Custom Truck One Source, Inc. (NYSE:CTOS) Q2 2023 Results Conference Call August 8, 2023 5:00 PM ET

Company Participants

Brian Perman - VP of IR

Ryan McMonagle - CEO

Chris Eperjesy - CFO

Conference Call Participants

Michael Shlisky - D.A. Davidson

Tami Zakaria - JPMorgan

Justin Hauke - Robert W Baird

Scott Schneeberger - Oppenheimer

Nicole DeBlase - Deutsche Bank

Tim Thein - Citigroup

Operator

Ladies and gentlemen, thank you for standing by and welcome to Custom Truck One Source Second Quarter 2023 Earnings Conference Call. Please note that this conference call is being recorded.

I would like to hand the conference over to your host today, Brian Perman, Vice President of Investor Relations for Custom Truck. Please go ahead.

Brian Perman

Thank you and good afternoon. Before we begin, we would like to remind you that management's commentary and responses to questions on today's call may include forward-looking statements, which by their nature are uncertain and outside of the Company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially.

For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of the Company's filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during the call in the press release we issued today. The press release we issued this afternoon and our quarterly investor presentation are posted on the Investor Relations section of our website.

We filed our second quarter 2023 10-Q with the SEC this afternoon. Today's discussion of our results of operations for Custom Truck One Source Inc. or Custom Truck is presented on a historical basis as of or for the three months ended June 30, 2023 and prior periods. Joining me today are Ryan McMonagle, CEO; and Chris Eperjesy, CFO.

I will now turn the call over to Ryan.

Ryan McMonagle

Thanks, Brian. And welcome, everyone, to today's call. I'd like to begin by thanking all of our employees, customers and suppliers who continue to support our business and helped us deliver another strong quarter. The entire Custom Truck team continues to deliver record levels of production, which enables us to continue to grow our rental fleet to meet continued strong demand for new equipment and to fulfill our goal of providing unrivaled service to our customers. For the second quarter of the year, we delivered strong year-over-year revenue, adjusted gross profit and adjusted EBITDA growth. We generated $457 million of revenue, $154 million of adjusted gross profit and $103 million of adjusted EBITDA in Q2, up 26%, 22% and 21%, respectively, versus Q2 2022.