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10-Q Filing

Custom Truck One Source, Inc. CIK: 1709682 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001709682-22-000064
Period End Date 20220331
Filing Date 20220510
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance ctos-20220331_htm.xml
Filing Contents
Balance Sheet 84 line items
Line Item Tag Value Unit Period
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 500.00M shares Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 500.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $23.81M USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 247.36M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $35.90M USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 247.46M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $174.06M USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 247.36M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 247.46M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $168.39M USD Point-in-time
Treasury stock (in shares) TreasuryStockShares 339,591.00 shares Point-in-time
Treasury stock (in shares) TreasuryStockShares 318,086.00 shares Point-in-time
Financing receivables, net NotesAndLoansReceivableNetCurrent $28.65M USD Point-in-time
Financing receivables, net NotesAndLoansReceivableNetCurrent $36.49M USD Point-in-time
Inventory InventoryNet $463.72M USD Point-in-time
Inventory InventoryNet $410.54M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $14.85M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $13.22M USD Point-in-time
Total current assets AssetsCurrent $712.92M USD Point-in-time
Total current assets AssetsCurrent $656.70M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $108.61M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $107.72M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $834.33M USD Point-in-time
Rental equipment, net PropertySubjectToOrAvailableForOperatingLeaseNet $834.64M USD Point-in-time
Goodwill Goodwill $713.83M USD Point-in-time
Goodwill Goodwill $695.87M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $314.50M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $327.84M USD Point-in-time
Operating lease assets OperatingLeaseRightOfUseAsset $36.01M USD Point-in-time
Operating lease assets OperatingLeaseRightOfUseAsset $35.45M USD Point-in-time
Other assets OtherAssetsNoncurrent $24.41M USD Point-in-time
Other assets OtherAssetsNoncurrent $27.00M USD Point-in-time
Total Assets Assets $2.68B USD Point-in-time
Total Assets Assets $2.75B USD Point-in-time
Accounts payable AccountsPayableCurrent $91.12M USD Point-in-time
Accounts payable AccountsPayableCurrent $108.48M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $61.96M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $60.34M USD Point-in-time
Deferred revenue and customer deposits ContractWithCustomerLiabilityCurrent $25.68M USD Point-in-time
Deferred revenue and customer deposits ContractWithCustomerLiabilityCurrent $35.79M USD Point-in-time
Floor plan payables - trade FloorPlanPayablesTradeCurrent $59.68M USD Point-in-time
Floor plan payables - trade FloorPlanPayablesTradeCurrent $72.71M USD Point-in-time
Floor plan payables - non-trade FloorPlanPayablesNonTradeCurrent $165.24M USD Point-in-time
Floor plan payables - non-trade FloorPlanPayablesNonTradeCurrent $220.30M USD Point-in-time
Operating lease liabilities - current DeferredRentCreditCurrent $5.28M USD Point-in-time
Operating lease liabilities - current DeferredRentCreditCurrent $4.99M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $6.35M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $4.95M USD Point-in-time
Current portion of finance lease obligations FinanceLeaseLiabilityCurrent $4.56M USD Point-in-time
Current portion of finance lease obligations FinanceLeaseLiabilityCurrent $4.04M USD Point-in-time
Total current liabilities LiabilitiesCurrent $440.58M USD Point-in-time
Total current liabilities LiabilitiesCurrent $490.90M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $1.31B USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $1.32B USD Point-in-time
Finance leases FinanceLeaseLiabilityNoncurrent $5.11M USD Point-in-time
Finance leases FinanceLeaseLiabilityNoncurrent $2.31M USD Point-in-time
