Custom Truck One Source Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 8, 2023

There are 8 speakers on the call.

Operator

Gentlemen, thank you for standing by, and welcome to Custom Truck OneSource 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. Call is

Speaker 1

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

Speaker 1

Call is available on the call. 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. Call, the press release we issued this afternoon and our quarterly investor presentation are posted on the Investor Relations section of our website. Call will be filed our Q2 2023 10 Q with the SEC this afternoon. Today's discussion of our results of operations for call is presented on an historical basis as of or for the 3 months ended June 30, 2023 comes in the prior periods.

Speaker 1

Joining me today are Ryan McMonagle, CEO and Chris Eperjesy, CFO. I will now turn the call over to Ryan. Thanks, Brian, and welcome everyone to today's call. I'd like to begin by thanking all of our employees, customers call is being recorded and we are pleased to announce that our customers are well positioned to 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.

Speaker 1

For the Q2 of the year, we delivered Strong year over year revenue, adjusted gross profit and adjusted EBITDA growth. We generated $457,000,000 of revenue, calls $154,000,000 of adjusted gross profit and $103,000,000 of adjusted EBITDA in Q2, call is up 26%, 22% and 21%, respectively, versus Q2 2022. Our Q2 results align with our expectations that our business this year would reflect the benefits of moderating inflation, includes improved supply chain performance and continued operational excellence. Demand remains strong in each of our strategically selected end markets, continues well in excess of GDP, which we believe should continue for the foreseeable future. The reported backlogs of the utility and telecom contractors, call our largest customer base continue to be good proxies for this sustained growth and remain at or near record levels.

Speaker 1

We see continued strong demand in our own new sales backlog and in the performance of the rental fleet. Additionally, in the Q2, we continue to experience strong demand from our customers to purchase assets in the rental fleet. We see all of these as calls positive leading indicators for sustained future demand. The Rental segment experienced 16% revenue growth year over year. We continue to see strong demand for rental equipment and we remain focused on rental pricing and the amount of time it takes to will return a piece of equipment and make it available to go back on rent, both of which positively impact adjusted gross margin.

Speaker 2

Call is

Speaker 1

a decline in utility distribution equipment utilization, which we believe is temporary and primarily related to our customers' supply chain delays. We continue to invest in our rental fleet and sell certain aged assets. This resulted in the reduction of our fleet age to under 3.6 comes from the line of Jefferies, which we believe remains the youngest in the industry. We expect to continue to invest in the fleet for the remainder of the year as demand remains robust. In the TES segment, we sold $251,000,000 of equipment in the quarter, A 39% increase compared to Q222 and the highest level of quarterly sales in the company's history.

Speaker 1

Call is being recorded. Additionally, gross margin improved significantly versus Q2 of last year and our backlog continued to grow, call ended the quarter at $864,000,000 up 30% versus a year ago and up modestly versus the end of Q1. Call is being recorded. As we continue to achieve record TES sales and production levels, we should experience slower growth in our backlog, which we expect will eventually return to a more normalized level. This past quarter's TES results to continued strong demand for new equipment.

Speaker 1

We are proud of the relationships we have with our chassis, body and attachment vendors call will be recorded and we continue to work closely with them to address supply chain issues as they arise. We continue to see an increase in equipment availability from our chassis and attachment requires, which positions us well to meet our production, fleet growth and sales goals for the remainder of the year and beyond. Strategically, we remain focused on investing in and optimizing our production capacity and service footprint to ensure that we deliver the product and service levels call customers expect from us. On last quarter's call, we discussed the expansion projects at our Kansas City, Missouri and Union Grove, Wisconsin locations. Call will be recorded.

Speaker 1

The work at the Union Grove location is complete and the new capacity is largely online, while the expansion in Kansas City is expected will be complete later this year. These investments will ensure that we have sufficient capacity to meet our growth targets for both our rental fleet and new equipment sales call will be a catalyst for growth in our APS segment.

Speaker 3

As we look ahead to

Speaker 1

the rest of the year, We believe that our first half results, favorable end market tailwinds, robust customer demand, improving supply chain dynamics and continued outstanding execution by our team all provide Custom Truck with the momentum to deliver strong revenue, adjusted gross profit and adjusted

Speaker 2

is EBITDA growth.

