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10-Q Filing

Custom Truck One Source, Inc. CIK: 1709682 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001709682-20-000035
Period End Date 20200331
Filing Date 20200507
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance nsco-0331202010xqreport_htm.xml
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Allowance for accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $4.65M USD Point-in-time
Allowance for accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $4.68M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 250.00M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $6.30M USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 250.00M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $10.24M USD Point-in-time
Accounts receivable, net of allowance of $4,685 and $4,654 respectively AccountsReceivableNetCurrent $70.28M USD Point-in-time
Accounts receivable, net of allowance of $4,685 and $4,654 respectively AccountsReceivableNetCurrent $71.32M USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 49.03M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 49.03M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 49.03M shares Point-in-time
Inventory InventoryNet $33.00M USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 49.03M shares Point-in-time
Inventory InventoryNet $30.74M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $5.22M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $5.25M USD Point-in-time
Total current assets AssetsCurrent $116.51M USD Point-in-time
Total current assets AssetsCurrent $115.84M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $6.56M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $9.80M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $380.05M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $383.42M USD Point-in-time
Goodwill and other intangibles, net IntangibleAssetsNetIncludingGoodwill $308.75M USD Point-in-time
Goodwill and other intangibles, net IntangibleAssetsNetIncludingGoodwill $308.01M USD Point-in-time
Notes receivable NotesAndLoansReceivableGrossNoncurrent $713.00K USD Point-in-time
Notes receivable NotesAndLoansReceivableGrossNoncurrent $691.00K USD Point-in-time
Accounts payable Assets $815.28M USD Point-in-time
Accounts payable Assets $815.07M USD Point-in-time
Accounts payable AccountsPayableCurrent $28.04M USD Point-in-time
Accounts payable AccountsPayableCurrent $41.17M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $15.16M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $27.59M USD Point-in-time
Deferred rent income DeferredRentCreditCurrent $1.75M USD Point-in-time
Deferred rent income DeferredRentCreditCurrent $2.27M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $1.60M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $1.28M USD Point-in-time
Current portion of capital lease obligations CapitalLeaseObligationsCurrent $5.45M USD Point-in-time
Current portion of capital lease obligations CapitalLeaseObligationsCurrent $7.43M USD Point-in-time
Total current liabilities LiabilitiesCurrent $53.99M USD Point-in-time
Total current liabilities LiabilitiesCurrent $77.76M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $713.02M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $749.11M USD Point-in-time
Capital leases CapitalLeaseObligationsNoncurrent $22.63M USD Point-in-time
Capital leases CapitalLeaseObligationsNoncurrent $18.90M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $12.29M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $12.94M USD Point-in-time
Interest rate collar DerivativeLiabilitiesNoncurrent $1.71M USD Point-in-time
Interest rate collar DerivativeLiabilitiesNoncurrent $7.67M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $749.65M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $788.62M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock - $0.0001 par value, 250,000,000 shares authorized, 49,033,903 shares issued and outstanding, at March 31, 2020 and December 31, 2019 CommonStockValue $5.00K USD Point-in-time
Common stock - $0.0001 par value, 250,000,000 shares authorized, 49,033,903 shares issued and outstanding, at March 31, 2020 and December 31, 2019 CommonStockValue $5.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $433.14M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $432.58M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-444.71M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-460.68M USD Point-in-time
