Revenue Performance - Total revenue for Q1 2024 was $411.3 million, a decrease of 9.0% from $452.2 million in Q1 2023, primarily due to lower rental asset sales and demand from the utility market[7]. - Total revenue for Q1 2024 was $411,307,000, a decline of 9.1% from $452,163,000 in Q1 2023[46]. - Total revenue for Q1 2024 was $136,028,000, down 34% from $205,920,000 in Q1 2023[47]. Rental Revenue - Rental revenue decreased by 10.2% to $106.2 million in Q1 2024 compared to $118.3 million in Q1 2023, driven by lower utilization and a decline in average OEC on rent[15]. - Rental revenue for Q1 2024 was $103,288,000, a decrease of 9.4% from $113,784,000 in Q1 2023[47]. - Rental revenue decreased to $106.2 million in Q1 2024 from $118.3 million in Q1 2023, representing a decline of 10.5%[32]. Net Income and Loss - Net loss for Q1 2024 was $14.3 million, compared to net income of $13.8 million in Q1 2023, reflecting a $28.1 million decrease primarily due to lower revenue and higher interest expenses[19]. - Net income for Q1 2024 was a loss of $14,335,000 compared to a profit of $13,800,000 in Q1 2023[34]. EBITDA and Profitability - Adjusted EBITDA for Q1 2024 was $77.4 million, a decrease of 26.4% from $105.2 million in Q1 2023, largely driven by a decline in used equipment sales and higher costs associated with variable-rate liabilities[20]. - Adjusted EBITDA for Q1 2024 was $77,376,000, down from $105,200,000 in Q1 2023, reflecting a decrease of approximately 26.5%[42]. - Gross profit for Q1 2024 was $90.7 million, down 17.3% from $109.7 million in Q1 2023[32]. - The company reported a gross profit of $90,709,000 for Q1 2024, down from $109,661,000 in Q1 2023, representing a decline of 17.3%[46]. Segment Performance - The Equipment Rental Solutions (ERS) segment reported a 9.2% decrease in rental revenue to $103.3 million in Q1 2024, with fleet utilization declining to 73.3% from 83.6% in Q1 2023[16]. - The Truck and Equipment Sales (TES) segment saw revenue increase by 14.7% to $239.9 million in Q1 2024, with gross profit improving by 26.5% to $43.2 million[17]. - The Aftermarket Parts and Services (APS) segment revenue decreased by $1.7 million to $35.4 million in Q1 2024, with gross profit margin declining to 22.9% from 25.0% in Q1 2023[18]. Cash Flow and Debt - Cash flow from operating activities for Q1 2024 was negative at $(14,375,000), compared to positive cash flow of $3,906,000 in Q1 2023[34]. - The company incurred interest expenses of $25,015,000 in Q1 2024, an increase from $22,363,000 in Q1 2023[42]. - Net Debt as of March 31, 2024, was $1,511,397,000[49]. - Long-term debt remained stable at approximately $1.49 billion as of March 31, 2024, compared to $1.49 billion at the end of 2023[33]. Guidance and Future Outlook - The company updated its full-year 2024 revenue guidance to between $1,950 million and $2,130 million, and Adjusted EBITDA guidance to between $400 million and $440 million[23]. - The company anticipates a net leverage ratio to decrease to less than 3.5 times by the end of the fiscal year, despite near-term pressures in the utility market affecting the ERS segment[22]. Acquisitions and Business Expansion - The company announced the acquisition of A&D Maintenance and Repair and SOS Fleet Services to expand its footprint and better service its rental fleet and customers[4]. - The company acquired a business for $1,410,000 during Q1 2024[34]. Asset and Liability Overview - Total assets increased to $3.45 billion as of March 31, 2024, up from $3.37 billion at the end of 2023[33]. - Current liabilities rose to $993.1 million as of March 31, 2024, compared to $897.4 million at the end of 2023[33].