Speaker 1

While Chris will discuss our 2023 outlook in greater detail, based on year to date performance and the outlook for the remainder of the year, call is being recorded. We are increasing our projected total revenue guidance range to $1,725,000,000 to $1,830,000,000 call is in our adjusted EBITDA range to $425,000,000 to $445,000,000 In closing, we know our call is the key to delivering the unequaled customer service and outstanding financial results we saw in the Q2. Call

Speaker 2

is open. I would now like to extend a sincere thank you to them.

Speaker 1

I will now turn it over to Chris.

Speaker 3

Thanks, Ryan. Call Q2 was another very strong quarter. End market demand remains strong, resulting in total revenue of $457,000,000 call is up 26% compared to Q2 2022. Adjusted gross profit was $154,000,000 call is up 22% compared to Q2 2022, resulting in an adjusted gross margin for the quarter of 34%. Call is recorded.

Speaker 3

Adjusted EBITDA was $103,000,000 a 21% improvement compared to Q2 2022. Adjusted gross profit and adjusted EBITDA growth lagged revenue growth largely as a result of segment revenue mix. While all of our segments experienced year over year growth, rental asset sales and TES revenue, which have a lower average gross margin associated continues to be a key percent in Q2 2022. SG and A was $58,000,000 for Q2 call was 12.7 percent of revenues, an improvement versus 13.5% in Q2 2022. Call is available on the call.

Speaker 3

Net income for the quarter was $11,600,000 the 3rd consecutive quarter of positive net income. Ryan referenced our continued strong performance within our ERS segment for the quarter. Utilization was just under 82% call on rent yield was over 40% for the quarter compared to just over 39% for Q2 2022. Call ended the quarter at $1,470,000,000 up by $68,000,000 versus Q2 2022. Consists of our expectation, we had continued strong investment in our rental fleet this quarter with a net CapEx of $50,000,000 We expect to continue to invest conference call is recorded in the fleet during the second

Speaker 2

half of the year.

Speaker 3

For Q2, ERS rental revenue was $118,000,000 a 9% increase

Speaker 2

comes from the line of our

Speaker 3

Q2 2022. ERS used equipment sales for Q2 remained strong at $51,000,000 call is up more than 36% versus Q2 2022. ERS adjusted gross profit was $97,000,000 for Q2, call is up 12% from Q2 2022. Adjusted gross margin was 57.8% in the quarter, call more than 6.40 basis points sequential improvement from Q1 as rental revenue comprised a larger percentage of total ERS revenue in Q2 conference call is being recorded in Q1. TES saw another record quarter with revenues of $251,000,000

Speaker 2

call, which were up almost

Speaker 3

39% from Q2 2022. This segment continues to benefit from record backlog, continued strong inventory flows and record levels of production. Gross profit increased by more than 69% in shows the improvement in TES gross margin reflects the implementation of ongoing production efficiency initiatives call is being recorded as well as maintaining pricing discipline. Our sales and order activity continues to be strong with backlog growing in the quarter to $864,000,000 call is recorded in the Q2, which is 30% higher than at the end of Q2, 2022. We believe the continued growth in the TES sales backlog reflects sustained long term demand for equipment, indicative of our favorable end market dynamics, our strong market will be recorded in the quarter's earnings call.

Speaker 3

As this quarter's TES results show, we are confident we will be able to hold margins at or call is above the average we experienced for all of 2022 over the coming quarters even with elevated levels of inflation. Call is being recorded. Our APS business posted revenue of $37,000,000 up 4% versus Q2 2022. Adjusted gross profit margin in the segment improved to 29.5% in Q2. Maintaining a Strong liquidity position and improving leverage remain priorities for us as do investing in the rental fleet, call is expanding our geographic footprint and pursuing selective strategic growth through M and A.

Speaker 3

Since initiating our stock repurchase program in the Q3 of last year, call, we have repurchased approximately $15,000,000 of our stock. During the Q2, we increased borrowings under our ABL by more than $30,000,000 standing balance at the end of Q2 at $492,000,000 As of June 30, we had $255,000,000 available call is a nearly $300,000,000 of suppressed availability under the ABL with the ability to upsize the facility. Call is being recorded. With LTM adjusted EBITDA of $425,000,000 we finished Q2 with net leverage of 3.3 times, call an improvement of 1.3 turns since the close of the transaction with Nesco in April 2021 and down from just call was 3.4 times last quarter. Achieving net leverage below 3 times remains our target and the one that we believe we can achieve by the end of fiscal call will be held in 2023 even while continuing to grow our rental fleet to expand our production capacity and to invest in working capital for future growth.