Operating lease liabilities - noncurrent OperatingLeaseLiabilityNoncurrent $31.51M USD Point-in-time
Operating lease liabilities - noncurrent OperatingLeaseLiabilityNoncurrent $30.72M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $15.62M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $21.55M USD Point-in-time
Derivative, warrants and other liabilities DerivativeWarrantAndOtherNoncurrentLiabilities $24.16M USD Point-in-time
Derivative, warrants and other liabilities DerivativeWarrantAndOtherNoncurrentLiabilities $17.69M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $1.38B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $1.40B 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, 500,000,000 shares authorized, 247,461,042 and 247,358,412 shares issued and outstanding, at March 31, 2022 and December 31, 2021, respectively CommonStockValue $25.00K USD Point-in-time
Common stock $0.0001 par value, 500,000,000 shares authorized, 247,461,042 and 247,358,412 shares issued and outstanding, at March 31, 2022 and December 31, 2021, respectively CommonStockValue $25.00K USD Point-in-time
Treasury stock, at cost 339,591 and 318,086 shares at March 31, 2022 and December 31, 2021, respectively TreasuryStockValue $3.02M USD Point-in-time
Treasury stock, at cost 339,591 and 318,086 shares at March 31, 2022 and December 31, 2021, respectively TreasuryStockValue $3.31M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.51B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.51B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-647.49M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-650.76M USD Point-in-time
Total stockholders' equity (deficit) StockholdersEquity $-68.67M USD Point-in-time
Total stockholders' equity (deficit) StockholdersEquity $858.51M USD Point-in-time
Total stockholders' equity (deficit) StockholdersEquity $-31.07M USD Point-in-time
Total stockholders' equity (deficit) StockholdersEquity $858.51M USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $2.68B USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $2.75B USD Point-in-time
Treasury stock (in shares) TreasuryStockShares 339,591.00 shares Point-in-time
Treasury stock (in shares) TreasuryStockShares 318,086.00 shares Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Total revenue Revenues $366.48M USD 1 Quarter
Total revenue Revenues $78.30M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $17.84M USD 1 Quarter
Depreciation of rental equipment CostOfGoodsAndServicesSoldDepreciation $44.96M USD 1 Quarter
Total cost of revenue CostOfRevenue $58.08M USD 1 Quarter
Total cost of revenue CostOfRevenue $281.98M USD 1 Quarter
Gross Profit GrossProfit $20.22M USD 1 Quarter
Gross Profit GrossProfit $84.49M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $53.66M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $12.05M USD 1 Quarter
Amortization AdjustmentForAmortization $13.34M USD 1 Quarter
Amortization AdjustmentForAmortization $754.00K USD 1 Quarter
Non-rental depreciation DepreciationNonproduction $21.00K USD 1 Quarter
Non-rental depreciation DepreciationNonproduction $3.05M USD 1 Quarter
Transaction expenses MergerRelatedCosts $4.65M USD 1 Quarter
Transaction expenses MergerRelatedCosts $10.45M USD 1 Quarter
Total operating expenses OperatingExpenses $74.69M USD 1 Quarter
Total operating expenses OperatingExpenses $23.27M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $9.81M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-3.05M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNonoperatingNet $-14.91M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNonoperatingNet $-19.16M USD 1 Quarter
Financing and other expense (income) OtherNonoperatingIncomeExpense $9.08M USD 1 Quarter
Financing and other expense (income) OtherNonoperatingIncomeExpense $-5.86M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-10.08M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-20.76M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-268.00K USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-23.82M USD 1 Quarter
Income Tax Expense (Benefit) IncomeTaxExpenseBenefit $4.09M USD 1 Quarter
Income Tax Expense (Benefit) IncomeTaxExpenseBenefit $3.00M USD 1 Quarter
Net Income (Loss) NetIncomeLoss $-27.91M USD 1 Quarter