Total stockholders' deficit StockholdersEquity $-165.26M USD Point-in-time
Total stockholders' deficit StockholdersEquity $-27.54M USD Point-in-time
Total stockholders' deficit StockholdersEquity $-158.76M USD Point-in-time
Total stockholders' deficit StockholdersEquity $-12.13M USD Point-in-time
Total Liabilities and Stockholders' Deficit LiabilitiesAndStockholdersEquity $815.28M USD Point-in-time
Total Liabilities and Stockholders' Deficit LiabilitiesAndStockholdersEquity $815.07M USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Total Revenue Revenues $81.74M USD 1 Quarter
Total Revenue Revenues $61.49M USD 1 Quarter
Cost of rental revenue CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $40.23M USD 1 Quarter
Cost of rental revenue CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $24.41M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $20.11M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $16.73M USD 1 Quarter
Major repair disposals CostMajorRepairDisposal $700.00K USD 1 Quarter
Major repair disposals CostMajorRepairDisposal $762.00K USD 1 Quarter
Total cost of revenue CostOfRevenue $60.34M USD 1 Quarter
Total cost of revenue CostOfRevenue $41.14M USD 1 Quarter
Gross Profit GrossProfit $20.35M USD 1 Quarter
Gross Profit GrossProfit $21.40M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $11.62M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $7.58M USD 1 Quarter
Licensing and titling expenses LicensingAndTitlingExpense $653.00K USD 1 Quarter
Licensing and titling expenses LicensingAndTitlingExpense $821.00K USD 1 Quarter
Amortization and non-rental depreciation DepreciationAndAmortization $770.00K USD 1 Quarter
Amortization and non-rental depreciation DepreciationAndAmortization $716.00K USD 1 Quarter
Transaction expenses MergerRelatedCosts $2.51M USD 1 Quarter
Transaction expenses MergerRelatedCosts $736.00K USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $716.00K USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $150.00K USD 1 Quarter
Total Operating Expenses OperatingExpenses $11.66M USD 1 Quarter
Total Operating Expenses OperatingExpenses $14.61M USD 1 Quarter
Operating Income OperatingIncomeLoss $8.69M USD 1 Quarter
Operating Income OperatingIncomeLoss $6.80M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNonoperatingNet $-16.01M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNonoperatingNet $-14.99M USD 1 Quarter
Other (income) expense, net OtherNonoperatingIncomeExpense $-6.02M USD 1 Quarter
Other (income) expense, net OtherNonoperatingIncomeExpense $13.00K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-22.04M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-14.98M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-6.29M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-15.24M USD 1 Quarter
Income Tax Expense IncomeTaxExpenseBenefit $730.00K USD 1 Quarter
Income Tax Expense IncomeTaxExpenseBenefit $434.00K USD 1 Quarter
Net Loss NetIncomeLoss $-15.97M USD 1 Quarter
Net Loss NetIncomeLoss $-6.72M USD 1 Quarter
Basic and diluted net loss per share (USD per share) EarningsPerShareBasicAndDiluted $-0.33 USD 1 Quarter
Basic and diluted net loss per share (USD per share) EarningsPerShareBasicAndDiluted $-0.31 USD 1 Quarter
Weighted-average basic and diluted shares outstanding (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 21.66M shares 1 Quarter
Weighted-average basic and diluted shares outstanding (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 49.03M shares 1 Quarter
Cash Flow Statement 80 line items
Line Item Tag Value Unit Period
Net (loss) income NetIncomeLoss $-15.97M USD 1 Quarter
Net (loss) income NetIncomeLoss $-6.72M USD 1 Quarter
Depreciation Depreciation $17.00M USD 1 Quarter
Depreciation Depreciation $20.38M USD 1 Quarter
Amortization - intangibles AmortizationOfIntangibleAssets $691.00K USD 1 Quarter
Amortization - intangibles AmortizationOfIntangibleAssets $724.00K USD 1 Quarter
Amortization - financing costs AmortizationOfFinancingCosts $711.00K USD 1 Quarter
Amortization - financing costs AmortizationOfFinancingCosts $677.00K USD 1 Quarter