Upon Closing, Rishi Bajaj to Become Chief Executive Officer of ContextLogic and Four New Independent Directors to Join ContextLogic Board Six Existing Directors to Step Down from Board Upon Completion of the Qoo10 Transaction Reconstituted Board and Management Team to Focus on Maximizing Value of ~$2.7 Billion of NOLs SAN FRANCISCO, April 02, 2024 (GLOBE NEWSWIRE) --  ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH) ("ContextLogic" or the "Company") today announced that it will reconstitute its Board of Directo ...

KANSAS CITY, Mo.--(BUSINESS WIRE)--Custom Truck One Source, Inc. (NYSE: CTOS) proudly announces its acquisition of the business of SOS Fleet Services, LLC, a full-service repair facility located in Alexandria, Louisiana. This acquisition brings over 30,000 square feet of space and a highly experienced team that will significantly enhance Custom Truck’s service footprint in the region. Our new Alexandria branch is poised to offer the full breadth of Custom Truck’s rental product offering, as well as repair s ...

Custom Truck One Source, Inc. (CTOS) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -36.36%. A quarter ago, it was expected that this company would post earnings of $0.05 per share when it actually produced earnings of $0.04, delivering a surprise of -20%.Over the last four quarters, ...

Financial Data and Key Metrics Changes - The company reported Q4 2023 revenue of $522 million, a 7% increase compared to Q4 2022, and total revenue for 2023 reached $1.865 billion, up 19% year-over-year [50][56] - Net income for Q4 was over $16 million, marking the fifth consecutive quarter of positive net income, with a total of $51 million for 2023, reflecting a 30% increase from 2022 [39][56] - Adjusted EBITDA for Q4 was $118 million, with a total of $427 million for 2023, representing a 9% increase compared to the previous year [56] Business Line Data and Key Metrics Changes - The TES segment achieved 21% revenue growth in Q4 and 29% for the full year, with gross margin improvement of 150 basis points [31][42] - The ERS segment experienced 10% growth for the full year, ending with $726 million in revenue, while adjusted gross profit for ERS was $409 million for 2023, up 3% from 2022 [40][56] - The APS business posted revenue of $38 million in Q4 and $149 million for the full year, a 5% increase compared to 2022 [62] Market Data and Key Metrics Changes - Approximately 60% of revenue comes from the utility end market, driven by electricity load growth in the U.S. due to data center development and electrification trends [32] - TES backlog ended the quarter at just under $690 million, down from a peak of over 12 months in early 2023, indicating a normalization trend [61] - Average utilization of the rental fleet was just under 78% in Q4 and over 80% for the full year, reflecting strong performance despite some headwinds [59] Company Strategy and Development Direction - The company is expanding its geographic footprint by opening new locations in the Western U.S. to better serve customer demand [15][35] - A strategic decision was made to invest in inventory to meet anticipated demand, with expectations to generate over $100 million in levered free cash flow in 2024 [14][8] - The company aims to achieve a net leverage ratio of less than 3x by the end of the fiscal year, focusing on profitable growth [14][63] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are near-term headwinds in utility end markets due to supply chain issues and project timing, long-term demand remains strong [45][74] - The company anticipates continued growth in 2024, projecting total revenue between $2 billion and $2.18 billion, with adjusted EBITDA in the range of $440 million to $470 million [16][55] - Management expressed confidence in the ongoing demand for infrastructure projects, particularly as federal infrastructure investment begins to flow [51][52] Other Important Information - The company has repurchased approximately $49.5 million of its stock since initiating the stock repurchase program in Q3 2022 [44] - The company expects to continue investing in its rental fleet in 2024, with a focus on mid-single-digit growth in net OEC [76] Q&A Session Summary Question: What are the expectations for TES backlog? - Management indicated that while backlog has ticked down due to normalizing supply chains, they expect good order volume to continue, though backlog may decrease further [10][11] Question: How is the company approaching CapEx for 2024? - The company plans to maintain gross CapEx around $400 million, with expectations for mid-single-digit growth in net OEC [11][12] Question: What are the drivers behind the supply chain delays? - Management identified regulatory approvals, supply chain issues, and funding costs as key factors contributing to delays in transmission projects [73][74]