Net Income (Loss) NetIncomeLoss $-3.27M USD 1 Quarter
Basic Earnings (Loss) Per Share (USD per share) EarningsPerShareBasic $-0.01 USD 1 Quarter
Basic Earnings (Loss) Per Share (USD per share) EarningsPerShareBasic $-0.57 USD 1 Quarter
Diluted Earnings (Loss) Per Share (USD per share) EarningsPerShareDiluted $-0.01 USD 1 Quarter
Diluted Earnings (Loss) Per Share (USD per share) EarningsPerShareDiluted $-0.57 USD 1 Quarter
Weighted-Average Common Shares Outstanding, Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 247.06M shares 1 Quarter
Weighted-Average Common Shares Outstanding, Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 48.62M shares 1 Quarter
Weighted-Average-Common Shares Outstanding, Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 48.62M shares 1 Quarter
Weighted-Average-Common Shares Outstanding, Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 247.06M shares 1 Quarter
Cash Flow Statement 78 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $-27.91M USD 1 Quarter
Net income (loss) NetIncomeLoss $-3.27M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $19.91M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $62.50M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $1.33M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts - USD 1 Quarter
Provision for losses on accounts receivable ProvisionForDoubtfulAccounts $2.81M USD 1 Quarter
Provision for losses on accounts receivable ProvisionForDoubtfulAccounts $1.38M USD 1 Quarter
Share-based compensation ShareBasedCompensation $698.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $3.36M USD 1 Quarter
Gain on sales and disposals of rental equipment GainLossOnSaleOfPropertyPlantEquipment $5.42M USD 1 Quarter
Gain on sales and disposals of rental equipment GainLossOnSaleOfPropertyPlantEquipment $4.14M USD 1 Quarter
Change in fair value of derivative and warrants DerivativeGainLossOnDerivativeNet $5.77M USD 1 Quarter
Change in fair value of derivative and warrants DerivativeGainLossOnDerivativeNet $-5.85M USD 1 Quarter
Deferred tax expense (benefit) DeferredIncomeTaxesAndTaxCredits $2.85M USD 1 Quarter
Deferred tax expense (benefit) DeferredIncomeTaxesAndTaxCredits $3.83M USD 1 Quarter
Accounts and financing receivables IncreaseDecreaseInReceivables $-1.52M USD 1 Quarter
Accounts and financing receivables IncreaseDecreaseInReceivables $33.52M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $5.08M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $51.38M USD 1 Quarter
Prepaids, operating leases and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $4.64M USD 1 Quarter
Prepaids, operating leases and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $5.54M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-956.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $29.87M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-1.44M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-5.34M USD 1 Quarter
Floor plan payables - trade, net IncreaseDecreaseInFloorPlanPayables $-13.03M USD 1 Quarter
Floor plan payables - trade, net IncreaseDecreaseInFloorPlanPayables - USD 1 Quarter
Customer deposits and deferred revenue IncreaseDecreaseInContractWithCustomerLiability $-199.00K USD 1 Quarter
Customer deposits and deferred revenue IncreaseDecreaseInContractWithCustomerLiability $-10.12M USD 1 Quarter
Net cash flow from operating activities NetCashProvidedByUsedInOperatingActivities $-12.09M USD 1 Quarter
Net cash flow from operating activities NetCashProvidedByUsedInOperatingActivities $-29.77M USD 1 Quarter
Acquisition of business, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $50.51M USD 1 Quarter
Acquisition of business, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Purchases of rental equipment PaymentsToAcquireEquipmentOnLease $11.37M USD 1 Quarter
Purchases of rental equipment PaymentsToAcquireEquipmentOnLease $45.95M USD 1 Quarter
Proceeds from sales and disposals of rental equipment ProceedsFromSaleOfEquipmentOnLease $49.96M USD 1 Quarter
Proceeds from sales and disposals of rental equipment ProceedsFromSaleOfEquipmentOnLease $15.42M USD 1 Quarter
Other investing activities, net PaymentsToAcquireOtherPropertyPlantAndEquipment $76.00K USD 1 Quarter
Other investing activities, net PaymentsToAcquireOtherPropertyPlantAndEquipment $1.96M USD 1 Quarter
Net cash flow from investing activities NetCashProvidedByUsedInInvestingActivities $-48.46M USD 1 Quarter
Net cash flow from investing activities NetCashProvidedByUsedInInvestingActivities $3.97M USD 1 Quarter
Proceeds from debt ProceedsFromIssuanceOfSeniorLongTermDebt - USD 1 Quarter
Proceeds from debt ProceedsFromIssuanceOfSeniorLongTermDebt $75.00K USD 1 Quarter
Share-based payments PaymentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Share-based payments PaymentsRelatedToTaxWithholdingForShareBasedCompensation $6.00K USD 1 Quarter
Borrowings under revolving credit facilities ProceedsFromLongTermLinesOfCredit $50.00M 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 $34.84M USD 1 Quarter
Repayments of notes payable RepaymentsOfMediumTermNotes $1.87M USD 1 Quarter
Repayments of notes payable RepaymentsOfMediumTermNotes $182.00K USD 1 Quarter
Finance lease payments FinanceLeasePrincipalPayments $955.00K USD 1 Quarter
Finance lease payments FinanceLeasePrincipalPayments $2.27M USD 1 Quarter
Acquisition of inventory through floor plan payables - non-trade AcquisitionOfInventoryThroughFloorPlanPayables $140.13M USD 1 Quarter
Acquisition of inventory through floor plan payables - non-trade AcquisitionOfInventoryThroughFloorPlanPayables - USD 1 Quarter
Repayment of floor plan payables - non-trade RepaymentOfFloorPlanPayables $85.07M USD 1 Quarter
Repayment of floor plan payables - non-trade RepaymentOfFloorPlanPayables - USD 1 Quarter
Net cash flow from financing activities NetCashProvidedByUsedInFinancingActivities $7.89M USD 1 Quarter
Net cash flow from financing activities NetCashProvidedByUsedInFinancingActivities $66.14M USD 1 Quarter
Net Change in Cash and Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-12.09M USD 1 Quarter
Net Change in Cash and Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-221.00K USD 1 Quarter
Cash and Cash Equivalents at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $23.81M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.19M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $35.90M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.41M USD Point-in-time
Cash and Cash Equivalents at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $23.81M USD Point-in-time
Cash and Cash Equivalents at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.19M USD Point-in-time
Cash and Cash Equivalents at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $35.90M USD Point-in-time
Cash and Cash Equivalents at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.41M USD Point-in-time
Interest paid InterestPaidNet $26.29M USD 1 Quarter
Interest paid InterestPaidNet $4.87M USD 1 Quarter
Income taxes paid IncomeTaxesPaidNet - USD 1 Quarter
Income taxes paid IncomeTaxesPaidNet $122.00K 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 - USD 1 Quarter
Rental equipment sales in accounts receivable RentalEquipmentSalesInAccountsReceivable $1.50M USD 1 Quarter
Rental equipment sales in accounts receivable RentalEquipmentSalesInAccountsReceivable $23.55M USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Balance (in shares) CommonStockSharesOutstanding 247.36M shares Point-in-time
Balance (in shares) CommonStockSharesOutstanding 247.46M shares Point-in-time
Balance StockholdersEquity $-68.67M USD Point-in-time
Balance StockholdersEquity $858.51M USD Point-in-time
Balance StockholdersEquity $-31.07M USD Point-in-time
Balance StockholdersEquity $858.51M USD Point-in-time
Net income (loss) NetIncomeLoss $-27.91M USD 1 Quarter
Net income (loss) NetIncomeLoss $-3.27M USD 1 Quarter
Share-based payments StockIssuedDuringPeriodValueShareBasedCompensation $3.27M USD 1 Quarter
Share-based payments StockIssuedDuringPeriodValueShareBasedCompensation $597.00K USD 1 Quarter
Balance (in shares) CommonStockSharesOutstanding 247.36M shares Point-in-time
Balance (in shares) CommonStockSharesOutstanding 247.46M shares Point-in-time
Balance StockholdersEquity $-68.67M USD Point-in-time
Balance StockholdersEquity $858.51M USD Point-in-time
Balance StockholdersEquity $-31.07M USD Point-in-time
Balance StockholdersEquity $858.51M USD Point-in-time

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

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