Custom Truck One Source, Inc. (NYSE:CTOS) Q3 2024 Earnings Conference Call October 31, 2024 9:00 AM ET

Company Participants

Brian Perman - VP, IR
Ryan McMonagle – CEO
Christopher Eperjesy - CFO

Conference Call Participants

Michael Shlisky - D.A. Davidson.
Justin Hauke - Baird
Nicole DeBlase - Deutsche Bank
Tami Zakaria – J.P. Morgan

Operator

Hello, everyone, and welcome to Custom Truck One Source, Inc. Third Quarter 2024 Earnings Conference Call. Please note, this conference call is being recorded. [Operator Instructions].

I will now turn the call over to Brian Perman, Vice President of Investor Relations.

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 discussion of some of the factors that could cause actual results to differ, please refer to the risk factor 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 in our quarterly investor presentation are posted on the Investor Relations section of our website. We filed our second quarter 2024 10-Q with the SEC this afternoon.

Today's discussion of our results of operations, Custom Truck One Source Inc. or Custom Truck, is presented on a historical basis as of or before the three months ended June 30th, 2024, and prior periods.

Joining me today are Ryan McMonagle, CEO; and Christopher Eperjesy, CFO.

I will now turn the call over to Ryan.

Ryan McMonagle

Thanks Brian and welcome everyone today's call. Before we dive into our Q3 earnings, I want to acknowledge the recent storms and their impact on the people and communities in Florida, Georgia and North Carolina. Our thoughts are with everyone affected, and we are committed to ensuring our equipment is available to support recovery and restoration efforts in these regions.

In our Q2 earnings report in August, we noted early signs of improvement in our rental KPIs. While we were cautiously optimistic about overcoming some challenges in the transmission and distribution end markets, we weren't ready to declare a turnaround. Today, I'm pleased to share that we saw continued improvement throughout Q3, in line with our expectations. We ended the quarter with OEC on rents over $145 million higher and utilization more than 800 basis points above where we exited Q2.