Speaker 3

Will continue to seek to make incremental investments and prudent acquisitions when we believe they create long term shareholder value. Call is being recorded. With respect to our 2023 outlook, we believe ERS will continue to benefit from strong demand from our rental customers call is available on our website as well as for purchases of rental fleet units, particularly older equipment for the rest of the year. We continue call expects to further grow our net OEC by mid to high single digits this year. Regarding TES, continuing supply chain improvements, improved call is being recorded in the

Speaker 2

Q3 levels and record backlog

Speaker 3

levels should improve our ability to produce and deliver more units than previously expected in the coming quarters. Call is being recorded. As a result of our improved outlook, we are updating guidance for our segments as follows. We expect ERS revenue of between 700 call is a company's call and $735,000,000 TES revenue in the range of $880,000,000 to $940,000,000 call is being recorded in APS revenue of between $145,000,000 $155,000,000 As Ryan mentioned

Speaker 1

conference call is recorded. Previously, this results

Speaker 3

in total revenue in the range of $1,725,000,000 to $1,830,000,000 call concludes our call. In closing, I want to echo Ryan's comments regarding our continued strong performance. As we've moved into the 3rd year of our successful combination with NESCO, call will be recorded in the

Speaker 2

Q4 of 2019. We continue to deliver

Speaker 3

strong revenue and adjusted EBITDA growth to hold or expand margins in an inflationary environment call is being recorded and to reduce leverage, all while providing the highest levels of service to our customers. With that, I will turn it over to the operator to open the line for

Speaker 2

conference call is open. Operator? Thank you. We will

Operator

now begin the question and answer session. Call is being recorded. Comes from Mike Shielinski with DA Data. Please go ahead.

Speaker 4

Yes. Hello. Good afternoon and thanks for taking my questions. Let me first just go back at hello. Yes, hi there.

Speaker 4

Can you go back and explain again the utilization being down quarter over quarter? I I will ensure I caught the frustration. I'll just get a little more detail. Did you imply that the customers just didn't have the supply chain for the things that they put on to the Equipment or I guess I would only expect it to be a little bit warmer outside of this higher utilization. Just

Speaker 2

Just a

Speaker 4

little more of a narrative as to why it went down quarter over quarter, I guess.

Speaker 1

Sure. Yes. Mike, it's Ryan. Good to talk to you. You're right, utilization did decline a touch From Q1 to Q2, it's still kind of a very strong levels at 81.7% for the 2nd quarter.

Speaker 1

Call is a little bit more difficult to see. Normally, there is just a touch of seasonality in the second quarter too. So that's a pretty normal decline that we see. And then what we did see call this year is that some of the distribution equipment we saw utilization fall a bit in distribution equipment. We're seeing it will turn now later into August, so we're seeing it pick back up.

Speaker 1

And the explanation we're hearing from customers is really around availability of their supply chain, so things like transformers, in particular. So I think it's a one time issue And it will continue to come back. And again, it's at 81.7%, which is if we hadn't been running in the mid-80s, we would say it's as good as it gets really from a utilization standpoint, so still feel really good about it. And then we expect transmission equipment will pick up kind of to your hot comment, transmission Will pick up here as the heat breaks and as some of the new transmission work begins, which typically happens Right after the end of the summer.

Speaker 4

Got it. Thanks for that. I wanted to turn to truck chassis supply. The broader Class 8 outlook for 2024 for truck production is still down and that includes both vocational and cargo. I don't understand cargo being down, but it sounds like you've gotten such great tailwinds in your end

Speaker 2

markets that will see vocational trucks be up, at least

Speaker 4

That's what you like it to be. I guess, could you give us some thoughts as to how you feel about China supply for next year, if the trajectory of where things are going now continues throughout the next couple of quarters.

