10-Q Filing

Custom Truck One Source, Inc. CIK: 1709682 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001709682-21-000031`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	nsco-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 38 Cash Flow Statement 78 Stockholders Equity 16

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.77M	USD	Point-in-time
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.37M	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
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.19M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.41M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	49.22M	shares	Point-in-time
Accounts receivable, net of allowance of $7,770 and $6,372, respectively	`AccountsReceivableNetCurrent`	$54.41M	USD	Point-in-time
Accounts receivable, net of allowance of $7,770 and $6,372, respectively	`AccountsReceivableNetCurrent`	$60.93M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	49.16M	shares	Point-in-time
Inventory	`InventoryNet`	$31.37M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	49.22M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	49.16M	shares	Point-in-time
Inventory	`InventoryNet`	$33.66M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$7.53M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$13.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$104.35M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$103.24M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.27M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.76M	USD	Point-in-time
Rental equipment, net	`PropertySubjectToOrAvailableForOperatingLeaseNet`	$335.81M	USD	Point-in-time
Rental equipment, net	`PropertySubjectToOrAvailableForOperatingLeaseNet`	$323.70M	USD	Point-in-time
Goodwill and other intangibles, net	`IntangibleAssetsNetIncludingGoodwill`	$305.63M	USD	Point-in-time
Goodwill and other intangibles, net	`IntangibleAssetsNetIncludingGoodwill`	$304.88M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$13.13M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$16.95M	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableGrossNoncurrent`	$433.00K	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableGrossNoncurrent`	$498.00K	USD	Point-in-time
Total Assets	`Assets`	$750.24M	USD	Point-in-time
Total Assets	`Assets`	$768.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$27.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.83M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$31.99M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$30.16M	USD	Point-in-time
Deferred rent income	`DeferredRentCreditCurrent`	$975.00K	USD	Point-in-time
Deferred rent income	`DeferredRentCreditCurrent`	$776.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.28M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.11M	USD	Point-in-time
Current portion of capital lease obligations	`CapitalLeaseObligationsCurrent`	$5.06M	USD	Point-in-time
Current portion of capital lease obligations	`CapitalLeaseObligationsCurrent`	$5.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$65.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$71.35M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$725.68M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$715.86M	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsNoncurrent`	$5.25M	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsNoncurrent`	$4.51M	USD	Point-in-time
Derivative and warrants liabilities	`DerivativeLiabilitiesNoncurrent`	$7.01M	USD	Point-in-time
Derivative and warrants liabilities	`DerivativeLiabilitiesNoncurrent`	$23.65M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$753.84M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$728.12M	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, 49,219,383 and 49,156,753 shares issued and outstanding, at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock $0.0001 par value, 250,000,000 shares authorized, 49,219,383 and 49,156,753 shares issued and outstanding, at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$434.92M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$425.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-493.90M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-465.99M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-27.54M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-68.67M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-31.07M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-12.13M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$768.40M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$750.24M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Total Revenue	`Revenues`	$81.74M	USD	1 Quarter
Total Revenue	`Revenues`	$78.30M	USD	1 Quarter
Cost of rental revenue	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$40.24M	USD	1 Quarter
Cost of rental revenue	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$40.23M	USD	1 Quarter
Depreciation of rental equipment	`CostOfGoodsAndServicesSoldDepreciation`	$20.11M	USD	1 Quarter
Depreciation of rental equipment	`CostOfGoodsAndServicesSoldDepreciation`	$17.84M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$58.08M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$60.34M	USD	1 Quarter
Gross Profit	`GrossProfit`	$21.40M	USD	1 Quarter
Gross Profit	`GrossProfit`	$20.22M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.34M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.62M	USD	1 Quarter
Licensing and titling expenses	`LicensingAndTitlingExpense`	$711.00K	USD	1 Quarter
Licensing and titling expenses	`LicensingAndTitlingExpense`	$821.00K	USD	1 Quarter
Amortization and non-rental depreciation	`DepreciationAndAmortization`	$775.00K	USD	1 Quarter
Amortization and non-rental depreciation	`DepreciationAndAmortization`	$716.00K	USD	1 Quarter
Transaction and other expenses	`MergerRelatedCosts`	$1.45M	USD	1 Quarter
Transaction and other expenses	`MergerRelatedCosts`	$10.45M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$23.27M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$14.61M	USD	1 Quarter
Operating (Loss) Income	`OperatingIncomeLoss`	$-3.05M	USD	1 Quarter
Operating (Loss) Income	`OperatingIncomeLoss`	$6.80M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-16.01M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-14.91M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-6.02M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-5.86M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-20.76M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-22.04M	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.24M	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-23.82M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$730.00K	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$4.09M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-27.91M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-15.97M	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`	$-0.57	USD	1 Quarter
Weighted-Average Common Shares Outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	48.62M	shares	1 Quarter
Weighted-Average Common Shares Outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49.03M	shares	1 Quarter

