secwatch.observer — SEC 8-K summary
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Issuer:     Custom Truck One Source, Inc. (CTOS)
CIK:        0001709682
Form:       8-K
Filed at:   2024-03-07T23:59:59+00:00
Accession:  0001709682-24-000009
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1709682/000170968224000009/0001709682-24-000009-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1709682/000170968224000009/ctos-20240307.htm
  HTML page:      https://secwatch.observer/filing/0001709682-24-000009

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer