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Condensed Financial Information of Custom Truck One Source, Inc. (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Parent Company Balance Sheets
Condensed Balance Sheets
(in $000s, except share data)December 31, 2024December 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 taxes30,303 30,835 
Total long-term liabilities30,303 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 capital1,545,616 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)202420232022
Operating Expenses
Selling, general, and administrative expenses$11,859 $13,309 $12,297 
Total operating expenses11,859 13,309 12,297 
Operating Loss(11,859)(13,309)(12,297)
Other Expense (Income)
Equity in net (income) loss of subsidiaries17,855 (68,900)(40,436)
Other income(527)(2,485)(18,593)
Total other expense (income)17,328 (71,385)(59,029)
Income (Loss) Before Income Taxes(29,187)58,076 46,732 
Income Tax Expense (Benefit)(532)7,364 7,827 
Net Income (Loss)$(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 $000s)202420232022
Operating Activities
Net cash flow from operating activities$(17,855)$68,723 $40,231 
Investing Activities
Changes in investment in subsidiaries48,187 (30,670)(28,114)
Net cash flow from investing activities48,187 (30,670)(28,114)
Financing Activities
Share-based payments(1,728)792 (1,838)
Common stock repurchase(28,604)(38,845)(10,279)
Net cash flow from financing activities(30,332)(38,053)(12,117)
Net Change in Cash— — — 
Cash at Beginning of Period— — — 
Cash at End of Period$— $— $— 
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 StockTreasury StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders' Equity (Deficit)
Shares
(in $000s, except share data)CommonTreasury
Balance, December 31, 2021247,358,412 (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 payments952,692 (265,348)— (2,034)12,492 — — 10,458 
Balance, December 31, 2022248,311,104 (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 payments1,592,016 (296,132)— (1,966)16,066 — — 14,100 
Balance, December 31, 2023249,903,120 (8,891,788)$25 $(56,524)$1,532,384 $(5,978)$(557,873)$912,034 
Net income (loss)— — — — — — (28,655)(28,655)
ESPP shares issued323,615 — — — 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 payments1,682,235 (553,581)— (3,102)11,745 — — 8,643 
Balance, December 31, 2024251,908,970 (18,114,651)$25 $(88,229)$1,545,616 $(14,744)$(586,528)$856,140