rate			(0.90%)	7.20%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Oct. 28, 2020	Sep. 30, 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		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Total revenues from transactions with related parties	$ 447,220	$ 434,353	$ 1,281,540	$ 1,343,346
Expenses incurred from transactions with related parties included in cost of revenue	355,391	327,197	1,009,735	1,015,910
Expenses incurred from transactions with related parties included in operating expenses	68,792	69,145	212,724	209,962
Related Party
Related Party Transaction [Line Items]
Total revenues from transactions with related parties	6,341	4,728	17,945	23,231
Expenses incurred from transactions with related parties included in cost of revenue	287	239	1,039	1,091
Expenses incurred from transactions with related parties included in operating expenses	$ 693	$ 1,391	$ 2,093	$ 4,154

Related Parties - Schedule of_2

Related Parties - Schedule of Related Party Transactions in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable from related parties	$ 176,037	$ 215,089
Accounts payable to related parties	88,744	117,653
Related Party
Related Party Transaction [Line Items]
Accounts receivable from related parties	1,499	695
Accounts payable to related parties	$ 115	$ 140

Segments - Narrative (Details)

Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 447,220	$ 434,353	$ 1,281,540	$ 1,343,346
Depreciation of rental equipment	45,956	42,469	134,285	126,415
Total cost of revenue	355,391	327,197	1,009,735	1,015,910
Gross profit	91,829	107,156	271,805	327,436
ERS
Segment Reporting Information [Line Items]
Total revenue	150,891	167,104	425,330	541,550
Depreciation of rental equipment	44,964	41,652	131,242	123,969
Total cost of revenue	108,354	109,093	303,603	362,694
Gross profit	42,537	58,011	121,727	178,856
TES
Segment Reporting Information [Line Items]
Total revenue	259,902	230,904	747,685	691,481
Depreciation of rental equipment	0	0	0	0
Total cost of revenue	218,012	191,084	620,240	571,592
Gross profit	41,890	39,820	127,445	119,889
APS
Segment Reporting Information [Line Items]
Total revenue	36,427	36,345	108,525	110,315
Depreciation of rental equipment	992	817	3,043	2,446
Total cost of revenue	29,025	27,020	85,892	81,624
Gross profit	7,402	9,325	22,633	28,691
Rental
Segment Reporting Information [Line Items]
Total revenue	108,324	118,209	317,492	358,666
Cost of revenue	29,439	29,874	88,559	91,754
Rental | ERS
Segment Reporting Information [Line Items]
Total revenue	105,317	114,929	309,304	346,545
Rental | TES
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Rental | APS
Segment Reporting Information [Line Items]
Total revenue	3,007	3,280	8,188	12,121
Equipment sales
Segment Reporting Information [Line Items]
Total revenue	305,476	283,079	863,711	886,486
Cost of revenue	251,987	228,912	704,105	720,303
Equipment sales | ERS
Segment Reporting Information [Line Items]
Total revenue	45,574	52,175	116,026	195,005
Cost of revenue	33,975	37,828	83,865	148,711
Equipment sales | TES
Segment Reporting Information [Line Items]
Total revenue	259,902	230,904	747,685	691,481
Cost of revenue	218,012	191,084	620,240	571,592
Equipment sales | APS
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Cost of revenue	0	0	0	0
Parts and services
Segment Reporting Information [Line Items]
Total revenue	33,420	33,065	100,337	98,194
Cost of revenue	28,009	25,942	82,786	77,438
Parts and services | ERS
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Parts and services | TES
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Parts and services | APS
Segment Reporting Information [Line Items]
Total revenue	33,420	33,065	100,337	98,194
Rentals/parts and services
Segment Reporting Information [Line Items]
Cost of revenue	57,448	55,816	171,345	169,192
Rentals/parts and services | ERS
Segment Reporting Information [Line Items]
Cost of revenue	29,415	29,613	88,496	90,014
Rentals/parts and services | TES
Segment Reporting Information [Line Items]
Cost of revenue	0	0	0	0
Rentals/parts and services | APS
Segment Reporting Information [Line Items]
Cost of revenue	$ 28,033	$ 26,203	$ 82,849	$ 79,178

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of Consolidated Gross Profit to Consolidated Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Gross profit	$ 91,829	$ 107,156	$ 271,805	$ 327,436
Selling, general and administrative expenses	54,630	56,955	168,322	171,974
Amortization	6,696	6,698	19,966	19,976
Non-rental depreciation	3,472	2,602	9,752	7,973
Transaction expenses and other	3,994	2,890	14,684	10,039
Interest expense, net	43,875	34,144	124,191	94,945
Financing and other expense (income)	(2,818)	(5,745)	(9,399)	(14,744)
Income (Loss) Before Income Taxes	$ (18,020)	$ 9,612	$ (55,711)	$ 37,273

Segments - Schedule of Total As

Segments - Schedule of Total Assets by Country (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 3,579,940	$ 3,367,797
United States
Segment Reporting Information [Line Items]
Assets	3,457,031	3,243,619
Canada
Segment Reporting Information [Line Items]
Assets	$ 122,909	$ 124,178