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-27.91M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-15.97M	USD	1 Quarter
Depreciation	`Depreciation`	$20.38M	USD	1 Quarter
Depreciation	`Depreciation`	$18.06M	USD	1 Quarter
Amortization - intangibles	`AmortizationOfIntangibleAssets`	$691.00K	USD	1 Quarter
Amortization - intangibles	`AmortizationOfIntangibleAssets`	$753.00K	USD	1 Quarter
Amortization - financing costs	`AmortizationOfFinancingCosts`	$711.00K	USD	1 Quarter
Amortization - financing costs	`AmortizationOfFinancingCosts`	$804.00K	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForLoanLeaseAndOtherLosses`	$777.00K	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForLoanLeaseAndOtherLosses`	$1.38M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$698.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$559.00K	USD	1 Quarter
Gain on sale of rental equipment and parts	`GainLossOnSaleOfPropertyPlantEquipment`	$2.21M	USD	1 Quarter
Gain on sale of rental equipment and parts	`GainLossOnSaleOfPropertyPlantEquipment`	$4.14M	USD	1 Quarter
Gain on insurance proceeds - damaged equipment	`GainLossOnInsuranceProceeds`	$2.00K	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`	$285.00K	USD	1 Quarter
Change in fair value of derivative and warrants	`DerivativeGainLossOnDerivativeNet`	$-5.85M	USD	1 Quarter
Change in fair value of derivative and warrants	`DerivativeGainLossOnDerivativeNet`	$-5.96M	USD	1 Quarter
Deferred tax expense (benefit)	`DeferredIncomeTaxesAndTaxCredits`	$652.00K	USD	1 Quarter
Deferred tax expense (benefit)	`DeferredIncomeTaxesAndTaxCredits`	$3.83M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.21M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.52M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-176.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$5.08M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.54M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$34.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.35M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-956.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-12.43M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-1.44M	USD	1 Quarter
Unearned income	`IncreaseDecreaseInContractWithCustomerLiability`	$-517.00K	USD	1 Quarter
Unearned income	`IncreaseDecreaseInContractWithCustomerLiability`	$-199.00K	USD	1 Quarter
Net cash flow from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.09M	USD	1 Quarter
Net cash flow from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.82M	USD	1 Quarter
Purchase of equipment - rental equipment	`PaymentsToAcquireEquipmentOnLease`	$33.35M	USD	1 Quarter
Purchase of equipment - rental equipment	`PaymentsToAcquireEquipmentOnLease`	$11.37M	USD	1 Quarter
Proceeds from sale of rental equipment and parts	`ProceedsFromSaleOfEquipmentOnLease`	$14.79M	USD	1 Quarter
Proceeds from sale of rental equipment and parts	`ProceedsFromSaleOfEquipmentOnLease`	$9.96M	USD	1 Quarter
Insurance proceeds from damaged equipment	`ProceedsFromInsuranceSettlementInvestingActivities`	$365.00K	USD	1 Quarter
Insurance proceeds from damaged equipment	`ProceedsFromInsuranceSettlementInvestingActivities`	$627.00K	USD	1 Quarter
Purchase of other property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$141.00K	USD	1 Quarter
Purchase of other property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$4.17M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-65.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Net cash flow from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.97M	USD	1 Quarter
Net cash flow from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.19M	USD	1 Quarter
Borrowings under revolving credit facilities	`ProceedsFromLongTermLinesOfCredit`	$35.68M	USD	1 Quarter
Borrowings under revolving credit facilities	`ProceedsFromLongTermLinesOfCredit`	$25.46M	USD	1 Quarter
Repayments under revolving credit facilities	`RepaymentsOfLongTermLinesOfCredit`	$16.43M	USD	1 Quarter
Repayments under revolving credit facilities	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfMediumTermNotes`	$182.00K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfMediumTermNotes`	-	USD	1 Quarter
Capital lease payments	`RepaymentsOfLongTermCapitalLeaseObligations`	$1.74M	USD	1 Quarter
Capital lease payments	`RepaymentsOfLongTermCapitalLeaseObligations`	$955.00K	USD	1 Quarter
Net cash flow from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.89M	USD	1 Quarter
Net cash flow from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$33.94M	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.93M	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-221.00K	USD	1 Quarter
Cash at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.30M	USD	Point-in-time
Cash at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.24M	USD	Point-in-time
Cash at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.19M	USD	Point-in-time
Cash at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.41M	USD	Point-in-time
Cash at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.30M	USD	Point-in-time
Cash at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.24M	USD	Point-in-time
Cash at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.19M	USD	Point-in-time
Cash at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.41M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$24.98M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$26.29M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$122.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$76.00K	USD	1 Quarter
Transfer of inventory to rental equipment	`TransferOfPartsInventoryToLeaseEquipment`	$2.09M	USD	1 Quarter
Transfer of inventory to rental equipment	`TransferOfPartsInventoryToLeaseEquipment`	$2.78M	USD	1 Quarter
Rental equipment and property and equipment purchases in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$6.29M	USD	1 Quarter
Rental equipment and property and equipment purchases in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$11.86M	USD	1 Quarter
Rental equipment sales in accounts receivable	`RentalEquipmentSalesInAccountsReceivable`	$1.50M	USD	1 Quarter
Rental equipment sales in accounts receivable	`RentalEquipmentSalesInAccountsReceivable`	$5.63M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	49.22M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	49.16M	shares	Point-in-time
Balance	`StockholdersEquity`	$-27.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$-68.67M	USD	Point-in-time
Balance	`StockholdersEquity`	$-31.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.13M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-27.91M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-15.97M	USD	1 Quarter
Share-based payments	`StockIssuedDuringPeriodValueShareBasedCompensation`	$597.00K	USD	1 Quarter
Share-based payments	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$559.00K	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	49.22M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	49.16M	shares	Point-in-time
Balance	`StockholdersEquity`	$-27.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$-68.67M	USD	Point-in-time
Balance	`StockholdersEquity`	$-31.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.13M	USD	Point-in-time

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