Speaker 1

Yes. It's a great question. We're still seeing constrained supply chain, right? So it's not wide open that we're able to receive as many chassis as we'd like, but we are seeing our chassis flow increase. So it's why you see TES revenue in particular is up as much as it is in the first half of the year.

Speaker 1

And you're also seeing that we've deployed more capital into the rental fleet in the first half of the year or 2 because truck supply chain is up. I guess call Where we look forward a little bit is when we're able to deliver the growth that we have in TDS, E and C backlog continue to grow

Speaker 2

comes from the beginning of the

Speaker 1

year and even quarter on quarter. We think demand will obviously remain very strong into next year. And right now in our conversations with our chassis partners, we're anticipating that we should see More chassis next year. How many more chassis is still what is somewhat to be determined. And we do think it will still be a constrained supply chain, but we do think that we'll see a larger allocation heading into next year as well.

Speaker 2

Okay. Thank you so much. I'll pass them along. Thanks, Mike.

Operator

Comes from Tami Zakaria with JPMorgan. Please go ahead.

Speaker 5

Hi. Thank you so much for taking my questions. So my first question is your ending OEC came in somewhat below what we were modeling and you're expecting mid to high single digit growth for the year. So can you help us understand, are you expecting to scale back equipment sales versus the first quarter first half or accelerates asset purchases to get to that mid to high single digit percent number.

Speaker 3

Yes. Hi, Tanya. This is Chris. As he said, it would be mid to high single digit. That still is our plan.

Speaker 3

We still expect to get there. We're somewhat flexible in terms of gross CapEx versus some of the sales and so there could be some movement. I think previously we've given guidance that we expect to spend over $400,000,000 on gross rental CapEx. That's still our plan and it's still our plan to grow the mid to high single digits.

Speaker 5

Got it. That's helpful. And then the The other question I have the on rent yield, is that you saw a sequential tick up. Call is that mostly pricing benefit flowing through? Should we expect this to continue to tick up until you lap some of these price increases?

Speaker 3

I think that's fair. Yes, that would be fair to say, Tammy.

Speaker 5

Okay. So we should be modeling like sequential growth in 3Q and 4Q as well?

Speaker 1

Tammy, it's Ryan. It takes about a year for the whole fleet to turn in terms of new pricing and obviously depends on utilization and some Thanks, Budd. But yes, I think right now we're still seeing kind of the benefits of price flow through in terms of that on rent yield metric. So we think it will continue to pick up a bit in the second half of the year.

Speaker 5

Got it. Thank you so much.

Speaker 2

Concludes today's conference call. Thanks, Tim.

Operator

The next question comes from Justin Hauke with Robert W. Baird. Please go ahead.

Speaker 6

Yes. Good evening, everybody. I wanted to ask about the ERS segment guidance for the second half, Which is implying even at the high end kind of flat revenue growth for the second half. And that segment is always hard to is kind of modeled because it's got the rental component and then the sales component in it. And I know you had some kind of unusual sales activity last year that makes Some difficult comps in there, but maybe just thinking about the seasonality between 3Q and 4Q and I guess how we should think about maybe the sales component of that business in particular?

Speaker 3

I think you summarized it pretty well. It is going to be a tough comp versus last year. We talked a little bit about utilization, The decrease in utilization we saw at the end of the quarter leading into Q3. And so there are some components there that Clearly are a little more difficult to predict in particular the rental asset sales. But I think you summarized it pretty well in terms of our thinking.

Speaker 6

Okay. Any comment on just the sequencing of 3Q versus 4Q in terms of The difficulty in the

Speaker 3

comps? I don't think we expect we talked comes from the line of John.

Speaker 2

Early in the year in terms of how the year typically plays out.

Speaker 3

Our expectation coming into the year both revenue and EBITDA was 45, 55 call is recorded. We think that's narrowed somewhat first half versus second half. Q4 tends to be the strongest we expect. We continue to expect that to be the case. Sorry, I don't think any updated guidance there in terms of what our expectations are.

Speaker 6

Okay. And then I guess my second question is just on

Speaker 1

the free

Speaker 6

cash flow, one of the biggest drags that you have year to date has been the inventory investments on the working capital side, which makes That's steadily increased really every quarter sequentially and may not make sense because you're growing. But Is that a release of free cash flow in the back half as maybe Some of the really high sales activity kind of moderates or I'm just trying to understand what the moving pieces are for free cash flow in the second half?

