Custom Truck One Source, Inc. (NYSE:CTOS) Q4 2023 Earnings Conference Call March 7, 2024 5:00 PM ET

Company Participants

Brian Perman - VP, IR

Ryan McMonagle - CEO

Chris Eperjesy - CFO

Conference Call Participants

Scott Schneeberger - Oppenheimer

Nicole DeBlase - Deutsche Bank

Justin Hauke - Robert W. Baird

Tami Zakaria - JPMorgan

Operator

Good afternoon. At this time, I would like to welcome everyone to the Custom Truck One Source, Inc. Fourth Quarter and Full Year 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After speakers' remarks, there will be a question-and-answer session. [Operator Instructions].

I would now like to turn the conference over to Brian. Please go ahead.

Brian Perman

Thank you.

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. That press release and our quarterly investor presentation are posted on the Investor Relations section of our website. We filed our 2023 10-K 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 December 31, 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.

Custom Truck's business continued to perform well in Q4, delivering revenue of $522 million, representing a 7% increase compared to Q4 of 2022 and our highest quarter revenue ever. We finished the year with total revenue of $1.865 billion at the top end of our guidance range and up 19% versus 2022. I'm very proud of the efforts of our team to deliver another record setting year. We continue to demonstrate the value of our business model with our ability to pivot between product categories and between selling and renting equipment as the markets dictate.