KANSAS CITY, Mo., Aug. 12, 2021 /PRNewswire/ — Custom Truck One Source, Inc. (NYSE: CTOS, “CTOS” or the “Company”), a leading provider of specialty equipment to the electric utility, telecom, rail and other infrastructure-related end markets, today reported financial results for its second quarterly period ended June 30, 2021.
On April 1, 2021, the Company, formerly known as Nesco Holdings, Inc. (“Nesco Holdings”), through its subsidiary, closed on the acquisition of Custom Truck One Source, L.P. (“Custom Truck LP”) (the “Acquisition”). The Acquisition creates a leading, one-stop shop for specialty equipment serving highly attractive and growing infrastructure end markets, including electric utility transmission and distribution (“T&D”), telecom, rail and other national infrastructure initiatives. Our reported results include Custom Truck LP only for the period subsequent to the Acquisition. We also provide key operational metrics on a combined basis, pro forma combined results of operations (excluding results of operations at the segment level) for the three months ended June 30, 2020 and the six month periods ended June 30, 2020 and June 30, 2021 in accordance with Article 11 of Regulation S-X, and combined results of operations by segment, assuming the Acquisition had occurred on January 1, 2020. We believe such combined information is a better representation of how the combined company has performed over time. Following the transaction, we have expanded our reporting segments from two segments to three segments. The Equipment Rental Solutions (“ERS”) segment encompasses our core rental business, inclusive of sales of rental equipment to our customers. The Truck and Equipment Sales (“TES”) segment encompasses our specialized truck and equipment production and sales activities. Finally, the Aftermarket Parts and Services (“APS”) segment encompasses sales of parts, tools and other supplies to our customers, as well as our aftermarket repair service operations.