Speaker 3

Yes. We certainly would expect in Q4 that you would see that. We're in a position where with all the growth, we're happy to have the chassis. We're happy to have the attachments. So it's a call is not available, but to your comment, we should definitely see improved cash flow in the second half of the year and certainly in Q4.

Speaker 5

Okay, great. Thank you.

Operator

Comes from Scott Schneeberger with Oppenheimer. Please go ahead.

Speaker 7

Thank you. Good afternoon. If we could can we talk about the guidance increase, Chris, about What was the outperformance in the second quarter that you factored? And And then what were your considerations in the back half? I think a lot of the prior questions have gotten at this point.

Speaker 7

But can you tie it all comes together about how you factored in the second half guidance, particularly with regard to EBITDA. Thanks.

Speaker 3

Yeah. Maybe just start on revenue. We've seen a significant improvement in terms of our inventory flow, Which has allowed us as Ryan talked about certainly to have record quarters on new equipment sales and deliveries. And so we expect That's to continue the second half of the year, so that's part of it. You saw a pretty significant increase on the revenue there.

Speaker 3

We've continued to see strong utilization, There's strong demand for rental asset sales, and so we took that into account. The reason you're not seeing it all flow through on the EBITDA is because we're also seeing With the increased inventory with higher rates, increased costs with respect to floor plan. And so that there's a little bit of a not the flow that you might have is expected and that's why you're seeing the $5,000,000 on the lower and top end on EBITDA and a little bit higher on the revenue. And on the higher revenue And higher EBITDA range, it would be higher commissions and higher bonuses paid. And so we took all that into account as we updated the guidance.

Speaker 7

Okay. Thanks. And could you talk a little bit about Rental versus sales decisions as you are seeing the supply chain open up a good bit. Just How you're feeling? It sounds like you're feeling good about getting what you want, most of what you want, maybe not all of what you want in the back half of this year, Maybe a comment on that.

Speaker 7

And then on how you're allocating sales versus rental, the decision process there? Thanks.

Speaker 1

Yes. Scott, it's Ryan. You're right, we are seeing improvement, right? And so we are able to increase call rental OEC, what we're putting into the fleet, which is what you see relative to last year, I think it's and I think it's about a $50,000,000 increase versus last year on a year to date basis. And then that's why we're able to sell because we're selling into so much backlog too.

Speaker 1

So we are look, we allocate $1 to a rental asset kind of on the margin where we can, but right now it's just about taking care of the customer. And even with kind of the pace of new sales that we've realized really in the last 2 months or sorry, the last 2 quarters, we're still seeing backlog grow, right? So there is still more demand out there that we're trying to we're trying the best we can to take care of both And obviously do that prudently and we'll continue to do that in the back half of the year as well.

Speaker 7

Thanks, Ryan. One more for me if I could. Could you just address your primary end market? What you're structure bill yet. It doesn't seem like the funds are flowing, so there's a lot of project allocation.

Speaker 7

What are you seeing on that? Thanks.

Speaker 1

Yes. And great question. We're still seeing really good demand on transmission and distribution. We're hearing more about transmission jobs that are being awarded. We are still a really good kind of macro landscape that we're playing into and we're seeing a lot of distribution work that needs to be done.

Speaker 1

The only constraint that we're hearing about now is their supply chain. So as they're waiting for transformers or conductor that it's is taking time, right, to get that equipment to be able to work. So that's the only constraint that we're hearing. We think that's temporary, but That's the constraint that we're hearing. We are when we look at positive indicators and we mentioned that we're still seeing strong RPO buyouts, Rental asset buyouts in both of those categories, so we take that as a really positive indicator and we're continuing to see that Into the beginning of Q3.

Speaker 1

And so we're seeing a good dynamic there, which we certainly feel like there's a bullish run that will continue on both sides on transmission and distribution, which is the largest end market. And then related to the IRA question, we I would agree with what you said that we are hearing about call is being allocated. We are having some discussions now and seeing in our backlog maybe a little bit On the vocational side of things, so some of the specialty gun trucks and that type of equipment, we're starting to see some of that that we think is IRA related. But I would say that it's very little revenue still at this point, but we're starting to see a little bit of it show up in backlog. So we think that's call is again just more tailwind for why backlog will continue to perform well and why we'll be able to deploy capital into the rental fleet as well.

Speaker 3

Okay. Thank you.

Operator

The next question comes from Nicole DeBlase with is Deutsche Bank. Please go ahead. Yes. Thanks for the question. Good afternoon, guys.

Speaker 2

Hi, Nicole. Hi. Maybe just starting with a follow-up on the utilization discussion. So with the, I guess, delays that you're seeing with distribution, do you think that that's a quick factor where you kind of see utilization kind of snap back in the second half? Or do you think it will take time for that to kind of work its way through.

Speaker 1

Yes. I think it will gradually improve. We think you'll have 2 dynamics call is playing there. You'll have distribution kind of gradually improve, which is what we're already seeing in so far in the Q3. And then on the transmission side, you'll see the pickup that normally happens that we are still anticipating for later this summer, early fall.

Speaker 1

Call So you'll see both of those continue to pick up like we normally see in the Q3.

Speaker 2

Okay. Got it. And then with respect to The TES backlog, can you just speak to where lead times stand now and if those have come down at all?

Speaker 1

We so total backlog, where it call is almost 4 quarters even looking at kind of where the Q2 sales number was. So it is still higher than we would have expected, more than it would be historically, maybe I'll say that. And we are seeing lead times continue to push. So we're largely on order for a good portion of next year when it comes to our key attachment suppliers and the same is true on chassis as we're talking about call is full year allocations and just waiting on final numbers to begin to put those units on order too. So again, it depends by product category.

Speaker 1

And in the aggregate, we saw backlog build in the majority of product categories built In the Q2, there were a few that we saw some modest declines, but those were already in product categories call backlog is elevated. So we're still seeing really good overall demand across all the product categories.

Speaker 2

Got it. I'll pass it on. Thank you.

Speaker 1

Thanks for the call.

Operator

Press star then 1. The next question comes from Tim Thain with Citigroup. Please go ahead.

Speaker 7

Yes, great. Thank you. Maybe just one quick one on your telecom customers. I'm just curious if they Certainly, there's been a lot in the press surrounding the potential lead cable issue. And I'm just curious if that call and who knows what the potential cost, if any, could be to remove or remediate These cables, I mean, is that do you think that impacts at all their capital decisions as they Kind of ponder what could be a bigger outlay.

Speaker 7

Does that impact NESCO in any way you think or just TBD?

Speaker 1

Tim, I'd say TDD. Telecom is less than 5% of revenue and backlog is still there and we've has still been delivering. So it's not anything that's come up in any significant way in any of our conversations with our customers. But obviously, It's in the news, so we're watching it closely, but it's nothing that's come up to this point.

Speaker 7

Yes. Okay. No, I appreciate the significance or lack of to You guys are just curious if that bleeds into other areas of the business. But I figured it's Mark. And then just on The TES backlog and given the growth there and given how long it extends, is it too early In terms of your discussions with suppliers, as you look into 2024, presumably That the uncertainty around inflationary cost pressures I would imagine have abated.

Speaker 7

But how are you approaching that in terms of How you price these new orders relative to a backlog that continues to extend and just making sure You're keeping the the question relates to basically the gross profit and the backlog and how you're approaching those pricing

Speaker 1

Yes, you're right. We're still working closely with suppliers in terms of understanding costs, right? So that we can price appropriately, but I think we mentioned it a few calls ago, but we have the ability to reprice The backlog as we need to. And so when we see significant so we're using our best estimates. We're communicating that The customers, but when we see a significant price increase come through, we're obviously going back to our customers and We've been talking through that with them.

Speaker 1

So it's something we're very aware of and we'll continue to manage closely.

Speaker 2

Call is being recorded.

Speaker 7

Got it. All right. Thank you.

Speaker 1

Thanks, Tim.

Operator

This concludes the question and answer session. I would like to turn the conference back over to Ryan McMonagle for any closing remarks. Call is

Speaker 1

being recorded. Thanks everyone for your time today and your interest in Custom Truck. Call We look forward to speaking with you on our next quarterly earnings call. And in the meantime, please don't hesitate to reach out with any questions. Thank you again.

Operator

Concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

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