Financial Performance - Full year 2023 revenue reached $1865 million, a 19% increase compared to 2022[10] - Adjusted Gross Profit for 2023 was $625 million, up 13% from 2022[10] - Adjusted EBITDA for 2023 totaled $427 million, a 9% increase year-over-year[6, 10] - Q4 2023 revenue was $522 million, marking a record quarterly revenue[11] Business Segments - Equipment Rental Solutions (ERS) revenue increased by 10% compared to 2022[10] - Truck & Equipment Sales (TES) revenue increased significantly by 29% compared to 2022[10] - Aftermarket Parts & Service (APS) revenue saw a 5% increase compared to 2022[10] - TES new sales backlog stands at $689 million, representing just over 8 months of production[22] Market Dynamics and Outlook - The company anticipates revenue between $2 billion and $218 billion for 2024, representing growth of 7% to 17%[70] - Adjusted EBITDA is projected to be between $440 million and $470 million in 2024, indicating growth of 3% to 10%[70] - The company's fleet OEC (Original Equipment Cost) is $146 billion[8]

KANSAS CITY, Mo.--(BUSINESS WIRE)--Custom Truck One Source, Inc. (NYSE: CTOS), a leading provider of specialty equipment to the electric utility, telecom, rail, and other infrastructure-related end markets, today reported financial results for the fourth quarter and full year ended December 31, 2023. CTOS Fourth-Quarter and Full-Year Highlights Total quarterly revenue of $521.8 million and annual revenue of $1,865.1 million, as a result of continued strong demand across our end markets Quarterly gross ...

