CTOS reports record 2023 revenue $1.87B, net income $50.7M; guides 2024 rev $2.0-2.18B

Custom Truck One Source, Inc.

Q4 revenue $521.8M (+7.2% YoY), full-year revenue $1,865.1M (+18.6% YoY); Q4 net income $16.1M vs $30.9M in Q4 2022.
Full-year 2023 Adjusted EBITDA $426.9M (+8.6% YoY); Q4 Adjusted EBITDA $118.4M vs $124.5M in Q4 2022.
2024 guidance: revenue $2.0-2.18B, Adjusted EBITDA $440-470M; targets >$100M levered free cash flow and net leverage <3.0x by year-end.
TES segment Q4 revenue $298.9M (+20.9% YoY) on record production; ERS rental revenue $116.6M (-5.5% YoY) due to lower utilization (77.6% vs 86.3%).
As of Dec 31: total debt $1,517.8M, net leverage 3.5x; availability $194.5M; repurchased $18.9M common stock in Q4.

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