secwatch.observer — SEC 8-K summary
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Issuer:     Custom Truck One Source, Inc. (CTOS)
CIK:        0001709682
Form:       8-K
Filed at:   2024-08-01T23:59:59+00:00
Accession:  0001709682-24-000052
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Custom Truck Q2 revenue down 7.4% to $423M; net loss $24.5M; lowers FY guidance
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- Net loss $24.5M vs income $11.6M YoY; Adjusted EBITDA $80.1M, down 22.4%.
- Revenue $423.0M, down 7.4% YoY; rental revenue fell 15.7%; fleet utilization dropped to 71.7% from 81.7%.
- FY 2024 guidance lowered: revenue $1.80B-$1.98B, Adj EBITDA $340M-$375M, down from prior target of >$100M levered FCF.
- Net leverage ratio 4.11x; availability under credit facility $159.5M; repurchased $16.7M of stock in Q2.
- ERS segment revenue $138.4M (-17.9% YoY); TES revenue $247.9M (-1.4% YoY); APS flat at $36.7M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1709682/000170968224000052/0001709682-24-000052-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1709682/000170968224000052/ctos-20240801.htm
  HTML page:      https://secwatch.observer/filing/0001709682-24-000052

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