Provision for losses on accounts receivable ProvisionForLoanLeaseAndOtherLosses $777.00K USD 1 Quarter
Provision for losses on accounts receivable ProvisionForLoanLeaseAndOtherLosses $692.00K USD 1 Quarter
Share-based payments ShareBasedCompensation $559.00K USD 1 Quarter
Share-based payments ShareBasedCompensation $128.00K USD 1 Quarter
Gain on sale of rental equipment and parts GainLossOnSaleOfPropertyPlantEquipment $1.98M USD 1 Quarter
Gain on sale of rental equipment and parts GainLossOnSaleOfPropertyPlantEquipment $2.21M USD 1 Quarter
Gain on insurance proceeds - damaged equipment GainLossOnInsuranceProceeds $452.00K USD 1 Quarter
Gain on insurance proceeds - damaged equipment GainLossOnInsuranceProceeds $120.00K USD 1 Quarter
Major repair disposal CostMajorRepairDisposal $700.00K USD 1 Quarter
Major repair disposal CostMajorRepairDisposal $762.00K USD 1 Quarter
Change in fair value of derivative DerivativeGainLossOnDerivativeNet $-5.96M USD 1 Quarter
Change in fair value of derivative DerivativeGainLossOnDerivativeNet - USD 1 Quarter
Deferred tax (benefit) expense DeferredIncomeTaxesAndTaxCredits $652.00K USD 1 Quarter
Deferred tax (benefit) expense DeferredIncomeTaxesAndTaxCredits $271.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.82M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.21M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $4.30M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-176.00K USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $34.00K USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $3.41M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-3.35M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $10.30M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-8.16M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-12.43M USD 1 Quarter
Unearned income IncreaseDecreaseInContractWithCustomerLiability $-3.44M USD 1 Quarter
Unearned income IncreaseDecreaseInContractWithCustomerLiability $-517.00K USD 1 Quarter
Net cash flow from operating activities NetCashProvidedByUsedInOperatingActivities $3.90M USD 1 Quarter
Net cash flow from operating activities NetCashProvidedByUsedInOperatingActivities $-2.82M USD 1 Quarter
Purchase of equipment - rental fleet PaymentsToAcquireEquipmentOnLease $13.70M USD 1 Quarter
Purchase of equipment - rental fleet PaymentsToAcquireEquipmentOnLease $33.35M USD 1 Quarter
Proceeds from sale of rental equipment and parts ProceedsFromSaleOfEquipmentOnLease $9.96M USD 1 Quarter
Proceeds from sale of rental equipment and parts ProceedsFromSaleOfEquipmentOnLease $7.63M USD 1 Quarter
Insurance proceeds from damaged equipment ProceedsFromInsuranceSettlementInvestingActivities $365.00K USD 1 Quarter
Insurance proceeds from damaged equipment ProceedsFromInsuranceSettlementInvestingActivities $797.00K USD 1 Quarter
Purchase of other property and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $1.66M USD 1 Quarter
Purchase of other property and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $4.17M USD 1 Quarter
Net cash flow from investing activities NetCashProvidedByUsedInInvestingActivities $-6.93M USD 1 Quarter
Net cash flow from investing activities NetCashProvidedByUsedInInvestingActivities $-27.19M USD 1 Quarter
Borrowings under revolving credit facilities ProceedsFromLongTermLinesOfCredit $15.00M USD 1 Quarter
Borrowings under revolving credit facilities ProceedsFromLongTermLinesOfCredit $35.68M USD 1 Quarter
Repayments under revolving credit facilities RepaymentsOfLongTermLinesOfCredit $9.00M USD 1 Quarter
Repayments under revolving credit facilities RepaymentsOfLongTermLinesOfCredit - USD 1 Quarter
Repayments of notes payable RepaymentsOfMediumTermNotes - USD 1 Quarter
Repayments of notes payable RepaymentsOfMediumTermNotes $183.00K USD 1 Quarter
Capital lease payments RepaymentsOfLongTermCapitalLeaseObligations $1.74M USD 1 Quarter
Capital lease payments RepaymentsOfLongTermCapitalLeaseObligations $1.17M USD 1 Quarter
Finance fees paid ProceedsFromCollectionOfFinancingCosts $20.00K USD 1 Quarter
Finance fees paid ProceedsFromCollectionOfFinancingCosts - USD 1 Quarter
Net cash flow from financing activities NetCashProvidedByUsedInFinancingActivities $33.94M USD 1 Quarter
Net cash flow from financing activities NetCashProvidedByUsedInFinancingActivities $4.67M USD 1 Quarter
Net Change in Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.64M USD 1 Quarter
Net Change in Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $3.93M USD 1 Quarter
Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $6.30M USD Point-in-time
Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.78M USD Point-in-time
Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.14M USD Point-in-time
Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.24M USD Point-in-time
Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $6.30M USD Point-in-time
Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.78M USD Point-in-time
Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.14M USD Point-in-time
Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.24M USD Point-in-time
Cash paid for interest InterestPaidNet $23.57M USD 1 Quarter
Cash paid for interest InterestPaidNet $24.98M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $76.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $136.00K USD 1 Quarter
Transfer of parts inventory to leased equipment TransferOfPartsInventoryToLeaseEquipment $1.47M USD 1 Quarter
Transfer of parts inventory to leased equipment TransferOfPartsInventoryToLeaseEquipment $2.09M USD 1 Quarter
Rental equipment and property and equipment purchases in accounts payable CapitalExpendituresIncurredButNotYetPaid $11.86M USD 1 Quarter
Rental equipment and property and equipment purchases in accounts payable CapitalExpendituresIncurredButNotYetPaid $20.87M USD 1 Quarter
Rental equipment sales in accounts receivable RentalEquipmentSalesInAccountsReceivable $5.63M USD 1 Quarter
Rental equipment sales in accounts receivable RentalEquipmentSalesInAccountsReceivable $3.05M USD 1 Quarter
Insurance recoveries accrued in accounts receivable InsuranceRecoveriesAccruedInAccountsReceivable $424.00K USD 1 Quarter
Insurance recoveries accrued in accounts receivable InsuranceRecoveriesAccruedInAccountsReceivable - USD 1 Quarter
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Balance (in shares) CommonStockSharesOutstanding 49.03M shares Point-in-time
Balance (in shares) CommonStockSharesOutstanding 49.03M shares Point-in-time
Balance StockholdersEquity $-165.26M USD Point-in-time
Balance StockholdersEquity $-27.54M USD Point-in-time
Balance StockholdersEquity $-158.76M USD Point-in-time
Balance StockholdersEquity $-12.13M USD Point-in-time
Net (loss) income NetIncomeLoss $-15.97M USD 1 Quarter
Net (loss) income NetIncomeLoss $-6.72M USD 1 Quarter
Share-based payments AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $128.00K USD 1 Quarter
Share-based payments AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $559.00K USD 1 Quarter
Interest rate collar OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent $88.00K USD 1 Quarter
Interest rate collar OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent - USD 1 Quarter
Balance StockholdersEquity $-165.26M USD Point-in-time
Balance StockholdersEquity $-27.54M USD Point-in-time
Balance StockholdersEquity $-158.76M USD Point-in-time
Balance StockholdersEquity $-12.13M USD Point-in-time
Balance (in shares) CommonStockSharesOutstanding 49.03M shares Point-in-time
Balance (in shares) CommonStockSharesOutstanding 49.03M shares Point-in-time
Comprehensive Income 11 line items
Line Item Tag Value Unit Period
Net Loss NetIncomeLoss $-15.97M USD 1 Quarter
Reclassification from accumulated other comprehensive loss OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax - USD 1 Quarter
Reclassification from accumulated other comprehensive loss OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax - USD 1 Quarter
Net Loss NetIncomeLoss $-6.72M USD 1 Quarter
Interest rate collar, taxes OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax $112.00K USD 1 Quarter
Interest rate collar (net of taxes of $112 in 2019) OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent $88.00K USD 1 Quarter
Interest rate collar (net of taxes of $112 in 2019) OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent - USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $88.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent - USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-15.97M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-6.64M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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