Business Context and Reporting Period
This Form 8-K was filed by Custom Truck One Source, Inc. on July 29, 2021. The filing serves as a Regulation FD disclosure providing additional standalone financial information for Custom Truck One Source, L.P. ("Custom Truck") for periods prior to the Company's acquisition of 100% of its partnership interests on April 1, 2021.
Key Financial Metrics
The filing references unaudited condensed consolidated financial statements for Custom Truck as of March 31, 2021, and December 31, 2020, as well as statements of operations and cash flows for the three-month periods ended March 31, 2021, and 2020. These documents are attached as Exhibit 99.1.
Note: The text of this Form 8-K does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the referenced exhibits.
Material Changes
The primary material event is the completion of the acquisition of Custom Truck on April 1, 2021. The financial data provided in this filing represents the standalone performance of Custom Truck prior to this transaction and does not reflect any adjustments resulting from the acquisition.
Guidance, Outlook, and Risks
Management explicitly states that the standalone financial information furnished is not indicative of future results of the Company. Additionally, the Company posted an investor presentation to its website, which is attached as Exhibit 99.2. The filing includes a standard disclaimer that the information is "furnished" and not "filed" for purposes of Section 18 of the Exchange Act, limiting liability and incorporation by reference.
Investor Verification Checklist
- Review Exhibit 99.1 for specific revenue, profit, and cash flow figures for the three months ended March 31, 2021, and 2020.
- Examine Exhibit 99.2 (Investor Presentation) for management's outlook and strategic commentary.
- Verify that financial analysis excludes post-acquisition adjustments, as the data reflects pre-April 1, 2021, standalone operations.
- Confirm the distinction between the registrant (Custom Truck One Source, Inc.) and the acquired entity (Custom Truck One Source, L.P.) in financial reporting.