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Condensed Financial Information of Custom Truck One Source, Inc. (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Parent Company Balance Sheets | Condensed Balance Sheets
(in $000s, except share data) | December 31, 2024 |  | December 31, 2023 |
Assets |  |  |  |
Investment in subsidiaries | $ | 886,443 |  |  | $ | 943,396 |  |
Total Assets | $ | 886,443 |  |  | $ | 943,396 |  |
Liabilities and Stockholders' Deficit |  |  |  |
Liabilities |  |  |  |
Warrants and other liabilities | $ | — |  |  | $ | 527 |  |
Deferred income taxes | 30,303 |  |  | 30,835 |  |
Total long-term liabilities | 30,303 |  |  | 31,362 |  |
Commitments and contingencies (see Note 4) |  |  |  |
Stockholders' Equity (Deficit) |  |  |  |
Common stock — 0.0001 par value, 500,000,000 shares authorized; 251,908,970 and 249,903,120 shares issued; and 233,794,319 and 241,011,332 shares outstanding, at December 31, 2024 and 2023, respectively | 25 |  |  | 25 |  |
Treasury stock, at cost — 18,114,651 and 8,891,788 shares at December 31, 2024 and December 31, 2023, respectively | (88,229) |  |  | (56,524) |  |
Additional paid-in capital | 1,545,616 |  |  | 1,532,384 |  |
Accumulated other comprehensive loss | (14,744) |  |  | (5,978) |  |
Accumulated deficit | (586,528) |  |  | (557,873) |  |
Total stockholders' equity (deficit) | 856,140 |  |  | 912,034 |  |
Total Liabilities and Stockholders' Equity (Deficit) | $ | 886,443 |  |  | $ | 943,396 |  |
Condensed Parent Company Statements of Operations and Comprehensive Income (Loss) | Condensed Statements of Operations and Comprehensive Income (Loss)
| Year Ended December 31,
(in $000s) | 2024 |  | 2023 |  | 2022
Operating Expenses |  |  |  |  |
Selling, general, and administrative expenses | $ | 11,859 |  |  | $ | 13,309 |  |  | $ | 12,297 |
Total operating expenses | 11,859 |  |  | 13,309 |  |  | 12,297 |
Operating Loss | (11,859) |  |  | (13,309) |  |  | (12,297) |
Other Expense (Income) |  |  |  |  |
Equity in net (income) loss of subsidiaries | 17,855 |  |  | (68,900) |  |  | (40,436) |
Other income | (527) |  |  | (2,485) |  |  | (18,593) |
Total other expense (income) | 17,328 |  |  | (71,385) |  |  | (59,029) |
Income (Loss) Before Income Taxes | (29,187) |  |  | 58,076 |  |  | 46,732 |
Income Tax Expense (Benefit) | (532) |  |  | 7,364 |  |  | 7,827 |
Net Income (Loss) | $ | (28,655) |  |  | $ | 50,712 |  |  | $ | 38,905 |
Other Comprehensive Income (Loss): |  |  |  |  |
Unrealized foreign currency translation adjustment | $ | (8,766) |  |  | $ | 2,969 |  |  | $ | (8,947) |
Other Comprehensive Income (Loss) | (8,766) |  |  | 2,969 |  |  | (8,947) |
Comprehensive Income (Loss) | $ | (37,421) |  |  | $ | 53,681 |  |  | $ | 29,958 |
Condensed Parent Company Statements of Cash Flows | Condensed Statements of Cash Flows
| Year Ended December 31,
(in $000s) | 2024 |  | 2023 |  | 2022
Operating Activities |  |  |  |  |
Net cash flow from operating activities | $ | (17,855) |  |  | $ | 68,723 |  |  | $ | 40,231 |
Investing Activities |  |  |  |  |
Changes in investment in subsidiaries | 48,187 |  |  | (30,670) |  |  | (28,114) |
Net cash flow from investing activities | 48,187 |  |  | (30,670) |  |  | (28,114) |
Financing Activities |  |  |  |  |
Share-based payments | (1,728) |  |  | 792 |  |  | (1,838) |
Common stock repurchase | (28,604) |  |  | (38,845) |  |  | (10,279) |
Net cash flow from financing activities | (30,332) |  |  | (38,053) |  |  | (12,117) |
Net Change in Cash | — |  |  | — |  |  | — |
Cash at Beginning of Period | — |  |  | — |  |  | — |
Cash at End of Period | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Stockholders' Equity | The following table provides a reconciliation of the beginning and ending amounts of total stockholders’ equity (deficit) for the years ended December 31, 2024, 2023, and 2022.
|  |  |  |  | Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Other Comprehensive Loss |  | Accumulated Deficit |  | Total Stockholders' Equity (Deficit)
| Shares |  |  |  |  |  |
(in $000s, except share data) | Common |  | Treasury |  |  |  |  |  |
Balance, December 31, 2021 | 247,358,412 |  |  | (318,086) |  |  | $ | 25 |  |  | $ | (3,020) |  |  | $ | 1,503,826 |  |  | $ | — |  |  | $ | (647,490) |  |  | $ | 853,341 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38,905 |  |  | 38,905 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,947) |  |  | — |  |  | (8,947) |
Common stock repurchase | — |  |  | (1,657,635) |  |  | — |  |  | (10,483) |  |  | — |  |  | — |  |  | — |  |  | (10,483) |
Share-based payments | 952,692 |  |  | (265,348) |  |  | — |  |  | (2,034) |  |  | 12,492 |  |  | — |  |  | — |  |  | 10,458 |
Balance, December 31, 2022 | 248,311,104 |  |  | (2,241,069) |  |  | $ | 25 |  |  | $ | (15,537) |  |  | $ | 1,516,318 |  |  | $ | (8,947) |  |  | $ | (608,585) |  |  | $ | 883,274 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,712 |  |  | 50,712 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,969 |  |  | — |  |  | 2,969 |
Common stock repurchase | — |  |  | (6,354,587) |  |  | — |  |  | (39,021) |  |  | — |  |  | — |  |  | — |  |  | (39,021) |
Share-based payments | 1,592,016 |  |  | (296,132) |  |  | — |  |  | (1,966) |  |  | 16,066 |  |  | — |  |  | — |  |  | 14,100 |
Balance, December 31, 2023 | 249,903,120 |  |  | (8,891,788) |  |  | $ | 25 |  |  | $ | (56,524) |  |  | $ | 1,532,384 |  |  | $ | (5,978) |  |  | $ | (557,873) |  |  | $ | 912,034 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (28,655) |  |  | (28,655) |
ESPP shares issued | 323,615 |  |  | — |  |  | — |  |  | — |  |  | 1,487 |  |  | — |  |  | — |  |  | 1,487 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,766) |  |  | — |  |  | (8,766) |
Common stock repurchase | — |  |  | (5,890,848) |  |  | — |  |  | (28,603) |  |  | — |  |  | — |  |  | — |  |  | (28,603) |
Earnout share forfeitures |  |  | (2,778,434) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based payments | 1,682,235 |  |  | (553,581) |  |  | — |  |  | (3,102) |  |  | 11,745 |  |  | — |  |  | — |  |  | 8,643 |
Balance, December 31, 2024 | 251,908,970 |  |  | (18,114,651) |  |  | $ | 25 |  |  | $ | (88,229) |  |  | $ | 1,545,616 |  |  | $ | (14,744) |  |  | $ | (586,528) |  |  | $ | 856,140 |

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