Financial Performance - For the year ended December 31, 2023, total revenue for the Equipment Rental Solutions (ERS) segment increased to $990,425,000 from $770,195,000 in 2022, representing a growth of 28.5%[201]. - Gross profit for the ERS segment rose to $172,786,000 in 2023, up from $122,510,000 in 2022, reflecting a significant increase driven by higher rental revenues and equipment sales[200]. - Total revenue for the Aftermarket Parts and Services (APS) segment also increased in 2023, driven by growth in demand for parts, tools, and accessories sales, as well as increased rentals in the Parts, Tools, and Accessories division[203]. - Adjusted EBITDA for the year ended December 31, 2023, was $426,930,000, an increase of 8.6% from $392,978,000 in 2022[212]. - Net income for the year ended December 31, 2023, was $50,712,000, representing a 30.3% increase from $38,905,000 in 2022[212]. - Total revenue for 2023 reached $1,865,100,000, a 18.5% increase from $1,573,086,000 in 2022[296]. - Rental revenue increased to $478,910,000 in 2023, up from $464,039,000 in 2022, reflecting a growth of 1.9%[296]. - Equipment sales surged to $1,253,453,000, a 27.6% increase compared to $982,341,000 in 2022[296]. - Gross profit for 2023 was $454,260,000, representing a 18.4% increase from $383,748,000 in 2022[296]. - Operating income improved to $170,948,000 in 2023, compared to $103,308,000 in 2022, marking a 65.3% increase[296]. - Net income for 2023 was $50,712,000, up from $38,905,000 in 2022, indicating a growth of 30.1%[296]. Cash Flow and Liquidity - Net cash used in operating activities was $30.9 million for the year ended December 31, 2023, compared to $45.968 million provided in 2022[218]. - Net cash used in investing activities was $176.6 million for the year ended December 31, 2023, a decrease from $218.9 million in 2022[248]. - Net cash provided by financing activities increased to $202.9 million in 2023 from $153.9 million in 2022, primarily due to an increase in borrowings under revolving credit facilities[249]. - As of December 31, 2023, the company had cash and cash equivalents of $10.3 million, down from $14.4 million in 2022[237]. - The company reported a Net Leverage Ratio of 3.53 as of December 31, 2023, slightly up from 3.51 in 2022[214]. - The company has floor plan payables of $662.3 million as of December 31, 2023, which are collateralized by inventory[216]. - Future contractual cash requirements include minimum operating lease obligations of $8.8 million and debt principal and interest payments totaling $109.8 million[215]. - The company’s net debt increased to $1.507 billion as of December 31, 2023, from $1.380 billion in 2022[214]. - The total cash requirements for notes payable and loans are $8.0 million short-term and $1.509 billion long-term as of December 31, 2023[245]. Market and Growth Opportunities - The company estimates the addressable market to be approximately $65 billion, with segments including $20.4 billion in new sales, $23.2 billion in aftermarket parts and services, and $21.4 billion in rental and used sales[205]. - The company plans to capitalize on favorable trends across a large addressable market, particularly in fragmented industries, to increase market share[205]. - The company aims to increase penetration of aftermarket parts and services through expanded product offerings and enhanced service capabilities[206]. - The company operates in three reporting segments: Equipment Rental Solutions, Truck and Equipment Sales, and Aftermarket Parts and Services[344]. Assets and Liabilities - As of December 31, 2023, the company's total assets amounted to $3,367.8 million, an increase from $2,938.2 million in 2022, reflecting a growth of approximately 14.6%[273]. - The company's goodwill was reported at $704.0 million, with $498.8 million assigned to the Equipment Rental Solutions (ERS) reporting unit and $37.9 million to the Aftermarket Parts and Services (APS) reporting unit[269]. - The company's current assets totaled $1,265.9 million, significantly up from $868.2 million in the previous year, indicating a growth of approximately 45.7%[273]. - The total long-term liabilities increased to $1,553.2 million from $1,414.9 million, reflecting a rise of about 9.8%[273]. - The company's accounts receivable, net, rose to $215.1 million from $193.1 million, marking an increase of approximately 11.4%[273]. - The rental equipment, net, was valued at $916.7 million, slightly up from $883.7 million, indicating a growth of about 3.7%[273]. Interest and Debt Management - The company reported a 24.2% increase in interest expense, rising to $94,694,000 in 2023 from $76,265,000 in 2022[212]. - Interest paid increased to $122.868 million in 2023 from $81.177 million in 2022, representing a 51% increase[300]. - The company has $1,214.7 million in aggregate principal amount of variable rate debt as of December 31, 2023, with interest rate changes impacting future net income and cash flows[383]. - Each one-eighth percentage point increase or decrease in applicable interest rates would change the company's interest expense by approximately $1.5 million on an annual basis[383]. Operational Insights - The company’s operating model and variable cost structure enable it to sustain high margins and strong cash flow generation throughout various economic cycles[198]. - The company is engaged in providing a range of services and products through rentals and sales of specialty equipment, aftermarket parts, and related services[371]. - The rental fleet comprised more than 10,300 units as of December 31, 2023, supporting diverse customer needs across multiple end-markets[304]. - The rental fleet comprised more than 10,300 units with an average unit age of approximately 3.5 years[332]. Regulatory and Compliance - The company is subject to complex laws and regulations, including environmental and safety regulations that can adversely affect costs[330]. - The company established a Code of Conduct to ensure employees understand the commitment to operate honestly and ethically[365]. Social Responsibility - In 2023, the company provided 20 paid internship opportunities to students from various vocational high school and university programs[364].

Custom Truck One Source, Inc. Reports Record Results for Full-Year 2023 • Total quarterly revenue of $521.8 million and annual revenue of $1,865.1 million, as a result of continued strong demand across our end markets • Quarterly gross profit of $126.8 million, a decrease of $1.5 million, or 1.2%, compared to $128.3 million for fourth quarter 2022 and annual gross profit of $454.3 million, an increase of $70.5 million, or 18.4%, compared to $383.7 million for 2022 • Adjusted gross profit increased 1.2% to $ ...

KANSAS CITY, Mo.--(BUSINESS WIRE)--Load King and Custom Truck One Source, Inc. (NYSE: CTOS) are proud to announce their participation in the upcoming NTEA Work Truck Week, taking place from March 5-8, 2024, at the Indiana Convention Center, Indianapolis, Indiana. This premier industry show serves as a platform for participating companies to exhibit their latest advancements in electric vehicle and hybrid technology. Attendees are invited to visit Booth 4101 to explore a range of pioneering equipment design ...